Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — Q4 2024 Earnings Presentation
95 slides from Assicurazioni Generali's earnings presentation, Mar 13, 2025
Slide 1: Generali Group 2024 Results
ios. GENERALI GENERALI GROUP 2024 RESULTS
Slide 2: Agenda
2 AGENDA 1 Strategy overview 2 3 Group financials Backup
Slide 3: Strategy Overview
STRATEGY OVERVIEW Philippe Donnet Group Chief Executive Officer
Slide 4: Highlights
4 HIGHLIGHTS Record Operating Result and Adjusted Net Result led by all business segments Successfully completed “Lifetime Partner 24: Driving Growth” plan, over-achieving all financial targets Very positive Life Net inflows and strong increase in New Business Volumes P&C growth driven by rising GWP
Slide 5: Record Operating Result and Adjusted Net Result led by all business segments
5 RECORD OPERATING RESULT AND ADJUSTED NET RESULT LED BY ALL BUSINESS SEGMENTS Operating Result Adjusted Net Result Total Assets under Management (€ Mn) (€ Mn) (€ Bn) +8.2% +31.6% +5.4% 7,295 3,769 863.0 6,742 3,575 655.8 2023 2024 2023 2024 2023 2024 P&C Premiums Present Value of New Business Premi
Slide 6: Successfully completed Lifetime Partner 24 plan, over-achieving all financial targets
6 SUCCESSFULLY COMPLETED “LIFETIME PARTNER 24: DRIVING GROWTH” PLAN, OVER-ACHIEVING ALL FINANCIAL TARGETS STRONG EARNINGS INCREASED HIGHER PER SHARE GROWTH CASH GENERATION DIVIDEND 6-8% >€8.5 Bn €5.2-5.6 Bn EPS CAGR1 range Cumulative Net Holding Cash Flow2 Cumulative dividend2 2022-2024, 2021-2024 2
Slide 7: Further growth in Group Operating Result, with strong contribution from Asset & Wealth Management
7 FURTHER GROWTH IN GROUP OPERATING RESULT, WITH STRONG CONTRIBUTION FROM ASSET & WEALTH MANAGEMENT Operating Result1 (€ Mn) CAGR +7.0% Life: Net Inflows back to robust positive net collection; significant GWP growth P&C: Positive price effect driving GWP 6,742 7,295 6,374 growth, especially in Reta
Slide 8: Ongoing underwriting discipline on Life new business
8 ONGOING UNDERWRITING DISCIPLINE ON LIFE NEW BUSINESS Breakdown of Life reserves Breakdown of Life New Business Premiums (NBP) 29% Guarantee-linked reserves 42% Guarantee-linked NBP Reserves w/o financial guarantee 58% NBP w/o financial guarantee 71% Current return 3.2% Reinvestment yield 3.8% >200
Slide 9: Sound growth of Protection, Health & Accident
9 SOUND GROWTH OF PROTECTION, HEALTH & ACCIDENT, REPRESENTING 22% OF OVERALL GROUP GWP 2024 Group Gross Written Premiums (95.2 Bn) (€ Bn) y-o-y Consistent with Group objective to offer growth products with positive social impact Savings, Pension & Unit Linked Pure 46.2 Bn Protection2 Acceleration dr
Slide 10: Tariff strengthening measures showing effectiveness in P&C growth
10 TARIFF STRENGTHENING MEASURES FURTHER SHOWING THEIR EFFECTIVENESS IN P&C GROWTH 2024 P&C Gross Direct Premiums Price effect (%) 6% Change in average 2023 vs 2022 2024 vs 2023 10% annual premium Motor 36% Retail and SME1,2 +6.1% +6.8% 14% Non-Motor of which: Accident, Health and Motor +5.3% +8.0%
Slide 11: Asset & Wealth Management growth reflects strategic development
11 ASSET & WEALTH MANAGEMENT GROWTH REFLECTS STRATEGIC DEVELOPMENT Operating Result (€ Mn) CAGR +15.6% Asset Management Operating Result at 616 Mn (+18.3%), reflecting the consolidation of Conning Holdings Limited 1,176 370 Banca Generali Operating Result at 560 Mn, with strong increase from 2016 20
Slide 12: Commitment to Lifetime Partner ambition, leveraging distribution network
12 CONTINUED COMMITMENT TO LIFETIME PARTNER AMBITION, LEVERAGING OUR HIGHLY EFFECTIVE DISTRIBUTION NETWORK #1 Position in Relationship-Net Promoter Score¹ % of GWP from tied agents2 Generali Peer 1 22.4 Peer 2 Peer 3 19.5 51% 18.2 15.2 28% Market 1. R-NPS Research 2019-2024, 24 countries 2. Weighted
Slide 13: Proposed Dividend Per Share at €1.43
