GENERALI GROUP 2018 First Half Results

The like for like change of written premiums, life net inflows, new business volumes and value is on equivalent terms (on equivalent exchange rates and consolidation area)

I. Business Overview Page 3 Philippe Donnet – Group CEO II. 2018 First Half Group Financials Page 12 Luigi Lubelli – Group CFO

III. Backup Page 36

I. Business Overview

Philippe Donnet – Group CEO page 4

Key messages

Improved profitability as a result of disciplined strategy execution

Optimization of geographical footprint near completion

On track to deliver on 2015-2018 targets

CEO – Business overview

Continued excellent technical performance & profitability

(%)

P&C COMBINED RATIO

2015 – 2018 Strategy status: On target (1)

IMPROVE OPERATING PERFORMANCE

¹ Selected peers = Allianz, AXA, Zurich

2015 – 2018 Strategy status: On target (2)

LONG-TERM VALUE CREATION

Rebalance our portfolio	30bps reduction of avg. portfolio guarantee to 1.5%	ACHIEVED	• 1.39% at 1H18, -42bps over the plan period (20bps impact of the agreement on Generali Leben and the geographical optimization program)
	+6p.p. capital light reserves as % of total	ACHIEVED	• +8.4p.p. shift to capital-light reserves (3.2p.p. impact of the agreement on Generali Leben and the geographical optimization program)
	€150m additional net result from Asset Management in 2020	ON TARGET	• €36m additional net result from AM in 1H18 vs. 1H16
Customer &			• 90% of customers covered by NPS program, with NPS metrics improving
distributor innovation	+2p.p. increase in retention	ON TARGET	• Other programs: Mobile Hub, Distributors NPS, Digital Agent…
Strengthen the brand	+3% mature market brand preference	ACCELERATION PLANS ACTIVATED	• Innovative marketing solutions • Important deal with DVAG in Germany to distribute Generali brand exclusively

Focus on: Optimization of geographical footprint

DATE	DEAL	DATE	DEAL
Jul 2017	Start of run-off of operations in Japan	Jul 2017	Disposal of operations in Guatemala
Dec 2017	Disposal of operations in Tunisia	Feb 2018	Disposal of operations in the Netherlands
Apr 2018	Disposal of operations in Belgium		Disposal of operations in Panama
	Disposal of Generali Worldwide	Apr 2018	Disposal of operations in Colombia
Jul 2018	Disposal of Generali Link	Jun 2018	Disposal of Generali PanEurope

Total expected cash proceeds from deals €1.5 bn

Agreement on Generali Leben

What	• Generali entered into an agreement to sell 89.9% of Generali Leben (GEL) to Viridium • GEL manages app. €37 bn of traditional reserves with high guaranteed rates
Why	• To rebalance the portfolio towards innovative solutions for German clients • To reduce interest rate risk • To improve return on risk capital
Financials	• Up to €1.9 bn expected cash-in¹ • €275 m capital gain German Solvency 2 ratio up by 43 p.p., Group Solvency 2 ratio up by 2.6 p.p. •
What next	• Generali still #2 in Germany, market leader in innovative solutions • Generali to retain 10.1% stake in GEL and a seat in Supervisory Board

Nearing completion of the industrial turn-around

Investor Day

SAVE THE DATE

November 21, 2018

CityLife

Milan

II. 2018 First Half Group Financials

Luigi Lubelli – Group CFO

▪ Profit & Loss and Balance Sheet page 13 Business review page 21

CFO – Key 1H 2018 financials 13

Key 1H 2018 financials at a glance

	1H17	1H18	D (LFL(1))
VOLUMES
Gross Written Premiums (Euro m)	33,339	35,084	+6.5%
Life (Euro m)	22,314	24,083	+8.6%
P&C (Euro m)	11,025	11,001	+2.1%
Life Net Inflows (Euro m)	5,757	5.689	-0.2%
Life Reserves (Euro bn(2) (3))	336.1	342.0	+1.8%
PROFITABILITY
Operating result (Euro m)	2,465	2,532	+2.7%
Operating RoE (%)	13.0%	12.5%	-0.5%pts
Net result (Euro m)	1,221	1,329	+8.8%
New Business Margin (% PVNBP)	4.11%	4.50%	+0.33%pts
Combined Ratio (%)	92.8%	92.0%	-0.8%pts
Combined Ratio excl. Nat Cat (%)	91.9%	90.6%	-1.3%pts
CAPITAL
Shareholders' equity (Euro m(3))	25,079	23,625	-5.8%
Solvency II ratio (regulatory view, %(3))	207%	201%	-6%pts
Solvency II ratio (internal model view, %(3))	230%	221%	-9%pts
(1) Constant perimeter and exchange rates

