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November 11, 2011
Generali Group
9M 2011 Results
Assicurazioni Generali Group – 9M 2011 results
2Agenda
I. Overview
II. Group financials
III. Final remarks
IV. Backup
Page 3
Page 5
Page 22
Page 24
Assicurazioni Generali Group – 9M 2011 results
3Agenda
I. Overview
9M 2011 results at a glance
Assicurazioni Generali Group – 9M 2011 results
4
Impact from impairments of:
•Greek gov. bonds: ~Euro 329 m
•Telco: ~Euro 143 m
Operating result (Euro m)
3,133 3,100
-1.0%
9M10 9M11
Combined ratio (%)
98.8 96.6
-2.2%pts.
9M10 9M11
9M 2011 results at a glance
I. OVERVIEW
Net result (Euro m)
17,490
15,846
-9.4%
FY10 9M11
Shareholders’ equity (Euro m)
825
1,313 1,297
-37.1%
9M10 9M11
Assicurazioni Generali Group – 9M 2011 results
5Agenda
II. Group financials
Profit & loss review
Shareholders’ equity
Life & P&C profitability
Assicurazioni Generali Group – 9M 2011 results
6Revenue development by segment
II. GROUP FINANCIALS
(1) Including investment contracts for Euro 2,307 m in 9M11
(2) For the definitions refer to the related section within the backup
-7.5%
+2.1%
-7.9%
-4.8%
∆ like for like
(%)
1,027
4,931
10,543
15,474
3Q11
-7.6%
+2.3%
-7.7%
-4.6%
∆ historical
(%)
-2.5%3,535
Life annual
premium
equivalent(2)
-3.4%34,385Life(1)
-1.3%51,327
Gross written
premiums
3.5%16,942P&C
∆ like for like
(%)9M11(Euro m)
Assicurazioni Generali Group – 9M 2011 results
7
Consolidation
adjustments
Consolidated
operating result
Financial services
operating result
P&C
operating result(1)
Operating holding
expenses
Life
operating result
1,978
1,204
279
(214)
(147)
3,100
2,302
882
277
(204)
(125)
3,133
315
405
68
(67)
(29)
734
296
74
(66)
(42)
997
692
+30.7%
-30.5%
-7.9%
+36.8%
-2.3%
-57.1%
3Q11
3Q10
9M11 operating result (Euro m)
Operating result by segment
II. GROUP FINANCIALS
9M11
9M10
3Q11 operating result (Euro m)
� (%)
-17.7%
-1.0%
+0.7%
+36.4%
-4.9%
-14.1%
� (%)
(1) As of FY10, there was a change in the definition of P&C Operating Result; all comparative figures have been consistently restated. Please refer ‘Methodological
note on alternative performance measures’ included in the Management Report
Assicurazioni Generali Group – 9M 2011 results
8Focus on operating result
-1.0%3,1003,133Total operating
result
-17.7%(147)(125)Consolidation Adj.
-4.9%(214)(204)Op. holding expenses
-12.5%471538Germany
+26.8%351277CEE
+0.0%
-6.1%
+18.0%
-20.0%
+0.9%
∆
255272RoW
3,4613,461Operating result(1)
658558RoE
409511France
1,3171,305Italy
9M119M10
(Euro m)
II. GROUP FINANCIALS
Operating result by country(1)
933
208 238110
300188
296
193 194
224
259
38
87
738
18
99
29
Italy France Germany CEE RoE RoW
Life P&C Financial
Operating result breakdown(1) (Euro m)
(1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments
Assicurazioni Generali Group – 9M 2011 results
9From operating result to net result
(742)(95)Non operating investment income
(714)(132)Income and exp. from other financial instruments
051Result from discontinued operations (Intesa Vita)
(496)(561)Non operating holding expenses
(228)(192)Minority interests
-22.3%1,6372,108Consolidated result of the period before taxes
and minority interests
(584)(654)Income taxes
-42.8%(1,464)(1,025)Total non operating result
(28)37 Income and exp. from fin. assets at FV thr. P&L
-1.0%3,1003,133Total operating result
-37.1%8251,313Net result of the period
(225)(368) Net other non operating expenses
�9M119M10(Euro m)
II. GROUP FINANCIALS
(1) Including interest expenses on financial debt
(1)
Assicurazioni Generali Group – 9M 2011 results
10Investment portfolio
Own investments(1) at 30.09.11 (% on total)
(1)For the definitions refer to the related section within the backup. Starting from 9M 2011
Israeli participating portfolio has been reclassified in unit-linked business. Comparative figures
have been restated accordingly ((Euro 10.3 bn at FY10). For additional detail refer to the Basis
of presentation and accounting principles in Interim Report
II. GROUP FINANCIALS
� Continued strategic de-risking
program with cautious
approach on risky assets
� Preference for domestic
government bonds and high
quality, capital efficient
corporate bonds
� Tactical increase of liquidity
buffer to face current market
