Financial Information as of 30 September 2021 – Press Release

11/11/2021

PRESS RELEASE

FINANCIAL INFORMATION AT 30 SEPTEMBER 20211

Generali confirms that it is fully on track to successfully complete the 'Generali 2021' strategic plan. Excellent profitability, with strong growth in premiums, operating and net results. Extremely solid capital position

• Strong increase in the operating result to € 4.4 billion (+10%), thanks to the positive performance of the Life, Asset Management and Holding and other businesses segments. Resilient contribution from the P&C segment, despite the higher impact of natural catastrophe claims
• Gross written premiums increased to € 54.9 billion (+6.4%), supported by both the Life segment (+6.5%) and the P&C segment (+6.2%). Life net inflows grew to € 9.5 billion (+3%),entirely focused on the unit-linked and protection lines.The Combined Ratio was 91.3% (+1.6 p.p.) and the New Business Margin was excellent at 4.76% (+0.66 p.p.)
• Net result rose by 74% to reach € 2,250 million (€ 1,297 million 9M2020)2
• Solvency Ratio was extremely solid at 233% (224% FY2020)

Generali Group CFO Cristiano Borean commented: "The results for the first nine months confirm the Group's excellent performance, technical profitability and solid trends across all businesses with one of the highest Solvency Ratios in the sector. Life net inflows, entirely focused on the unit-linked and protection lines of business, continue to rise, while the P&C segment remains resilient, despite the higher impact of natural catastrophe claims. The results of the Asset Management segment continue to grow, also thanks to our multi-boutique strategy. These results, which are fully in line with the successful completion of the 'Generali 2021' strategic plan, represent a solid foundation for the new three-year plan we will present to the market on 15 December."

1. Changes in premiums, Life net inflows and new business were presented in equivalent terms (at constant exchange rates and consolidation scope). Changes in the operating result, own investments and Life technical provisions excluded any assets under disposal or disposed of during the same period of comparison.
2. The adjusted net result - defined as the net result without the impact of gains and losses related to disposals - was equal to the net result of the period, since the latter was not impacted by gains and losses related to disposals The 9M2020 adjusted net result amounted to € 1,479 million, which neutralised € 183 million resulting from the settlement agreement for the BSI disposal. In addition, excluding the one-off expense amounting to € 100 million (€ 77 million, net of taxes) from the establishment of the Extraordinary International Fund for Covid-19 and the € 94 million (€ 73 million, net of taxes) expense arising from the liability management transaction, the 9M2020 adjusted net result amounted to € 1,629 million.

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EXECUTIVE SUMMARY

Key Figures

	9M 2021	9M 2020	Change
Gross written premiums (€ mln)	54,899	51,989	6.4%
Consolidated operating result (€ mln)	4,425	4,023	10.0%
Life operating result	2,148	2,005	7.1%
P&C operating result	1,790	1,834	-2.4%
Asset Management operating result	451	342	32.0%
Holding and other businesses operating result	457	159	n.m.
Consolidation adjustments	-421	-317	33.0%
New Business Margin (% PVNBP)	4.76%	4.10%	0.66 p.p.
Combined Ratio (%)	91.3%	89.7%	1.6 p.p.
Net result (€ mln)	2,250	1,297	73.6%
Adjusted net result(*)	2,250	1,479	52.1%
Adjusted EPS(*) (€)	1.43	0.94	51.8%
	9M 2021	YE 2020	Change
Group's Shareholders' equity (€ mln)	29,248	30,029	-2.6%
Total Assets Under Management (€ mln) (**)	682,143	654,720	4.2%
Solvency II Ratio (%)	233%	224%	10 p.p.

(*)The adjusted net result did not include the impact of gains and losses related to disposals (zero in 9M2021; € -183 million in 9M2020 for the expense resulting

from the settlement agreement for the BSI disposal, without which the 9M2020 adjusted net result amounted to € 1,479 million). Also excluding the one-off expense amounting to € 100 million (€ 77 million, net of taxes) from the establishment of the Extraordinary International Fund for Covid-19 and the € 94 million (€ 73 million, net of taxes) expense arising from the liability management transaction, the 9M2020 adjusted net result amounted to € 1,629 million (+38.2%) and the 9M2020 net adjusted EPS at € 1.04 (+37.9%).

1. The 9M2021 Financial Information took into account, from a managerial view, a more consistent representation of the third-party assets under management. The value of the comparative period was therefore restated, on which the relative change was calculated.

Milan - At a meeting chaired by Gabriele Galateri di Genola, the Board of Directors of Assicurazioni Generali approved the Financial Information at 30 September 20213.

The Group's operating result stood at € 4,425 million (+10%), benefiting from the positive performance of the Life, Asset Management and the Holding and other businesses segments. The P&C segment made a resilient contribution, despite the higher impact of natural catastrophe claims.