13 PROPOSED DIVIDEND PER SHARE AT € 1.43, CONFIRMING STRONG FOCUS ON INCREASING SHAREHOLDER REMUNERATION Dividend Per Share (DPS) (€) 1.47 Proposed DPS at € 1.43, with a 11.7% y-o-y increase Annual General Meeting: April 24th, 2025 0.461 1.432 1.28 Ex-dividend date: May 19th, 2025 1.07 1.16 1.01 0.8
Slide 14: Further delivering on our commitment to sustainability
14 FURTHER DELIVERING ON OUR COMMITMENT TO SUSTAINABILITY¹ Responsible Investor Responsible Insurer Carbon footprint of investment portfolio (EVIC) Premiums from insurance solutions with ESG components2 89 tCO2e/€ Mn -51.1% vs 2019 (base year) € 25,193 Mn +12.3% (CAGR 2021-2024) Relationship New gre
Slide 15: Committed to more ambitious targets with new Lifetime Partner 27 plan
15 COMMITTED TO EVEN MORE AMBITIOUS TARGETS WITH NEW “LIFETIME PARTNER 27” DRIVING EXCELLENCE PLAN 1. 3-year CAGR based on the Group’s Adjusted Net Result. Baseline FY 2024, Adjusted EPS of € 2.45 2. Expressed on cash basis 3. Subject to all relevant approvals. 3-year CAGR with 2024 baseline at €1.2
Slide 16: Annual General Meeting 2025 Save the Date
16 ANNUAL GENERAL MEETING 2025 SAVE THE DATE April 24th Generali Convention Center Trieste, Italy
Slide 17: Group Financials
GROUP FINANCIALS Cristiano Borean Group Chief Financial Officer
Slide 18: 2024 Results in a Nutshell
18 2024 RESULTS IN A NUTSHELL Volumes 2023 2024 LFL¹ Gross Written Premiums (€ Mn) 82,466 95,190 +14.9% Life (€ Mn) 51,346 61,434 +19.2% P&C (€ Mn) 31,120 33,756 +7.7% Life Net Inflows (€ Mn) (1,313) 9,674 n.m. Profitability 2023 2024 Operating Result (€ Mn) 6,742 7,295 +8.2% Adjusted Net Result
Slide 19: 2024 Results in a Nutshell
19 2024 RESULTS IN A NUTSHELL • Continued increase in Gross Written Premiums (+14.9%) driven by strong Life growth (+19.2%) • Confirmed return to healthy positive Net Inflows, entirely driven by Protection and Unit Linked and a significant improvement in Savings thanks to both higher premiums and a
Slide 20: Group Operating Result reaching a new record high
20 GROUP OPERATING RESULT REACHING A NEW RECORD HIGH (€ Mn) +8.2% 217 60 248 149 (121) 7,295 6,742 YE23 Life P&C A&WM Holding & Other Consolidation YE24 businesses Adjustments 2024 3,982 3,052 1,176 (536) (379) 2023 3,735 2,902 959 (415) (439) Δ +6.6% +5.1% +22.6% +29.1% -13.8%
Slide 21: Group Operating Result reaching a new record high
21 GROUP OPERATING RESULT REACHING A NEW RECORD HIGH • The y-o-y increase in Operating Result was supported by a positive contribution from all business segments • Life Operating Result increased by 6.6% thanks to the contribution of both Operating Insurance Service Result and Operating Investment R
Slide 22: Solid Life Operating Result performance
22 SOLID LIFE OPERATING RESULT PERFORMANCE Insurance Contracts Liabilities (€ Bn) 2023 2024 (Re)insurance contracts issued liabilities1 376.7 400.3 +6.3% Fulfilment cashflows 345.8 370.0 +7.0% Life Contractual Service Margin (CSM) 30.9 30.3 -2.0% Life Operating Result (€ Mn) 2023 2024 Operating
Slide 23: Solid Life Operating Result performance
23 SOLID LIFE OPERATING RESULT PERFORMANCE • The Life Operating Insurance Service Result increased by 4.8% y-o-y reflecting the following trends: • The CSM release decreased by 48 Mn due to lower stock of CSM before release (33.3 Bn vs 34.3 Bn at FY 2023) following the negative economic and operatin
Slide 24: Normalized CSM growth of 5.2% in 2024
24 NORMALIZED CSM GROWTH OF 5.2% IN 2024 Key sensitivities (€ Mn)3 (€ Mn)2 2,093 1,757 Equities +25% 2,244 2,827 38 (875) (2,155) (1,388) Equities -25% (2,369) (2,986) 370 Yield curve +50bps 346 33,270 30,911 30,283 (373) Yield curve -50bps (433) (205) Corp spread +50bps (470) CSM Change in New Expe
Slide 25: Normalized CSM growth of 5.2% in 2024
