Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — H1 2024 Earnings Presentation
68 slides from Assicurazioni Generali's earnings presentation, Aug 9, 2024
Slide 1: Generali Group First Half 2024 Results
GENERALI GROUP FIRST HALF 2024 RESULTS The like for like change of written premiums, Life net cash inflows, PVNBP, NBV and NBM is on equivalent terms (on equivalent exchange rates and consolidation area)
Slide 2: Strategy Overview
STRATEGY OVERVIEW PHILIPPE DONNET GROUP CHIEF EXECUTIVE OFFICER
Slide 3: Key Messages
3 KEY MESSAGES Continued growth in Operating Result thanks to increasingly diversified business profile. Solid capital position confirmed Return to positive Life net inflows driven by the preferred Protection and Unit Linked lines, with very significant reduction in outflows from Savings Successful
Slide 4: Continued Growth in Operating Result with Solid Capital Position Confirmed
4 CONTINUED GROWTH IN OPERATING RESULT WITH SOLID CAPITAL POSITION CONFIRMED Operating Result (€ m) Adjusted Net Result (€ m) Solvency Ratio (%) +1.6% -13.1% -9 p.p. 3,664 3,723 2,330 220 2,025 211 1H23 1H24 1H23 1H24 2023 1H24 Total Premiums¹ (€ m) Life New Business Value¹ (€ m) P&C COR undiscounte
Slide 5: Return to Positive Life Net Inflows
5 RETURN TO POSITIVE LIFE NET INFLOWS DRIVEN BY PREFERRED PROTECTION AND UNIT LINKED LINES Net inflows mix by Line of Business in 1H24 € million Net inflows mix by Country € million Unit Linked Protection Savings 1H23 1H24 Italy (2,589) (518) France (916) 2,241 DACH 765 824 3,068 2,573 International
Slide 6: Effective Tariff Strengthening Measures Driving Further P&C Growth
6 EFFECTIVE TARIFF STRENGTHENING MEASURES DRIVING FURTHER P&C GROWTH 1H24 P&C Gross Direct Premiums (%) Price effect Motor Change in Average Annual 1H24 vs 2023 vs 1H23 vs Non-Motor Accident, Health and Disability Premium 1H23 2022 1H22 Corporate & Commercial¹ Retail and SME2,3 +6.6% +6.1% +6.4% Eur
Slide 7: Save the Date – Investor Day 2025
7 SAVE THE DATE – INVESTOR DAY 2025 30 JANUARY 2025 Investor Day Procuratie Vecchie, Venice
Slide 8: Group Financials
GROUP FINANCIALS CRISTIANO BOREAN GROUP CHIEF FINANCIAL OFFICER
Slide 9: Opening Remarks
9 OPENING REMARKS Confirmed positive technical trends: Undiscounted Current Year Attritional Combined Ratio improved by 1.4 p.p. compared to 1H 2023 (1.6 p.p. excluding Liberty Seguros) Very positive net inflows in the preferred Protection and Unit Linked business lines, with a significant improveme
Slide 10: First Half 2024 Results: Highlights
10 FIRST HALF 2024 RESULTS: HIGHLIGHTS Volumes 1H23 1H24 D LFL¹ Gross Written Premiums (€ m) 42,237 50,140 +20.4% Life (€ m) 25,888 32,722 +26.6% P&C (€ m) 16,349 17,419 +10.5% Life Net Inflows (€ m) (877) 5,145 n.m. Profitability 1H23 1H24 D Operating Result (€ m) 3,664 3,723 +1.6% Adjusted Net Res
Slide 11: First Half 2024 Results: Highlights
11 FIRST HALF 2024 RESULTS: HIGHLIGHTS • Continued increase in Gross Written Premiums (+20.4%) driven by both Life and P&C • Strong Life Net Inflows, with positive contribution from Protection and Unit Linked and a material improvement in the net outflows from Savings • Operating Result at 3.7 bn (+
Slide 12: Growth in Operating Result Driven by Life and Asset & Wealth Management
