Assicurazioni Generali

Investor Presentation • Mar 18, 2016

GENERALI GROUP 2015 Results

The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

I. Business Overview Page 4

Gabriele Galateri di Genola – Chairman

II. 2015 Group Financials Page 9

Alberto Minali – Group CFO

III. Backup Page 39

I. Business Overview

Gabriele Galateri di Genola – Chairman page 4

BUSINESS OVERVIEW

Overview of FY15 performance

Further profitability improvements despite weak external context

Operating RoE

• Improved further above long term target level of 13%
• Reflects good performances from all divisions

Net profit

Further strong momentum from 2014

Proposed dividend at Euro 0.72 per share

Strong financials provide sound basis for further growth

• Combined ratio 93.1%, lowest of major peers
• Attractive life new business margin 21.0%

• Operating RoE 14.0%

• Best in class profitability Strong growth in cashflow Sound solvency position + +

• Net operating cash flow +30% YoY to €1.6bn

• 202% solvency ratio under internal model

• High level of organic capital generation

Proposal for 2015: €0.72 per share (+20%) On track to achieve target of €5bn cumulatively by 2018

Full commitment to delivering our strategy…

Retail Leader in Europe

Fast, Lean, Agile

Simple & Smart

Leveraging on technology & partnerships

• Build on our existing strengths:
• European retail focus
• Powerful distribution capabilities
• Best customer insights, strengthen relationships with distributors
• Creating a distinctive brand
• Strong and effective governance & organisation
• Continued rigorous execution on efficiency to fund business transformation
• Focused on cash generation
• Solution vs. product focus
• Ease of access across the customer journey
• Further develop "connected" insurance
• New partnerships to complement existing capabilities
• E.g. acquisition of MyDrive

…and financial targets

Cash Generation > €7bn (cumulative 2015-2018) c. 50% more cash than FY14 starting point 30% growth in FY15 to €1.6bn

Dividends > €5bn (cumulative 2015-2018)

Cost savings totalling €1.5bn by 2018(2) Fully on track to achieve targets

Operating RoE > 13% on average

(1) Based on closing share price on 15 March 2016

(2) Since programme commencement in 2013

• Progressively increasing; 20% growth in FY15 Average yield c. 5.9%(1)

Maintained commitment to attractive returns 14.0% achieved in 2015

II. 2015 Group Financials

Alberto Minali – Group CFO

Profit & Loss and Balance Sheet page 9

Business review page 25

Key 2015 financials at a glance CFO – Profit & Loss 9

• Operating Result: Positive development (+6.1%) mainly driven by P&C underwriting result
• Operating RoE: At 14%, up 80 bps, and well above strategic target of 13%
• Net Result: Increasing (+21.6%) thanks to both the operating and non operating performance
• Net Operating Cash generation: Up 30% to Euro 1.6bn
• Solvency II ratio (internal model view): Up to 202% (+16%pts), driven by strong organic capital generation

	FY14	FY15	D	4Q14	4Q15	D
Operating result (Euro m)	4,508	4,785	+6.1%	840	946	+12.5%
Operating RoE	13.2%	14.0%	+0.8%pts	2.3%	2.5%	+0.2%pts
Net result (Euro m)	1,670	2,030	+21.6%	81	304	n.m.
EPS (Euro)	1.07	1.30	+21.6%	0.05	0.20	n.m.
Shareholders' equity	23,204	23,565	+1.5%
Net operating cash generation (Parent view, Euro bn)	1.2	1.6	+30%
Solvency II ratio (internal model view) (%)	186%	202%	+16%pts.

Solvency II: Internal Model View

Strong development, driven by organic capital generation

(1) Eligible Own Funds in excess of Solvency Capital Requirement (full internal model view)

Solvency II: Internal Model View CFO – Solvency 2

Solvency position able to withstand significant market stresses

Eligible own funds vs. Required capital (Internal model view, Euro bn)

Tiering of Own Funds CFO – Solvency 2

Eligible Own Funds comprised 89% of Tier 1 capital

Generali Own Funds structure(1)

	Solvency II Limits		€ bn	% of total
Unrestricted Tier 1	Unlimited	Tier 1	32.2	78%
Restricted Tier 1 (Hybrid)	<20% of Total Tier 1		4.6	11%
		Total Tier 1	36.8	89%
Tier 2 (Hybrid)	Tier 2 + Tier 3 <50% SCR	Tier 2	4.5	11%
Tier 3	<15% SCR	Tier 3	0.1	0%
		Total Own Funds	41.3	100%

