SlideShare a Scribd company logo
1 of 64
Download to read offline
© Generali March 13, 2014 2013 Results
GENERALI GROUP
2013 Results
The power of Discipline, Simplicity and Focus
Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group.
Net income, Shareholders’ Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities.
The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).
© Generali March 13, 2014 2013 Results
Agenda
2
- Business Overview Page 3
Mario Greco – Group CEO
- 2013 Group Financials Page 12
Alberto Minali – Group CFO
- Backup Page 41
© Generali March 13, 2014 2013 Results
Agenda
3
I. Business Overview
Mario Greco – Group CEO
© Generali March 13, 2014 2013 Results
4
The power of Discipline, Simplicity and Focus
Satisfactory results allow normalisation of dividend policy
CEO – Business overview
€1.6bn
Outstanding €2.4bn
Announced /
Completed
1.3
1.7
0.9
0.1
1.9
2009 2010 2011 2012 2013
16.7 17.5
15.5
19.0 19.8
2009 2010 2011 2012 2013
142%
132%
117%
145%
141%
>150%
2009 2010 2011 2012 2013 Current
0.35
0.45
0.20 0.20
0.45(1)
2009 2010 2011 2012 2013
Progress on disposals and
recovering profitability
Improving
capital position
Dividend policy starting to
normalise
Disposals achieved vs. target
Net Profit (€bn)
Shareholders’ equity
Solvency I Ratio
Dividend per share
(1) Proposed
© Generali March 13, 2014 2013 Results
5
The power of Discipline, Simplicity and Focus
Minority buy-outs: Creating a simpler, more effective organisation
CEO – Business overview
% of operating
profit(1)
Ownership
status end
2012
Expected
Ownership
status end
2014
Italy 38% 100% 100%
Germany 14% 93% 100%
France 13% 100% 100%
CEE 10% 51% 100%
(1) % of FY13 insurance operating profit (Life + P&C)
 In addition to disposing of assets, we have committed €~2.9 bn to buy out the minorities
in some of our major operations
 Full ownership is critical for us to reap the benefits of a simpler and more effective
organisation
© Generali March 13, 2014 2013 Results
The power of Discipline, Simplicity and Focus
We significantly increased our cost saving ambitions
CEO – Business overview
2015
600
750
1,000
2015
P&C and
others
Life
2016
400
300
450
600
Target gross savings(1)
€ m
November 2013
Investor Day
Jan 2013
Investor Day
(1) Before the effect of inflation and growth investments
 In November, we
increased our planned
cost saving ambitions,
to total € 1 bn by 2016
 Technical Excellence
and other initiatives are
expected to generate a
further € 1 bn gross
operating impact by
2016
6
© Generali March 13, 2014 2013 Results
FY12 FY13 D 2015 TARGETS
Operating RoE (%) 11.3% 12.1% +80bp >13%
Expected net free surplus (€ bn) 1.5 2.1 +38% > € 2 bn
Debt leverage (%) 40.4% 39.6% -80bp < 35%
Interest cover (x) 3.6x 4.2x +0.5x ~ 7x
Solvency I (%) 145% 141% -4%pts. > 160%
7
Underlying business performance remains solid
CEO – Business overview
We are on track to meet 2015 targets despite market headwinds
 Profitability improved: Operating RoE up 80bp
 Cash flow (Free surplus measure): Strongly improved, already exceeded 2015 target
 Solvency: ~150% at end February (>150% adjusting for ineligible subordinated debt)
 Leverage: Expected to fall this year as we repay debt, as committed in November, also further
boosting interest cover
~ 150% at end
Feb(1)
(1) Before replacement of ineligible subordinated debt at year end
© Generali March 13, 2014 2013 Results
8
Key business highlights 2013
CEO – Business overview
CEE
 Acquisition of outstanding minorities announced
January 2013
 A major force in the region (#4 insurance group,
with ~6% market share)
 Full management control from April 2013
 New management acted quickly to protect or
improve profitability
 Consistently excellent combined ratio, also in 2013
despite significantly higher Nat Cat
85%
90%
95%
100%
2009 2010 2011 2012 2013
Combined Ratio, Group Combined Ratio, CEE
5 year average CEE combined ratio
89.6%
Italy
 Leading market positions (#1 in Life and Non-Motor
P&C; #2 in Motor P&C)
 Creation of Generali Italia achieved, through merger
of Generali, INA, and Toro
 Rolling out of Generali IT platform to former INA
and Toro networks
 Product simplification underway (70% reduction
in number of products)
 Integration complete by mid 2016
 Significant improvement in Insurance profitability
already in 2013 (+16%)
 Another good year for Banca Generali, operating
profit +16%
945 1,008
431
591
2012 2013
Operating profit, Life Operating profit, P&C
Operating profit
+16%
1,376
1,599
© Generali March 13, 2014 2013 Results
9
Key business highlights 2013
CEO – Business overview
Asia
 Acquisition of outstanding minorities of Generali
Asia (controlling Philippines, Thailand, and
Indonesia) announced November 2013
 Limited overall size in the region, but
 Gross premium growth ~20%, approaching €1bn
 Biggest non-Chinese company in China,
contributing € 656 m of premiums and €25m of
operating profit in FY13
 Indonesia second largest market, approaching €
100 m of premiums following a doubling of
volumes(1) in FY13
Germany
 Acquisition of outstanding minorities announced
July 2013
 #2 player in the German market
 Leadership position in protection and unit linked
 Taking market share in a hardening motor market
(premiums +4.8% YoY, +10% in Motor), with
combined ratio better than market average
CAGR in Asia Gross Premiums
+20%
50%
28%
22%
Savings
Protection
Unit linked
Life insurance: Share of unit linked &
protection premiums
50%
676
819
981
2011 2012 2013
(1) At constant exchange rates
© Generali March 13, 2014 2013 Results
10
2014: Transformation and delivery
Our revolution of simplicty, discipline and focus will continue at pace
CEO – Business overview
Priorities and expectations for 2014
 Completion of minority acquisitions in Central
and Eastern Europe and Germany
 Further reduce leverage with retiring of at least
€ 700 m of debt, and continue working towards
our Solvency target
 Delivery of € 300 m in cost savings, as part of
our € 1 bn promise by 2016
 Further capitalise on our strong position in
Direct, where we are already a market leader
with > € 4 bn of premiums
 Exploit technical excellence in P&C to
maximise competitive advantage and
rebalance business and in Life to optimise risk
and return
 Further reduction in liquidity, diversification of
investment portfolio, and exit of pacts
 Major progress of restructuring in Italy
The path as we laid out in November
© Generali March 13, 2014 2013 Results
Our vision for Generali in 2015
© Generali March 13, 2014 2013 Results
11CEO – Business overview
 Superior customer acquisition
and retention; focus on retail
and affluent space
 Consistent technical excellence
and tight control
of costs
 Focused on core insurance
business, with greater
contribution from P&C
 Stronger capital position and
disciplined balance sheet
management
The mission is to deliver top quartile
shareholder returns and profitability
© Generali March 13, 2014 2013 Results
Agenda
II. 2013 Group Financials
12
Alberto Minali – Group CFO
- Profit & Loss and Balance Sheet Page 13
- Business review Page 26
© Generali March 13, 2014 2013 Results
Agenda
13
- Profit & Loss and Balance Sheet Page 13
- Business review Page 26
Alberto Minali – Group CFO
II. 2013 Group Financials
© Generali March 13, 2014 2013 Results
 Operating Result: Overall improvement, despite weak market conditions and a transitional year for
the Group
 Life: operating profits up despite low rate environment. Strong recovery in net inflows
continues
 P&C: operating profits up despite higher Nat Cats, reflecting improvement in underlying
margins
 Net Result: Substantial improvement, following impairments last year. Some one-off items in Q4
 Solvency I: 141% at year end. Up to 150% currently (>150% after adjusting for replacement of
ineligible sub debt). We remain on track to deliver 160% by 2015
FY12 FY13 LFL D 4Q12 4Q13 LFL D
Operating result (€ m)
Of which: Life
Of which: P&C
3,994
2,535
1,561
4,207
2,645
1,616
+5.3%
+4.3%
+3.5%
864 859 -0.6%
Net result (€ m) 94 1,915 n.m. (1,039) 324 n.m.
EPS (€) 0.06 1.24 +1.18 n.m. 0.21 n.m.
Shareholders’ equity 19,013 19,778 +4.0%
Solvency I 145% 141% -4%pts.
14
Key 2013 financials at a glance
CFO – Profit & Loss
Estimated to be
~150% today
© Generali March 13, 2014 2013 Results
 A number of one-off effects occurred in Q4
 Limited net impact overall
 Solvency impact of bond eligibility (-3%pts.) should be temporary, as we intend to issue a replacement bond
at the appropriate time
15
Exceptional impacts in Q4
CFO – Profit & Loss
Net Result
(€m)
Solvency I
(%)
Disposal of subsidiaries(1) 489 +5%pts.
Revaluation Banca d’Italia 255 +1%pts.
BSI (mainly intangibles) (217) –
Revaluation of Telco to market(2) (189) -1%pts.
France reserve adjustments (127) -1%pts.
Exceptional tax in Italy (90) -1%pts.
Re-assessment of bond eligibility – -3%pts.
Other items(3) (138) -1%pts.
Total (17) -1%pts.
(1) Disposal of US Re and Mexico. Solvency I impact including associated release of required capital.
(2) Based on price per Telecom Italia share of € 0.72 at year end.
(3) Includes impact on net result of: € -33 m timing difference related to the booking of premium reserves, € -46 m of provisions in Italy, € -63 m relating to hedging losses, plus
other net exceptional gains and impairments on investments and related assets
© Generali March 13, 2014 2013 Results
3,994
110
55
75 15 4,207
(42)
FY12 LIFE P&C FINANCIAL
SERVICES
HOLDING EXP. CONS.AD FY13
16
Operating result by segment
CFO – Profit & Loss
FY13 2,645 1,616 483 (354) (182)
FY12 2,535 1,561 408 (313) (197)
D +4.3% +3.5% +18.4% +13.3% -7.4%
(€ m)
+5.3%pts.
© Generali March 13, 2014 2013 Results
Including:
+€ 290 m: Revaluation Banca d’Italia
-€ 219 m: Telco impairments (booked
both in 3Q13 and 4Q13)
17
From operating result to net profit
CFO – Profit & Loss
FY13 4,207 5 (806) (1,004) (820) 560 (227) 1,915
FY12 3,994 (1,356) (673) (413) (1,239) 58 (278) 94
D +5.3% n.m. +19.9% n.m. -33.8% n.m. -18.2% n.m.
4,207 5
(806)
(1,004)
(820)
560
(227)
1,915
OPERATING
RESULT
NON OPER.
INVESTMENT
INCOME
NON OPER.
HOLDING
EXPENSES
NET OTHER
NON OPER.
EXPENSES
INCOME TAXES DISC.
OPERATIONS
MINORITIES NET RESULT
(€ m)
Including:
- €751 m: Interest costs
Including:
-€ 189 m: BSI adjustment VOBA amortization
-€ 193 m: France reserve adjustment (motor bodily injury)
-€ 130 m: Exceptional write-offs to inventories of real estate developments
-€ 175 m: Amortization of intangibles
-€ 94 m: Restructuring expenses
Including
+€ 489 m : Gains on disposals
© Generali March 13, 2014 2013 Results
2013 Group Free Cash Flow
CFO – Cash flow
Net Expected Free Surplus
 € 2.1 bn net free surplus (2012: €
1.5 bn)
 Life gross free surplus: € 1.4 bn
 P&C + Financial gross free surplus:
€ 1.4 bn
 Holding and Interest costs: € 0.8 bn
(1) Life FCF based on EV calculations
(2) P&C and Financial Segment Operating Result net of Taxes and Minorities
(3) Holding and Interest Expenses net of Taxes and Minorities
18
1.4
1.4
2.1
(0.8)
Gross expected free
surplus
Holding & Int. Exp. Net expected free surplus
2.8
1.9
1.2
(0.8)
Gross remitted cash Holding & Int. Exp. Net free cash flow before
dividend
Life
P&C &
Financial
Remittance
Ratio:
̴ 70%
Net remitted cash flow
 € 1.9 bn of cash remitted to parent
company (remittance ratio ̴70% of
gross free surplus)
 € 1.2 bn net free cash flow before
dividend
© Generali March 13, 2014 2013 Results
19,013 31
1,915
19,778
(311)
(870)
SHAREHOLDERS'
EQUITY FY12
Δ in AFS RESERVE FY 2013 NET
RESULTS
DIVIDEND OTHER SHAREHOLDERS
EQUITY FY13
19
Shareholders’ equity
CFO – Balance Sheet
Change in AFS reserve (€ m)
Shareholders’ equity sensitivities (€ bn)
-1.0
2.6
-2.6
-1.8
Credit spread + 100 bps
Interest rate -100 bps
