Assicurazioni Generali

Earnings Release • May 14, 2015

GENERALI GROUP 1Q 2015 Results

Please note that prior year's figures have been restated throughout the whole presentation to reflect the current perimeter of the Group.

Net income, Shareholders' Equity, Solvency I, Life Value KPIs are not adjusted for disposed entities.

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).

Agenda

I. Profit & Loss and Balance Sheet	Page	3
II. Business Review	Page	9
III. Backup	Page	23

I. Profit & Loss and Balance Sheet

Key 1Q 2015 financials at a glance

• Operating Result: Positive development (+6%) thanks to the Life business (+8%); P&C lower by 5% driven by higher NatCat
• Net Result: Increasing 10% like for like, driven by the operating performance of the period, the positive development of non operating investment income, and lower interest expenses on financial debt
• Shareholders' equity: Driven higher (+12.5%) by strong unrealized gains across asset classes, in addition to the net result achieved
• Solvency I: Likewise continued to strengthen, up 12%pts and reaching 168% (177% pro-forma for disposal of BSI)

	1Q14	1Q15	LFL D
Operating result (Euro m)	1,251	1,326	+6.0%
Operating RoE	3.5%	3.9%	+0.4%pts.
Net result (Euro m)	660	682	+3.3%
Net result from continuing operations (Euro m)	638	702	+10.0%
EPS (Euro)	0.42	0.44	+3.3%
Net operating EPS (Euro)	0.41	0.45	+9.7%
Shareholders' equity(1)	23,204	26,098	+12.5%
(1) Solvency I	156%	168%	+12%pts.

(1) Comparative data FY14

Operating result by segment

(Euro m)

1Q 15	823	505	54	(56)
1Q 14	761	529	24	(64)
D	+8.2%	-4.6%	+120.8%	-11.8%

From operating result to net profit

Shareholders' equity

Shareholders' equity rollforward

(Euro m)

Shareholders' equity sensitivities (Euro bn)

168

Solvency I ratio sensitivities (%)

Total ratio 31.03.2015

developments

exit the perimeter)

Strong increase in available solvency capital, driven by retained result for the period and financial market

Increase of required margin, reflecting ordinary business

growth, and exchange rate effects on BSI (which should soon

(2) At 1Q15, the estimated positive impact of BSI disposal amounts to 9% pts

⁽¹⁾ For interim closings, no accrued dividends are deducted from available margin

II. Business Review

9

Life key financial indicators

(Euro m)

	1Q14	1Q15	LFL D
Gross written premiums	12,025	13,666	+12.7%
Net inflows	2,857	4,306	+49,1%
Life operating result	761	823	+8.2%
Life operating ratio on investments (bps)	22	21	-1
APE	1,270	1,429	9.8%
New Business Value	320	322	-2.6%
Margin on APE (%)	25.2%	22.5%	-2.9%pts

Life Operating result by driver

(Euro m)

• Life Operating result up 8.2%:
• Very strong investment result, thanks to favourable market conditions
• Technical margin increasing due to higher fees, and policyholder share of higher expenses in Germany
• Expense result reflects higher acquisition costs, following increased volumes

Life inflows and technical reserves(1)

(Euro m)

	1Q14	1Q15
Italy	1,070	2,143
France	-224	208
Germany	821	1,064
CEE	130	74
EMEA	949	588
Lat. Am.	26	43
Asia	63	156
International	23	29
TOTAL	2,857	4,306

• Sharp increase in net inflows (+ 49,1%)
• Continued strong performance in Italy
• Sharp increase in France
• More than compensated decrease showed in EMEA due to quarterly contraction in single premiums of Ireland
• Unit linked weight 47% on net inflows
• Overall growth in reserve of 4.0% from end 2014 (of which +11.1% increase in unit linked)

(1) Including liabilities related to investment contracts

Life investment performance

Life segment general account (%)

Current returns

(1) Net of depreciation expenses

Life new business analysis

• APE growth (+9.8%) driven by the excellent development in Unit Linked (+39.8%) and Protection business (+27.8%)
• Despite the worsening financial conditions, NBM decreases only slightly thanks to the better product mix and further reduction of guarantees (in Euro area from 0.97% at 1Q14 to 0.71% at 1Q15)
• Overall, NBV stable at Euro 322 m

(Euro m)		APE			NBV			MARGIN ON APE
	1Q14	1Q15	D LFL	1Q14	1Q15	D LFL	1Q14	1Q15	D LFL
Italy	571	590	+3.2%	141	167	+18.5%	24.7%	28.3%	+3.6 pts.
France	222	303	+37.6%	34	30	-10.6%	15.2%	9.9%	-5.3 pts.
Germany	204	238	+11.9%	66	57	-18.2%	32.6%	23.8%	-8.8 pts.
CEE	32	42	-2.8%	12	11	-29.9%	38.4%	27.3%	-10.6 pts.
EMEA	198	185	-8.2%	60	46	-26.4%	30.2%	24.8%	-6.1 pts.
Lat. Am.& Asia	42	72	+35.4%	6	11	+32.7%	15.1%	15.5%	-0.3 pts.
TOTAL	1,270	1,429	+9.8%	320	322	-2.6%	25.2%	22.5%	-2.9 pts.

