Assicurazioni Generali Group. Sal Oppenheim rd European Financials Conference

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1 Assicurazioni Generali Group Sal Oppenheim rd European Financials Conference Mel Carvill - Deputy General Manager, Head of Enterprise Risk Management, Strategic Planning and Corporate Finance March 2006 Zurich, November 29 th, 2006

2 Agenda 2 I. Our Vision III. Update on Toro Acquisition II. Delivering upon our Promises IV. 3Q06 results V. Conclusion

3 Agenda 3 I. Our Vision

4 Our Long Term Vision 4 Achieved and exceeded targets Accelerate the pace of change Leading long term insurance and financial services provider Focus on value creation Country-based initiatives Develop role of corporate centre Operational improvement Growth & innovation Capital optimisation Enhanced governance Mission unchanged A leading insurer measured by value creation Further accelerate performance improvement onwards

5 Agenda 5 II. Delivering upon our Promises

6 Strategic Initiatives taken in Capital Optimisation: Minorities Buyout Growth and innovation: Acquisitions & J.V. Operational Improvement: Restructuring Initiatives AMB (Share: 85.05%) Generali Holding Vienna (Share: 100%) Generali Schweiz Holding (Share: 100%) Migdal (Share: 69.9%) Acquisition of majority shareholding in Delta Osiguranje, Serbia s largest private insurance company (Life and P&C) Acquisition of 100% of Libertas insurance company (Croatian life insurer) J.V. agreement in India with Pantaloon Retail, leading retailer. Set up Future Generali J.V. (Life and P&C) Acquisition of 51% of Garant Auto and Garant Life (respectively No.2 and 3 of Ukraine) Acquisition of a 51% shareholding in Orel-G Holding, leading insurance player in Bulgaria Acquisition of Banca Unione di Credito, with AuM at CHF 4.6 billion (Private Banking activity in Switzerland) Simplification and rationalisation of corporate organisation and business structure in Italy Merger of Generali Vita and Assicurazioni Generali S.p.A. Integration of INA and Assitalia under the INA Assitalia brand name Reorganisation of French activities Integration of Italian activities of BSI into Banca Generali

7 Group programs update 7 (Euro mln) Expected 2008 pre-tax impact Scale-based programs Asset Management Risk Management IT consolidation Group Treasury Implementation in line with Plan Targets confirmed Key additional benefits: Skill-based programs Motor pricing 160 Internal knowledge sharing Operational excellence technical Claims management Innovation lab 130 N/A managers involved in working groups

8 Progress Report on Group Programs: Overview 8 Completed In progress Program Diagnostic Target Model design Pilot Implementation 1. Asset Management 2. Risk Management Scale-based Programs 3. IT Consolidation 4. Group Treasury 5. Motor Tariff Skill-based Programs 6. Claims Management 7. Operational Excellence 8. Innovation Lab

9 Scale-based group programs Progress review 9 Asset Management Risk management IT consolidation Group treasury Progress to date New Corporate structure, under Generali Investments holding, in course of implementation (to be finalized by 1Q07) New multi-boutique organization implemented Common IT platform implemented in Italy and France Infrastructure setup to enhance the risk governance process, introduce market consistent measurement of capital and shareholder equity and optimize the risk return trade off Consolidation of French and Spanish IT infrastructure to Italy and Germany agreed and launched: savings expected EUR million Common telecom network and desktop configuration developed: savings expected for ~ EUR 20 million Identification of savings levers by harmonization and integration of infrastructure Italy and Germany ongoing Global ICT procurement unit set up and identification of savings levers ongoing Target model defined and positively presented to ISVAP Pilot implementation in Italy kicked-off Targets 50 bp performance improvement (with similar risk profile) by Asset classes diversification Active tactical derivative Total return approved for Non-life assets Concentration of assets with best managers (centers of competence) Completion of infrastructure setup Extension to all the Group countries with familiarization initiatives EUR 80 million pre-tax impact by 2008 targeted; additional benefits expected in (multi-year program) More efficient investments of residual liquidity Italian implementation and start extension to foreign countries by 2007

10 Progress Report on Group Programs: Overview 10 Completed In progress Program Diagnostic Target Model design Pilot Implementation 1. Asset Management 2. Risk Management Scale-based Programs 3. IT Consolidation 4. Group Treasury 5. Motor Tariff Skill-based Programs 6. Claims Management 7. Operational Excellence 8. Innovation Lab