Interest rate +100 bps
Equities -30%
+ 4.0%
Shareholders’ equity rollforward (€ m)
2,482
274
2,513
(225) (17)
AFS RESERVE FY12 IMPACT EQUITY
INVESTMENT
IMPACT BOND
INVESTMENTS
OTHER AFS RESERVE FY13
© Generali March 13, 2014 2013 Results
20
Solvency I
CFO – Capital
-4%pts.
137
135
156
126
130
141
Real estate -10%
Credit spread +
100bps
Interest rate -
100bps
Interest rate
+100bps
Equities -30% (1)
Total ratio
31.12.2013
Solvency I ratio sensitivities (%)
Solvency I rollforward (%)
145% 9%pts.
141%
(3%pts.) (1%pts.) (4%pts.) (4%pts.) (1%pts.)
SOLVENCY I FY12 REQUIRED
MARGIN GROWTH
M&A (1) CONSOLIDATED
RESULT(2)
DIVIDENDS 2013 SUBORDINATED
DEBT
FINANCIAL
MARKETS AND
OTHER
SOLVENCY I FY13
(1) Including disposals of US Re, Mexico, acquisitions of GPH (25%) and GDH (3%), Banca Generali (12%) and own shares placement
(2) Excluding the net realised gain from Mexico and USA disposal (€ 0.5 bn)
 9%pts generated from earnings (excl. disposal gains)
 M&A broadly neutral (disposals offset minority acquisitions)
 Sub debt includes -3%pts. from ineligible sub debt at year end.
 We estimate current ratio, after year end movements, of 150%
(>150% when sub debt replaced)
© Generali March 13, 2014 2013 Results
141%
FY13 Minority buyouts
(GPH & GDH)
Refinancing of ineligible sub
debt
Retained capital (net of
growth in requirements and
dividends)
Completion of disposals and
further optimisation measures
Key drivers:
 Organic retained earnings generation is the main contributor
 Completion of disposal programme & other capital optimisation measures offset cost of minority
buy-outs
 Analysis does not take into account recent positive mark to market movements
Solvency I
We remain on track to deliver our 2015 ambition of 160%
CFO – Capital
Solvency 1 ratio: updated walk to 2015
Positive impact
Negative impact
160%160%
21
© Generali March 13, 2014 2013 Results
22
Leverage
CFO – Leverage
40.4%
39.6%
2012 2013
 Slight improvement of the
Leverage ratio:
 Reduction of stock of financial
debt
 Higher shareholders’ equity
 Increase in the Interest Coverage
ratio:
 Improved Group profitability
 Despite the increase in interest
expenses on financial debt
related to the subordinated
bonds issued in 2012
 Both measures expected to
improve in 2014 due to announced
debt reduction target
(1) Financial Leverage = Financial Debt / Financial Debt + Adjusted Shareholders’ Equity
Adjusted Shareholders’ Equity = Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI).
(2) Calculated excluding disposal gains
Interest
Coverage
Ratio
3.6x 4.2x (2)
(1)
Debt leverage (%)
© Generali March 13, 2014 2013 Results
23,742
3,072
3,270
28,830
(943)
(311)
EV Official FY12 Change in Perimeter Normalised EV
earnings
Investment, Tax and
other Variances
Cash Dividend EV FY13
23
Group embedded value rollforward
Balance sheet – Capitalisation & Leverage
Return on Embedded Value
RoEVNormalised RoEV
Group Embedded Value
Group EV per share
Group EV FY13
13.5% 27.8% 18.6 €
Including
+ € 2.6 bn: spread narrowing and
increase in stock market
+ € 1.6 bn: increase in interest
rates (VIF and P&C liab)
Robust return on embedded
value, mainly driven by Life
NBV at € 937 m and a
positive combined ratio at
95.6%
© Generali March 13, 2014 2013 Results
159%
30%pts.
6%pts.
184%
(8%pts.)
(3%pts.)
ESR FY12 Change in perimeter Change in AC Dividends Change in RAC ESR FY13
24
Economic solvency
Balance sheet – Capitalisation & Leverage
+25%pts.
Economic solvency rollforward (%)
 Good overall performance of financial markets drives the increase of available capital
 Disposal operations, reduction of subordinated liabilities and declared dividends lower the capital at disposal
 Improved market conditions are reflected in a better risk absorbing capacity, driving down capital requirement
© Generali March 13, 2014 2013 Results
Update on liquidity(1) and Italian government bond exposure
(1) Total liquidity includes cash designated for operating business and investment purposes. Cash refers only to Life and P&C portfolio; cash on financial business is not included.
 Liquidity slightly increased in Q4 due to bond maturities,
equity disposals (Pirelli and Telefonica) and sovereign
bonds exposure reduction
 Market conditions did not allow quick redeployment of
liquidity
 Cash will continue to be deployed based on market
opportunities
 Italian government bonds exposure decreased by 6%
YoY, despite market appreciation
 Further reductions will continue in 2014 for
diversification purposes
CFO – Balance Sheet
22.4
13.2
FY12 1Q13 1H13 9M13 FY13
Cash(1) level (€ bn)
58.5
54.8
FY12 1Q13 1H13 9M13 FY13
Exposure to Italian Government Bonds
(€ bn)
25
© Generali March 13, 2014 2013 Results
Agenda
26
- Profit & Loss and Balance Sheet Page 13
- Business Review Page 26
Alberto Minali – Group CFO
II. 2013 Group Financials
© Generali March 13, 2014 2013 Results
(€ m) FY12 FY13 LFL D 4Q12 4Q13 LFL D
Gross written premiums 45,198 45,115 +0.2% 12,561 12,315 -1.4%
Net inflows 3,097 8,702 +178.4% 2,170 2,187 +1.4%
Life operating result
2,535 2,645 +4.3% 422 573 +35.9%
Life operating ratio on
investments (bps)
78 77 -1 16 20 +4
APE 4,508 4,470 -1.0% 1,324 1,259 -6.4%
New Business Value 863 937 +14.2% 211 267 +34.6%
Margins on APE (%) 19.2% 21.0% +2.7%pts. 15.9% 21.2% +6.5%pts.
27
Life key financial indicators
CFO – Life Insurance
© Generali March 13, 2014 2013 Results
2,535
60
93
2,645
(43)
FY12 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES FY13
28
Life Operating result by driver
CFO – Life Insurance
FY13 5,743 1,783 (4,882)
FY12 5,786 1,723 (4,975)
D % -0.7% +3.5% -1.9%
 Good development thanks to increasing investment result and decreasing expense ratio
 Technical margin decreasing mainly due to lower surrender profits
 Overall operating profit margin stable 77 bp of investments
(€ m)
+4.3%
© Generali March 13, 2014 2013 Results
29
Life inflows and technical reserves(1)
CFO – Life Insurance
(1) Including liabilities related to investment contracts
(€ m) FY12 FY13
Italy 65 1,972
France (2,236) (184)
Germany 4,551 4,377
CEE 351 541
EMEA (28) 1,436
Lat. Am. 246 266
Asia 184 275
International (35) 18
TOTAL 3,097 8,702
 Strong recovery in net inflows has continued
 Notable improvements in Italy and EMEA
 Continued strong flows in Germany
 Overall growth in reserves of 4.8%
+ 4.8%
256.8
8.6 14.5
266.4
53.6 58.9
310.4
325.3
(5.9)
FY12
RESTATED
NET INFLOWS LOADINGS,
RISK &
SURRENDER
RESULT
POLICYH.
SHARE OF
INVEST.
RESULT
EXCHANGE
RATES &
OTHER
FY13
(2.3) +10.0%
+ 3.7%
Unit linked Traditional
© Generali March 13, 2014 2013 Results
30
Life investment performance
CFO – Life Insurance
42.6% 43.3%
34.0% 34.6%
8.5% 8.1%
4.5% 4.7%
3.6% 3.5%
4.7% 3.8%
2.1% 1.9%
FY12 RESTATED FY13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate bonds
Government
bonds
Life segment own investments (%)
Euro 273.2 bn
Current
return
Fixed income Equity
Real
Estate
Total
FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13
Euro m 9,181 9,325 426 388 594 587 10,527 10,606
% 4.2 3.9 3.3 3.1 6.1 5.9 4.1% 3.8%
Euro 282.4 bn
 Current return generally affected by reinvestment in a lower yield
environment
© Generali March 13, 2014 2013 Results
 Resilient APE (-1.0%), with saving business slowdown partially offset by positive developments of unit linked
business (+8.4%) and protection business (+3.6%)
 NBM improves (+2.7p.p. on homogeneous basis) thanks to the contribution of protection business and the
further decrease of guarantees (from 1.38% to 1.23%) on saving products
 IRR at 11.9% and payback period equal to 7.7 years
31
Life new business analysis
CFO – Life Insurance
(€ m) APE NBV MARGIN ON APE
FY12 FY13 LFL D FY12 FY13 LFL D FY12 FY13 LFL D
Italy 1,637 1,845 +12.7% 281 336 +21.0% 17.2% 18.2% +1.3%pts.
France 944 752 -20.3% 120 96 -20.6% 12.8% 12.7% +0.0%pts.
Germany 917 938 +0.8% 186 248 +31.6% 20.2% 26.5% +6.2%pts.
CEE 187 191 -23.7% 59 73 -8.9% 31.4% 38.5% +6.2%pts.
EMEA 622 597 -3.6% 129 156 +21.7% 20.8% 26.1% +5.4%pts.
Lat. Am.&Asia 201 147 +10.1% 88 28 -1.9% 44.1% 18.9% -1.1%pts.
TOTAL 4,508 4,470 -1.0% 863 937 +14.2% 19.2% 21.0% +2.7%pts.
FY13 amounts include the contributions from USA and Mexico only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation
© Generali March 13, 2014 2013 Results
32
P&C key financial Indicators
CFO – P&C Insurance
(€ m) FY12 FY13 LFL D 4Q12 4Q13 LFL D
Gross written premiums, of which:
Primary Motor
Primary Non Motor
21,296
8,426
12,171
20,940
8,282
11,956
-0.6%
+0.3%
-1.2%
5,228
1,785
3,250
5,025
1,732
3,128
-2.4%
-0.3%
-2.8%
Combined ratio (%) 95.8% 95.6% -0.2%pts. 92.7% 97.3% +4.6%pts.
Nat Cat impact (%) 1.5% 2.3% +0.9%pts. -0.3% +1.7% n.m.
P&C operating result 1,561 1,616 +3.5% 482 291 -39.7%
© Generali March 13, 2014 2013 Results
1,561
9
50 1,616
(4)
FY12 TECHNICAL MARGIN INVESTMENT RESULT OTHER FY13
33
P&C Operating result by driver
CFO – P&C Insurance
FY13 807 1,029 (220)
FY12 811 1,020 (270)
D % -0.5% +0.8% -18.5%
 Improving result, despite significantly higher Nat Cat impact, reflecting an improvement
in underlying underwriting margins
(€ m)
+3.5%
© Generali March 13, 2014 2013 Results
(€ m) FY12 FY13 LFL 
Italy 6,836 6,316 -7.6%
France 2,864 2,722 -4.9%
Germany 3,278 3,436 +4.8%
CEE 1,940 1,924 -0.3%
EMEA 4,262 4,218 -0.6%
Lat Am 898 1,112 +47.2%
Asia 92 92 +0.8%
International 1,126 1,118 -0.7%
Total 21,296 20,940 -0.6%
34
P&C gross written premiums trends
CFO – P&C Insurance
Overall stable premium development:
 Decline in Italy primarily driven by Motor and
Commercial, reflecting weak economy. Stable
development in retail non-motor. In Motor, lower
car registrations and market competition
continued.
 Decline in France driven by motor, also reflecting
steps taken to clean the portfolio.
 Significant improvement in Germany, especially
in Motor, driven by improved tariffs and lower
lapses.
 Significant like for like increase in Latin
America, driven by Brazil and Argentina (latter
reflects inflation but also tariff increases).
© Generali March 13, 2014 2013 Results
68.7 68.5
27.1 27.1
(0.2)(0.0)
95.8 95.6
FY12 Δ Expense ratio Δ Loss ratio FY13
21.1
0.2
21.2
6.0 5.9
27.1 27.1
FY12 Δ Admin Δ Acq. FY13
(0.2)
35
Combined ratio analysis
CFO – P&C Insurance
Combined ratio (%)
Loss ratio Expense ratio
Expense ratio (%)
Δ%pts
- 0.0%pts.
FY13 69.5 2.3 -3.4 68.5
FY12 70.8 1.5 -3.5 68.7
Loss ratio (%)
- 0.2%pts.
- 0.2%pts.
68.7
0.9 0.2 68.5
(1.2)
FY12 Current year NATCAT Prior years FY13
Acquisition
costs
Administr.
costs
Current year loss ratio improved 1.2%pts.
© Generali March 13, 2014 2013 Results
36
Combined ratio by country
CFO – P&C Insurance
 Current year Loss Ratio confirms good
quality of pricing, underwriting and
distribution in the main Countries
 Nat Cat impact mainly due to floods and
storms that hit France and Germany,
mitigated by reinsurance
COUNTRY FY12 FY13 ∆
Italy 95.7% 92.4% -3.3%pts.
France 101.4% 105.5% +4.1%pts.
Germany 94.5% 95.7% +1.2%pts.
CEE 88.5% 88.8% +0.3%pts.
EMEA 96.0% 95.8% -0.2%pts.
Lat Am 102.7% 100.9% -1.7%pts.
Asia 106.7% 120.0% +13.3%pts.
International 90.7% 90.6% +0.0%pts.
Total 95.8% 95.6% -0.2%pts.
© Generali March 13, 2014 2013 Results
Treaty renewals
 The majority of our protection renews in
January
 Market conditions were favourable:
 Ample availability of capacity in the
market
 Significant (15-20%) rate reductions
negotiated across all lines, despite
some protections being loss affected in
2013
 In most classes improved treaty terms
& conditions
 Modest increase in group retentions,
but also upper limits
 Overall treaty spend for the group
continues to fall, as indicated in
November
P&C reinsurance renewal
Significant improvement in prices, terms & conditions
CFO – P&C Insurance