(1) Constant perimeter and exchange rates

(2) Constant perimeter

Key 1H 2018 financials at a glance – Main drivers

	VOLUMES	▪ ▪	GROSS WRITTEN PREMIUMS growing in both Life and P&C. Life includes specific effect of an in force management transaction of Euro 1.2 bn in Italy NET INFLOWS remain very strong at Euro 5.7 bn, with further improving business mix: 97% of net inflows are in target segments of Unit Linked and protection
	PROFITABILITY	▪ ▪	OPERATING RESULT growing year on year due to all business segments, and improving technical results in both Life and P&C OPERATING ROE at 13.4% on average over plan period, 12.5% in 1H 2018 pending re-deployment
		▪	of disposal proceeds NET RESULT increases due to good operating performance and disposal gains
		▪	LIFE NEW BUSINESS MARGINS further improving reflecting improved business mix, and a more favourable financial market scenario
		▪	P&C COMBINED RATIO at 92.0% shows improvement of 0.8%pts, despite higher impact of natural catastrophes: Combined Ratio excluding Nat Cat improved 1.3%pts
	CAPITAL	▪	SOLVENCY II RATIO remains very strong, above 200% on both regulatory and internal model views, and demonstrating the ability to absorb market volatility as witnessed in the second quarter
© Generali			August 1, 2018 2018 First Half Results

CFO – Profit & Loss 15

Operating result by segment

From operating result to net profit

Shareholders' equity CFO – Balance Sheet 17

2.2

Solvency II

Solvency II: Regulatory view & Internal Model view

Solvency II Regulatory view

(Euro bn)

Solvency II Internal Model view (Euro bn)

2 Preliminary Regulatory Ratio net of accrued dividend (€665 m)

Solvency II: Regulatory View roll forward

	Own Funds (Euro bn)	SCR (Euro bn)	Excess Own Funds1 (Euro bn)
FY 20172	45.9	22.2	23.7	178% 207%
M&A	(0.1)	(0.3)	0.2	+2%pts
Regulatory and other model changes	-	-	-
Normalised capital generation	1.7	(0.1)	1.7	+8%pts
Variances and other movements	(2.9)	0.1	(2.9)	-14%pts
Accrued dividend	(0.7)	-	(0.7)	-3%pts
1H 2018	43.9	21.9	22.0	201%

1 Eligible Own Funds in excess of Solvency Capital Requirement

2 Official Regulatory Ratio submitted to the Supervisor according to the timeline of SII Pillar III reporting process

II. 2018 First Half Group Financials

Luigi Lubelli – Group CFO

Profit & Loss and Balance Sheet page 13

▪ Business review page 21

Life key financial indicators

(Euro m)	1H17	1H18	LFL D
VOLUMES
Gross written premiums	22,314	24,083	+8.6%
Net inflows	5,757	5,689	-0.2%
PVNBP	22,941	21,431	-3.9%
PROFITABILITY
Life operating result	1,505	1,549	+2.9%
Life operating ratio on investments (bps)	42	42	0
New Business Value	942	965	+3.6%
Margin on PVNBP (%)	4.11%	4.50%	+0.33 p.p.

Life Operating result by driver

(Euro m)

1H 18	2,783	976	(2,210)
1H 17	2,736	984	(2,215)
D %	+1.7%	-0.9%	-0.2%

Overall improved quality of operating result, with greater share of technical margin vs. investment result
Growth in technical margins reflecting growth of hybrid products and associated fees, and improved result in Asia
Investment result marginally declining due to lower current income and realized gains

CFO – Life Insurance

NET INFLOW BY COUNTRY

Life business mix rapidly shifting (1/2)

▪ Strong steering of business towards unit linked and protection

Life business mix rapidly shifting (2/2)

Reserve mix continuing to improve – already surpassed 2018 target

(*) FY 17 figures have been restated for entities reclassified under discontinued operations