11 Skill-based group programs Progress review 11 Motor pricing Operational excellence Claims management Innovation Lab Progress to date Completed AMB-Generali pilot Pilot in Assitalia nearly completed, taking into account also new direct settlement rule in Italy Extension of the program to Toro and Genertel by 2007 Pilot in Generali France to be launched by 1H07 Identified and validated bottom-up cost efficiency levers on top of local plans Streamlining of core operations Consolidation of support functions Optimization of procurement Corporate structure simplification (internal mergers) Target reference organizational model developed (including productivity benchmarks) 3 quick wins identified and launched; closed file review; litigation management; group partnerships Three ideas scouted and selected Flexible variable annuity Web-based platforms for sales and servicing Customer insights Targets EUR 30 million pre-tax impact expected in 2006 EUR 160 million target for 2008 confirmed EUR 130 million pre-tax impact by 2008 confirmed and validated bottom-up with countries/companies COOs EUR 130 million pre-tax impact by 2008 confirmed Not applicable

12 Accelerated Group program Third age service model 12 Objectives Develop a focused business model to serve the third-age customer segment: asset de-cumulation, guaranteed-income protection, longevity and morbidity risk protection, health-care solutions Program pillars Customer insight Product offering Service proposition Distribution model Branding and communication Proprietary market research Income replacement Hedging of third-age risks Generali third-age solutions Channel strategy Incentives schemes Skill building Common branding Customer education Advice Expected benefits Position Generali as the market leader in the third-age segment (long-term financial well-being)

13 Agenda 13 III. Update on Toro Acquisition

14 Toro Integration Plan 14 Leadership in the Italian P&C market Management team Leading position in the profitable Italian P&C market increasing the weight of the retail portfolio Strengthening the key distribution channel in Italy optimising also the geographic mix New CEO appointed: Mr. De Puppi Ongoing discussions with Management team good progress Country model Integration Claims (GGL) Information Technology (GSI) Asset Management (GI) Accounting and purchasing (GSA) Coordination and functional reporting Reinsurance HR and organisation Tax and legal Strategic marketing and product development Total synergies in 3 years Euro mln pre -tax Update on acquisition At the end of September ISVAP authorized the acquisition CONSOB approved the Tender Offer Document on 9th November Offer period lasts from 13rd November to 12th December Italian Antitrust Authority approval pending

15 Agenda 15 IV. 3Q06 results

16 3Q06 Consolidated Key Numbers 16 Gross premiums (1) (Euro bln) Net result (Euro mln) % historical +23.2% P&C % like for like (2) 1,576 1,941 Life Q05 3Q06 3Q05 3Q06 (1) Life premiums include investment contracts for Euro 0.7 bln at 3Q06 and Euro 0.5 bln at 3Q05. (2) On like for like basis, excluding one off single premium in China in 3Q05 Shareholders equity (Euro bln) Combined ratio (%) Life expense ratio (%) +3.6% -0.4%pts +0.4%pts (2) 10.2 FY05 3Q06 3Q05 3Q06 3Q05 3Q06 (2) On like for like basis, excluding one off single premium in China in 3Q05

17 Life Premiums Update 17 Gross written premiums (1) (Euro mln) New production (Italian measure) (Euro mln) 33,487 33, % historical +3.4% like for like (2) Single Premium China International 19,949 1,956 18,655 8,620 9, % historical +3.7% like for like (1) 3Q05 3Q06 (1) Including investment contracts (2) On like for like basis, excluding one off single premium in China in 3Q05 Italy 9,374 8,690 3Q05 3Q06 (1) On like for like basis, excluding one off single premium in China in 3Q05 Traditional 58.2% Unit Linked 20.3% Inv. Contracts 2.2% Health 6.7% Group 10.5% Reinsurance 2.1% Life business: 71% of consolidated premiums Confirmed higher demand for Unit / Index Linked and health products Good development in Germany, Austria, Spain and Eastern Europe

18 P&C Premiums Update 18 Gross written premiums (Euro mln) Premiums breakdown (%) 13,054 13, % historical +2.3% like for like Motor 41.6% Accident / health 13.4% Other retail 20.7% 3Q05 3Q06 Reinsurance 2.8% Commercial 21.5% P&C business: 29% of consolidated premiums Retail oriented business mix Weak GDP growth and pressure on tariffs in commercial lines growth Flat trend in Germany; modest increases in Italy and France; robust growth in Spain, Switzerland and CEE

19 Agenda 19 IV. Conclusion

20 Conclusion 20 Our priorities are Push growth in tomorrow s markets Consolidation in our traditional markets Complete organisational changes Integration of Toro Improve financial results

21 Disclaimer 21 Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali SpA nor any of its affiliates, directors, officers, employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document.

22 Assicurazioni Generali Group Sal Oppenheim rd European Financials Conference Mel Carvill - Deputy General Manager, Head of Enterprise Risk Management, Strategic Planning and Corporate Finance March 2006 Zurich, November 29 th, 2006

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