773
684
442
354
2011 2012 2013 2014F
Treaty reinsurance expenditure
(€ m - underwriting year basis)
37
© Generali March 13, 2014 2013 Results
38
P&C investment performance
CFO – P&C Insurance
P&C segment own investments (%)
Euro 37.0 bn Euro 37.7 bn
29.3% 29.1%
29.3% 30.2%
10.7% 6.5%
6.9%
9.9%
14.1%
13.1%
8.1% 10.0%
1.6% 1.1%
FY12 FY13
Other
Cash & cash
equivalent
Real estate
Equity
Other fixed
income
Corporate
bonds
Government
bonds
 Current return generally affected by reinvestment in a lower yield
environment
Current
return
Fixed income Equity
Real
Estate
Total
FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13
Euro m 874 885 74 95 340 303 1,371 1,384
% 3.7 3.5 2.6 3.2 6.4 5.9 3.9% 3.7%
© Generali March 13, 2014 2013 Results
39
Financial segment key financial indicators
CFO – Financial Segment
FY12 FY13 LFL D 4Q12 4Q13 LFL D
Operating result (€ m) 408 483 +18.4% 88 116 +31.4%
Net fees and commissions (€ m) 827 883 +6.8% 206 242 +17.5%
Cost / income ratio (%) 69.0% 66.3% -2.7%pts 72.3% 67.1% -5.2%pts
Third party AUM (€ bn) 96.4 104.3 +3.8%
© Generali March 13, 2014 2013 Results
40CFO – Final remarks
 Good progress in a
transitional year for the
group
 Profits are improving in
all of our segments
 Confidence in results
leads us to more than
double the dividend
Final remarks
 Solvency is on track for
our 2015 target of 160%.
 Leverage has fallen and
will continue to fall in
2014
© Generali March 13, 2014 2013 Results
Agenda
41
IV. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
Agenda
42
IV. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
43
Assets under management
Investments
67.3%
11.6%
21.1%
Own investments
Unit Linked
Third party
investments 5%
82%
4%
5%
3%
Equity
Fixed income
Real estate
Cash & Cash Equivalent
Other
By Asset Class
By Region
Total portfolio € 508 bn Breakdown by region and asset class
28%
22%
28%
3% 10%
9%
Italy
France
Germany
CEE
EMEA
RoW and other
operations
© Generali March 13, 2014 2013 Results
Total Portfolio € 280 bn
72%
10%
10%
5%
2% 1%
Covered € 33 bn
6% 8%
38%39%
7%
2%
Corporate € 78 bn
AAA AA A BBB Not Investment Grade Not Rated
13%
34%
3%
48%
2% 0%
Government € 139 bn (1)
44Investments
Fixed Income PortfolioFixed Income Portfolio
(1) Italian government bond exposure is 87% of BBB
Bond duration FY12 FY13
Life 6.7 7.2
P&C 3.7 4.0
Life duration Gap FY12 FY13
2.1 1.5
49.7%
12.1%
15.6%
11.9%
10.7%
Other fixed Income
Covered
Corporate non fin.
Corporate fin.
Government
© Generali March 13, 2014 2013 Results
45Investments
63%
27%
11%
Equity Equity Funds Alternatives
Equity & Equity-like
Life, P&C and
Financial
Total portfolio (€ 17.7 bn)
Equity (€ 11.1 bn)Alternative funds (€ 1.9 bn)
Life, P&C and
Financial
Life, P&C and
Financial
Listed and
Unlisted
87%
7%
6%
Life
P&C
Financial
75%
19%
6%
Life
P&C
Financial
73%
24%
3%
Life
P&C
Financial
83%
17%
Quoted
Unquoted
© Generali March 13, 2014 2013 Results
84%
16%
Breakdown by utilization (2)
Investment
properties
Own use
64%
16%
12%
3% 5%
Breakdown by use (2)
Office
Residential
Retail
Logistic
Other/Mixed
46Investments
37%
16%
26%
1%
20%
1% Breakdown by country (2)
Italy
Germany
France
CEE
RoE
RoW
Asset Allocation: Real Estate(1)
(1) Data, at fair value, includes own use assets and property inventory
(2) Detail referred to direct investments in real estate only
Total portfolio (€ 24.9 bn (1))
(€ m) FY12 FY13
Gross Unrealised Gains
and Losses (UGL)
5,783 5,574
Shareholders’ share of
UGL (after P/H share,
tax & minorities)
3,765 3,647
Off balance sheet gains
© Generali March 13, 2014 2013 Results
Agenda
47
III. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
48
Focus on financial debt
Financial debt
Total financial debt (€ m)Average cost & maturity of financial debt (%)
4,464 4,468
7,833 7,612
937
678
FY12 FY13
Senior Sub/Hybrid Other
FY12 FY13
Average cost (%) 5.86% 5.93%
Subordinated/Hybrid 6.57% 6.54%
Senior 4.81% 4.81%
Average maturity (years) 6.01 5.27
€ 13,234 m € 12,758 m
© Generali March 13, 2014 2013 Results
49
Financial debt breakdown by expiry date/call date (€ m)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026
Senior Hybrid Subordinated
Financial debt
2,250
500
2,195
1,265
750 781
2,595
1,750
421
© Generali March 13, 2014 2013 Results
Agenda
50
III. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
21,400
20,135 937 1,516
41
4,689
280
26,136
(1,265)
(1,462)
EV FY12 Perimeter, FX Adjusted EV
FY12
NBV Expected
contribution
Operating
variance
Economic
variance
Other
variance
Capital Flow EV FY13
51Life EV
Life Embedded value earnings (Euro m) Return on Life Embedded value
RoEV
Normalised RoEV
Adjusted embedded value FY12 20,135
Embedded value earnings 7,463
Normalised EV earnings (2)
2,494
37.1%
12.4%
Life EV (1) roll-forward
(€ m)
(1) Calculated with methodology and assumptions compliant with “Market Consistent Embedded Value Principles” as defined by CFO Forum
(2) “Normalised EV earnings” defined as NBV + Expected contribution + Operating variance
(3) “ Other variance ” includes model changes, extraordinary expenses and residual variance
(3)
© Generali March 13, 2014 2013 Results
52
FY13 Life Embedded value sensitivity
Life EV
-1.8
-1.1
-5.2
-3.1
3.2
-6.4
2.9
€ m 26,136Life Embedded value
Risk Free Rate +100bps
Risk Free Rate -100bps
Equity +10%
Equity -10%
Zero Liquidity Premium
Equity Implied Volatility +25%
Swaption Implied Volatility +25%
(%)
© Generali March 13, 2014 2013 Results
53
Expected Life cash flow generation
Life EV
1,886
1,124
862
(945)
(678)
Existing Run Off 2012 New Business 2012 Free Cashflow 2012
2,204
1,392
709
(860)
(661)
Existing Run Off 2013 New Business 2013 Free Cashflow 2013
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Years
1-5
Years
6-10
Years
11-15
Years
16-20
Years
21-25
Years
26-30
Years
31+
-2,000
-1,500
-1,000
-500
-
500
1,000
1,500
Year 0 Years
1-5
Years
6-10
Years
11-15
Years
16-20
Years
21-25
Years
26-30
Years
31+
Life expected free cash flows (€ m)
2013 In-force – Expected undiscounted cash flows 2013 New Business – Expected undiscounted cash flows
Profit
Capital
© Generali March 13, 2014 2013 Results
Update on Guarantees
Focus on guarantees
46.6% 47.3% 46.9% 47.8% 51.1%
53.4% 52.7% 53.1% 52.2% 48.9%
2.37%
2.04%
1.21%
0.86%
1.56%
1.23%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2009 2010 2011 2012 2013
Low capital intensity guarantees (1) (% of portfolio) High capital intensity guarantees (% of portfolio)
Existing Portfolio Guarantee Average new business guarantee (premiums)
Average new business guarantee (APE)
 Portfolio guarantee profile continues to improve in terms of type (51.1% of reserves is made of low capital
intensity guarantees) and average guarantee (currently 2.04%)
 Improvements driven by new business: in 2013, 70.2% of total new business premiums is made of low
capital intensity guarantees and the average guarantee is 0.86% (1.23% on APE)
54
(1) Low capital intensive guarantees = no guarantees, matched, at maturity guarantees and yearly 0% guarantees
© Generali March 13, 2014 2013 Results
Agenda
55
III. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
1.9 2.1
1.6 1.5
0.6 0.8
0.9 0.8
6.3 5.6
8.6
8.8
FY12 FY13
Financial
Credit
Life UW
Non Life UW
Operational
Not under IM
56
Group Risk Capital (RAC)
Capital
(3%)
(-12%)
(-9%)
(31%)
(-3%)
(8%)
19.9 19.6
65%
28%
7%
Life
Non Life
AUM
FY13 Group RAC geographical
breakdown
FY13 Group RAC breakdown by
segment
(1) Not under IM refers to top down approach for minor insurance entities and to regulatory capital requirements for financial segment
(1)
Group RAC at 99.5% after diversification (€ m)
40%
22%
14%
24%
Italy
France
Germany
Other
© Generali March 13, 2014 2013 Results
57
Reconciliation of IFRS equity to Group Embedded Value
Capital
(1) Includes subordinated and senior bonds issued
(2) Mainly VIF AuM, CoC and DTL on subordinated debt
euro m Life MCEV
Other
operations
Financial
Debt(1) Group
IFRS Equity 15,254 16,604 (12,080) 19,778
Goodwill, DAC, VoBA and other intangibles (5,452) (4,828) (10,280)
Mark to market of assets non backing 1,969 1,719 3,688
Double counting on life AFS reserves and on other investments (175) 0 (175)
Adjustment on debt (1) (459) (460)
Fair value adjustment on P&C liabilities 706 706
Other adjustments 79 71 150
Adjusted Net Asset Value 11,676 14,271 (12,540) 13,407
In-force value (Life & AuM) 14,460 963 15,423
Embedded value 26,136 15,234 (12,540) 28,830
Adjustments(2) (124)
Subordinated debt 8,160
Available Capital 36,866
© Generali March 13, 2014 2013 Results
Agenda
58
III. Backup
- Investments Page 42
- Financial debt Page 47
- Life EV Page 50
- Capital Page 55
- Definitions Page 58
© Generali March 13, 2014 2013 Results
Definitions
Definitions
Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities,
specific net income from investments and non-recurring income and expenses
Adjusted Shareholders’
Equity
Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI)
Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated
according to the following ratio:
Total Operating Result adjusted to include:
- interest expenses on financial debt
˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target
- minorities interests
Adjusted Shareholders’ Equity
Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity
Fixed Charge Coverage EBIT/interest expenses on financial debt
Gross/Net Expected
Surplus
For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business
Strain
For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital
requirements (S1)
Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities
Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company
59
© Generali March 13, 2014 2013 Results
Disclaimer
Certain of the statements contained herein are statements of future expectations and other forward-looking
statements.
These expectations are based on management's current views and assumptions and involve known and
unknown risks and uncertainties.
The user of such information should recognise that actual results, performance or events may differ
materially from such expectations because they relate to future events and circumstances which are
beyond our control including, among other things, general economic and sector conditions.
Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe
any duty of care towards any user of the information provided herein nor any obligation to update any
forward-looking information contained in this document.
The manager charged with preparing the company’s financial reports, Alberto Minali, declares, pursuant to
paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting
information contained in this presentation corresponds to document results, books and accounts records.
© Generali March 13, 2014 2013 Results
61
Next events
30.04.2014
Annual general Meeting
15.05.2014
1Q 2014 results reporting
31.07.2014
1H 2014 results reporting
06.11.2014
9M 2014 results reporting
19.11.2014
2014 Investor Day
© Generali March 13, 2014 2013 Results
Team
Marta PORCZYNSKA
Team assistant & event coordination
Marta.Porczynska@Generali.com
+39 040 671402
Martina VONO
Team assistant & event coordination
Martina.Vono@Generali.com
+39 040 671548
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: ir@generali.com
www.generali.com
Spencer HORGAN
Head of Investor Relations
Spencer.Horgan@Generali.com
+44 20 7265 6480
Stefano BURRINO
Stefano.Burrino@Generali.com
+39 040 671202
Emanuele MARCIANTE
Emanuele.Marciante@Generali.com
+39 040 671347
Veronica CHERINI
Veronica.Cherini@Generali.com
+39 040 671488
Rodolfo SVARA
Rodolfo.Svara@Generali.com
+39 040 671823
62
© Generali March 13, 2014 2013 Results
Thank you
63
© Generali March 13, 2014 2013 Results
GENERALI GROUP
2013 Results

