Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — Q2 2025 Earnings Presentation
78 slides from Assicurazioni Generali's earnings presentation, Aug 6, 2025
Slide 1: Generali Group First Half 2025 Results
GENERALI GROUP FIRST HALF 2025 RESULTS
Slide 2: Agenda
2 AGENDA 1 Strategy overview 2 3 Group financials Backup
Slide 3: Strategy Overview
STRATEGY OVERVIEW Philippe Donnet Group Chief Executive Officer
Slide 4: Strong start to Lifetime Partner 27: Driving Excellence plan
4 STRONG START TO “LIFETIME PARTNER 27: DRIVING EXCELLENCE” PLAN Solid growth in Operating Result, thanks to positive contributions of P&C, Life and Asset Management P&C profitability growing across the board, reflecting excellence in core capabilities Robust Net Inflows in Life, exceeding 6.3 Bn dr
Slide 5: Strong growth in operating and adjusted net result
5 STRONG GROWTH IN OPERATING AND ADJUSTED NET RESULT Operating Result Adjusted Net Result Adjusted Earnings per Share (€ Mn) (€ Mn) (€) +8.7% +12.5% +10.4% 3,723 4,049 2,237 1.47 2,025 1.31 H Y2 4 H Y2 5 H Y2 4 H Y2 5 H Y2 4 H Y2 5 P&C Operating Result Life Net Inflows Asset Management Operating Res
Slide 6: Price increases in P&C continuing to unfold
6 PRICE INCREASES IN P&C CONTINUING TO UNFOLD 1H 2025 P&C Gross Written Premiums (%) Price effect Group GWP 18.8 Bn Change in Average Annual FY23 vs FY24 vs 1H25 vs Premium FY22 FY23 1H24 36% Retail and SME1,2 +6.1% +6.8% +5.5% o/w Motor +5.3% +8.0% +7.3% 34% o/w Non-Motor +6.1% +4.7% +4.8% o/w Acci
Slide 7: Successful actions to reassert technical excellence
7 SUCCESSFUL ACTIONS TO REASSERT TECHNICAL EXCELLENCE Undiscounted COR CY Attritional Undiscounted Loss Ratio -2.1 p.p. -2.6 p.p. 95.1 94.9 93.0 29.5 29.1 28.9 67.1 65.9 64.5 65.6 65.8 64.1 1H23 1H241 1H251 1H23 1H241 1H251 Expense ratio Undiscounted Loss ratio 1. Excluding Liberty Seguros
Slide 8: Confirmed strict underwriting discipline on Life new business
8 CONFIRMED STRICT UNDERWRITING DISCIPLINE ON LIFE NEW BUSINESS Breakdown of Life reserves Breakdown of Life New Business Premiums (NBP) 23% Guarantee-linked reserves 42% NBP w/ guarantee No guarantee-linked reserves 58% NBP w/o guarantee 77% Current return1 c3.2% 1H24 1H25 >200 bps Average guarante
Slide 9: Strategic focus on Protection, Health & Accident
9 STRATEGIC FOCUS ON PROTECTION, HEALTH & ACCIDENT COUPLED WITH RISING MARKET DEMAND DRIVING LONG-TERM PROFITABLE GROWTH 1H 2025 Group Gross Written Premiums (50.5 Bn) Traditional Savings, Hybrid & Unit Linked2 Steady and continuous growth across Protection3 all key geographies 23.6 Bn (Life) 4.7 Bn
Slide 10: Main achievements on plan's strategic priorities so far
10 MAIN ACHIEVEMENTS ON PLAN’S STRATEGIC PRIORITIES SO FAR EXCELLENCE IN CUSTOMER +0.9 p.p. +0.4 p.p. RNPS1 improvement Customer retention EXCELLENCE RELATIONSHIPS confirming #1 improvement2 IN CUSTOMER position among peers RELATIONSHIPS EXCELLENCE EXCELLENCE IN CORE IN GROUP 93.1% 13.1% CAPABILITIE
Slide 11: Focus on excellence in customer relationships
11 FOCUS ON EXCELLENCE IN CUSTOMER RELATIONSHIPS Five steps of the customer journey redesigned with global excellence standards… Enhance online experience to Anticipate customer needs, Offer full online renewal, while support advisors with new leads balancing self-service & advisor leveraging custom