The percentages shown on the right are calculated on reserves net of minorities. Where appropriate they exclude certain policyholder surplus reserves (e.g. RfB, PPE) and minor German and Czech pension funds outside of the Solvency II scope

Life New Business: Analysis by line of business

Life New Business: Analysis by geographical area

Life investment breakdown and performance

Life segment general account

(%) Current returns

P&C key financial indicators

(Euro m)	1H17	1H18	LFL D
VOLUMES
Gross written premiums, of which:	11,025	11,001	+2.1%
Primary Motor	4,345	4,271	+2.3%
Primary Non Motor	6,263	6,287	+1.7%
PROFITABILITY
Combined ratio (%)	92.8%	92.0%	-0.8%pts
Nat Cat impact (%)	0.9%	1.4%	+0.5%pts
P&C operating result	1,065	1,105	+3.8%

P&C Operating result by driver

1,065 67 (2) (24) 1,105 1H17 Technical Result Investment result Other 1H18 +3.8% (Euro m)

1H 18	701	507	(103)
1H 17	634	509	(78)
D %	+10.6%	-0.5%	+31.1%

Technical result strongly increased, driven by combined ratio improvement of 0.8%pts despite higher Nat Cat
Investment result stable
Other result includes effect of decreased service activities and higher indirect taxes

P&C gross written premiums and combined ratio by country

Note: the arrow represents the variation vs 1H17 numbers

Combined ratio analysis

P&C investment breakdown and performance

P&C segment general account

(%) Current returns

Holding & Other businesses segment

(Euro m)

	1H17	1H18	 %
Financial and Other Businesses	269	308	+14.4%
of which Asset Management Europe	89	136	+53.6%
of which Banca Generali1	131	121	-7.0%
of which other businesses2	50	50	+0.9%
Operating holding expenses	(230)	(233)	+1.3%
Total	39	74	+92.6%

1 Banca Generali's operating contribution as per Generali's view

2 Including other financial businesses, pure financial holdings, international service activities and any other non-core businesses

Focus on Asset Management

(Euro)		Asset Management Europe			Total Asset Management
	1H17	1H18	 %	1H17	1H18	 %
AuM1	439 bn	445 bn	+1%	453 bn	462 bn	+2%
Operating result	89 m	136 m	+53%	109 m	159 m	+45%
Net result	57 m	88 m	+56%	74 m	108 m	+45%
Cost / Income ratio2	63%	54%	-9%pts	60%	51%	-9%pts

1 AUM including investments from Discontinued Operations (Book Value € 55.7bn)

2 Including non-operating expenses

Note: Net Result including net income attributable to non-controlling interests; Guotai net income contribution evaluated through Generali Equity ownership Total Asset Management scope including also Generali Investment Asia, Generali China Asset Management Company and Guotai. AuM pro-quota for partnership in Asia

Final remarks

Continued profit growth

Excellent technical performance

Robust capital position, easily able to absorb 2Q volatility

Fully on track to meet 2015-2018 plan targets

Agenda

III. Backup

Investments	38 page
Financial debt	44 page
Solvency 2	47 page

Agenda

III. Backup

•	Investments	38 page
	Financial debt	44 page
	Solvency 2	47 page

Assets under management

Breakdown by region and asset class of General account assets

Fixed Income Portfolio

52.5 8.9 23.3 6.0 9.3 Other fixed Income Covered Corporate non fin. Corporate fin. Government Total Portfolio Euro 302 bn (%)

1 Italian government bond exposure is 89% of BBB

2 Duration gap = duration of fixed income assets – duration of liabilities x (Best estimate liabilities/Market Value of fixed income assets)

Fixed Income Portfolio by country

52.5 8.9 23.3 6.0 9.3 Other fixed Income Covered Corporate non fin. Corporate fin. Government Total Portfolio Euro 302 bn (%)

Equity & Equity-like

Alternative funds: Euro 5 bn (%)

12 5 Life, P&C and H&O

Asset Allocation: Real Estate(1)

Total Portfolio: Euro 24 bn¹

1 Data, at fair value, includes investment properties, own use assets, properties inventory and Real Estate indirect investment 2 Detail referred to direct investments in real estate and own-used assets only

Agenda

III. Backup

Investments page 38 • Financial debt page 44 Solvency 2 page 47

Focus on financial debt

Financial debt breakdown by expiry date/call date

(Euro m)

Senior Hybrid Subordinated

Agenda

III. Backup

•	Solvency 2	47 page
	Financial debt	44 page
	Investments	38 page

Reconciliation of IFRS equity to Solvency II Eligible Own Funds

Solvency II Eligible own funds

(1H18, Euro bn, Regulatory view)

1 Including Unrealised gains on French pension business under IORP transitional measures

Disclaimer

Certain of the statements contained herein are statements of future expectations and other forward-looking statements.

