Assicurazioni Generali S.p.a. · MIL:G

Assicurazioni Generali — Investor Day (November 2014)

166 slides from Assicurazioni Generali's investor day presentation, Nov 19, 2014

Slide 1: Generali Investor Day: Delivering on our promises
Generali Investor Day Delivering on our promises London – November 19, 2014
Slide 2: Agenda of the Day
2 Agenda of the Day 10:00 Mario Greco – Introductory remarks Page 3 Group CEO 10:20 Alberto Minali – Delivery vs. targets & finance update Page 16 Group CFO 10:50 Philippe Donnet –Italy Page 44 CEO Generali Italia 11:20 Eric Lombard –France Page 70 CEO Generali France 11:50 Q&A Session 1 12:50 Lunch
Slide 3: Introductory remarks
Introductory remarks Investor Day November 2014 Mario Greco – Group CEO
Slide 4: Agenda
4 Agenda Delivering on our promises Introducing today’s presentations © Generali London November 19, 2014 Investor Day
Slide 5: Generali is back on its feet; we over-delivered on our promises
Delivering on our promises 5 2013 – 2015 Turnaround: Close to conclusion one year in advance  Governance, processes and competencies addressed  Fully focused on core business  Balance sheet strength restored Generali is back  2013–15 financial targets already on its feet achieved or within sight
Slide 6: Delivering on our promises: 2013-15 financial targets
Delivering on our promises 6 Delivering on our promises 2013–15 turnaround programme; Financial targets already in sight Key Financial Targets for 2015 Status Profitability  Increase Operating RoE to 13% ► Ahead of schedule  Achieve Euro 750 m cost saves by 2015 (Euro 1 bn by 2016) ► On track Capi
Slide 7: The priorities we set out for 2014 have also been delivered
Delivering on our promises 7 Delivering on our promises The priorities we set out for 2014 have also been delivered Our 2014 priorities (as set out with FY 2013 results) Status Completion of minority acquisitions in Central and Eastern Europe and Germany ment Achieved: Germany done; CEE agree- conc
Slide 8: Digitalisation and direct are key to our future development
Delivering on our promises 8 Digitalisation and direct are key to our future development Focused on maintaining our leadership position We are European leaders in Direct Share of Direct (% of Group GWP)  Customers increasingly demand to connect > 7% with us directly  They are ever more informed, s
Slide 9: Strategic partnership with Discovery to launch Vitality in continental Europe
Delivering on our promises 9 Strategic partnership with Discovery to launch the innovative insurance model ‘Vitality’ in continental Europe An example of our increasingly innovative approach Unique insurance model to improve Insurance model structure people’s lives  The model is built around three
Slide 10: Global Corporate & Commercial
Delivering on our promises 10 Global Corporate & Commercial A tangible example of the journey towards a Global Group Germany Gross written premiums 2014 1 (%) Italy, Spain, Eastern UK, France Europe 2 1 Asia US 10 China Spain USA (niche 10 Asia Hub strategy) Hong France 46 Kong Italy Latam 13 ~€2bn
Slide 11: Global Corporate & Commercial: long term strategy
Delivering on our promises 11 Global Corporate & Commercial A long term strategy based on innovation, service, and technical performance An integrated  Core principles: customer focus, innovation, and service delivery platform for  Consolidating local expertise into a globally relevant platform se
Slide 12: Agenda
12 Agenda Delivering on our promises Introducing today’s presentations © Generali London November 19, 2014 Investor Day
Slide 13: The global insurance market
Introducing today’s presentations 13 The global insurance market World insurance industry European insurance industry (2013 premiums in %) (2013 premiums in %) 7 35 10 Other Europe Italy 34 Other countries 15 Germany 28 Asia 16 France 30 20 5 North America UK CEE  Europe remains the largest regiona
Slide 14: Generali – a leader across Europe
Introducing today’s presentations 14 Generali – a leader across Europe Italy, France, Germany & CEE within Generali 2013 GWP: Euro 66.1 bn 6% Other Italy 30% 15% EMEA 5% CEE 28% Germany France 16% 2013 Investments1: Euro 382 bn 2% Other Italy 27% 14% EMEA 3% CEE FY 2013 30% Germany France 24% Italy
Slide 15: Today's presenters
Introducing today’s presentations 15 Today’s presenters ITALY FRANCE Philippe Donnet Eric Lombard  CEO of Generali Italia  CEO of Generali France since joining in October 2013 since joining in October 2013  Various CEO roles  CEO of BNP Paribas Cardif internationally at AXA since 2004 previously
Slide 16: Delivery vs. targets & finance update
Delivery vs. targets & finance update Investor Day November 2014 Alberto Minali, Group Chief Financial Officer
Slide 17: Agenda
17 Agenda Progress towards 2015 targets Page 17 Our answer to low interest rates environment: OPEX and TECHEX Page 26 Focus on interest rate resilience Page 35 Conclusion Page 39 Appendix Page 41 © Generali London November 19, 2014 Investor Day
Slide 18: On track to meet our 2015 targets
Progress towards 2015 targets 18 On track to meet our 2015 targets 2015 Cross-cycle Operating ROE >13% – Ahead of schedule Enhance profitability Increase & improve capital base Key Profitability Levers Capital  Solvency I   Cost savings (Op Ex) Euro 750 m – On track 160% – Achieved  Disposals 
Slide 19: Operating ROE evolution – Ahead of plan
Progress towards 2015 targets 19 Operating ROE evolution – Ahead of plan Operating ROE, rolling average trend1 (%) 14  Operating RoE remains our key performance KPI 13 Target 13% 12  Improved operating profitability has driven 11 consistent momentum 10 9  On track to achieve 13% target for FY14,
Slide 20: Solvency I target achieved in advance
Progress towards 2015 targets 20 Solvency I target achieved in advance Disposals, financial markets and retained earnings have driven us above target Earnings power provides an additional buffer against market volatility Solvency I, development over time 169% (%, Pro-forma for BSI) Target 160% 143%
Slide 21: Debt leverage
Progress towards 2015 targets 21 Debt leverage Financial leverage evolution Leverage ratio, % 1.0%pt pre-financing 42.4 42.4 38.6 of 2015 maturities  Reduction of Senior debt stock 41.6 38.4 37.9 40.4 39.6 < 35% by Euro 1 bn secured Average: 37.61  Euro 0.5 bn senior debt 40.2% maturing in 2015 al
Slide 22: Liability Management and New Issue Transaction – Key Results
Progress towards 2015 targets 22 Liability Management and New Issue Transaction – Key Results Transaction description Pre-transaction Post-transaction 3,000  Three Hybrid bonds with call dates Impact from transaction in 2016 and 2017, tendered out of the proceeds of a new Hybrid issuance 2,500 Rati
Slide 23: Capital management: innovative and proactive approach
Progress towards 2015 targets 23 Capital management: innovative and proactive approach The journey of capital management to achieve the Capital targets Lion I Re Cat bond The Future April 2014  first ever Catbond on  Actively working on a VIF European Windstorm securitisation indemnity with Genera
Slide 24: Cash flow generation
