Banca Generali S.p.a. · MIL:BGN
Banca Generali — FY2024 Earnings Presentation
78 slides from Banca Generali's earnings presentation, Feb 10, 2025
Slide 1: Investor Presentation FY 2024 Results
Investor FY 2024 RESULTS Presentation 10 February 2025
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: FY 2024 Results: Executive Summary
FY 2024 RESULTS: EXECUTIVE SUMMARY New all time highs in Banca Generali’s growth history • Net profit at €431.2m (+32% YoY) with recurring component at €339.3m (+6% YoY) • Client assets at €103.8bn (+12% YoY) driven by the organic component • Strong capital ratios with TCR at 24.4% coupled with liqu
Slide 4: Banca Generali delivering on all its 2022-24 targets
BANCA GENERALI DELIVERING ON ALL ITS 2022-24 TARGETS STRONG RESULTS DESPITE CHALLENGING CONTEXT 2022-24 Results 2022-24 Objectives Ta r g e t s 2022 2023 2024 Results Consistent growth Cumulated net inflows €18bn–€22bn €5.7bn €5.9bn €6.6bn €18.2bn 2022-2024 Profitable growth +10%–15% +25% +81% +92%
Slide 5: Recurring net profit
RECURRING NET PROFIT RECORD HIGH NET PROFIT EXPLOITING FAVORABLE MARKET TRENDS Net Profit - Yearly Trend €\m FY 2024 best net profit 431.2 ever (€431m, +32% YoY) 91.9 326.1 FY 2024 recurring net profit 323.1 5.8 at highest level ever (€339m, 272.1 274.9 +6% YoY) on strong operating 213.0 146.5 trend
Slide 6: Net financial income
NET FINANCIAL INCOME AT BEST LEVEL EVER DRIVEN BY HIGHER ASSETS AND FAVORABLE TRADING CONDITIONS Net Financial Income (NFI) €\m +5.4% FY 2024 NFI at €339m (+5% 338.6 YoY) leveraging on a resilient 321.3 21.5 +12.9% NII (+4%) and solid trading 16.9 income (+27%) +4.2% +11.7% 168.3 112.0 23.3 304.4 31
Slide 7: Total gross fees
TOTAL GROSS FEES SOUND CONTRIBUTION FROM ALL FEE COMPONENTS Total Gross Fees 1163.2 960.0 977.2 1207.6 250.1 311.3 297.2 285.7 313.4 €\m FY 2024 total gross fees +8.7% at €1.2bn (+24% YoY) 1,041.2 +11.6% 942.7 940.7 958.0 FY 2024 gross recurring Gross Recurring +4.5% fees at €1.0bn (+9% YoY) Fees dr
Slide 8: Gross recurring fees (1/4): investment fees
GROSS RECURRING FEES (1/4) INVESTMENT FEES - POSITIVE MOMENTUM FOR BOTH FEE COMPONENTS Investment Fees1 €\m Management Fees +7.5% +12.2% Advisory Fees 839.9 849.8 847.2 910.8 +3.3% 35.5 36.8 42.5 51.0 FY 2024 investment fees 224.5 229.6 237.2 at €911m (+8% YoY) 804.3 812.9 804.7 859.8 211.5 219.4 11
Slide 9: Gross recurring fees (2/4): management fees
GROSS RECURRING FEES (2/4) MANAGEMENT FEES - POSITIVE TREND DRIVEN BY BOTH VOLUMES AND MARGIN Management Fees €\m +6.9% +12.0% 804.3 812.9 804.7 859.8 +3.5% FY 2024 200.2 207.3 211.7 216.6 224.1 management fees at €860m (+7% YoY) driven by increase in 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 ass
Slide 10: Gross recurring fees (3/4): advisory fees
GROSS RECURRING FEES (3/4) ADVISORY FEES - RELENTLESS GROWTH Advisory Fees1 €\m +19.9% +15.7% 51.0 42.5 +0.9% 35.5 36.8 FY 2024 advisory fees 11.3 12.1 12.8 13.0 13.1 at €51m (+20% YoY) including contribution from BG International 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Advisory Avg. Assets und
Slide 11: Gross recurring fees (4/4): other fees
GROSS RECURRING FEES (4/4) OTHER FEES - BROKERAGE GROWING THE MOST Other Fees €\m +17.7% Banking Fees1 +7.4% 130.4 FY 2024 entry fees at Brokerage 110.8 Commissions 102.8 24.2 +14.5% €48m (+18% YoY) thanks 90.9 23.0 Entry Fees 21.2 23.0 to a steady contribution 57.7 29.7 37.4 33.2 31.9 38.9 46.8 27.
