Assicurazioni Generali

Earnings Release • Mar 18, 2016

Informazione Regolamentata n. 0018-20-2016		Data/Ora Ricezione 18 Marzo 2016 07:36:33	MTA
Societa'	:	ASSICURAZIONI GENERALI
Identificativo Informazione Regolamentata	:	71037
Nome utilizzatore	:	ASSGENERN05 - AMENDOLAGINE
Tipologia	:	IRAG 01
Data/Ora Ricezione	:	18 Marzo 2016 07:36:33
Data/Ora Inizio Diffusione presunta	:	18 Marzo 2016 07:51:34
Oggetto	:	as at 31 December 2015	Consolidated results of the Generali Group
Testo del comunicato

Vedi allegato.

18/03/2016 PRESS RELEASE

Media Relations T +39.040.671577 media@generali.com

Investor Relations T +39.040.671202 +39.040.671347 ir@generali.com

www.generali.com

CONSOLIDATED RESULTS OF THE GENERALI GROUP AS AT 31 DECEMBER 2015¹

• The operating result reached € 4.8 bln (+ 6.1%)
• Operating RoE increased significantly to 14% above the target ( >13%)
• Net profit at € 2 bln (+21.6%; € 1.7 bln FY14)
• Gross premiums above € 74 bln (+4.6%) driven by growth in the Life segment; improvement of the P&C segment
• High P&C technical margins with combined ratio at 93.1% (-0.6 p.p.), despite the higher impact of Nat Cat
• Significant increase in cash generation: Net Free Cash Flow at € 1.6 bln (+30%)
• Dividend per share at € 0.72 (+20%; €0.60 FY14)
• Strong development of Group's solidity: Economic Solvency ratio at 202% as calculated under the Group's full internal model (186% FY14)

The Chairman of Generali, Gabriele Galateri di Genola, said: "The positive result for 2015 shows the quality of the turnaround plan accomplished by the company over the last few years and of the new strategy launched last year. These results allow us to propose at the Shareholders' Meeting a dividend per share of 0.72 up by 20% compared to 2015. This is an excellent start to a new phase beginning with the appointment of Philippe Donnet as new Group CEO. It is an important acknowledgment of Generali's internal resources, also affirmed by the appointment of the Group CFO Alberto Minali as General Manager. Both of them are leaders of the highest international quality, with a deep understanding of the insurance business and well appreciated by the markets; they show the capability of Generali Group to enhance its own talents".

¹ Changes in premiums, net income and APE are at homogeneous terms (for equal exchange rates and scope of consolidation). Changes in operating results and own investments exclude sold entities from the comparison period.

Milan – The Board of Directors of Generali, which met under the chairmanship of Gabriele Galateri di Genola, approved the consolidated financial statements and the draft financial statements of the Parent Company for 2015.

EXECUTIVE SUMMARY

The Group ended the year 2015 with excellent results: operating performance exceeded pre-financial crisis levels, whilst net profit and the dividend are the best in the past 8 years.

In spite of a challenging macroeconomic environment and low interest rates, the strategic initiatives undertaken by the Group have created strong growth in production, excellent operating profitability and a further improvement in capital strength.

The Group's operating result reached € 4,785 million (€ 4,508 mln FY14), up by 6.1%, driven in particular by the P&C segment (+8.5%) and thanks to a solid result of the Life segment, in spite of the current situation of the financial markets. The operating RoE, the main profitability target, consequently reached 14%, a significant increase compared to 2014 (13.2% FY14), amply exceeding the goal of remaining above 13%.

Net profit grew significantly to € 2,030 million (+21.6%; € 1,670 mln FY14), thanks to the improvement in operating and non operating performance, thus returning to pre-financial crisis levels.

On the production front, the launch of new products and business initiatives boosted total premiums to € 74,165 million, up by 4.6% (€ 70,430 mln FY14): the increase was driven by the Life segment and by the recovery of the P&C segment. Life premium income grew to € 53.297 million (+6.2%; € 49,813 mln FY14), thanks to the improvement of all business lines and the excellent performance of the main Countries where the Group operates (Italy, France, Germany and CEE countries). New production is stable in terms of APE at € 5,210 million (-0.2%), where the positive performance of the unit linked and protection policy products is offset by a decline in savings production, with business mix consequently shifting in line with our strategic ambitions. Profitability (NBM) held firm at 21% (24% FY14) and, due to the decisive actions taken to improve the business mix and to the recalibration of guarantees, it was able to counteract the unfavourable scenario of low interest rates and increase in volatility recorded in the second quarter. The value of new production (NBV) reached € 1,097 million (-13%).

In the P&C segment, premiums grew by 0.8% to € 20,868 million (€ 20,617 mln FY14), through the growth of both the Non Motor line and the steady performance of the Motor line, which however experienced varied performance in the different countries where the Group operates because of the strong competitive pressures. The P&C business confirmed its very strong technical profitability, with a combined ratio which improved further to 93.1% (-0.6 p.p.) thanks to the decline of the loss ratio, in spite of the greater impact of catastrophic claims by € 75 million (+0.4 p.p.). The reserving ratio remained stable at 154%.