Progress towards 2015 targets 24 Cash flow generation Further granularity on our 2013 cash numbers (Euro bn) Gross expected Remitted cash free surplus 0.3 Italy 0.5 + 0.9 100% 0.9  Significant contribution from Italy in + + line with country results and 0.2 capability Germany 0.2 + 0.3 91% 0.3  No
Slide 25: Group Treasury Program progressing strongly
Progress towards 2015 targets 25 Group Treasury Program progressing strongly Permanent bulk of Euro 1 bn already generated; 90% of Group liquidity now under daily monitoring Treasury project Group Treasury Policy Pooling of Cash in Pooling of Cash: Completed initiated approved by BoD Head Office sta
Slide 26: Agenda
26 Agenda Progress towards 2015 targets Our answer to low interest rates environment: OPEX and TECHEX Focus on interest rate resilience Conclusion © Generali London November 19, 2014 Investor Day
Slide 27: Delivery of OPEX targets – Current status
Opex and Techex 27 Delivery of OPEX targets – Current status Target by 2016 Status 2014 Gross1  Euro 1 bn Gross (Euro m) 520 530 BSI cost savings savings vs. 2012 General expense baseline 490 2014 Target 2014 expected Administrative  Competitive advantage P&C Life (%) 6.0 5.8 Expense ratio through
Slide 28: Delivery of OPEX targets – Outlook
Opex and Techex 28 Delivery of OPEX targets – Outlook Gross savings1 (Euro m; % of 2012 baseline)  Euro 1 bn Gross savings by 2016 1,000 confirmed despite the exit of BSI… BSI 750  Total savings equivalent of 16% of cost base on new perimeter, 490 vs. 14% previously 250 2013 2014 2015 2016  …fuel
Slide 29: 9M 2014 Cost development
Opex and Techex 29 9M 2014 Cost development Our four largest operations have contributed strongly to cost reduction Group operating expense development Reconciliation of general expenses from (OpEx view) IFRS view to OpEx view (Euro bn) (9M 2014, Euro bn) 4.6 Holding (4.4) Financial 4.5 0.3 Life 0.3
Slide 30: Progress on Technical Excellence programs
Opex and Techex 30 Progress on Technical Excellence programs Fully running Initiatives in line with announced ambition Focusing on Group high priority initiatives, Gross achieved and expected benefits with a personalized approach by country (Euro bn) Life Claims management 0.9  In-force management
Slide 31: Technical excellence in P&C: improving underwriting margins
Opex and Techex 31 Technical excellence in P&C: improving underwriting margins Improvements in P&C underwriting outstrips lower investment returns P&C – Operating result (% of net premiums)  Significant increase in underwriting 10.1 margins, more than offsets lower investment returns 7.9 8.2 7.5 
Slide 32: Technical excellence in P&C: prudence in reserving
Opex and Techex 32 Technical excellence in P&C: prudence in reserving We insist on consistently prudent reserving, creating a virtuous cycle Conservatism baked into current year, new loss …which gets released as losses become paid claims… 1 2 (Ultimate expected loss as % of initial estimate1) reserv
Slide 33: Technical excellence in life: addressing the low yield environment
Opex and Techex 33 Technical excellence in life: addressing the low yield environment Focus on business mix and reduced guarantees, to support new business margins New Business APE – Split by capital intensity New Business Margin (%) (% APE) 22 25.5 35 34 33 34 31 High capital intensity guarantees 1
Slide 34: Low yield environment – Life operating performance
Opex and Techex 34 Low yield environment – Life Operating performance Significant buffer between running yields and guarantees. Margins stable Investment returns and guarantees Current investment return (%) Average guarantee (Inforce book) 4.2 4.4 4.1  Significant buffer 3.8 remains between 2.2 2.3
Slide 35: Agenda
35 Agenda Progress towards 2015 targets Our answer to low interest rates environment: OPEX and TECHEX Focus on interest rate resilience Conclusion © Generali London November 19, 2014 Investor Day
Slide 36: The group is resilient to changes in interest rates (1/2)
Focus on interest rate resilience 36 The group is resilient to changes in interest rates (1/2) Illustrating our resilience with scenario analysis… Scenario 1 – Moderate interest rates Scenario 2 – Lower for longer (Yield curve scenario end 2017 in %) (Yield curve scenario end 2017 in %) 4% 4% All go
Slide 37: The group is resilient to changes in interest rates (2/2)
Focus on interest rate resilience 37 The group is resilient to changes in interest rates (2/2) …which shows manageable earnings sensitivity to interest rate assumptions Ultra-low rate scenario (Scenario 2) creates High level of earnings resilience, only a c. 2% per annum headwind even assuming no mi
Slide 38: Traditional Italian life business is a key element of this stability
Focus on interest rate resilience 38 “Traditional” Italian life business is a key element of this stability Long term projections show the resilience of the Italian life model  Italian “Traditional” business behaves more like fee based, not spread business  Resilient model, so long as investment r
Slide 39: Agenda
39 Agenda Progress towards 2015 targets Our answer to low interest rates environment: OPEX and TECHEX Focus on interest rate resilience Conclusion © Generali London November 19, 2014 Investor Day
Slide 40: Final remarks
Conclusion 40 Final remarks  We are on track or ahead of schedule in achieving our financial targets  Capital position is restored. We will continue to be innovative and proactive in managing our capital and its structure  We have created significant further capacity to pay dividends  The enviro
Slide 42: Appendix 1: Liability Management and New Issue Transaction – Key Results
Appendix 42 Appendix 1: Liability Management and New Issue Transaction – Key Results Hybrids Tender Details and Results Nominal Coupon Purchase Issuer value issued Currency % Issue date Maturity Call date price % Tendered Accepted Generali 16 June 16 June €760.2m / €523.1m / 1,275 m EUR 5.317 Perpet
Slide 43: Appendix 2: Lion I Cat Bond: main features and advantages
Appendix 43 Appendix 2: Lion I Cat Bond: main features and advantages Effective April 25th, 2014, Generali has replaced the share of its traditional Simplified representation of European Cat protection with Lion I Re Cat bond, whose key features are: Windstorm combined protection  Notional: Euro 19
Slide 44: Country Italy
Country Italy Investor Day November 2014 Philippe Donnet – CEO Generali Italia
Slide 45: Agenda
45 Agenda Italian market overview Page 45 Strategy focus Page 51 Conclusion Page 66 Appendix Page 68 © Generali London November 19, 2014 Investor Day
Slide 46: Italian market snapshot
Italian market overview 46 Italian market snapshot Market development (GWP, Euro bn) 09-13 CAGR  After 3 years decrease, last year Total 131.8 127.2 121.5 115.7 112.2 + 1.2% double digit increase led by Life P&C 38.7 39.4 38.3 strong growth 40.2 39.7 -0.3%  Generali is the market leader with 17.2%
Slide 47: The biggest Sales Network with the highest level of diversification