uncertainty and to catch market
opportunities
40.0% 39.8%
31.4% 30.9%
8.6% 8.8%
7.5% 5.8%4.9%4.8%
9.8%7.7%
FY10 9M11
Other
Real estate
Equity
Other fixed
income
Corporate
bonds
Governme
nt bonds
Euro 315.5 bnEuro 311.5 bn
+1.3%
Assicurazioni Generali Group – 9M 2011 results
11
15,846
17,49029
(85)(699)(62)
825
(1,652)
IFRS Shareholders’ equity roll forward
Dividend∆ Currency
Translation
Reserve
9M 2011
Net Result
Other Shareholders’
Equity 9M11
∆ Cash Flow
Hedge
Reserve
∆ in AFS
Reserve
Shareholders’
Equity FY10
-9.4%
II. GROUP FINANCIALS
(Euro m)
Change in AFS reserve (Euro m)
(1,836)(75)
(184)
(736)
(841)
Other AFS Reserve 9M11
Impact Bond Investments
Impact Equity Investments
AFS Reserve
FY10
Assicurazioni Generali Group – 9M 2011 results
12
Assicurazioni Generali Group – 9M 2011 results
Solvency I according to Italian regulation
II. GROUP FINANCIALS
Required margin Available margin
9M11FY10
132% 118%
(Euro bn)
Main drivers of change
(1) Deduction on already authorized unrealized gains on real estates due to negative AFS Reserve; refer to slide 13.
Available margin
� Consolidated result:
� Financial markets and other elements:
� Double counting of AFS losses due to
Italian regulation(1)
Required Margin
� Increase in required margin due
to growing life technical provisions:
+ 1.1
- 1.7
- 1.3
+ 0.4
Assicurazioni Generali Group – 9M 2011 results
13
II. GROUP FINANCIALS
The strong reduction of the Regulatory
Solvency I ratio in 3Q11(Euro 1.3 bn;
7%pts) is due to a negative one - off
effect deriving from the application of
current regulatory requirements under
Solvency 1 as defined by Italian rules,
and specifically referring to the
admissible amount of unrealized gains
on real estate investments.
The inclusion of locally admitted
unrealized gains on real estate
investments is limited by the Italian
regulation on Group Solvency Margin
to the lower of:
- all off balance sheet unrealized gains
on real estate (see bullet B)
- the locally admitted unrealized gains
on real estate (see bullet C) ;- the sum of all off balance sheet unrealized gains on real estate and the available for sale reserve (if negative) (see bullet D)
Example on double counting of AFS
losses
(1,000)Double counting effect of negative
AFS reserve = (D) – (C)
2,000UCG on real estate admissible in
Group solvency margin =
min { (B); (C); (D) }
2,000Filter = max { (A) + (B); 0 }
3,000
UCG on real estate locally admitted
and included in local solvency
margins
5,000
Off balance sheet unrealised capital
gains (UCG) on real estate
(3,000)AFS reserve
Negative AFS reserve(educational example)
(A)
(B)
(C)
(D)
Already included in shareholders’ equity and in reduction of Group available margin
The negative AFS reserve, reduces admissible UCG on real estate implying a negative double counting
Solvency I: double counting of AFS losses
Assicurazioni Generali Group – 9M 2011 results
14
16.9 17.3
23.6 23.6
Pro forma Solvency I update
II. GROUP FINANCIALS
Required margin Available margin
9M11FY10
140%(1) 137%(2)
(Euro bn)
Main drivers of change
(1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to local authorities’ authorization.
Available margin
� Consolidated result:
� Financial markets and other elements:
� Impact from the potential application of
the “anti crisis regulation”
Required Margin
� Increase in required margin due
to growing life technical provisions:
+ 1.1
- 1.7
+ 0.7
+ 0.4
Pro forma Solvency I update without double counting of AFS losses and with Italian “anti crisis
regulation”
(2) Including off balance sheet unrealized gains on real estate (8%pts of which subject to local authorities’ authorization; 7%pts of which already locally admitted) and 4%pts
positive impact from the potential application of the “anti crisis regulation” only related to Eurozone Government bonds held by Italian companies as durable investment
Assicurazioni Generali Group – 9M 2011 results
15Life profitability – operating result
-14.1%
+0.6%
-24.6%
+1.8%
�
1,9782,302Operating Result
(3,888)(3,911)Expenses
1,3081,735Investment Result
4,5584,478Technical Margin
9M119M10(Euro m)
Life operating profitability affected by current financial environment
Life Operating Result by driver(1)
1,978
23
(426)
80
2,302
9M11
Exp.