25 NORMALIZED CSM GROWTH OF 5.2% IN 2024 • The normalized CSM growth was 5.2% with New Business CSM mostly offsetting the CSM Release and the expected return increasing from 1.69 Bn in FY 2023 to 1.76 Bn in FY 2024 • The expected return on the CSM included both the effect of unwinding of discount of
Slide 26: Robust Life net inflows thanks to Unit Linked and Protection
26 ROBUST LIFE NET INFLOWS THANKS TO UNIT LINKED AND PROTECTION Net inflows mix by Line of Business in 2024 Net inflows mix by Country (€ Mn) (€ Mn) 2023 2024 Unit Linked Protection Italy (3,022) 1,536 France (1,685) 2,946 Germany 657 881 Austria (94) 84 5,772 5,206 Switzerland 199 88 CEE 290 354 Sp
Slide 27: Robust Life net inflows thanks to Unit Linked and Protection
27 ROBUST LIFE NET INFLOWS THANKS TO UNIT LINKED AND PROTECTION • The Protection business grew driven by Italy, France and Asia confirming its resilient performance • The Unit Linked business recorded positive net inflows, supported mainly by Italy and France • Saving and Pension business strongly i
Slide 28: Strong Life volumes and growing New Business Value
28 STRONG LIFE VOLUMES AND GROWING NEW BUSINESS VALUE PVNBP New Business Margin = NBV * (€ Mn) (on PVNBP) (€ Mn) 40,300 +28.8% 51,832 5.78% -1.19 p.p. 4.60% 2,331 +2.3% 2,383 23,369 4.38% -0.94 p.p. 764 +5.1% 802 Saving +33.9% 3.43% 17,459 12,563 10.16% -2.60 p.p. Protection 931 +2.7% 954 9,166 +37.
Slide 29: Strong Life volumes and growing New Business Value
29 STRONG LIFE VOLUMES AND GROWING NEW BUSINESS VALUE • New Business Volumes (expressed in terms of Present Value of New Business Premiums, PVNBP) increased significantly to 51.8 Bn (+28.8%) thanks to strong production: 1. in Italy, reflecting the effectiveness of the commercial strategy to sustain
Slide 30: New business development by country
30 NEW BUSINESS DEVELOPMENT BY COUNTRY PVNBP NBV New Business Margin (€ Mn) (€ Mn) (on PVNBP) 2023 2024 2023 2024 2023 2024 Italy 15,617 20,691 1,030 1,036 6.60% 5.01% France 9,199 13,881 502 469 5.45% 3.38% Germany 8,607 8,656 361 352 4.19% 4.07% Austria 1,020 1,238 62 65 6.12% 5.24% Switzerland 48
Slide 31: New business development by country
31 NEW BUSINESS DEVELOPMENT BY COUNTRY • NBM in Italy was impacted mainly by the commercial initiatives to sustain net inflows, by the issuance of new collective pension contracts with positive NBV but lower margin and by new product features of Protection business. NBV in Italy was up +0.6% thanks
Slide 32: Life investment income increasing in all asset classes
32 LIFE INVESTMENT INCOME INCREASING IN ALL ASSET CLASSES Life segment General Account (%) €299 Bn €307 Bn Current return¹ € Mn % Other 2023 7,508 3.2% 2.1% 2.0% Fixed income 3.5% Liquidity 2.5% 2024 7,922 3.3% 8.0% Real estate 7.8% Equity 7.6% 2023 521 2.3% 7.3% Equity 2024 571 2.5% 12.9% Other fix
Slide 33: Life investment income increasing in all asset classes
33 LIFE INVESTMENT INCOME INCREASING IN ALL ASSET CLASSES • Current income increased during FY 2024 supported by higher contribution from fixed income investments, in particular bond funds and corporate bonds • Reinvestment Yield on traditional fixed income investments was above 3.6%, decreasing com
Slide 34: Strong development in both P&C business lines
34 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES Volumes (€ Mn) 2023 2024 LFL¹ Gross Written Premiums 31,120 33,756 +7.7% o/w Direct Premiums Motor 10,599 12,038 +10.5% o/w Direct Premiums Non-Motor 19,055 20,222 +6.6% Profitability 2023 2024 Combined Ratio discounted 94.0% 94.0% 0.0 p.p. Combin
Slide 35: Strong development in both P&C business lines
35 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES • The P&C premiums grew by 7.7% at FY 2024. Excluding the contribution of Argentina, P&C premiums would have increased by 6.2%. Neutralising also the impact of the nationalization of Complementary Health Insurance (“CHI”) in Slovenia, premiums would h
Slide 36: P&C top line growth by country