12 GROWTH IN OPERATING RESULT DRIVEN BY LIFE AND ASSET & WEALTH MANAGEMENT SEGMENTS € million 142 +1.6% 92 20 (125) (70) 3,723 3,664 1H23 Life P&C A&WM Holding & Other Consolidation 1H24 businesses Adjustments 1H24 1,955 1,728 566 (227) (298) 3,723 1H23 1,813 1,853 474 (158) (318) 3,644 Δ +7.8% -6.7
Slide 13: Growth in Operating Result Driven by Life and Asset & Wealth Management
13 GROWTH IN OPERATING RESULT DRIVEN BY LIFE AND ASSET & WEALTH MANAGEMENT SEGMENTS • Life Operating Result increased thanks to both Insurance Service Result and Investment Result • P&C Operating Result recorded higher undiscounted Insurance Service Result and Operating Investment Income. This incre
Slide 14: Life Back to Positive Net Inflows
14 LIFE BACK TO POSITIVE NET INFLOWS VOLUMES (€ m) 1H23 1H24 D LFL¹ Gross Written Premiums 25,888 32,722 +26.6% Net Inflows (877) 5,145 n.m. PVNBP 21,424 29,937 +40.1% PROFITABILITY 1H23 1H24 D Life Operating Result (€ m) 1,813 1,955 +7.8% New Business Value (€ m) 1,245 1,289 +3.7%¹ New Business Mar
Slide 15: Life Back to Positive Net Inflows
15 LIFE BACK TO POSITIVE NET INFLOWS • Protection net inflows were above 3 bn, driven by the performance of Italy, France and Germany • Unit Linked recorded positive inflows in excess of 2.5 bn • Savings and Pension business strongly improved, thanks in particular to France, Italy and Asia • In Ital
Slide 16: Life Operating Result Driven by Strong Investment Result
16 LIFE OPERATING RESULT DRIVEN BY STRONG INVESTMENT RESULT € million 1H23 1H24 D Operating Insurance Service Result 1,391 1,422 +2.2% CSM Release 1,492 1,489 -0.2% Risk Adjustment release 75 71 -4.8% Loss component (41) (152) n.m. Experience variance and other technical result (138) 29 n.m. Other o
Slide 17: Life Operating Result Driven by Strong Investment Result
17 LIFE OPERATING RESULT DRIVEN BY STRONG INVESTMENT RESULT • The Life Operating Insurance Service Result increased by 2.2% yoy reflecting the following trends: • The CSM release was stable • 1H 2024 recorded a higher Loss Component, especially in China, following the trend in local interest rates,
Slide 18: Normalised Life CSM Growth of 2.8% at 1H 2024
18 NORMALISED LIFE CSM GROWTH OF 2.8%¹ AT 1H 2024 € million² 848 1,513 (272) (540) 38 (1,489) 32,497 30,911 31,009 Life CSM Change in New Business Expected Economic Operating CSM before CSM Life CSM 2023 scope and CSM Return Variances Variances release release 1H24 other New Business CSM 1,513 Perim
Slide 19: Normalised Life CSM Growth of 2.8% at 1H 2024
19 NORMALISED LIFE CSM GROWTH OF 2.8% AT 1H 2024 • Change in scope and other refers to the acquisition of Liberty Seguros • The normalised CSM growth was 2.8% thanks to the New Business CSM which was greater than the CSM release and thanks to the expected return on the CSM • Economic Variances (-0.3
Slide 20: Strong Life Volumes and Growing New Business Value
20 STRONG LIFE VOLUMES AND GROWING NEW BUSINESS VALUE New Business Margin PVNBP (€ m) NBV (€ m) * (on PVNBP) = 21,424 29,937 5.81% 4.31% 1,245 1,289 +40.1% -151 bps +3.7% 13,579 4.52% 3.38% 396 +15.7% 459 Savings +55.1% 8,769 Protection 9.27% 6.16% 501 +3.5% +56.3% 8,381 516 5,402 Unit Linked 7,253
Slide 21: Strong Life Volumes and Growing New Business Value
