Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — FY2025 Earnings Presentation
104 slides from Assicurazioni Generali's earnings presentation, Mar 12, 2026
Slide 1: Generali Group Full Year 2025 Results
GENERALI GROUP FULL YEAR 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: Highlights
4 HIGHLIGHTS Record-high Operating Result at €8 Bn (+9.7% yoy) with positive contribution from all business segments Excellent P&C performance with strong technical profitability leading to 20% Operating Result growth Best-in-class Life Net Inflows at €13.5 Bn, with over 80% from Protection & Health
Slide 5: Outstanding Start to Lifetime Partner 27: Driving Excellence
5 OUTSTANDING START TO “LIFETIME PARTNER 27: DRIVING EXCELLENCE” STRONG EARNINGS SOLID CASH INCREASING PER SHARE GROWTH GENERATION DIVIDEND PER SHARE 8-10% >€11 Bn >10% EPS CAGR1 Cumulative Net Holding Cash Flow2 DPS CAGR2,3 2024-2027 2024-2027 2025-2027 with a ratchet policy 16.2% €3.8 Bn 13.2% EPS
Slide 6: Dividend at €1.64 and New €500 Mn Buyback Proposals
6 DIVIDEND AT €1.64 AND NEW €500 MN BUYBACK PROPOSALS UNDERPIN STRONG COMMITMENT TO GROWING SHAREHOLDER RETURNS Dividend Per Share (DPS) (€) 1.47 Proposed DPS up 14.7% yoy to €1.643 Annual General Meeting: April 23rd, 2026 1.64 0.461 1.43 Ex-dividend date: May 18th, 2026 1.282 1.07 1.16 1.01 0.85 0.
Slide 7: Record-High Results Across Operating and Adjusted Net Metrics
7 RECORD-HIGH RESULTS ACROSS OPERATING AND ADJUSTED NET METRICS Operating Result Adjusted Net Result Adjusted Earnings per Share (€ Mn) (€ Mn) (€) +9.7% +14.5% +16.2% 7,295 8,004 4,315 2.85 3,769 2.45 2024 2025 2024 2025 2024 2025 P&C Operating Result Life Net Inflows Asset Management Operating Resu
Slide 8: Accelerating Growth in Operating Result
8 ACCELERATING GROWTH IN OPERATING RESULT Operating Result1 (€ Mn) +7.4% +9.7% CAGR +8.2% +5.8% 8,004 7,295 6,374 6,742 5,852 4,857 5,192 5,208 2018 2019 2020 2021 2022 2023 2024 2025 1. Data 2018-2021 as disclosed based on historical IFRS4, since 2022 based on IFRS17
Slide 9: Price and Volume Effects Support P&C Growth
9 PRICE AND VOLUME EFFECTS SUPPORT P&C GROWTH 2025 P&C Gross Written Premiums (%) 2025 Price and Volume effects Group GWP €36.2 Bn Price and Volume % Change Price Volume (FY25 vs FY24) effect effect 36% Retail and SME1,2 +4.7% +1.2% o/w Motor +5.0% +0.1% 33% o/w Non-Motor +4.1% +1.6% o/w Accident, H
Slide 10: Excellent Underlying Technical Profitability in P&C
10 EXCELLENT UNDERLYING TECHNICAL PROFITABILITY IN P&C P&C Gross Written Premiums Undiscounted COR (€ Bn) (%) Undiscounted Operating Insurance Service +7.6%1 -1.6 p.p. Result €2 Bn in 2025 33.8 36.2 95.9 94.3 +50% year-on-year growth vs. 2024 2024 2025 2024 2025 1. Delta percentage change on a like-
Slide 11: Strong Underwriting Discipline in Life New Business
11 STRONG UNDERWRITING DISCIPLINE IN LIFE NEW BUSINESS Breakdown of Life reserves Breakdown of Life New Business Premiums (NBP) 28% Reserves w/o financial guarantee 44% NBP w/o guarantee Guarantee-linked reserves 56% NBP with guarantee 72% Current return 3.4% Reinvestment yield 3.7% Average guarante
Slide 12: Protection, Health & Accident Is a Key Focus Area of LTP27 Plan
12 PROTECTION, HEALTH & ACCIDENT IS A KEY FOCUS AREA OF LTP27 PLAN 2025 Gross Written Premiums (€98.1 Bn) Steady growth in Protection & Health in all Savings, Pension geographies & Unit Linked1 €46.5 Bn Protection3 (Life) Acceleration in Health lines, leveraging ca. 43% market demand and focused dis
Slide 13: Driving Excellence in Protection, Health & Accident
13 DRIVING EXCELLENCE IN PROTECTION, HEALTH & ACCIDENT Distribution & ▪ Focus on increasing distribution network activation ACCELERATED Service focus ▪ Launch of new health value propositions for target segments BUSINESS Increase distribution GROWTH network activation and ▪ Europ Assistance to setup
Slide 14: Continued Strategic Development of Asset & Wealth Management
14 CONTINUED STRATEGIC DEVELOPMENT OF ASSET & WEALTH MANAGEMENT A&MW Contribution to Group Operating Result (%) €384 Bn of Third-Party AUM at FY25, from around €50 Bn a +7 p.p. decade ago Life and Asset Management relationship continues to deliver healthy synergies, with ca. 2/3 of Unit Linked flows
Slide 15: Ongoing Commitment to Lifetime Partner Ambition
15 ONGOING COMMITMENT TO LIFETIME PARTNER AMBITION #1 Position R-NPS¹ Multiholding Customer Base Generali (Mn) Peer 1 Peer 2 Peer 3 22.4 21.3 18.4 15.2 24 22.6 2025 2027 Target 1. RNPS Research (2019–2025), covering 23 countries and 1,212,000 respondents.