(1) Based on Internal Model View. Difference to own funds under provisional Regulatory view is approximately €0.5bn, related to unrestricted T1

CFO – Solvency 2

Focus on SCR

CFO – Solvency 2

Internal Model View: The Framework

Scope	 For all material insurance operations, Own Funds and SCR are calculated using internal model
	 For other business, (e.g. Banking, French IORP), solvency is calculated under applicable regulatory regime
Operational risk	 Capital charge of operational risk is based on Standard Formula, but allowance is made for diversification of Operational Risk with other risks
Sovereign risk	 Capital charges for default, credit rating migration and spread risk applied for all sovereigns (domestic and non domestic)
Dynamic volatility adjuster	 Dynamic VA calculated according to EIOPA formula, with specific assumptions about reference portfolio based on Generali's exposures
SCR loss absorbing capacity of deferred tax	 SCR loss absorbing capacity is limited to the existing net deferred tax liabilities already recognised in the Solvency II balance sheet
	 Allowance for tax group consolidation for entities as permitted by local tax regulation
Risk margin	 6% cost of capital added to best estimate liability in line with EIOPA guidance
Transitional measures	 No use of transitional measures
Grandfathering	 Grandfathering rules applied to our existing Tier 1 and Tier 2 bonds (excluding Euro 1.25 bn Tier 2 issued in October 2015, which is Solvency 2 compliant)
Fungibility	 Surplus Funds in excess of entity's contribution to Group SCR, and minority interests in excess of their SCR coverage are the key adjustments

Regulatory approval status

Partial internal model approved as expected. Progressive approval of remaining business

FY15 Solvency II Regulatory ratio

FY15 SCR, Regulatory view (Split by calculation basis)

• Approved Internal Model Standard Formula
• Other regimes

(1) Including operational risk of the entities in in the Internal Model application scope

• Partial internal model approved, and applicable at 1 January 2016 as planned. Covers Italy, Germany, French P&C operations, and Czech Republic
• Progressive widening of approved scope:
• French Life
• Other European Operations
• Operational risk
• No material difference expected between full internal model and regulatory views by end of the process

Pro-active solvency management framework in place

CFO – Profit & Loss 17

Operating result by segment

From operating result to net profit

Total dividends paid by operations

Local business unit view

(1) Net Operating Result = Operating profit by country, after deduction of taxes at normal national rates, and minority interest. (2) Excluding parent company reinsurance result

© Generali March 18, 2016 Results 2015

Net Operating Cash Generation

Parent company view

Net Operating Cash Generation (Euro bn)

Dividends paid by subsidiaries 1.7

Result of reinsurance 0.3

Interest & holding expenses

Net Operating Cash generation 1.2

Coverage ratio	1.4x	1.5x
Group dividend paid / proposed	0.9	1.1

• Euro 0.4 bn improvement in operating cash generated:
• Higher dividends from subsidiaries
• Slightly lower interest expenses
• FY15 Net Operating Cash generation Euro 1.6bn, ahead of Euro1.5bn target
• Strong progress towards achieving our goal of Euro 7bn cumulatively by 2018

2014

2.0

2015

0.3

(0.7)

1.6

(0.8)

Shareholders' equity CFO – Balance Sheet 21

(431) (305) 23,204 2,030 (934) 23,565 Shareholders' Equity FY14 Δ in AFS Reserve FY 2014 Net Results Dividend Other Shareholders' Equity FY15 Change in AFS reserve +1.5% Equities -20% Interest rate +50bps Interest rate -50bps Credit spread +100bps -1.0 -1.8 -1.0 Shareholders' equity rollforward (Euro bn) (Euro bn) (Euro bn) 37 (575) 6,498 ¹⁰⁷ 6,067 AFS Reserve FY14 Impact Bond Investment Impact Equity Investments Other AFS Reserve FY15

Shareholders' equity sensitivities

1.6

Focus on unrealised gains

Our stock of unrealised gains has been protected

(2) Main peers include: Allianz, AXA, Zurich

Generali Main peers

(2)

(1)

Focus on specific exposures

Our asset mix is conservative (only 3% in listed equities), as it is our other exposure to "hot" sectors

II. 2015 Group Financials

Alberto Minali – Group CFO

Profit & Loss and Balance Sheet page 9

Business review page 25

Life key financial indicators

(Euro m)