21 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 29.9 bn (+40.1%) thanks to the strong production • Of Savings in Italy, to support the traditional business net inflow • In Fr
Slide 22: Life NBV Growth Across the Main Countries
22 LIFE NBV GROWTH ACROSS THE MAIN COUNTRIES 22 New Business Margin PVNBP (€ m) NBV (€ m) (on PVNBP) +40.1% +3.7% +44.3% +0.8% +75.2% -151 bps -216 bps -66 bps 1,289 29,937 -1 bps +2.7% 10,747 +0.9% 538 -225 bps 9,948 +0.7% 5.12% 5.00% +34.6% +19.3% 4.45% 4.31% 317 5,276 3.18% 235 3,896 199 Italy Fr
Slide 23: Life NBV Growth Across the Main Countries
23 LIFE NBV GROWTH ACROSS THE MAIN COUNTRIES • NBV in Italy was up +0.8% thanks to higher volumes (PVNBP +44.3% at 1H 2024 and +48.6% at 2Q 2024). NBM in Italy was impacted mainly by the commercial initiatives to sustain volumes, also reflecting the new product features of Protection business and th
Slide 24: Life Current Return Increasing
24 LIFE CURRENT RETURN INCREASING Life segment General Account (%) Current return¹ €m % 1H23 3,685 1.6% €299bn €297bn Fixed income 1H24 3,914 1.6% 2.1% 3.5% 1.8% 2.5% 8.0% 7.9% 1H23 287 1.3% Equity 7.3% 7.6% 1H24 315 1.4% 12.9% 13.8% Other 1H23 405 1.6% Cash & cash equivalent Real Estate² Real estat
Slide 25: Life Current Return Increasing
25 LIFE CURRENT RETURN INCREASING • Current return increased supported by higher contribution from corporate bonds and fixed income investment funds • Real Estate benefitted from low vacancies and higher inflation indexation • Equity current return increased by higher dividends from Private Equity i
Slide 26: Strong Development in Both P&C Business Lines
26 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES VOLUMES (€ m) 1H23 1H24 D LFL¹ Gross Written Premiums 16,349 17,419 +10.5% o/w Direct Premiums Motor 5,706 6,301 +18.0% o/w Direct Premiums Non-Motor 10,041 10,431 +6.0% PROFITABILITY 1H23 1H24 D Combined Ratio discounted 91.6% 92.4% +0.8 p.p. Combine
Slide 27: Strong Development in Both P&C Business Lines
27 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES • The P&C premiums grew by 10.5% in 1H 2024. Excluding the contribution of Argentina, P&C premiums would have increased by 5.7%. Neutralising also the impact of the nationalization of complementary health insurance (“CHI”) in Slovenia, premiums would
Slide 28: Growth in P&C Volumes by Business Unit
28 GROWTH IN P&C VOLUMES BY BUSINESS UNIT 1H24 P&C Premiums (€ m)¹ 1H24 Motor and Non-Motor Premiums (€ m)² +6.0% +10.5% +18.0% Motor Non-Motor +23.7% +5.5% +7.5% +5.0% +6.0% +4.9% +46.8% 17,419 10,431 6,301 5,415 +2.3% +5.1% 4,360 +6.8% 2,822 4,163 2,694 +4.8% 2,505 2,424 +3.7% +5.0% 1,650 1,529 +1
Slide 29: Growth in P&C Volumes by Business Unit
29 GROWTH IN P&C VOLUMES BY BUSINESS UNIT • The driver of Italy’s top line growth was Non-Motor, which increased thanks to retail and corporate businesses. The Motor performance at Generali Italia (+6.4%) was partly offset by intensified pruning activity at Genertel (-17.4%) • In France, the premium
Slide 30: Net Combined Ratio
30 NET COMBINED RATIO (%) +0.8 p.p. 0.8 0.9 92.4 91.6 0.5 (0.7) 28.8 29.5 (0.7) Expense ratio Loss ratio 63.6 62.1 1H23 CY attritional Nat Cat CY Prior Expense 1H24 Loss Ratio undiscounted discounting Year Ratio undiscounted (ex Nat Cat) 1H24 66.4% 1.8% (2.5%) (2.0%) 28.8% 1H23 67.1% 1.3% (3.4%) (2.
