Presentation of Results at 31 December 2025 (Generali FY25 presentation)

Strategy overview

Group financials

2

AGENDA

Backup

Philippe Donnet

Group Chief Executive Officer

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 and Hybrid & Unit Linked. New Business Value at €3.1 Bn (+6.2% yoy). Life CSM at €33.6 Bn (+11% yoy)

Total Group AUM at €900 Bn, with €384 Bn managed for Third-Party Clients. Asset Management

Operating Result up by 7.5% yoy thanks to the contribution of Conning Holdings Limited

Highest ever adjusted Net Result at €4.3 Bn (+14.5% yoy). Adjusted EPS of €2.85 (+16.2% yoy), reflecting strong underlying business performance and ongoing focus on value creation

Extremely solid Solvency 2 ratio at 219%, supported by healthy normalized capital generation

Proposed DPS of €1.64 (+14.7% yoy) and new €500 Mn share buyback for 2026, reflecting the ongoing

commitment to growing shareholder returns

OUTSTANDING START TO "LIFETIME PARTNER 27: DRIVING EXCELLENCE"

STRONG EARNINGS

PER SHARE GROWTH

8-10%

EPS CAGR1

2024-2027

SOLID CASH

GENERATION

>€11 Bn

Cumulative Net Holding Cash Flow2

2025-2027

INCREASING

DIVIDEND PER SHARE

>10%

DPS CAGR2,3 2024-2027

with a ratchet policy

EPS CAGR 2025 vs 2024

Net Holding Cash Flow 2025

€1.64 DPS4 in 2026

vs €1.28 LTP27 plan

baseline

1. 3-year CAGR based on the Group's Adjusted Net Result

2. Expressed on cash basis

3. 3-year CAGR with baseline for Lifetime Partner 2027 Plan at €1.28 per share

4. Subject to all relevant approvals

STRONG COMMITMENT TO GROWING SHAREHOLDER RETURNS

DIVIDEND AT €1.64 AND NEW €500 MN BUYBACK PROPOSALS UNDERPIN

Dividend Per Share (DPS)

(€)

1.47

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0.461

Proposed DPS up 14.7% yoy to €1.643

Annual General Meeting: April 23rd, 2026

Ex-dividend date: May 18th, 2026

Payment date: May 20th, 2026

1. The Dividend Per Share of €1.47 proposed for the 2020 financial year was split into two tranches of €1.01 and €0.46. The first tranche represented the ordinary pay-out from 2020 earnings while the second one was related to the second part of the 2019 dividend, which was retained due to supervisory recommendations during the Covid-19 pandemic

2. Baseline for Lifetime Partner 2027 Plan

3. Subject to all the relevant approvals

RECORD-HIGH RESULTS ACROSS OPERATING AND ADJUSTED NET METRICS

Operating Result

(€ Mn)

2024

2025

Adjusted Net Result

(€ Mn)

Asset Management Operating Result

(€ Mn)

616

662

Adjusted Earnings per Share

(€)

P&C Operating Result

(€ Mn)

3,052

3,663

Life Net Inflows

(€ Mn)

13,487

9,674

2024 2025

2024 2025

2024 2025

ACCELERATING GROWTH IN OPERATING RESULT

Operating Result1

(€ Mn)

+7.4%

8,004

CAGR

2018 2019 2020 2021 2022 2023 2024 2025

1. Data 2018-2021 as disclosed based on historical IFRS4, since 2022 based on IFRS17

PRICE AND VOLUME EFFECTS SUPPORT P&C GROWTH

Europ Assistance: 14.7% yoy growth mainly driven by Volume effect, Price effect broadly in line with what is observed in Retail and SME

2025 P&C Gross Written Premiums (%) 2025 Price and Volume effects

Group GWP €36.2 Bn

36%

33%

10%

6%

15%

Motor

Non-Motor Retail/SME Accident, Health and Disability Europ Assistance

Corporate & Commercial

RETAIL + SME: 84%

1. The scope of the analysis is equal to ~90% of the Group P&C Retail + SME business in force at YE25, and excludes Europ Assistance and Argentina

2. Price effect measured as the yoy change of the Average Annual Premium for risks in-force at the date of observation; Volume effect measured as the yoy change of the risks in-force at the date of observation

EXCELLENT UNDERLYING TECHNICAL PROFITABILITY IN P&C

Undiscounted Operating Insurance Service Result

€2 Bn

in 2025

+50%

year-on-year growth

vs. 2024

P&C Gross Written Premiums

(€ Bn)

Undiscounted COR

(%)

