Assicurazioni Generali

Earnings Release • Aug 2, 2017

GENERALI GROUP 2017 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. 2017 First Half Group Financials Page 11 Luigi Lubelli – Group CFO

III. Backup Page 34

I. Business Overview

Philippe Donnet – Group CEO

3

Takeaways

Generali delivering strong results and growth

Strategy being executed with discipline and pace

Well positioned to deliver on stated financial targets

Generali: A unique insurance Group consistently delivering excellence

AN INTERNATIONAL GROUP DEEPLY ROOTED IN EUROPE

STRONG PROPRIETARY DISTRIBUTION NETWORK

EXCELLENT TECHNICAL AND OPERATIONAL CAPABILITIES

MOMENTUM ON INNOVATION

SELECTED RECENT ACHIEVEMENTS

• Improving our global footprint with discipline
• 1st Global Agent Excellence Event
• Digital Agent platform being implemented
• Transformational strategy of asset management in Europe launched
• Strong growth of capital light products
• Efma-Accenture Global innovator award

Positive results momentum

• Profitability improved
• Solvency strengthened

Excellent technical performance remains a cornerstone

• Excellence in P&C with a combined ratio of 92.9%
• Life new business margin strongly improves to 4.1%¹

Strategy execution with discipline and pace

NET INFLOW MIX (% of total)

Life business mix rapidly shifting

Strong steering of business towards unit linked and protection

Reserve mix continuing to improve – on track for 2018 target: €23bn capital light reserves added net in past 18 months

CAPITAL LIGHT RESERVES

(% of total)

(1) Reserves without interest rate guarantees or with guarantees equal to or lower than 0%. Compared to the 2016 Investor Day figures, the definition has been refined to cover the full Group reserves (previously reserves of Italy, France and Germany) and capital-light includes full Protection reserves. The impact of the refinement is around +1.5% in capital-light reserves applying to all relevant (FY15, FY16 and 1H17) results. Overall target of +6%pt shift from 2015 to 2018 is unchanged

Generali: Well positioned to deliver on stated financial targets

> € 7 bn cumulative Net Operating Cash (2015-2018) ON TRACK

> € 5 bn cumulative dividends (2015-2018) ON TRACK

13% average Operating RoE (2015-2018) ON TRACK

II. 2017 First Half Group Financials Luigi Lubelli – Group CFO

Profit & Loss and Balance Sheet page 12

Business review page 20

CFO – Key 1H 2017 financials 12

Key 1H 2017 financials at a glance

	1H16	1H17	D (LFL1 )
VOLUMES
Gross Written Premiums (Euro m)	36,947	36,604	-0.8%
Life	25,816	25,302	-1.8%
P&C	11,131	11,303	+1.5%
Life Net Inflows	7,523	5,764	-23.0%
PROFITABILITY
Operating result (Euro m)	2,487	2,588	+4.1%
Operating RoE	12.9%	13.6%	+0.8p.p
Net result (Euro m)	1,178	1,221	+3.7%
New Business Margin on PVNBP (%)	2.68%	4.11%	+1.44p.p.
Combined Ratio	92.3%	92.9%	+0.5p.p
CAPITAL
Shareholders' equity	24,545	23,705	-3.4%
Solvency II ratio (regulatory view) (%)	178%	188%	+10p.p.
Solvency II ratio (internal model view) (%)	194%	207%	+13p.p.

1. Constant perimeter and exchange rates

© Generali August 2, 2017 2017 First Half Results

Key 1H 2017 financials at a glance – Main drivers

VOLUMES	 	GROSS WRITTEN PREMIUMS reflect the selective underwriting policy and the planned focus on protection and unit linked products. P&C growth in both Motor and Non Motor LIFE NET INFLOWS below the prior year level, but still strongly positive with improved mix.
PROFITABILITY	 	OPERATING RESULT improves thanks to fee business (Banca Generali and Asset Management fees), ongoing excellent performance level in P&C, and resilience in Life OPERATING ROE remains above target level
	 	NET RESULT increases mainly reflecting the higher operating performance LIFE NEW BUSINESS MARGIN strongly increases, thanks to ongoing successful shift in business mix in line with our strategy
CAPITAL	 	P&C COMBINED RATIO remains at an excellent level SOLVENCY II RATIO further strengthens, due to strong contribution of normalised capital generation net of accrued dividend, plus positive financial market trends (higher swap rate and equity markets, lower volatilities, and lower spreads on average)