Slide 12: Focus on excellence in Group operating model
12 FOCUS ON EXCELLENCE IN GROUP OPERATING MODEL 12 Leveraging on Group Centralized Competences in priority areas Health Services Group Climate Hub Factory Academy 3 2 30% Continue to centralize Service factories aggregated Group advanced models2 Employees attending distinctive capabilities and under
Slide 13: Focus on AI & data driven excellence
13 FOCUS ON AI & DATA DRIVEN EXCELLENCE Widespread implementation, delivering high impact applications at scale AI/GenAI flagship use cases New disruptive AI/GenAI apps >60% Strategic collaboration with MIT Laboratory for Information and Decision Systems Adoption across 10 largest and most mature Bu
Slide 14: Group Financials
GROUP FINANCIALS Cristiano Borean Group Chief Financial Officer
Slide 15: First half 2025 results in a nutshell
15 FIRST HALF 2025 RESULTS IN A NUTSHELL Volumes 1H24 1H25 LFL Gross Written Premiums (€ Mn) 50,140 50,534 +0.9% Life (€ Mn) 32,722 31,762 -2.6% P&C (€ Mn) 17,419 18,772 +7.6% Life Net Inflows (€ Mn) 5,145 6,345 +25.2% Profitability 1H24 1H25 Operating Result (€ Mn) 3,723 4,049 +8.7% Adjusted Ne
Slide 16: First half 2025 results in a nutshell
16 FIRST HALF 2025 RESULTS IN A NUTSHELL • Stable Gross Written Premiums (+0.9%) with healthy growth in P&C partly offset by the reduction in Life, which reflected the very strong growth in 1H 2024 • Life Net Inflows reached 6.3 Bn (+25.2%), driven by the preferred business lines (Protection & Healt
Slide 17: Solid growth in the Group operating result
17 SOLID GROWTH IN THE GROUP OPERATING RESULT (€ Mn) +8.7% 318 6 61 (6) (53) 4,049 3,723 1H24 Life P&C A&WM Holding & Other Consolidation 1H25 businesses Adjustments 1H25 2,016 2,046 560 (280) (292) 1H24 1,955 1,728 566 (227) (298) Δ +3.1% +18.4% -1.1% +23.3% -2.0%
Slide 18: Solid growth in the Group operating result
18 SOLID GROWTH IN THE GROUP OPERATING RESULT • The 8.7% yoy increase in the Operating Result was supported by a positive contribution from Life, P&C and Asset Management • Life Operating Result increased by 3.1% thanks to the growing contribution of the Operating Insurance Service Result partly com
Slide 19: Life operating result supported by growing CSM release
19 LIFE OPERATING RESULT SUPPORTED BY GROWING CSM RELEASE Life Operating Result (€ Mn) 1H24 1H25 Operating Insurance Service Result 1,422 1,608 +13.1% CSM Release 1,489 1,569 +5.4% Risk Adjustment release 71 82 +15.1% Loss component (152) (36) -76.4% Experience variance and other technical result
Slide 20: Life operating result supported by growing CSM release
20 LIFE OPERATING RESULT SUPPORTED BY GROWING CSM RELEASE • The Life Operating Insurance Service Result increased by 13.1% yoy reflecting the following trends: • The CSM release increased to 1,569 Mn (1,489 Mn in 1H 2024) • The improvement in the Loss Component was mainly attributable to the compari
Slide 21: Positive development of the Contractual Service Margin
21 POSITIVE DEVELOPMENT OF THE CONTRACTUAL SERVICE MARGIN (€ Mn)1 526 85 1,501 721 (1,569) 33,117 30,283 31,548 CSM 2024 New Business Expected Economic Operating CSM before CSM CSM 1H25 CSM Return Variances Variances release release New Business CSM 1,501 Perimeter2 95 Reinsurance (38) NBV 1,559 1.
