GENERALI GROUP

2024 RESULTS
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AGENDA

1
Strategy
overview
2 3
Group
financials
Backup
STRATEGY OVERVIEW

Philippe Donnet
Group Chief Executive Officer
 4

HIGHLIGHTS

Record Operating Result and Adjusted Net Result led by all business segments

Successfully completed “Lifetime Partner 24: Driving Growth” plan, over-achieving all financial targets

Very positive Life Net inflows and strong increase in New Business Volumes

P&C growth driven by rising GWP and improving Undiscounted Combined Ratio

Significant growth of the Operating Result of Asset & Wealth Management

Proposed Dividend Per Share at € 1.43, confirming strong focus on increasing shareholder remuneration

Committed to even more ambitious targets with new “Lifetime Partner 27: Driving Excellence” plan
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RECORD OPERATING RESULT AND ADJUSTED NET RESULT LED BY ALL

BUSINESS SEGMENTS

Operating Result Adjusted Net Result Total Assets under Management

(€ Mn) (€ Mn) (€ Bn)
+8.2% +31.6%
+5.4%

7,295 3,769 863.0

6,742 3,575 655.8

2023 2024 2023 2024 2023 2024

P&C Premiums Present Value of New Business Premiums Undiscounted Combined Ratio
(€ Mn) (€ Mn) (%)
+7.7%
+28.8% -0.8 p.p.

31,120 33,756
51,832 96.7 95.9
40,300

2023 2024 2023 2024 2023 2024

 6

SUCCESSFULLY COMPLETED “LIFETIME PARTNER 24: DRIVING GROWTH”

PLAN, OVER-ACHIEVING ALL FINANCIAL TARGETS

STRONG EARNINGS INCREASED HIGHER

PER SHARE GROWTH CASH GENERATION DIVIDEND

6-8% >€8.5 Bn €5.2-5.6 Bn

EPS CAGR1 range Cumulative Net Holding Cash Flow2 Cumulative dividend2 2022-2024,
2021-2024 2022-2024 with ratchet policy on DPS

11.3% €9.6 Bn €6.5 Bn

EPS CAGR Cumulative Capital returned
2021-2024 Net Holding Cash to shareholders
Flow Including €1 Bn share buyback

1. 3-year CAGR based on the Group’s Adjusted Net Result

2. Net Holding Cash Flow and Dividend expressed on a cash basis
 7

FURTHER GROWTH IN GROUP OPERATING RESULT, WITH STRONG

CONTRIBUTION FROM ASSET & WEALTH MANAGEMENT

Operating Result1
(€ Mn)

CAGR +7.0%

Life: Net Inflows back to robust positive

net collection; significant GWP growth

P&C: Positive price effect driving GWP

6,742 7,295
6,374 growth, especially in Retail and SME
5,852
4,857 5,192 5,208

Asset & Wealth Management:

Contribution above 16% in 2024

2018 2019 2020 2021 2022 2023 2024

1. Data 2018-2021 as disclosed based on historical IFRS4, since 2022 on IFRS17

 8

ONGOING UNDERWRITING DISCIPLINE ON LIFE NEW BUSINESS

Breakdown of Life reserves Breakdown of Life New Business Premiums (NBP)

29%
Guarantee-linked reserves 42% Guarantee-linked NBP
Reserves w/o financial guarantee 58% NBP w/o financial guarantee
71%

Current return 3.2% Reinvestment yield 3.8%

>200 bps 352 bps
Average guarantee on Average guarantee on
1.2% 0.3%
guarantee-linked reserves guarantee-linked NBP

2023 2024 2023 2024

Capital Light Share Life Net Inflows

68 71 -1,313 9,674
on Life Reserve1 (%) (€ Mn)

1. Before minorities
 9

SOUND GROWTH OF PROTECTION, HEALTH & ACCIDENT, REPRESENTING

22% OF OVERALL GROUP GWP

2024 Group Gross Written Premiums (95.2 Bn)

(€ Bn) y-o-y Consistent with Group objective to offer

growth products with positive social impact
Savings, Pension
& Unit Linked
Pure
46.2 Bn Protection2 Acceleration driven by market demand
(Life) +12% and new business focus
48% 9.2 Bn
Protection,
Health
& Accident Proprietary distribution network
22% (PH&A) key to advising customers on
Health3 (Life)
20.6 Bn +9% protection needs and seizing growth
6.1 Bn
+9.0%
potential

Motor 30%
Health &
& Non-Motor1 Accident4 (P&C) +4% PH&A strongly profitable in 2024, with
28.4 Bn 5.4 Bn Proxy CoR at 90%

1. Excludes: Health & Accident (5.4 Bn)

2. Includes: Death, Disability, Critical Illness and Long-Term Care risks. Reported as "Protection" in Group Life NBV disclosure
3. Includes: Medical Expenses. Reported as "Protection" in Group Life NBV disclosure
4. Includes: Medical Expenses (~2.9 Bn), Income Protection (2.1 Bn), Workers Compensation (~0.5 Bn)
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TARIFF STRENGTHENING MEASURES FURTHER SHOWING THEIR

EFFECTIVENESS IN P&C GROWTH

2024 P&C Gross Direct Premiums Price effect

(%)

6% Change in average
2023 vs 2022 2024 vs 2023
10% annual premium
Motor
36% Retail and SME1,2 +6.1% +6.8%
14% Non-Motor
of which:
Accident, Health and Motor +5.3% +8.0%
Disability
Corporate & Non-Motor +6.1% +4.7%
Commercial¹
34% Europ Assistance
Accident, Health &
+7.9% +8.7%
Disability

Retail and SME: (84%)

1. The scope of the analysis is equal to ~80% of the Group P&C Retail + SME business in force (excluding Europ Assistance) at FY24 and refers to European countries only
2. Measured as the change of the Average Annual Premium for risks in-force (data from technical monitoring)
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ASSET & WEALTH MANAGEMENT GROWTH REFLECTS STRATEGIC

DEVELOPMENT

Operating Result
(€ Mn)
CAGR
+15.6%

Asset Management Operating Result at 616 Mn (+18.3%), reflecting the

consolidation of Conning Holdings Limited
1,176

370
Banca Generali Operating Result at 560 Mn, with strong increase from
2016 2024
2023 (+27.6%)

Assets under Management Assets under Management at 863 Bn, mainly reflecting the inclusion of
(€ Bn)
CAGR the AUM of Conning and positive Net Inflows
+6.3%
2024
203 2024
2023
2024 Strong growth of third-party Assets under Management, from 56 Bn in
2016
863 2016 to 366 Bn in 2024
530

2016 2024
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CONTINUED COMMITMENT TO LIFETIME PARTNER AMBITION, LEVERAGING

OUR HIGHLY EFFECTIVE DISTRIBUTION NETWORK

#1 Position in Relationship-Net Promoter Score¹ % of GWP from tied agents2

Generali
Peer 1 22.4
Peer 2
Peer 3 19.5 51%
18.2

15.2

28%

Market

1. R-NPS Research 2019-2024, 24 countries

2. Weighted average of Total Gross Written Premiums (GWP) per distribution channel, across all Lines of Business. Perimeter includes Italy, France, Germany, Spain, Portugal, Austria,
Czech Republic, Malaysia, China (foreign players) markets, 2023 data
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PROPOSED DIVIDEND PER SHARE AT € 1.43, CONFIRMING STRONG FOCUS

ON INCREASING SHAREHOLDER REMUNERATION

Dividend Per Share (DPS)

(€)

1.47
Proposed DPS at € 1.43, with a 11.7% y-o-y
increase

Annual General Meeting: April 24th, 2025

0.461 1.432
1.28 Ex-dividend date: May 19th, 2025
1.07 1.16
1.01
0.85 0.90
0.80
0.50 Payment date: May 21st, 2025

2016 2017 2018 2019 2020 2021 2022 2023 2024

New Lifetime Partner 27 DPS CAGR 2024-2027 Target > 10%

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 first 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
 14

FURTHER DELIVERING ON OUR COMMITMENT TO SUSTAINABILITY¹

Responsible Investor Responsible Insurer

Carbon footprint of investment portfolio (EVIC) Premiums from insurance solutions with ESG components2
89 tCO2e/€ Mn -51.1% vs 2019 (base year) € 25,193 Mn +12.3% (CAGR 2021-2024)

Relationship
New green and sustainable investments (2021-2024) Net-Promoter Score
€ 13,921 Mn 22.4 +0.9
Net-Zero Asset Owner Alliance Investments in Digital &
Member Technology (2022-2024)
Fenice 190 (2020-2024) Forum for Insurance
€ 3,656 Mn € 1,200 Mn
Transition to Net Zero
Founding Member

Responsible Employer Responsible Corporate Citizen

Women in strategic positions Active partners
38.6% +3.8 p.p. Employee
engagement rate 85 +10.4%

Upskilled Employees 83% 0 p.p.