These results are accompanied by a strengthened capital position which the Group continues to hold in a sharp focus. Shareholders' equity grew 1.5% to € 23.6 bln. The Solvency I ratio is 164% (+8 p.p.; 156% FY14).

The Group's high level of organic capital generation drove an increase in the Economic Solvency Ratio to 202% (+16 p.p.; 186% FY14), as calculated under Solvency II principles, using the Group's internal model for the whole Group's perimeter and after accruing the proposed dividend. From a regulatory perspective, on 8 March 2016, the Group has received the regulatory approval for the use of a partial internal model, starting from

January 1, 2016, covering all the entities included in the application² while the remaining businesses will be treated under the Standard Formula initially. This calculation gives the Regulatory Solvency Ratio, which stands at 175%. The Group is working with the regulators to widen the scope of internal model approval over time, aiming to have substantially all relevant business units in scope by the end of the process. The regulatory solvency ratio is therefore expected converge to the full internal model view, as the process of achieving the planned expansion of the application's scope progresses.

Furthermore, we have made a strong first step towards the financial target of more than € 7 billion of cumulative Net Free Cash Flow generation by 2018. Thanks to higher dividends from subsidiaries and slightly lower interests expenses, the net free cash flow increased by 30% to €1.6bn (€1.2 bln FY14).

DIVIDEND PER SHARE AT € 0.72 (+20%)

The dividend per share to be proposed at the next Shareholders' Meeting is € 0.72, up by € 0.12 cents per share (+20%) relative to the previous year (€ 0.60 FY14). The payout ratio is equal to 55.3% from 55.9% in 2014.

The total dividend relating to shares outstanding amounts to € 1,123 million. The dividend payment date shall be from May 25, 2016 with record date on May 24, 2016 and ex-dividend date from May 23, 2016.

LIFE SEGMENT: INCREASING INCOME LEVELS AND SOLID OPERATING RESULT

• Premiums increased significantly to € 53.3 bln (+6.2%) thanks to growth in all business lines and excellent performance in major markets
• Net inflows grew strongly to € 15 bln (+15.5%)
• Solid operating result at € 3 bln (-0.4%), in spite of a low interest rate environment

Thanks to the good performance of all business lines, life premium income reached € 53,297 million, growing by +6.2% (€ 49,813 million FY14).

Unit linked contracts continued to increase (+8.6%), consistently with the strategy of promoting insurance products with low capital absorption, while protection policy products performed very well (+11.8%), as did the savings policies (+3.7%).

Highly positive was the contribution from Italy (+11.5%), particularly boosted by the growth in individual single premiums (+19.1%), with good income performance by all companies and all distribution channels. Growth was also experienced in France (+4.1%), with a

² Italy, Germany, French P&C business, and the Czech Republic

significant increase in unit linked products (+34.2%) as a result of the preference for alternative forms of savings in a low interest environment, and in Germany (+3.4%) with positive trends both in unit linked contracts and in protection policy products. Business also grew in CEE countries (+7.4%), while the EMEA area contracted (-8%), mainly as a result of the planned decline in single premiums recorded in Ireland. Excellent performance levels were also achieved by International Operations (+7.4%), Americas (+22.2%) and Asia (+56.2%), driven in particular by China (+61%).

Significant growth was also experienced by life net inflows - the difference between the payments received and payouts made - which increased by 15.5%, reaching € 14,920 million. The trend reflects the performance of Italy, France and CEE countries, described above, which offset the decline recorded by EMEA. Asia also provided an excellent contribution, confirming the trend already exhibited at 9 months, with net inflows more than quadrupled.

New production in terms of APE remained stable at € 5,210 million (-0.2%). The positive trend of single premiums (+8.3%) and of the performance of France (+16%) and Asia (+74.5%) was offset by the decline recorded in annual premiums (-6.8%), mainly due to Italy's performance. The performance of the unit linked business (+14.6%) and protection policy products (+22.4%) was highly positive, while the savings business declined by 9.8%. Profitability (NBM) held firm at 21% (24% in FY14); despite a strong recovery in the second half, brought about by the improvement in the financial situation, profitability (NBM) is still affected by the unfavourable economic scenarios with declining interest rates and severe increase in volatility recorded in the second quarter of 2015, although recovering subsequently. The value of new production (NBV) amounted to € 1,097 million (-13%).

The operating result of the segment amounted to € 2,965 million (-0.4%; € 2,978 million FY14). The strong growth in the underwriting margin (+6.8%), in line with the growth of the premium income, and the increase in the financial margin (+0.9%) - albeit in the current situation of the financial markets – were offset by the higher weight of some operating components. This includes the acquisition costs for the growth in premium income, in particular in France and Asia, and the brand royalties recognised to the Parent Company for marketing and brand development activities.

