Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — Merger or Acquisition (January 2025)
20 slides from Assicurazioni Generali's merger presentation, Jan 21, 2025
Slide 1: Creating a Global Asset Management Leader
CREATING A GLOBAL ASSET MANAGEMENT LEADER 21st January 2025
Slide 2: Agenda
AGENDA TRANSACTION OVERVIEW AND KEY HIGHLIGHTS CREATION OF GLOBAL ASSET MANAGEMENT LEADER WITH A DIVERSIFIED PLATFORM SIGNIFICANT BENEFITS AND VALUE CREATION FOR ALL STAKEHOLDERS NEXT STEPS AND CLOSING REMARKS
Slide 3: The Journey of Generali's Asset Management Business to Date
THE JOURNEY OF GENERALI’S ASSET MANAGEMENT BUSINESS TO DATE Today 2018/2019 2023/2024 MoU with BPCE to Launch and acquisitions Internal reorganisation combine asset of first affiliates management businesses July 2023 January 2025 2017 Announcement of the Announcement of the First AM strategy for acq
Slide 4: Transaction Overview
TRANSACTION OVERVIEW Generali and BPCE are combining their asset management businesses to create a leading €1.9tn(1) AUM global asset manager • Generali and BPCE have signed a Memorandum of Understanding (“MoU”) to contribute Generali Investments Holding(2) (“GIH”) and Natixis Investment Managers (“
Slide 5: Highly Supportive Shareholders with a Shared Vision
HIGHLY SUPPORTIVE SHAREHOLDERS WITH A SHARED VISION • Strong alignment of interest between shareholders o Long term asset management partnership underpinned by strong support from shareholders o Continuation of strategic partnership with Cathay Financial Holdings Shareholder support and commitments
Slide 6: Key Highlights
KEY HIGHLIGHTS • Global leader with strong positions in Europe and North America, and growing franchise in Asia • Scaled and diversified platform with comprehensive and complementary offering across asset classes • Global and broad distribution capabilities • Long-term support from leading financial
Slide 7: Creation of a Global Asset Management Leader
CREATION OF A GLOBAL ASSET MANAGEMENT LEADER Top 10 Globally by AUM European Asset Managers by Revenues (€bn, FY23) #1 #3 #8 4.1 3.4 #1 European Asset Manager by Revenues 3.2 2.8 2.6 2.4 1.3 NewCo Peer 1 Peer 2 Natixis IM(1) Peer 3 Peer 4 GIH(1) European Asset Managers by AUM (€tn, FY23) #2 #5 #8 #2
Slide 8: A Platform Poised for Future Growth and Success
A PLATFORM POISED FOR FUTURE GROWTH AND SUCCESS Investment Capabilities Performance Seed Capital Distribution NewCo Scale Value for Client Insurance and Pension AM High Conviction AM Private Markets 6
Slide 9: Highly Complementary Capabilities and New Avenues for Growth
HIGHLY COMPLEMENTARY CAPABILITIES AND NEW AVENUES FOR GROWTH GIH Natixis IM c. €0.6tn AUM(1) c. €1.3tn AUM(1) Leading asset manager with c. €1.9tn AUM(1) Global Insurance Strong positioning in Real estate leadership and growing asset management leader high conviction liquid assets private markets fr
Slide 10: Scaled and Diversified Platform Positioned for Growth
SCALED AND DIVERSIFIED PLATFORM POSITIONED FOR GROWTH Asset Classes Client Types Geographies 14% 5% 25% 21% €1.9tn 34% €1.9tn €1.9tn 65% 61% 61% 14% Fixed Income Insurance & Pension EMEA Equities Other Institutional Americas Private markets & Other Retail & Wholesale APAC & Other Notes: NewCo pro fo
Slide 11: Supported by a Global Platform with Broad Distribution
SUPPORTED BY A GLOBAL PLATFORM WITH BROAD DISTRIBUTION Global and complementary distribution capabilities with significant cross-selling opportunity On-the-ground presence of NewCo Combined sales coverage and offices of NewCo 25+ Countries covered 60+ Sales coverage and offices globally 400+ Sales a
Slide 12: Attractive Combined Financial Profile
ATTRACTIVE COMBINED FINANCIAL PROFILE Key Financials(1) Pro forma based on 2023A figures GIH(2) Natixis IM Pro forma AUM 0.6 1.2 1.8 (€tn) (1.9 as of Sep-24) Revenues 1.3 2.8 4.1 (€bn) Management fee 18 24 21 margin(3) (bps) Cost / Income ratio ~60% 80% 74% (%) Adjusted net income 0.3 0.4 0.7 (€bn)
Slide 13: Combined Platform to Unlock Significant Value Creation Opportunity
COMBINED PLATFORM TO UNLOCK SIGNIFICANT VALUE CREATION OPPORTUNITY Pre-tax operating income in Year 5 (run-rate synergies) Improve efficiency of procurement activities Streamline other operating expenses c. €170mn Develop scale benefits in market data and IT(1) c. 10% of addressable Scale & cost bas
Slide 14: Powerful and Tangible Benefits for All Stakeholders
POWERFUL AND TANGIBLE BENEFITS FOR ALL STAKEHOLDERS Clients Affiliates Employees Investors Comprehensive Access to seed, strong Broadened career Exposure to a new offering and enhanced commercial and opportunities and global leader in asset service financial support enhanced development management D
Slide 15: Creation of a Global Asset Management Leader
CREATION OF A GLOBAL ASSET MANAGEMENT LEADER Scaled and diversified platform with complementary investment capabilities Leading insurance and pension asset manager Seed capital commitments to accelerate growth Global and broad distribution capabilities Robust governance framework and experienced lea
Slide 16: Next Steps & Process Timetable
NEXT STEPS & PROCESS TIMETABLE Today Signing of MoU and entering into exclusive negotiations Works council consultation Mid 2025 Execution of definitive agreements Relevant regulatory and competition authorities’ authorisation Early 2026 Expected closing of the transaction 14
Slide 17: Long-Term Vision as Lifetime Partner to Our Customers
LONG-TERM VISION AS LIFETIME PARTNER TO OUR CUSTOMERS Insurance Global Asset market leadership Management platform Technical excellence across Diversified capabilities P&C and Life to protect delivering differentiated individuals and SMEs risk-adjusted returns Long-term assets providing Integrated o
Slide 18: Appendix
APPENDIX ES GENERALI
Slide 19: Expected Financial Impacts for Generali
EXPECTED FINANCIAL IMPACTS FOR GENERALI ✓ Transaction already accretive from Year 1 (1) Accretive to Adjusted Net Result and Cash ✓ Expected significant earnings accretion going forward, of €100+ million on a run-rate basis once full synergies are achieved ✓ Pro rata participation to NewCo value cre
Slide 20: Generali
GENERALI
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