	FY14	FY15	LFL D	4Q14	4Q15	LFL D
Gross written premiums	49,813	53,297	+6.2%	14,202	14,873	+4.1%
Net inflows	12,747	14,920	+15.5%	3,727	3,912	+3.4%
Life operating result	2,978	2,965	-0.4%	727	627	-13.8%
Life operating ratio on investments (bps)	81	74	-7	19	16	-3
APE	5,163	5,210	-0.2%	1,497	1,425	-5.0%
New Business Value	1,239	1,097	-13.0%	305	340	+10.8%
Margin on APE (%)	24.0%	21.0%	-3.1%pts.	20.4%	23.8%	+3.4%pts.

Life Operating result by driver

(Euro m)

FY 15	5,909	2,260	(5,204)
FY 14	5,532	2,240	(4,795)
D %	+6.8%	+0.9%	+8.5%

Excellent technical margin thanks to all sources of profit

Expense result mainly reflecting higher volumes

Life inflows and technical reserves(1)

FY14 FY15 Italy 5,699 7,646 France 615 1,147 Germany 2,958 2,997 CEE 425 589 EMEA 2,703 1,444 Americas 118 142 Asia 197 924 International 32 31 TOTAL 12,747 14,920 (Euro m)

(1) Including liabilities related to investment contracts

6.4%

Life investment breakdown and performance

Life segment general account

(%) Current returns

		Euro m	%
	FY14	9,588	3.6
Fixed income	FY15	9,877	3.4
Equity	FY14	449	3.5
	FY15	416	3.0
Real Estate(1)	FY14	547	5.6
	FY15	526	5.5
Total(1)	FY14	10,907	3.6
	FY15	11,112	3.4

(1) Net of depreciation expenses

Life new business analysis

• Stable APE growth driven by unit linked (+14.6%) and protection business (+22.4%), while saving business shows a decline (-9.8%); good progress in Single Premium (+8.3%)
• Strong improvement NBM in the last two quarters (26.2% at 3Q, 23.8% at 4Q), driving the FY15 margin to 21.0%, despite the overall negative financial situation of first half of the year 2015
• Further marked reduction of level of guarantees (in Euro area from 0.91% at FY14 to 0.60% at FY15)

(Euro m)		APE			NBV		MARGIN ON APE
	FY14	FY15	LFL D	FY14	FY15	LFL D	FY14	FY15	LFL D
Italy	2,492	2,322	-6.8%	641	589	-8.0%	25.7%	25.4%	-0.3%pts.
France	817	944	+16.0%	89	62	-30.1%	10.9%	6.5%	-4.3%pts.
Germany	862	826	-5.0%	265	191	-28.7%	30.7%	23.1%	-7.7%pts.
CEE	148	165	-3.2%	49	39	-30.2%	32.8%	23.7%	-9.2%pts.
EMEA	684	645	-7.2%	177	174	-6.4%	25.9%	27.0%	0.2%pts.
Americas & Asia	159	308	+71.2%	19	42	+88.6%	11.8%	13.5%	1.3%pts.
TOTAL	5,163	5,210	-0.2%	1,239	1,097	-13.0%	24.0%	21.0%	-3.1%pts.

Update on Guarantees

Reinvestment return vs average new business guarantee (based on premiums) (%)

P&C key financial Indicators

(Euro m)

	FY14	FY15	LFL D	4Q14	4Q15	LFL D
Gross written premiums, of which:	20,617	20,868	+0.8%	5,053	5,093	+1.1%
Primary Motor	8,062	8,129	+0.2%	1,743	1,796	+4.0%
Primary Non Motor	11,859	12,009	+1.1%	3,111	3,094	-0.6%
Combined ratio (%)	93.8%	93.1%	-0.6%pts.	94.8%	94.5%	-0.2%pts.
Nat Cat impact (%)	1.2%	1.6%	+0.4%pts.	1.3%	1.6%	+0.3%pts.
P&C operating result	1,831	1,987	+8.5%	300	382	+27.3%

P&C Operating result by driver

(Euro m)

FY 14 1,082 1,007 (258) D % +12.2% +0.8% -6.2%

• Excellent technical performance thanks to the decline in the loss ratio, despite higher Nat Cat impact
• Investment result and Other slightly increasing

P&C gross written premiums trends

(Euro m)