36 P&C TOP LINE GROWTH BY COUNTRY P&C Premiums Motor Premiums Non-Motor Premiums (€ Mn)1 (€ Mn)1 (€ Mn)1 2024 ∆ LFL 2024 ∆ LFL 2024 ∆ LFL Italy 8,607 4.9% 3,095 3.7% 5,512 5.6% France 3,836 8.0% 1,278 3.0% 2,557 10.7% Germany 4,370 6.1% 1,627 8.3% 2,742 4.9% Austria 1,885 5.9% 765 6.8% 1,119 5.2% Sw
Slide 37: P&C top line growth by country
37 P&C TOP LINE GROWTH BY COUNTRY • The driver of Italy’s top line growth was Non-Motor (+5.6%), which increased thanks to retail and corporate businesses while the Motor performance (+3.7%) was achieved entirely due to the 6.3% growth of Generali Italia, that more than compensated for the ongoing p
Slide 38: Undiscounted Combined Ratio <96%
38 UNDISCOUNTED COMBINED RATIO <96% (%) 0.0 p.p. +1.0 94.0 94.0 +0.8 (0.3) 29.2 28.8 (1.4) (0.1) 64.9 65.2 YE23 CY LR undisc. Nat. Cat. CY Previous Expense YE24 (excl. Nat Cat) undisc. discounting years Ratio Expense ratio 2024 65.5% 3.6% (1.9%) (2.1%) 28.8% Loss ratio 2023 66.9% 3.7% (2.7%) (3.0%)
Slide 39: Undiscounted Combined Ratio <96%
39 UNDISCOUNTED COMBINED RATIO <96% • The Undiscounted COR improved by 0.8 p.p. to 95.9% despite 1.2 Bn of undiscounted Nat Cat losses with: • 1.4 p.p. improvement in the attritional Loss Ratio, benefitting from tariff strengthening and other technical measures • 0.3 p.p. improvement in the Expense
Slide 40: Focus on net combined ratio without Liberty
40 FOCUS ON NET COMBINED RATIO WITHOUT LIBERTY (%) -0.1 p.p. 94.0 +1.1 93.9 +0.8 (0.1) 29.2 29.1 (1.9) (0.0) 64.9 64.9 YE23 CY LR undisc. Nat. Cat. CY Previous Expense YE24 (excl. Nat Cat) undisc. discounting years Ratio Expense ratio 2024 65.0% 3.8% (1.9%) (2.0%) 29.1% Loss ratio 2023 66.9% 3.7% (2
Slide 41: Focus on net combined ratio without Liberty
41 FOCUS ON NET COMBINED RATIO WITHOUT LIBERTY • In order to provide a more comparable basis of the P&C technical trends during FY 2024, Slide 40 shows the COR and its components excluding Liberty Seguros • The specific accounting impact of the Purchase Price Allocation (“PPA”) has an effect in the
Slide 42: Combined ratio trends by country
42 COMBINED RATIO TRENDS BY COUNTRY Discounted Undiscounted Attritional Undiscounted 2024 ∆ 2024 ∆ 2024 ∆ Italy 94.1% -3.3 p.p. 95.7% -3.9 p.p. 93.0% +0.9 p.p. France 94.1% +1.3 p.p. 97.5% +0.8 p.p. 94.5% +0.4 p.p. Germany 92.5% +0.8 p.p. 93.9% +0.3 p.p. 89.9% +0.3 p.p. Austria 92.2% +0.8 p.p. 93.9%
Slide 43: Combined ratio trends by country
43 COMBINED RATIO TRENDS BY COUNTRY • All the countries experienced an improvement in the Current Year Undiscounted Attritional COR except for Switzerland and France, the latter of which was also impacted by riots • The undiscounted COR improved by almost 4 p.p. in Italy reflecting lower Nat Cat aft
Slide 44: Growing P&C technical profitability and investment income
44 GROWING P&C TECHNICAL PROFITABILITY AND INVESTMENT INCOME (€ Mn) 347 +5.1% 320 (178) (340) 2,902 3,052 YE23 Undiscounted Operating Current Year Discounting Insurance Finance Operating Investment YE24 Insurance Service Result Expenses Income 2024 1,340 636 (634) 1,710 2023 993 814 (294) 1,389 +3
Slide 45: Growing P&C technical profitability and investment income
45 GROWING P&C TECHNICAL PROFITABILITY AND INVESTMENT INCOME • The Undiscounted Operating Insurance Service Result benefitted from business growth and a better Current Year attritional profitability, showing the positive impacts of the implemented technical measures. This was achieved despite 75 Mn
Slide 46: Increasing P&C investment income driven by fixed income returns
46 INCREASING P&C INVESTMENT INCOME DRIVEN BY FIXED INCOME RETURNS P&C segment General Account (%) Current return¹ € Mn % €45 Bn €47 Bn 2023 983 3.0% Fixed income 5.7% Other 5.5% 2024 1,430 4.2% 8.4% Liquidity 9.8% 2023 191 5.9% Equity 6.9% Real estate 5.9% 2024 160 4.7% 6.9% Equity 7.6% 2023 152 4.