Slide 31: Net Combined Ratio
31 NET COMBINED RATIO • The reported Combined Ratio (COR) increased by 0.8 p.p. reflecting: • +0.9 p.p. due to lower Current Year discounting from 509 m in 1H 2023 to 399 m in 1H 2024 • +0.8 p.p. from lower Prior Year development 413 m in 1H 2023 to 317 m in 1H 2024 m • +0.5 p.p. due to higher Nat C
Slide 32: Net Combined Ratio Without Liberty
32 NET COMBINED RATIO WITHOUT LIBERTY (%) +0.7 p.p. 91.6 0.9 92.3 0.9 0.5 (0.4) 29.5 29.1 (1.2) Expense ratio Loss ratio 63.3 62.1 1H23 CY attritional Nat Cat CY Prior Expense 1H24 Loss Ratio undiscounted discounting Year Ratio undiscounted (ex Nat Cat) 1H24 65.9% 1.8% (2.5%) (1.9%) 29.1% 1H23 67.1%
Slide 33: Net Combined Ratio Without Liberty
33 NET COMBINED RATIO WITHOUT LIBERTY • In order to provide a more comparable basis of the P&C technical trends during 1H 2024, Slide 32 shows the COR and its components excluding Liberty Seguros1 • Excluding Liberty Seguros, the Current Year undiscounted Attritional COR improved by 1.6 p.p. in 1H 2
Slide 34: Combined Ratio Trends by Business Unit: 1H 2024 Compared to 1H 2023
34 COMBINED RATIO TRENDS BY BUSINESS UNIT: 1H 2024 COMPARED TO 1H 2023 1H24 Combined Ratio by Country Discounted Undiscounted -0.1 p.p. +0.8 p.p. -0.7 p.p. +2.3 p.p. +3.6 p.p. +1.8 p.p. +0.0 p.p. +3.3 p.p. +4.4 p.p. +2.3 p.p. -17.4 p.p. -14.4 p.p. 98.4% 97.8% 97.4% 95.8% 95.7% 93.7% 92.4% 95.7% 94.9
Slide 35: Combined Ratio Trends by Business Unit: 1H 2024 Compared to 1H 2023
35 COMBINED RATIO TRENDS BY BUSINESS UNIT: 1H 2024 COMPARED TO 1H 2023 • The improvement of the undiscounted COR in Italy was driven by the Motor business, mainly thanks to the lower Attritional Current Year Loss Ratio and a decrease of the Expense Ratio. The Non-Motor business was stable but enjoyi
Slide 36: P&C Operating Result Impacted by Lower Discounting and Higher Insurance Finance Expense
36 P&C OPERATING RESULT IMPACTED BY LOWER DISCOUNTING AND HIGHER INSURANCE FINANCE EXPENSE € million 75 -6.7% 131 (110) (221) 1,853 1,728 1H23 Undiscounted Current Year Insurance Operating 1H24 Operating Discounting Finance Investment Insurance Service Expenses Income Result 1H24 805 399 (394) 919 1
Slide 37: P&C Operating Result Impacted by Lower Discounting and Higher Insurance Finance Expense
37 P&C OPERATING RESULT IMPACTED BY LOWER DISCOUNTING AND HIGHER INSURANCE FINANCE EXPENSE • The technical performance is entirely explained by lower discounting, higher Nat Cat and lower Prior Year • The Undiscounted Operating Insurance Service Result benefitted from better Current Year Attritional
Slide 38: P&C Current Return Increasing
38 P&C CURRENT RETURN INCREASING P&C segment General Account (%) Current return¹ €m % 1H23 497 1.5% €46bn €47bn Fixed income 1H24 688 2.0% 7.3% 6.4% 1H23 125 3.8% 8.3% 7.1% Equity 1H24 77 2.3% 6.8% 6.8% 6.8% 7.4% 1H23 74 2.3% Other Real Estate² 11.0% 10.2% Cash & cash equivalent 1H24 81 2.5% Real es
Slide 39: P&C Current Return Increasing
39 P&C CURRENT RETURN INCREASING • Current return increased thanks to higher reinvestment yield versus in-force book and Liberty Seguros consolidation • Equity current income declined by 50 m due to lower dividends from Private Equity in the period • Duration of fixed income was impacted (-0.27 vers
Slide 40: A&WM Supported by Conning Integration and Banca Generali Contribution
40 A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI CONTRIBUTION Asset & Wealth Management (€ m) 1H23 1H24 Δ Operating Result 474 566 +19.4% o/w Asset Management 242 255 +5.5% o/w Wealth Management (Banca Generali Group)¹ 232 311 +33.8% Asset Management (€ m) 1H23 1H24 Δ Operating Revenues 5
Slide 41: A&WM Supported by Conning Integration and Banca Generali Contribution
41 A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI CONTRIBUTION • The increase in Asset Management (AM) Operating Revenues benefitted from 82 m contribution from Conning Holding Limited (“CHL”) coupled with an organic growth of 2% stemming from higher average AUM and slightly higher perform
Slide 42: Holding & Other Businesses
42 HOLDING & OTHER BUSINESSES Holding & Other Businesses (€ m) 1H23 1H24 D Other Businesses¹ 154 110 -28.5% Operating Holding Expenses² (311) (337) +8.3% Total (158) (227) +44.1% 1. It includes companies with an exclusive holding role, service companies and all the other companies that are considere
Slide 43: Holding & Other Businesses
43 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 1H 2024 consolidation adjustments versus 1H 2023 • Operating Holding Expen
Slide 44: From Operating to Net Result
44 FROM OPERATING TO NET RESULT Components: Components: Investment result from FVTPL and foreign currency: €49m Restructuring costs: (€18m) € million Net realized gains and losses: €73m Amortization of intangibles from business Net ECL and impairment losses: (€21m) combinations and bancassurance ope
Slide 45: From Operating to Net Result
45 FROM OPERATING TO NET RESULT • Net realized gains significantly decreased yoy, as 1H 2023 recorded 371 m of net realized capital gains. The 73 m booked in 1H 2024 mainly reflect the disposal of TUA Assicurazioni (for 88 m, 58 m net of taxes), which is fully neutralized in the Adjusted Net Result.