Active countries
84% +16 p.p.
GHG emissions from Group operations 26 0.0%
-46.1%vs 2019
Entities working in a hybrid way
75,322 tCO2e (base year)
Generali - United Nations Development Programme
100% 0 p.p. Multi-year partnership to develop insurance and risk finance solutions

1. For definitions and scope please refer to the non-financial information included in the 2024 Annual Integrated Report
2. Definition used for internal identification purposes
 15

COMMITTED TO EVEN MORE AMBITIOUS TARGETS WITH NEW “LIFETIME

PARTNER 27” DRIVING EXCELLENCE PLAN

1. 3-year CAGR based on the Group’s Adjusted Net Result. Baseline FY 2024, Adjusted EPS of € 2.45
2. Expressed on cash basis
3. Subject to all relevant approvals. 3-year CAGR with 2024 baseline at €1.28 per share
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ANNUAL GENERAL MEETING 2025

SAVE THE DATE

April 24th
Generali Convention Center
Trieste, Italy
GROUP FINANCIALS

Cristiano Borean
Group Chief Financial Officer
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2024 RESULTS IN A NUTSHELL

Volumes 2023 2024  LFL¹

Gross Written Premiums (€ Mn) 82,466 95,190 +14.9%
Life (€ Mn) 51,346 61,434 +19.2%
P&C (€ Mn) 31,120 33,756 +7.7%
Life Net Inflows (€ Mn) (1,313) 9,674 n.m.

Profitability 2023 2024 

Operating Result (€ Mn) 6,742 7,295 +8.2%
Adjusted Net Result (€ Mn) 3,575 3,769 +5.4%
Adjusted EPS (€) 2.32 2.45 +5.6%
Net Result (€ Mn) 3,747 3,724 -0.6%
New Business Margin (on PVNBP) 5.78% 4.60% -1.19 p.p.1
Combined Ratio discounted 94.0% 94.0% +0.0 p.p.
Combined Ratio undiscounted 96.7% 95.9% -0.8 p.p.

Capital 2023 2024 

Contractual Service Margin (CSM) (€ Mn) 31,807 31,228 -1.8%
Shareholders’ equity (€ Mn) 28,968 30,389 +4.9%
Solvency 2 ratio 220% 210% -10 p.p.
1. Constant perimeter and exchange rates
 19

2024 RESULTS IN A NUTSHELL

• Continued increase in Gross Written Premiums (+14.9%) driven by strong Life growth (+19.2%)

• Confirmed return to healthy positive Net Inflows, entirely driven by Protection and Unit Linked and a significant
improvement in Savings thanks to both higher premiums and a normalization in lapses

• Operating Result growing to 7.3 Bn (+8.2%), supported by all business segments

• Adjusted Net Result growing by 5.4% to a record 3.77 Bn. Adjusted EPS of € 2.45, with a 5.6% y-o-y increase

• Healthy cash generation, with Remittance from subsidiaries at 4.47 Bn compared to 3.62 Bn at FY 2023

• Solid Solvency 2 ratio at 210%, mainly reflecting the impact of the M&A closed during 2024 and the implementation of
the 500 Mn share buyback programme completed in 2024

• Proposed Dividend Per Share of € 1.431 (+11.7% y-o-y), consistently with the ratchet policy in place and building the
path towards the >10% CAGR target as set in the Lifetime Partner 27 Plan

1. Subject to all relevant approvals

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GROUP OPERATING RESULT REACHING A NEW RECORD HIGH

(€ Mn)

+8.2%
217 60
248 149
(121)

7,295
6,742

YE23 Life P&C A&WM Holding & Other Consolidation YE24

businesses Adjustments

2024 3,982 3,052 1,176 (536) (379)

2023 3,735 2,902 959 (415) (439)

Δ +6.6% +5.1% +22.6% +29.1% -13.8%

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GROUP OPERATING RESULT REACHING A NEW RECORD HIGH

• The y-o-y increase in Operating Result was supported by a positive contribution from all business segments
• Life Operating Result increased by 6.6% thanks to the contribution of both Operating Insurance Service Result and
Operating Investment Result
• P&C Operating Result grew strongly at 5.1% thanks to improving Operating Insurance Service Result. Volume growth
and the development of the Current Year Attritional COR more than compensated lower discounting benefit and elevated
Nat Cat
• Asset & Wealth Management (A&WM) Operating Result grew by 22.6% thanks to the strong contribution from Banca
Generali, also reflecting higher performance fees, as well as from Asset Management, which benefitted from the
consolidation of Conning Holding Limited and its affiliates (“CHL”)

• Looking at 4Q 2024 Operating Result trends compared to 4Q 2023:

• Life remained flat, with higher Operating Insurance Service Result compensating lower Operating Investment Result
• P&C increased by 95 Mn to 842 Mn driven by an 81 Mn y-o-y increase in the Investment Result
• A&WM increased by 29.2% to 339 Mn with Asset Management recording a 225 Mn Operating Result contribution
 22

SOLID LIFE OPERATING RESULT PERFORMANCE

Insurance Contracts Liabilities (€ Bn) 2023 2024 

(Re)insurance contracts issued liabilities1 376.7 400.3 +6.3%
Fulfilment cashflows 345.8 370.0 +7.0%
Life Contractual Service Margin (CSM) 30.9 30.3 -2.0%

Life Operating Result (€ Mn) 2023 2024 

Operating Insurance Service Result 2,901 3,039 +4.8%
CSM Release 3,035 2,986 -1.6%
Risk Adjustment release 155 145 -6.2%
Loss component (149) (231) 54.9%
Experience variance and other technical result (32) 204 n.m.
Other operating income and expenses (108) (65) -39.3%
Operating Investment Result 833 943 +13.2%
Life Operating Result 3,735 3,982 +6.6%

1. Including (re)insurance contracts that are assets

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SOLID LIFE OPERATING RESULT PERFORMANCE

• The Life Operating Insurance Service Result increased by 4.8% y-o-y reflecting the following trends:
• The CSM release decreased by 48 Mn due to lower stock of CSM before release (33.3 Bn vs 34.3 Bn at FY 2023)
following the negative economic and operating variances
• Experience variance and other technical result increased by 235 Mn thanks to positive experience variance (mainly in
Italy, France and CEE) and also reflecting negative one-offs booked in 2023
• The Loss Component was 82 Mn worse than at YE 2023, driven by Italy and Asia
• Other operating income and expenses improved by 42 Mn y-o-y despite the 53 Mn contribution to the Italian fund for
Life companies which was not existing in 2023

• The Life Operating Investment Result increased versus FY 2023 thanks to larger investment volumes, specifically in
Italian and in French companies, lower hedging costs in Switzerland and increased contribution from associated
companies accounted with the equity method in Germany, partially reduced by higher Insurance Finance Expenses

• The 4Q 2024 Life Operating Result remained almost flat compared to 4Q 2023 at 947 Mn. The lower CSM Release of
698 Mn (-118 Mn y-o-y) and the higher Loss Component of -90 Mn (-14 Mn y-o-y) were more than compensated by the
improvement in experience variance and other technical result from 33 Mn to 180 Mn, also attributable to minor one-off
effects. The Life Operating Investment Result was 154 Mn, also reflecting a decline in interest rates in Asia
 24

NORMALIZED CSM GROWTH OF 5.2% IN 2024

Key sensitivities (€ Mn)3
(€ Mn)2

2,093
1,757 Equities +25%
2,244
2,827
38 (875) (2,155)
(1,388) Equities -25%
(2,369)
(2,986)
370
Yield curve +50bps 346
33,270
30,911 30,283 (373)
Yield curve -50bps
(433)

(205)
Corp spread +50bps
(470)
CSM Change in New Expected Economic Operating CSM before CSM CSM
2023 scope & Business Return Variances Variances release release 2024 n/a
other CSM EUR govies +50bps4
(637)
operating

New Business CSM 2,827

2023 2024
Perimeter5 192
Look-through 531
Tax, Minorities and Other -1,167
NBV 2,383

1. CSM normalized Growth is calculated as the sum of New Business CSM, Expected Return and CSM Release, divided by (Opening CSM + Change in scope & other op)
2. All figures reported in this slide refer to the Life segment and are gross of reinsurance
3. Sensitivities representing impacts before release
4. The impact reflects the variation resulting from a 50 bps spread widening of government bonds issued by Euro area countries
5. Perimeter includes Investment contracts and PAA business
 25

NORMALIZED CSM GROWTH OF 5.2% IN 2024

• The normalized CSM growth was 5.2% with New Business CSM mostly offsetting the CSM Release and the expected
return increasing from 1.69 Bn in FY 2023 to 1.76 Bn in FY 2024
• The expected return on the CSM included both the effect of unwinding of discount of 1.24 Bn and the systematic
variance due to expected realization of real-world assumptions over risk-free rates of 0.52 Bn. In light of the decline in
interest rates recorded during 2024, the unwinding of the discount in 2025 is expected to be around 0.9 Bn and the
normalized CSM growth is expected to be around 4%
• Economic variances (-0.9 Bn) negatively driven by:
• the widening of non-Italian government bonds spread, with a particularly severe impact in France. The negative
economic variances from spread widening should be seen mostly as temporary and mean-reverting
• the decrease of interest rates in Euro Area, Switzerland and Asia
• the regulatory changes introduced by EIOPA in Solvency 2 on certain parameters underlying the risk-free curves,
like the Ultimate forward rate, and also mirrored in the IFRS 17 framework
• Operating variances (-1.4 Bn) reflected the development of lapses for around -1.1 Bn, broadly evenly split between
assumptions update and experience variance. The remainder -0.3 Bn were due to minor model refinements performed at
year-end in France, Germany and Asia
• The ratio CSM release/CSM before release at FY 2024 was 9%, consistent with the 8-10% guidance
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ROBUST LIFE NET INFLOWS THANKS TO UNIT LINKED AND PROTECTION