Operating result by segment: Continued growth

1. Starting from the first half 2017, dividends received from Banca Generali by Italian insurance operations of the Group will be no longer be eliminated under consolidation within the insurance segments, but instead, at Group level. Please see page 49 of consolidated financial half-yearly report 2017 for details

© Generali August 2, 2017 2017 First Half Results

From operating to net result

Shareholders' equity Balance Sheet 16

Solvency II: Strengthening on all metrics Solvency II

Solvency II Regulatory view

(Euro bn)

Solvency II Internal Model view (Euro bn)

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

2. Preliminary Regulatory Ratio

Solvency II: Internal Model View

Strong organic capital generation and net positive financial market effects

	Excess Own Funds1 (Euro bn)	Solvency II ratio (%)
FY 2016	20.2	194%
Normalised capital generation	1.8	+9p.p.
Variances and other movements2	1.4	+7p.p.
Accrued dividend	(0.6)	-3p.p.
1H 2017	22.8	207%

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

2. Variances and other movements include 0.2 bn of alignment between the Preliminary and the Official Regulatory Ratio at FY 2016 (+1%pts on ESR)

II. 2017 First Half Group Financials

Luigi Lubelli – Group CFO

Profit & Loss and Balance Sheet page 12

Business review page 20

Life key financial indicators: Successful strategy execution

(Euro m)

	1H16	1H17	LFL D
Gross written premiums	25,816	25,302	-1.8%
Net inflows	7,523	5,764	-23.0%
Life operating result	1,660	1,614	-2.8%
Life operating ratio on investments (bps)	40	38	-2
PVNBP	23,352	22,941	-1.6%
New Business Value	627	942	+51.8%
Margin on PVNBP (%)	2.68%	4.11%	+1.44 p.p.

Life Operating result by driver

(Euro m)

1H 17	2,999	1,122	(2,507)
1H 16	2,979	1,156	(2,475)
D %	+0.7%	-2.9%	+1.3%

-2.8%

• Technical margin slightly higher with strong results in France and Germany offset by a high result from certain Italian Group Life policies last year which did not repeat
• Investment result underlying resilient: 33m lower YoY, of which 29m explained by foreign exchange (USD vs Euro)
• Expense result reflects business development costs in Asia (including branch openings in China).

Life inflows and technical reserves¹ : Greatly improved business mix

(Euro m)
	1H16	1H17
Italy	3,948	3,121
France	332	190
Germany	1,468	1,313
CEE	265	205
EMEA	536	506
Americas	54	73
Asia	879	348
International	41	7
TOTAL	7,523	5,764

1. Including liabilities related to investment contracts

NBV 2017: New methodology

• As announced in 1Q, from 2017 onwards, new business premiums and the value of Generali Group are assessed under the Contract Boundaries rules, consistent with the Solvency II framework
• The Group believes the New Business Margin is more appropriately presented as a proportion of PVNBP (present value of the expected future new business premiums) than APE in this framework

• Generali will continue to publish both figures, but will focus on the PVNBP measure going forward

• The APE vision at single Country level has been migrated into the Supplementary Financial Information

• NBV figures (including comparative) shown accommodating for contract boundaries, consistent with Solvency II Framework

Life New Business analysis: >50% increase in value generation

∆ margin due to:

367

310

942

© Generali August 2, 2017 2017 First Half Results

Life New Business: Margin improvement across all markets

Life investment breakdown and performance: Resilient returns

Life segment general account

(%) Current returns

		Euro m	%
Fixed income	1H16	4,805	1.6
	1H17	4,789	1.5
Equity	1H16	385	2.8
	1H17	358	2.7
Real Estate1	1H16	271	2.9
	1H17	281	2.8
Total1	1H16	5,621	1.6
	1H17	5,512	1.6

1. Net of depreciation expenses

P&C key financial Indicators: Confirmation of excellence

(Euro m)