Slide 16: AI & Data Driven Excellence: Key Highlights
16 AI & DATA DRIVEN EXCELLENCE: KEY HIGHLIGHTS Generali has set its ambition for run-rate operating result benefit enabled by Artificial Intelligence to more than €350 Mn by 2027, with expected further acceleration beyond 2027 The plan is anchored in the scaled deployment of 16 flagship AI use cases
Slide 17: AI & Data Driven Excellence: Strong Progress in 2025
17 AI & DATA DRIVEN EXCELLENCE: STRONG PROGRESS IN 2025 AI & Data Excellence Program 2025 Key Achievements Deployment of 16 AI/GenAI flagship use cases at scale, powered by global AI engines ca. €100 Mn bottom-line run rate impact from AI/GenAI unlocked at FY25 Identification of new disruptive (agen
Slide 18: 16 AI/GenAI Flagship Use Cases Transforming Our Value Chain
18 16 AI/GENAI FLAGSHIP USE CASES TRANSFORMING OUR VALUE CHAIN END-TO-END SMART PRICING UNDERWRITING CLAIMS OPERATIONS ▪ P&C pricing sophistication with ▪ Intelligent documents ▪ Motor docs processing - data ▪ Automatic processing of machine learning based processing for underwriting extraction from
Slide 19: AI Implementation Is Revolutionary for Our Claims Management
19 AI IMPLEMENTATION IS REVOLUTIONARY FOR OUR CLAIMS MANAGEMENT Automatic opening of claims (from email, voice bot, webapp – including LONG-TERM RUN image acquisition) and document processing (e.g., extracts >50 data fields RATE POTENTIAL and unstructured data from accident reports or repair invoice
Slide 20: Beyond Flagship Initiatives: Scaling Agentic AI
20 FULL SCALE AGENTIC AI DEPLOYMENT • Accelerate the shift from AI assistants to end-to-end autonomous agents across key functions (e.g. claims handling, IT coding, customer service), progressively extending to the whole insurance value chain • Industrialise deployment through Group Agentic Platform
Slide 21: AI-Enabled Transformation of the Software Development Model
21 AI-ENABLED TRANSFORMATION OF THE SOFTWARE DEVELOPMENT MODEL Key results in selected projects (to be scaled up in 2026-27) New approach to software development and delivery model 1 AI becomes the standard tool for software development Examples >90% lines of code written by AI Developers evolve int
Slide 22: Focus on Sustainability Rooted Excellence
22 FOCUS ON SUSTAINABILITY ROOTED EXCELLENCE Confirm commitment towards net-zero -60% -24.4% greenhouse gas emissions by 2050 emissions for emissions for GREEN investments vs 20191 insurance vs 20212 AND JUST TRANSITION Develop new climate transition solutions -48.5% +€8.7 Bn emissions for own inves
Slide 23: Group Financials
GROUP FINANCIALS Cristiano Borean Group Chief Financial Officer
Slide 24: 2025 Results in a Nutshell
24 2025 RESULTS IN A NUTSHELL Volumes 2024 2025 LFL Gross Written Premiums (€ Mn) 95,190 98,124 +3.6% Life (€ Mn) 61,434 61,943 +1.4% P&C (€ Mn) 33,756 36,181 +7.6% Life Net Inflows (€ Mn) 9,674 13,487 +42.5% Profitability 2024 2025 Operating Result (€ Mn) 7,295 8,004 +9.7% Adjusted Net Result (
Slide 25: 2025 Results in a Nutshell
25 2025 RESULTS IN A NUTSHELL • Gross Written Premiums grew by 3.6% with strong growth in P&C across all key geographies. The GWP growth in Life reflected the comparison with a very strong 2024 when Life GWP grew by 19.2% • Life Net Inflows recorded a very positive trend throughout 2025, reaching be
Slide 26: Record Operating Result Supported by All Business Segments
26 RECORD OPERATING RESULT SUPPORTED BY ALL BUSINESS SEGMENTS (€ Mn) +9.7% 611 18 172 (74) (18) 8,004 7,295 2024 Life P&C A&WM Holding & Other Consolidation 2025 businesses Adjustments 2025 4,154 3,663 1,194 (610) (397) 2024 3,982 3,052 1,176 (536) (379) Δ +4.3% +20.0% +1.5% +13.9% +4.8%
Slide 27: Record Operating Result Supported by All Business Segments
27 RECORD OPERATING RESULT SUPPORTED BY ALL BUSINESS SEGMENTS • The 9.7% yoy increase in the Operating Result was supported by a positive contribution from all lines of business with a particularly strong performance of P&C • Life Operating Result increased by 4.3% to over 4.1 Bn thanks to the growi
Slide 28: Best Ever Life Operating Result Led by Growing CSM Release
28 BEST EVER LIFE OPERATING RESULT LED BY GROWING CSM RELEASE Life Operating Result (€ Mn) 2024 2025 Operating Insurance Service Result 3,039 3,243 +6.7% CSM Release 2,986 3,223 +7.9% Risk Adjustment release 145 163 +12.5% Loss component (231) (105) -54.5% Experience variance and other technical r