Net inflows mix by Line of Business in 2024 Net inflows mix by Country
(€ Mn) (€ Mn)

2023 2024
Unit
Linked
Protection Italy (3,022) 1,536
France (1,685) 2,946
Germany 657 881
Austria (94) 84
5,772
5,206 Switzerland 199 88
CEE 290 354
Spain (52) (57)
Portugal (25) 71
Asia 2,239 3,432
-1,303
Group Holdings and Other Companies 182 338
Total (1,313) 9,674

Unit Linked Protection Saving

 27

ROBUST LIFE NET INFLOWS THANKS TO UNIT LINKED AND PROTECTION

• The Protection business grew driven by Italy, France and Asia confirming its resilient performance

• The Unit Linked business recorded positive net inflows, supported mainly by Italy and France

• Saving and Pension business strongly improved from -10.2 Bn in 2023 to -1.3 Bn, driven in particular by Italy, France
and Asia. Lapses have returned to normal levels in France and have significantly normalized in Italy in 2H 2024

• Country Italy outperformed the broader market, especially in Unit Linked. Net inflows were back to positive, with higher
premiums and improving surrenders

• In France net inflows were strongly positive thanks to all business lines, supported by market dynamics coupled with
commercial actions to support new production and lower surrenders

• In Germany outflows from Saving improved driven primarily by lower surrenders

• The positive development in CEE was led by the Protection business, reaching 445 Mn in 2024, marking a 13.2% y-o-y
increase. This was driven in particular by the positive contribution of Czech Republic and Poland

• Asia net flows reflected high new production, especially in 1H 2024, mostly from traditional saving products
 28

STRONG LIFE VOLUMES AND GROWING NEW BUSINESS VALUE

PVNBP New Business Margin = NBV

*
(€ Mn) (on PVNBP) (€ Mn)

40,300 +28.8% 51,832 5.78% -1.19 p.p. 4.60% 2,331 +2.3% 2,383

23,369 4.38% -0.94 p.p.

764 +5.1% 802
Saving
+33.9% 3.43%
17,459

12,563 10.16% -2.60 p.p.

Protection 931 +2.7% 954
9,166 +37.8% 7.60%

Unit Linked 13,676 15,900 -1.4%

+16.2% 4.65% -0.71 p.p. 636 627
3.94%

2023 2024 2023 2024 2023 2024

Note: The changes are represented on a like for like-basis vs 2023 numbers
 29

STRONG LIFE VOLUMES AND GROWING NEW BUSINESS VALUE

• New Business Volumes (expressed in terms of Present Value of New Business Premiums, PVNBP) increased
significantly to 51.8 Bn (+28.8%) thanks to strong production:
1. in Italy, reflecting the effectiveness of the commercial strategy to sustain net inflows especially on Saving
2. in France, benefitting from the market momentum in hybrid sales
3. in China, which recorded exceptional Saving volumes in 2024
4. on Protection business across the Group, amplified by the IFRS 17 accounting treatment of French collective
contracts1.
• New Business Value increased by 2.3% to 2,383 Mn (of which 628 Mn in 4Q 2024) thanks to strong volumes
• New Business Margin decreased by 119 bps compared to FY 2023 to 4.60%. The change is mainly attributable for
around -0.3 p.p. to the specific accounting of the French collective Protection business, for -0.5 p.p. to commercial
initiatives carried out to support inflows along with new product features of the Protection products in Italy and for -0.3
p.p. to market factors (primarily interest rates)
• In 4Q 2024 the New Business Margin was 5.05%

1. French collective protection business underwritten in 4Q 2023 with coverage starting in 2024 was deemed to be profitable and hence, in line with IFRS 17 requirements, recognised entirely in 1Q 2024. The majority of the business underwritten in 4Q 2022 with coverage
starting in 2023 was considered onerous and thus recognised earlier in 4Q 2022. Neutralizing this accounting effect, i.e. allocating the new business, also in 2023, to the time when the insurance coverage started, the total Group PVNBP increase would have been +23.2% (as
opposed to +28.8%) and Protection volumes would have grown by 14.8% (versus 37.8% reported)
 30

NEW BUSINESS DEVELOPMENT BY COUNTRY

PVNBP NBV New Business Margin

(€ Mn) (€ Mn) (on PVNBP)

2023 2024 2023 2024 2023 2024

Italy 15,617 20,691 1,030 1,036 6.60% 5.01%

France 9,199 13,881 502 469 5.45% 3.38%

Germany 8,607 8,656 361 352 4.19% 4.07%

Austria 1,020 1,238 62 65 6.12% 5.24%

Switzerland 489 537 39 44 7.98% 8.17%

CEE 965 1,159 93 133 9.68% 11.48%

Spain 610 723 70 76 11.54% 10.53%

Portugal 233 236 44 17 18.84% 7.37%

Asia 3,027 4,070 126 188 4.16% 4.62%

Group Holdings and Other Companies 534 642 4 3 0.74% 0.41%

Total 40,300 51,832 2,331 2,383 5.78% 4.60%

 31

NEW BUSINESS DEVELOPMENT BY COUNTRY

• NBM in Italy was impacted mainly by the commercial initiatives to sustain net inflows, by the issuance of new collective
pension contracts with positive NBV but lower margin and by new product features of Protection business. NBV in Italy
was up +0.6% thanks to higher volumes (PVNBP +32.5% at FY 2024 and +31.1% at 4Q 2024). The NBM was 5.01% at
YE 2024 with 4.92% in 4Q 2024

• In France the NBM decreased mainly due to a higher share of collective Protection - which on the other hand positively
impacted the PVNBP - as well as a different mix, related to the composition of hybrids products, coupled with some
modelling enhancements. NBV was down -6.5% y-o-y

• In Germany the NBM decreased due to updated assumptions on expenses and lower look-through profits. The PVNBP
development was positive thanks to Protection and Unit Linked while NBV was down -2.3%

• In CEE PVNBP increased mainly thanks to a strong production of Protection business. NBM increased as a result of
better operating assumptions, lower discount curves and expense inflation decrease. NBV was up by 46.4%

• In Asia PVNBP recorded a strong increase mainly thanks to Saving business. NBM increased thanks to a more
favorable product mix and a lower incidence of acquisition costs. NBV increased by 50% y-o-y
 32

LIFE INVESTMENT INCOME INCREASING IN ALL ASSET CLASSES

Life segment General Account

(%)
€299 Bn €307 Bn Current return¹ € Mn %

Other
2023 7,508 3.2%
2.1% 2.0% Fixed income
3.5% Liquidity 2.5%
2024 7,922 3.3%
8.0% Real estate 7.8%
Equity 7.6% 2023 521 2.3%
7.3% Equity
2024 571 2.5%
12.9% Other fixed income 13.7%
2023 825 3.3%
Real Estate²
2024 950 4.0%
27.6% 28.7%
Corporate bonds
2023 9,073 3.1%
Total²
2024 9,790 3.2%

38.6% 2024 Reinvestment Volume (€ Mn) Expected yield

Government bonds 37.9%

Traditional fixed income 30,012 3.6%

Private Debt 2,299 6-7%³

2023 2024

1. Not including realization and exchange rate hedging

2. Net of depreciation expenses
3. Expected distributions on private debt funds after ramp up net of asset management fees, expected credit losses and FX hedging
 33

LIFE INVESTMENT INCOME INCREASING IN ALL ASSET CLASSES

• Current income increased during FY 2024 supported by higher contribution from fixed income investments, in particular
bond funds and corporate bonds
• Reinvestment Yield on traditional fixed income investments was above 3.6%, decreasing compared to FY 2023
following the decline in interest rates and the tightening of credit spreads. The average coupon on the 11.1 Bn bond
redemptions was 2.4%
• Reinvestment mix focused on liquid fixed income securities with a prevalence of investment grade corporate bonds,
followed by government bonds and gradual allocation to Private Credit
• Fixed income duration remained stable compared to FY 2023
• Real Estate portfolio experienced a negative change of value of around -3% reflecting improved market conditions
compared to FY 2023 when the change of value was close to -8%. The high quality of the overall portfolio is confirmed,
with over 80% in core and trophy assets in top European cities and with low vacancy rates
• The exposure to Italian government bonds in the Life segment was 30 Bn at FY 2024 compared to 32 Bn at FY 2023.
The change reflected mainly maturities. The Group total exposure to Italian government bonds amounted to 35.6 Bn at
FY 2024 (including 5.6 Bn at book value held by Banca Generali), compared 38.5 Bn at FY 2023
 34

STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES

Volumes (€ Mn) 2023 2024  LFL¹

Gross Written Premiums 31,120 33,756 +7.7%

o/w Direct Premiums Motor 10,599 12,038 +10.5%

o/w Direct Premiums Non-Motor 19,055 20,222 +6.6%

Profitability 2023 2024 

Combined Ratio discounted 94.0% 94.0% 0.0 p.p.