Slide 47: Increasing P&C investment income driven by fixed income returns
47 INCREASING P&C INVESTMENT INCOME DRIVEN BY FIXED INCOME RETURNS • Current income increased during 2024 driven by Argentina, consolidation of Liberty Seguros, higher yields on fixed income portfolio and money market instruments • Reinvestment Yield on traditional fixed income was above 3.6%, decre
Slide 48: A&WM supported by Conning integration and Banca Generali
48 A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI Asset & Wealth Management (€ Mn) 2023 2024 Operating Result 959 1,176 +22.6% o/w Asset Management 520 616 +18.3% o/w Wealth Management (Banca Generali Group)¹ 439 560 +27.6% Asset Management (€ Mn) 2023 2024 Operating Revenues 1,089 1,4
Slide 49: A&WM supported by Conning integration and Banca Generali
49 A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI • The increase in Asset Management (AM) Operating Revenues benefitted from 278 Mn contribution from Conning Holding Limited (“CHL”). Operating revenues excluding CHL grew 7.7% to 1.17 Bn, stemming from higher average AUM and 62 Mn of perfor
Slide 50: Holding & Other Businesses
50 HOLDING & OTHER BUSINESSES Holding & Other Businesses (€ Mn) 2023 2024 Other Businesses¹ 252 157 -37.8% Operating Holding Expenses (667)2 (693) +3.8% Total (415)2 (536) +29.1% 1. It includes companies with an exclusive holding role, service companies and all the other companies that are conside
Slide 51: Holding & Other Businesses
51 HOLDING & OTHER BUSINESSES • Other businesses decreased due to lower intragroup dividends, especially in France. This primarily reflected lower dividends from Generali Investment Holding, mirrored in the improvement in the FY 2024 consolidation adjustments. • Operating Holding Expenses reflected
Slide 52: From operating to net result
52 FROM OPERATING TO NET RESULT (€ Mn) Components: Including: Investment result from FVTPL and foreign currency: €82 Mn Interest costs Components: Net realized gains and losses: €135 Mn on financial debt: (€493 Mn) Restructuring costs: (€101 Mn) Net ECL and impairment losses: (€190 Mn) Amortization
Slide 53: From operating to net result
53 FROM OPERATING TO NET RESULT • Net realized gains significantly decreased y-o-y, as FY 2023 recorded 421 Mn of net realized capital gains, driven by 221 Mn from the sale of a London property and 255 Mn gains from the disposal of Generali Pensionskasse. The 135 Mn booked in FY 2024 mainly reflecte
Slide 54: From reported to adjusted net result
54 FROM REPORTED TO ADJUSTED NET RESULT Weighted average number of shares (€ Mn) (Mn) 51 71 (27) (50) 1,570 1,542 1,539 3,724 3,769 1,516 Net Net gains Amortisation of P&L on Hyperinflation Adjusted 2022 2023 2024 Estimated 4 Result from disposals¹ intangibles assets effect³ Net Result 2025 related
Slide 55: From reported to adjusted net result
55 FROM REPORTED TO ADJUSTED NET RESULT • The Adjusted Net Result neutralises these 4 elements: • The volatility stemming from the Mark to Market of assets at Fair Value Through Profit and Loss (FVTPL) held in non-participating business and shareholder funds. This adjustment was -50 Mn for FY 2024 a
Slide 56: Remittance from subsidiaries reaching a new record high
56 REMITTANCE FROM SUBSIDIARIES REACHING A NEW RECORD HIGH Cash basis1 (€ Mn) 4,471 476 3,621 172 577 Other 381 160 Spain 385 435 CEE 205 671 Austria 630 676 Germany 625 France Italy 1,515 1,185 2023 2024 of which Capital Management actions ca. 3% ca. 15% 1. Remittance expressed on cash basis (i.e.
Slide 57: Remittance from subsidiaries reaching a new record high
57 REMITTANCE FROM SUBSIDIARIES REACHING A NEW RECORD HIGH • Strong Capital Management Framework enabled both recurring Remittance growth and one-off Capital Management actions • Higher contribution (around 0.6 Bn) from Capital Management actions compared to 2023, following successful achievement of
Slide 58: Net holding cash flow underpinned by remittance growth
58 NET HOLDING CASH FLOW UNDERPINNED BY REMITTANCE GROWTH Cash basis1 (€ Mn) 2023 2024 Remittance from subsidiaries 3,621 4,471 (Re)insurance Cashflow 275 11 Interest & holding expenses (960) (721) Net Holding Cash Flow 2,936 3,761 Group dividend² (€ Bn) 2.0 2.2 Dividend Per Share³ (€) 1.28 1.43 Cov