Slide 22: Positive development of the Contractual Service Margin
22 POSITIVE DEVELOPMENT OF THE CONTRACTUAL SERVICE MARGIN • The Life CSM increased by 4.2% during 1H 2025 to 31.5 Bn, driven by New Business CSM of 1.5 Bn • The expected return on the CSM included the effect of unwinding of discount (0.44 Bn) and the systematic variance due to expected realization o
Slide 23: Robust Life net inflows driven by preferred business lines
23 ROBUST LIFE NET INFLOWS DRIVEN BY PREFERRED BUSINESS LINES Net Inflows mix by Line of Business in 1H25 Net Inflows mix by Country (€ Mn) (€ Mn) 1H24 1H25 Unit Linked Protection Total 5,145 6,345 o/w Italy (518) 350 o/w France 2,241 1,657 o/w Germany 719 753 2,651 2,644 o/w Austria 37 63 o/w Switz
Slide 24: Robust Life net inflows thanks to preferred business lines
24 ROBUST LIFE NET INFLOWS THANKS TO PREFERRED BUSINESS LINES • Life Net Inflows continued the positive trend seen in 2024, reaching 6.3 Bn in 1H 2025 compared to 5.1 Bn in 1H 2024, mostly focused on Protection & Health and Hybrid & Unit Linked lines • The Protection & Health business grew by 10.4%
Slide 25: Life volumes confirming robust trend in Protection & Health
25 LIFE VOLUMES CONFIRMING ROBUST TREND IN PROTECTION & HEALTH PVNBP New Business Margin = NBV * (€ Mn) (on PVNBP) (€ Mn) 32,140 -4.8% 30,421 4.96% +0.15 p.p. 5.12% 1,593 -2.0% 1,559 2.92% +0.64 p.p. 3.61% 9,252 270 -16.2% 7,643 +2.1% 276 Traditional Saving 508 7,531 +9.4% 8,204 6.75% +5.3% 534 -0.2
Slide 26: Life volumes confirming robust trend in Protection & Health
26 LIFE VOLUMES CONFIRMING ROBUST TREND IN PROTECTION & HEALTH • PVNBP reached 30.4 Bn. The -4.8% yoy decline is due to the very high result achieved in 1H 2024, including: • Strong production in Italy to support Net Inflows in the traditional business • Exceptional volumes in Asia • Very strong mar
Slide 27: New business development by country
27 NEW BUSINESS DEVELOPMENT BY COUNTRY PVNBP NBV New Business Margin (€ Mn) (€ Mn) (on PVNBP) 1H24 1H25 1H24 1H25 1H24 1H25 Total 32,140 30,421 1,593 1,559 4.96% 5.12% o/w Italy 10,747 9,666 636 545 5.92% 5.64% o/w France 10,089 9,384 379 341 3.75% 3.63% o/w Germany 4,353 4,831 197 208 4.52% 4.31% o
Slide 28: New business development by country
28 NEW BUSINESS DEVELOPMENT BY COUNTRY • NBM in Italy was impacted by the review of lapse assumptions embedded in the new production coherently with the revised actuarial assumption of the CSM. This factor alone lowered the NBM by over 50 bps at the Country level and by over 15 bps at the Group leve
Slide 29: Life current return increasing
29 LIFE CURRENT RETURN INCREASING Life segment General Account (%) 307 Bn 306 Bn Current return¹ € Mn % Other 1H24 3,888 1.6% 2.0% 2.2% Fixed income 2.5% Liquidity 2.5% 7.8% Real estate 7.8% 1H25 3,976 1.6% 7.6% Equity 7.7% 1H24 315 1.4% Equity 1H25 304 1.3% 13.6% Other fixed income 13.7% 1H24 465 2
Slide 30: Life current return increasing
30 LIFE CURRENT RETURN INCREASING • Current income in Life increased by around +3% yoy in 1H 2025, supported by higher contribution from fixed income investments, in particular bond funds and corporate bonds. The VFA portfolio amounted to 271 Bn and generated 4,282 Mn of current return at 1H 2025 co
Slide 31: Strong development in both P&C business lines