Combined Ratio undiscounted 96.7% 95.9% -0.8 p.p.

P&C Operating Result (€ Mn) 2,902 3,052 +5.1%

Insurance Contracts Liabilities (€ Bn) 2023 2024 

(Re)insurance contracts issued liabilities² 35.3 37.9 +7.2%

Fulfilment cashflows (Liability for Incurred Claims) 30.4 32.5 +7.0%

1. Constant perimeter and exchange rates

2. Including (re)insurance contracts that are assets
 35

STRONG DEVELOPMENT IN BOTH P&C BUSINESS LINES

• The P&C premiums grew by 7.7% at FY 2024. Excluding the contribution of Argentina, P&C premiums would have
increased by 6.2%. Neutralising also the impact of the nationalization of Complementary Health Insurance (“CHI”) in
Slovenia, premiums would have grown by 6.7%

• Motor premiums grew by 10.5% thanks to all countries. Without Argentina, Motor premiums would have grown by 6.6%

• Non-Motor continued to grow at a very healthy pace of 6.6%, achieving widespread growth across all main areas. Non-
Motor premiums would have grown by 7.3% excluding the impact of CHI in Slovenia

• During 4Q 2024 (vs. 4Q 2023), P&C GWP grew by 8.6%. Excluding Argentina, total premiums would have increased by
7.8%. Excluding Argentina and CHI in Slovenia, total premiums would have increased by 8.2%. More specifically:

• Motor premiums grew by 9.7% in 4Q 2024, or 7.4% excluding Argentina

• Non-Motor grew by 8.6%, or 9.1% excluding the impact of CHI in Slovenia

 36

P&C TOP LINE GROWTH BY COUNTRY

P&C Premiums Motor Premiums Non-Motor Premiums

(€ Mn)1 (€ Mn)1 (€ Mn)1

2024 ∆ LFL 2024 ∆ LFL 2024 ∆ LFL

Italy 8,607 4.9% 3,095 3.7% 5,512 5.6%
France 3,836 8.0% 1,278 3.0% 2,557 10.7%
Germany 4,370 6.1% 1,627 8.3% 2,742 4.9%
Austria 1,885 5.9% 765 6.8% 1,119 5.2%
Switzerland 766 1.5% 307 -0.9% 459 3.1%
CEE 3,806 6.9% 1,944 11.4% 1,862 2.6%
Spain 2,818 6.8% 1,124 10.1% 1,695 5.5%
Portugal 1,584 11.1% 649 12.6% 934 10.2%
Asia 1,166 7.1% 428 9.6% 738 5.7%
Europ Assistance 1,934 9.0% 63 -17.8% 1,870 10.2%
Group Holdings and Other Companies 1,489 46.9% 757 99.2% 732 12.1%
Total 32,261 8.0% 12,038 10.5% 20,222 6.6%

Note: The percentages represent the like for like-basis changes vs 2023 Premiums
1. Gross Direct Written Premiums
 37

P&C TOP LINE GROWTH BY COUNTRY

• The driver of Italy’s top line growth was Non-Motor (+5.6%), which increased thanks to retail and corporate businesses
while the Motor performance (+3.7%) was achieved entirely due to the 6.3% growth of Generali Italia, that more than
compensated for the ongoing pruning in Genertel (-9.7%)
• In France, Non-Motor grew by 10.7%, driven by SME and Health businesses. Motor was up 3.0% driven by fleets
• In Germany, tariff increases drove both Motor growth to 8.3% and Non-Motor growing close to 5%
• In Austria, Motor grew by 6.8% while Non-Motor expanded by over 5%, mainly thanks to price increases
• In the CEE region, premiums would have grown by 10.9% when excluding CHI in Slovenia. Motor growth was solid at
11.4%, sustained by tariffs increases, especially in Romania and Poland. The Non-Motor growth (+10.3% excluding CHI
in Slovenia) reflected both price increases and volume growth in the Accident and Health line
• In Spain, premiums grew by 6.8% thanks to both Motor and Non-Motor businesses. Liberty’s contribution was 900 Mn
• In Portugal, premiums were up double digit in both lines; Liberty contribution was 210 Mn
• Europ Assistance, premiums were driven mainly by the positive development in the US travel business with also French
and Italian activities recording healthy growth
• In Asia, premium growth was led by India (+15.6%), partially compensated by the decrease in Thailand, led by a lower
contribution from the bancassurance channel

Note: Premiums represented as Gross Direct Written Premiums (GDWP)

 38

UNDISCOUNTED COMBINED RATIO <96%

(%)
0.0 p.p.

+1.0
94.0 94.0
+0.8
(0.3)
29.2 28.8
(1.4) (0.1)

64.9 65.2

YE23 CY LR undisc. Nat. Cat. CY Previous Expense YE24

(excl. Nat Cat) undisc. discounting years Ratio
Expense ratio

2024 65.5% 3.6% (1.9%) (2.1%) 28.8% Loss ratio

2023 66.9% 3.7% (2.7%) (3.0%) 29.2%

 39

UNDISCOUNTED COMBINED RATIO <96%

• The Undiscounted COR improved by 0.8 p.p. to 95.9% despite 1.2 Bn of undiscounted Nat Cat losses with:
• 1.4 p.p. improvement in the attritional Loss Ratio, benefitting from tariff strengthening and other technical measures
• 0.3 p.p. improvement in the Expense Ratio, also reflecting the consolidation of Liberty Seguros
• 1.0 p.p. lower contribution from PYD to 2.1 p.p.
• As such the Current Year Undiscounted Attritional COR improved by 1.7 p.p. to 94.3%, emphasizing the high quality of
the underlying business delivery
• Man Made losses in FY 2024 were 405 Mn (or 1.2 p.p. of COR) of which 143 Mn in 4Q 2024. In FY 2024 Man Made
losses related to riots in New Caledonia and Martinique were around 75 Mn
• The Undiscounted Current Year Loss Ratio excluding Nat Cat recorded an improvement across all time periods:
• -1.4 p.p. for 2024 vs. 2023
• -1.4 p.p. for 4Q 2024 vs. 4Q 2023
• -0.8 p.p. for 4Q 2024 vs. 3Q 2024
• At FY 2024 the Undiscounted Motor COR was 98.0% with a 3.1 p.p. improvement compared to FY 2023. The
Undiscounted Non-Motor COR at FY 2024 was 94.8%, up 0.3 p.p. y-o-y, driven by higher Nat Cats and lower PYD; the
underlying profitability of the Non-Motor line was healthy, with an Undiscounted Attritional COR below 90%
 40

FOCUS ON NET COMBINED RATIO WITHOUT LIBERTY

(%)
-0.1 p.p.

94.0 +1.1 93.9

+0.8
(0.1)
29.2 29.1

(1.9) (0.0)

64.9 64.9

YE23 CY LR undisc. Nat. Cat. CY Previous Expense YE24

(excl. Nat Cat) undisc. discounting years Ratio
Expense ratio

2024 65.0% 3.8% (1.9%) (2.0%) 29.1% Loss ratio

2023 66.9% 3.7% (2.7%) (3.0%) 29.2%

 41

FOCUS ON NET COMBINED RATIO WITHOUT LIBERTY

• In order to provide a more comparable basis of the P&C technical trends during FY 2024, Slide 40 shows the COR and its
components excluding Liberty Seguros
• The specific accounting impact of the Purchase Price Allocation (“PPA”) has an effect in the way that acquisition costs
are accounted for in the first year of consolidation, as well as in the Prior Year development for the Liability for Incurred
Claims acquired in the business combination. As a result, the PPA implementation on Liberty Seguros translates in a
higher Current Year loss ratio and in an improved expense ratio, yielding to a distortion in the underlying technical
performance
• In its first year of consolidation, Liberty Seguros contributed with 1.20 Bn of GWP of which 1.11 Bn in P&C. Liberty has
generated an Operating Result of 109 Mn of which 93 Mn in P&C, with 32 Mn of Operating Insurance Service Result
originating from a 96.8% Combined Ratio (98.5% on an undiscounted basis) and 60 Mn of Operating Investment Result
• Excluding Liberty Seguros, the Current Year Undiscounted Attritional COR improved by 2.0 p.p. in FY 2024 versus FY
2023, driven by an improvement of 1.9 p.p. in the Current Year Undiscounted Attritional Loss Ratio from 66.9% to 65.0%,
as well as a 0.1 p.p. decline in the Expense Ratio from 29.2% to 29.1%
• Looking at 4Q 2024, the Current Year Undiscounted Attritional COR excluding Liberty Seguros improved by 0.4 p.p.
versus 4Q 2023, thanks to a 1.7 p.p. improvement in the Current Year undiscounted Attritional Loss Ratio
 42