Slide 29: Best Ever Life Operating Result Led by Growing CSM Release
29 BEST EVER LIFE OPERATING RESULT LED BY GROWING CSM RELEASE • The Life Operating Insurance Service Result increased by 6.7% yoy reflecting the following trends: • The CSM release increased to 3,223 Mn (2,986 Mn in FY24) driven by a higher CSM • The Loss Component improved significantly yoy. It was
Slide 30: Normalized CSM Growth of 4.2% in 2025
30 NORMALIZED CSM GROWTH OF 4.2% 1 IN 2025 Key sensitivities (€ Mn)4 (€ Mn)2 2,244 2,088 Equities +25% 2,353 1,492 (48) (2,369) 3,010 Equities -25%5 (2,436) (3,223) 346 Yield curve +50bps (116) 36,826 33,603 (433) Yield curve -50bps 30,283 63 (470) Corp spread +50bps (481) CSM New Expected Economic
Slide 31: Normalized CSM Growth of 4.2% in 2025
31 NORMALIZED CSM GROWTH OF 4.2% IN 2025 • The Life CSM increased by almost 11% to 33.6 Bn during FY25, driven by New Business CSM of 3.0 Bn • The expected return on the CSM included the effect of unwinding of discount (0.92 Bn) and the systematic variance due to expected realization of real-world a
Slide 32: Best in Class Life Net Inflows Thanks to All Business Lines
32 BEST IN CLASS LIFE NET INFLOWS THANKS TO ALL BUSINESS LINES Net Inflows mix by Line of Business in 2025 Net Inflows mix by Country (€ Mn) (€ Mn) 2024 2025 Unit Linked Protection Total 9,674 13,487 o/w Italy 1,536 1,686 o/w France 2,946 3,848 o/w Germany 881 1,421 6,608 o/w Austria 84 56 4,472 o/w
Slide 33: Best in Class Life Net Inflows Thanks to All Business Lines
33 BEST IN CLASS LIFE NET INFLOWS THANKS TO ALL BUSINESS LINES • Life Net Inflows were very strong, reaching 13.5 Bn in 2025 up from 9.7 Bn in 2024. Over 80% of the Life Net Inflows were generated by the two preferred lines of business, Hybrid & Unit Linked and Protection & Health • The Hybrid & Uni
Slide 34: Healthy New Business Value Growth
34 HEALTHY NEW BUSINESS VALUE GROWTH PVNBP New Business Margin = NBV * (€ Mn) (on PVNBP) (€ Mn) 55,098 +1.5% 55,552 5.40% +0.25 p.p. 5.66% 2,977 +6.2% 3,147 15,573 +0.9% 15,453 681 3.17% +1.25 p.p. 4.41% 493 +40.8% Traditional Saving 10,755 +9.8% 11,714 899 +11.5% 998 8.36% +0.13 p.p. 8.52% Protecti
Slide 35: Healthy New Business Value Growth
35 HEALTHY NEW BUSINESS VALUE GROWTH • PVNBP reached 55.6 Bn, up 1.5% yoy, supported by positive performance in most countries. • 2025 recorded very robust growth of 9.8% in Protection & Health with positive contributions across most regions • New Business Value amounted to 3,147 Mn, up 6.2% yoy dri
Slide 36: New Business Development by Country
36 NEW BUSINESS DEVELOPMENT BY COUNTRY PVNBP NBV New Business Margin (€ Mn) (€ Mn) (on PVNBP) 2024 2025 2024 2025 2024 2025 Total 55,098 55,552 2,977 3,147 5.40% 5.66% o/w Italy 20,691 18,757 1,226 1,108 5.92% 5.90% o/w France 14,079 14,799 559 578 3.97% 3.91% o/w Germany 8,656 9,083 401 397 4.63% 4
Slide 37: New Business Development by Country
37 NEW BUSINESS DEVELOPMENT BY COUNTRY • In Italy, NBV declined in line with the PVNBP trend, reflecting the exceptionally strong production recorded in 2024 to sustain Net Inflows in the Traditional Saving business. NBM was stable yoy at 5.90% with the positive effect of product and distribution mi
Slide 38: Increasing Life Current Return
38 INCREASING LIFE CURRENT RETURN Life segment General Account (%) €307 Bn €311 Bn Current return € Mn % Other 2024 7,882 3.3% 2.0% 2.2% Fixed income 2.5% Liquidity 2.3% 7.8% Real estate 7.7% 2025 8,130 3.3% 7.6% Equity 7.7% 2024 571 2.5% Equity 2025 741 3.1% 13.6% Other fixed income 14.3% 2024 950
Slide 39: Life Current Return Increasing
39 LIFE CURRENT RETURN INCREASING • Current income in Life increased by around +6% yoy in FY25, supported by higher contribution from fixed income investments, in particular bond funds and corporate bonds, and from equity investments, notably within alternative investments. The VFA portfolio amounte
Slide 40: Strong Top Line Development in Both P&C Business Lines
40 STRONG TOP LINE DEVELOPMENT IN BOTH P&C BUSINESS LINES Volumes (€ Mn) 2024 2025 LFL¹ Gross Written Premiums 33,756 36,181 +7.6% o/w Direct Premiums Motor 12,038 12,726 +7.5% o/w Direct Premiums Non-Motor 20,222 21,753 +7.3% Profitability 2024 2025 Combined Ratio Discounted 94.0% 92.6% -1.4 p.