Slide 59: Net holding cash flow underpinned by remittance growth
59 NET HOLDING CASH FLOW UNDERPINNED BY REMITTANCE GROWTH • The Net Holding Cash Flow significantly increased as compared to 2023, mainly driven by the following effects: • Higher Remittance driven by positive contribution from Capital Management actions and steady growth of recurring component • Lo
Slide 60: Shareholders' equity rollforward
60 SHAREHOLDERS’ EQUITY ROLLFORWARD (€ Mn) +4.9% 3,724 (183) (133) (1,987) 30,389 28,968 Shareholders' Equity Δ in OCI Dividend YE24 Other Shareholders' Equity YE23 Result YE24 Changes in Other Comprehensive Income Key sensitivities Equities +25% 4 p.p. 2,057 Equities -25% (4 p.p.) Yield curve +50bp
Slide 61: Shareholders' equity rollforward
61 SHAREHOLDERS’ EQUITY ROLLFORWARD • The Shareholders Equity grew by almost 5% y-o-y in 2024 thanks to the reported net result for the period net of the dividend payment • The changes in Other Comprehensive Income were not material • The Book Value Per Share growth was 6.3% from €18.78 in 2023 to €
Slide 62: Solvency ratio
62 SOLVENCY RATIO Eligible own funds vs. Required capital Key sensitivities (€ Bn) 6 p.p. Equities +25% 6 p.p. 220% 210% (7 p.p.) Equities -25% (6 p.p.) 3 p.p. Yield curve +50bps 2 p.p. (4 p.p.) Yield curve -50bps (3 p.p.) 49.0 49.1 (2 p.p.) Corp spread +50bps (1 p.p.) 22.3 23.4 (10 p.p.) EUR govies
Slide 63: Solvency ratio
63 SOLVENCY RATIO • Over the last few years, we have reduced the Solvency 2 ratio volatility, in particular working on 4 key levers: • increasing weight of capital light products in Life • increased diversification through P&C, Unit Linked and Protection • lower weight of BTPs with a gradually short
Slide 64: Strong solvency supported by capital generation
64 STRONG SOLVENCY SUPPORTED BY CAPITAL GENERATION (€ Bn) Own Excess Funds SCR Own Funds1 Solvency II ratio (%) 2023 49.0 22.3 26.7 220% Regulatory changes (0.6) 0.2 (0.8) (4 p.p.) Normalized Capital Generation 4.9 0.2 4.8 +21 p.p. Economic Variances (0.5) 0.7 (1.2) (9 p.p.) Non-economic Variances (
Slide 65: Strong solvency supported by capital generation
65 STRONG SOLVENCY SUPPORTED BY CAPITAL GENERATION • Solvency 2 ratio benefitted from excellent Capital Generation for 21 p.p., thanks to the contribution of both Life and P&C segments, as well as benefitting from unwinding. Please consider that in 2024 the Normalized Capital Generation included for
Slide 66: 2024 capital generation at €4.8 billion
66 2024 CAPITAL GENERATION AT €4.8 BILLION (€ Bn) Total Normalized Own Funds SCR¹ Capital Generation Life 2.3 1.6 (1.8) 1.7 3.7 P&C 1.4 0.0 1.4 Holdings & Financial (0.3) 0.0 (0.3) Total Normalized (0.2) 3.4 1.6 4.8 Capital Generation Life New Business Other Capital Generation drivers 1. Positive nu
Slide 67: 2024 capital generation at €4.8 billion
67 2024 CAPITAL GENERATION AT €4.8 BILLION • Life contributed with over 15 p.p. of Capital Generation, driven by the contribution of S2 Value New Production and unwinding of the period; SCR recorded a slight growth also reflecting higher component of Saving in the mix • P&C contributed for over 6 p.
Slide 68: Final remarks
68 FINAL REMARKS GWP increased to € 95.2 Bn (+14.9%) with P&C GWP up +7.7%. Life net inflows were strongly positive at € 9.7 Bn entirely in protection and Unit Linked lines Continued growth in Operating Result to a record € 7.3 Bn (+8.2%), with positive contribution of all business segments New Busi
Slide 69: Backup
ios. GENERALI BACKUP
Slide 70: Quarterly results (1/3)
70 QUARTERLY RESULTS (1/3) (€ Mn) 4Q23 4Q24 Gross Written Premiums 22,004 24,469 +8.9%¹ Life 14,328 15,766 +9.1% P&C 7,676 8,703 +8.6% o/w Direct Motor 2,450 2,900 +9.7% o/w Direct Non-Motor 4,793 5,359 +8.6% Life Net Inflows (119) 2,852 n.m. Total Operating Result 1,738 1,898 +9.2% Life Operating
Slide 71: Quarterly results (2/3)
71 QUARTERLY RESULTS (2/3) (€ Mn) 4Q23 4Q24 P&C Operating Result 748 842 +12.6% Combined Ratio 93.1% 93.9% +0.8 p.p. Loss Ratio 64.7% 64.2% -0.5 p.p. Current year Loss Ratio 68.4% 66.4% -2.0 p.p. Current year Loss Ratio undiscounted (ex Nat Cat) 65.7% 64.3% -1.4 p.p. Nat Cat losses undiscounted 3.