COMBINED RATIO TRENDS BY COUNTRY

Discounted Undiscounted Attritional Undiscounted

2024 ∆ 2024 ∆ 2024 ∆

Italy 94.1% -3.3 p.p. 95.7% -3.9 p.p. 93.0% +0.9 p.p.
France 94.1% +1.3 p.p. 97.5% +0.8 p.p. 94.5% +0.4 p.p.
Germany 92.5% +0.8 p.p. 93.9% +0.3 p.p. 89.9% +0.3 p.p.
Austria 92.2% +0.8 p.p. 93.9% +0.1 p.p. 87.5% -0.7 p.p.
Switzerland 101.7% +5.3 p.p. 102.1% +4.9 p.p. 101.3% +5.3 p.p.
CEE 92.4% +0.6 p.p. 94.0% +0.1 p.p. 88.3% -2.2 p.p.
Spain 96.2% -1.2 p.p. 97.3% -1.1 p.p. 96.7% -0.7 p.p.
Portugal 95.9% +1.1 p.p. 97.1% -2.0 p.p. 97.1% -2.0 p.p.
Asia 99.0% +1.1 p.p. 101.1% +1.5 p.p. 100.9% +1.7 p.p.
Europ Assistance 94.2% +0.4 p.p. 94.9% +0.2 p.p. 94.8% +0.1 p.p.
Group Holdings and Other
96.5% +2.5 p.p. 99.8% +0.9 p.p. 92.8% -7.1 p.p.
Companies
Total 94.0% 0.0 p.p. 95.9% -0.8 p.p. 92.3% -0.7 p.p.

Note: Changes vs 2023 Combined Ratios

 43

COMBINED RATIO TRENDS BY COUNTRY

• All the countries experienced an improvement in the Current Year Undiscounted Attritional COR except for Switzerland
and France, the latter of which was also impacted by riots
• The undiscounted COR improved by almost 4 p.p. in Italy reflecting lower Nat Cat after the very severe 2023 experience.
Nat Cat losses were equal to 239 Mn in FY 2024, or 2.7 p.p. of COR, compared to 7.5 p.p. in FY 2023. During 2024 the
undiscounted Current Year Attritional Loss Ratio improved by 0.8 p.p. y-o-y at 67.5%
• The 0.8 p.p. increase in the undiscounted COR in France was mostly caused by the higher Man-Made losses (stemming
from the riots in New Caledonia and Martinique) and by higher Nat Cat losses
• In Germany the undiscounted COR increased by 0.3 p.p. remaining at a very healthy 93.9% level at FY 2024. This result
was achieved despite a 2.2 p.p. lower PYD (1.4 p.p. at FY 2024 compared to 3.6 p.p. at FY 2023). The Current Year
Undiscounted Attritional COR improved by 1.8 p.p. during 2024 to 91.3%
• In CEE the undiscounted COR was broadly stable despite 5.7 p.p. of Nat Cat losses (compared to 3.4 p.p. in FY 2023),
which affected in particular Non-Motor. The Motor line posted a very strong performance, with the undiscounted COR
improving by 5.2 p.p. compared to FY 2023 to 91.4%
• Austria had a stable undiscounted COR at 93.9% despite higher Nat Cat and lower PYD. The Current Year
Undiscounted Attritional combined ratio improved by 1.4 p.p. to a very healthy 87.7%
• In Spain, excluding Liberty, Current Year Attritional COR improved in Non-Motor business. In Portugal, excluding Liberty,
the improvement was driven by the healthy Current Year Attritional Loss Ratio in the Non-Motor business
 44

GROWING P&C TECHNICAL PROFITABILITY AND INVESTMENT INCOME

(€ Mn)

347 +5.1%
320
(178)
(340)

2,902 3,052

YE23 Undiscounted Operating Current Year Discounting Insurance Finance Operating Investment YE24
Insurance Service Result Expenses Income

2024 1,340 636 (634) 1,710

2023 993 814 (294) 1,389

 +34.9% -21.9% n.m. +23.1%

 45

GROWING P&C TECHNICAL PROFITABILITY AND INVESTMENT INCOME

• The Undiscounted Operating Insurance Service Result benefitted from business growth and a better Current Year
attritional profitability, showing the positive impacts of the implemented technical measures. This was achieved despite 75
Mn more claims from natural catastrophes and lower prior year development (-242 Mn compared to FY 2023). 4Q 2024
Undiscounted Operating Insurance Service Result was 430 Mn compared to 98 Mn in 3Q 2024. The change is
explained by lower Nat Cat losses than those recorded in 3Q 2024. Man Made claims in 4Q 2024 were 143 Mn
sequentially higher by 58 Mn compared to 3Q 2024
• The Current Year discounting decreased versus FY 2023 mainly due to lower interest rates. 4Q 2024 Current Year
discounting was 92 Mn versus 152 Mn in 3Q 2024 and 52 Mn in 4Q 2023
• The 340 Mn increase in Insurance Finance Expenses (“IFIE”) is mainly explained by a higher unwinding of the LIC for 245
Mn to 394 Mn at FY 2024. The IAS 29 effect from Argentina (-124 Mn at FY 2024 compared to -33 Mn at FY 2023) was the
main driver of the increase in other IFIE components. In 4Q 2024 IFIE were -124 Mn versus -49 Mn in 4Q 2023, with the
unwinding of the LIC contributing for -77 Mn
• The Operating Investment Income increased mainly thanks to higher income from bonds, the inclusion of Liberty (84 Mn
contribution in FY 2024) and the higher investment income from Argentina to 228 Mn in FY 2024, growing by 89 Mn
compared to FY 2023. The Operating Investment Income in the 4Q 2024 was 445 Mn compared to 289 Mn in 4Q 2023.
The 156 Mn increase was driven by Argentina (+74 Mn), higher net interest income from the investment portfolio and the
contribution of Liberty Seguros for 24 Mn during the quarter
• The 4Q 2024 investment result was 321 Mn, with an 81 Mn increase compared to 240 Mn in 4Q 2023 while for the FY
2024 the investment result declined by 19 Mn y-o-y to 1,076 Mn with the 320 Mn improvement in the Operating Investment
Income offset by the 340 Mn increase in Insurance Finance Expenses
 46

INCREASING P&C INVESTMENT INCOME DRIVEN BY FIXED INCOME RETURNS

P&C segment General Account

(%)
Current return¹ € Mn %
€45 Bn €47 Bn 2023 983 3.0%
Fixed income
5.7% Other 5.5% 2024 1,430 4.2%
8.4% Liquidity 9.8% 2023 191 5.9%
Equity
6.9% Real estate 5.9% 2024 160 4.7%
6.9% Equity 7.6%
2023 152 4.7%
11.2% Other fixed income 8.5% Real Estate²
2024 160 5.2%

31.1% 33.5% 2023 1,640 3.6%

Corporate bonds Total²
2024 2,050 4.4%

2024 Reinvestment Volume (€ Mn) Expected yield

29.7% Government bonds 29.1%
Traditional fixed income 5,166 3.6%

Private Debt 53 5-6%³

2023 2024

1. Not including realization and exchange rate hedging

2. Net of depreciation expenses
3. Expected distributions on private debt funds after ramp up net of asset management fees, expected credit losses and FX hedging
 47

INCREASING P&C INVESTMENT INCOME DRIVEN BY FIXED INCOME RETURNS

• Current income increased during 2024 driven by Argentina, consolidation of Liberty Seguros, higher yields on fixed
income portfolio and money market instruments

• Reinvestment Yield on traditional fixed income was above 3.6%, decreasing compared to FY 2023 following the decline
in interest rates and the tightening of credit spreads. The average coupon on the 4.8 Bn bond redemptions was 1.3%

• Reinvestment mix focused on liquid fixed income securities with a preference for investment grade corporate bonds
combined with European government bonds and a negligible investment in alternatives

• Fixed income duration was 0.15 years shorter with respect to FY 2023 mainly related to integration of Liberty’s
investment portfolio

• Real Estate portfolio saw growing current income and stable valuations
 48

A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI

Asset & Wealth Management (€ Mn) 2023 2024 

Operating Result 959 1,176 +22.6%

o/w Asset Management 520 616 +18.3%
o/w Wealth Management (Banca Generali Group)¹ 439 560 +27.6%

Asset Management (€ Mn) 2023 2024 

Operating Revenues 1,089 1,450 +33.1%

o/w management and other fees 1,056 1,359 +28.7%

o/w performance fees 34 91 n.m.

Operating Expenses (569) (834) +46.7%

Operating Result 520 616 +18.3%

Adjusted Net Result after minorities 353 343 -2.7%

Cost / Income ratio (%) 52.2% 57.5% +5.3 p.p.