Life segment – Operating result
€ mln	31/12/2015	Δ
Italy	1,207	-10.3%
France	567	+1.3%
Germany	439	+17%
CEE Countries	228	+57.5%
EMEA	379	-19.4%
Americas	50	n.m.
Asia	95	+94.9%
International Operations	1	-95.5%
Total	2,965	-0.4%

P&C SEGMENT: EXCELLENT PERFORMANCE OF THE OPERATING RESULT, GROWTH IN PREMIUM INCOME. COMBINED RATIO IMPROVED FURTHER

• Premiums grew to € 21 bln (+0.8%), boosted by Non Motor (+1.1%)
• Strong growth in the operating result to € 2 bln (+8.5%) thanks to the significant increase in the underwriting result (+12.2%)
• CoR improved to 93.1% (-0.6 p.p.), despite higher Nat Cat. Italy best ratio of the Group

The premium income of the P&C segment grew to € 20,868 million (+0.8%; € 20,618 FY14), driven by the positive trend of the Non Motor line (+1.1%), which recorded good performance levels in almost all of the Countries where the Group operates, and by the stady performance of the Motor line (+0.2%), which remained solid in spite of adverse macroeconomic conditions in some of the most important markets.

In particular, significant growth was recorded in CEE Countries (+4.6%), in Germany (+1.7%) and EMEA (+1.8%). Italy experienced a decline by 3%, mainly weighted down by the Motor line (-7.3%), which is under severe competitive pressure of the market on premiums. France was stable (-0.3%), with a positive trend in Non Motor (+1.4%), as a result, in particular, of the Protection & Health and Commercial line.

The business confirmed its high profitability, with a sharp growth in its operating result, which reached € 1,987 million (+8.5%; € 1,831 mln FY14), thanks in particular to the performance of the underwriting result (+12.2%).

P&C Segment – Operating result and CoR
€ mln		Operating result		CoR
	31/12/2015	Δ	31/12/2015	Δ
Italy	704	-2.2%	89.1%	-0.2 p.p
France	128	n.m	100.2%	-4.7 p.p
Germany	389	+6.1%	92.4%	-0.2 p.p
CEE Countries	204	-14.5%	90.1%	2.4 p.p
EMEA	377	-6.2%	95.2%	-0.3 p.p
Americas	11	n.m.	106.1%	-7.2 p.p.
Asia	6	n.m.	94.4%	-3.2 p.p.
InternationalOperations	167	+25.3%	85.9%	2.2 p.p.
Total	1,987	+8.5%	93.1%	-0.6 p.p.

The combined ratio (CoR) was 93.1% (-0.6 p.p.) due to the decline in the loss ratio (65.9%, -0.8 p.p.) which improved in spite of the impact of catastrophic claims, i.e. € 313 million, equivalent to 1.6 p.p. (+0.4 p.p. compared to FY14). On the loss ratio, of note is the improvement both of the non-catastrophic current part (-0.4 p.p.) and the contribution of the previous generation underwriting (-4.6 p.p.). The expense ratio was substantially stable at 27.3% (+0.2 p.p.).

Italy recorded the best CoR in the Group, at 89.1% (-0.2 p.p.), thanks to the positive trend in the non-catastrophic loss ratio and in spite of € 120 million of damages from catastrophes, up by 0.5 p.p. compared to 2014 and despite the highly competitive motor market. France

improved significantly (-4.7 p.p.) to 100.2%, thanks to the improvement in the noncatastrophic loss ratio and the lower impact of nat cat. The increase in catastrophic events and a rise in the non-catastrophic loss ratio led to an increase of the CoR in CEE Countries, which nonetheless remained at excellent levels at 90.1% (+2.4 p.p.). Underwriting profitability was good in Germany, with the CoR at 92.4% (-0.2 p.p.), and in EMEA, at 95.2% (-0.3 p.p.).

HOLDING AND OTHER ACTIVITIES SEGMENT

The holding and other activities segment comprises the activities carried out by the Group's companies in the banking and asset management sector, the costs incurred in the activity of managing, coordinating and financing the business as well as other activities the Group considers subsidiary to its core insurance business.

The operating result of the holding and other activities sector reached € 59 million, up compared to € -5 million of FY14. The contribution of the financial segment was excellent, with the operating result increasing by 16% to € 434 million (€ 374 mln FY14) thanks to the contribution of Banca Generali. The improvement in performance, achieved also with the contribution of the Asset Management activity in China, was mainly due to the net income from financial operations, which benefited from higher net fees and commissions, only partly offset by the increase in operating expenses.

Third party assets managed by the Group's banking companies and asset management companies reached € 44,323 million (+1.2%; € 43,795 million FY14).

The operating expenses of the holding activities reached € -429 million (€ -418 mln FY14), an increase that reflected the strengthening, started in 2013 and continued in 2014, of the Head Office structures – also with reference to the transition to the new Solvency II regime – as well as the development of the Regional Offices tasked with directing, coordinating and controlling the business in key areas in terms of growth opportunities, e.g. Asia.