	FY14	FY15	LFL 
Italy	6,132	5,947	-3.0%
France	2,545	2,538	-0.3%
Germany	3,547	3,608	+1.7%
CEE	1,884	1,976	+4.6%
EMEA	4,246	4,410	+1.8%
Americas	1,057	1,156	+7.3%
Asia	103	128	+22.5%
International	1,102	1,106	+3.9%
Total	20,617	20,868	+0.8%

Overall increase of premiums (+0.8%), confirming a positive quarterly development (+1.1% in 4Q15)

• -3.0% decline in Italy mainly driven by Motor (-7.3%, due to the intensified price competition). Non Motor -0.7%
• -0.3% decline in France due to Motor (-3.8%, due to the recovery measures on the portfolio), partially offset by the increase in Non Motor (+1.4%, driven by Personal lines)
• +1.7% increase in Germany due to both Motor (+2.7%, due to continuing market momentum) and Non Motor (+1.1%)

Combined ratio analysis

Combined ratio by country

(%)

	FY14	FY15	LFL 
Italy	89.2%	89.1%	-0.2%pts.
France	104.9%	100.2%	-4.7%pts.
Germany	92.6%	92.4%	-0.2%pts.
CEE	87.7%	90.1%	+2.4%pts.
EMEA	95.5%	95.2%	-0.3%pts.
Americas	113.3%	106.1%	-7.2%pts.
Asia	97.6%	94.4%	-3.2%pts.
International Operations	83.7%	85.9%	+2.2%pts.
Total	93.8%	93.1%	-0.6%pts.

• Italy remains at an excellent level, despite heavier Nat Cat impact (2.1%pts. against 1.7%pts. reported at FY14). Improvement in Non-Motor combined ratio offset the deteriorating trend seen in Motor
• Strong improvement in France both in Motor and Non-Motor. The decrease by 4.7%pts. is mainly driven by the successful portfolio restructuring, and lower Nat Cat (-0.5%pts. vs. FY14)
• Combined ratio substantially stable in Germany, despite heavier Nat Cat impact (2.3%pts. against 1.1%pts. at FY14), thanks to strong positive development in Non Motor
• Combined ratio in CEE increased by 2.4%pts. due a deterioration in Motor (regulatory changes in Poland) and higher Nat Cat (+0.6%pts. vs. FY14) partially counterbalanced by improving Non Motor

P&C investment breakdown and performance

P&C segment general account

(%) Current returns

Focus on Holding & Other businesses segment

(Euro m)

	FY14	FY15		4Q14	4Q15	
Financial	374	434	+16.0%	82	115	+39.6%
of which Banca Generali(1)	221	252	+14.0%	44	47	+7.0%
Operating holding expenses	(418)	(429)	+2.6%	(128)	(71)	-44.4%
Other businesses(2)	40	55	+37.4%	(47)	(40)	-14.0%
Total	(5)	59	n.m.	(92)	4	n.m.

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

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

Final remarks

Operating RoE up to 14%; Net Result up 22%

Net operating cash generation up 30% to €1.6bn

Strong and resilient capital: S-II internal model at 202%

20% increase in dividend, to €0.72

Agenda

III. Backup

• Cost	39 page
Investments	42 page
Financial debt	48 page
Life EV	51 page
Solvency 2	55 page

• Gross savings reached more than Euro 0.8 bn at FY2015, in line with expectations and on track to achieve Euro 1 bn planned by FY16
• Net costs show 1.3% increase vs. 2012 baseline, driven by Asia growth, with significant savings in mature markets that cover investments in growth markets and Head Office build-out

FY 2015 Cost development

Group operating expense development (OpEx view) (Euro bn)

• Overall costs broadly in line with ambition of remaining flat at 2012 baseline (+1.3% deviation)
• The reduction of costs in Mature markets has guaranteed to maintain flat the 2012 baseline during the year, allowing the increase in investment in Asia and HO build-out

Reconciliation of general expenses from IFRS view to OpEx view (FY 2015, Euro bn)

• Acquisition & Admin costs and Oper. Holding expenses, accounting view (per segmental operating profit analysis)
• Adjustments from accounting view
• Adjusted general expense base

Agenda

III. Backup

	Cost	39 page
•	Investments	42 page
	Financial debt	48 page
	Life EV	51 page
	Solvency 2	55 page

