Generali Group 3Q 2005 Results November 10th, 2005

Generali Group

3Q 2005 Results

November 10th, 2005

Assicurazioni Generali 3Q05 results

23Q05 Consolidated Key Numbers

13.411.4

96.399.2

Shareholders Equity (Euro bln)

Life expense ratio (%)

12.6 13.0

28.1 33.0

P&C

Life

Gross Premiums (Euro bln)

3Q053Q04

40.7

FY04

3Q053Q04

Combined ratio (%)

3Q053Q04

3Q05

9.210.6

46.0

(1) On homogeneous basis

1,5761,203

Net Profit (Euro mln)

3Q04 3Q05

+17.2%13.2%(1) +17.2%31.0% +17.2%17.8%

+17.2%-1.4 p.p. +17.2%-2.9 p.p.


3Total Gross Written Premiums

Total Gross Written Premiums

(1)

100.0%13.2%46,020Total

8.2%141.5%3,732Rest of World

2.8%22.7%1,298Rest of Europe

1.3%4.1%604Eastern Europe

2.2%2.4%993Switzerland

3.4%3.2%1,584Austria

3.6%7.7%1,636Spain

20.9%8.7%9,634France

21.3%4.5%9,815Germany

36.3%9.5%16,724Italy

weight on consolidated

YoY increaseGWPCountry

(1) On homogeneous basis

100.0%17.6%32,965

9.3%215.8%3,034

1.9%16.7%640

0.5%3.5%155

1.7%-1.1%568

1.7%11.9%567

1.7%0.9%573

21.7%12.0%7,146

22.2%6.6%7,318

39.3%12.2%12,966

(1)


YoY increaseGWP

100.0%3.3%13,054

5.4%17.3%698

5.0%29.3%658

3.4%4.3%449

3.3%7.4%425

7.8%-1.1%1,018

8.1%11.8%1,063

19.1%0.3%2,488

19.1%-1.0%2,497

28.8%1.2%3,758

(1)


YoY increaseGWP

Gross Life Written Premiums Gross P&C Written Premiums

Euro mln Euro mln Euro mln


4Life New Production(*)

8,092 9,374

7,47710,575

Total new production(*)

(Euro mln)

3Q04 3Q05

+17 27.4%27.4% -45.7%

15.8%24.0%13.1%

Generali Italian business growth rates (%)

Generali international business growth rates (%)

Agents Bank FAsTotal Italian

new business15,659

19,949

Italy

International

(*) Italian measure

• Total international new business: +41.4%

• France: +12.6%

• Germany:

- Total new business: -10.2% (market: -11.2%)

- Regular premiums: -16.3% (market: -35.4%)

(**)

(**) Regular premiums new production up 23.7%


5Profit & Loss Account

(*)

30.09.04 30.09.05 Change (%)

Total Revenues, of which: 51,456.9 59,529.3 15.7%

Net earned premiums 39,271.5 43,882.7 11.7%

Income from financial instruments & other investments

8,378.5 9,441.7 12.7%

Net income from financial instruments at fair value thr. P&L 2,230.5 4,491.5 101.4%Other income 1,576.3 1,713.4 8.7%

Total Costs, of which: 49,239.7 56,559.2 14.9%

Claims incurred 38,027.0 45,919.9 20.8%Charges from financial instruments & other investments

2,237.1 1,850.5 -17.3%

Operating expenses 6,284.0 6,484.7 3.2%Other charges 2,691.7 2,304.1 -14.4%

Pretax profit 2,217.2 2,970.1 34.0%

Income taxes 710.7 1,017.0 43.1%Minority interests 303.1 376.9 24.3%

Net Profit 1,203.4 1,576.3 31.0%

Euro mln


6Investment result(*)

9,439

7,032

8,607

1,311

479721

1,116

263

Composition of 3Q05 investment result

Interest &dividends

Net realestaterevenues

Net realisedgains on Financialinvestments

Net writedowns

Investmentresult beforeadmin. expenses

Investmentadmin.expenses

Net investmentincome

Tot. net inc.from fair value through P&L(**)

(**) Excluding assets covering Unit Linked reserves

( )( )

(*) Before policyholder participation


7P&L: 3Q05 Results Segmental Analysis

LIFE P&C FINANCIALS CONS ADJ.

