Generali : Presentazione dei Risultati al 31 dicembre 2023

GENERALI GROUP 2023 RESULTS

The like for like changes on written premiums, Life net cash inflows, PVBNP, NBV and NBM are 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 2022 presented last year have been restated. The attritional Loss Ratio does not include Nat Cat impact but includes Man Made claims.

2

AGENDA

01 Strategy overview

02 Group financials

03 Backup

04

STRATEGY OVERVIEW

Philippe Donnet

Group CEO

4

FULLY ON TRACK TO DELIVER "LIFETIME PARTNER 24: DRIVING GROWTH" PLAN

Record Operating and Adjusted Net Result supported by all business lines. Further positive impact in 2024 from acquisitions of Liberty Seguros and Conning Holdings

P&C driving both top-line and Operating Result despite significant Nat Cat impact

Ongoing positive net inflows in Protection and Unit Linked, with improving Savings outflows in 4Q Solid Solvency 2 ratio supported by strong capital generation

Proposed dividend per share of € 1.28, with 2022-2024 cumulative target achieved

5

RECORD OPERATING AND ADJUSTED NET RESULT

Operating Result (€ m)

Adjusted Net Result¹ (€ m)

Solvency Ratio (%)

	+7.9%
6,374	6,879
2022	2023

P&C Premiums² (€ m)
	+12.0%
28,454	31,120
2022	2023

+14.1%

3,133	3,575
2022	2023

Life New Business Margin² (%)

+9 bps

5.69	5.78
2022	2023

-1 p.p.

221	220
2022	2023

P&C Combined Ratio (%)

	-1.4 p.p.
95.4	94.0
2022	2023

1. The 2022 figure also reflects the impact from € 71 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)

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OPERATING RESULT GROWTH HIGHLIGHTS GROUP'S

SUCCESSFUL TRANSFORMATION

Operating Result (€ m)1

4,830 4,895 4,857 5,192 5,208 5,852 6,374

6,879

• Focus on profitable growth, with Operating Result vastly outpacing GWP increase
• Life: Shift from capital intensive to capital light products
• P&C: Strengthened presence through acquisitions and organic growth

2016 2017 2018 2019 2020 2021 2022 2023 ▪ Asset & Wealth Management: Increased contribution (from 3% in 2016 to 14% in 2023)

1. Data 2016-2021 as disclosed based on historical IFRS4, since 2022 on IFRS17

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EXCELLENT PROGRESS TOWARDS PLAN'S FINANCIAL TARGETS

Financial targets

6% - 8%

EPS CAGR RANGE¹

2021 - 2024

> €8.5 billion

CUMULATIVE NET

HOLDING CASH FLOW²

2022 - 2024

€5.2 - 5.6 billion

CUMULATIVE DIVIDEND3 2022-2024,

WITH RATCHET POLICY ON DPS

2022 - 2024

Current status 14.2%  ON TRACK

€5.8 bn  ON TRACK

cumulative 2022-2023

€5.5 bn  ACHIEVED

cumulative 2022-2024

Progression

2022 2023 2024

2022 2023 2024

€ bn 2.9

2.9

2022 2023 2024

• bn 1.7 1.8 2.03

1. 3-yearCAGR. Baseline: €1.78, financial year 2021 under IFRS4 accounting rules and used as baseline.
   The Adjusted EPS has been adopted since the application of IFRS17
2. Net Holding Cash Flow and Dividend expressed on cash basis (i.e. cash flows are reported under the year of payment)
3. Subject to all the relevant approvals

€6.5 bn

Total cumulative distribution (including Strategic Buybacks)

Financial data already reported

Financial data yet to be reported

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2022-2024 CUMULATIVE DIVIDEND TARGET REACHED THANKS TO STRONG EARNINGS GROWTH

Dividend per share (€)

				1.47
			0.46¹		1.07	1.16	1.28²
0.80	0.85	0.90		1.01
			0.50
2016	2017	2018	2019	2020	2021	2022	2023

• Proposed dividend per share 10% higher than the one distributed last year
• 2022-2024cumulative dividend target achieved at 5.5 billion²
• AGM: April 24th, 2024
• Ex-dividenddate: May 20th, 2024
• Payment date: May 22nd, 2024

Clear commitment to attractive, predictable and steadily growing dividends

1. The dividend per share of €1.47 proposed for the 2020 financial year was split into two tranches of €1.01 and €0.46. The firs t tranche represented the ordinary pay-out from 2020 earnings while the second one was related to the second part of the 2019 dividend, which was retained due to supervisory recommendations during the Covid-19 pandemic.
2. Subject to all the relevant approvals

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INCREASINGLY EFFECTIVE TARIFF STRENGTHENING MEASURES IN P&C

2023 P&C Gross Direct Premiums (%)

Motor

Non-Motor

Retail and SME: (84%)

Accident, Health and Disability

Corporate & Commercial¹

Europ Assistance

10% 6%

Price effect

Change in average annual	2023 vs 2022
premium
Retail and SME2,3	+6.1%
of which:
Motor	+5.3%
Non-Motor	+6.1%

2022 vs 2021

+3.3%

+0.9%

+4.8%

15%

35%

Accident, Health & Disability	+7.9%
Effective rate change (on top	2023 vs 2022
of inflation)

+6.2%

2022 vs 2021

34%

Corporate & Commercial⁴	+4.2%

+6.0%

1. Including both Direct and Accepted business
2. The scope of the analysis is equal to ~80% of the 2023 Group P&C Retail & SME business (excluding Europ Assistance) and refers to European countries only
3. Measured as the change of the average annual premium in-force (data coming from technical monitoring)
4. Measured as effective rate change on top of inflation (i.e. change in Actual Price/Technical Price of Renewals vs 2022) on Renewals of the period

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CONTINUED PROGRESS TOWARDS LIFETIME PARTNER CUSTOMER LOYALTY TARGETS

#1 Position R-NPS¹

21.5

Generali	19.5
Peer 1
17.8
Peer 2
17.4
Peer 3

Multi-holding customers²

	47.8%	51.3%	50.0%
44.9%
2021	2022	2023	2024
			TARGET

Lifetime Partner ambition built upon three customer promises

Personalised Value Propositions

Effortless and Caring Experiences

Phygital Advice

1. R-NPSResearch 2019- 2023, 23 countries, 750,000 respondents
2. 2023 Results in line with methodological fine-tunings. Remit: 24 countries, 38 million customers