Assicurazioni Generali S p A : Presentation of Results at 30 June 2022

GENERALI GROUP

2022 FIRST HALF RESULTS

The like for like change of written premiums and life net cash inflows is on equivalent terms (on equivalent exchange rates and consolidation area). Operating result, Asset Under Management and Life technical provisions exclude assets under disposals or disposed during the period, if any.

1H21 numbers for PVNBP, NBV and NBM are presented on historical basis, without excluding asset disposals. The like for like changes are on equivalent terms.

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AGENDA

01. STRATEGY OVERVIEW

02. 2022 FIRST HALF GROUP FINANCIALS

03. BACKUP

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STRATEGY OVERVIEW	01
PHILIPPE DONNET - GROUP CEO

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KEY MESSAGES

Solid performance with continued growth in the Operating Result

Resilient Life net inflows supported by Protection and Unit Linked

Strong growth in Non-Motor P&C, a key focus of the 'Lifetime Partner 24' strategic plan

Sound progress on M&A with integration of acquisitions fully on track

Extremely strong capital position: €500 million buyback to be implemented starting from August, 3

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SOLID PERFORMANCE WITH CONTINUED GROWTH IN THE OPERATING RESULT AND A STRONG CAPITAL POSITION

OPERATING RESULT (€ m)

	+4.8%
2,996	3,140
1H 2021	1H 2022
P&C PREMIUMS2, 3 (€ m)
	+8.5%
12,301	14,582
1H 2021	1H 2022

NET RESULT 1 (€ m)

-9.0%

1,540	1,402
1H 2021	1H 2022

LIFE NEW BUSINESS MARGIN3 (%)

+0.59 p.p.

4.67	5.23
1H 2021	1H 2022

SOLVENCY RATIO (%)

+6 p.p.

227	233
FY 2021	1H 2022

P&C COMBINED RATIO4 (%)

+2.8 p.p.

89.7	92.5
1H 2021	1H 2022

1. Excluding the impact of impairments on Russian investments, the Net result would have been stable at €1,541m
2. Premiums in P&C Non-motor posted a +10.7% growth
3. Changes in P&C premiums and Life new business are presented on equivalent terms (at constant exchange rates and consolidation scope)
4. Excluding Argentina, the Group Combined Ratio would have been 91.9%