Slide 12: Total payout ratio on fees
TOTAL PAYOUT RATIO ON FEES PAYOUT RATIO IN LINE WITH GUIDANCE Total Fee Expenses 495.9 488.5 510.4 565.1 131.3 138.5 142.3 137.8 146.4 €\m FY 2024 total payout (ex NII) at o/w Fee Expenses - 1.8 11.7 14.5 3.0 3.6 3.4 3.3 4.2 on NII1 52.8%, stable YoY and in line with long term guidance o/w Payout to
Slide 13: Operating costs (1/2)
OPERATING COSTS (1/2) PUSH ON GROWTH EASILY ABSORBED THANKS TO COST DISCIPLINE Total Operating Costs €\m Non Core Items +6.2% FY 2024 operating 294.0 Sales Personnel 256.5 276.7 +0.4% costs at €294m (+6% 242.3 5.7 YoY) including €3.8m 3.5 8.1 23.7 1.9 21.8 write-up in 4Q24 Core Operating 20.7 20.2 +
Slide 14: Operating costs (2/2)
OPERATING COSTS (2/2) COST RATIOS CONFIRM OPERATING LEVERAGE Operating Costs / Total Assets Cost / Income Ratio 0.45% 54.8% 55.8%54.7% 0.40% 52.8% 0.37% 0.33%0.33% 46.9%47.3% 0.31%0.30% 0.31%0.30% 0.28% 0.28% 44.6% 43.0% 40.8% 45.9% 42.1% 42.1% 35.1%35.4% 40.7% 40.1% 37.4% 36.0%36.8% 34.9% 31.1% 30.
Slide 15: Summing up
SUMMING UP Comments Solid growth in operating profit (+34% YoY) (€m) FY23 FY24 % Chg reflecting: - significant asset expansion - ongoing improvement in product mix Net Financial Income 321.3 338.6 5.4% - favorable financial markets captured in Net recurring fees 447.6 476.1 6.4% performance delivere
Slide 16: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and sustai
Slide 17: Balance sheet – total liabilities & equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY SPIKE IN DEPOSITS AT YEAR-END Total Liabilities & Equity: Volumes and Yields €\bn 1 16.2 17.3 16.8 Client Deposits 15.5 0.8 1.9 0.9 Other Deposits 2 0.9 0.9 1.3 0.7 1.0 Deposits from 14.4 15.5 14.5 13.5 FY 2024 total deposits4 Banks 3 at €14.5bn (+8% YoY) T
Slide 18: Balance sheet – total assets
BALANCE SHEET – TOTAL ASSETS WELL DIVERSIFIED ASSET GROWTH Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Interest Bearing Assets 17.3 16.8 FY 2024 interest bearing 16.2 15.5 1.4 assets at €15.3bn (+9% Financial Assets 2.0 1.7 YoY/QoQ) o/w: 1.1 2.5 2.3 Loans to Clients 2.4 2.3 - Fin
Slide 19: 2024 dividend proposal
2024 DIVIDEND PROPOSAL FULLY EXPLOITING THE FLEXIBILITY OF OUR DIVIDEND POLICY Dividend Policy Dividend Proposal FY 2024 DPS proposal at €2.80 per share (76.0% 1 payout on consolidated net Tot. profit) 70.5% 70.5% 90.5% 77.0% 76.0% Payout 2.80 2024 DPS payment follows DPS (€) and 1 2.15 the tranchin
Slide 20: Capital and liquidity ratios
CAPITAL AND LIQUIDITY RATIOS CAPITAL RATIOS AT RECORD LEVELS Total Capital Ratio % Leverage Ratio % CET1 AT1 Strong capital ratios 24.4% 5.9% (CET1 +4.2ppts YoY) on 2.4% 19.0% 5.4% retained earnings and 17.4% 16.7% 1.2% 4.6% RWA optimization. 1.1% 1.1% 4.3% FY 2024 TCR ratio at 22.0% 16.3% 17.8% 24.