These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties.

The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions.

Neither Assicurazioni Generali SpA nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document.

The manager charged with preparing the company's financial reports, Luigi Lubelli, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting information contained in this presentation corresponds to document results, books and accounts records.

Next Events

Team

Spencer Horgan Head of Investor & Rating Agency Relations [email protected] +44 20 7265 6480

Stefano Burrino

Investor Relations [email protected] +39 040 671202

Emanuele Marciante

Credit & Rating Agency Relations [email protected] +39 040 671347

Rodolfo Svara

Investor Relations [email protected] +39 040 671823

Martina Vono Investor Relations Associate [email protected] +39 040 671548

Marta Porczynska

Event Coordinator [email protected] +39 040 671402

Francesca Zarl Event Coordinator [email protected] +39 040 671571

Assicurazioni Generali

P.za Duca degli Abruzzi 2 34132 Trieste, Italy

Fax: +39 040 671338 e-mail: [email protected]

AI Terminal

Assicurazioni Generali

4190_ip_2018-08-01_c47da06f-6dc4-4cb0-82fe-afbcc3c6ac73.pdf

GENERALI GROUP 2018 First Half Results

I. Business Overview Page 3 Philippe Donnet – Group CEO II. 2018 First Half Group Financials Page 12 Luigi Lubelli – Group CFO

III. Backup Page 36

Key messages

Continued excellent technical performance & profitability

(%)

2015 – 2018 Strategy status: On target (1)

IMPROVE OPERATING PERFORMANCE

2015 – 2018 Strategy status: On target (2)

LONG-TERM VALUE CREATION

Focus on: Optimization of geographical footprint

Agreement on Generali Leben

Nearing completion of the industrial turn-around

Investor Day

SAVE THE DATE

November 21, 2018

II. 2018 First Half Group Financials

Luigi Lubelli – Group CFO

CFO – Key 1H 2018 financials 13

Key 1H 2018 financials at a glance

Key 1H 2018 financials at a glance – Main drivers

CFO – Profit & Loss 15

Operating result by segment

From operating result to net profit

Shareholders' equity CFO – Balance Sheet 17

Solvency II: Regulatory view & Internal Model view

Solvency II Regulatory view

Solvency II Internal Model view (Euro bn)

Solvency II: Regulatory View roll forward

II. 2018 First Half Group Financials

Luigi Lubelli – Group CFO

Life key financial indicators

Life Operating result by driver

CFO – Life Insurance

Life business mix rapidly shifting (1/2)

Life business mix rapidly shifting (2/2)

Life New Business: Analysis by line of business

Life New Business: Analysis by geographical area

Life investment breakdown and performance

Life segment general account

(%) Current returns

P&C key financial indicators

P&C Operating result by driver

P&C gross written premiums and combined ratio by country

Combined ratio analysis

P&C investment breakdown and performance

P&C segment general account

(%) Current returns

Holding & Other businesses segment

Focus on Asset Management

Final remarks

Agenda

III. Backup

Agenda

III. Backup

Assets under management

Breakdown by region and asset class of General account assets

Fixed Income Portfolio

Fixed Income Portfolio by country

Equity & Equity-like

Asset Allocation: Real Estate(1)

Total Portfolio: Euro 24 bn1

Agenda

III. Backup

Focus on financial debt

Financial debt breakdown by expiry date/call date

Agenda

III. Backup

Reconciliation of IFRS equity to Solvency II Eligible Own Funds

Solvency II Eligible own funds

Disclaimer

Next Events

Team

Stefano Burrino

Emanuele Marciante

Rodolfo Svara

Assicurazioni Generali

Total Portfolio: Euro 24 bn¹