Inv.R
Tech.M
9M10
II. GROUP FINANCIALS
(1) For the definitions refer to the related section within the backup
0.620.74
Life quarterly
operating ratio
on investments
Assicurazioni Generali Group – 9M 2011 results
16Life business development
61.0252.4FY 2010
-6.0%+2.5%∆%
57.3258.79M2011
Life net technical reserves(2) (Euro m)Life gross written premiums (Euro m)
Life net inflows by country(3) (Euro m)
9M11FY10 Traditional Unit Linked
∆
-49.8%1,1992,304RoE
-7.1%1,0981,201RoW
-48.8%
+19.7%
-23.7%
-88.0%
-64.7%
∆(1)
6,49612,622TOTAL
364297CEE
2,8683,760Germany
4233,518France
5441,542Italy
9M119M10Country
34,38537,272
-7.9%(1)
313.36.3
(3.7)
316.0
+0.8%
II. GROUP FINANCIALS
9M10 9M11
(1) On like for like basis
(2) Including investment contracts; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business. Comparative figures have been restated accordingly ((Euro 10.3 bn at FY10). For additional detail refer to the Basis of presentation and accounting principles in Interim Report.
(3) For the definitions refer to the related section within the backup
Assicurazioni Generali Group – 9M 2011 results
17
Assicurazioni Generali Group – 9M 2011 results
Life New Business Annual Premium Equivalent
II. GROUP FINANCIALS
(Euro m) APE
9M
2010
9M
2011Historical
�
Like for like�
Italy 1,177 1,197 +1.8% +1.8%
France 899 738 -17.9% -18.0%
Germany 729 671 -8.0% -8.0%
CEE 122 111 -9.0% -4.1%
RoE 594 488 -17.7% -18.5%
RoW 307 330 +7.5% +8.8%
Total 3,827 3,535 -7.6% -7.5%
APE over Euro 3.5 bn, with annual premiums (+3.6%) representing 61.7% of total APE and driving
the recovery of the year-on-year variation (from -9.4% at 1H to -7.5% at 9M)
Assicurazioni Generali Group – 9M 2011 results
18P&C profitability - operating result
����
+36.4%
+16.4%
-5.1%
+221.6%
1,204882Operating Result
(136)(164)Other
848893Investment Result
492153Technical Result
9M119M10(Euro m)
P&C Operating Result by driver(1)
1,204
28
(45)
339
882
9M11
9M10
Tech.R
Inv.R
Other
Strong increase of P&C operating result driven by technical profitability
II. GROUP FINANCIALS
(1) For the definitions refer to the related section within the backup
3.30%2.39%P&C quarterly operating
ratio on investments
Assicurazioni Generali Group – 9M 2011 results
19
Assicurazioni Generali Group – 9M 2011 results
P&C Gross Written Premiums
II. GROUP FINANCIALS
(Euro m) 9M10 9M11Historical
�
Like for like�
Italy 4,969 4,975 +0.1% +0.1%
France 3,077 3,181 +3.4% +3.4%
Germany 2,468 2,500 +1.3% +1.3%
CEE 1,712 1,728 +1.0% +0.1%
RoE 3,330 3,424 +2.8% +1.0%
RoW 1,002 1,134 +13.2% +17.9%
Total 16,557 16,942 +2.3% +2.1%
� Motor and Non-Motor retail are the main drivers of the positive premium development
� Motor recovering in most of the European markets, while Spain and CEE still in a competitive
pricing environment
� Non-Motor Commercial recovering in selected markets, with CEE over performing
Assicurazioni Generali Group – 9M 2011 results
20P&C profitability (1/2)
(2.1)(0.1)
9M119M10
Combined ratio (%)
� Expense
ratio
� Loss
ratio
-2.2%pts.
II. GROUP FINANCIALS
Combined ratio by country
-3.3%pts.96.6%99.9%RoE
-6.6%pts.88.7%95.2%CEE
+1.7%pts.102.6%100.9%RoW
-1.5%pts.98.8%100.3%France
-2.2%pts.
-0.1%pts.
-2.1%pts.
�
96.6%98.8%Total
95.6%95.7%Germany
96.8%98.9%Italy
9M119M10
27.2
69.4
27.3
71.5
96.698.8
Loss ratio Expense ratio
Assicurazioni Generali Group – 9M 2011 results
21
Assicurazioni Generali Group – 9M 2011 results Assicurazioni Generali Group – FY 2009 results
21.3
5.9
21.2
6.0
P&C profitability – Net combined ratio (2/2)
9M11 71.6 0.6 -2.9 69.4
9M10 73.2 2.1 -3.8 71.5
II. GROUP FINANCIALS
Loss ratio (%)
9M119M10
71.5 69.4-1.6 -1.5 +1.0
Current
year(1)
NAT
CAT
Prior
years
9M119M10 ∆ Admin ∆ Acq.
