Generali : Presentazione dei Risultati al 30 giugno 2023

GENERALI GROUP

FIRST HALF 2023

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). Starting from 1Q23 the bancassurance JVs of Cattolica (Vera and BCC companies) are considered a 'disposal group held for sale' under IFRS 5 and therefore their results are reclassified in the Result of discontinued operations. Consequently, the Group Results 1H22 presented last year have been restated. 1H22 numbers for PVNBP, NBV and NBM are restated

under IFRS17 accounting rules and excluding asset disposals. The like for like changes are on equivalent terms.

2

AGENDA

01 Strategy overview

02 Group financials

03 Backup

04

STRATEGY OVERVIEW

PHILIPPE DONNET

GROUP CHIEF EXECUTIVE OFFICER

4

KEY MESSAGES

Increase in Gross Written Premiums driven by significant P&C growth

Excellent growth in Operating Result and Adjusted earnings

Extremely solid capital position, further supported by capital generation

Key strategic acquisitions both in insurance and asset management

Fully on track to deliver "Lifetime Partner 24: Driving Growth" targets, halfway through plan execution

5

STRONG GROWTH IN OPERATING RESULT AND EARNINGS, WITH EXTREMELY SOLID CAPITAL POSITION

Operating Result (€ m)

Adjusted Net Result¹ (€ m)

Solvency Ratio (%)

	+28.0%
	3,721
2,907
1H22	1H23

P&C Premiums² (€ m)
	+10.6%
14,487	16,349
1H22	1H23

	+60.9%
	2,330
1,448
1H22	1H23

Life New Business Margin² (%)

+31 bps

5.50	5.81
1H22	1H23

+7 p.p.

221	228
FY22	1H23

P&C Combined Ratio (%)

	-5.4 p.p.
97.0	91.6
1H22	1H23

1. The 1H22 figure also reflects the impact from € 97 m in impairments on Russian fixed-income instruments
2. Changes in P&C Premiums and Life New Business Margin are presented on equivalent terms (at constant exchange rates and consolidation scope)