Slide 21: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 22: Total assets (1/2)
TOTAL ASSETS (1/2) AT RECORD HIGH LEVEL WITH IMPROVING MIX Total Assets €\bn Total Assets (by Fee Category1) €\bn +12% FY 2024 Total Assets at 92.8 103.8 103.8 €103.8bn (+12% YoY) 85.7 83.1 11.9 92.8 thanks to positive net new 10.5 85.7 83.1 11.9 12.1 28.0 33.6 money (+€6.6bn) and 24.9 22.3 29.9 ass
Slide 23: Total assets (2/2)
TOTAL ASSETS (2/2) MANAGED SOLUTION ON TOTAL ASSETS INCREASING AUM Products €\bn o/w Managed Solutions - Wrappers €\bn +11% +17% FY 2024 Managed 60.5 63.9 Solutions at €49.0bn 57.4 Insurance 24.8 55.5 21.1 (+14% YoY) driven by 14.9 Wrappers 20.6 19.5 16.2 14.3 Wrapper Solutions 15.4 12.1 Financial 1
Slide 24: Net inflows (1/2)
NET INFLOWS (1/2) STRONG IMPROVEMENT IN PRODUCT MIX Total Net Inflows €\bn Total Net Inflows (by Fee Category1) €\bn +14% 5.7 5.9 6.6 6.6 FY 2024 Total Net 5.7 5.9 Inflows at €6.6bn 1.3 0.3 2.8 (+14% YoY) with an 2.1 3.7 impressive improvement 7.5 4.5 4.3 +178% in product mix 3.8 3.2 2.0 1.4 1.1 -0.
Slide 25: Net inflows (2/2)
NET INFLOWS (2/2) STRONG RESULTS ACROSS ALL PRODUCT LINES AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 3.2 FY 2024 Total Net Inflows 0.3 Insurance 2.5 in AUM products at Wrappers €3.2bn mainly driven by: 1.1 0.9 Financial 1.2 0.7 - Financial Wrappers at 2.9 Wrappers 0.2 0.0 €1.6bn (+125%
Slide 26: Net inflows by acquisition channel
NET INFLOWS BY ACQUISITION CHANNEL BEST RECRUITING CONTRIBUTION OF THE LAST THREE YEARS Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 173 FY 2024 Net Inflows 6.6 from net recruitment at 5.9 54 25% of total (vs. 18% 5.7 133 1.6 123 2022-2023 average) 0.9 reflecting incr
Slide 27: Net inflows: January update
NET INFLOWS: JANUARY UPDATE POSITIVE NET INFLOWS CONTINUE AFTER STRONG CLOSE OF THREE-YEAR PLAN Net Inflows Breakdown by Breakdown of Fee Category1 €\bn New Recruits # 0.4 0.4 27 0.3 Best January results of 22 0.2 the last three years both in 19 13 5 terms of volumes and 0.4 0.2 4 product mix. Ongoi
Slide 28: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 29: Banca Generali's growth path
BANCA GENERALI’S GROWTH PATH UPGRADING MIX GUIDANCE ON PRODUCT OFFER AND FINANCIAL MARKETS NET INFLOWS 2024 2025 Main Drivers GUIDANCE 2025 net inflows volumes expected to benefit from: Volumes > €6.0bn >€6.0bn - Strong recruitment activity Growth - Swiss contribution - 52% Intermonte integration 20
Slide 30: New insurance product
NEW INSURANCE PRODUCT TO MEET THE EXPECTED GROWTH IN DEMAND FOR LONG-TERM SAVINGS AND PROTECTION N E W I N S U R A N C E W R A P P E R W I T H I N N O VAT I V E U N D E R LY I N G I N V E S T M E N T A P P R O A C H A N D E X PA N D E D P R O T E C T I O N C O M P O N E N T • ‘Brand new’ internal fu
Slide 31: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 32: Focus on BG Fund Management Luxembourg
FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS BG FML - Assets by SICAV €\bn BG FML - Total Assets €\bn +25% 23.3 18.6 20.4 Institutional Fund Retail fund classes 23.3 11.4 +14% Classes 10.3 at 51% of BG FML 0.2 9.5 20.4 total assets (+2ppts 18.6 0.1 3.9 Retail Fund YoY) 10.