Italian market overview 47 The biggest Sales Network with the highest level of diversification The new company structure in Italy, Sales Network starting Jan, 1st 2014 Biggest Agencies in the market (Average GWP per agency, Euro m) Group 6.7 Assicurazioni Holding 2.5 Generali SpA Market Country Ital
Slide 48: Life results overview
Italian market overview 48 Life results overview Gross premiums1 and net inflows Life operating profitability on investments (Euro bn) (Euro m; bps) 1,110 1,069 13.5 13.3 945 1,008 12.3 12.4 11.8 135 818 808 2.0 8.9 3.7 113 112 1.8 103 1.1 0.8 93 0.1 105 2010 2011 2012 2013 9M13 9M14 2010 2011 2012
Slide 49: P&C results overview
Italian market overview 49 P&C results overview Gross premiums1 and combined ratio P&C operating profitability on net (Euro bn; %) premiums (Euro m; %) 6.9 6.9 6.8 591 594 6.2 500 99.8 407 431 97.0 95.7 4.2 4.1 13.9 92.4 91.6 11.4 99.3 211 10.2 96.6 89.1 93.5 91.9 7.1 91.6 6.6 88.3 3.4 2010 2011 201
Slide 50: New strong management team and clear governance
Italian market overview 50 New strong management team and clear governance Country Manager &CEO P. Donnet Chief HR & General Counsel Organization Officer A. Doro Tempestini G. L. Perin Head of Communi- Chief Risk Officer cation, External S. Ferri Relations and CSR L. Sciacca Chief Investment Chief F
Slide 51: Agenda
51 Agenda Italian market overview Strategy focus Conclusion © Generali London November 19, 2014 Investor Day
Slide 52: Three pillars of Generali strategy in Italy
Strategy focus 52 Three pillars of Generali strategy in Italy 1 Integration 2 Business development 3 Innovation © Generali London November 19, 2014 Investor Day
Slide 53: The largest Insurance Integration Program in 3 years
Strategy focus – Integration 53 The largest Insurance Integration Program in 3 years Business 2013: 2016: model From multiple companies… …to a new structure Networks,  10 brands  3 brands brands and products  Redundant and fragmented product offering among different companies  Simple and best-pr
Slide 54: Integration Program is on track
Strategy focus – Integration 54 AS OF 30th OCTOBER Integration Program is on track Agencies’ Rollout plan feb. mar. apr. may. jun. jul. aug. sept. oct.  Systems: Motor, Life, Commercial, Accounting  Products: Life and Motor  Systems Accounting ~1,500 agencies activated with no impact on business
Slide 55: Unique company with 4 Centres of Excellence
Strategy focus – Integration 55 Unique company with 4 Centres of Excellence Generali Italia Mogliano Veneto Roma Torino Milano Life and Non-motor Motor Claims Non-motor SME Retail and Public ~1,600 people ~1,300 people ~700 people ~1,300 people And ~2,100 more people on the field Skills redevelop- m
Slide 56: Integration program is driving Generali Italia cost savings
Strategy focus – Integration 56 Integration program is driving Generali Italia cost savings AS OF SEPTEMBER 2014 Gross savings plan – Impact on 2012 cost base1 (%) ~20 Plan Achieved ~15 ~8 4 90% 2013 2014 2015 2016 1 Italian 2012 cost base on OPEX perimeter © Generali London November 19, 2014 Invest
Slide 57: Three pillars of Generali strategy in Italy
Strategy focus 57 Three pillars of Generali strategy in Italy 1 Integration 2 Business development 3 Innovation © Generali London November 19, 2014 Investor Day
Slide 58: Outstanding results achieved in the first 9 months of 2014
Strategy focus – Business development 58 Outstanding results achieved in the first 9 months of 2014 Volumes growth Profitability improvement 9M ‘13 9M ‘14 ∆ ‘14/’13 9M ‘13 9M ‘14 ∆ ‘14/’13 1,792 Total Total 1,395 Premium 15.8 Operating (Euro bn) 13.2 Result +28% (Euro m) +20% New Business 474 Value
Slide 59: Motor: Improved results despite adverse market condition
Strategy focus – Business development 59 Motor: Improved results despite adverse market condition Motor premium trend Main initiatives launched ∆ 2013/2012 ∆ 9M 2014/∆ 9M 2013  Unique tariff based on an integrated Generali ItaIia database Market Market  Tariff sophistication to increase customers’
Slide 60: Non-motor: Increase penetration and improve profitability
Strategy focus – Business development 60 Non-motor: Increase penetration and improve profitability Retail market is under penetrated Generali is the SME market leader  1% penetration on GDP in Italy, half the Penetration on SME segment1 is 32% level of e.g. Germany, France (>50% on top tier firms)
Slide 61: Life: Strong growth and quality increase already achieved
Strategy focus – Business development 61 Life: Strong growth and quality increase already achieved Life volumes growth Life value and profitability improvement 9M ‘13 9M ‘14 ∆ ‘14/’13 9M ‘13 9M ‘14 ∆ ‘14/’13 Life 11.8 +31% New 474 Premium 9.0 Business (Euro bn) Value +17% 219 10.1 (Euro m) +117% Tra
Slide 62: Life: Innovative hybrid products leading the way
Strategy focus – Business development 62 Life: Innovative hybrid products leading the way Product Average asset allocation Main channel  30% unit linked  Tied  70% traditional segregated funds agents  90% unit linked  Financial  10% traditional segregated funds advisors © Generali London Novem
Slide 63: Three pillars of Generali strategy in Italy
Strategy focus 63 Three pillars of Generali strategy in Italy 1 Integration 2 Business development 3 Innovation © Generali London November 19, 2014 Investor Day
Slide 64: Digitalization for superior customer experience
Strategy focus – Innovation 64 Digitalization for superior customer experience Underwriting and Document Pre-sale Payment Management  Agency customization  Contract data input  Documents of material online at customer home digitalization  Customer involvement  Electronic Signature  Documents a
Slide 65: Telematics: already a promising journey
Strategy focus – Innovation 65 Telematics: already a promising journey Approach to telematics with motor black box Impacts so far Behavioural Smart Real time  > 600K pricing claims assistance Telematics Policies in force (Sept 2014)  > 145K 2014 New Policies (>33% of total NP) Big data IT platform
Slide 66: Agenda
66 Agenda Italian market overview Strategy focus Conclusion © Generali London November 19, 2014 Investor Day
Slide 67: Final remarks
Conclusion 67 Final remarks  Integration program ahead of initial plan  Solid business and outstanding 2014 achievements  Innovation and digitalization journey launched  New reinforced management team © Generali London November 19, 2014 Investor Day
Slide 69: The OpEx program applied to Italy
Appendix 69 The OpEx program applied to Italy Distribution of Gross savings1 Examples of main initiatives across programs 1 Generali Italia Information Systems (%) stream  Systems consolidation and turn off of redundant ones (e.g. in claims) 20 3 IT infrastructure Sales support  Reduction of exter
Slide 70: Country France
Country France Investor Day November 2014 Eric Lombard – CEO Generali France
Slide 71: A completely new business model, a profitable growth
Overview 71 Starting from … Strong market position on specific segments (Affluents, Professionals, SMEs)  New market momentum A completely new  business model, a profitable growth Strong competition (mutuals, bancassurance, generalists, direct …)  Technical excellence initiatives © Generali Londo