Slide 41: Strong Top Line Development in Both P&C Business Lines
41 STRONG TOP LINE DEVELOPMENT IN BOTH P&C BUSINESS LINES • P&C premiums grew by 7.6% in 2025. Excluding Argentina, P&C premiums would have increased by 6.9% • Motor premiums grew by 7.5%. Without Argentina, Motor premiums would have grown by 5.7% • Non-Motor increased by 7.3%, achieving widespread
Slide 42: P&C Top Line Growth by Country
42 P&C TOP LINE GROWTH BY COUNTRY P&C Premiums Motor Premiums Non-Motor Premiums (€ Mn)1 (€ Mn)1 (€ Mn)1 2025 ∆ LFL2 2025 ∆ LFL2 2025 ∆ LFL2 Total 34,479 +7.4% 12,726 +7.5% 21,753 +7.3% o/w Italy 9,084 +5.5% 3,233 +4.4% 5,851 +6.2% o/w France 4,115 +7.3% 1,343 +5.1% 2,772 +8.4% o/w Germany 4,668 +6.
Slide 43: P&C Top Line Growth by Country
43 P&C TOP LINE GROWTH BY COUNTRY • Italy’s top line growth was driven by a healthy Non-Motor (+6.2%), which increased thanks to retail and corporate businesses, also favoured by the introduction of the mandatory Nat Cat coverage in 2025. Motor grew 4.4% with Genertel returning to positive GWP growt
Slide 44: Very Significant Improvement in the Undiscounted Combined Ratio
44 VERY SIGNIFICANT IMPROVEMENT IN THE UNDISCOUNTED COMBINED RATIO (%) -1.4 p.p. 94.0 0.6 92.6 0.2 0.9 28.8 (1.2) (2.0) 29.4 65.2 63.2 2024 CY LR undisc. Nat. Cat. CY Previous Expense 2025 (excl. Nat Cat) undisc. discounting years Ratio Expense ratio 2025 64.3% 1.7% -1.7% -1.1% 29.4% Loss ratio 2024
Slide 45: Very Significant Improvement in the Undiscounted Combined Ratio
45 VERY SIGNIFICANT IMPROVEMENT IN THE UNDISCOUNTED COMBINED RATIO • The Undiscounted COR improved by 1.6 p.p. to 94.3% driven by: • 1.2 p.p. improvement in the Attritional CY Loss Ratio at 64.3%, thanks to strong pricing and benign frequency trends, especially in the Motor line • A much lower impa
Slide 46: Reported Loss and Expense Ratio Impacted by Accounting Changes
46 REPORTED LOSS AND EXPENSE RATIO IMPACTED BY ACCOUNTING CHANGES Impact of Change in Man Made threshold from € 5 Mn to € 10 Mn in 2025 2024 2024 2025 vs. vs. REPORTED PRO FORMA1 REPORTED REPORTED PRO FORMA Man Made Claims (€ Mn) -405 -272 -271 +134 +1 Man Made impact on Loss Ratio 1.2% 0.8% 0.8
Slide 47: Reported Loss and Expense Ratio Impacted by Accounting Changes
47 REPORTED LOSS AND EXPENSE RATIO IMPACTED BY ACCOUNTING CHANGES • Starting from 1Q25, the threshold for Nat Cat and Man Made claims has been raised from 5 Mn to 10 Mn. This has meant that in 2025 more weather events and Man Made below the new accounting threshold were reported as core attritional
Slide 48: Widespread Improvement in the Undiscounted Combined Ratio
48 WIDESPREAD IMPROVEMENT IN THE UNDISCOUNTED COMBINED RATIO Discounted Undiscounted 2025 ∆ 2025 ∆ Italy 93.0% -1.1 p.p. 94.5% -1.2 p.p. France 94.0% -0.1 p.p. 97.0% -0.5 p.p. Germany 90.7% -1.8 p.p. 92.0% -1.9 p.p. Austria 91.7% -0.5 p.p. 93.3% -0.6 p.p. Switzerland 101.2% -0.5 p.p. 101.5% -0.7 p.p
Slide 49: Widespread Improvement in the Undiscounted Combined Ratio
49 WIDESPREAD IMPROVEMENT IN THE UNDISCOUNTED COMBINED RATIO • The improvement of the Undiscounted COR in Italy was driven by a 1.4 p.p. reduction of the CY attritional undiscounted Loss Ratio, in particular in Motor • The 0.5 p.p. improvement in the Undiscounted COR in France was led by a 1.1 p.p.
Slide 50: Very Strong Growth in P&C Technical Profitability
50 VERY STRONG GROWTH IN P&C TECHNICAL PROFITABILITY (€ Mn) +20.0% 667 27 (30) (53) 3,663 3,052 2024 Undiscounted Operating Current Year Insurance Finance Operating Investment 2025 Insurance Service Result Discounting Expenses Income 2025 2,007 606 (607) 1,657 2024 1,340 636 (634) 1,710 +49.8% -4.