Acq. costs
Adm. costs
27.2
Expense ratio (%)
∆%pts
Reserving ratio (%)
9M119M10
-3.6%pts
27.3
(1) Excluding natural catastrophes
-2.1%pts
-0.1%pts
200.7% 197.1%
� Improved current year loss ratio, thanks
to strong pricing discipline in Motor
specifically in Italy and France
� Nat cat experience particularly benign in
the Group geographies
� Confirmed positive prior years’
development and prudent reserving
policy
Assicurazioni Generali Group – 9M 2011 results
22
III. Final Remarks
Agenda
Assicurazioni Generali Group – 9M 2011 results
23Final remarks
III. FINAL REMARKS
Net result affected by one-off negative impacts related to
current financial environment
Good technical profitability in Life and P&C
Investment strategy based on a prudent approach
Confirmed lower end of range for 2011 Operating Result outlook
Assicurazioni Generali Group – 9M 2011 results
24
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 9M 2011 results
25
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 9M 2011 results
269M11 total gross written premiums
7.9+10.2%4,051RoW
Of which:
14.7-12.3%7,551RoE
20.5-10.6%10,517France
Total Gross Written Premiums(Euro m)
100.0-4.8%51,327Total
2.7+0.2%1,375Switzerland
3.9+1.3%1,995Austria
3.5+5.2%1,822Spain
5.8+0.3%2,997Eastern Europe
24.1-0.6%12,350Germany
27.0-4.3%13,862Italy
% weight∆%(2)GWPCountry
5.7+7.4%2,917
19.2-1.1%9,850
Gross Life Written Premiums(1)
67.0-7.9%34,385
1.5-0.8%768
1.8+3.6%926
1.5+14.3%771
Of which:
8.0-20.9%4,126
2.5+0.6%1,269
14.3-15.6%7,336
17.3-6.6%8,887
% weight∆%(2)GWP
2.2+17.9%1,134
4.9+1.3%2,500
Gross P&C Written Premiums
33.0+2.1%16,942
1.2+1.5%607
2.1-0.6%1,069
2.0-0.7%1,051
Of which:
6.7+1.0%3,424
3.4+0.1%1,728
6.2+3.4%3,181
9.7+0.1%4,975
% weight∆%(2)GWP
(1) Including investment contracts
(2) On like for like basis with constant exchange rates
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
27Life Premiums by Country & Business Line
Life 9M11
Of which:
1,2691.4%11.0%24.9%62.7%CEE
Total life gross
direct premiums
33,44012.6%8.8%18.4%60.1%
2,36450.7%5.2%14.5%29.6%RoW
7680.2%0.9%75.0%24.0%Switzerland
9140.0%19.1%23.2%57.6%Austria
77138.6%0.0%1.2%60.2%Spain
4,10815.0%5.0%45.6%34.3%RoE
9,8506.9%18.4%24.8%50.0%Germany
7,1767.3%9.4%14.3%69.0%France
8,67313.7%0.0%2.0%84.4%Italy
TotalGroupHealth
Unit/index
linked
Savings and
protection
(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
28P&C Premiums by Country & Business Line
P&C 9M11
Of which:
1,02532.6%27.9%13.4%26.1%Spain
1,69525.8%15.8%12.5%45.9%CEE
21.5%
31.0%
0.5%
27.1%
23.7%
9.0%
21.4%
22.8%
Commercial
Total P&C gross
direct premiums
16,49222.3%14.1%42.1%
1,0963.9%5.8%59.3%RoW
60524.9%23.0%51.6%Switzerland
1,05522.6%10.5%39.8%Austria
3,31922.8%15.7%37.8%RoE
2,49737.4%14.0%39.7%Germany
2,97136.9%12.2%29.4%France
4,91611.8%16.7%48.8%Italy
TotalPersonal
Accident/
HealthMotor(1)
(Euro m)
(1) Including fleets
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
29
Assicurazioni Generali Group – 9M 2011 results
Life new business: APE
(Euro m) APE Annual Premiums Single Premiums
9M2010 9M2011Like for like
�% 9M2010 9M2011Like for like
�% 9M2010 9M2011Like for like
�%
Italy 1,177 1,197 +1.8% 703 795 +13.2% 4,743 4,023 -15.2%
France 899 738 -18.0% 219 215 -2.0% 6,798 5,228 -23.1%
Germany 729 671 -8.0% 538 487 -9.5% 1,911 1,839 -3.8%
CEE 122 111 -4.1% 101 94 -2.6% 203 165 -11.9%
RoE 594 488 -18.5% 309 326 +3.7% 2,842 1,622 -43.0%
Spain 84 89 +5.1% 39 39 +0.6% 452 493 +9.0%
Austria 74 85 +15.1% 54 65 +20.7% 198 198 -0.3%
Switzerland 61 58 -12.6% 56 54 -11.6% 53 44 -23.3%
RoW 307 330 +8.8% 239 266 +12.3% 687 648 -3.5%
Total 3,827 3,535 -7.5% 2,109 2,183 +3.6% 17,184 13,524 -21.2%
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
30Life net inflows by country
IV. BACK UP
Of which:
+63.9%(146)(404)Spain
+12.0%183163Austria
-16.2%357375Switzerland
-49.8%1,1992,304RoE
-7.1%1,0981,201RoW
-48.8%
+19.7%
-23.7%
-88.0%
-64.7%
Like for like ∆
6,49612,622TOTAL
364297CEE
2,8683,760Germany
4233,518France
5441,543Italy
9M119M10Country
Assicurazioni Generali Group – 9M 2011 results
31
Loss
ratio
Expense
ratio
Life – Expense ratio (%) P&C – Combined ratio (%)
Total – Expense ratio (%)
69.471.5
27.3 27.2
15.4 16.3
11.310.4
9M119M10
9M119M10