Slide 46: From Net to Adjusted Net Result
46 FROM NET TO ADJUSTED NET RESULT € million 50 14 (58) (33) 2,052 2,025 Net Net gains from Amortisation of P&L on assets Hyperinflation Adjusted Result disposals¹ intangibles related at FVTPL² effect³ Net Result to M&A 1H24 2,052 (58) 14 (33) 50 2,025 1H23 2,243 0 0 47 40 2,330 D -8.5% n.m. n.m. n.
Slide 47: From Net to Adjusted Net Result
47 FROM NET 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. In 2Q 2024, the adjustment was 82 m • The P&L
Slide 48: Shareholders' Equity Roll Forward
48 SHAREHOLDERS’ EQUITY ROLL FORWARD € million +0.8% 430 2,052 (260) (1,987) 28,968 29,203 Shareholders' Δ in OCI Dividend 1H24 Other Shareholders' Equity 2023 Net Result Equity 1H24 Changes in Other Comprehensive Income (1,863) (2,123) (3,125) 2,888 56 (105) 26 OCI Related to Related to Defined For
Slide 49: Solvency 2 Ratio Remains Solid
49 SOLVENCY 2 RATIO REMAINS SOLID € billion Excess Solvency II ratio Own Own (%)² Funds SCR Funds1 2023 49.0 22.3 26.7 220% Regulatory changes (0.4) 0.0 (0.4) (2 p.p.) Normalised capital generation 2.7 0.1 2.6 +11 p.p. Economic variances (0.0) 0.1 (0.1) (1 p.p.) Non-economic variances (0.3) 0.1 (0.4
Slide 50: Solvency 2 Ratio Remains Solid
50 SOLVENCY 2 RATIO REMAINS SOLID • Robust capital position, with a Solvency Ratio of 211% versus 220% at FY 2023 • The normalised capital generation of the period was strong at 2.6 bn, supported by the contribution of both the Life and P&C segments and reflecting now also the impact of the LTIP (pr
Slide 51: Final Remarks
51 FINAL REMARKS Confirmed positive technical trends: Undiscounted Current Year Attritional Combined Ratio improved by 1.4 p.p. compared to 1H 2023 (1.6 p.p. excluding Liberty Seguros) Very positive net inflows in the preferred Protection and Unit Linked business lines, with a significant improvemen
Slide 52: Backup
— BACKUP aon. GENERALI
Slide 53: 2Q24 Results (1/2)
53 2Q24 RESULTS (1/2) € million 2Q23 2Q24 D Gross Written Premiums 20,074 23,749 +19.4%¹ Life 12,650 15,807 +24.7%¹ P&C 7,424 7,942 +10.0%¹ o/w Direct Motor 2,504 2,830 +18.6%¹ o/w Direct Non-Motor 4,555 4,741 +5.9%¹ Life Net Inflows (687) 2,809 n.m.¹ Total Operating Result 1,865 1,825 -2.1% Life Op
Slide 54: 2Q24 Results (2/2)
54 2Q24 RESULTS (2/2) € million 2Q23 2Q24 D Asset & Wealth Management Operating Result 249 303 +21.7% o/w Asset Management 126 148 +16.9% o/w Wealth Management (Banca Generali Group) 122 155 +26.7% Holding & Other Businesses Operating Result (28) (98) n.m. Consolidation Adjustments (251) (226) -9.9%
Slide 55: Reconciliation Between IFRS Equity and Solvency II Own Funds
55 RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY II OWN FUNDS € billion 31.9 5.0 8.5 (11.9) (3.1) (4.3) (8.0) (1.5) 2.7 45.8 48.5 29.2 31.9 Shareholders' Minority Shareholders' CSM Intangibles Scope Valuation Net Excess of Subordinated Deductions & Foreseeable Group Own Equity 1H24 interests Equit
Slide 56: Assets Under Management
56 ASSETS UNDER MANAGEMENT Breakdown by region and asset class (%) Total Portfolio: €821 bn (%) 11 Italy 11 35 France By Region DACH International 25 Other General account 44 20 Unit Linked Third party 42 investments¹ 42 7 Equity 7 Fixed income 14 Real estate By Asset Class Cash & Cash Equivalent Ot