Assets under management

Fixed Income Portfolio

Total Portfolio Euro 328 bn (%)		Covered Euro 29 bn (%)			Corporate Euro 105 bn (%)		Government (%)	Euro 163 bn(1)
	9.4	1 5			1 4 12	6		0 2 13
Other fixed Income	9.0	10 1
Covered	17.4	19	64			33	48	33
Corporate non fin.	14.4				43			4
Corporate fin.		AAA	AA	A	BBB		Not Investment Grade	Not Rated
		Bond duration					FY14	FY15
Government	49.8	Life					8.2	8.0
		P&C					4.6	5.0
		Life duration	Gap(2)				FY14	FY15
							-1.0	-1.0

(1) Italian government bond exposure is 81% 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

49.8 14.4 17.4 9.0 9.4 Other fixed Income Covered Corporate non fin. Corporate fin. Government Total Portfolio Euro 328 bn (%)

4

Equity & Equity-like

Alternative funds: Euro 5 bn (%)

82

Total Portfolio: Euro 18 bn

Equity: Euro 10 bn (%)

Asset Allocation: Real Estate¹

Total Portfolio: Euro 24 bn(1)

(1) Data, at fair value, includes investment properties, own use assets and properties inventory (2) Detail referred to direct investments in real estate only

Off balance sheet gains (Euro m)

	FY14	FY15
Gross Unrealised Gains and Losses (UGL)	5,437	5,728
Shareholders' share of UGL (after P/H share, tax & minorities)	3,444	3,614

Agenda

III. Backup

	Cost	39 page
	Investments	42 page
•	Financial debt	48 page
	Life EV	51 page
	Solvency 2	55 page

Focus on financial debt

(1) The amount of financial debt as of 2014 December, 31, includes the subordinated bond issued in May 2014 for a nominal amount of € 1 bn to refinance part of the 2015 maturities

(2) The amount of financial debt as of 2015 December, 31, includes the subordinated bond issued in October 2015, for a nominal amount of Euro 1.25 bn, to refinance 2016 callable hybrid bonds

Financial debt breakdown by expiry date/call date

Agenda

III. Backup

	Cost	39 page
	Investments	42 page
	Financial debt	48 page
•	Life EV	51 page
	Solvency 2	55 page

Life EV(1) roll-forward

Life embedded value earnings (Euro m) Return on Life embedded value

Adjusted embedded value FY14	25,291	25.2%		RoEV
Embedded value earnings	6,375
Normalised EV earnings(3)	2,706		10.7%	Normalised RoEV

(1) Calculated with methodology and assumptions compliant with "Market Consistent Embedded Value Principles" as defined by CFO Forum

(2) " Other variance " includes model changes, extraordinary expenses and residual variance

(3) "Normalised EV earnings" defined as NBV + Expected contribution + Operating variance

FY15 Life Embedded Value sensitivities

Update on Guarantees

• Portfolio guarantee profile continues to improve in terms of type (57.4% of reserves is made of low capital intensity guarantees) and average guarantee (currently 1.80%)
• Improvements driven by new business: in 2015, 81.1% of total new business APE is made of low capital intensity guarantees and the average guarantee is 0.76% (0.51% on new business premiums)

(1) Low capital intensity guarantees = no guarantees, matched, at maturity guarantees and yearly 0% guarantees

Agenda

III. Backup

•	Solvency 2	55 page
	Life EV	51 page
	Financial debt	48 page
	Investments	42 page
	Cost	39 page

Backup: Solvency 2

Reconciliation of IFRS equity to Solvency II Eligible Own Funds

Solvency II Eligible own funds

(FY15, Euro bn, Internal model view)

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, Alberto Minali, 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 Spencer.Horgan@Generali.com +44 20 7265 6480

Stefano Burrino

Senior IR Manager Stefano.Burrino@Generali.com +39 040 671202

Emanuele Marciante

Senior IR Manager – Credit & Rating Agency Relations Emanuele.Marciante@Generali.com +39 040 671347

Veronica Cherini

IR Manager Veronica.Cherini@Generali.com +39 040 671488

Rodolfo Svara

IR Manager Rodolfo.Svara@Generali.com +39 040 671823

Marta Porczynska

Team Assistant & Event Manager Marta.Porczynska@Generali.com +39 040 671402

Martina Vono

Team Assistant & Event Manager Martina.Vono@Generali.com +39 040 671548

Assicurazioni Generali

P.za Duca degli Abruzzi 2 34132 Trieste, Italy

Fax: +39 040 671338 e-mail: ir@generali.com

www.generali.com

Thank you

GENERALI GROUP 2015 Results