More Related Content

What's hot

Generali Group 2015 First Half Results
Generali Group 2015 First Half ResultsGenerali Group 2015 First Half Results
Generali Group 2015 First Half ResultsGenerali
 
Generali Group 2017 First Half Results
Generali Group 2017 First Half ResultsGenerali Group 2017 First Half Results
Generali Group 2017 First Half ResultsGenerali
 
Klöckner & Co - Roadshow Presentation March 13-14, 2013
Klöckner & Co - Roadshow Presentation March 13-14, 2013Klöckner & Co - Roadshow Presentation March 13-14, 2013
Klöckner & Co - Roadshow Presentation March 13-14, 2013Klöckner & Co SE
 
Generali Group Results at 31 December 2015
Generali Group Results at 31 December 2015Generali Group Results at 31 December 2015
Generali Group Results at 31 December 2015Generali
 
Klöckner & Co - Roadshow Presentation March 15, 2013
Klöckner & Co - Roadshow Presentation March 15, 2013Klöckner & Co - Roadshow Presentation March 15, 2013
Klöckner & Co - Roadshow Presentation March 15, 2013Klöckner & Co SE
 
Klöckner & Co - HSBC Luxembourg Conference 2013
Klöckner & Co - HSBC Luxembourg Conference 2013Klöckner & Co - HSBC Luxembourg Conference 2013
Klöckner & Co - HSBC Luxembourg Conference 2013Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation March 12, 2013
Klöckner & Co - Roadshow Presentation March 12, 2013Klöckner & Co - Roadshow Presentation March 12, 2013
Klöckner & Co - Roadshow Presentation March 12, 2013Klöckner & Co SE
 
Generali Group 9M Results 2015
Generali Group 9M Results 2015Generali Group 9M Results 2015
Generali Group 9M Results 2015Generali
 
Klöckner & Co - Bankhaus Lampe Deutschlandkonferenz
Klöckner & Co - Bankhaus Lampe DeutschlandkonferenzKlöckner & Co - Bankhaus Lampe Deutschlandkonferenz
Klöckner & Co - Bankhaus Lampe DeutschlandkonferenzKlöckner & Co SE
 
Klöckner & Co - Roadshow Presentation March 20, 2013
Klöckner & Co - Roadshow Presentation March 20, 2013Klöckner & Co - Roadshow Presentation March 20, 2013
Klöckner & Co - Roadshow Presentation March 20, 2013Klöckner & Co SE
 
Investor Day
Investor DayInvestor Day
Investor DayGenerali
 
Klöckner & Co - Roadshow Presentation March 6-7, 2013
Klöckner & Co - Roadshow Presentation March 6-7, 2013Klöckner & Co - Roadshow Presentation March 6-7, 2013
Klöckner & Co - Roadshow Presentation March 6-7, 2013Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation April 9, 2013
Klöckner & Co - Roadshow Presentation April 9, 2013Klöckner & Co - Roadshow Presentation April 9, 2013
Klöckner & Co - Roadshow Presentation April 9, 2013Klöckner & Co SE
 
Klöckner & Co - 8th Basic Material Seminar 2013
Klöckner & Co - 8th Basic Material Seminar 2013Klöckner & Co - 8th Basic Material Seminar 2013
Klöckner & Co - 8th Basic Material Seminar 2013Klöckner & Co SE
 
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013Klöckner & Co - 11th HSBC's Equity Conference Paris 2013
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013Klöckner & Co SE
 
Merrill Lynch Banking & Insurance Conference 2015
Merrill Lynch Banking & Insurance Conference 2015Merrill Lynch Banking & Insurance Conference 2015
Merrill Lynch Banking & Insurance Conference 2015Ageas
 
Asset Management Strategy for Generali in Europe - Presentation
Asset Management Strategy for Generali in Europe - PresentationAsset Management Strategy for Generali in Europe - Presentation
Asset Management Strategy for Generali in Europe - PresentationGenerali
 
Altran_20100315_RP_EN
Altran_20100315_RP_ENAltran_20100315_RP_EN
Altran_20100315_RP_ENDavid NICOLAS
 
Generali Group Results at 31 December 2016
Generali Group Results at 31 December 2016Generali Group Results at 31 December 2016
Generali Group Results at 31 December 2016Generali
 
Leonardo 1Q 2017 Results Presentation
Leonardo 1Q 2017 Results PresentationLeonardo 1Q 2017 Results Presentation
Leonardo 1Q 2017 Results PresentationLeonardo
 

What's hot (20)

Generali Group 2015 First Half Results
Generali Group 2015 First Half ResultsGenerali Group 2015 First Half Results
Generali Group 2015 First Half Results
 
Generali Group 2017 First Half Results
Generali Group 2017 First Half ResultsGenerali Group 2017 First Half Results
Generali Group 2017 First Half Results
 
Klöckner & Co - Roadshow Presentation March 13-14, 2013
Klöckner & Co - Roadshow Presentation March 13-14, 2013Klöckner & Co - Roadshow Presentation March 13-14, 2013
Klöckner & Co - Roadshow Presentation March 13-14, 2013
 
Generali Group Results at 31 December 2015
Generali Group Results at 31 December 2015Generali Group Results at 31 December 2015
Generali Group Results at 31 December 2015
 
Klöckner & Co - Roadshow Presentation March 15, 2013
Klöckner & Co - Roadshow Presentation March 15, 2013Klöckner & Co - Roadshow Presentation March 15, 2013
Klöckner & Co - Roadshow Presentation March 15, 2013
 
Klöckner & Co - HSBC Luxembourg Conference 2013
Klöckner & Co - HSBC Luxembourg Conference 2013Klöckner & Co - HSBC Luxembourg Conference 2013
Klöckner & Co - HSBC Luxembourg Conference 2013
 
Klöckner & Co - Roadshow Presentation March 12, 2013
Klöckner & Co - Roadshow Presentation March 12, 2013Klöckner & Co - Roadshow Presentation March 12, 2013
Klöckner & Co - Roadshow Presentation March 12, 2013
 
Generali Group 9M Results 2015
Generali Group 9M Results 2015Generali Group 9M Results 2015
Generali Group 9M Results 2015
 
Klöckner & Co - Bankhaus Lampe Deutschlandkonferenz
Klöckner & Co - Bankhaus Lampe DeutschlandkonferenzKlöckner & Co - Bankhaus Lampe Deutschlandkonferenz
Klöckner & Co - Bankhaus Lampe Deutschlandkonferenz
 
Klöckner & Co - Roadshow Presentation March 20, 2013
Klöckner & Co - Roadshow Presentation March 20, 2013Klöckner & Co - Roadshow Presentation March 20, 2013
Klöckner & Co - Roadshow Presentation March 20, 2013
 
Investor Day
Investor DayInvestor Day
Investor Day
 
Klöckner & Co - Roadshow Presentation March 6-7, 2013
Klöckner & Co - Roadshow Presentation March 6-7, 2013Klöckner & Co - Roadshow Presentation March 6-7, 2013
Klöckner & Co - Roadshow Presentation March 6-7, 2013
 
Klöckner & Co - Roadshow Presentation April 9, 2013
Klöckner & Co - Roadshow Presentation April 9, 2013Klöckner & Co - Roadshow Presentation April 9, 2013
Klöckner & Co - Roadshow Presentation April 9, 2013
 
Klöckner & Co - 8th Basic Material Seminar 2013
Klöckner & Co - 8th Basic Material Seminar 2013Klöckner & Co - 8th Basic Material Seminar 2013
Klöckner & Co - 8th Basic Material Seminar 2013
 
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013Klöckner & Co - 11th HSBC's Equity Conference Paris 2013
Klöckner & Co - 11th HSBC's Equity Conference Paris 2013
 
Merrill Lynch Banking & Insurance Conference 2015
Merrill Lynch Banking & Insurance Conference 2015Merrill Lynch Banking & Insurance Conference 2015
Merrill Lynch Banking & Insurance Conference 2015
 
Asset Management Strategy for Generali in Europe - Presentation
Asset Management Strategy for Generali in Europe - PresentationAsset Management Strategy for Generali in Europe - Presentation
Asset Management Strategy for Generali in Europe - Presentation
 
Altran_20100315_RP_EN
Altran_20100315_RP_ENAltran_20100315_RP_EN
Altran_20100315_RP_EN
 
Generali Group Results at 31 December 2016
Generali Group Results at 31 December 2016Generali Group Results at 31 December 2016
Generali Group Results at 31 December 2016
 
Leonardo 1Q 2017 Results Presentation
Leonardo 1Q 2017 Results PresentationLeonardo 1Q 2017 Results Presentation
Leonardo 1Q 2017 Results Presentation
 

Viewers also liked

Generali Group 1Q 2013 Results
Generali Group 1Q 2013 Results Generali Group 1Q 2013 Results
Generali Group 1Q 2013 Results Generali
 
Generali Group 9M 2013 Results
Generali Group 9M 2013 ResultsGenerali Group 9M 2013 Results
Generali Group 9M 2013 ResultsGenerali
 
Generali Group 2012 Results
Generali Group 2012 ResultsGenerali Group 2012 Results
Generali Group 2012 ResultsGenerali
 
Generali Group 9M Results 2014
Generali Group 9M Results 2014Generali Group 9M Results 2014
Generali Group 9M Results 2014Generali
 
Generali Group 2013 First Half Results
Generali Group 2013 First Half ResultsGenerali Group 2013 First Half Results
Generali Group 2013 First Half ResultsGenerali
 