Slide 72: Generali France over the past 10 years
Overview 72 Generali France over the past 10 years Business evolution Settling Generali France as a major player Adapting top line to Reshaping our in the French market the new environment business model  Life business turnaround  P&C business pruning 15.3 Premiums (Euro bn) 9.9 10.4 7.9 4.6 o/w S
Slide 73: We, demain: a new strategy enhancing customer satisfaction
Overview 73 We, demain: a new strategy enhancing customer satisfaction Policy holders Client Intermediaries Products Modular offer Guarantees Guarantees + services Intermediaries + Do-It-Yourself Company Company © Generali London November 19, 2014 Investor Day
Slide 74: A radically new way of working for a completely new business model
Overview 74 A radically new way of working for a completely new business model STRATEGIC APPROACH ORGANIZATIONAL BEHAVIORAL APPROACH APPROACH © Generali London November 19, 2014 Investor Day
Slide 75: Agenda
75 Agenda Business overview Page 75 Strategy focus Page 81 Conclusion Page 93 Appendix Page 95 © Generali London November 19, 2014 Investor Day
Slide 76: French market snapshot
Business overview 76 French market snapshot The 2nd insurance market in Europe, the 5th in the world  Demographic dynamism  Progressive withdrawal from French State  One of the highest savings rate in Europe Savings & Pension Protection & Health Property & Casualty  2013 premiums:  2013 premium
Slide 77: Settling Generali France as a major player in the French market
Business overview 77 Settling Generali France as a major player in the French market Top 4 traditional player in France (2013 Premiums, Euro bn)  Euro 10.4bn turnover 2.0 5.7 P&H Savings &  7 million clients, 800,000 professionals Pension and companies  7,000 employees 2.7  Market share: 5% P&C
Slide 78: Generali France – Savings & Pension
Business overview 78 Generali France – Savings & Pension Gross premiums1 and net inflows Operating profitability on investments (Euro bn) (Euro m; bps) 9.7 7.4 7.5 476 5.7 417 4.4 4.8 321 333 315 4.1 0.2 60 194 49 38 38 36 -0.3 26 -0.6 -2.4 -2.7 2010 2011 2012 2013 9M13 9M14 2010 2011 2012 2013 9M13
Slide 79: Generali France – Protection & Health
Business overview 79 Generali France – Protection & Health1 Gross premiums2 and net inflows Operating profitability on net earned (Euro bn) premiums (Euro m; %) 2.0 2.0 2.0 2.0 149 1.5 1.5 120 129 116 9.3 99 85 7.9 7.8 8.1 7.4 0.4 0.4 0.4 0.4 0.4 0.2 6.9 2010 2011 2012 2013 9M13 9M14 2010 2011 2012
Slide 80: Generali France – Property & Casualty
Business overview 80 Generali France – Property & Casualty1 Gross premiums2 Operating profitability on net earned (Euro bn) premiums (Euro m; %) 2.6 2.7 2.8 2.7 177 2.1 2.0 141 103.6 105.5 105.4 95 6.8 91 100.5 101.4 101.0 5.3 3.8 10 100.7 100.1 102.7 102.1 -1 4.6 99.8 98.2 0.5 2010 2011 2012 2013 9
Slide 82: We, demain: how it works
Strategy focus 82 We, demain How it works Customer  4 segments  Net Promoter Score (NPS)  Advocacy and Affinity approach Offer Multi-distribution  All-in-one  Remote platforms + digital tools to empower intermediaries  Multi and cross canal (do it yourself + advisory)  Increase share of direc
Slide 83: We, demain – Individuals
Strategy focus 83 We, demain – Individuals All-in-one intuitive and tailored offering, targeted to families Challenge Customer  Whole coverage and reduction of  Families, 40-55 yrs old current churn  Adjacent targets: Children, Grand-parents  Generali employees, young graduates  First estimatio
Slide 84: We, demain – Affluents
Strategy focus 84 We, demain – Affluents Emotional and distinct experience thanks to a dedicated access and value-added service platform Challenge Customer  A dedicated full-coverage value  Upper affluent proposition (> Euro 80k income / Euro 150k savings)  Expats, hub decider woman  First estim
Slide 85: We, demain – Professionals and Small Businesses
Strategy focus 85 We, demain – Professionals and Small Businesses Unique intermediary as trusted risk-manager to cover professional and private needs Challenge Customer  Increased cross-selling of our  Customer value sizeable client base  Professional communities (professional asso- ciations, cha
Slide 86: We, demain – Commercial
Strategy focus 86 We, demain – Commercial Risk management and prevention to enhance customers’ business performance through new advisory approaches Challenge Customer  A different promise, not based on  Corporate Social Responsibility appetite aggressive pricing or weak  Affinity approach: “pôle
Slide 87: A new organization and governance to support the transformation
Strategy focus 87 A new organization and governance to support the transformation © Generali London November 19, 2014 Investor Day
Slide 88: Life business turnaround (1/3)
Strategy focus 88 Life business turnaround (1/3) A new business model adapted to low interest rate environment focused on profitability and limited capital consumption Protecting margins Premiums (%)  Monitoring of net inflows  No guaranteed rates in new 15 25 Protection & Health Savings contracts
Slide 89: Life business turnaround (2/3)
Strategy focus 89 Life business turnaround (2/3) A new business model adapted to low interest rate environment focused on profitability and limited capital consumption In Force business management Operating result (% of investments)  Monitoring of profit sharing rates (by fund, partner, product) 0.
Slide 90: Life business turnaround (3/3)
Strategy focus 90 Life business turnaround (3/3) A new business model adapted to low interest rate environment focused on profitability and limited capital consumption Continuous improvement of efficiency General expenses (% savings mathematical reserves)  Continuous actions aimed at industrializin
Slide 91: P&C business reaching a turning point in 2014 (1/2)
Strategy focus 91 P&C business reaching a turning point in 2014 (1/2) Retail NEP1 (Euro m) 961 710  Pruning already achieved Net COR 98.1 100.1 in retail business (%) 4.2 4.9  Increase in the coverage Nat. Cat. (in %pts.) ratio (price optimization, retention plans, reactive Underlying actions and
Slide 92: P&C business reaching a turning point in 2014 (2/2)
Strategy focus 92 P&C business reaching a turning point in 2014 (2/2) Commercial NEP1 (Euro m) 864 555  A soft Market context with a Net COR 121.9 116.9 decreasing trend in premiums (%) since 2006… 19.2 14.8 Portfolio restruc-  Repositioning of our 3.0 turing & reserving 3.9 reinforcement Commerci
Slide 94: A new model for profitable growth
Conclusion 94 A new model for profitable growth  In-depth change of business model STRATEGIC APPROACH  Technical excellence  A truly client obsessed ORGANIZATIONAL BEHAVIORAL insurance company APPROACH APPROACH © Generali London November 19, 2014 Investor Day
Slide 96: The OpEx program applied to France: cut cost to finance the change
Appendix 96 The OpEx program applied to France: cut cost to finance the change Savings by type of initiatives Major initiatives (%)  Regional site strategies 8 Sales support  IT Infrastructures shared service 6 center 22 Claims IT infrastructure management  IT Procurement 8 Operations  Process r