31 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES Volumes (€ Mn) 1H24 1H25 LFL¹ Gross Written Premiums 17,419 18,772 +7.6% o/w Direct Premiums Motor 6,301 6,659 +7.3% o/w Direct Premiums Non-Motor 10,431 11,354 +7.6% Profitability 1H24 1H25 Combined Ratio Discounted 92.4% 91.0% -1.4 p.p. Combined
Slide 32: Strong development in both P&C business lines
32 STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES • P&C premiums grew by 7.6% in 1H 2025. Excluding the contribution of Argentina, P&C premiums would have increased by 6.8% • Motor premiums grew by 7.3% thanks to almost all countries. Without Argentina, Motor premiums would have grown by 5.2% • Non-M
Slide 33: P&C top line growth by country
33 P&C TOP LINE GROWTH BY COUNTRY P&C Premiums Motor Premiums Non-Motor Premiums (€ Mn)1 (€ Mn)1 (€ Mn)1 1H25 ∆ LFL2 1H25 ∆ LFL2 1H25 ∆ LFL2 Total 18,013 +7.5% 6,659 +7.3% 11,354 +7.6% o/w Italy 4,426 +4.8% 1,600 +4.7% 2,825 +4.9% o/w France 2,163 +10.5% 687 +6.0% 1,476 +12.6% o/w Germany 2,741 +8.1
Slide 34: P&C top line growth by country
34 P&C TOP LINE GROWTH BY COUNTRY • Italy’s top line growth was driven both by Non-Motor (+4.9%), which increased thanks to retail and corporate businesses, partly compensated by a tactical reduction implemented in the Agro business, and Motor (+4.7%) • In France Non-Motor grew by 12.6%, driven by S
Slide 35: Undiscounted combined ratio at 93.1%
35 UNDISCOUNTED COMBINED RATIO AT 93.1% (%) Man-Made losses at 1H 2025 weighted for 0.6 p.p. of COR, compared to 1.1 p.p. of COR in 1H 2024, -1.4 p.p. which was impacted by riots in New Caledonia. 92.4 +0.5 +0.2 91.0 +0.0 28.8 (1.7) (0.3) 29.0 63.6 62.0 Combined Ratio CY LR undisc. Nat. Cat. CY Prev
Slide 36: Undiscounted combined ratio at 93.1%
36 UNDISCOUNTED COMBINED RATIO AT 93.1% • The Undiscounted COR improved by 1.8 p.p. to 93.1% with: • 1.7 p.p. improvement in the Attritional Loss Ratio, benefitting for the vast majority from tariff strengthening and other technical measures • An overall stable impact from Nat Cat Undiscounted of 1
Slide 37: Combined ratio trends by country
37 COMBINED RATIO TRENDS BY COUNTRY Discounted Undiscounted Attritional Undiscounted 1H25 ∆ 1H25 ∆ 1H25 ∆ Italy 92.9% -0.9 p.p. 94.5% -1.3 p.p. 92.9% -2.6 p.p. France 91.5% -2.6 p.p. 95.3% -3.0 p.p. 91.2% -6.0 p.p. Germany 88.4% -7.1 p.p. 89.8% -8.0 p.p. 89.0% -2.8 p.p. Austria 88.9% -2.2 p.p. 90.8%
Slide 38: Combined ratio trends by country
38 COMBINED RATIO TRENDS BY COUNTRY • The improvement of the Undiscounted COR in Italy, driven by both Motor and Non-Motor, was due to better Attritional Current Year Loss Ratio and PYD • The decrease in Undiscounted COR in France reflected improved Motor thanks to Current Year Loss Ratio and PYD; N
Slide 39: Very strong growth in P&C technical profitability
39 VERY STRONG GROWTH IN P&C TECHNICAL PROFITABILITY (€ Mn) +18.4% 378 44 (45) (59) 2,046 1,728 1H24 Undiscounted Operating Current Year Insurance Finance Operating Investment 1H25 Insurance Service Result Discounting Expenses Income 1H25 1,183 354 (350) 860 1H24 805 399 (394) 919 +47.0% -11.3% -1
Slide 40: Very strong growth in P&C technical profitability
40 VERY STRONG GROWTH IN P&C TECHNICAL PROFITABILITY • The Undiscounted Operating Insurance Service Result recorded a very strong growth of 47% yoy, benefitting from business expansion and a much better Current Year Attritional profitability. This was achieved despite 18 Mn more claims from Nat Cat.