+7.6%1

1. Delta percentage change on a like-for-like basis: constant perimeter and exchange rates

STRONG UNDERWRITING DISCIPLINE IN LIFE NEW BUSINESS

28%

NBP w/o guarantee

NBP with guarantee

72%

Reinvestment yield

3.7%

Average guarantee on

guarantee-linked NBP

>300 bps

0.6%

Reserves w/o financial guarantee

Guarantee-linked reserves

44%

56%

Current return

3.4%

Average guarantee on

guarantee-linked reserves1

>220 bps

1.1%

Breakdown of Life reserves

Breakdown of Life New Business Premiums (NBP)

1. Calculated on General Account

2. After minorities

PROTECTION, HEALTH & ACCIDENT IS A KEY FOCUS AREA OF LTP27 PLAN

2025 Gross Written Premiums (€98.1 Bn)

Savings, Pension & Unit Linked1

€46.5 Bn

Protection,

Health

& Accident

€21.4 Bn

Motor

& Non-Motor2

€30.2 Bn

Health & Accident5 (P&C)

ca. 28%

Health4 (Life) ca. 29%

Protection3 (Life)

ca. 43%

Steady growth in Protection & Health in all geographies

Acceleration in Health lines, leveraging market demand and focused distribution

PVNBP of Protection riders included in Traditional Savings, Hybrid & Unit Linked reached €1.9 Bn in 2025

PH&A Net Insurance Service Result6 reaching

€1.9 Bn in 2025 (+11% yoy), with a Proxy CoR7 of ca. 90%

1. Excludes Protection & Health riders allocated to the "Life - Traditional Savings" and "Life - Hybrid & UL" reporting lines

2. Excludes Health & Accident

3. Death, Disability, Critical Illness and Long-Term Care. Includes the Protection component of the "Life - Protection & Health" reporting line, plus the Protection riders allocated to the "Life - Traditional Savings" and "Life - Hybrid & UL" reporting lines

   
   
   

4. Medical Expenses. Includes the Health component of the "Life - Protection & Health" reporting line, plus the Health riders allocated to the "Life - Traditional Savings" and "Life - Hybrid & UL" reporting lines

5. Includes Medical Expenses, Income Protection and Workers Compensation allocated to P&C

6. PH&A Net Insurance Service Result Lifetime Partner 2027 Plan target: >€2 Bn, with CAGR 2024-2027 >7%

7. Calculated as 1-("Net Insurance Service Result" / "Gross Insurance Revenue")

DRIVING EXCELLENCE IN PROTECTION, HEALTH & ACCIDENT

ACCELERATED BUSINESS GROWTH

Distribution & Service focus

Increase distribution network activation and health service scale-up

• Focus on increasing distribution network activation

• Launch of new health value propositions for target segments

• Europ Assistance to setup Health Service Factory to scale-up

  top-quality service across BUs

  
  
  
  
  

  AUGMENTED TECHNICAL PROFICIENCY

  Technical

  Excellence

  Scale distinctive capabilities to strengthen profitability

  • Steady focus on insurance discipline and capabilities

  • Structured monitoring of key global trends (e.g.; longevity) to be translated into business-impact initiatives

Group Data Platform & Demographic Hub

Central assets with cross-functional impact

ENHANCED

EFFECTIVENESS

AI & Automation

Leverage GenAI & Data to expand automation across the Group

• Expanded Claims and Underwriting automation

• Leverage central assets and Gen-AI

• Focus on customer satisfaction

• AI used also to generate business insights

‌CONTINUED STRATEGIC DEVELOPMENT OF ASSET & WEALTH MANAGEMENT

A&WM Contribution to Group Operating Result

(%)

2016

2025

€384 Bn of Third-Party AUM at FY25, from around €50 Bn a

decade ago

Life and Asset Management relationship continues to deliver healthy synergies, with ca. 2/3 of Unit Linked flows managed by the Group's AM companies

Banca Generali surpassed €110 Bn of Total AUM. Insurbanking initiative to deliver additional benefits for the Group in the coming years

ONGOING COMMITMENT TO LIFETIME PARTNER AMBITION

#1 Position R-NPS¹ Multiholding Customer Base

Generali

Peer 1

Peer 2

Peer 3

22.4

21.3

18.4

15.2

(Mn)

2025

2027

Target

24

1. RNPS Research (2019-2025), covering 23 countries and 1,212,000 respondents.

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

SCALE APPLICATION ACROSS PROCESSES AND BUSINESSES

The plan is anchored in the scaled deployment of 16 flagship AI use cases across the entire Group, designed to transform core functions

In addition, new disruptive (agentic) AI use cases are being scouted and tested, also through partnerships with leading research institutions such as the MIT

The strong innovation commitment has already delivered effective Agentic AI applications in Claims Management, Agentic Coding and the development of the first AI Agents

Very significant workforce enablement effort on AI/GenAI with targeted hiring and training