Slide 97: Country Germany
Country Germany Investor Day November 2014 Dietmar Meister – CEO Generali Deutschland
Slide 98: Agenda
98 Agenda Business overview Page 98 Strategy focus Page 104 Conclusion Page 124 Appendix Page 126 © Generali London November 19, 2014 Investor Day
Slide 99: Generali Deutschland (GD)
Business overview 99 Generali Deutschland (GD)  1824: Historical foundation  Focus on in Aachen  German market  Primary insurance  Since 1998 German subsidiary  Retail customers of Generali Group  #2 in German primary  Successful multi-channel insurance market distribution mix  Market leade
Slide 100: German market snapshot
Business overview 100 German market snapshot Market development (GWP, Euro bn) 09-13 CAGR  Overall average market growth influenced Total 178.8 178.1 181.6 187.2 171.4 + 2.2% by financial and economic crisis P&C 55.2 56.6 58.6 60.6  High share of single premium business in 54.7 + 2.1% life since 2
Slide 101: Generali Deutschland – Life & Health
Business overview 101 Generali Deutschland – Life & Health Gross premiums1 and net inflows Life operating profitability on investments (Euro bn) (Euro m; bps) 14.3 15.0 13.8 13.5 11.3 354 379 9.9 327 335 4.4 3.4 3.6 248 258 4.9 4.6 43 44 33 32 2.2 24 23 2010 2011 2012 2013 9M13 9M14 2010 2011 2012 2
Slide 102: Generali Deutschland – P&C
Business overview 102 Generali Deutschland – P&C Gross premiums1 and combined ratio P&C operating profitability on net earned (Euro bn; %) premiums (Euro m; %) 3.3 3.4 307 295 3.0 3.1 2.9 2.8 258 255 263 95.7 10.5 207 95.2 94.4 94.5 10.4 93.5 8.7 8.0 8.9 95.9 93.6 93.7 8.4 92.5 91.8 91.6 90.4 2010 2
Slide 103: Generali Deutschland in a challenging German market environment
Business overview 103 Generali Deutschland in a challenging German market environment Customers/Sales  Hybrid customer behaviour  Enhancement of sales efficiency Life Insurance Economic Environment P&C Insurance  Low interest rates  Low interest rate level  Softening motor requires additional e
Slide 104: Agenda
104 Agenda Business overview Strategy focus Conclusion © Generali London November 19, 2014 Investor Day
Slide 105: GD well prepared despite big challenges
Strategy focus 105 GD well prepared despite big challenges 2014 – 2017 Discipline and 2008 – 2013 increased market effectiveness to meet Structural Changes 2004 – 2007 challenges made and delivered Homework done © Generali London November 19, 2014 Investor Day
Slide 106: GD successful in recent years – good track record
Strategy focus 106 GD successful in recent years – good track record 2014 – 2017 Discipline and increased 2008 – 2013 market effectiveness to meet challenges Structural Changes 2004 – 2007 made and delivered  Technical Excellence  Constitution of service  Consolidation of Homework done companies
Slide 107: GD with considerable reduction of general expenses
Strategy focus 107 GD with considerable reduction of general expenses General expenses GD Group (Euro m) Premiums1: +3.4% 1,969 1,886 1,857 Inflation1: 1,818 1,744 Ø +1.7% 1,641 1,610 Expenses1: 1,542 1,531 1,568 1,525 -2.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1 CAGR 2003 - 2013.
Slide 108: GD in P&C with growth above market and CoR-advantage
Strategy focus 108 GD in P&C with growth above market and CoR-advantage Premiums1 Market +3.5% +3.0%  Strategy: Profit above growth (Euro m) GD +6.5% +5.2%  High share of motor with stable 3,234 3,402 2,994 3,036 new business 2010 2011 2012 2013 Combined Ratio – Delta to market2 (%pts.)  Compared
Slide 109: Business model well established since 2008
Strategy focus 109 Business model well established since 2008 Service companies (i.e. Asset Management, Shared Services, IT, Claims management) Generali Versicherungen Exclusive sales channel Multi-channel distribution Direct selling Deutsche Vermögens- Tied Agents Brokers, beratung Self- IFAs, Sala
Slide 110: Unique feature and strength: multitude of distribution channels
Strategy focus 110 Unique feature and strength: Multitude of distribution channels Generali Versicherungen Direct channel Agents1 Cosmos: #1 direct Professionals: 4,400 insurer Part-time: 47,400 CUSTOMER Generali Generali Versicherungen Versicherungen Brokers Bank branches (~15,000) (~110) Independe
Slide 111: GD well prepared to meet challenges
Strategy focus 111 GD well prepared to meet challenges 2014 – 2017 Discipline and increased 2008 – 2013 market effectiveness to meet challenges Structural Changes 2004 – 2007 made and delivered  Technical Excellence  Constitution of service  Consolidation of Homework done companies distribution 
Slide 112: German life insurers with several challenges – solutions are prepared
Strategy focus 112 German life insurers with several challenges – solutions are prepared Challenges Opportunities  Low interest rate and  Generation of high Return additional interest reserve on capital due to lower (ZZR) equity requirements  Regulation  Opportunities for growth (EU and local le
Slide 113: GD less dependent on guarantee products than overall market
Strategy focus 113 GD less dependent on guarantee products than overall market Portfolio 2013 – Regular premium New business 2013 – Regular premiums (Euro m) (Euro m) 61,116 8,087 5,167 713 11% 7% Capital Life 20% Capital Life 28% 26% 33% 42% 48% 59% 22% Pension 37% 12% Pension 31% 13% Term Life 7%
Slide 114: Technical Excellence initiatives and cost discipline
Strategy focus 114 Technical Excellence initiatives and cost discipline Technical Excellence Pricing and Underwriting  Bundle products Portfolio  Body shop network Management  Fraud detection program  Further cost reductions Claims  Distribution costs Management Customer and Distribution © Gene
Slide 115: Consolidation of tied agents organizations under one brand
Strategy focus 115 Consolidation of tied agents organizations under one brand Multi-channel distribution Volksfürsorge Generali Salaried agents Self-employed agents Broker IFA1 Joined Banks Over Euro 4.4 bn total premium Life tied agent Over Euro 1.7 bn GWP Non-life organization Over 4,000 agents Ov
Slide 116: DVAG – Extraordinary success story based on a strategic partnership
Strategy focus 116 DVAG – Extraordinary success story based on a strategic partnership Success factors Family-managed Unique Allfinanz Excellent product Innovative company concept partner information technology Success factors lead to…  … grounded and holistic consulting approach  … strong custome
Slide 117: Generali with leading position in direct business
Strategy focus 117 Generali with leading position in direct business Share of Direct, Top 3 insurance groups Europe (% of Group GWP) > 7%  CosmosDirekt market leader in Germany  CosmosDirekt as Share of pure direct player with significant contribution < 3% to international position 2,6  Generali
Slide 118: GD responds to changing customer behaviour
Strategy focus 118 GD responds to changing customer behaviour Online information and online purchase (Retail business in %) Future of insurance is called omnichannel 71 +16%pts. In future competitors come from outside the insurance business (Google, Amazon) 55 Research online, Value shift: Movement