9M119M10
98.8% 96.6%
Ratios
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
32Ratios by country
17.6
19.1
95.2
88.7
31.5
33.8
63.8
54.9
CEE
8.1
8.9
100.3
98.8
28.6
26.8
71.7
72.0
FRA
11.320.313.14.412.010.29M11
10.420.813.07.112.49.19M10
Life expense ratios by country (%)
Combined ratio
Expense ratio
Loss ratio
98.8
96.6
27.3
27.2
71.5
69.4
Consolidated
96.3
96.4
26.1
25.8
70.2
70.7
SWI
95.9
95.8
27.7
27.4
68.2
68.5
AUT
97.2
94.0
26.6
26.9
70.6
67.0
SPAGER
98.9
96.8
21.3
21.1
77.6
75.7
95.79M10
95.69M11
29.29M10
29.49M11
9M10
9M11
66.5
66.3
ITAP&C ratios by
country (%)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
33Combined ratio reconciliation
492153Technical resultA-B-C-D
3534Other technical itemsD
9M119M10
98.8%
27.3%
71.5%
4,132
915
47
962
3,217
10,813
15,131
96.6%Combined ratio(B+C)/A
27.2%Expense ratioC/A
69.4%Loss ratioB/A
4,173Total acquisition and administration costsC
913Insurance activity related consolidated administration costs
46Non insurance activity related administration costs(1)
959Consolidated administration costs
3,260Consolidated acquisition costs
10,668Consolidated net claimsB
15,367Net earned premiums (net of consolidation adjustments)A
(1) Administration expenses related to service companies, real estate and other companies not belonging to P&C segment
(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
34Operating result by country
P&C operating result by market (Euro m)Life operating result by market (Euro m)
-6.9%188202RoW
-10.4%300335RoE
Of which:
-8.9%238262Germany
-42.5%208362France
-17.5%5264Austria
-19.5%110136CEE
1,978
101
80
933
9M11
+13.0%89Switzerland
-14.1%2,302Total
-3.0%82Spain
-7.0%1,004Italy
�9M10
+10.8%3834RoW
+86.2%259139RoE
Of which:
-18.3%194238Germany
+9.8%7367Austria
+82.6%224123CEE
1,204
35
112
193
296
9M11
+8.8%32Switzerland
+36.5%882Total
+32.3%84Spain
+36.3%142France
+43.1%207Italy
�9M10
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
35Reclassified P&L account
(714)(132)Non-operating income from other financial instruments
(4,146)1,777Of which net income from fin. assets and liabilities where the risk is borne by the policyholders
(4,105)3,025Operating income from financial instruments at fair value through profit or loss
051Result from discontinued operations (Intesa Vita)
(496)(561)Non-operating holding expenses
1,313
(192)
1,454
(654)
2,108
(368)
(22)
(540)
37
(1,025)
(267)
(204)
9,299
645
(8,554)
(48,798)
47,986
3,133
9M10
825Result of the period
(228)Result of the period attributable to minority interests
1,053Consolidated result of the period
(584)Income taxes
1,637Earnings before taxes
(225)Net other non-operating expenses
(12)Other non-operating holding expenses
(484)Interest expenses on financial debt
(28)Non-operating income from financial instruments at fair value through profit or loss
(1,464)Non-operating result
(210)Net other operating expenses
(214)Operating holding expenses
7,893Operating income from other financial instruments
694Net fee and commission income and net income from financial service activities
(8,609)Acquisition and administration costs
(39,040)Net insurance benefits and claims
46,692Net earned premiums
3,100Operating result
9M11
Total(Euro m)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
36
37---37-Non-operating income from fin. instr.at fair value through profit or loss
(3,574)----(3,574)of which var. of provisions related to unit linked business
1,777----1,777of which net income from fin.assets and liabilities where the risk is borne by the policyholders
3,025--86302,909Operating income from fin. Instruments at fair value through profit or loss
9,299(29)-2168638,249Operating income from other fin. Instruments
(765)
-
(561)
-
(561)
-
(204)
-
-
-
-
(204)
Unallocated holding expenses
(561)----Non-operating holding expenses
(204)----Operating holding expenses
2,108
(368)
(132)
(1,025)
(267)
645
(8,554)
(48,798)
47,986
3,133
Total
(120)
-
4
4
1
(98)
-
-
-
(124)
Consolidation adjustments
229
(47)
(1)
(48)
(16)
651
(660)
0
0
277
Financial(1)Non life
2,082
(132)
(88)
(220)
(70)
92
(3,747)
(37,985)
32,855
2,302
682Earnings before taxes
(189)Net other non-operating expenses
(48)Non-operating income from other fin.instr.