Total Revenues, of which: 45,267.7 14,404.3 1,112.1 -1,254.8 59,529.3

Net earned premiums 32,416.0 11,465.0 1.7 43,882.7Income from financial instruments & other investments

7,828.1 1,800.0 373.4 -559.7 9,441.7

Net income from financial instruments at fair value thr. P&L

4,224.5 187.2 79.8 0.0 4,491.5

Other income 799.1 952.1 658.9 -696.8 1,713.4

Total Costs, of which: 43,271.2 13,329.3 874.8 -916.1 56,559.3

Claims incurred 38,038.5 7,999.3 -117.9 45,919.9Charges from financial instruments & other investments

1,087.0 665.5 254.3 -156.4 1,850.5

Operating expenses 3,031.5 3,121.2 323.8 8.2 6,484.7Other charges 1,114.2 1,543.2 296.6 -649.9 2,304.1

Pretax profit 1,996.5 1,075.1 237.3 -338.7 2,970.1

Income taxes 647.6 302.8 66.6 0.0 1,017.0Minority interests 295.9 23.6 43.7 13.6 376.9

Net Profit 1,052.9 748.7 127.0 -352.4 1,576.3

TOTALEuro mln


8Combined Ratio by Country

ITA GER FRA SPA AUT SWI CONSOLIDATED

Loss Ratio3Q05 74.4% 63.0% 73.5% 63.0% 66.8% 72.6% 69.7%

3Q04 77.0% 64.9% 74.2% 66.4% 72.5% 72.3% 69.9%

Expense Ratio

Combined Ratio

3Q05 22.2% 32.8% 25.0% 24.6% 27.8% 23.6% 26.6%

3Q04 22.1% 34.5% 26.0% 23.5% 28.6% 22.9% 29.3%

3Q05 96.6% 95.8% 98.5% 87.6% 94.6% 96.2% 96.3%

3Q04 99.1% 99.4% 100.2% 89.9% 101.1% 95.2% 99.2%


Loss Ratio3Q05 74.4% 63.0% 73.5% 63.0% 66.8% 72.6% 69.7%

3Q04 77.0% 64.9% 74.2% 66.4% 72.5% 72.3% 69.9%

Expense Ratio

Combined Ratio

3Q05 22.2% 32.8% 25.0% 24.6% 27.8% 23.6% 26.6%

3Q04 22.1% 34.5% 26.0% 23.5% 28.6% 22.9% 29.3%

3Q05 96.6% 95.8% 98.5% 87.6% 94.6% 96.2% 96.3%

3Q04 99.1% 99.4% 100.2% 89.9% 101.1% 95.2% 99.2%


9Life Expense Ratio by Country


Total Expense Ratio

3Q05 6.0% 15.7% 6.0% 6.4% 20.5% 20.9% 9.2%

3Q04 6.0% 19.1% 7.4% 6.0% 27.5% 24.5% 10.6%


Total Expense Ratio

3Q05 6.0% 15.7% 6.0% 6.4% 20.5% 20.9% 9.2%

3Q04 6.0% 19.1% 7.4% 6.0% 27.5% 24.5% 10.6%


10Consolidated Balance Sheet

FY04 3Q05

€ blnIFRS IFRS

Shareholders Equity (Group share) 11.4 13.4

Minorities interests 3.2 3.5Shareholders Equity 14.6 16.9

Subordinated and financial liabilities 28.7 28.0

Technical reserves 249.6 275.3

Other debts and allowances 10.3 11.0

Other liabilities 7.1 8.3

Total Liabilities and Shareholders Equity

310.3 339.5

FY04 3Q05

€ blnIFRS IFRS

Intangible assets 2.9 2.9

Investments and cash 278.6 307.5

Other credits 8.8 9.0

Tangible assets 3.5 3.5

Other assets (*) 16.5 16.5

Total Assets 310.3 339.5

(*) including reinsurance amounts of technical reserves

Assets Liabilities


11Assets Under Management

265.5

39.3

28.1

Unit Linked

“Own Investments” (2)

Third parties AUM

Real Estate5.0%

Held to maturity

0.4%Fin. instr. at fair value thr.

P&L8.6%

Group participations

0.3%

Loans15.5%

Available for sale

70.2%

Other3.6%

Fixed Income79.7% Real Estate

5.3%

Equity11.4%

Total € 332.9 bln

(2) “Own Investments” include real estate for own use. Without this asset class “Own Investments” would amount to € 262.6 bln.(1) Including real estate mutual funds

(1)265.5

39.3

28.1

Unit Linked

“Own Investments” (2)

Third parties AUM

Real Estate5.0%

Held to maturity

0.4%Fin. instr. at fair value thr.

P&L8.6%

Group participations

0.3%

Loans15.5%

Available for sale

70.2%

Other3.6%

Fixed Income79.7% Real Estate

5.3%

Equity11.4%

Total € 332.9 bln

(2) “Own Investments” include real estate for own use. Without this asset class “Own Investments” would amount to € 262.6 bln.(1) Including real estate mutual funds

(1)


12

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.

Documents

Generali Group 3Q 2005 Results November 10th, 2005