Slide 119: Digitalization covers the development of a vision and concrete activities
Strategy focus 119 Digitalization covers the development of a vision and concrete activities OUR VISION  To further enthuse our customers  To support our sales forces and employees OUR ACTIVITIES  Implement digitalization across the whole value chain  Offer digital services for customers at all
Slide 120: GD Group's portal technology paves the way to digitalization
Strategy focus 120 GD Group’s portal technology paves the way to digitalization PORTAL STRATEGY MARKET LEADER NEXT STEPS “Direct Insurance” Consistent use of internet- CosmosDirekt as market GD Group well prepared technology to increase “range” leader in direct insurance to use the opportunities of
Slide 121: Online underwriting process established
Strategy focus 121 Online underwriting process established  Term life 2.0 with simple, best-practice online underwriting process for immediate decision making and online signing  Online underwriting process established for P&C products as well  Supporting conversion with online application folder
Slide 122: meinCosmosDirekt covers a wide range of customer services
Strategy focus 122 meinCosmosDirekt covers a wide range of customer services  Unique customer portal with a wide range of customer services from information to value-added content  More than 350.000 accounts  Aligned with customer expectations: Easy & flexible, transparent, mobile  With innovati
Slide 123: Electronic signature – an important milestone for digitalization
Strategy focus 123 Electronic signature – an important milestone for digitalization BENEFITS  Reduce media disruptions  Faster issuing of policies due to automatic processing  Direct data storage (incl. copy of the proposal in electronic customer file)  Reduction of process costs, reduction of p
Slide 124: Agenda
124 Agenda Business overview Strategy focus Conclusion © Generali London November 19, 2014 Investor Day
Slide 125: Measures taken to continue delivering sustainable profits
Conclusion 125 Measures taken to continue delivering sustainable profits – even in challenging times  Strong track record  3-pillar-model as base for successful future development  Challenging market environment, but  Attractive products and high level technical skills Generali Deutschland  Str
Slide 127: Life insurance reform law LVRG: substantial changes for the industry
Appendix 127 Life insurance reform law, “LVRG”, with some substantial changes for the whole life insurance industry Focus topic life: LVRG and its implications LVRG IMPLICATIONS No participation of PH on hidden Prevents distribution of hidden reserves reserves Decline average guarantees with new Min
Slide 128: The OpEx program applied to Germany
Appendix 128 The OpEx program applied to Germany Distribution of Gross savings1 across programs Examples of main initiatives (%) 1 Zeus  Merger of tied agents organizations of 15 13 Volkfürsorge (salaried agents) and IT infrastructure 1 2 Sales support Generali (self-employed agents) under 2 one br
Slide 129: CEE presentation: Investor Day November 2014
CEE presentation: Investor Day November 2014 Luciano Cirinà – CEO Generali PPF Holding
Slide 130: Agenda
130 Agenda Business overview Page 130 Strategy focus Page 140 Conclusions Page 153 Appendix Page 155 © Generali London November 19, 2014 Investor Day
Slide 131: We are the most profitable insurance group in the region
Business overview 131 We are the most profitable insurance group in the region  Strong regional position  Technical excellence & Group know how  Proven track record in cost optimization  Long term growth potential of the region © Generali London November 19, 2014 Investor Day
Slide 132: CEE market overview
Business overview 132 CEE market overview Market development (GWP, Euro bn) 31.5 30.9 32.1 30.3 Total 29.3 29.5  Over 100 million people P&C 15.7 16.3 16.0 16.1 15.7 15.5  Steady premium despite crisis Life 15.9 14.8 14.0 15.7 14.2  Predominantly non life market 13.5 2008 2009 2010 2011 2012 2013
Slide 133: CEE market overview: strongest in the Czech Republic
Business overview 133 CEE market overview: We are strongest in the Czech Republic, the most profitable of all markets CEE Market, GWP structure 2013 Other Poland Serbia  Very heterogeneous markets within the Slovenia region Romania Slovakia  Different level of size and development Hungary Czech Re
Slide 134: Generali market position: We are the profit engine of the Group
Business overview 134 Generali market position: We are the profit engine of the Group Our footprint in CEE – market rankings and GWP (Euro m) Poland #7 529 Czech Rep. #1 Slovakia #3 1,506 174 Slovenia #5 Hungary #1 89.8% 93.4% 84 392 Croatia #7 Romania #9 48 99 Serbia: #2 Bulgaria #6 121 64 6.6% 10.
Slide 135: CEE market overview: opportunity for growth
Business overview 135 CEE market overview: opportunity for growth Penetration – P&C premiums to GDP 2012 (%)  Growth through increased avg WE penetration in Poland, Hungary or Romania 2.5 1.9 1.8 2.1  Further expansion through 1.5 1.2 0.9 GDP dynamics Slovenia Czech Croatia Poland Hungary Romania
Slide 136: Regional outlook: opportunity for growth
Business overview 136 Regional outlook: opportunity for growth Growth rates of economies (%) Czech R. Hungary Poland Slovakia 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2010 2011 2012 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F Source: National statistical offices, GPAM © Generali London November 19, 2014
Slide 137: Favourable product and channel mix
Business overview 137 Favourable product and channel mix Lines of Business (Euro m) 2,892 2,737 Life 956 35 % 36 % 1,050 Motor 955 35 % 32 % 912 P&C 826 30 % 32 % 930 2007 2013 Distribution channels in 2013 Non-life GPH Total Life GPH Total (%) 7 Other 57 1 Other 59 Agents Agents 2 FAD 21 FAD 5 Dire
Slide 138: We outperform our regional competitors in profitability
Business overview 138 We outperform our regional competitors in profitability Net combined ratio 2013 Combined ratio (%) 88.8 % 110 NAT CAT ratio 4.0 % 105 Peer 1 Peer 2 100 Peer 3 Loss ratio 52.7 % Peer 4 95 Peer 5 93 90 89 89 89 88 85 Expense ratio 32.1 % 80 2009 2010 2011 2012 2013 Source: compan
Slide 139: More efficient management model
Business overview 139 More efficient management model 2017+ Consolidating 2014 – 2016 leadership 2013 Sustainable growth Getting control  New Management teams appointed  Asset review  Set up of Insurance/Technical Steering and Control function © Generali London November 19, 2014 Investor Day
Slide 140: Agenda
140 Agenda Business overview Strategy focus Conclusions © Generali London November 19, 2014 Investor Day
Slide 141: Key, core and complementary markets
Strategy focus 141 Key, core and complementary markets Portfolio analysis A: Key market Competitive position index1 A B: Core markets  Czech 70 (Central Europe) Republic Czech Rep. Size: GWP  Hungary 60 B  Slovakia Defend  Serbia & Montenegro 50 Serbia  Poland 40 Hungary C Strengthen 30 Slovaki
Slide 142: Tailor-made approach to each country