Slide 72: Quarterly results (3/3)
72 QUARTERLY RESULTS (3/3) (€ Mn) 4Q23 4Q24 Asset & Wealth Management Operating Result 262 339 +29.2% o/w Asset Management 163 225 +38.6% o/w Wealth Management (Banca Generali Group) 100 114 +13.8% Holding & Other Businesses Operating Result (134) (179) +33.3% o/w Other Businesses 53 18 -66.6% o/w
Slide 73: Nat Cat reinsurance: 2025 reinsurance program
73 2025 REINSURANCE PROGRAM (€ Mn) Peril Limit per event Retention Comments Italy 2,500 300 • Capacity adjusted for Europe Flood 1,800 300 NAT CAT REINSURANCE Italy CAT Europe Windstorm 1,700 300 & EU WS Per Event Europe Other 1,200 100 PROGRAM • Retentions as expiring Rest of the World 250 50 Peril
Slide 74: Reconciliation between IFRS equity and Solvency own funds
74 RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY 2 OWN FUNDS (€ Bn) 9.0 31.2 5.6 (5.2) (3.0) (2.2) (7.6) 2.7 47.5 49.1 33.1 (11.9) 30.4 Shareholders' Minority Shareholders' Intangibles CSM Scope Valuation Net Excess Subordinated Deductions Foreseeable Group Equity 2024 interests Equity 2023 differ
Slide 75: P&C discounting and liability for incurred claims unwinding
75 P&C DISCOUNTING AND LIABILITY FOR INCURRED CLAIMS UNWINDING 2023 1H24 2024 2023 1H24 2024 CY Net Claims Reserves (€ Bn) 9.8 6.4 10.1 Unwinding LIC (€ Mn) -149 -229 -394 Duration (y) 2.3 2.0 2.1 Unwinding rate 0.5% 1.8% 1.8% Discount rate 3.3% 3.3% 2.9% CY Discounting (€ Mn) 814 399 636 Sensitivit
Slide 76: Cost to income ratio
76 COST TO INCOME RATIO Cost to Income ratio (%) Insurance perimeter¹ Cost General Expenses 8.2 Bn1 of insurance perimeter -5.1 p.p. 2024 -4.8 p.p. improved by Earnings before Taxes and 64.2 63.9 5.1 p.p. before General Expenses, 59.1 compared to 2022 excluding: after the improvement Income • P&C Di
Slide 77: Assets under management
77 ASSETS UNDER MANAGEMENT Total Portfolio: €863 Bn Breakdown of General Account (%) Italy 7 France 20 33 Germany By Region 2 CEE Rest of Europe 18 42 20 43 Rest of Word 2 5 7 7 Equity Fixed income 14 Real estate By Asset Class Cash & Cash Equivalent General account Unit Linked Third party investmen
Slide 78: Fixed income portfolio by rating
78 FIXED INCOME PORTFOLIO BY RATING Total Portfolio: €294 Bn Covered: € 7 Bn Corporate: € 98 Bn Government: € 139 Bn1 (%) (%) (%) (%) 0 1 17 Other fixed Income 6 2 7 15 7 20 2 Covered 28 29 32 21 Corporate non fin. 55 80 27 12 Corporate fin. AAA AA A BBB Not Investment Grade Not Rated 47 Government
Slide 79: Fixed income portfolio by country
79 FIXED INCOME PORTFOLIO BY COUNTRY Total Portfolio: €294 Bn Covered: € 7 Bn Corporate: € 98 Bn Government: € 139 Bn1 (%) (%) (%) (%) 2 6 17 Other fixed Income 26 26 15 2 Covered 47 48 10 58 21 Corporate non fin. 1 14 15 1 21 2 8 12 Corporate fin. Italy France Germany CEE USA Other 47 Government Tr
Slide 80: Equity & Equity-like
80 Equity & Equity-like Alternative Funds: €15 Bn Equity: €7 Bn Total Portfolio: €27 Bn 15 01 (%) 01 19 (%) (%) 25 79 84 AM Holding Life P&C Life P&C Other 56 Equity Funds: €5 Bn 19 Quoted and Unquoted1 2 Equity Equity Funds Alternatives 42 (%) (%) 58 98 Life P&C Other Quoted Unquoted 1. Total Equit
Slide 81: Asset allocation: Real estate
81 ASSET ALLOCATION: REAL ESTATE Total Portfolio: €33 Bn1 Breakdown by Country3 (%) • Leverage: approximately 22% on RE funds 21 France 29 Italy • Occupancy rate: Net vacancy rate of 5.4%2 Germany 4 (%) CEE Breakdown By Utilisation4 14 Rest of Europe Rest of World 86% 14% 31 0% 10% 20% 30% 40% 50% 6
Slide 82: Reconciliation with Group disclosure on external clients
82 RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS (€ Bn) 25 71 367 271 AM External Wealth Pension Funds Group External Clients Client Assets Management & Others Assets
Slide 83: Focus on financial debt
83 FOCUS ON FINANCIAL DEBT Average cost, maturity and Total financial debt interest expenses on financial debt (€ Mn) 2023 2024 10,965 11,160 Average cost (%) 4.39% 4.16% 157 90 Subordinated/Hybrid 4.25% 4.24% Senior 5.13% 3.51% 9,040 9,784 Average maturity (years) 4.4 4.9 Interest expenses 447 493