Reshaping Generali: Discipline, simplicity and focus
Reshaping Generali: Discipline, simplicity and focus Reshaping Generali: Discipline, simplicity and focus
Reshaping Generali: Discipline, simplicity and focus Generali
 
Generali Group 1Q 2014 Results
Generali  Group 1Q 2014 ResultsGenerali  Group 1Q 2014 Results
Generali Group 1Q 2014 ResultsGenerali
 

Viewers also liked (7)

Generali Group 1Q 2013 Results
Generali Group 1Q 2013 Results Generali Group 1Q 2013 Results
Generali Group 1Q 2013 Results
 
Generali Group 9M 2013 Results
Generali Group 9M 2013 ResultsGenerali Group 9M 2013 Results
Generali Group 9M 2013 Results
 
Generali Group 2012 Results
Generali Group 2012 ResultsGenerali Group 2012 Results
Generali Group 2012 Results
 
Generali Group 9M Results 2014
Generali Group 9M Results 2014Generali Group 9M Results 2014
Generali Group 9M Results 2014
 
Generali Group 2013 First Half Results
Generali Group 2013 First Half ResultsGenerali Group 2013 First Half Results
Generali Group 2013 First Half Results
 
Reshaping Generali: Discipline, simplicity and focus
Reshaping Generali: Discipline, simplicity and focus Reshaping Generali: Discipline, simplicity and focus
Reshaping Generali: Discipline, simplicity and focus
 
Generali Group 1Q 2014 Results
Generali  Group 1Q 2014 ResultsGenerali  Group 1Q 2014 Results
Generali Group 1Q 2014 Results
 

Similar to Generali Group 2013 Full Year Results

Full year results 2013
Full year results 2013Full year results 2013
Full year results 2013Ageas
 
Telecom Italia Group FY 2013 Results - Marco Patuano
Telecom Italia Group FY 2013 Results - Marco PatuanoTelecom Italia Group FY 2013 Results - Marco Patuano
Telecom Italia Group FY 2013 Results - Marco PatuanoGruppo TIM
 
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013Klöckner & Co - UBS Best of Germany Conference, September 17, 2013
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013Klöckner & Co SE
 
2014 H1 Results and Review Presentation
2014 H1 Results and Review Presentation2014 H1 Results and Review Presentation
2014 H1 Results and Review PresentationCompany Spotlight
 
AkzoNobel Q4 and FY 2013 Results Press briefing
AkzoNobel Q4 and FY 2013 Results Press briefingAkzoNobel Q4 and FY 2013 Results Press briefing
AkzoNobel Q4 and FY 2013 Results Press briefingAkzoNobel
 
Full year results 2012
Full year results 2012Full year results 2012
Full year results 2012Ageas
 
Presentation Q2 2013 for SpareBank 1 Gruppen - English version
Presentation Q2 2013 for SpareBank 1 Gruppen - English versionPresentation Q2 2013 for SpareBank 1 Gruppen - English version
Presentation Q2 2013 for SpareBank 1 Gruppen - English versionSpareBank 1 Gruppen AS
 
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co SE
 
2014 General Meeting
2014 General Meeting2014 General Meeting
2014 General Meetingvefinance
 
Telecom Italia 1H 2013 Results - Franco Bernabè
Telecom Italia 1H 2013 Results - Franco BernabèTelecom Italia 1H 2013 Results - Franco Bernabè
Telecom Italia 1H 2013 Results - Franco BernabèGruppo TIM
 
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...Klöckner & Co SE
 
9M results 2013
9M results 20139M results 2013
9M results 2013Ageas
 
Klöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co SE
 
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio PelusoTelecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio PelusoGruppo TIM
 
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co SE
 
2012 Results and Review Presentation
2012 Results and Review Presentation2012 Results and Review Presentation
2012 Results and Review PresentationCompany Spotlight
 
Aviva plc third quarter 2013 interim management statement
Aviva plc third quarter 2013 interim management statementAviva plc third quarter 2013 interim management statement
Aviva plc third quarter 2013 interim management statementAviva plc
 
2013 Results and Review Presentation
2013 Results and Review Presentation2013 Results and Review Presentation
2013 Results and Review PresentationCompany Spotlight
 

Similar to Generali Group 2013 Full Year Results (20)

Full year results 2013
Full year results 2013Full year results 2013
Full year results 2013
 
Telecom Italia Group FY 2013 Results - Marco Patuano
Telecom Italia Group FY 2013 Results - Marco PatuanoTelecom Italia Group FY 2013 Results - Marco Patuano
Telecom Italia Group FY 2013 Results - Marco Patuano
 
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013Klöckner & Co - UBS Best of Germany Conference, September 17, 2013
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013
 
2014 H1 Results and Review Presentation
2014 H1 Results and Review Presentation2014 H1 Results and Review Presentation
2014 H1 Results and Review Presentation
 
AkzoNobel Q4 and FY 2013 Results Press briefing
AkzoNobel Q4 and FY 2013 Results Press briefingAkzoNobel Q4 and FY 2013 Results Press briefing
AkzoNobel Q4 and FY 2013 Results Press briefing
 
Full year results 2012
Full year results 2012Full year results 2012
Full year results 2012
 
Presentation Q2 2013 for SpareBank 1 Gruppen - English version
Presentation Q2 2013 for SpareBank 1 Gruppen - English versionPresentation Q2 2013 for SpareBank 1 Gruppen - English version
Presentation Q2 2013 for SpareBank 1 Gruppen - English version
 
Allianz: Group Financial Results 2013
Allianz: Group Financial Results 2013Allianz: Group Financial Results 2013
Allianz: Group Financial Results 2013
 
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
 
2014 General Meeting
2014 General Meeting2014 General Meeting
2014 General Meeting
 
Telecom Italia 1H 2013 Results - Franco Bernabè
Telecom Italia 1H 2013 Results - Franco BernabèTelecom Italia 1H 2013 Results - Franco Bernabè
Telecom Italia 1H 2013 Results - Franco Bernabè
 
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...
Klöckner & Co - Credit Suisse Global Steel and Mining Conference, September 1...
 
9M results 2013
9M results 20139M results 2013
9M results 2013
 
Klöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 Results
 
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio PelusoTelecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso
Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso
 
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013
Klöckner & Co - Commerzbank Sector Conference Week, August 30, 2013
 
Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013
 
2012 Results and Review Presentation
2012 Results and Review Presentation2012 Results and Review Presentation
2012 Results and Review Presentation
 
Aviva plc third quarter 2013 interim management statement
Aviva plc third quarter 2013 interim management statementAviva plc third quarter 2013 interim management statement
Aviva plc third quarter 2013 interim management statement
 
2013 Results and Review Presentation
2013 Results and Review Presentation2013 Results and Review Presentation
2013 Results and Review Presentation
 

More from Generali

2017 First Half Results - Infographics
2017 First Half Results - Infographics 2017 First Half Results - Infographics
2017 First Half Results - Infographics Generali
 
2016 Full Years Results - Infographics
2016 Full Years Results - Infographics2016 Full Years Results - Infographics
2016 Full Years Results - InfographicsGenerali
 
2016 Nine Month Results - Infographics
2016 Nine Month Results - Infographics2016 Nine Month Results - Infographics
2016 Nine Month Results - InfographicsGenerali
 
2016 First Half Results - Infographics
2016 First Half Results - Infographics2016 First Half Results - Infographics
2016 First Half Results - InfographicsGenerali
 
2015 Full Years Results - Infographics
2015 Full Years Results - Infographics 2015 Full Years Results - Infographics
2015 Full Years Results - Infographics Generali
 
9M 2015 Results – Infographics
9M 2015 Results – Infographics 9M 2015 Results – Infographics
9M 2015 Results – Infographics Generali
 
1Q 2015 results - Infographic
1Q 2015 results - Infographic1Q 2015 results - Infographic
1Q 2015 results - InfographicGenerali
 
Full Year Results - Infographic
Full Year Results - InfographicFull Year Results - Infographic
Full Year Results - InfographicGenerali
 
9M Results – Infographics
9M Results – Infographics9M Results – Infographics
9M Results – InfographicsGenerali
 
The Image - The Generali Group and the Art of Advertising - I
The Image - The Generali Group and the Art of Advertising - IThe Image - The Generali Group and the Art of Advertising - I
The Image - The Generali Group and the Art of Advertising - IGenerali
 
The Image - The Generali Group and the Art of Advertising - II
The Image - The Generali Group and the Art of Advertising - IIThe Image - The Generali Group and the Art of Advertising - II
The Image - The Generali Group and the Art of Advertising - IIGenerali
 
The Image - The Generali Group and the Art of Advertising - III
The Image - The Generali Group and the Art of Advertising - IIIThe Image - The Generali Group and the Art of Advertising - III
The Image - The Generali Group and the Art of Advertising - IIIGenerali
 

More from Generali (12)

2017 First Half Results - Infographics
2017 First Half Results - Infographics 2017 First Half Results - Infographics
2017 First Half Results - Infographics
 
2016 Full Years Results - Infographics
2016 Full Years Results - Infographics2016 Full Years Results - Infographics
2016 Full Years Results - Infographics
 
2016 Nine Month Results - Infographics
2016 Nine Month Results - Infographics2016 Nine Month Results - Infographics
2016 Nine Month Results - Infographics
 
2016 First Half Results - Infographics
2016 First Half Results - Infographics2016 First Half Results - Infographics
2016 First Half Results - Infographics
 
2015 Full Years Results - Infographics
2015 Full Years Results - Infographics 2015 Full Years Results - Infographics
2015 Full Years Results - Infographics
 
9M 2015 Results – Infographics
9M 2015 Results – Infographics 9M 2015 Results – Infographics
9M 2015 Results – Infographics
 
1Q 2015 results - Infographic
1Q 2015 results - Infographic1Q 2015 results - Infographic
1Q 2015 results - Infographic
 
Full Year Results - Infographic
Full Year Results - InfographicFull Year Results - Infographic
Full Year Results - Infographic
 
9M Results – Infographics
9M Results – Infographics9M Results – Infographics
9M Results – Infographics
 
The Image - The Generali Group and the Art of Advertising - I
The Image - The Generali Group and the Art of Advertising - IThe Image - The Generali Group and the Art of Advertising - I
The Image - The Generali Group and the Art of Advertising - I
 
The Image - The Generali Group and the Art of Advertising - II
The Image - The Generali Group and the Art of Advertising - IIThe Image - The Generali Group and the Art of Advertising - II
The Image - The Generali Group and the Art of Advertising - II
 
The Image - The Generali Group and the Art of Advertising - III
The Image - The Generali Group and the Art of Advertising - IIIThe Image - The Generali Group and the Art of Advertising - III
The Image - The Generali Group and the Art of Advertising - III
 

Recently uploaded

Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 

Recently uploaded (20)

Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 

Generali Group 2013 Full Year Results

  • 1. © Generali March 13, 2014 2013 Results GENERALI GROUP 2013 Results The power of Discipline, Simplicity and Focus Please note that prior year’s figures have been restated throughout the whole presentation to reflect the new perimeter of the Group. Net income, Shareholders’ Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities. The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).
  • 2. © Generali March 13, 2014 2013 Results Agenda 2 - Business Overview Page 3 Mario Greco – Group CEO - 2013 Group Financials Page 12 Alberto Minali – Group CFO - Backup Page 41
  • 3. © Generali March 13, 2014 2013 Results Agenda 3 I. Business Overview Mario Greco – Group CEO
  • 4. © Generali March 13, 2014 2013 Results 4 The power of Discipline, Simplicity and Focus Satisfactory results allow normalisation of dividend policy CEO – Business overview €1.6bn Outstanding €2.4bn Announced / Completed 1.3 1.7 0.9 0.1 1.9 2009 2010 2011 2012 2013 16.7 17.5 15.5 19.0 19.8 2009 2010 2011 2012 2013 142% 132% 117% 145% 141% >150% 2009 2010 2011 2012 2013 Current 0.35 0.45 0.20 0.20 0.45(1) 2009 2010 2011 2012 2013 Progress on disposals and recovering profitability Improving capital position Dividend policy starting to normalise Disposals achieved vs. target Net Profit (€bn) Shareholders’ equity Solvency I Ratio Dividend per share (1) Proposed
  • 5. © Generali March 13, 2014 2013 Results 5 The power of Discipline, Simplicity and Focus Minority buy-outs: Creating a simpler, more effective organisation CEO – Business overview % of operating profit(1) Ownership status end 2012 Expected Ownership status end 2014 Italy 38% 100% 100% Germany 14% 93% 100% France 13% 100% 100% CEE 10% 51% 100% (1) % of FY13 insurance operating profit (Life + P&C)  In addition to disposing of assets, we have committed €~2.9 bn to buy out the minorities in some of our major operations  Full ownership is critical for us to reap the benefits of a simpler and more effective organisation
  • 6. © Generali March 13, 2014 2013 Results The power of Discipline, Simplicity and Focus We significantly increased our cost saving ambitions CEO – Business overview 2015 600 750 1,000 2015 P&C and others Life 2016 400 300 450 600 Target gross savings(1) € m November 2013 Investor Day Jan 2013 Investor Day (1) Before the effect of inflation and growth investments  In November, we increased our planned cost saving ambitions, to total € 1 bn by 2016  Technical Excellence and other initiatives are expected to generate a further € 1 bn gross operating impact by 2016 6
  • 7. © Generali March 13, 2014 2013 Results FY12 FY13 D 2015 TARGETS Operating RoE (%) 11.3% 12.1% +80bp >13% Expected net free surplus (€ bn) 1.5 2.1 +38% > € 2 bn Debt leverage (%) 40.4% 39.6% -80bp < 35% Interest cover (x) 3.6x 4.2x +0.5x ~ 7x Solvency I (%) 145% 141% -4%pts. > 160% 7 Underlying business performance remains solid CEO – Business overview We are on track to meet 2015 targets despite market headwinds  Profitability improved: Operating RoE up 80bp  Cash flow (Free surplus measure): Strongly improved, already exceeded 2015 target  Solvency: ~150% at end February (>150% adjusting for ineligible subordinated debt)  Leverage: Expected to fall this year as we repay debt, as committed in November, also further boosting interest cover ~ 150% at end Feb(1) (1) Before replacement of ineligible subordinated debt at year end
  • 8. © Generali March 13, 2014 2013 Results 8 Key business highlights 2013 CEO – Business overview CEE  Acquisition of outstanding minorities announced January 2013  A major force in the region (#4 insurance group, with ~6% market share)  Full management control from April 2013  New management acted quickly to protect or improve profitability  Consistently excellent combined ratio, also in 2013 despite significantly higher Nat Cat 85% 90% 95% 100% 2009 2010 2011 2012 2013 Combined Ratio, Group Combined Ratio, CEE 5 year average CEE combined ratio 89.6% Italy  Leading market positions (#1 in Life and Non-Motor P&C; #2 in Motor P&C)  Creation of Generali Italia achieved, through merger of Generali, INA, and Toro  Rolling out of Generali IT platform to former INA and Toro networks  Product simplification underway (70% reduction in number of products)  Integration complete by mid 2016  Significant improvement in Insurance profitability already in 2013 (+16%)  Another good year for Banca Generali, operating profit +16% 945 1,008 431 591 2012 2013 Operating profit, Life Operating profit, P&C Operating profit +16% 1,376 1,599
  • 9. © Generali March 13, 2014 2013 Results 9 Key business highlights 2013 CEO – Business overview Asia  Acquisition of outstanding minorities of Generali Asia (controlling Philippines, Thailand, and Indonesia) announced November 2013  Limited overall size in the region, but  Gross premium growth ~20%, approaching €1bn  Biggest non-Chinese company in China, contributing € 656 m of premiums and €25m of operating profit in FY13  Indonesia second largest market, approaching € 100 m of premiums following a doubling of volumes(1) in FY13 Germany  Acquisition of outstanding minorities announced July 2013  #2 player in the German market  Leadership position in protection and unit linked  Taking market share in a hardening motor market (premiums +4.8% YoY, +10% in Motor), with combined ratio better than market average CAGR in Asia Gross Premiums +20% 50% 28% 22% Savings Protection Unit linked Life insurance: Share of unit linked & protection premiums 50% 676 819 981 2011 2012 2013 (1) At constant exchange rates
  • 10. © Generali March 13, 2014 2013 Results 10 2014: Transformation and delivery Our revolution of simplicty, discipline and focus will continue at pace CEO – Business overview Priorities and expectations for 2014  Completion of minority acquisitions in Central and Eastern Europe and Germany  Further reduce leverage with retiring of at least € 700 m of debt, and continue working towards our Solvency target  Delivery of € 300 m in cost savings, as part of our € 1 bn promise by 2016  Further capitalise on our strong position in Direct, where we are already a market leader with > € 4 bn of premiums  Exploit technical excellence in P&C to maximise competitive advantage and rebalance business and in Life to optimise risk and return  Further reduction in liquidity, diversification of investment portfolio, and exit of pacts  Major progress of restructuring in Italy The path as we laid out in November
  • 11. © Generali March 13, 2014 2013 Results Our vision for Generali in 2015 © Generali March 13, 2014 2013 Results 11CEO – Business overview  Superior customer acquisition and retention; focus on retail and affluent space  Consistent technical excellence and tight control of costs  Focused on core insurance business, with greater contribution from P&C  Stronger capital position and disciplined balance sheet management The mission is to deliver top quartile shareholder returns and profitability
  • 12. © Generali March 13, 2014 2013 Results Agenda II. 2013 Group Financials 12 Alberto Minali – Group CFO - Profit & Loss and Balance Sheet Page 13 - Business review Page 26
  • 13. © Generali March 13, 2014 2013 Results Agenda 13 - Profit & Loss and Balance Sheet Page 13 - Business review Page 26 Alberto Minali – Group CFO II. 2013 Group Financials
  • 14. © Generali March 13, 2014 2013 Results  Operating Result: Overall improvement, despite weak market conditions and a transitional year for the Group  Life: operating profits up despite low rate environment. Strong recovery in net inflows continues  P&C: operating profits up despite higher Nat Cats, reflecting improvement in underlying margins  Net Result: Substantial improvement, following impairments last year. Some one-off items in Q4  Solvency I: 141% at year end. Up to 150% currently (>150% after adjusting for replacement of ineligible sub debt). We remain on track to deliver 160% by 2015 FY12 FY13 LFL D 4Q12 4Q13 LFL D Operating result (€ m) Of which: Life Of which: P&C 3,994 2,535 1,561 4,207 2,645 1,616 +5.3% +4.3% +3.5% 864 859 -0.6% Net result (€ m) 94 1,915 n.m. (1,039) 324 n.m. EPS (€) 0.06 1.24 +1.18 n.m. 0.21 n.m. Shareholders’ equity 19,013 19,778 +4.0% Solvency I 145% 141% -4%pts. 14 Key 2013 financials at a glance CFO – Profit & Loss Estimated to be ~150% today
  • 15. © Generali March 13, 2014 2013 Results  A number of one-off effects occurred in Q4  Limited net impact overall  Solvency impact of bond eligibility (-3%pts.) should be temporary, as we intend to issue a replacement bond at the appropriate time 15 Exceptional impacts in Q4 CFO – Profit & Loss Net Result (€m) Solvency I (%) Disposal of subsidiaries(1) 489 +5%pts. Revaluation Banca d’Italia 255 +1%pts. BSI (mainly intangibles) (217) – Revaluation of Telco to market(2) (189) -1%pts. France reserve adjustments (127) -1%pts. Exceptional tax in Italy (90) -1%pts. Re-assessment of bond eligibility – -3%pts. Other items(3) (138) -1%pts. Total (17) -1%pts. (1) Disposal of US Re and Mexico. Solvency I impact including associated release of required capital. (2) Based on price per Telecom Italia share of € 0.72 at year end. (3) Includes impact on net result of: € -33 m timing difference related to the booking of premium reserves, € -46 m of provisions in Italy, € -63 m relating to hedging losses, plus other net exceptional gains and impairments on investments and related assets
  • 16. © Generali March 13, 2014 2013 Results 3,994 110 55 75 15 4,207 (42) FY12 LIFE P&C FINANCIAL SERVICES HOLDING EXP. CONS.AD FY13 16 Operating result by segment CFO – Profit & Loss FY13 2,645 1,616 483 (354) (182) FY12 2,535 1,561 408 (313) (197) D +4.3% +3.5% +18.4% +13.3% -7.4% (€ m) +5.3%pts.
  • 17. © Generali March 13, 2014 2013 Results Including: +€ 290 m: Revaluation Banca d’Italia -€ 219 m: Telco impairments (booked both in 3Q13 and 4Q13) 17 From operating result to net profit CFO – Profit & Loss FY13 4,207 5 (806) (1,004) (820) 560 (227) 1,915 FY12 3,994 (1,356) (673) (413) (1,239) 58 (278) 94 D +5.3% n.m. +19.9% n.m. -33.8% n.m. -18.2% n.m. 4,207 5 (806) (1,004) (820) 560 (227) 1,915 OPERATING RESULT NON OPER. INVESTMENT INCOME NON OPER. HOLDING EXPENSES NET OTHER NON OPER. EXPENSES INCOME TAXES DISC. OPERATIONS MINORITIES NET RESULT (€ m) Including: - €751 m: Interest costs Including: -€ 189 m: BSI adjustment VOBA amortization -€ 193 m: France reserve adjustment (motor bodily injury) -€ 130 m: Exceptional write-offs to inventories of real estate developments -€ 175 m: Amortization of intangibles -€ 94 m: Restructuring expenses Including +€ 489 m : Gains on disposals
  • 18. © Generali March 13, 2014 2013 Results 2013 Group Free Cash Flow CFO – Cash flow Net Expected Free Surplus  € 2.1 bn net free surplus (2012: € 1.5 bn)  Life gross free surplus: € 1.4 bn  P&C + Financial gross free surplus: € 1.4 bn  Holding and Interest costs: € 0.8 bn (1) Life FCF based on EV calculations (2) P&C and Financial Segment Operating Result net of Taxes and Minorities (3) Holding and Interest Expenses net of Taxes and Minorities 18 1.4 1.4 2.1 (0.8) Gross expected free surplus Holding & Int. Exp. Net expected free surplus 2.8 1.9 1.2 (0.8) Gross remitted cash Holding & Int. Exp. Net free cash flow before dividend Life P&C & Financial Remittance Ratio: ̴ 70% Net remitted cash flow  € 1.9 bn of cash remitted to parent company (remittance ratio ̴70% of gross free surplus)  € 1.2 bn net free cash flow before dividend