OUTLOOK

The operating environment of the insurance sector continues to be characterised by low interest rates and by a constantly evolving regulatory scenario, with ever more stringent regulations in the field of distribution. In line with the strategy to become leader in the retail segment in Europe, Generali will further intensify its focus on the initiatives of the Techex programme and in the investment in new technologies and improved use of data, both at Group and individual business unit level. The aim is to enhance the value of the portfolio whilst simplifying and innovating the product range, both in the Life and in P&C segment. Despite the challenging macroeconomic environment and the high volatility of the financial markets, in 2016 the Group will continue to pursue the strategic actions of the new development phase, confirming the target of an operating ROE above 13%, and improving shareholder remuneration, consistently with the strategic plan presented to the market.

The implementation of Long Term Incentive Plan compensation approved by the Shareholders' Meeting in 30 April 2013

***

It should also be noticed that today the Board of Directors exercised the power to increase, free of charge, the share capital, pursuant to article 2443 of the Italian Civil Code, granted by the shareholders' meeting on 30 April 2013 in connection with the Long Term Incentive Plan approved by the shareholders' meeting on the same date pursuant to article 114-bis of the Consolidated Finance Act (the "2013 Plan"). In particular, the Board of Directors resolved, among other things, to increase, free of charge, the share capital, pursuant to articles 2443 and 2349 of the Italian Civil Code, with effect from the material assignment of shares, whose number will be determined by the delegated directors, for a maximum nominal amount of EUR 3,010,255, through the transfer to capital of a corresponding maximum amount from the extraordinary reserve, with the issue of a maximum number of 3,010,255 ordinary shares with a par value of EUR 1.00 each, with regular dividend, to be allocated to the beneficiaries of the Plan. The completion of this capital increase is subject to the obtaining of the necessary regulatory approvals and should take place within 30 April 2016.

The Dirigente Preposto (Manager in Charge of Preparing the Company's Financial Reports), Alberto Minali, declares in accordance with Paragraph 2 of Article 154-bis of the Italian Consolidation Finance Act that the accounting information contained herein matches the accounting records, books, and entries

THE GENERALI GROUP

The General Group is among the world's leading insurers, with total premium income exceeding €74 billion in 2015. With above 76,000 workers in the world, present in over 60 Countries, the Group has a leading position in Western European Countries and an ever more significant presence in the markets of Central and Eastern Europe and in Asia. In 2015, Generali was the sole insurance company included among the 50 smartest companies in the world by the MIT Technology Review.

NOTE TO REPORTERS

From 7.30 am onwards, the following documents are available at www.generali.com: press release, pre-recorded video with transcript, presentation for analysts, annual financial statements and the other financial documents.

At noon, the Analyst Call will be held. Journalists can follow the event by connecting to the number +3902 3600 9866 (listen-only mode).

Generali's corporate app offers the most recent package of institutional information, optimised for mobile devices. The app can be downloaded free of charge from Apple and Android stores.

List of Annexes:

• 1. Balance Sheet and Income Statement of the Group
• 1. Balance Sheet and Income Statement of the Parent Company

1. Group's Balance Sheet and Income Statement

BALANCE SHEET

Assets
References:	(€ million)	31/12/2015	31/12/2014
	1 INTANGIBLE ASSETS	8,645	8,601
4	1.1 Goodwill	6,661	6,617
19	1.2 Other intangible assets	1,985	1,983
	2 TANGIBLE ASSETS	4,469	4,610
20	2.1 Land and buildings (self used)	2,844	2,797
20	2.2 Other tangible assets	1,625	1,814
14	3 AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS	4,094	4,378
40, 41, 42, 43	4 INVESTMENTS	447,448	427,191
11	4.1 Land and buildings (investment properties)	12,112	12,628
3	4.2 Investments in subsidiaries, associated companies and joint ventures	1,369	1,284
7	4.3 Held to maturity investments	1,984	2,940
8	4.4 Loans and receivables	48,198	50,780
9	4.5 Available for sale financial assets	289,399	276,498
10	4.6 Financial assets at fair value through profit or loss	94,385	83,061
	of which financial assets where the investment risk is borne by the policyholders and related to pension funds	74,966	67,707
21	5 RECEIVABLES	11,706	12,057
	5.1 Receivables arising out of direct insurance operations	6,497	7,462
	5.2 Receivables arising out of reinsurance operations	1,060	1,143
	5.3 Other receivables	4,149	3,452
22	6 OTHER ASSETS	15,142	35,973
	6.1 Non-current assets or disposal groups classified as held for sale	0	21,304
15	6.2 Deferred acquisition costs	2,000	1,958
	6.3 Deferred tax assets	2,652	2,715
	6.4 Tax receivables	3,115	2,825
	6.5 Other assets	7,375	7,172
12	7 CASH AND CASH EQUIVALENTS	9,044	8,508
	TOTAL ASSETS	500,549	501,318