Slide 33: Focus on AUC assets
FOCUS ON AUC ASSETS SIGNIFICANT EXPOSURE TO LIQUID AND IN-PROFIT BONDS AUC by Product Mix1 €\bn Key Features 27.8 24.7 12% €4.2bn bonds due to expire within 1 year 13% 24% 75% of bonds carrying unrealized capital gains 23% 15.5 18% 4% of total AUC invested in structured products 32% (certificates) 6
Slide 34: Focus on financial assets
FOCUS ON FINANCIAL ASSETS HIGH QUALITY, LIQUID AND WELL DIVERSIFIED INVESTMENT MIX Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification 5% High quality and well diversified financial assets: Equity & Italy Govt Bonds 21% Alternative EU Govt Bonds - 99% of the bon
Slide 35: Focus on loan book
FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK Total Assets and Interest Bearing Assets €\bn Focus on Loan Book (Banking Book) 2024 Credit Book €\bn Lending Quality % 16.8 0.6 Interest Bearing Assets 15.5 15.6 0.5 1.1 1.7 Financial Assets 1.5 2.3 2.3 2.1 Loans to Clients 1.7 99.4 Loans to Banks & Other A
Slide 36: Focus on financial advisory network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # Key highlights 2,353 2,260 <35 2,162 2,204 2,087 Age 35-50 2,040 ~55 1,985 1,936 >50 1,841 1,715 1,645 1,475 Male Gender Female 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Headline FA retentio
Slide 37: Focus on financial advisory network (2/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY Average Assets per FA €\m 1 Banca Generali Assoreti 43.7 40.6 39.2 37.3 35.1 32.8 28.8 29.0 25.8 25.8 26.4 24.3 24.0 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15.8 15.9 14.2 14.6 12.9 13.6 11.2 11.9 11.6 11.8 10.2
Slide 38: Focus on clients
FOCUS ON CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by Cluster of Clients 359 359k €102.7bn1 349 342 0.6% 332 10.3% 27.6% 312 28.0% 299 >5m 290 500k-5m 279 44.0% 100-500k 263 <100k 249 61.1% 243 228 22.2% 6.2% No.of Clients AUM (bn/€) Private Banking Assets2: €73.5bn Private
Slide 39: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 40: Banca Generali in a nutshell
40 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS One of the fastest-growing asset gatherers in Europe1 and #3 player in the Private Banking space in Italy2 Capital-light business model, leveraging on a Network of 2,353 Financial Advisors ranked at the top of the industry3 by quality and productivity
Slide 41: Banca Generali's ambitions
41 BANCA GENERALI’S AMBITIONS MISSION, VISION AND PURPOSE Vision To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability Banca Generali’s dynamism - The fastest growing1 company in Italy over last 10 years with a unique business model centered around a wealth manageme
Slide 42: Banca Generali's key milestones
42 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2023 2013 Launch of New strategic BG Suisse positioning 2020 Private Bank 2019 Partnership with Conio Acquisition of Nextam Partners 103.8 2017 (AM boutique) Partnership wi
Slide 43: Banca Generali's market share
BANCA GENERALI’S MARKET SHARE SUCCESSFULLY GROWING IN ALL ITS ADDRESSABLE MARKET SEGMENTS Reference Segment Banca Generali’s Market Share 2011 2016 2022 2023 Targetable financial wealth1 0.9% 1.6% 2.4% 2.5% Private & HNW financial wealth2 1.1% 2.8% 4.5% 4.9% Financial Advisor networks3 10.8% 13.9% 1
Slide 44: Banca Generali's organization
44 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali Bank 100% 100% 100% Asset Trust Company Bank Management 100% Trust Company 44 NOTE: data as of 31 December 2024
Slide 45: Business model
BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s Business Model Financial Advisor Private Banking positioning and Banca Generali’s 1 DISTRIBUTION best in class distribution network core competitive Client advantage • Banking products • Investment Advisory Wealth manage
Slide 46: BG's FAs at top ranking in the industry
BG’S FAS AT TOP RANKING IN THE INDUSTRY 1 BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY Positioning vs Industry Productivity vs Industry FA networks by total assets per capita: FAs vs Client FA networks by net inflows per capita: FAs vs Clients Banca Generali ranks at the top of FA networks, by: Net
Slide 47: BG network architecture
1 BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT Cluster Assets (%) FAs (#) Assets/FA (€\m) Senior Partner Network: Senior Senior Partners 174.1 unique in terms of Partners PTF >€150m 17% 100 Network positioning to consolidate excellence and enhance su
Slide 48: BG ranking #4 in FA networks in Italy
48 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS Banca Generali - Total Assets (Assoreti)1 €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 9M 2024 102.7 84.6 82.2 91.8 66.8 73.3 41.6 47.5 55.7 57.5 €83.7 €343.82 +120% 29.1 36.6 2013 2014 2015 2016 20
Slide 49: BG ranking #3 in private banking in Italy
49 BG RANKING #3 IN PRIVATE BANKING IN ITALY 1 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 Banca Generali - Private Banking Assets1 €/bn Private Banking Sector Ranking (Magstat), €/bn 63.7 73.5 2013 2023 58.3 55.3 44.2 49.1 25.1 29.2 35.5 36.3 €101.6 €251.4 +110% 21.3 15.8 2013 2014 2015 2016
Slide 50: Banca Generali's awards
50 BANCA GENERALI’S AWARDS 1 RECOGNIZED PLAYER IN THE ITALIAN WEALTH MANAGEMENT SPACE Wealth Management/ Financial Advisor Private Banking Network ESG Best Financial Advisor Top Sustainable Bank Best Private Bank network by Customer in Italy (2024) in Italy (2024) Satisfaction (2025) Financial Times
Slide 51: BG well-diversified client portfolio
2 BG WELL-DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % Total Assets: 103.8 €/bn 3% 4% 2% 11% 11% 19% 12% AUI: 70.2 €/bn, 22% 68% of total 26% 16% 12% 6% 12% 12% 14% 19% In-house funds Insurance wrappers AUC Eq
Slide 52: Wealth management approach
2 WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS Partnerships with Leading Service Providers Corporate Advisory Real-estate Advisory Advanced Advisory Model Art & Passion Advisory Family Protection & Planning PARTNER LAW FIRMS An Advanced Advisory model to address finan
Slide 53: Training support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform A space dedicated to classroom training A single channel dedicated to FAs for Financial Advisors, as well as a venue training for representation/events 53
Slide 54: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 55: Key strategic projects
KEY STRATEGIC PROJECTS AMBITIONS AT WORK Data-driven Bank Continue to build a data-driven, digital and open bank International expansion Accelerate business expansion in Switzerland Intermonte integration Further enhance Banca Generali’s distinctive value proposition Sustainability Be the ESG refere
Slide 56: Data-driven bank (1/3)
DATA DRIVEN DATA-DRIVEN BANK (1/3) BANK MAIN HIGHLIGHTS DATA-DRIVEN Unrivalled source of direct data collection for financial companies amid growing BANK market regulation (GDPR/AI Act) State-of-the-art data architecture in cloud (AWS) with reference to data collection, data governance and data mana
Slide 57: Scoring of potential (2/3)