(200)Non-operating result
(182)Net other operating expenses
0Net fee and commission income and net income from financial service activities
(4,147)Acquisition and administration costs
(10,813)Net insurance benefits and claims
15,131Net earned premiums
882Operating result
Life(Euro m)
Reclassified P&L account by segment – 9M 2010
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 9M 2011 results
37
(28)---(28)-Non-operating income from fin. instr.at fair value through profit or loss
2,997----2,997of which var. of provisions related to unit linked business
(4,147)----(4,147)of which net income from fin.assets and liabilities where the risk is borne by the policyholders
(4,105)--9324(4,222)Operating income from fin. Instruments at fair value through profit or loss
7,893(30)-2378246,862Operating income from other fin. Instruments
(711)
-
(496)
-
(497)
-
(214)
-
-
-
-
(214)
Unallocated holding expenses
(496)----Non-operating holding expenses
(214)----Operating holding expenses
1,637
(225)
(714)
(1,464)
(210)
694
(8,609)
(39,040)
46,692
3,100
Total
(149)
(2)
-
(2)
(12)
(89)
-
(15)
-
(147)
Consolidation adjustments
314
(42)
76
35
(17)
657
(691)
0
0
279
Financial(1)Non life
1,496
(92)
(390)
(482)
(24)
126
(3,732)
(28,357)
31,324
1,978
687Earnings before taxes
(89)Net other non-operating expenses
(400)Non-operating income from other fin.instr.
(517)Non-operating result
(157)Net other operating expenses
0Net fee and commission income and net income from financial service activities
(4,187)Acquisition and administration costs
(10,668)Net insurance benefits and claims
15,367Net earned premiums
1,204Operating result
Life(Euro m)
Reclassified P&L account by segment – 9M 2011
IV. BACK UP
(1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report
Assicurazioni Generali Group – 9M 2011 results
38
Assicurazioni Generali Group – 9M 2011 results
Evolution of Group impairment triggers for equities AFS (1/2)
Up to HY11 closing, equities were considered as impaired in case of:
�“Prolonged” decline (continuous loss for 36 months) or
�“Significant” decline using a single threshold (decline higher than 50%) for all
equities classified as available for sale.
Starting from IIIQ 2011:
�Due to the extraordinary volatility of the financial market the “significant” decline
thresholds are determined separately by market sector based mainly on the relevant
volatility.
�No changes on the definition of “prolonged” decline applied.
�The evolution of the methodology allows a better diversification based on the specific
sector risk, while keeping the general threshold of 50% decline still valid.
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
39
Assicurazioni Generali Group – 9M 2011 results
Evolution of Group impairment triggers for equities AFS (2/2)
New impairment triggers applied
Impacts on profit and loss due to the new triggers
IV. BACK UP
FinancialConsumer
discretional Telecom Industrial Utilities Energy OthersTotal
average
Triggers 70% 37% 55% 51% 47% 59% 40% 50%
(1) Intesa SanPaolo shares
(2) Basic materials sector
Banks(1)
Others(2)
Total impact
A Amortised cost 1.726 150
B Fair value 679 81
C = B-A Gross unrealised losses -1.047 -69
C/A -61% -46%
Impact on EBT 270 -20 250
Unrealised losses
kept on AFS reserve
Additional
impairment booked
on P/L
Assicurazioni Generali Group – 9M 2011 results
40
410
370
780
187
65
41
487
9M10
116
346
462
15
60
7
380
9M10
-
24
24
8
-
16
1
9M10
294
-
294
164
5
19
107
9M10
4598133319Other investments(2)
794
2,308
3,103
21
1,889
733
9M11
5
8
12
-
3
1
9M11
495
-
495
(1)
196
167
9M11
295
2,301
2,596
22
1,690
565
9M11
Of which
Total net impairments
Total
Operating net
impairments
Equity instruments
Fixed income
Real estate
Financial
Non operating net
impairments
Net impairments
P&CLife(Euro m)
Focus on impairments(1)
(1) Net of reverse impairments
(2) Including subsidiaries and associated companies
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
41
274
1,280
1,554
2
119
928
504
9M10
29
1,266
1,295
10
42
820
423
9M10
(1)
14
14
(1)
-
13
1
9M10
246
-
246
(7)
77
96
80
9M10
17781(14)110Other investments(2)
80
1,468
1,549
146
813
413
9M11
81
3
84
-
2
1
9M11
94
-
94
73
21
14
9M11
(95)
1,465
1,370
73
790
397
9M11
Of which
Total net realized gains
Total
Operating net realized
gains
Equity instruments
Fixed income
Real estate
Financial
Non operating net
realized gains
Net realized gains
P&CLife(Euro m)
Focus on realised gains(1)
(1) Excluding financial instruments at fair value through profit and loss
(2) Including subsidiaries and associated companies
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
42
315.5
56.8
98.9
9M11 Assets Under Management
Total
Euro 471.2 bn
Fixed income
instruments
79.5%
Other
4.2%
Real Estate
4.9%
Equity
5.8%
Available for sale
59.3%
Loans
24.7%
Real Estate
4.2%
Group
participations
0.7%
Held to maturity
1.4%Fin. Instr. at fair
value thr. P&L
4.3%
Unit Linked
Third parties AUM
“Own Investments”(1)
IV. BACK UP
(1) For the definitions refer to the related section within the backup
Cash & equival.