AUM (€ Bn) 516 695 +34.8%

1. Operating contribution from the Banca Generali Group as per Generali’s view
 49

A&WM SUPPORTED BY CONNING INTEGRATION AND BANCA GENERALI

• The increase in Asset Management (AM) Operating Revenues benefitted from 278 Mn contribution from Conning
Holding Limited (“CHL”). Operating revenues excluding CHL grew 7.7% to 1.17 Bn, stemming from higher average
AUM and 62 Mn of performance fees (34 Mn in FY 2023). AUM at FY 2024 including CHL were 695 Bn, with 271 Bn of
Third Party AUM (164 Bn related to CHL). FY 2024 Net Inflows from external clients were 1.8 Bn
• Operating Expenses excluding the consolidation of CHL increased by 10.3% y-o-y to 627 Mn, driven primarily by
compensation costs. CHL’s Operating Expenses were 207 Mn. The overall C/I of AM was 57.5%, with 74.7% at CHL
(for the period April – December 2024). The C/I ratio of AM excluding CHL was at 53.5%, 1.3 p.p. higher than FY 2023
• The AM Operating Result increased by 18.3% to 616 Mn, thanks to a 70 Mn contribution from CHL; without CHL the
Operating Result would have been 546 Mn, growing 4.8% y-o-y
• The Adjusted Net Result after minorities of AM at 343 Mn was -2.7% versus FY 2023. This reflected around 20 Mn
of one-off transaction and integration costs related to the acquisition of CHL and 24 Mn of other M&A costs. The overall
minorities were around 80 Mn
• 4Q 2024 highlighted a +38.6% increase in the Operating Result of AM compared to 4Q 2023 to 225 Mn, reflecting
497 Mn of Operating Revenues and 272 Mn of Operating Expenses. Excluding the contribution of CHL for 39 Mn, the
Operating Result of AM was 186 Mn in 4Q 2024, growing +14.6% compared to 4Q 2023, mainly thanks to performance
fees
 50

HOLDING & OTHER BUSINESSES

Holding & Other Businesses (€ Mn) 2023 2024 

Other Businesses¹ 252 157 -37.8%

Operating Holding Expenses (667)2 (693) +3.8%

Total (415)2 (536) +29.1%

1. It includes companies with an exclusive holding role, service companies and all the other companies that are considered as accessory to the insurance core business
2. FY2023 figures have been restated considering: (1) LTIP and other share based payments (including WeShare plan) have been moved from non operating results to operating results; (2) AWM segment now includes all the operating and non operating costs that were previously
considered as holding expenses, including the aforementioned LTI P and other share based payments.
 51

HOLDING & OTHER BUSINESSES

• Other businesses decreased due to lower intragroup dividends, especially in France. This primarily reflected lower
dividends from Generali Investment Holding, mirrored in the improvement in the FY 2024 consolidation
adjustments.

• Operating Holding Expenses reflected mainly the increase of costs related to personnel, including -137 Mn (-129
Mn in FY 2023) related to Long-Term Incentive Plan and shared based payments and higher development costs
related to internal projects
 52

FROM OPERATING TO NET RESULT

(€ Mn)
Components: Including:
Investment result from FVTPL and foreign currency: €82 Mn Interest costs Components:
Net realized gains and losses: €135 Mn on financial debt: (€493 Mn) Restructuring costs: (€101 Mn)
Net ECL and impairment losses: (€190 Mn) Amortization of intangibles from business
combinations and bancassurance operations: (€124 Mn)
28 Other non operating net expenses: (€485 Mn)

Tax rate:
(572) 30.5%

(710)

7,295
(1,843) (31)
(442)
3,724 3,769

Operating Non Operating Non Operating Net Other Taxes Discontinued Minorities Net Adjusted Net Result
Result Investment Holding Non Operating operations Result
Result Expenses Expenses

2024 7,295 28 (572) (710) (1,843) (31) (442) 3,724 3,769

2023 6,742 64 (512) (677) (1,579) 84 (375) 3,747 3,575

 +8.2% -57.3% +11.6% +4.8% +16.7% n.m. +18.1% -0.6% +5.4%

 53

FROM OPERATING TO NET RESULT

• Net realized gains significantly decreased y-o-y, as FY 2023 recorded 421 Mn of net realized capital gains, driven by
221 Mn from the sale of a London property and 255 Mn gains from the disposal of Generali Pensionskasse. The 135
Mn booked in FY 2024 mainly reflected the disposal of TUA Assicurazioni (for 88 Mn, 58 Mn net of taxes), which is fully
neutralized in the Adjusted Net Result, and other realized gains mainly from real estate disposals
• The increase in Non-Operating Holding Expenses is entirely explained by early prefinancing of debt maturities (+46
Mn y-o-y) and higher M&A costs for 23 Mn
• The increase in Net Other Non-Operating Expenses reflected higher amortization of intangibles (following the
acquisitions of CHL and Liberty Seguros), higher costs from the application of IAS 29 and the 46 Mn impairment on
goodwill for Swiss P&C business. The comparison with last year is also impacted by a non-recurring positive one-off in
France booked in 2023. These effects were partially offset by 211 Mn lower restructuring costs compared to 2023
• The increase in the tax rate from 27.6% in FY 2023 to 30.5% in FY 2024 was primarily driven by the absence of the
benefit related to the disposals of Generali Pensionskasse and of the London property in 2023, as well as the
computation of the Global Minimum Tax
• Looking at 4Q 2024, the Non-Operating Investment Result was -206 Mn (-176 Mn in 4Q 2023) driven by -74 Mn of
FVTPL and -157 Mn of ECL and impairments. The Non-Operating Holding Expenses were -335 Mn (-281 Mn in 4Q
2023). The Net Other Non-Operating Expenses were -128 Mn (-155 Mn in 4Q 2023). The 4Q 2024 tax rate was 30%
 54

FROM REPORTED TO ADJUSTED NET RESULT

Weighted average number of shares

(€ Mn) (Mn)

51 71
(27) (50)
1,570

1,542 1,539
3,724 3,769

1,516

Net Net gains Amortisation of P&L on Hyperinflation Adjusted 2022 2023 2024 Estimated
4
Result from disposals¹ intangibles assets effect³ Net Result 2025
related to M&A at FVTPL²

2024 3,724 (27) 51 (50) 71 3,769 Adjusted

EPS 2.00 2.32 2.45
2023 3,747 (304) n.m. 84 48 3,575

1. Includes the net gains/losses coming from the disposals of TUA (+88 Mn), Turkey (-14 Mn) and Philippines (-18 Mn)
2. The gross amount of € 99 Mn related to FVTPL (€-130 Mn in 2023) was adjusted netting minorities and taxes to €50 Mn (€-84 Mn in 2023)
3. The gross amount of € -103 Mn related to IAS 29 (€-64 Mn in 2023) was adjusted netting minorities and taxes to €-71 Mn (€-48 Mn in 2023)
4. Assuming €500 Mn share buyback is approved and it is fulfilled in 2H 2025
 55

FROM REPORTED TO ADJUSTED NET RESULT

• The Adjusted Net Result neutralises these 4 elements:

• The volatility stemming from the Mark to Market of assets at Fair Value Through Profit and Loss (FVTPL) held in
non-participating business and shareholder funds. This adjustment was -50 Mn for FY 2024 and +56 Mn for 4Q
2024
• The P&L impact of the application of hyperinflation accounting related to Argentina. This adjustment was +71
Mn for FY 2024 and +16 Mn for 4Q 2024
• The amortisation of intangibles related to M&A transactions (i.e. CHL and Liberty). This adjustment was +51 Mn
for FY 2024 and +26 Mn for 4Q 2024
• The gains and losses from business acquisitions or disposals, including restructuring costs incurred in the
related M&A year. This adjustment was -27 Mn for FY 2024 and +29 Mn for 4Q 2024. More specifically, although
FY 2024 recorded on balance gains from disposals (i.e. 58 Mn for TUA, -14 Mn for Turkey and -18 Mn for
Philippines), 4Q 2024 recorded -29 Mn of net losses from disposals (i.e. -11 Mn for Turkey and -18 Mn for
Philippines)
• As a result of the above the FY 2024 reported Net Result of 3,724 Mn is adjusted upwards by 45 Mn to 3,769 Mn.
Concerning 4Q 2024, the reported Net Result of 762 Mn is adjusted upwards by 126 Mn to 889 Mn
 56

REMITTANCE FROM SUBSIDIARIES REACHING A NEW RECORD HIGH

Cash basis1
(€ Mn)

4,471

476
3,621 172
577
Other 381
160
Spain 385
435
CEE 205 671

Austria 630
676
Germany
625
France

Italy 1,515
1,185

2023 2024

of which Capital Management actions ca. 3% ca. 15%

1. Remittance expressed on cash basis (i.e. cash flows are reported under the year of payment)
 57

REMITTANCE FROM SUBSIDIARIES REACHING A NEW RECORD HIGH

• Strong Capital Management Framework enabled both recurring Remittance growth and one-off Capital
Management actions

• Higher contribution (around 0.6 Bn) from Capital Management actions compared to 2023, following successful
achievement of capital optimization initiatives across several geographies (in particular: Cattolica integration in Italy
and excess capital repatriation from Austria)

• Steady growth of recurrent Remittance, further contributing to increase in Remittance compared to previous year
(over 0.2 Bn)

• “Other” increased compared to 2023 thanks in particular to some first-time contributions from M&As and other
strategic initiatives
 58

NET HOLDING CASH FLOW UNDERPINNED BY REMITTANCE GROWTH

Cash basis1
(€ Mn)