Strategy focus 142 Tailor-made approach to each country COUNTRY PLANS REGIONAL & GROUP PROGRAMS  Country specific strategy  Technical Excellence  Action plans  Customer centricity  Focus on most important LoBs  Operational Excellence and channels  Commercial and Corporate  Specific brand app
Slide 143: Sustaining the margins: Regional initiatives
Strategy focus 143 Sustaining the margins: Regional initiatives Technical Excellence  Streams: Life, P&C, Claims, Customer & Distribution, Innovation + regionally also Pension Funds  Focus on pricing and mass customization  Improvement of risk selection and further enhancement of fraud detection
Slide 144: Sustaining the margins: Regional initiatives
Strategy focus 144 Sustaining the margins: Regional initiatives Commercial & Corporate  GPH a key player in the region  Long established regional underwriting centre  Further development – focus on D&O and financial lines Employee Benefits  Generali Employee Benefits = no. 1 network worldwide 
Slide 145: Sustaining the margins: Regional initiatives
Strategy focus 145 Sustaining the margins: Regional initiatives Develop state of the art customer centric lean country operations Strict cost management Operational Excellence Group Program 15 60 Example of main initiatives: Other CZ  Centralized printings 6 SK  Merger of pension funds CZ 2  FTE
Slide 146: Czech Republic: market overview
Strategy focus 146 Czech Republic: market overview Non life Life (Euro m) Non-motor (Euro m) Single CASCO MTPL Regular 2,822 2,723 2,690 2,601 2,600 2,166 1,254 1,046 1,003 1,296 1,308 645 653 559 553 1,521 1,677 1,687 915 746 739 2008 2012 2013 2008 2012 2013 2013 Non life market share 2013 Life ma
Slide 147: Czech Republic: Dual brand to enhance value creation
Strategy focus 147 Czech Republic: Dual brand to enhance value creation BEST Utilization of state-of-the-art CRM # of clients: 3.3 m PRACTICE Leveraging on superior portfolio # of agents: ~4,200 management and underwriting all distribution channels skills BRANDS & Investments in own network CHANNELS
Slide 148: Czech Republic: Integration of operations
Strategy focus 148 Czech Republic: Integration of operations Insurance Synergies through tighter integration  Simplification of organization Pensions  Merger of Pension companies completed  High integration of back office functions across the CZ group Investments  IT consolidation – unified plat
Slide 149: Poland: market overview
Strategy focus 149 Poland: market overview Non life Life (Euro m) Non-motor (Euro m) Single CASCO MTPL Regular 6,261 6,340 9,293 8,671 4,840 7,453 2,789 3,078 6,050 4,899 1,928 3,630 1,341 1,266 1,241 2,130 1,996 3,243 3,772 3,823 1,671 2008 2012 2013 2008 2012 2013 2013 Non life market share 2013 L
Slide 150: Poland: Dual brand with a synergic business model
Strategy focus 150 Poland: Dual brand with a synergic business model Traditional composite Focus growth in P&C multichannel insurer Countrywide marketing and distribution approach Cross – channel client management Motor based insurer with Back office consolidation in implementation mix of traditiona
Slide 151: Hungary: market overview
Strategy focus 151 Hungary: market overview Non life Life (Euro m) Non-motor CASCO (Euro m) Single MTPL Regular 1,446 1,554 1,243 1,271 1,344 1,458 664 593 591 450 741 783 329 221 212 961 893 867 453 281 276 2008 2012 2013 2008 2012 2013 2013 Non life market share 2013 Life market share (%) (%) 21.2
Slide 152: Hungary: Dual brand strategy and mass customization
Strategy focus 152 Hungary: Dual brand strategy and mass customization Traditional composite Tackle unfavourable market conditions through insurer leveraging on mass customization strong own salesforce and brokers Strengthen n. 1 market position Affluent and Corporate segments Direct company providi
Slide 153: Agenda
153 Agenda Business overview Strategy focus Conclusion © Generali London November 19, 2014 Investor Day
Slide 154: Final remarks
Conclusion 154 Final remarks  Strong regional position  Technical excellence & Group know how  Proven track record in cost optimization  Long term growth potential of the region © Generali London November 19, 2014 Investor Day
Slide 156: Generali CEE – Life
Appendix 156 Generali CEE – Life Gross premiums1 and net inflows Life operating profitability on investments (Euro bn) (Euro m; bps) 1.7 1.6 1.6 1.6 201 181 184 172 1.2 1.1 129 143 0.5 0.5 0.4 0.4 0.4 0.4 272 258 231 219 160 173 2010 2011 2012 2013 9M13 9M14 2010 2011 2012 2013 9M13 9M14 Written Pre
Slide 157: Generali CEE – P&C
Appendix 157 Generali CEE– P&C Gross premiums1 and combined ratio P&C operating profitability on net (Euro bn; %) premiums (Euro m; %) 278 2.0 2.0 1.9 1.9 246 242 94.9 1.5 1.4 167 183 90.9 161 88.5 88.8 89.5 15.8 87.3 13.4 14.2 14.7 90.9 12.5 88.8 88.5 8.7 86.7 84.7 84.2 2010 2011 2012 2013 9M13 9M1
Slide 158: Overview by country – The Opex program applied to CEE
Appendix 158 Overview by country – The Opex program applied to CEE Distribution of Gross savings1 Examples of main initiatives across programs (2012-2017) 1 Czech republic (%)  Optimizing sales support and advertising (move from ATL and sponsorship to more 11 3 effective sales support tools) IT inf
Slide 159: Closing remarks
Closing remarks Investor Day November 2014 Mario Greco – Group CEO
Slide 160: Wrap-up: well positioned with good momentum in our core markets
CEO – Closing remarks 160 Wrap-up Well positioned with good momentum in our core markets Italy  Strong pace of restructuring with simultaneously excellent business results  Innovation and digitalisation: Enhance use of technology in sales mobility and underwriting, to increase efficiency and effec
Slide 161: Where have we got to...
CEO – Closing remarks 161 Where have we got to… Ahead of schedule on the 2013–15 turnaround  Momentum in performance clearly visible Our actions  RoE target in sight have created  Disposals completed, balance sheet significant strength restored further dividend  Business model increasingly focus
Slide 162: ...and where we are going
CEO – Closing remarks 162 ...and where we are going Fit to compete, and ready for the next phase  Focus on value creation in a low …and we are growth, low yield environment committed to  First choice for customers, with rewarding, relevant and accessible insurance sustainable and solutions progres
Slide 163: Thank you
A. GENERALI Thank you
Slide 164: Disclaimer
164 Disclaimer 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
Slide 165: Next events
165 Next events 12 March 2015 FY 2014 results reporting 30 April 2015 Annual General Meeting 14 May 2015 1Q 2015 results reporting 27 May 2015 2015 Investor Day 30 July 2015 1H 2015 results reporting 5 November 2015 9M 2015 results reporting © Generali London November 19, 2014 Investor Day
Slide 166: Investor Relations Team
166 Team Spencer Horgan Marta Porczynska Head of Investor & Rating Agency Relations Team Assistant & Event Manager Spencer.Horgan@Generali.com Marta.Porczynska@Generali.com +44 20 7265 6480 +39 040 671402 Stefano Burrino Martina Vono Senior IR Manager Team Assistant & Event Manager Stefano.Burrino@G