Slide 57: Fixed Income Portfolio by Rating
57 FIXED INCOME PORTFOLIO BY RATING Covered Corporate Government Total Portfolio: €284 bn (%) €7 bn (%) €94 bn (%) €134 bn¹ (%) 17 1 4 5 31 7 15 7 3 31 28 30 35 21 Other fixed Income 65 54 Covered 25 12 Corporate non fin. Corporate fin. AAA AA A BBB Not Investment Grade Not Rated Government 47 Bond
Slide 58: Fixed Income Portfolio by Country
58 FIXED INCOME PORTFOLIO BY COUNTRY Covered Corporate Government Total Portfolio: €284 bn (%) €7 bn (%) €94 bn (%) €134 bn (%) 17 2 7 26 17 27 3 9 47 21 56 67 1 Other fixed Income 15 16 21 Covered 1 9 2 12 Corporate non fin. Corporate fin. Italy France Germany CEE USA Other Government 47 Traditiona
Slide 59: Equity & Equity-Like
59 EQUITY & EQUITY-LIKE Alternative Funds: €15 bn (%) Equity: €7 bn (%) Total Portfolio: €26 bn (%) 15 1 2 18 Life Life P&C P&C Other 25 Other 84 80 56 Equity Funds: €5 bn (%) 19 Quoted and Unquoted1 (%) 2 Equity Equity Funds Alternatives Quoted 39 Life Unquoted P&C 61 Other 98 1. Total Equity & Equ
Slide 60: Asset Allocation: Real Estate
60 ASSET ALLOCATION: REAL ESTATE Total Portfolio: €33 bn1 Breakdown by Country (%) • Leverage: approximately 20% on RE funds 0 21 France • Occupancy rate: Net vacancy rate of 5.2%² 29 Italy 4 Germany CEE 14 Rest of Europe Breakdown by Utilisation³ Rest of World Investment Properties Own Use 31 87% 1
Slide 61: Reconciliation with Group Disclosure on External Clients
61 RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS € billion 24.7 66.9 344.0 252.4 AM External Wealth Pension Funds Group External Client Assets Management & Others Clients Assets
Slide 62: Focus on Financial Debt
62 FOCUS ON FINANCIAL DEBT Average cost, maturity and interest Total financial debt expenses on financial debt € million Senior Subordinated / Hybrid Other 12,308 2023 1H24 10,965 156 Average cost (%) 4.39% 4.30% 157 Subordinated/Hybrid 4.25% 4.25% 9,075 Senior 5.13% 4.45% 9,040 Average maturity (ye
Slide 63: Debt Issuances Breakdown by Expiry Date
63 DEBT ISSUANCES BREAKDOWN BY EXPIRY DATE NOMINAL VALUE (€ m) Senior Subordinated Hybrid 8 413 7 1,750 1,750 500 500 1,011 1,000 1,000 850 750 750 600 500 500 - - - - - - - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Green bonds Sustainability Green bonds bond Note: In January 2024 the G
Slide 64: Focus on Solvency Capital Requirement
64 FOCUS ON SOLVENCY CAPITAL REQUIREMENT € billion Pre-diversification SCR by region (%) 1H24 SCR before 10% 35.0 diversification AG & Holdings 22% 34% Italy DACH Diversification 8.4 France 17% International 17% Taxes 5.0 Pre-diversification SCR by type of risk (%) 1H24 SCR excl. 22% 21.6 Other regi
Slide 65: What's Next
65 WHAT’S NEXT November, 15 January, 30 Corporate Events 9M24 INVESTOR RESULTS DAY Bank of America J.P. Morgan Merrill Lynch European Financials Financials CEO Conference Conference LONDON LONDON September, 24-25 November, 22 Meet our Management
Slide 66: Contacts
66 CONTACTS Assicurazioni Generali Piazza Duca degli Abruzzi 2 34132 Trieste, Italy 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 Relations fabio.cleva@generali.com stefan
Slide 67: Disclaimer
67 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 r
Slide 68: Generali
_ io. GENERALI
Assicurazioni Generali — H1 2024 Earnings Presentation on 6ix