2023 2024

Remittance from subsidiaries 3,621 4,471

(Re)insurance Cashflow 275 11

Interest & holding expenses (960) (721)

Net Holding Cash Flow 2,936 3,761

Group dividend² (€ Bn) 2.0 2.2

Dividend Per Share³ (€) 1.28 1.43

Coverage Ratio4 1.5x 1.7x

1. Net Holding Cash Flow expressed on cash basis (i.e.cash flows are reported under the year of payment)
2. Group dividend 2023 of € 2.0 Bn refers to the dividend for the exercise 2023 (paid in 2024); Group dividend 2024 of € 2.2 Bn refers to the dividend proposed for the exercise 2024 (to be paid in 2025)
3. 2024 DPS proposal subject to all the relevant approvals
4. Coverage Ratio is calculated as the ratio between NHCF of the year and the Group dividend distributed for the same competence year exercise.
 59

NET HOLDING CASH FLOW UNDERPINNED BY REMITTANCE GROWTH

• The Net Holding Cash Flow significantly increased as compared to 2023, mainly driven by the following effects:
• Higher Remittance driven by positive contribution from Capital Management actions and steady growth of
recurring component
• Lower (Re)insurance Cashflow mainly due to decrease in non-life contribution, that in 2023 benefitted
from a positive one-off of around 0.2 Bn stemming primarily from the activation of the Cat Aggregate, while in
2024 is negatively impacted by Nat Cat and Man Made events. Reinsurance result is by definition affected by
higher volatility, therefore it cannot be considered in general as a pure recurring component of the Net Holding
Cash Flow
• Lower Interest & holding expenses mainly due to the positive contribution from tax component. The tax
component returned to more normalized levels compared to 2023 (in which negative one-off tax effects were
observed). In addition, there was also a benefit from a one-off positive effect of around 0.3 Bn in 2024 arising
from higher tax recoveries at the Parent Company level.
• Coverage Ratio at comfortable levels, with 2024 benefitting from the increase in NHCF driven by positive
contribution from Capital Management actions on Remittance. Excluding the Capital Management actions
contribution to Remittance, the Coverage Ratio would be stable compared to 2023.
 60

SHAREHOLDERS’ EQUITY ROLLFORWARD

(€ Mn)
+4.9%
3,724
(183)
(133)
(1,987) 30,389
28,968

Shareholders' Equity Δ in OCI Dividend YE24 Other Shareholders' Equity

YE23 Result YE24

Changes in Other Comprehensive Income Key sensitivities

Equities +25% 4 p.p.
2,057
Equities -25% (4 p.p.)

Yield curve +50bps (0.6 p.p.)

(1,863) (1,997)
Yield curve -50bps 0.3 p.p.
(2,300) 34 31 45

OCI Related Related Defined Foreign Other OCI Corp spread +50bps (1 p.p.)
Reserve to to Benefit Exchange Reserve
YE23 financial insurance Plans YE24 EUR govies +50bps¹ (1 p.p.)
assets contracts

2024
1. The impact reflects the variation resulting from a 50 bps spread widening of government bonds issued by Euro area countries.
 61

SHAREHOLDERS’ EQUITY ROLLFORWARD

• The Shareholders Equity grew by almost 5% y-o-y in 2024 thanks to the reported net result for the period net of the
dividend payment

• The changes in Other Comprehensive Income were not material

• The Book Value Per Share growth was 6.3% from €18.78 in 2023 to €19.97 in 2024

• The Shareholders Equity sensitivities reported in the slide are provided for the first time under the IFRS-17
accounting framework
 62

SOLVENCY RATIO

Eligible own funds vs. Required capital Key sensitivities

(€ Bn)

6 p.p.
Equities +25%
6 p.p.
220% 210%
(7 p.p.)
Equities -25%
(6 p.p.)

3 p.p.
Yield curve +50bps
2 p.p.

(4 p.p.)
Yield curve -50bps
(3 p.p.)
49.0 49.1
(2 p.p.)
Corp spread +50bps (1 p.p.)
22.3 23.4
(10 p.p.)
EUR govies +50bps¹ n.a.
2023 2024

2024 2023
Eligible own funds Solvency capital requirement

1. The impact reflects the variation of Solvency Ratio resulting from a 50 bps spread widening of government bonds issued by Euro area countries
 63

SOLVENCY RATIO

• Over the last few years, we have reduced the Solvency 2 ratio volatility, in particular working on 4 key levers:

• increasing weight of capital light products in Life

• increased diversification through P&C, Unit Linked and Protection

• lower weight of BTPs with a gradually shorter duration

• even stronger discipline on assets and liability matching

• The decline in interest rates during 2024 and the sizeable new production in Life has led to a marginal increase of our
interest rate sensitivities but with still a visible contraction compared to FY 2022
• BTP-spread sensitivity to +100 bps at FY 2024 was -5 p.p., reduced by -1 p.p. compared to FY 2023. At FY 2024,
BTP-spread sensitivity to +100 bps does not activate Country Volatility Adjustment, just like in FY 2023
• As of March 7th, Solvency ratio was estimated at 214%
• Expected indicative Solvency 2 impacts in 1H 2025 after March 7th: M&A activities (-1 p.p.), Strategic and LTIP
buybacks (-3 p.p.)
 64

STRONG SOLVENCY SUPPORTED BY CAPITAL GENERATION

(€ Bn)

Own Excess
Funds SCR Own Funds1 Solvency II ratio (%)

2023 49.0 22.3 26.7 220%

Regulatory changes (0.6) 0.2 (0.8) (4 p.p.)

Normalized Capital Generation 4.9 0.2 4.8 +21 p.p.

Economic Variances (0.5) 0.7 (1.2) (9 p.p.)

Non-economic Variances (0.9) (0.3) (0.6) (1 p.p.)

M&A (1.0) 0.4 (1.4) (8 p.p.)

Capital movements (1.9) (1.9) (9 p.p.)

2024 49.1 23.4 25.7 210%

1. Eligible Own Funds in excess of Solvency Capital Requirement

 65

STRONG SOLVENCY SUPPORTED BY CAPITAL GENERATION

• Solvency 2 ratio benefitted from excellent Capital Generation for 21 p.p., thanks to the contribution of both Life and
P&C segments, as well as benefitting from unwinding. Please consider that in 2024 the Normalized Capital
Generation included for the first time the negative impact of LTIP plans, previously reported in Non-Economic
Variances

• Economic Variances were -9 p.p., mainly due to the widening of government bond spreads and declining interest
rates, partially mitigated by positive equity markets

• Non-Economic Variances were -1 p.p., related to the negative impact on Own Funds of non-operating holding and
other expenses, as well as Operating Variances (mainly from lapses). This was partially mitigated by a decrease of
SCR, following primarily equity hedging and derisking

• Regulatory Changes impacted for -4 p.p., mainly reflecting the changes introduced by EIOPA at the beginning of the
year and the ineligibility of subordinated debt transferred from Genertel to Assicurazioni Generali during 4Q 2024

• M&A deducted over -8 p.p. following the acquisition of Liberty Seguros, slightly offset by a minor positive effect from
the disposal of TUA Assicurazioni

• Capital movements reduced the Solvency 2 ratio by -9 p.p. reflecting the implementation of the 500 Mn shares
buyback programme and the dividend of the period, partially compensated by the subordinated debt issuance
completed in 4Q 2024
 66

2024 CAPITAL GENERATION AT €4.8 BILLION

(€ Bn)

Total Normalized
Own Funds SCR¹ Capital Generation

Life 2.3 1.6 (1.8) 1.7 3.7

P&C 1.4 0.0 1.4

Holdings & Financial (0.3) 0.0 (0.3)

Total Normalized (0.2)

3.4 1.6 4.8
Capital Generation

Life New Business Other Capital Generation drivers

1. Positive numbers indicate positive Capital Generation (i.e. reduction in SCR) and negative numbers indicate negative capital generation (i.e. an increase in SCR)
 67

2024 CAPITAL GENERATION AT €4.8 BILLION

• Life contributed with over 15 p.p. of Capital Generation, driven by the contribution of S2 Value New Production and
unwinding of the period; SCR recorded a slight growth also reflecting higher component of Saving in the mix

• P&C contributed for over 6 p.p. with a strong performance of the SII Current Year Technical Result despite the
natural catastrophes

• Financials added almost 3 p.p. also thanks to the strong performance of Asset Management and of Banca Generali

• Holding had a negative contribution of around -4 p.p. reflecting operating holding expenses, shares buyback of LTIP
Group remuneration plan, and interest on subordinated debt

• The cumulative Normalized Capital Generation over the 2022-2024 period was 13.5 Bn, comfortably exceeding the
12 Bn target for the Lifetime Partner 24 Plan
 68

FINAL REMARKS

GWP increased to € 95.2 Bn (+14.9%) with P&C GWP up +7.7%. Life net inflows were strongly positive at
€ 9.7 Bn entirely in protection and Unit Linked lines

Continued growth in Operating Result to a record € 7.3 Bn (+8.2%), with positive contribution of all business
segments

New Business Value (NBV) grew to € 2.4 Bn (+2.3%). Undiscounted COR improved to 95.9% (-0.8 p.p.) thanks to
strong performance of Current Year attritional COR (-1.7 p.p.)