5.5%
Cash & equival.
5.5%
Assicurazioni Generali Group – 9M 2011 results
43
Assicurazioni Generali Group – 9M 2011 results Assicurazioni Generali Group – 9M 2011 results
Focus on Greece Sovereign exposure
IV. BACK UP
� 1H11: Impairment of government bonds with maturities ≤ 2020 based on market values as of 30
June 2011
� 9M11: All Greek government bonds have been impaired based on market values at 30
September 2011 considering the new European Union restructuring plan
(1) Haircut on amortised cost of Greek bonds
(2) Net of policyholders’ partecipation and taxes
Period
Gross book
value
(A)
Gross
market
value
(B)
Gross
unrealised
losses
(C) = (A) - (B)
Net
unrealised
losses(2)
(D) = (E) + (F)
Operating Non
operating
Net
impact (2)
(E)
June 2011 2,974 1,539 -1,435 -208 46.4% -1,002 -53,4 -142,1 -140 -68
September 2011 2,954 1,143 -1,812 -329 60.8% -1,812 -191,3 -273,6 -329 0
BS before impairment
Gross
Impairment
BS after
impairment (2)
(F)
P&L impact
Haircut
% (1)
Assicurazioni Generali Group – 9M 2011 results
44Portfolios exposure on Peripheral Europe
11.6
1.2
1.7
5.7
3.0
Gross(1)(Euro bn) Net(2)
Portugal 0.5
Spain 2.2
Ireland 0.3
Greece(3) 0.2
Total 3.2
Exposure to peripheral Europe Government Bonds as at 30.09.2011
IV. BACK UP
(1) Nominal value
(2) Net of Policyholder’s participation and taxes, on going concern basis
(3) Post impairment
Assicurazioni Generali Group – 9M 2011 results
45
Assicurazioni Generali Group – 9M 2011 results
Investment yields(1)(2)
Bonds and Loans Equities Investment
properties
Other Total
% return 9M10 9M11 9M10 9M11 9M10 9M11 9M10 9M11 9M10 9M11
LIFE
Current 3.3 3.3 2.5 3.0 5.1 5.4 1.6 2.0 3.2 3.3
Total P&L 3.8 2.7 3.4 0.7 4.9 6.0 2.5 1.5 3.8 2.7
Comprehensive 4.8 1.4 0.8 -14.4 5.6 6.1 2.5 1.5 4.5 0.5
NON LIFE
Current 2.9 2.9 2.2 2.2 6.5 6.4 1.6 2.1 3.3 3.3
Total P&L 3.5 2.1 1.0 -1.8 7.7 7.7 1.1 2.1 3.8 2.5
Comprehensive 4.5 1.4 -0.6 -9.5 7.7 7.7 1.1 2.1 4.2 1.3
TOTAL
Current 3.2 3.2 2.7 3.2 5.6 5.7 1.2 1.5 3.1 3.2
Total P&L 3.7 2.6 2.8 0.3 6.0 6.6 1.7 1.6 3.7 2.6
Comprehensive 4.7 1.4 0.5 -13.2 6.4 6.7 1.7 1.6 4.3 0.7
(1) For the definitions refer to the related section within the backup
IV. BACK UP
(2) Comparative numbers have been restated considering Israeli participating portfolio reclassification in unit-linked business.
