Banca Generali S p A : Interim Report at 31 March 2021

INTERIM REPORT at 31 March 2021

INTERIM REPORT

AT 31 MARCH 2021

Board of Directors 11 May 2021

This Interim Report has been translated from that issued in Italy, from the Italian into the English language, solely for the convenience of international readers. The Italian version remains the definitive version.

BANCA GENERALI S.P.A.

REGISTERED OFFICE

VIA MACHIAVELLI 4 - 34132 TRIESTE

SHARE CAPITAL

Authorised 119,378,836 EUROS

Subscribed and paid-up 116,851,637 EUROS

TAX CODE AND TRIESTE REGISTER

OF COMPANIES

NO. 00833240328

VAT No. 01333550323

BANK WHICH IS A MEMBER OF THE INTERBANK DEPOSIT PROTECTION FUND

REGISTRATION WITH THE BANK REGISTER OF THE BANK OF ITALY UNDER No. 5358

PARENT COMPANY OF THE BANCA GENERALI BANKING GROUP REGISTERED IN THE BANKING GROUP REGISTER

ABI CODE 3075.9

COMPANY MANAGED AND COORDINATED BY ASSICURAZIONI GENERALI S.P.A.

ADMINISTRATIVE AND CONTROL BODIES

BOARD OF DIRECTORS

CHAIRMAN

CANGERI ANTONIO

CHIEF EXECUTIVE OFFICER AND GENERAL MANAGER

MOSSA GIAN MARIA

DIRECTORS

CALTAGIRONE AZZURRA

CAPRIO LORENZO

COCCO ROBERTA

LAPUCCI MASSIMO

PESCATORI ANNALISA

RUSTIGNOLI CRISTINA

TERZI VITTORIO EMANUELE

BOARD OF STATUTORY AUDITORS

FREDDI NATALE (CHAIRMAN)

ANACLERIO MARIO FRANCESCO

MINUTILLO FLAVIA

MANAGER IN CHARGE OF PREPARING THE COMPANY'S FINANCIAL REPORTS

DI RUSSO TOMMASO

CONTENTS

Group Economic and Financial Highlights...................................................	3
	Consolidated Balance Sheet..............................................................................................................................	5
	Consolidated Profit and Loss Account ...............................................................................................................	6
	Statement of Comprehensive Income................................................................................................................	6
1.	Summary of operations for the first three months of 2021.............................................................................	7
2.	Macroeconomic Context.....................................................................................................................................	9
3.	Banca Generali's Competitive Positioning.....................................................................................................	11
4.	Operating Result ...............................................................................................................................................	16
5.	Balance sheet and net equity aggregates ......................................................................................................	29
6. Performance of Group Companies..................................................................................................................	41
7.	Basis of Preparation .........................................................................................................................................	44
Declaration pursuant to Article 154-bis, Second Paragraph, of Legislative Decree No. 58 of 24 February
1998.........................................................................................................................................................................	47

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Group Economic and Financial Highlights

Group economic and financial highlights (€ million)	31.03.2021	31.03.2020	Change %
Net interest income	21.7	20.2	7.4
Net financial income	24.7	24.2	1.9
Net fees	215.2	144.5	48.9
Net banking income	239.9	168.8	42.1
Net operating expenses (d)	-56.0	-54.1	3.6
of which: staff expenses	-26.4	-25.7	3.0
Operating result	183.8	114.7	60.3
Contributions and charges related to the banking system (d)	-15.9	-11.3	41.2
Adjustments to non-performing loans	-1.4	-1.1	30.8
Profit before taxation	166.4	102.3	62.7
Net profit	135.4	79.1	71.3
Performance indicators	31.03.2021	31.03.2020	Change %
Cost/income ratio (d) (f)	19.9%	27.5%	-27.4
Operating Costs/Total Assets (AUM) - annualised (e) (f)	0.29%	0.30%	-9.3
EBITDA (d) (f)	192.0	122.4	56.9
ROE (a)	43.3%	33.3%	30.0
ROA (b)	0.78%	0.49%	59.5
EPS - Earnings per share (euros)	1.18	0.69	71.8
Net inflows (€ million) (Assoreti data)	31.03.2021	31.03.2020	Change %
Funds and Sicavs	722	159	354.1
Financial wrappers	180	-118	-252.5
Insurance wrappers	380	212	79.2
Asset management	1,282	253	406.7
Insurance/Pension funds	-226	-113	-100.0
Securities/Current accounts	605	1,354	-55.3
Total	1,661	1,494	11.2
Asset Under Management & Custody (€ billion)	31.03.2021	31.12.2020	Change %
Funds and Sicavs (c)	20.7	19.7	5.5
Financial wrappers (c)	8.4	8.2	3.3
Insurance wrappers	10.1	9.6	5.3
Asset management	39.3	37.4	5.0
Traditional life insurance policies	16.2	16.5	-1.4
AUC	22.0	20.7	6.4
Total	77.5	74.5	4.0
Net Equity	31.03.2021	31.12.2020	Change %
Net equity (€ million)	1,319.7	1,184.5	11.4
Own funds (€ million)	678.4	676.1	0.3
Excess capital (€ million)	219.1	242.1	-9.5
Total Capital Ratio	17.5%	18.4%	-5.2

1. Ratio of net result to the arithmetic average of net equity, including annualised net profit, at the end of the reporting period and at the end of the previous period.
2. Ratio of net result to the average of Assoreti's annualised quarterly AUM.
3. Total AUM were increased by AUM not included in the consolidation scope and generated by new acquisitions amounting to 1.018 billion euros at 31 December 2020 and to 1.016 billion euros at 31 March 2021.
4. For a greater understanding of operating performance, mandatory contributions (of both an ordinary and extraordinary nature) paid to the Italian Interbank Deposit Protection Fund, the European Single Resolution Fund and Italian National Resolution Fund have been reclassified from the administrative expenses aggregate to a separate item. The restatement better represents the evolution of the costs linked to the Bank's operating structure by separating them from the systemic charges incurred.
5. Ratio of operating expenses, net of changes in the consolidation scope and in other non-recurring components, to the average of Assoreti's annualised quarterly AUM. The figure for the first quarter of 2020 was accordingly restated.
6. The figures for the comparison period were restated net of the charges related to the banking system totalling 3.1 million euros.

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