Slide 51: Very Strong Growth in P&C Technical Profitability
51 VERY STRONG GROWTH IN P&C TECHNICAL PROFITABILITY • The Undiscounted Operating Insurance Service Result recorded a very strong growth of almost 50% yoy, benefitting from business expansion, a much better Current Year Attritional profitability and also 609 Mn less Nat Cat losses than in FY24. This
Slide 52: Rising P&C Current Return Excluding Argentina
52 RISING P&C CURRENT RETURN EXCLUDING ARGENTINA P&C segment General Account (%) 47 Bn 50 Bn Current return¹ € Mn % 2024 1,401 4.2% 5.5% Other 5.4% Fixed income2 2025 1,191 3.4% 10.3% Liquidity 9.2% 5.2% 2024 160 4.7% 5.9% Real estate Equity 7.6% Equity 7.0% 2025 197 5.5% 9.1% 2024 160 5.2% 8.0% Oth
Slide 53: Rising P&C Current Return Excluding Argentina
53 RISING P&C CURRENT RETURN EXCLUDING ARGENTINA • Without Argentina, the P&C current income increased by over 4% compared to FY24. Current income in P&C decreased by around 9% yoy in 2025, primarily driven by the lower current income from Argentina, following the strong decline in inflation in the
Slide 54: Asset & Wealth Management Operating Result at a New High
54 ASSET & WEALTH MANAGEMENT OPERATING RESULT AT A NEW HIGH Asset & Wealth Management (€ Mn) 20241 20252 Operating Result 1,176 1,194 +1.5% o/w Asset Management 616 662 +7.5% o/w Wealth Management (Banca Generali Group)3 560 532 -5.1% Asset Management (€ Mn) 20241 20252 AUM and margins Operating
Slide 55: Asset & Wealth Management Operating Result at a New High
55 ASSET & WEALTH MANAGEMENT OPERATING RESULT AT A NEW HIGH • The A&WM Operating Result was impacted by the lower contribution from Banca Generali (-5.1% vs FY24) reflecting lower performance fees, declining from 166 Mn in FY24 to 114 Mn in FY25. This was offset by a +7.5% increase in the Asset Mana
Slide 56: Holding & Other Businesses and Consolidation Adjustments
56 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS Holding & Other Businesses (€ Mn) 2024 2025 Other Businesses¹ 157 150 -4.2% Operating Holding Expenses (693) (760) +9.8% Total (536) (610) +13.9% Consolidation Adjustments (€ Mn) 2024 2025 Total (379) (397) +4.8% 1. It includes companie
Slide 57: Holding & Other Businesses and Consolidation Adjustments
57 HOLDING & OTHER BUSINESSES AND CONSOLIDATION ADJUSTMENTS • Other businesses decreased due to lower intragroup dividends, primarily from Generali Investments Holding ("GIH"). In addition, there was a one-off exit tax payment related to the closure of a foreign entity for 9 Mn booked in 1Q25. In 4Q
Slide 58: From Operating to Net Result
58 FROM OPERATING TO NET RESULT (€ Mn) Including: Components: Interest expenses on financial Investment result from FVTPL and foreign currency: -82 Mn Components: debt: -460 Mn Restructuring costs: -488 Mn Net realized gains and losses: 41 Mn Other Non-Operating Holding Net ECL and impairment losses
Slide 59: From Operating to Net Result
59 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 in 2024 and of a 164 Mn lower contribution from assets at FVTPL, almost entirely stemming from FX impact on private equity investments de
Slide 60: From Reported to Adjusted Net Result
60 FROM REPORTED TO ADJUSTED NET RESULT Weighted average number of shares (€ Mn) (Mn) 97 9 54 (17) 1,542 1,539 4,315 4,172 1,514 1,504 Net Net gains Amortisation P&L on Hyperinflation Adjusted 2023 2024 2025 Estimated 4 Result from of intangibles assets effect³ Net Result 2026 disposals¹ related to
Slide 61: From Reported to Adjusted Net Result
61 FROM REPORTED TO ADJUSTED NET RESULT • The Adjusted Net Result neutralizes these 4 elements: • The volatility stemming from the Mark to Market of investment and other financial instruments at Fair Value Through Profit and Loss (FVTPL) held in non-participating business and shareholder funds. This
Slide 62: Growing Recurrent Remittance from Subsidiaries
62 GROWING RECURRENT REMITTANCE FROM SUBSIDIARIES CONFIRMING THE STRONG CAPITAL MANAGEMENT FRAMEWORK Cash basis1 (€ Mn) 4,471 4,504 476 457 172 486 Other 577 531 Spain 385 245 CEE 671 655 Austria 676 703 Germany France Italy 1,515 1,427 2024 2025 of which Capital Management actions 14% 1. Remittance
Slide 63: Growing Recurrent Remittance from Subsidiaries
