Generali Deutschland : Interim Management Statements as of 31 march 2016 – Press Release*

Milan, 12. Mai 2016| Generali Group

• Solid quarter confirmed by excellent level of operating return and improved technical results in Life and P&C. Financial performance impacted by volatile markets and low interest rates
• Annualised operating RoE at 13.3%, securing the target (>13%)
• Net cash inflows over € 4.5 bln (+6.4%)**
• Premiums at € 20 bln (-1.1%). Life segment impacted by volatile equity markets, P&C broadly stable
• Combined ratio further improving to 92% (-1.3 p.p.)
• Operating result over € 1.1 bln (-12.3%) and net profit at € 588 mln (-13.8%), with lower realization of gains on investments due to the adverse market conditions
• Solid capital position, with the Economic Solvency Ratio at 188%

The Generali General Manager and Group CFO, Alberto Minali, commented: 'The results that we are presenting confirm the ability of Generali to deal with particularly challenging times as those we are currently experiencing. Despite a first quarter with equity markets reporting significant losses and interest rates at record lows, Generali maintained an operating return (RoE) above 13%, in line with our strategic plan. Moreover, the technical results show a further improvement in the performance of our insurance business, in both Life and P&C segments. The decrease in the operating result and in the net profit is mainly driven by the decision to realize a lower level of gains on our investments considering the current adverse market conditions, in contrast to the approach taken in the first quarter of 2015. Despite this economic scenario, the Group capital position also remains solid; the Economic Solvency Ratio amounts to 188%. These results confirm that the quality of our management team and the risk underwriting discipline will support Generali in facing better this complex phase as well as granting a satisfactory remuneration for its shareholders'.

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