The Life segment continued to deliver excellent technical profitability, with the New Business Margin at 4.76% (4.10% 9M2020). The Combined Ratio stood at 91.3% (+1.6 p.p.).

The operating result of the Asset Management segment rose to € 451 million (+32%), mainly boosted by the growth in operating revenues, also thanks to the overall rise in assets under management.The operating result of the Holding and other businesses segment continued to grow, thanks to the results of Banca Generali and the significant contribution of private equity.

The Group's non-operatingresult amounted to € -731 million (€ -1,360 million 9M2020). The significant improvement was mainly thanks to the lower impairments on available for sale investments - which were particularly affected in 2020 by the impact of the pandemic on financial markets - and the increase in realised gains, driven by real estate, especially € 67 million for the Libeskind Tower transaction in CityLife, Milan and

3 The Financial Information at 30 September 2021 is not an Interim Financial Report according to the IAS 34 principle.

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• 80 million for the Saint Gobain's Tower transaction in Paris. The 9M2020 non-operating result was mainly impacted by the € 93 million impairment on goodwill related to the Life business in Switzerland, by the € 94 million expense arising from the liability management transaction and by the € 100 million one-off expense for the Extraordinary International Fund for Covid-19. The impact of interest expenses on financial debt improved, as a result of the debt optimisation strategy.

The net result increased by 74% to reach € 2,250 million (€ 1,297 million 9M2020), thanks to the increase in the operating result and to the non-operating performance, mentioned above.

The Group's gross written premiums amounted to € 54,899 million, increasing by 6.4%4, thanks to the growth in both the Life and P&C segments. Life net inflows grew to € 9.5 billion (+3%4), entirely due to the trend in the unit-linked and protection lines of business. Life technical provisions were € 397.5 billion (+3.3% compared to 31 December 2020; +4.5% excluding the effect from the deconsolidation of a pension fund in central and eastern European countries).

The Group's Total Assets Under Management rose to € 682.1 billion, up 4.2% compared to year-end 20205.

The Group's shareholders' equity was € 29,248 million (-2.6%compared to 31 December 2020). The change was due to a € 1,067 million decrease in the AFS reserves, deriving mainly from the performance of government bonds, and due to the deduction of the entire dividend approved for a total of € 2,315 million, of which € 1,591 million related to the 2020 dividend, paid on 26 May 20216.

The Group confirmed its excellent capital position with the Solvency Ratio at 233% (224% FY2020). The increase of 10 p.p. was mainly driven by the solid contribution of the normalised capital generation, net of the dividend for the period calculated on a pro rata basis compared to the dividend of the previous year7, and by market variances, favoured by the recovery of interest rates, the narrowing of spreads on Italian and other European government bonds and the upswing in the equity market.

1. In June 2020, in Italy Generali was awarded the management mandate for two investment segments of Cometa, the National Supplementary Pension Fund for employees in the engineering, system installation and similar industries and for employees in the gold and silver industries. Excluding the effect of the aforementioned pension fund, total premiums would have increased by 9.6%. In the Life segment, premiums would have increased by 11.3% and net inflows by 23%.
2. The 9M2021 Financial Information took into account, from a managerial view, a more consistent representation of the third-party assets under management. The value of the comparative period was therefore restated, on which the relative change was calculated.
3. See 'Significant events after 30 September 2021' as for the payment of the second tranche of the 2019 dividend, equal to € 0.46.
4. The 2020 dividend per share amounted to € 1.01.
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LIFE SEGMENT

• Life net inflows were up to € 9.5 billion (+3%)
• The New Business Margin was excellent at 4.76% (+0.66 p.p.); the New Business Value (NBV) rose to € 1,669 million (+28.7%)
• The operating result was € 2,148 million (+7.1%)

Life Key Figures

euro mln	9M 2021	9M 2020	Change
VOLUMES
Gross written premiums	37,389	35,423	6.5%
Net inflows	9,486	9,322	3.0%
PVNBP	35,033	31,599	10.9%
PROFITABILITY
Life operating result	2,148	2,005	7.1%
New Business Value	1,669	1,296	28.7%
New Business Margin (% PVNBP)	4.76%	4.10%	0.66 p.p.

Life net inflows stood at € 9.5 billion (+3%; +23% excluding the collective pension fund in Italy mentioned above) thanks to the increase in the unit-linked line (+18%), driven above all by the development in France, and in the protection line (+8.9%), by virtue of the trends observed in France and Asia. In line with the Group's strategy, net inflows were entirely focused on the unit-linked and protection lines, whereas net inflows of the savings and pension line amounted to € -476 million (€ 619 million 9M2020).