63 GROWING RECURRENT REMITTANCE FROM SUBSIDIARIES CONFIRMING THE STRONG CAPITAL MANAGEMENT FRAMEWORK • Very robust cash generation, with remittance from subsidiaries at €4.5 Bn - well on track to deliver the cumulative remittance target for 2025-27 (ca. €14 Bn) and confirming that the strong Capital
Slide 64: Healthy Net Holding Cash Flow with Lower One-Off Benefits
64 HEALTHY NET HOLDING CASH FLOW WITH LOWER ONE-OFF BENEFITS Cash basis1 (€ Mn) 2024 2025 Remittance from subsidiaries 4,471 4,504 (Re)insurance Cashflow 11 232 Interest & holding expenses (721) (974) Net Holding Cash Flow 3,761 3,762 Group dividend² (€ Bn) 2.2 2.5 Dividend Per Share³ (€) 1.43 1.64
Slide 65: Healthy Net Holding Cash Flow with Lower One-Off Benefits
65 HEALTHY NET HOLDING CASH FLOW WITH LOWER ONE-OFF BENEFITS • The Net Holding Cash Flow (“NHCF”) was broadly stable as compared to 2024, mainly driven by the following factors: • Robust Remittance thanks to increasing recurrent component, despite lower capital management actions • Higher (Re)insura
Slide 66: Shareholders' Equity Rollforward
66 SHAREHOLDERS’ EQUITY ROLLFORWARD (€ Mn) Includes 506 Mn of perpetual Restricted 4,172 Tier 1 bond +5.5% 622 (500) (333) (114) (2,172) 32,064 30,389 Shareholders' Δ in OCI Dividend 2025 Share Buyback LTIP Share Other Shareholders' Equity 2024 Result Buyback Equity 2025 Key sensitivities Changes in
Slide 67: Shareholders' Equity Rollforward
67 SHAREHOLDERS’ EQUITY ROLLFORWARD • The Shareholders Equity increased by 5.5% in 2025 compared to 2024 • The increase benefitted from the reported net result for the period, more than offsetting the dividend payment and the executed share buyback • The changes in Other Comprehensive Income were no
Slide 68: Extremely Solid Solvency 2 Ratio
68 EXTREMELY SOLID SOLVENCY 2 RATIO Eligible own funds vs. Required capital Key sensitivities (€ Bn) 6 p.p. Equities +25% 6 p.p. 210% 219% (7 p.p.) Equities -25%1 (7 p.p.) 3 p.p. Yield curve +50bps 2 p.p. (4 p.p.) 52.6 Yield curve -50bps (3 p.p.) 49.1 (2 p.p.) Corp spread +50bps (2 p.p.) 23.4 24.0 (
Slide 69: Extremely Solid Solvency Ratio
69 EXTREMELY SOLID SOLVENCY 2 RATIO • Over the last few years, the Group has reduced the Solvency 2 ratio volatility, in particular working on 3 key levers: • increasing weight of capital light products in Life with a higher fee-based profit signature • increased diversification through growth in P&
Slide 70: Solvency Supported by Healthy Capital Generation
70 SOLVENCY SUPPORTED BY HEALTHY CAPITAL GENERATION (€ Bn) Own Excess Funds SCR Own Funds1 Solvency 2 ratio (%) 2024 49.1 23.4 25.7 210% Regulatory changes (0.7) 0.0 (0.7) (3 p.p.) Normalized Capital Generation 5.5 0.3 5.2 +20 p.p. Market Variances 1.7 (0.7) 2.4 +14 p.p. Non-economic Variances (0.2)
Slide 71: Solvency Supported by Healthy Capital Generation
71 SOLVENCY SUPPORTED BY HEALTHY CAPITAL GENERATION • The normalised capital generation (+20 p.p.) which includes the full impact from the share buyback for the Long-Term Incentive Plan (LTIP) executed in 2025, increased to 5.2 Bn (4.8 Bn FY24) and was supported by the performance of all business se
Slide 72: 2025 Capital Generation at 5.2 Billion
72 2025 CAPITAL GENERATION AT 5.2 BILLION (€ Bn) Total Normalized Own Funds SCR¹ Capital Generation Life 2.1 1.6 (1.7) 1.5 3.5 P&C 2.2 (0.1) 2.1 Financials 0.7 0.0 0.7 Holdings (1.1) 0.0 (1.1) Total Normalized 5.5 (0.3) 5.2 Capital Generation Life New Business Other Capital Generation drivers 1. Pos
Slide 73: 2025 Capital Generation at 5.2 Billion
73 2025 CAPITAL GENERATION AT 5.2 BILLION • Life contributed with almost 14 p.p. of Capital Generation, driven by the sound contribution of Solvency 2 Value New Production. Compared to 2024, Life recorded a lower benefit from unwinding due to the drop in interest rates and a marginally higher SCR ne
Slide 74: Final Remarks
74 FINAL REMARKS Operating Result rose to €8 Bn (+9.7%), thanks to the contribution of all business segments Best-in-class Life Net Inflows at €13.5 Bn led by Protection & Health and Hybrid & Unit Linked Undiscounted COR continued its very positive development to 94.3% (-1.6 p.p.) Asset Management O
Slide 75: Backup
ios. GENERALI BACKUP
Slide 76: Quarterly Results (1/4)
76 QUARTERLY RESULTS (1/4) (€ Mn) 4Q24 4Q25 1 Gross Written Premiums 24,469 25,047 +3.3%1 Life 15,766 15,700 +0.4%1 P&C 8,703 9,347 +8.6%1 o/w Direct Motor 2,900 3,114 +8.7%1 o/w Direct Non-Motor 5,359 5,635 +6.6%1 Life Net Inflows 2,852 3,117 +12.7%1 Total Operating Result 1,898 2,063 +8.7% Life O