AI & DATA DRIVEN EXCELLENCE: STRONG PROGRESS IN 2025

AI & Data Excellence Program

Deployment of 16 AI/GenAI flagship use cases at scale, powered by global AI engines

Identification of new disruptive (agentic) AI/GenAI applications, also through strategic collaboration with MIT

GenAI at scale for personal productivity

Appropriate AI organization and seamless access to Group capabilities for all Business Units

Common platforms (Group Data Platform, agentic

platform) and Group-wide AI governance processes GenAI upskilling across all functions and business areas

ca. €100 Mn

bottom-line run rate impact from AI/GenAI unlocked at FY25

ca. 60%

global flagship applications live today (>90% planned for 2027)

>75

AI apps live on the Group platform at FY25, generating >20 Mn API calls/month, adopted by 27 Business Units through global AI engines

7

new use cases within the MIT collaboration, paving the way for new or enhanced global AI engines by 2027

>3,000

software developers equipped with GenAI tools and over 15,000 employees trained on GenAI

16 AI/GENAI FLAGSHIP USE CASES TRANSFORMING OUR VALUE CHAIN

PRICING

UNDERWRITING

END-TO-END CLAIMS

SMART OPERATIONS

KEY PRINCIPLES

Focus on use cases with adoption by design

No pilots with unclear benefits

Predictive models and automation are still key drivers of impact, with GenAI leading new wave of opportunities through Agentic AI

• P&C pricing sophistication with machine learning based elasticity and multi-year profit optimization

• Market pricing intelligence

• Advanced weather risks models (e.g., hail, windstorm), also with geospatial analytics

• Intelligent documents processing for underwriting automation - risk scoring, policy drafting

• Geo intelligence for insured value assessment from AI-extracted building features like floor size, height

• Geo intelligence for risk profiling, from AI processed vulnerability features like roof shape/orientation, building material, solar panels

• Motor docs processing - data extraction from accident forms, authority reports

• Non-Motor docs processing -repair invoices, estimates

• Health claims settlement automation - extract data from receipts, classify treatments, auto-settlement

• Intelligent steering - route to most cost-effective repairer

• Automated damage assessment - image-based ML assessment of vehicle damage

• Advanced fraud detection, combining ML with AI agents e.g., for docs/image processing

• Claims handling assistant/ agentic claim - end-to-end agentic orchestration of complex claim summaries, expert evaluations and next best actions

• Automatic processing of inbound flows - AI extracts, classifies, and routes emails, forms, and unstructured docs

• Inbound phone calls end-to-end automation, through conversational GenAI agents

• GenAI for IT/software development (agentic chain for coding, automated testing)

  
  
  

  AI IMPLEMENTATION IS REVOLUTIONARY FOR OUR CLAIMS MANAGEMENT

  Automatic opening of claims (from email, voice bot, webapp - including image acquisition) and document processing (e.g., extracts >50 data fields and unstructured data from accident reports or repair invoices)

  Automatic triage to best handling process (cash, repair, total loss)

  Intelligent steering to most cost-effective repairer (e.g., compares thousands of granular spare parts and labor rates across repairers)

  Damage detection/assessment with image analytics (e.g., analyses >20 different vehicle panels for damage classification)

  Fraud detection, also with GenAI on docs/images

  Agentic AI for end-to-end automated claims handling, including a GenAI

  "digital buddy" for human handler assistance

  LONG-TERM RUN RATE POTENTIAL

  >40%

  efficiency/productivity gain with AI and Agentic AI

  -80%

  handling time reduction

  +3%

  claims payout reduction

  
  
  
  
  
  
  

  BEYOND FLAGSHIP INITIATIVES: SCALING AGENTIC AI, INNOVATION AND BUSINESS INSIGHTS FACTORY

  
  
  

  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 to ensure compliance, reuse and cost efficiency

    DEPLOYMENT OF GENERATIVE AI INNOVATION AND INSIGHT FACTORY

  • Advance new GenAI apps beyond the 16 flagship use cases to create a competitive advantage

    in the medium term in strategic areas (e.g., environment & health risk intelligence)

  • Prioritise industrialization of the most promising apps on Group platforms to enable rapid cross-BU adoption

  • Industrialise cross-BU analytics on the expanding Group Data Platform - through a Global Insight Factory that converts Group-wide data into reusable insights and data products powered by AI agents

    ENHANCING ADVISORS PRODUCTIVITY THROUGH DIGITAL TOOLS AND AGENTIC AI

  • Make our digital channels accessible to AI tools and our products easily machine readable, to protect and increase our visibility in the new AI world

  • Augment our insurance agents productivity through LLMs (e.g., pre-qualified leads with clearer intent, faster needs analysis and better explanation of coverage and exclusions)