  • 19. © Generali March 13, 2014 2013 Results 19,013 31 1,915 19,778 (311) (870) SHAREHOLDERS' EQUITY FY12 Δ in AFS RESERVE FY 2013 NET RESULTS DIVIDEND OTHER SHAREHOLDERS EQUITY FY13 19 Shareholders’ equity CFO – Balance Sheet Change in AFS reserve (€ m) Shareholders’ equity sensitivities (€ bn) -1.0 2.6 -2.6 -1.8 Credit spread + 100 bps Interest rate -100 bps Interest rate +100 bps Equities -30% + 4.0% Shareholders’ equity rollforward (€ m) 2,482 274 2,513 (225) (17) AFS RESERVE FY12 IMPACT EQUITY INVESTMENT IMPACT BOND INVESTMENTS OTHER AFS RESERVE FY13
  • 20. © Generali March 13, 2014 2013 Results 20 Solvency I CFO – Capital -4%pts. 137 135 156 126 130 141 Real estate -10% Credit spread + 100bps Interest rate - 100bps Interest rate +100bps Equities -30% (1) Total ratio 31.12.2013 Solvency I ratio sensitivities (%) Solvency I rollforward (%) 145% 9%pts. 141% (3%pts.) (1%pts.) (4%pts.) (4%pts.) (1%pts.) SOLVENCY I FY12 REQUIRED MARGIN GROWTH M&A (1) CONSOLIDATED RESULT(2) DIVIDENDS 2013 SUBORDINATED DEBT FINANCIAL MARKETS AND OTHER SOLVENCY I FY13 (1) Including disposals of US Re, Mexico, acquisitions of GPH (25%) and GDH (3%), Banca Generali (12%) and own shares placement (2) Excluding the net realised gain from Mexico and USA disposal (€ 0.5 bn)  9%pts generated from earnings (excl. disposal gains)  M&A broadly neutral (disposals offset minority acquisitions)  Sub debt includes -3%pts. from ineligible sub debt at year end.  We estimate current ratio, after year end movements, of 150% (>150% when sub debt replaced)
  • 21. © Generali March 13, 2014 2013 Results 141% FY13 Minority buyouts (GPH & GDH) Refinancing of ineligible sub debt Retained capital (net of growth in requirements and dividends) Completion of disposals and further optimisation measures Key drivers:  Organic retained earnings generation is the main contributor  Completion of disposal programme & other capital optimisation measures offset cost of minority buy-outs  Analysis does not take into account recent positive mark to market movements Solvency I We remain on track to deliver our 2015 ambition of 160% CFO – Capital Solvency 1 ratio: updated walk to 2015 Positive impact Negative impact 160%160% 21
  • 22. © Generali March 13, 2014 2013 Results 22 Leverage CFO – Leverage 40.4% 39.6% 2012 2013  Slight improvement of the Leverage ratio:  Reduction of stock of financial debt  Higher shareholders’ equity  Increase in the Interest Coverage ratio:  Improved Group profitability  Despite the increase in interest expenses on financial debt related to the subordinated bonds issued in 2012  Both measures expected to improve in 2014 due to announced debt reduction target (1) Financial Leverage = Financial Debt / Financial Debt + Adjusted Shareholders’ Equity Adjusted Shareholders’ Equity = Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI). (2) Calculated excluding disposal gains Interest Coverage Ratio 3.6x 4.2x (2) (1) Debt leverage (%)
  • 23. © Generali March 13, 2014 2013 Results 23,742 3,072 3,270 28,830 (943) (311) EV Official FY12 Change in Perimeter Normalised EV earnings Investment, Tax and other Variances Cash Dividend EV FY13 23 Group embedded value rollforward Balance sheet – Capitalisation & Leverage Return on Embedded Value RoEVNormalised RoEV Group Embedded Value Group EV per share Group EV FY13 13.5% 27.8% 18.6 € Including + € 2.6 bn: spread narrowing and increase in stock market + € 1.6 bn: increase in interest rates (VIF and P&C liab) Robust return on embedded value, mainly driven by Life NBV at € 937 m and a positive combined ratio at 95.6%
  • 24. © Generali March 13, 2014 2013 Results 159% 30%pts. 6%pts. 184% (8%pts.) (3%pts.) ESR FY12 Change in perimeter Change in AC Dividends Change in RAC ESR FY13 24 Economic solvency Balance sheet – Capitalisation & Leverage +25%pts. Economic solvency rollforward (%)  Good overall performance of financial markets drives the increase of available capital  Disposal operations, reduction of subordinated liabilities and declared dividends lower the capital at disposal  Improved market conditions are reflected in a better risk absorbing capacity, driving down capital requirement
  • 25. © Generali March 13, 2014 2013 Results Update on liquidity(1) and Italian government bond exposure (1) Total liquidity includes cash designated for operating business and investment purposes. Cash refers only to Life and P&C portfolio; cash on financial business is not included.  Liquidity slightly increased in Q4 due to bond maturities, equity disposals (Pirelli and Telefonica) and sovereign bonds exposure reduction  Market conditions did not allow quick redeployment of liquidity  Cash will continue to be deployed based on market opportunities  Italian government bonds exposure decreased by 6% YoY, despite market appreciation  Further reductions will continue in 2014 for diversification purposes CFO – Balance Sheet 22.4 13.2 FY12 1Q13 1H13 9M13 FY13 Cash(1) level (€ bn) 58.5 54.8 FY12 1Q13 1H13 9M13 FY13 Exposure to Italian Government Bonds (€ bn) 25
  • 26. © Generali March 13, 2014 2013 Results Agenda 26 - Profit & Loss and Balance Sheet Page 13 - Business Review Page 26 Alberto Minali – Group CFO II. 2013 Group Financials
  • 27. © Generali March 13, 2014 2013 Results (€ m) FY12 FY13 LFL D 4Q12 4Q13 LFL D Gross written premiums 45,198 45,115 +0.2% 12,561 12,315 -1.4% Net inflows 3,097 8,702 +178.4% 2,170 2,187 +1.4% Life operating result 2,535 2,645 +4.3% 422 573 +35.9% Life operating ratio on investments (bps) 78 77 -1 16 20 +4 APE 4,508 4,470 -1.0% 1,324 1,259 -6.4% New Business Value 863 937 +14.2% 211 267 +34.6% Margins on APE (%) 19.2% 21.0% +2.7%pts. 15.9% 21.2% +6.5%pts. 27 Life key financial indicators CFO – Life Insurance
  • 28. © Generali March 13, 2014 2013 Results 2,535 60 93 2,645 (43) FY12 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES FY13 28 Life Operating result by driver CFO – Life Insurance FY13 5,743 1,783 (4,882) FY12 5,786 1,723 (4,975) D % -0.7% +3.5% -1.9%  Good development thanks to increasing investment result and decreasing expense ratio  Technical margin decreasing mainly due to lower surrender profits  Overall operating profit margin stable 77 bp of investments (€ m) +4.3%
  • 29. © Generali March 13, 2014 2013 Results 29 Life inflows and technical reserves(1) CFO – Life Insurance (1) Including liabilities related to investment contracts (€ m) FY12 FY13 Italy 65 1,972 France (2,236) (184) Germany 4,551 4,377 CEE 351 541 EMEA (28) 1,436 Lat. Am. 246 266 Asia 184 275 International (35) 18 TOTAL 3,097 8,702  Strong recovery in net inflows has continued  Notable improvements in Italy and EMEA  Continued strong flows in Germany  Overall growth in reserves of 4.8% + 4.8% 256.8 8.6 14.5 266.4 53.6 58.9 310.4 325.3 (5.9) FY12 RESTATED NET INFLOWS LOADINGS, RISK & SURRENDER RESULT POLICYH. SHARE OF INVEST. RESULT EXCHANGE RATES & OTHER FY13 (2.3) +10.0% + 3.7% Unit linked Traditional
  • 30. © Generali March 13, 2014 2013 Results 30 Life investment performance CFO – Life Insurance 42.6% 43.3% 34.0% 34.6% 8.5% 8.1% 4.5% 4.7% 3.6% 3.5% 4.7% 3.8% 2.1% 1.9% FY12 RESTATED FY13 Other Cash & cash equivalent Real estate Equity Other fixed income Corporate bonds Government bonds Life segment own investments (%) Euro 273.2 bn Current return Fixed income Equity Real Estate Total FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13 Euro m 9,181 9,325 426 388 594 587 10,527 10,606 % 4.2 3.9 3.3 3.1 6.1 5.9 4.1% 3.8% Euro 282.4 bn  Current return generally affected by reinvestment in a lower yield environment
  • 31. © Generali March 13, 2014 2013 Results  Resilient APE (-1.0%), with saving business slowdown partially offset by positive developments of unit linked business (+8.4%) and protection business (+3.6%)  NBM improves (+2.7p.p. on homogeneous basis) thanks to the contribution of protection business and the further decrease of guarantees (from 1.38% to 1.23%) on saving products  IRR at 11.9% and payback period equal to 7.7 years 31 Life new business analysis CFO – Life Insurance (€ m) APE NBV MARGIN ON APE FY12 FY13 LFL D FY12 FY13 LFL D FY12 FY13 LFL D Italy 1,637 1,845 +12.7% 281 336 +21.0% 17.2% 18.2% +1.3%pts. France 944 752 -20.3% 120 96 -20.6% 12.8% 12.7% +0.0%pts. Germany 917 938 +0.8% 186 248 +31.6% 20.2% 26.5% +6.2%pts. CEE 187 191 -23.7% 59 73 -8.9% 31.4% 38.5% +6.2%pts. EMEA 622 597 -3.6% 129 156 +21.7% 20.8% 26.1% +5.4%pts. Lat. Am.&Asia 201 147 +10.1% 88 28 -1.9% 44.1% 18.9% -1.1%pts. TOTAL 4,508 4,470 -1.0% 863 937 +14.2% 19.2% 21.0% +2.7%pts. FY13 amounts include the contributions from USA and Mexico only for 1Q13. Such contributions, as well as other perimeter and FX rates changes, are neutralized in the like for like variation
  • 32. © Generali March 13, 2014 2013 Results 32 P&C key financial Indicators CFO – P&C Insurance (€ m) FY12 FY13 LFL D 4Q12 4Q13 LFL D Gross written premiums, of which: Primary Motor Primary Non Motor 21,296 8,426 12,171 20,940 8,282 11,956 -0.6% +0.3% -1.2% 5,228 1,785 3,250 5,025 1,732 3,128 -2.4% -0.3% -2.8% Combined ratio (%) 95.8% 95.6% -0.2%pts. 92.7% 97.3% +4.6%pts. Nat Cat impact (%) 1.5% 2.3% +0.9%pts. -0.3% +1.7% n.m. P&C operating result 1,561 1,616 +3.5% 482 291 -39.7%
  • 33. © Generali March 13, 2014 2013 Results 1,561 9 50 1,616 (4) FY12 TECHNICAL MARGIN INVESTMENT RESULT OTHER FY13 33 P&C Operating result by driver CFO – P&C Insurance FY13 807 1,029 (220) FY12 811 1,020 (270) D % -0.5% +0.8% -18.5%  Improving result, despite significantly higher Nat Cat impact, reflecting an improvement in underlying underwriting margins (€ m) +3.5%
  • 34. © Generali March 13, 2014 2013 Results (€ m) FY12 FY13 LFL  Italy 6,836 6,316 -7.6% France 2,864 2,722 -4.9% Germany 3,278 3,436 +4.8% CEE 1,940 1,924 -0.3% EMEA 4,262 4,218 -0.6% Lat Am 898 1,112 +47.2% Asia 92 92 +0.8% International 1,126 1,118 -0.7% Total 21,296 20,940 -0.6% 34 P&C gross written premiums trends CFO – P&C Insurance Overall stable premium development:  Decline in Italy primarily driven by Motor and Commercial, reflecting weak economy. Stable development in retail non-motor. In Motor, lower car registrations and market competition continued.  Decline in France driven by motor, also reflecting steps taken to clean the portfolio.  Significant improvement in Germany, especially in Motor, driven by improved tariffs and lower lapses.  Significant like for like increase in Latin America, driven by Brazil and Argentina (latter reflects inflation but also tariff increases).
  • 35. © Generali March 13, 2014 2013 Results 68.7 68.5 27.1 27.1 (0.2)(0.0) 95.8 95.6 FY12 Δ Expense ratio Δ Loss ratio FY13 21.1 0.2 21.2 6.0 5.9 27.1 27.1 FY12 Δ Admin Δ Acq. FY13 (0.2) 35 Combined ratio analysis CFO – P&C Insurance Combined ratio (%) Loss ratio Expense ratio Expense ratio (%) Δ%pts - 0.0%pts. FY13 69.5 2.3 -3.4 68.5 FY12 70.8 1.5 -3.5 68.7 Loss ratio (%) - 0.2%pts. - 0.2%pts. 68.7 0.9 0.2 68.5 (1.2) FY12 Current year NATCAT Prior years FY13 Acquisition costs Administr. costs Current year loss ratio improved 1.2%pts.
  • 36. © Generali March 13, 2014 2013 Results 36 Combined ratio by country CFO – P&C Insurance  Current year Loss Ratio confirms good quality of pricing, underwriting and distribution in the main Countries  Nat Cat impact mainly due to floods and storms that hit France and Germany, mitigated by reinsurance COUNTRY FY12 FY13 ∆ Italy 95.7% 92.4% -3.3%pts. France 101.4% 105.5% +4.1%pts. Germany 94.5% 95.7% +1.2%pts. CEE 88.5% 88.8% +0.3%pts. EMEA 96.0% 95.8% -0.2%pts. Lat Am 102.7% 100.9% -1.7%pts. Asia 106.7% 120.0% +13.3%pts. International 90.7% 90.6% +0.0%pts. Total 95.8% 95.6% -0.2%pts.