Slide 41: P&C current return impacted by Argentina
41 P&C CURRENT RETURN IMPACTED BY ARGENTINA P&C segment General Account (%) Current return¹ € Mn % 47 Bn 48 Bn 1H24 672 2.0% Fixed income 5.5% Other 5.4% 1H25 564 1.7% 10.3% Liquidity 9.4% 1H24 77 2.3% Equity 5.9% Real estate 5.6% 1H25 101 2.8% 7.6% Equity 7.5% 1H24 81 2.5% 8.0% Other fixed income 8
Slide 42: P&C current return impacted by Argentina
42 P&C CURRENT RETURN IMPACTED BY ARGENTINA • Current income in P&C decreased by around 9% yoy in 1H 2025, primarily driven by the lower current income from Argentina, following the strong decline in inflation in the country • Reinvestment Yield on traditional fixed income investments was around 3.8
Slide 43: A&WM resilient despite lower performance fees
43 A&WM RESILIENT DESPITE LOWER PERFORMANCE FEES Asset & Wealth Management (€ Mn) 1H24 1H25 Operating Result 566 560 -1.1% o/w Asset Management¹ 255 285 +11.7% o/w Wealth Management (Banca Generali Group)2 311 275 -11.6% Asset Management¹ (€ Mn) 1H24 1H25 Operating Revenues 610 710 +16.5% o/w ma
Slide 44: A&WM resilient despite lower performance fees
44 A&WM RESILIENT DESPITE LOWER PERFORMANCE FEES • The A&WM Operating Result was impacted by lower performance fees, which more than halved to 45 Mn (102 Mn in 1H 2024). Performance fees of Banca Generali ("BG") declined from 94 Mn in 1H 2024 to 42 Mn in 1H 2025. A&WM performance fees in 2Q 2025 wer
Slide 45: Holding & other businesses and consolidation adjustments
45 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS Holding & Other Businesses (€ Mn) 1H24 1H25 Other Businesses¹ 110 81 -26.6% Operating Holding Expenses (337) (361) +7.1% Total (227) (280) +23.3% Consolidation Adjustments (€ Mn) 1H24 1H25 Total (298) (292) -2.0% 1. It includes companie
Slide 46: Holding & other businesses and consolidation adjustments
46 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS • Other businesses decreased due to lower intragroup dividends, especially in France. This primarily reflected lower dividends from Generali Investments Holding ("GIH"). In addition, there was a one-off exit tax payment related to the closu
Slide 47: From operating to net result
47 FROM OPERATING TO NET RESULT (€ Mn) Including: Components: Interest expenses on financial Investment result from FVTPL and foreign currency: 1 Mn Components: debt: (225 Mn) Restructuring costs: (154 Mn) Net realized gains and losses: (12 Mn) Other Non-Operating Holding Net ECL and impairment loss
Slide 48: From operating to net result