Assicurazioni Generali Group – 9M 2011 results
46IFRS Shareholders’ equity roll forward
∆ Currency
Translation
Reserve
3Q 2011
Net Result
Other Shareholders’
Equity 9M11
∆ Cash Flow
Hedge Reserve
∆ in AFS
Reserve
Shareholders’
Equity 1H11
-8.0%
(Euro m)
Change in AFS reserve (Euro m)
(1836)(96)
(532)
(487)(721)
Other AFS Reserve 9M11
Impact Bond Investments
Impact Equity Investments
AFS Reserve
1H11
17,231 15,846
(59)(68)
2720
(1,304)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
47Total comprehensive income(1)
1,308
(1,031)
270
(1,326)
196
(505)
181
(1,010)
(178)
1,916 459
794 (245)
1,033
(644)
3Q111Q11 2Q114Q103Q101Q10 2Q104Q093Q092Q091Q094Q083Q082Q081Q08
(Euro m)
(1) For the definitions refer to the related section within the backup
(860)
9M11
466
1H11
270
1Q11
1,452
FY10
2,096
9M10
1,308
1Q10
1,0632,9902,532616(178)(2,365)(1,354)(1,536)(1,031)
1H10FY099M091H091Q09FY089M081H081Q08
+3,000 m
-3,000 m
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
48
IV. Backup
P&L and Balance Sheet
Definitions
Assicurazioni Generali Group – 9M 2011 results
49Definitions: P&L and balance sheet (1/3)
IV. BACK UP
Operating result of life, P&C and financial segments, before holding expenses and consolidation adjustmentsOperating Result
Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of
mathematical reserves
Life Net Inflows
calculated considering equivalent exchange rates and scope of consolidationLike for Like changes
consists of the following elements:
i) "Technical Margin" includes loadings, risk result, surrender result; it is gross of acquisition and administration costs
ii) "Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency
and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of
policyholder benefits
iii) "Expenses" include acquisition and administration costs and other net operating items (it does not consider any
loading charged to policyholders)
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Life Operating Result
is defined as new business annualised regular premiums plus 10% of single premiums.Annual Premium
Equivalent (APE)
Assicurazioni Generali Group – 9M 2011 results
50
Assicurazioni Generali Group – 9M 2011 results
Own Investments does not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments include quoted and unquoted bonds, loans including deposits under reinsurance business
accepted, term deposits with credit institutions;
ii) Equity-like instruments include quoted and unquoted equities and alternative investments;
iii) Real estate investments excluding own used properties;
iv) Cash and cash equivalent including Repo and Reverse repo
v) Other investments include investments in non-consolidated subsidiaries, derivatives, receivables from banks or
customers
(*) Investment fund units are allocated to each asset class on a look through basis,
Own investments (beside for life segment where they include bonds and loans issued by Group companies
and investments in consolidated subsidiaries backing policyholders’ liabilities) are net of consolidation
adjustments.
P&C Operating Result consists of the following elements:
I) "Technical Result" is net of acquisition and administration costs
ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses
iii) “Other" includes other net operating items not considered in Technical Result and in Investment Result
“Operating ratio on Investments” is calculated as Operating result on the average of Investments at book
value
Total Operating Result Operating result of life, P&C and financial segments, after holding expenses and consolidation adjustments.
Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies.
Management uses this non-GAAP measure as key indicator in assessing Generali’s performance and believes
that the presentation of these KPI provide useful and relevant information's to shareholders and users on
Generali’s performance. Please refer to the ‘Methodological note on alternative performance measures’
included in the Management Report for details on operating result methodology.”
Definitions: P&L and balance sheet (2/3)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
51
Assicurazioni Generali Group – 9M 2011 results
Change in shareholders’ equity during the period related to income and expenses recognized in profit or loss
or directly in shareholders’ equity resulting from transactions and events other than transactions with equity
Owners.
Total Comprehensive
Income
Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:
Current return: interest, dividends and similar income
Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized
gains reported in P&L)
Comprehensive return:
i) for fair value investment (AFS, FVthPL) = current return + total change in fair value;
ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return
Investment returns for Life segment include income from bonds and loans issued by Group companies and
investments in consolidated subsidiaries backing policyholders’ liabilities.
Definitions: P&L and balance sheet (3/3)
IV. BACK UP
Assicurazioni Generali Group – 9M 2011 results
52Investor Relations Team
Paola Buratti (Tel.: +39-040-671157)
Head of Investor Relations
Email: paola_buratti@generali.com
Stefano Burrino (Tel.: +39-040-671202)
Email: stefano_burrino@generali.com
Emanuele Marciante (Tel.: +39-040-671347)
Email: emanuele_marciante@generali.com
Veronica Cherini (Tel.: +39-040-671488)
Email: veronica_cherini@generali.com
Rodolfo Svara (Tel.: +39-040-671823)
Email: rodolfo_svara@generali.com
Marta Porczynska (Tel.: +39-040-671402)
IR Events
Email: marta_porczynska@generali.com
Assicurazioni Generali
P.za Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: generali_ir@generali.com
www.generali.com
Assicurazioni Generali Group – 9M 2011 results
53Disclaimer
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 S.p.A. 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.
The manager charged with preparing the company’s financial reports, Raffaele Agrusti,
declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial
Intermediation, that the accounting information contained in this presentation
corresponds to document results, books and accounts records.
November 11, 2011
Generali Group
9M 2011 Results
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