Equity and liabilities
References:	(€ million)	31/12/2015	31/12/2014
16	1 SHAREHOLDERS' EQUITY	24,708	24,185
	1.1 Shareholders' equity attributable to the Group	23,565	23,204
	1.1.1 Share capital	1,557	1,557
	1.1.2 Other equity instruments	0	0
	1.1.3 Capital reserves	7,098	7,098
	1.1.4 Revenue reserves and other reserves	7,688	7,571
	1.1.5 (Own shares)	-6	-8
	1.1.6 Reserve for currency translation differences	74	-239
	1.1.7 Reserve for unrealized gains and losses on available for sale financial assets	6,067	6,498
	1.1.8 Reserve for other unrealized gains and losses through equity	-944	-943
	1.1.9 Result of the period	2,030	1,670
	1.2 Shareholders' equity attributable to minority interests	1,143	981
	1.2.1 Share capital and reserves	748	706
	1.2.2 Reserve for unrealized gains and losses through equity	166	93
	1.2.3 Result of the period	229	182
23	2 OTHER PROVISIONS	1,807	1,751
13	3 INSURANCE PROVISIONS	404,687	386,202
	of which insurance provisions for policies where the investment risk is borne by the policyholders and related to pension funds	57,793	51,674
	4 FINANCIAL LIABILITIES	49,904	48,794
17	4.1 Financial liabilities at fair value through profit or loss	20,082	18,374
	of which financial liabilities where the investment risk is borne by the policyholders and related to pension funds	16,793	15,886
18	4.2 Other financial liabilities	29,821	30,420
	of which subordinated liabilities	9,643	8,315
24	5 PAYABLES	8,828	9,379
	5.1 Payables arising out of direct insurance operations	3,464	3,553
	5.2 Payables arising out of reinsurance operations	511	557
	5.3 Other payables	4,853	5,270
25	6 OTHER LIABILITIES	10,614	31,007
	6.1 Liabilities directly associated with non-current assets and disposal groups classified as held for sale	0	19,700
	6.2 Deferred tax liabilities	3,034	3,706
	6.3 Tax payables	1,320	1,420
	6.4 Other liabilities	6,259	6,181
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	500,549	501,318

INCOME STATEMENT

Income statement
References:	(€ million)	31/12/2015	31/12/2014
26	1.1 Net earned premiums	68,507	64,322
	1.1.1 Gross earned premiums	70,400	66,324
	1.1.2 Earned premiums ceded	-1,894	-2,003
27	1.2 Fee and commission income and income from financial service activities	1,094	967
28	1.3 Net income from financial instruments at fair value through profit or loss	1,941	3,510
	of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds	2,275	3,293
29	1.4 Income from subsidiaries, associated companies and joint ventures	130	191
30	1.5 Income from other financial instruments and land and buildings (investment properties)	16,219	15,991
	1.5.1 Interest income	10,075	9,919
	1.5.2 Other income	2,065	2,117
	1.5.3 Realized gains	3,873	3,761
	1.5.4 Unrealized gains and reversal of impairment losses	206	194
31	1.6 Other income	4,070	3,301
	1 TOTAL INCOME	91,961	88,282
32	2.1 Net insurance benefits and claims	-69,091	-67,003
	2.1.1 Claims paid and change in insurance provisions	-70,204	-68,280
	2.1.2 Reinsurers' share	1,113	1,276
33	2.2 Fee and commission expenses and expenses from financial service activities	-586	-470
34	2.3 Expenses from subsidiaries, associated companies and joint ventures	-16	-68
35	2.4 Expenses from other financial instruments and land and buildings (investment properties)	-3,215	-3,461
	2.4.1 Interest expense	-1,103	-1,298
	2.4.2 Other expenses	-390	-421
	2.4.3 Realized losses	-686	-435
	2.4.4 Unrealized losses and impairment losses	-1,035	-1,307
36	2.5 Acquisition and administration costs	-10,856	-10,489
	2.5.1 Commissions and other acquisition costs	-8,179	-7,884
	2.5.2 Investment management expenses	-96	-103
	2.5.3 Other administration costs	-2,581	-2,502
37	2.6 Other expenses	-4,792	-3,838
	2 TOTAL EXPENSES	-88,555	-85,329
	EARNINGS BEFORE TAXES	3,407	2,953
38	3 Income taxes	-1,112	-1,033
	EARNINGS AFTER TAXES	2,295	1,921
	4 RESULT OF DISCONTINUED OPERATIONS	-35	-69
	CONSOLIDATED RESULT OF THE PERIOD	2,259	1,852
	Result of the period attributable to the Group	2,030	1,670
	Result of the period attributable to minority interests	229	182
16	EARNINGS PER SHARE
	Basic earnings per share (€)	1.30	1.07
	From continuing operations	1.33	1.13
	Diluted earnings per share (€)	1.29	1.06
	From continuing operations	1.31	1.11