Slide 77: Quarterly Results (2/4)
77 QUARTERLY RESULTS (2/4) (€ Mn, %) 4Q24 4Q25 P&C Operating Result 842 927 +10.0% Combined Ratio 93.9% 93.3% -0.6 p.p. Loss Ratio 64.2% 62.8% -1.4 p.p. Current year Loss Ratio 66.4% 62.6% -3.8 p.p. Current year Loss Ratio Undiscounted (ex Nat Cat) 64.3% 63.7% -0.6 p.p. Nat Cat losses Undiscounted
Slide 78: Quarterly Results (3/4)
78 QUARTERLY RESULTS (3/4) (%) 4Q24 4Q25 Pro-forma1 Combined Ratio 93.9% 93.3% -0.6 p.p. Loss Ratio 64.2% 62.8% -1.4 p.p. Current year Loss Ratio 66.4% 62.6% -3.8 p.p. Current year Loss Ratio Undiscounted (ex Nat Cat) 64.5% 63.7% -0.8 p.p. Nat Cat losses Undiscounted 3.0% 0.2% -2.8 p.p. Man Made l
Slide 79: Quarterly Results (4/4)
79 QUARTERLY RESULTS (4/4) (€ Mn) 4Q24 4Q25 Asset & Wealth Management Operating Result 339 351 +3.4% o/w Asset Management 225 233 +3.4% o/w Wealth Management (Banca Generali Group) 114 118 +3.5% Holding & Other Businesses Operating Result -179 -211 +18.1% o/w Other Businesses 18 22 +20.5% o/w Oper
Slide 80: 2026 Nat Cat Reinsurance Program
80 2026 NAT CAT REINSURANCE PROGRAM Optimized Cat per-event reinsurance protection coupled with more effective Cat Aggregate (€ Mn) Cat Per Event (€ Mn) Cat Aggregate 2,700 1,750 2,000 1,700 550 1,300 1,200 250 300 300 300 300 100 EU EU Rest of the Worldwide, all Nat Cat perils Italy EU flood windst
Slide 81: Reconciliation Between IFRS Equity and Solvency 2 Own Funds
81 RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY 2 OWN FUNDS (€ Bn) (12.2) 9.4 (5.9) 3.4 (2.5) 24.1 1.2 6.3 (3.4) XAL Adjustment: €1.1 Bn 52.6 51.5 32.1 Group Net CSM Minority Intangibles Scope Valuation Net Excess of Subordinated Deductions & Foreseeable Group Shareholders’ interests differences
Slide 82: Assets Under Management
82 ASSETS UNDER MANAGEMENT Total Portfolio: €900 Bn Breakdown of General Account (%) (%) 8 Italy 20 33 France Germany By Owner 2 CEE Rest of Europe 18 19 Rest of the World 43 42 4 2 7 7 Equity & equity-like Fixed income investments By Asset Class Real estate investments 15 Cash & cash like Other 80
Slide 83: Fixed Income Portfolio by Rating
83 FIXED INCOME PORTFOLIO BY RATING Total Portfolio: €303 Bn Corporate Fin.: €40 Bn1 Corporate Non Fin.: €67 Bn Government: €141 Bn (%) (%) (%) (%) 1 1 5 18 Other fixed Income 22 14 9 1 6 8 13 8 25 37 32 22 Corporate Non Fin. 13 37 59 40 Corporate Fin. AAA AA A BBB Not Investment Grade Not Rated 47
Slide 84: Fixed Income Portfolio by Country
84 FIXED INCOME PORTFOLIO BY COUNTRY Total Portfolio: €303 Bn Corporate Fin: €40 Bn1 Corporate Non Fin.: €67 Bn Government: €141 Bn (%) (%) (%) (%) 10 7 16 18 Other fixed Income 8 6 25 15 15 1 13 24 22 Corporate Non Fin. 8 11 2 34 14 1 2 9 13 Corporate Fin. 48 33 Italy France Germany CEE Rest of Eur
Slide 85: Equity & Equity-Like
85 EQUITY & EQUITY-LIKE Alternative Funds: €16 Bn Listed and Unlisted1 Total Portfolio: €28 Bn 12 1 (%) (%) (%) 48 52 27 87 Life P&C Other Listed Unlisted Direct Equity and Asset 56 Allocation Funds: €12 Bn Split by country1 17 8 7 1 14 8 6 30 (%) (%) Direct Equity Asset Allocation Funds Alternative
Slide 86: Real Estate
86 REAL ESTATE Total Portfolio: €33 Bn1 Breakdown by Country3 (%) • Leverage: approximately 30% on RE funds 1 23 Italy • Occupancy rate: Net vacancy rate < 5%2 33 France • FY25 Rental cash inflows: €1.3 Bn Germany 1 (%) CEE Breakdown By Utilisation4 13 Rest of Europe Rest of the World 29 15% 85% Bre
Slide 87: Private Debt
87 PRIVATE DEBT Split by geography2 Split by seniority1,3 Total Portfolio2: €19.8 Bn 13 (%) 51 22 (%) (%) 31 65 16 94 Senior secured Junior/Medium Europe USA Other Blend 55 Split by rating2, 3, 5 25 Split by currency2, 3, 4 6 13 23 26 10 (%) Direct Lending Infrastructure Debt (%) Real Estate Asset B
Slide 88: Life Investment Income
88 LIFE INVESTMENT INCOME Life segment General Account 2025 (%) VFA Non-VFA €273 Bn €38 Bn VFA Non-VFA Current return¹ 1.9% 1.4% (€ Mn) % (€ Mn) % 8.1% 8.0% 5.8% 2024 8,363 3.1% 1,427 4.1% 7.8% Total² 37.4% 4.8% 37.1% 2025 9,009 3.3% 1,392 3.8% 6.7% 14.1% 15.6% VFA Non-VFA 29.4% 21.9% 2025 Reinvestm
Slide 89: Reconciliation with Group Disclosure on External Clients