SCORING OF POTENTIAL (2/3) DATA DRIVEN BANK EXPLOITING DATA TO POWER THE COMMERCIAL PROCESS Provide the FA network with engagement Foster collaboration between Cloud architecture in place ideas to stimulate commercial process Bank and FA network Client Banker District Score of Score of Score of Clie
Slide 58: Scoring of potential (3/3)
DATA DRIVEN SCORING OF POTENTIAL (3/3) BANK FIRST TOOL FOR SCORING CLIENT POTENTIAL First proprietary tool for scoring client potential (fully developed in-house) Data enrichment and analysis based on PSD2 and machine learning techniques to improve client profiling Commercial approach co-designed wi
Slide 59: Expansion in Switzerland (1/3)
59 INTERNATIONAL EXPANSION IN SWITZERLAND (1/3) EXPANSION MAIN HIGHLIGHTS Large targetable market estimated at ~140 €\bn, of which: - 80 €\bn1 represented by potential assets referring to Italian clients INTERNATIONAL - 60 €\bn1 represented by targetable assets to be managed onshore in Switzerland E
Slide 60: BG Suisse Private Bank (2/3)
INTERNATIONAL BG SUISSE PRIVATE BANK (2/3) EXPANSION TARGET MARKETS AND MODEL CLIENTS MANAGED CLIENTS MANAGED IN SWITZERLAND IN ITALY ➢ Onshore clients in Ticino ➢ BG clients with need for diversification in ➢ Onshore clients in the rest of Switzerland terms of booking centers Target ➢ BG clients an
Slide 61: BG Suisse Private Bank (3/3)
BG SUISSE PRIVATE BANK (3/3) INTERNATIONAL EXPANSION FINANCIAL KPIS CH operations KPI Target 2024 €1.4bn Total Assets o/w booking center: €0.3bn €\bn o/w managed and advisory: €1.1bn 2025 €2.0-2.5bn Total Assets by year-end €\bn New Recruits of New 20-30 private bankers Swiss Bankers in BG Suisse #
Slide 62: Intermonte integration (1/5)
INTERMONTE INTEGRATION (1/5) INTERMONTE MAIN HIGHLIGHTS Intermonte is an independent Brokerage Company (SIM) with >30 years of experience in the Italian market and a focus on the small/mid caps It mainly operates in two areas, supported by an Equity Research team: • Negotiation, Trading and Derivati
Slide 63: Intermonte integration (2/5): strategic and financial rationale
INTERMONTE INTERMONTE INTEGRATION (2/5) STRATEGIC & FINANCIAL RATIONALE The transaction aims at internalizing market-recognized capabilities and proven track records that would be difficult to replicate in-house in order to enhance and differentiate BG’s network positioning Compelling strategic Attr
Slide 64: Integration benefits (3/5): brokerage and market making
COMPELLING INTEGRATION BENEFITS (3/5) INTERMONTE BROKERAGE & MARKET MAKING Business Opportunities Leveraging on trading expertise and dedicated Research and Advisory Activity around Equities, ETFs, Derivatives Brokerage & Internalizing margins on Banca Generali’s negotiation flows (i.e. market-makin
Slide 65: Integration benefits (4/5): structured products
COMPELLING INTEGRATION BENEFITS (4/5) INTERMONTE STRUCTURED PRODUCTS Business Opportunities Leveraging Intermonte’s derivatives desk to internalize the derivative component of structured products Further push on enriching the offer with advice and brokerage of structured products Structured Products
Slide 66: Integration benefits (5/5): investment banking
COMPELLING INTEGRATION BENEFITS (5/5) INTERMONTE INVESTMENT BANKING Business Opportunities Further differentiating Banca Generali’s proposition to attract senior FA profiles, expanding the proposition for entrepreneur-clients and approaching new client segments Capturing a client segment (entreprene
Slide 67: Sustainability (1/5): main highlights
SUSTAINABILITY (1/5) SUSTAINABILITY MAIN HIGHLIGHTS Distinctive ESG commercial approach leveraging on our ESG-dedicated proprietary platform allowing for a unique investment offer aligned to the 17 UN SDGs Strong commitment to offer ESG solutions translating into €20.9bn assets invested in ESG produ