2. Parent company's Balance Sheet and P&L account

BALANCE SHEET

(in thousands euro)

BALANCE SHEET ASSETS

		Year 2015		Year 2014
A. SUBSCRIBED CAPITAL UNPAID			0	0
of which called-up capital	0
B. INTANGIBLE ASSETS
1 . Acquisition commissions to be amortised
0 a) life business
0 b) non-life business	0
2 . Other acquisition costs	0
3 . Formation and development expenses	0
4 . Goodwill	0
5 . Other intangible assets	37,320		37,320	32,497
C. INVESTMENTS
I Land and Buildings
1 . Property used for own activities	8,721
2 . Property used by third parties	110,176
3 . Other properties	0
4 . Other realty rights 5 . Assets in progress and payments on account	0 1,732	120,628
I I Investments in affiliated companies and other shareholdings
1 . Interests in
0 a) parent companies
29,366,925 b) affiliated companies
0 c) affiliates of parent companies
244,672 d) associated companies
38,748 e) other	29,650,345
2 . Debt securities issued by
0 a) parent companies
1,500 b) affiliated companies
0 c) affiliates of parent companies
0 d) associated companies
0 e) other	1,500
3 . Loans to
0 a) parent companies
370,900 b) affiliated companies
0 c) affiliates of parent companies
0 d) associated companies
0 e) other	370,900	30,022,745
			37,320	32,497

		Year 2015		Year 2014
C. INVESTMENTS (follows)
III Other financial investments
1 . Equities
15,109 a) quoted shares
22,863 b) unquoted shares
5,308 c) other interests	43,280
2 . Shares in common investment funds	1,208,251
3 . Debt securities and other fixed-income securities
1,619,214 a) quoted
83,326 b) unquoted
24,714 c) convertible bonds	1,727,254
4 . Loans
0 a) mortgage loans
853 b) loans on policies
2,698 c) other loans	3,551
5 . Participation in investment pools	0
6 . Deposits with credit institutions	129,798
7 . Other	7,813	3,119,947
I V Deposits with ceding companies		7,906,952	41,170,272	38,593,026
D. INVES TIMENTS FOR THE BENEFIT OF LIFE- AS S URANCE P	OLICYHOLDERS	WHO BEAR
THE INVES TMENT RIS K AND RELATING TO THE ADMINIS	TRATION OF P ENS ION FUNDS
I - Investiments relating to contracts linked to investments funds and market index		3,598,803
I I - Investiments relating to the administration of pension funds		0	3,598,803	119,179
D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS
I NON-LIFE INSURANCE BUSINESS
1 . Provision for unearned premiums	81,374
2 . Provision for claims outstanding	454,592
3 . Provision for profit sharing and premium refunds	0
4 . Other technical provisions	0	535,965
I I - LIFE INSURANCE BUSINESS
1 . Mathematical provision	27,106
2 . Unearned premium provision for supplementary coverage	11,732
3 . Provision for claims outstanding	301,290
4 . Provision for profit sharing and premium refunds	16,818
5 . Other provisions	0
6 . Provisions for policies where the investment risk
is borne by the policyholders and relating
to the administration of pension funds	0	356,946	892,911	757,018
			45,699,306	39,501,720

			Year 2015		Year 2014
E.	RECEIVABLES
I	Receivables arising out of direct insurance operations
	1 . Policyholders
	89,093 a) for premiums - current year
	8,325 b) for premiums - previous years	97,419
	2 . Insurance intermediaries	10,574
	3 . Current accounts with insurance companies	2,306
	4 . Policyholders and third parties for recoveries	10,662	120,961
I I	Receivables arising out of reinsurance operations
	1 . Reinsurance companies	402,579
	2 . Reinsurance intermediaries	5,073	407,652
III	- Altri crediti Other receivables		752,509	1,281,122	1,321,447
F.	OTHER ASSETS
I	- Tangible assets and stocks
	1 . Furniture, office equipment, internal transport vehicles	1,700
	2 . Vehicles listed in public registers	62
	3 . Equipment and appliances	0
	4 . Stocks and other goods	348	2,110
I I	- Disponibilità liquide Cash at bank and in hand
	1 . Bank and postal deposits	549,828
	2 . Cheques and cash in hand	77	549,905
III	- Own shares		1,815
I V	- Other
	1 . Deferred reinsurance items	12,461
	2 . Miscellaneous assets	211,508	223,969	777,799	668,538
G.	PREPAYMENTS AND ACCRUED INCOME
	1 . Interests		29,225
	2 . Rents		656
	3 . Other prepayments and accrued income		204,494	234,375	237,576
	TO TAL ASSETS			47,992,603	41,729,282

BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS

		Year 2015		Year 2014
A. SHAREHOLDERS' FUNDS
I - Subscribed capital or equivalent funds		1,556,873
I I - Share premium account		3,568,250
III - Revaluation reserve		2,010,835
I V - Legal reserve		311,375
V - Statutory reserve		0
VI - Reserve for own shares		1,815
VII - Other reserve		6,318,362
VIII - Profit or loss brought forward		0
I X - Profit or loss for the financial year		931,469	14,698,978	14,701,569
B. SUBORDINATED LIABILITIES			6,864,544	5,533,406
C. TECHNICAL PROVISIONS
I - NON-LIFE INSURANCE BUSINESS
1 Provision for unearned premiums	352,308
2 Provision for claims outstanding	2,168,231
3 Provision for profit sharing and premium refunds	0
4 Other provisions	0
5 Equalisation provision	108	2,520,646
I I - LIFE INSURANCE BUSINESS
1 . Mathematical provision	7,704,211
2 . Unearned premium provision for supplementary coverage	29,431
3 . Provision for claims outstanding	1,047,813
4 . Provision for profit sharing and premium refunds	94,241
5 . Other provisions	21,467	8,897,163	11,417,809	11,744,290
D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS
I Provisions relating to contracts linked to
investments funds and market index		3,595,160
I I Provisions relating to the administration of pension funds		0	3,595,160	113,985
			36,576,491	32,093,251

		Year 2015		Year 2014
E. PROVISIONS FOR OTHER RISKS AND CHARGES
1 Provision for pensions and similar obligations		0
2 Provisions for taxation		91,461
3 Other provisions		15,233	106,693	109,741
F. DEPOSITS RECEIVED FROM REINSURERS			295,046	219,863
G. PAYABLES
I - Payables arising out of direct insurance operations
1 . Insurance intermediaries	4,628
2 . Current accounts with insurance companies	3,311
3 . Premium deposits and premiums due to policyholders	6,753
4 . Guarantee funds in favour of policyholders	0	14,692
I I Payables arising out of reinsurance operations
1 . Reinsurance companies	157,371
2 . Reinsurance intermediaries	13,351	170,722
III - Bond issues		3,319,424
I V - Amounts owed to credit institutions		998,270
V - Loans guaranteed by mortgages		0
VI - Other financial liabilities		3,602,479
VII - Provisions for severance pay		5,615
VIII - Other Payables
1 . Premium taxes	1,388
2 . Other tax liabilities	19,030
3 . Social security	4,292
4 . Sundry creditors	2,099,732	2,124,442
I X - Other liabilities
1 . Deferred reinsurance items	10,099
2 . Commissions for premiums in course of collection	12,812
3 . Miscellaneous liabilities	367,933	390,844	10,626,487	8,919,679
			47,604,718	41,342,534

		Year 2015		Year 2014
	H. ACCRUALS AND DEFERRED INCOME
1	Interests	275,801
2	Rents	1,953
3	Other accruals and deferred income	110,130	387,885	386,748
TO TAL LIABILITIES AND SHAREHO LDERS' FUNDS			47,992,603	41,729,282

PROFIT AND LOSS ACCOUNT

(in thousands euro)

PROFIT AND LOSS ACCOUNT

				Year 2015	Year 2014
I.	TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS
	1. EARNED PREMIUMS, NET OF REINSURANCE:
a)	Gross premiums written		1,393,694
b)	(-) Outward reinsurance premiums		457,245
c)	Change in the gross provision for unearned premiums		19,417
d)	Change in the provision for unearned premiums, reinsurers' share		2,416	919,449	933,664
	2. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE NON-TECHNICAL ACCOUNT (ITEM III. 6)			61,192	76,550
	3. OTHER TECHNICAL INCOME, NET OF REINSURANCE			609	990
	4. CLAIMS INCURRED, NET OF RECOVERIES AND REINSURANCE
a)	Claims paid
	aa) Gross amount	763,692
	bb) (-) Reinsurers' share	208,133	555,559
b)	Recoveries net of reinsurance
	aa) Gross amount	15,930
	bb) (-) Reinsurers' share	6,532	9,398
c)	Change in the provision for claims outstanding
	aa) Gross amount	52,396
	bb) (-) Reinsurers' share	17,697	34,698	580,859	636,758
	5. CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE			0	-2
	6. PREMIUM REFUNDS AND PROFIT SHARING, NET OF REINSURANCE			108	44
	7. OPERATING EXPENSES
a)	Acquisition commissions		167,651
b)	Other acquisition costs		27,454
c)	Change in commissions and other acquisition costs
	to be amortised		0
d)	Collecting commissions		40
e)	Other administrative expenses		42,576
f )	(-) Reinsurance commissions and profit sharing		50,705	187,017	195,743
	8. OTHER TECHNICAL CHARGES, NET OF REINSURANCE			14,231	10,941
	9. CHANGE IN THE EQUALISATION PROVISION			40	24
	10. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS			198,995	167,698