  • 37. © Generali March 13, 2014 2013 Results Treaty renewals  The majority of our protection renews in January  Market conditions were favourable:  Ample availability of capacity in the market  Significant (15-20%) rate reductions negotiated across all lines, despite some protections being loss affected in 2013  In most classes improved treaty terms & conditions  Modest increase in group retentions, but also upper limits  Overall treaty spend for the group continues to fall, as indicated in November P&C reinsurance renewal Significant improvement in prices, terms & conditions CFO – P&C Insurance 773 684 442 354 2011 2012 2013 2014F Treaty reinsurance expenditure (€ m - underwriting year basis) 37
  • 38. © Generali March 13, 2014 2013 Results 38 P&C investment performance CFO – P&C Insurance P&C segment own investments (%) Euro 37.0 bn Euro 37.7 bn 29.3% 29.1% 29.3% 30.2% 10.7% 6.5% 6.9% 9.9% 14.1% 13.1% 8.1% 10.0% 1.6% 1.1% FY12 FY13 Other Cash & cash equivalent Real estate Equity Other fixed income Corporate bonds Government bonds  Current return generally affected by reinvestment in a lower yield environment Current return Fixed income Equity Real Estate Total FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13 Euro m 874 885 74 95 340 303 1,371 1,384 % 3.7 3.5 2.6 3.2 6.4 5.9 3.9% 3.7%
  • 39. © Generali March 13, 2014 2013 Results 39 Financial segment key financial indicators CFO – Financial Segment FY12 FY13 LFL D 4Q12 4Q13 LFL D Operating result (€ m) 408 483 +18.4% 88 116 +31.4% Net fees and commissions (€ m) 827 883 +6.8% 206 242 +17.5% Cost / income ratio (%) 69.0% 66.3% -2.7%pts 72.3% 67.1% -5.2%pts Third party AUM (€ bn) 96.4 104.3 +3.8%
  • 40. © Generali March 13, 2014 2013 Results 40CFO – Final remarks  Good progress in a transitional year for the group  Profits are improving in all of our segments  Confidence in results leads us to more than double the dividend Final remarks  Solvency is on track for our 2015 target of 160%.  Leverage has fallen and will continue to fall in 2014
  • 41. © Generali March 13, 2014 2013 Results Agenda 41 IV. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 42. © Generali March 13, 2014 2013 Results Agenda 42 IV. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 43. © Generali March 13, 2014 2013 Results 43 Assets under management Investments 67.3% 11.6% 21.1% Own investments Unit Linked Third party investments 5% 82% 4% 5% 3% Equity Fixed income Real estate Cash & Cash Equivalent Other By Asset Class By Region Total portfolio € 508 bn Breakdown by region and asset class 28% 22% 28% 3% 10% 9% Italy France Germany CEE EMEA RoW and other operations
  • 44. © Generali March 13, 2014 2013 Results Total Portfolio € 280 bn 72% 10% 10% 5% 2% 1% Covered € 33 bn 6% 8% 38%39% 7% 2% Corporate € 78 bn AAA AA A BBB Not Investment Grade Not Rated 13% 34% 3% 48% 2% 0% Government € 139 bn (1) 44Investments Fixed Income PortfolioFixed Income Portfolio (1) Italian government bond exposure is 87% of BBB Bond duration FY12 FY13 Life 6.7 7.2 P&C 3.7 4.0 Life duration Gap FY12 FY13 2.1 1.5 49.7% 12.1% 15.6% 11.9% 10.7% Other fixed Income Covered Corporate non fin. Corporate fin. Government
  • 45. © Generali March 13, 2014 2013 Results 45Investments 63% 27% 11% Equity Equity Funds Alternatives Equity & Equity-like Life, P&C and Financial Total portfolio (€ 17.7 bn) Equity (€ 11.1 bn)Alternative funds (€ 1.9 bn) Life, P&C and Financial Life, P&C and Financial Listed and Unlisted 87% 7% 6% Life P&C Financial 75% 19% 6% Life P&C Financial 73% 24% 3% Life P&C Financial 83% 17% Quoted Unquoted
  • 46. © Generali March 13, 2014 2013 Results 84% 16% Breakdown by utilization (2) Investment properties Own use 64% 16% 12% 3% 5% Breakdown by use (2) Office Residential Retail Logistic Other/Mixed 46Investments 37% 16% 26% 1% 20% 1% Breakdown by country (2) Italy Germany France CEE RoE RoW Asset Allocation: Real Estate(1) (1) Data, at fair value, includes own use assets and property inventory (2) Detail referred to direct investments in real estate only Total portfolio (€ 24.9 bn (1)) (€ m) FY12 FY13 Gross Unrealised Gains and Losses (UGL) 5,783 5,574 Shareholders’ share of UGL (after P/H share, tax & minorities) 3,765 3,647 Off balance sheet gains
  • 47. © Generali March 13, 2014 2013 Results Agenda 47 III. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 48. © Generali March 13, 2014 2013 Results 48 Focus on financial debt Financial debt Total financial debt (€ m)Average cost & maturity of financial debt (%) 4,464 4,468 7,833 7,612 937 678 FY12 FY13 Senior Sub/Hybrid Other FY12 FY13 Average cost (%) 5.86% 5.93% Subordinated/Hybrid 6.57% 6.54% Senior 4.81% 4.81% Average maturity (years) 6.01 5.27 € 13,234 m € 12,758 m
  • 49. © Generali March 13, 2014 2013 Results 49 Financial debt breakdown by expiry date/call date (€ m) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2026 Senior Hybrid Subordinated Financial debt 2,250 500 2,195 1,265 750 781 2,595 1,750 421
  • 50. © Generali March 13, 2014 2013 Results Agenda 50 III. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 51. © Generali March 13, 2014 2013 Results 21,400 20,135 937 1,516 41 4,689 280 26,136 (1,265) (1,462) EV FY12 Perimeter, FX Adjusted EV FY12 NBV Expected contribution Operating variance Economic variance Other variance Capital Flow EV FY13 51Life EV Life Embedded value earnings (Euro m) Return on Life Embedded value RoEV Normalised RoEV Adjusted embedded value FY12 20,135 Embedded value earnings 7,463 Normalised EV earnings (2) 2,494 37.1% 12.4% Life EV (1) roll-forward (€ m) (1) Calculated with methodology and assumptions compliant with “Market Consistent Embedded Value Principles” as defined by CFO Forum (2) “Normalised EV earnings” defined as NBV + Expected contribution + Operating variance (3) “ Other variance ” includes model changes, extraordinary expenses and residual variance (3)
  • 52. © Generali March 13, 2014 2013 Results 52 FY13 Life Embedded value sensitivity Life EV -1.8 -1.1 -5.2 -3.1 3.2 -6.4 2.9 € m 26,136Life Embedded value Risk Free Rate +100bps Risk Free Rate -100bps Equity +10% Equity -10% Zero Liquidity Premium Equity Implied Volatility +25% Swaption Implied Volatility +25% (%)
  • 53. © Generali March 13, 2014 2013 Results 53 Expected Life cash flow generation Life EV 1,886 1,124 862 (945) (678) Existing Run Off 2012 New Business 2012 Free Cashflow 2012 2,204 1,392 709 (860) (661) Existing Run Off 2013 New Business 2013 Free Cashflow 2013 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Years 1-5 Years 6-10 Years 11-15 Years 16-20 Years 21-25 Years 26-30 Years 31+ -2,000 -1,500 -1,000 -500 - 500 1,000 1,500 Year 0 Years 1-5 Years 6-10 Years 11-15 Years 16-20 Years 21-25 Years 26-30 Years 31+ Life expected free cash flows (€ m) 2013 In-force – Expected undiscounted cash flows 2013 New Business – Expected undiscounted cash flows Profit Capital
  • 54. © Generali March 13, 2014 2013 Results Update on Guarantees Focus on guarantees 46.6% 47.3% 46.9% 47.8% 51.1% 53.4% 52.7% 53.1% 52.2% 48.9% 2.37% 2.04% 1.21% 0.86% 1.56% 1.23% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2009 2010 2011 2012 2013 Low capital intensity guarantees (1) (% of portfolio) High capital intensity guarantees (% of portfolio) Existing Portfolio Guarantee Average new business guarantee (premiums) Average new business guarantee (APE)  Portfolio guarantee profile continues to improve in terms of type (51.1% of reserves is made of low capital intensity guarantees) and average guarantee (currently 2.04%)  Improvements driven by new business: in 2013, 70.2% of total new business premiums is made of low capital intensity guarantees and the average guarantee is 0.86% (1.23% on APE) 54 (1) Low capital intensive guarantees = no guarantees, matched, at maturity guarantees and yearly 0% guarantees
  • 55. © Generali March 13, 2014 2013 Results Agenda 55 III. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 56. © Generali March 13, 2014 2013 Results 1.9 2.1 1.6 1.5 0.6 0.8 0.9 0.8 6.3 5.6 8.6 8.8 FY12 FY13 Financial Credit Life UW Non Life UW Operational Not under IM 56 Group Risk Capital (RAC) Capital (3%) (-12%) (-9%) (31%) (-3%) (8%) 19.9 19.6 65% 28% 7% Life Non Life AUM FY13 Group RAC geographical breakdown FY13 Group RAC breakdown by segment (1) Not under IM refers to top down approach for minor insurance entities and to regulatory capital requirements for financial segment (1) Group RAC at 99.5% after diversification (€ m) 40% 22% 14% 24% Italy France Germany Other
  • 57. © Generali March 13, 2014 2013 Results 57 Reconciliation of IFRS equity to Group Embedded Value Capital (1) Includes subordinated and senior bonds issued (2) Mainly VIF AuM, CoC and DTL on subordinated debt euro m Life MCEV Other operations Financial Debt(1) Group IFRS Equity 15,254 16,604 (12,080) 19,778 Goodwill, DAC, VoBA and other intangibles (5,452) (4,828) (10,280) Mark to market of assets non backing 1,969 1,719 3,688 Double counting on life AFS reserves and on other investments (175) 0 (175) Adjustment on debt (1) (459) (460) Fair value adjustment on P&C liabilities 706 706 Other adjustments 79 71 150 Adjusted Net Asset Value 11,676 14,271 (12,540) 13,407 In-force value (Life & AuM) 14,460 963 15,423 Embedded value 26,136 15,234 (12,540) 28,830 Adjustments(2) (124) Subordinated debt 8,160 Available Capital 36,866
  • 58. © Generali March 13, 2014 2013 Results Agenda 58 III. Backup - Investments Page 42 - Financial debt Page 47 - Life EV Page 50 - Capital Page 55 - Definitions Page 58
  • 59. © Generali March 13, 2014 2013 Results Definitions Definitions Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities, specific net income from investments and non-recurring income and expenses Adjusted Shareholders’ Equity Shareholders’ Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI) Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders’ Equity. It is calculated according to the following ratio: Total Operating Result adjusted to include: - interest expenses on financial debt ˗ income taxes based on a mid-term expected tax rate as assumed in 2015 Target - minorities interests Adjusted Shareholders’ Equity Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders’ Equity Fixed Charge Coverage EBIT/interest expenses on financial debt Gross/Net Expected Surplus For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business Strain For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital requirements (S1) Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company 59
  • 60. © Generali March 13, 2014 2013 Results Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The manager charged with preparing the company’s financial reports, Alberto Minali, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting information contained in this presentation corresponds to document results, books and accounts records.
  • 61. © Generali March 13, 2014 2013 Results 61 Next events 30.04.2014 Annual general Meeting 15.05.2014 1Q 2014 results reporting 31.07.2014 1H 2014 results reporting 06.11.2014 9M 2014 results reporting 19.11.2014 2014 Investor Day
  • 62. © Generali March 13, 2014 2013 Results Team Marta PORCZYNSKA Team assistant & event coordination Marta.Porczynska@Generali.com +39 040 671402 Martina VONO Team assistant & event coordination Martina.Vono@Generali.com +39 040 671548 Assicurazioni Generali P.za Duca degli Abruzzi 2 34132 Trieste, Italy Fax: +39 040 671338 e-mail: ir@generali.com www.generali.com Spencer HORGAN Head of Investor Relations Spencer.Horgan@Generali.com +44 20 7265 6480 Stefano BURRINO Stefano.Burrino@Generali.com +39 040 671202 Emanuele MARCIANTE Emanuele.Marciante@Generali.com +39 040 671347 Veronica CHERINI Veronica.Cherini@Generali.com +39 040 671488 Rodolfo SVARA Rodolfo.Svara@Generali.com +39 040 671823 62
  • 63. © Generali March 13, 2014 2013 Results Thank you 63
  • 64. © Generali March 13, 2014 2013 Results GENERALI GROUP 2013 Results