48 FROM OPERATING TO NET RESULT • The yoy change in the Non-Operating Investment Result was mostly a reflection of the 88 Mn capital gain from the disposal of TUA Assicurazioni in 1H 2024 and of a 48 Mn lower contribution from assets at FVTPL, almost entirely stemming from FX impact on private equit
Slide 49: From reported to adjusted net result
49 FROM REPORTED TO ADJUSTED NET RESULT (€ Mn) 51 7 1 25 2,152 2,237 Net Net gains Amortisation of intangibles P&L on Hyperinflation Adjusted Result from disposals related to M&A assets effect Net Result at FVTPL 1H25 2,152 1 25 51 7 2,237 1H24 2,052 (58) 14 (33) 50 2,025
Slide 50: From reported to adjusted net result
50 FROM REPORTED TO ADJUSTED NET RESULT • The Adjusted Net Result neutralizes these 4 elements: • The volatility stemming from the Mark to Market of assets at Fair Value Through Profit and Loss (FVTPL) held in non-participating business and shareholder funds. This adjustment was +51 Mn for 1H 2025,
Slide 51: Shareholders' equity rollforward
51 SHAREHOLDERS’ EQUITY ROLLFORWARD (€ Mn) -2.2% 2,152 (442) (206) (2,172) 30,389 29,721 Shareholders' Equity Δ in OCI Dividend 1H25 Other Shareholders' Equity YE24 Result 1H25 Changes in Other Comprehensive Income (1,997) (2,439) 1,812 42 (415) (18) (1,863) OCI Related Related Defined Foreign Other
Slide 52: Shareholders' equity rollforward
52 SHAREHOLDERS’ EQUITY ROLLFORWARD • The Shareholders Equity fell by 2.2% in 1H 2025 compared to FY 2024, as the reported Net Result for the period was more than offset by the deduction of the dividend payment and the share buyback related to the Long-Term Incentive Plan implemented during 1H 2025
Slide 53: Solid solvency supported by healthy capital generation
53 SOLID SOLVENCY SUPPORTED BY HEALTHY CAPITAL GENERATION (€ Bn) Own Excess Funds SCR Own Funds1 Solvency 2 ratio (%) FY 2024 49.1 23.4 25.7 210% Regulatory changes (0.6) (0.1) (0.5) (2 p.p.) Normalized Capital Generation 2.5 0.1 2.3 +9 p.p. Economic Variances 0.0 (0.4) 0.4 +4 p.p. Non-economic Vari
Slide 54: Solid solvency supported by healthy capital generation
54 SOLID SOLVENCY SUPPORTED BY HEALTHY CAPITAL GENERATION • The S2 ratio benefitted from healthy Capital Generation for +9 p.p., thanks to the contribution of Life, P&C and Financials segments and reflecting the full execution of the share buyback related to the LTIP • Economic Variances were +4 p.p
Slide 55: 1H 2025 capital generation at 2.3 billion
55 1H 2025 CAPITAL GENERATION AT 2.3 BILLION (€ Bn) Total Normalized Own Funds SCR¹ Capital Generation Life 1.0 0.8 (0.8) 0.7 1.7 P&C 1.1 (0.1) 1.0 Financials 0.3 0.0 0.3 Holdings (0.7) 0.0 (0.7) Total Normalized 2.5 (0.1) 2.3 Capital Generation Life New Business Other Capital Generation drivers 1.