Assicurazioni Generali — Investor Day (November 2014) on 6ix

Assicurazioni Generali — Investor Day (November 2014)

Slide 1: Generali Investor Day: Delivering on our promises

Slide 2: Agenda of the Day

Slide 3: Introductory remarks

Slide 4: Agenda

Slide 5: Generali is back on its feet; we over-delivered on our promises

Slide 6: Delivering on our promises: 2013-15 financial targets

Slide 7: The priorities we set out for 2014 have also been delivered

Slide 8: Digitalisation and direct are key to our future development

Slide 9: Strategic partnership with Discovery to launch Vitality in continental Europe

Slide 10: Global Corporate & Commercial

Slide 11: Global Corporate & Commercial: long term strategy

Slide 12: Agenda

Slide 13: The global insurance market

Slide 14: Generali – a leader across Europe

Slide 15: Today's presenters

Slide 16: Delivery vs. targets & finance update

Slide 17: Agenda

Slide 18: On track to meet our 2015 targets

Slide 19: Operating ROE evolution – Ahead of plan

Slide 20: Solvency I target achieved in advance

Slide 21: Debt leverage

Slide 22: Liability Management and New Issue Transaction – Key Results

Slide 23: Capital management: innovative and proactive approach

Slide 24: Cash flow generation

Slide 25: Group Treasury Program progressing strongly

Slide 26: Agenda

Slide 27: Delivery of OPEX targets – Current status

Slide 28: Delivery of OPEX targets – Outlook

Slide 29: 9M 2014 Cost development

Slide 30: Progress on Technical Excellence programs

Slide 31: Technical excellence in P&C: improving underwriting margins

Slide 32: Technical excellence in P&C: prudence in reserving

Slide 33: Technical excellence in life: addressing the low yield environment

Slide 34: Low yield environment – Life operating performance

Slide 35: Agenda

Slide 36: The group is resilient to changes in interest rates (1/2)

Slide 37: The group is resilient to changes in interest rates (2/2)

Slide 38: Traditional Italian life business is a key element of this stability

Slide 39: Agenda

Slide 40: Final remarks

Slide 41: Appendix

Slide 42: Appendix 1: Liability Management and New Issue Transaction – Key Results

Slide 43: Appendix 2: Lion I Cat Bond: main features and advantages

Slide 44: Country Italy

Slide 45: Agenda

Slide 46: Italian market snapshot

Slide 47: The biggest Sales Network with the highest level of diversification

Slide 48: Life results overview

Slide 49: P&C results overview

Slide 50: New strong management team and clear governance

Slide 51: Agenda

Slide 52: Three pillars of Generali strategy in Italy

Slide 53: The largest Insurance Integration Program in 3 years

Slide 54: Integration Program is on track

Slide 55: Unique company with 4 Centres of Excellence

Slide 56: Integration program is driving Generali Italia cost savings

Slide 57: Three pillars of Generali strategy in Italy

Slide 58: Outstanding results achieved in the first 9 months of 2014

Slide 59: Motor: Improved results despite adverse market condition

Slide 60: Non-motor: Increase penetration and improve profitability

Slide 61: Life: Strong growth and quality increase already achieved

Slide 62: Life: Innovative hybrid products leading the way

Slide 63: Three pillars of Generali strategy in Italy

Slide 64: Digitalization for superior customer experience

Slide 65: Telematics: already a promising journey

Slide 66: Agenda

Slide 67: Final remarks

Slide 68: Appendix

Slide 69: The OpEx program applied to Italy

Slide 70: Country France

Slide 71: A completely new business model, a profitable growth

Slide 72: Generali France over the past 10 years

Slide 73: We, demain: a new strategy enhancing customer satisfaction

Slide 74: A radically new way of working for a completely new business model

Slide 75: Agenda

Slide 76: French market snapshot

Slide 77: Settling Generali France as a major player in the French market

Slide 78: Generali France – Savings & Pension

Slide 79: Generali France – Protection & Health