P&C key financial Indicators

(Euro m)

	1Q14	1Q15	LFL D
Gross written premiums, of which:	6,416	6,483	+0.1%
Primary Motor	2,702	2,671	-2.6%
Primary Non Motor	3,569	3,624	+0.9%
Combined ratio (%)	92.5%	93.3%	+0.7%pts.
Nat Cat impact (%)	0.6%	1.9%	+1.3%pts.
P&C operating result	529	505	-4.6%

P&C Operating result by driver

(Euro m)

• Technical margin decreased due to higher nat cat impact in the quarter
• Investment return stable despite low interest rate environment

P&C gross written premiums trends

(Euro m)

	1Q14	1Q15	LFL 
Italy	1,464	1,407	-3.9%
France	869	834	-4.0%
Germany	1,460	1,447	-0.9%
CEE	515	526	+2.6%
EMEA	1,553	1,638	+1.6%
Lat Am	274	318	+9.1%
Asia	24	33	+34.2%
International	257	281	+14.8%
Total	6,416	6,483	+0.1%

Overall stable premium development:

• Decline in Italy due to Motor (mainly affected in TPL by decrease in average premiums). Stable Non-Motor lines
• Decline in France both in Motor and Non-Motor. In particular Motor lines were strong impacted by recovery measures in Fleets and Car dealers portfolio. In Non-Motor, Commercial business impacted by contracts cancellation and weak economic context
• Slight decline in Germany due to the shift of January renewal date to other months in the course of the year. Underlying trends in Motor remain positive
• Improvement in CEE thanks both to Motor and Non-Motor
• Good increase in LatAm mainly driven by Argentina (reflecting inflation effect) which more than compensates recovery measures in Motor portfolio in Brazil

Combined ratio analysis

Combined ratio by country

(%)

	1Q14	1Q15	LFL 
Italy	90.6%	89.3%	-1.3%pts.
France	103.1%	100.3%	-2.9%pts.
Germany	94.0%	93.8%	-0.2%pts.
CEE	81.8%	83.7%	+1.9%pts
EMEA	94.9%	95.0%	+0.1%pts
Lat Am	102.0%	106.4%	+4.4%pts.
Asia	110.0%	112.7%	+2.7%pts.
International Operations	76.2%	88.7%	+12.5%pts.
Total	92.5%	93.3%	+0.7%pts.

• Combined ratio still improving in Italy, despite heavier NAT CAT impact (+1.7%pts. compared to 1Q14)
• Improvement in France thanks to loss ratio (favoured by absence of NAT CAT), expense ratio increases due to lower volumes
• Combined ratio substantially stable in Germany despite NAT CAT strong impact (+5.9%pts.)
• Continued strong performance from CEE
• In LatAm, strong impacts from recovery measures in Motor portfolio (Brazil)

P&C investment performance

P&C segment general account (%)

Euro 39 bn Euro 40 bn 26.0 26.1 35.4 33.8 5.9 7.3 8.7 9.6 11.1 10.7 9.8 9.5 3.1 3.0 FY14 1Q15 Other Cash & cash equivalent Real estate Equity Other fixed income Corporate bonds Government bonds Euro m % Fixed income 1Q14 215 0.9 1Q15 199 0.8 Equity 1Q14 12 0.4 1Q15 14 0.4 Real Estate(1) 1Q14 64 1.4 1Q15 65 1.5 Total(1) 1Q14 307 0.8 1Q15 301 0.8

Current returns

Holding & Other businesses segment

(Euro m)

	1Q14	1Q15	LFL 
Financial	95	149	+56.6%
Generali(1) of which Banca	56	115	+105.2%
Operating holding expenses	(96)	(116)	+20.5%
Other businesses(2)	25	21	-18.4%
Total	24	54	+120.8%

(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

• Very strong quarter in life
• P&C impacted by higher Nat Cat; underlying improvement continues
• Shareholders' equity and Solvency I further boosted by financial markets

III. Backup

Investments Page 24

Financial debt Page 30

Assets under management

Total Portfolio: Euro 510.9 bn (%)

Breakdown by region and asset class (%)

Fixed Income Portfolio

(1) Italian government bond exposure is 82% of BBB

Fixed Income Portfolio by country

Equity & Equity-like

Asset Allocation: Real Estate(1)

65

Total Portfolio: Euro 24.9 bn(1)

16 11 3 4 Breakdown by use(2) (%)

Office

Residential

Retail

Logistic

Other/Mixed

Breakdown by country(2)

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

III. Backup

Investments Page 24

Financial debt Page 30

Focus on financial debt

(1) The amount of financial debt as of December, 31, and March, 31 includes the subordinated bond issued in May 2014 for a nominal amount of Euro 1 bn partly to refinance 2015 maturities. On May, 6 the refinanced bond was repaid.

Financial debt breakdown by expiry date/call date

(Euro m)

(1) The senior bond due in 2015 was already refinanced. On May, 6 it was repaid.

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 S.p.A. 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

27 May 2015 2015 Investor Day

30 July 2015 1H 2015 results reporting

5 November 2015 9M 2015 results reporting

33

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 1Q 2015 Results