Gross written premiums amounted to € 37,389 million,increasing by 6.5%(+11.3% excluding the cited fund). The unit-linked line grew significantly (+17.5%), particularly in France and, to a lesser extent, in Germany. Improvements were also seen in the protection line (+5.4%), mainly in Asia and Italy, and the savings and pension line (+2.2%), above all in France and Asia.

New business (expressed in terms of PVNBP - present value of new business premiums) stood at € 35,033 million, up 10.9% compared to the first nine months of 2020, which had been impacted by the pandemic, but sustained by the premiums from the collective pension fund in Italy. Excluding this fund, new business would have risen by 20.7%. The increase mainly reflected the excellent growth in unit-linked products (+13.9%, +48.7% excluding the cited fund), especially in Italy and France, and the solid growth in protection products (+18.8%), thanks to a significant contribution from Germany. The growth in traditional savings products was more contained, but still positive (+5.2%).

Despite less favourable financial assumptions, the New Business Margin on PVNBP came to 4.76% (4.10% 9M2020), posting an increase of 0.66 p.p. (+0.46 p.p. excluding the cited fund), thanks to the rebalancing of the business mix towards more profitable lines of business and the continuous improvement in the features of new products.

The positive trends in production and profitability boosted the New Business Value (NBV) to € 1,669 million, a significant improvement compared to the first nine months of 2020 (+28.7%, +33.5% excluding the cited fund).

The operating result rose to € 2,148 million (€ 2,005 million 9M2020). The net investment result improved compared to the first nine months of 2020, which had been impacted by the negative performance of financial markets and the acceleration of provisions for guarantees to policyholders in Switzerland.

The technical margin was up (+7.1%), thanks to the growth in unit-linked and protection products. Insurance expenses increased in the acquisition component (+9.5%). The technical margin, net of insurance expenses, was stable.

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The technical margin was estimated8 to be impacted by € -93 million as a result of the Covid-19 pandemic, in particular for higher claims in the protection line, mainly in ACEER, the Parent Company and Americas and Southern Europe.

P&C SEGMENT

• Premiums rose to € 17,509 million (+6.2%)

• The Combined Ratio stood at 91.3% (+1.6 p.p.)

• The operating result was resilient at € 1,790 million (-2.4%)

P&C Key Figures

euro mln	9M 2021	9M 2020	Change
VOLUMES
Gross written premiums	17,509	16,566	6.2%
PROFITABILITY
Combined Ratio (%)	91.3%	89.7%	1.6 p.p.
Nat Cat impact (%)	3.0%	1.4%	1.7 p.p.
P&C operating result	1,790	1,834	-2.4%

Gross written premiums in the P&C segment amounted to € 17,509 million (+6.2%), boosted by the performance of both lines of business, where widespread growth was observed in almost all of the Group's main areas of operation.

The motor line rose by 4.8%,particularly in ACEER, Argentina (also following adjustments for inflation),France and Italy. The performance of the non-motor line also improved (+6.2%), above all in Italy and France.

The premiums of Europ Assistance, which were impacted by the pandemic in 2020, especially the travel business, continued to rise (+10.7%).

The operating result of the P&C segment confirmed its excellent contribution, and stood at € 1,790 million (-2.4%). The fall in the technical result (-12.9%), which reflected the trend of the Combined Ratio, was partly offset by the improvementin the investmentresult (+13.3%), which also benefited from higher dividend income from private equity.

The Combined Ratio was 91.3% (+1.6 p.p.). The worsening was mainly due to the rise in the natural catastrophe loss ratio (+1.7 p.p.) throughout all of the Group's areas of operation. More specifically, natural catastrophe claims totalled € 486 million (€ 213 million 9M2020), including claims for storms that hit Spain in January and continental Europe in the summer, as well as floods that mainly affected Germany in July. The non-catastrophe current year loss ratio rose slightly, mostly in the motor line, compared to the first nine months of 2020, which had benefitted from the lockdown effects, and it was partly offset by a lower impact from large man-made claims. The contribution from prior years grew, standing at -4.2%(-1 p.p.). The expense ratio increased to 27.8% (+0.3 p.p.), showing a rise in the acquisition costs component (+0.4 p.p.), which mainly reflected the trend in the motor line, as a result of the growth in higher commission coverage, particularly in Italy, and of the increase in expenses resulting from the development and support of business in ACEER.

The Group estimated9 its Combined Ratio excluding Covid-19 impacts to be 92.8%.

1. For more information on the methods used to determine the quantitative impacts, see the section 'Disclosure on the quantitative impacts of Covid-19 on the Group' in the Annual Integrated Report and Consolidated Financial Statements 2020.
2. For more information on the methods used to determine the quantitative impacts, see the section 'Disclosure on the quantitative impacts of Covid-19 on the Group in the Annual Integrated Report and Consolidated Financial Statements 2020.
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