	1H16	1H17	LFL D
Gross written premiums, of which:	11,131	11,303	+1.5%
Primary Motor	4,363	4,517	+3.7%
Primary Non Motor	6,359	6,419	+0.8%
Combined ratio (%)	92.3%	92.9%	+0.5p.p
Nat Cat impact (%)	1.3%	0.9%	-0.3p.p
P&C operating result	1,087	1,095	+0.7%

P&C Operating result by driver

1H 17	644	528	(78)
1H 16	681	533	(127)
D %	-5.4%	-1.0%	-39.0%

Technical margin reflecting movement in combined ratio

• Investment result broadly stable
• Improved Other result due to lower net allocation to risk provisions

P&C gross written premiums and Combined ratio by country

Combined ratio analysis: Excellent level confirmed at 92.9%

P&C investment breakdown and performance: Resilient returns

P&C segment general account

(%) Current returns

Holding & Other businesses segment: Strong growth in fee business

(Euro m)

	1H16	1H17	
Financial	173	245	+41.9%
of which Banca Generali1	84	131	+55.6%
of which Other Financials (including Asset Management)	89	114	+28.8%
Operating holding expenses	(238)	(230)	-3.0%
Other businesses2	(37)	16	n.m.
Total	(102)	30	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

Success of our strategy demonstrated by market leading technical margins. Life inflows at a high level with improving mix, P&C premiums growing

Overall profitability remains ahead of target, with Operating RoE at 13.6%

Solvency strengthens even further, to 188% on regulatory and 207% on full internal model view

Agenda

III. Backup

•	Investments	35 page
	Financial debt	41 page
	Solvency 2	44 page

34

Assets under management

35

Fixed Income Portfolio

50.9 12.2 21.0 7.2 8.6 Other fixed Income Covered Corporate non fin. Corporate fin. Government Total Portfolio Euro 348 bn (%)

Bond duration	FY16	1H17
Life	8.4	8.5
P&C	5.4	5.7

1. Italian government bond exposure is 77% of BBB

Fixed Income Portfolio by country

50.9 12.3 21.0 7.2 8.6 Other fixed Income Covered Corporate non fin. Corporate fin. Government Total Portfolio Euro 348 bn (%)

36

3

10 1

30

(%)

Government Euro 177 bn

Equity & Equity-like

Alternative funds: Euro 5 bn (%)

83

Total Portfolio: Euro 18 bn

Equity: Euro 10 bn (%)

Asset Allocation: Real Estate

Total Portfolio: Euro 25 bn¹

Investment properties

Own use

• 1. Data, at fair value, includes investment properties, own use assets, indirect investments and properties inventory
• 1. Detail, referred to direct investments in real estate only

Agenda

III. Backup

Investments page 35 • Financial debt page 41 Solvency 2 page 44

40

Focus on financial debt

1. The amounts of financial debt includes the subordinated bond issued in June 2016, for a nominal amount of Euro 850 m, to refinance February 2017 callable hybrid bonds

Financial debt breakdown by expiry date/call date

(Euro m)

Agenda

III. Backup

•	Solvency 2	44 page
	Financial debt	41 page
	Investments	35 page

43

Back up: Solvency 2 44

Reconciliation of IFRS equity to Solvency II Eligible Own Funds

Solvency II Eligible own funds

(1H17, Euro bn)

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.

Team

Spencer Horgan Head of Investor & Rating Agency Relations Spencer.Horgan@Generali.com +44 20 7265 6480

Stefano Burrino

Investor Relations Stefano.Burrino@Generali.com +39 040 671202

Emanuele Marciante

Credit & Rating Agency Relations Emanuele.Marciante@Generali.com +39 040 671347

Rodolfo Svara

Investor Relations Rodolfo.Svara@Generali.com +39 040 671823

Martina Vono Investor Relations Associate Martina.Vono@Generali.com +39 040 671548

Marta Porczynska

Event Coordinator Marta.Porczynska@Generali.com +39 040 671402

Anna Jagiello Event Coordinator Anna.Jagiello@Generali.com +39 040 671571

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 2017 First Half Results