Slide 56: 1H 2025 capital generation at 2.3 billion
56 1H 2025 CAPITAL GENERATION AT 2.3 BILLION • Life contributed with almost 7 p.p. of Capital Generation, driven by the sound contribution of S2 Value New Production. Compared to 1H 2024, Life recorded a lower unwinding (due to the drop in interest rates between FY 2023 and FY 2024) and a marginally
Slide 57: Final remarks
57 FINAL REMARKS GWP reached 50.5 Bn (+0.9%), driven by the strong performance of P&C (+7.6%), especially in Non-Motor Life Net Inflows exceeded 6.3 Bn led by Protection & Health and Hybrid & Unit Linked Operating Result above 4.0 Bn (+8.7%), thanks to the contribution of Life, P&C and Asset Managem
Slide 58: Backup
ios. GENERALI BACKUP
Slide 59: Quarterly results (1/3)
59 QUARTERLY RESULTS (1/3) (€ Mn) 2Q24 2Q25 Gross Written Premiums 23,749 23,992 +1.7%1 Life 15,807 15,588 -0.6%1 P&C 7,942 8,404 +6.3%1 o/w Direct Motor 2,830 2,934 +7.5%1 o/w Direct Non-Motor 4,741 5,090 +6.0%1 Life Net Inflows 2,809 3,300 +20.9%1 Total Operating Result 1,825 1,983 +8.6% Life Op
Slide 60: Quarterly results (2/3)
60 QUARTERLY RESULTS (2/3) (€ Mn) 2Q24 2Q25 P&C Operating Result 862 1,017 +18.1% Combined Ratio 93.7% 92.4% -1.4% Loss Ratio 65.4% 63.3% -2.1% Current year Loss Ratio 67.6% 65.4% -2.1% Current year Loss Ratio Undiscounted (ex Nat Cat) 66.9% 64.4% -2.5% Nat Cat losses Undiscounted 3.0% 2.8% -0.2%
Slide 61: Quarterly results (3/3)
61 QUARTERLY RESULTS (3/3) (€ Mn) 2Q24 2Q25 Asset & Wealth Management Operating Result 303 288 -4.9% o/w Asset Management 148 159 +7.7% o/w Wealth Management (Banca Generali Group) 155 129 -16.9% Holding & Other Businesses Operating Result (98) (130) +32.8% o/w Other Businesses 84 69 -18.3% o/w Op
Slide 62: Nat Cat reinsurance
62 2025 REINSURANCE PROGRAM (€ Mn) Peril Limit per event Retention Comments Italy 2,500 300 • Capacity adjusted Europe Flood 1,800 300 for Italy NAT CAT REINSURANCE CAT & EU WS Europe Windstorm 1,700 300 Per Event Europe Other 1,200 100 • Retentions as PROGRAM expiring Rest of the World 250 50 Peril
Slide 63: Reconciliation between IFRS equity and Solvency 2 own funds
63 RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY 2 OWN FUNDS (€ Bn) 3.2 9.5 22.4 4.6 1.5 (4.9) (1.6) (11.9) (2.6) XAL Adjustment: € 3.0 Bn 47.0 50.0 29.7 Group Net CSM Minority Intangibles Scope Valuation Net Excess of Subordinated Deductions & Foreseeable Group Shareholders’ interests differences
Slide 64: Assets under management
64 ASSETS UNDER MANAGEMENT Total Portfolio: €854 Bn Breakdown of General Account (%) 8 Italy 20 33 France Germany By Owner (%) 2 CEE Rest of Europe 18 Rest of World 19 42 44 4 2 7 7 Equity & equity-like By Asset Class Fixed income investments (%) Real estate investments 15 Cash & cash like Other 79
Slide 65: Fixed income portfolio by rating
65 FIXED INCOME PORTFOLIO BY RATING Total Portfolio: €294 Bn Covered: €6 Bn Corporate: €102 Bn Government: €136 Bn (%) 13 7 11 7 1 6 8 17 Other fixed Income 2 Covered 27 29 32 (%) (%) (%) 22 Corporate non fin. 54 12 Corporate fin. 86 27 AAA AA A BBB Non Investment Grade Not rated 46 Government Bond
Slide 66: Fixed income portfolio by country
66 FIXED INCOME PORTFOLIO BY COUNTRY Total Portfolio: €294 Bn Covered: €6 Bn Corporate: €102 Bn Government: €136 Bn (%) 4 2 9 7 17 15 Other fixed Income 15 25 1 Covered 30 2 20 (%) (%) (%) 22 Corporate non fin. 10 53 1 33 15 12 2 12 Corporate fin. 38 9 Italy France Germany CEE RoE USA RoW 46 Governm
Slide 67: Equity & equity-like