Slide 68: Sustainability (2/5): sustainable value proposition
SUSTAINABILITY (2/5) SUSTAINABILITY SUSTAINABLE VALUE PROPOSITION ESG Assets €\bn BGPP: our ESG Platform Steady increase in ESG assets1 to €20.9bn, reaching BG Personal Portfolio (BGPP) is our ESG dedicated platform 42.6% of managed solutions (+5.0 ppts YoY) allowing for a unique investment choice a
Slide 69: Sustainability (3/5): ESG ratings
SUSTAINABILITY (3/5) SUSTAINABILITY ESG RATINGS: TRENDS & MAIN IMPROVEMENTS Key ratings Main take-aways • In 2024, Banca Generali received a rating of A (on a scale of AAA- MSCI Scores CCC) in the MSCI ESG Ratings assessment On a scale from CCC to AAA • In 2024, Banca Generali SpA received an ESG Ri
Slide 70: Main 2022-24 ESG achievements (4/5)
SUSTAINABILITY MAIN 2022-24 ESG ACHIEVEMENTS (4/5) BEING THE ESG REFERENCE POINT FOR ALL OUR STAKEHOLDERS Wide offer of ESG Deployment of ‘BG >50% Financial Advisors solutions - ranging from Sustainable Advisor’ with advanced know-how New FA strategic funds with ESG strategies project, a new FA of E
Slide 71: Main 2022-24 ESG achievements (5/5)
MAIN 2022-24 ESG ACHIEVEMENTS (5/5) SUSTAINABILITY BEING THE ESG REFERENCE POINT FOR ALL OUR STAKEHOLDERS Specific training programs on Long-Term Incentive Plan Strong focus on: digital transformation and launched in 2024 for 2024-2026 sustainability involving >80% • Gender: Gender Equality Employee
Slide 72: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2024 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation and sustainability Business Update and Closing Remar
Slide 73: Total Italian household wealth to keep growing
TOTAL ITALIAN HOUSEHOLD WEALTH TO KEEP GROWING DRIVEN BY HIGHER TARGETABLE FINANCIAL WEALTH Italian Household Net Wealth €\tn Financial debt Real assets Financial wealth - other Financial wealth - targetable 2024-27E 10Y CAGR CAGR +1.4% +2.3% Italian Household Net Wealth expected 12.1 to growth (+2.
Slide 74: Private & HNW households outpaced market growth
PRIVATE & HNW HOUSEHOLDS OUTPACED MARKET GROWTH AFFLUENT HOUSEHOLDS ALSO A SIZEABLE OPPORTUNITY Italian Household Total Addressable Market (TAM) - Client segmentation €\tn Lower Affluent & Mass Affluent 2024-27E Private 10Y CAGR CAGR +2.8% +3.7% Private & HNW households wealth HNW 4.3 expected to re
Slide 75: Opportunity to deploy excess deposits in managed assets
SIGNIFICANT OPPORTUNITY TO DEPLOY EXCESS DEPOSITS MOSTLY IN FAVOR OF MANAGED ASSETS Italian Household Total Addressable Market (TAM) - Product mix €\tn Deposits Securities Mutual funds and discretionary mandates Insurance Managed assets Large cash holdings piled during the 4.3 pandemic expected to b
Slide 76: FA networks expected to further expand market share
FA NETWORKS EXPECTED TO FURTHER EXPAND THEIR MARKET SHARE AT THE EXPENSE OF TRADITIONAL BRANCH-BASED BANKS Italian Household Total Addressable Market (TAM) - Distribution channel €\tn Banks Other channels FA Networks Not allocated by channel Financial Advisory networks expected to further expand the
Slide 77: 2025 upcoming events
2025 UPCOMING EVENTS MAY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 1Q 2025 Results 11 12 13 14 15 16 17 Conference Call 18 19 20 21 22 23 24 Investor Relations Contacts 25 26 27 28 29 30 31 Giuliana Pagliari Investor Relations Manager JULY Phone +39 02 408 26548 Su Mo Tu We Th Fr Sa Mobile +39 331 6
Slide 78: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a