				Year 2015	Year 2014
II.	TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS
	1. PREMIUMS WRITTEN, NET OF REINSURANCE
a)	Gross premiums written		1,719,366
b)	(-) Outward reinsurance premiums		365,746	1,353,621	1,310,785
	2. INVESTMENT INCOME:
a)	From partecipating interests		860,684
	(of which, income from Group companies)		860,684
b)	From other investments
	aa) income from land and buildings
	bb) from other investments	529,095	529,095
	(of which, income from Group companies)		367,000
c)	Value re-adjustments on investment		117
d)	Gains on the realisationof investments		3,966
	(of which, income from Group companies)		0	1,393,862	1,487,244
	3. INCOME AND UNREALIS ED GAINS ON INVES TMENTS FOR THE BENEFIT OF P THE INVES TMENT RIS K AND ON INVES TMENT RELATING TO THE ADMINIS	OLICYHOLDERS TRATION OF P ENS ION FUNDS	WHO BEAR	22,310	22,081
	4. OTHER TECHNICAL INCOME, NET OF REINSURANCE			26,795	23,686
	5. CLAIMS INCURRED, NET OF REINSURANCE
a)	Claims paid
	aa) gross amount	1,993,520
	bb) (-) reinsurers' share	235,542	1,757,978
b)	Change in the provision for claims outstanding aa) gross amount	85,525
	bb) (-) reinsurers' share	40,437	45,088	1,803,066	1,769,150
	6. CHANGE IN THE PROVISION FOR POLICY LIABILITIES AND IN OTHER
	TECHNICAL PROVISIONS, NET OF REINSURANCE
a)	Provisions for policy liabilities
	aa) gross amount	-434,169
	bb) (-) reinsurers' share	-7,680	-426,488
b)	Change in the provision for claims outstanding
	aa) gross amount	8,410
	bb) (-) reinsurers' share	4,029	4,382
c)	Other provisions
	aa) gross amount	-802
	bb) (-) reinsurers' share	0	-802
d)	Provisions for policies where the investment risk is borne by the shareholders
	and relating to the administration of pension funds
	aa) gross amount	38,357
	bb) (-) reinsurers' share	0	38,357	-384,553	-403,853

				Year 2015	Year 2014
	7. PREMIUM REFUNDS AND PROFIT-SHARING, NET OF REINSURANCE			48,777	70,194
	8. OPERATING EXPENSES
a)	Acquisition commissions		229,652
b)	Other acquisition costs		13,595
c)	Change in commissions and other acquisition costs
	to be amortised		0
d)	Collecting commissions		0
e)	Other administrative expenses		29,622
f )	(-) Reinsurance commissions and profit sharing		62,642	210,227	204,175
	9. INVESTMENT CHARGES
a)	Investment administration charges, including interest		117,147
b)	Value adjustments on investments		34,945
c)	Losses on the realisation of investments		455	152,546	136,147
10. EXP	ENS ES AND UNREALIS ED LOS S ES ON INVES TMENTS FOR THE BENEFIT OF P	OLICYHOLDERS
	WHO BEAR THE INVES TMENT RIS K AND ON INVES TMENT RELATING
	TO THE ADMINIS TRATION OF P ENS ION FUNDS			17,324	6,862
	11. OTHER TECHNICAL CHARGES, NET OF REINSURANCE			4,248	2,835
				655,887
	12. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-TECHNICAL ACCOUNT (item III. 4)				690,276
13. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (item III.2)				289,066	368,010
III.	NON TECHNICAL ACCOUNT
	1. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS (Item I.10)			198,995	167,698
	2. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (Item I.13)			289,066	368,010
	3. NON-LIFE INVESTMENT INCOME
a)	From partecipating interests		619,237
	(of which, income from Group companies)		613,533
b)	From other investments
	aa) income from land and buildings	4,916
	bb) from other investments	66,669	71,585
	(of which, income from Group companies)		3,672
c)	Value re-adjustments on investment		10,248
d)	Gains on the realisationof investments		21,406
	(of which, income from Group companies)		7,181	722,476	867,855

	Year 2015	Year 2014
4. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM
THE LIFE TECHNICAL ACCOUNT (item iI. 2)	655,887	690,276
5. INVESTMENT CHARGES FOR NON-LIFE BUSINESS
62,171 a) Investment administration charges, including interest
70,831 b) Value adjustments on investments
162,007 c) Losses on realisation of investments	295,009	301,615
6. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-LIFE TECHNICAL ACCOUNT (item I. 2)	61,192	76,550
7. OTHER INCOME	398,464	268,620
8. OTHER CHARGES	1,455,546	1,319,614
9. RESULT FROM ORDINARY ACTIVITY	453,141	664,680
10. EXTRAORDINARY INCOME	373,027	75,754
11. EXTRAORDINARY CHARGES	36,746	119,575
12. EXTRAORDINARY PROFIT OR LOSS	336,281	-43,822
13. RESULT BEFORE TAXATION	789,422	620,859
14. INCOME TAXES	-142,047	-116,908
15. PROFIT (LOSS) FOR THE YEAR	931,469	737,767