89 RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS (€ Bn) 33 79 384 273 AM External Wealth Pension Funds Group External Clients Assets Management & Others Clients Assets
Slide 90: Focus on Asset Management – AUM
90 FOCUS ON ASSET MANAGEMENT – AUM (€ Bn) 9.6 -4.2 4.5 712 6.5 695 Of which ca. -26 Bn€ FX Effect 2024 AuM Group Net Third Parties Market Effect, FX & Other Perimeter changes 2025 AuM Flows 1 Net Flows AUM Sensitivities 2025 Interest rate +/- 50 bps -/+2-3% Equity +/- 25% +/-2% USD/EUR +/- 10%2 -/+2
Slide 91: Focus on Financial Debt
91 FOCUS ON FINANCIAL DEBT Average cost, maturity and Total financial debt interest expenses on financial debt (€ Mn) 2024 2025 11,160 11,194 Average cost (%) 4.16% 4.11% 102 90 Subordinated/Hybrid 4.24% 4.19% Senior 3.51% 3.51% 9,784 9,806 Average maturity (years) 4.9 4.8 Interest expenses 493 460
Slide 92: FY2025 Debt Maturity Profile and Financial Leverage
92 FY2025 DEBT MATURITY PROFILE AND FINANCIAL LEVERAGE (€ Mn) 5001 €1.25 Bn limit 850 500 600 500 500 1,250 1,000 850 406 750 750 750 500 500 500 500 150 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Green bonds Sustainability bonds Green bonds Subordinated Refinanced Hybrid Refinanced Subo
Slide 93: High Quality Capital Mix: Tier 1 Capital 83% of Total Own Funds
93 HIGH QUALITY CAPITAL MIX: TIER 1 CAPITAL 83% OF TOTAL OWN FUNDS Tiering of Solvency capital Applicable Solvency limits 2025 Solvency II 2025 € Bn % of total limits Generali Tier 1 43.7 83% < 20% 2% Restricted Tier 1 of total Tier 1 of total Tier 1 Unrestricted Tier 1 42.8 81% Restricted Tier 1 0.
Slide 94: Focus on Solvency Capital Requirement
94 FOCUS ON SOLVENCY CAPITAL REQUIREMENT (€ Bn) Pre-diversification SCR by region 2025 SCR before diversification 37.9 11% AG & Holdings 25% 32% Italy (%) Germany Diversification (9.8) France, EA and GBL 6% CEE 11% Rest of the World 15% Taxes (5.5) 2025 SCR excl. 22.6 Pre-diversification SCR by type
Slide 95: LTP27 Baseline and 2025 Results for Generali 2027 Strategy
95 LTP27 BASELINE AND 2025 RESULTS FOR GENERALI 2027 STRATEGY LTP27 FY25 Baseline Adjusted1 Net Result €3,769 Mn €4,315 Mn EPS €2.45 €2.85 DPS2 €1.28 €1.64 Insurance Cost/Income ratio3 59.1% 59.9% Return on S2 Risk Capital 16.5% 18.2% 1. Based on the Group’s Adjusted Net Result definition 2. The LTP
Slide 96: LTP27 Baseline and 2025 Results: Life
96 LTP27 BASELINE AND 2025 RESULTS FOR GENERALI 2027 STRATEGY: LIFE Baseline FY25 Protection & Health NBV CAGR: Protection & Health NBV 0.9 Bn 1.0 Bn Hybrid & Unit Linked NBV CAGR: Hybrid & Unit Linked NBV 1.6 Bn 1.5 Bn PH&A Net Insurance Service Result 1.7 Bn 1.9 Bn PH&A CoR Proxy 90.2% 89.6% Life
Slide 97: LTP27 Baseline and 2025 Results: P&C / Other
97 LTP27 BASELINE AND 2025 RESULTS FOR GENERALI 2027 STRATEGY: P&C / OTHER Baseline FY25 P&C GWP CAGR: P&C Gross Written Premiums 33.8 Bn 36.2 Bn P&C Non-Motor GWP CAGR: P&C Non-Motor Gross Written Premiums1 20.2 Bn 21.8 Bn P&C SMEs GWP CAGR: P&C SME Profitable Growth2 5.7 Bn 6.1 Bn Europ Assistance
Slide 98: LTP27 Baseline and 2025 Results: Sustainability & Other
98 LTP27 BASELINE AND 2025 RESULTS FOR GENERALI 2027 STRATEGY: SUSTAINABILITY & OTHER Baseline FY25 -30% by 2030 vs. 2021 emission intensity of selected portions of Personal 0.35 ktCO2e/€ Mn 0.26 ktCO2e/€ Mn Motor Insurance Portfolio -40% by 2030 vs. 2021 emission intensity of selected portions of t
Slide 99: Generali 2025 ESG Ratings Performance
99 GENERALI 2025 ESG RATINGS PERFORMANCE 2025 CSA score: 85 2025 CSA percentile: 97th 2025 ESG Rating: Currently part of Dow Jones AAA Best-in-Class Europe & World indices 2025 ESG Risk Rating: 2025 Climate Score: 14.2 Low Risk A-
Slide 100: What's Next in 1H26
100 WHAT’S NEXT IN 1H26 Corporate Events March, 19 June, 25 April, 23 May, 21 LONDON MUNICH EXPLORING ANNUAL 1Q 2026 EXPLORING GENERALI: GENERAL RESULTS GENERALI: DEEP DIVE ON MEETING DEEP DIVE ON FINANCE GERMANY Morgan Stanley HSBC Global Deutsche Bank Goldman Sachs Mediobanca Conference Investment
Slide 101: Contacts
101 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 Relati
Slide 102: Methodological Notes
102 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 Cor
Slide 103: Disclaimer
103 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 104: Generali
GENERALI
Assicurazioni Generali — FY2025 Earnings Presentation on 6ix