67 EQUITY & EQUITY-LIKE Alternative Funds: €16 Bn Listed and Unlisted1 Total Portfolio: €28 Bn 12 1 (%) (%) 46 (%) 54 26 86 Life P&C Other Listed Unlisted Direct Equity and Asset 57 Split by country1 Allocation Funds: €12 Bn 17 1 8 7 14 9 Italy France 6 Germany (%) 34 (%) RoE China 24 Usa Direct Equ
Slide 68: Asset allocation: real estate
68 ASSET ALLOCATION: REAL ESTATE Total Portfolio: €33 Bn1 Breakdown by Country3 (%) • Leverage: approximately 30% on RE funds 22 Italy 32 • Occupancy rate: Net vacancy rate < 5%2 France 4 Germany (%) CEE Breakdown By Utilisation4 RoE 13 RoW 86% 14% 30 0% 20% 40% 60% 80% 100% Breakdown by Property Ty
Slide 69: Private debt
69 PRIVATE DEBT Split by geography Split by seniority1,3 Total Portfolio: €18.8 Bn 14 (%) 10 16 23 (%) 7 (%) 3 63 74 17 50 Senior secured Junior/Medium Europe USA Other Blend Split by rating2, 3, 5 Split by currency2, 3, 4 23 8 16 31 16 Direct Lending Infrastructure Debt (%) 18 (%) Real Estate Asset
Slide 70: Reconciliation with Group disclosure on external clients
70 RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS (€ Bn) 28 72 356 256 AM External Wealth Pension Funds Group External Clients Client Assets Management & Others Assets
Slide 71: Focus on financial debt
71 FOCUS ON FINANCIAL DEBT Average cost, maturity and Total financial debt interest expenses on financial debt (€ Mn) 2024 1H25 11,160 11,673 Average cost (%) 4.16% 4.13% 97 90 Subordinated/Hybrid 4.24% 4.21% Senior 3.51% 3.51% 9,784 10,311 Average maturity (years) 4.9 5.1 Interest expenses 493 225
Slide 72: Debt issuances breakdown by expiry date
72 DEBT ISSUANCES BREAKDOWN BY EXPIRY DATE Debt Maturity Profile (€ Mn) 5001 €1.25 Bn limit 750 500 500 500 1,250 250 1,000 850 750 750 750 600 500 500 500 500 409 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Green bonds Sustainability bonds Green bonds Subordinated Refinanced Hybrid
Slide 73: Focus on Solvency Capital Requirement
73 FOCUS ON SOLVENCY CAPITAL REQUIREMENT (€ Bn) Pre-diversification SCR by region 1H25 SCR before diversification 36.6 10% AG & Holdings 23% 33% Italy (%) Germany Diversification (9.0) France, EA and GBL 5% CEE 13% Rest of the World 16% Taxes (5.4) 1H25 SCR excl. Pre-diversification SCR by type of r
Slide 74: What's next in 2025
74 WHAT’S NEXT IN 2025 Corporate Events October, 2 November, 13 DEEP DIVE ON DISTRIBUTION 9M25 AND RESULTS CUSTOMER EXPERIENCE Kepler Borsa Italiana/ Bernstein’s BofA Kepler JP Morgan Autumn Euronext Pan-European Conference Italian European Conference Sustainability Strategic Conference Financials W
Slide 75: Contacts
75 CONTACTS Assicurazioni Generali Piazza Duca degli Abruzzi 2 34132 Trieste, Italy Fixed line number: +39 040 671402 e-mail: ir@generali.com generali.com Fabio Cleva Stefano Burrino Emanuele Marciante Group Head of Investor Investor Relations Credit & Rating Agency Relations & Rating Agency Relatio
Slide 76: Methodological notes
76 METHODOLOGICAL NOTES Group holdings and other companies includes also Changes in premiums, Life Net Inflows and new business were Assicurazioni Generali SpA, including Group reinsurance, presented on equivalent terms (at constant exchange rates and Global Business Activities, Generali Global Corp
Slide 77: Disclaimer
77 DISCLAIMER Certain of the statements contained herein are statements of The manager in charge of preparing the Company’s financial future expectations and other forward-looking statements. reports, Cristiano Borean, declares - pursuant to paragraph 2, article 154-bis of the Consolidated Law on Fi
Slide 78: Generali
GENERALI
Assicurazioni Generali — Q2 2025 Earnings Presentation on 6ix