Slide 84: Debt issuances breakdown by expiry date
84 DEBT ISSUANCES BREAKDOWN BY EXPIRY DATE Debt Maturity Profile (€ Mn) 5001 250 €1.25 Bn limit 500 750 500 500 1,250 1,000 850 750 750 750 600 500 500 500 424 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Green bonds Sustainability bonds Green bonds Subordinated Refinanced Hybrid Refinance
Slide 85: High quality capital mix: Tier 1 capital 84% of total
85 HIGH QUALITY CAPITAL MIX: TIER 1 CAPITAL 84% OF TOTAL Tiering of Solvency capital Applicable Solvency limits 2024 Solvency II 2023 € Bn % of total limits Generali Tier 1 41.3 84% < 20% 4% Restricted Tier 1 of total Tier 1 of total Tier 1 Unrestricted Tier 1 39.9 81% Restricted Tier 1 1.4 3% < 50%
Slide 86: Focus on Solvency Capital Requirement
86 FOCUS ON SOLVENCY CAPITAL REQUIREMENT (€ Bn) Pre-diversification SCR by region 2024 SCR before diversification 36.2 9 33 AG & Holdings 22 Italy Diversification 9.0 (%) Germany France, EA and GBL 5 CEE 17 14 Rest of the World Taxes 5.1 2024 SCR excl. Pre-diversification SCR by type of risk Other r
Slide 87: 2024 baseline for Generali 2027 strategy
87 2024 BASELINE FOR GENERALI 2027 STRATEGY 2024 Adjusted1 Net Result €3,769 Mn EPS €2.45 DPS €1.28 Insurance Cost/Income ratio 59.1% Return on S2 Risk Capital 16.5% 1. Based on the Group’s Adjusted Net Result definition
Slide 88: 2024 baseline for Generali 2027 strategy: Life
88 2024 BASELINE FOR GENERALI 2027 STRATEGY: LIFE Protection & Health NBV CAGR: Protection & Health NBV 0.9 Bn Hybrid & Unit Linked NBV CAGR: Hybrid & Unit Linked NBV 1.6 Bn PH&A Net Insurance Service Result 1.7 Bn PH&A CoR Proxy 90.2% Life NBM 5.41% Protection & Health NBM 8.36% Share of Capital Li
Slide 89: 2024 baseline for Generali 2027 strategy: P&C
89 2024 BASELINE FOR GENERALI 2027 STRATEGY: P&C P&C GWP CAGR: P&C Gross Written Premiums 33.8 Bn P&C Non-Motor GWP CAGR: P&C Non-Motor Gross Written Premiums1 20.2 Bn P&C SMEs GWP CAGR: P&C SME Profitable Growth2 5.3 Bn Europ Assistance CGTO3 3.7 Bn P&C General Expenses/Gross Insurance Revenues 14.
Slide 90: 2024 baseline for Generali 2027 strategy: Sustainability & other
90 2024 BASELINE FOR GENERALI 2027 STRATEGY: SUSTAINABILITY & OTHER -30% by 2030 vs. 2021 emission intensity of selected portions of Personal Motor Insurance Portfolio 0.35 ktCO2e/€ Mn -40% by 2030 vs. 2021 emission intensity of selected portions of the Corporate & Commercial Insurance Portfolio 0.2
Slide 91: What's next in 2025
91 WHAT’S NEXT IN 2025 Corporate Events April, 24 May, 22 June, 26 August, 6 ANNUAL GENERAL 1Q25 DEEP DIVE 1H25 MEETING RESULTS ON CEE RESULTS Morgan HSBC Deutsche Barclays UniCredit Deutsche Mediobanca Goldman Stanley Asian Bank European Italian Bank Italian Sachs European Summit Credit Leadership
Slide 92: Contacts
92 CONTACTS Assicurazioni Generali Piazza Duca degli Abruzzi 2 34132 Trieste, Italy Fixed line number: +39 040 671402 e-mail: ir@generali.com generali.com Fabio Cleva Stefano Burrino Emanuele Marciante Group Head of Investor Investor Relations Credit & Rating Agency Relations & Rating Agency Relatio
Slide 93: Methodological notes
93 METHODOLOGICAL NOTES Starting from 9M24 the reported financial information by FY 2023 figures has been restated considering: geographical area reflects the Group’s main business - LTIP and other share-based payments (including WeShare country/region: plan) has been moved from non operating result
Slide 94: Disclaimer
94 DISCLAIMER Certain of the statements contained herein are statements of The manager in charge of preparing the Company’s financial future expectations and other forward-looking statements. reports, Cristiano Borean, declares - pursuant to paragraph 2, article 154-bis of the Consolidated Law on Fi
Slide 95: Generali
GENERALI
Assicurazioni Generali — Q4 2024 Earnings Presentation on 6ix