Asset Management Operating Result (+18.3%) benefitting from the consolidation of Conning Holdings Limited and
higher performance fees. Wealth management improving by +27.6%

Adjusted Net Result growing by 5.4% to € 3.8 Bn, leading to a 5.6% increase in Adjusted EPS at € 2.45, marking
a new record high for the Group

Solid Solvency II ratio at 210%, sustained by robust Capital Generation

Higher Remittance at € 4.5 Bn (+23.5%) driven by positive contribution from Capital Management actions and
steady growth of recurring component. Net Holding Cash Flow at € 3.8 Bn

Proposed Dividend Per Share of € 1.43 (+11.7%), consistently with the new Lifetime Partner 27 Plan
BACKUP
 70

QUARTERLY RESULTS (1/3)

(€ Mn)

4Q23 4Q24 
Gross Written Premiums 22,004 24,469 +8.9%¹
Life 14,328 15,766 +9.1%
P&C 7,676 8,703 +8.6%
o/w Direct Motor 2,450 2,900 +9.7%
o/w Direct Non-Motor 4,793 5,359 +8.6%
Life Net Inflows (119) 2,852 n.m.

Total Operating Result 1,738 1,898 +9.2%

Life Operating Result 948 947 -0.1%

New Business Value 602 628 +4.3%
PVNBP 10,163 12,424 +22.0%
New Business Margin on PVNBP 5.92% 5.05% -0.86 p.p.

1. Constant perimeter and exchange rates

 71

QUARTERLY RESULTS (2/3)

(€ Mn)

4Q23 4Q24 
P&C Operating Result 748 842 +12.6%

Combined Ratio 93.1% 93.9% +0.8 p.p.

Loss Ratio 64.7% 64.2% -0.5 p.p.
Current year Loss Ratio 68.4% 66.4% -2.0 p.p.
Current year Loss Ratio undiscounted (ex Nat Cat) 65.7% 64.3% -1.4 p.p.
Nat Cat losses undiscounted 3.4% 3.2% -0.2 p.p.
Current year discounting -0.7% -1.1% -0.4 p.p.
Previous year loss ratio -3.7% -2.2% +1.5 p.p.
Expense Ratio 28.5% 29.7% +1.3 p.p.
Undiscounted Combined Ratio 93.8% 95.0% +1.2 p.p.

Note: P&C Gross Insurance Revenues at 4Q 2024: Euro 8,582 Mn compared to 7,407 4Q 2023
 72

QUARTERLY RESULTS (3/3)

(€ Mn)

4Q23 4Q24 
Asset & Wealth Management Operating Result 262 339 +29.2%
o/w Asset Management 163 225 +38.6%
o/w Wealth Management (Banca Generali Group) 100 114 +13.8%

Holding & Other Businesses Operating Result (134) (179) +33.3%

o/w Other Businesses 53 18 -66.6%
o/w Operating Holding Expenses (188) (197) +4.9%

Consolidation Adjustments (86) (52) -39.5%

Non Operating Investment Result (176) (206) +17.2%

Non Operating Holding Expenses (281) (335) +19.2%
Net Other Non Operating Expenses (155) (128) -17.6%
Non-Operating Result (612) (668) +9.3%
Net Result 925 762 -17.6%
Adjusted Net Result 595 889 +49.3%
 73

2025 REINSURANCE PROGRAM

(€ Mn)

Peril Limit per event Retention Comments

Italy 2,500 300
• Capacity adjusted for
Europe Flood 1,800 300
NAT CAT REINSURANCE

Italy
CAT
Europe Windstorm 1,700 300 & EU WS
Per Event
Europe Other 1,200 100
PROGRAM

• Retentions as expiring
Rest of the World 250 50

Peril Size Retention Comments

All Nat Cat perils
CAT • Capacity, retention
for property 300 800
Aggregate and trigger as expiring
and MOD business

Additional Highlights

• The program leverages on the optimal combination of traditional and alternative capital
 74

RECONCILIATION BETWEEN IFRS EQUITY AND SOLVENCY 2 OWN FUNDS

(€ Bn)
9.0
31.2 5.6

(5.2)
(3.0) (2.2)
(7.6)

2.7

47.5 49.1

33.1 (11.9)
30.4

Shareholders' Minority Shareholders' Intangibles CSM Scope Valuation Net Excess Subordinated Deductions Foreseeable Group
Equity 2024 interests Equity 2023 differences Deferred of Asset Debt & Financials Dividend Own Funds
including Taxes over Liabilities 2024
minorities

• Intangibles: mainly related to goodwill not recognised in Solvency II

• CSM: unearned profits to be recognised over the residual coverage period in IFRS, not recognised as liability in Solvency II

• Scope: changes in perimeter and consolidation methods

• Valuation differences: impacts of the different valuation frameworks on assets and liabilities

• Net deferred taxes: fiscal impact of the changes reported above

 75

P&C DISCOUNTING AND LIABILITY FOR INCURRED CLAIMS UNWINDING

2023 1H24 2024 2023 1H24 2024

CY Net Claims Reserves (€ Bn) 9.8 6.4 10.1 Unwinding LIC (€ Mn) -149 -229 -394
Duration (y) 2.3 2.0 2.1 Unwinding rate 0.5% 1.8% 1.8%
Discount rate 3.3% 3.3% 2.9%
CY Discounting (€ Mn) 814 399 636

Sensitivities1 +50 bps -50 bps Sensitivities1 +50 bps -50 bps
FY 2024 CY Discounting (€ Mn) ~ 100 ~ (100) Unwinding LIC YE25 (€ Mn) ~ (30) ~ 30
FY 2024 COR impact (0.3%) 0.3% FY 2024 COR impact ~ 0.1% ~ (0.1%)

• The Current Year discounting is influenced not only by the movement of interest rates and the shape of the yield curve but also by Loss Ratio
developments, Premium volumes, and the expected duration of payments
• Assuming that interest rates remain stable at the level of YE 2024, the FY 2025 CY Discounting is expected to be in the 550 Mn-600 Mn
range
• The LIC Unwinding has incorporated most of the interest rate increase observed since 2022, so in 2025 the annual unwinding rate is
expected to move only from around 1.8% to around 2.0%, leading to an expected FY 2025 LIC Unwinding of around 450-500 Mn
• LIC unwinding is the main component of IFIE, which also contains other technical unwinding (e.g. LRC and RA unwinding) and other
elements like the IAS 29 component

1. Sensitivities consider +/-50 bps on AY2024 locked-in curve

 76

COST TO INCOME RATIO

Cost to Income ratio (%)

Insurance perimeter¹

Cost General Expenses

8.2 Bn1 of insurance perimeter -5.1 p.p.
2024
-4.8 p.p.
improved
by
Earnings before Taxes and 64.2 63.9 5.1 p.p.
before General Expenses, 59.1 compared to 2022
excluding:
after the improvement
Income • P&C Discounting by
and Insurance Finance Expenses 1.3 p.p.
13.9 Bn1 already achieved
• Life and P&C Loss component
in 2022 vs 2021
• Non-Operating Investment Result (under IFRS4)
• Interest expenses on financial debt
• Other components excluded
from the IFRS17 Adjusted Net Result
2022 2023 2024

1. Excluding Asset & Wealth Management and Europ Assistance

 77

ASSETS UNDER MANAGEMENT

Total Portfolio: €863 Bn Breakdown of General Account

(%)
Italy
7
France
20 33
Germany
By Region
2 CEE

Rest of Europe
18
42 20
43 Rest of Word

2
5 7
7 Equity

Fixed income
14
Real estate
By Asset Class
Cash & Cash Equivalent

General account Unit Linked Third party investments Other

79
 78

FIXED INCOME PORTFOLIO BY RATING

Total Portfolio: €294 Bn Covered: € 7 Bn Corporate: € 98 Bn Government: € 139 Bn1
(%) (%) (%) (%)

0 1
17 Other fixed Income 6 2 7 15 7
20

2 Covered 28
29 32

21 Corporate non fin.

55
80
27
12 Corporate fin.

AAA AA A BBB Not Investment Grade Not Rated

47 Government
Bond Duration² (years) 2023 2024

Life 8.7 8.7

P&C 4.8 4.7

1. Italian government bond exposure is 76% of BBB

2. The duration is adjusted for the effect of derivatives
 79

FIXED INCOME PORTFOLIO BY COUNTRY

Total Portfolio: €294 Bn Covered: € 7 Bn Corporate: € 98 Bn Government: € 139 Bn1
(%) (%) (%) (%)

2 6
17 Other fixed Income
26 26
15
2 Covered
47 48
10
58
21 Corporate non fin.
1
14 15

1 21 2
8

12 Corporate fin.

Italy France Germany CEE USA Other

47 Government
Traditional Fixed Income Reinvestment Yield 2023 2024

Life 4.1% 3.6%

P&C 4.0% 3.6%

1. Italian government bond exposure is 76% of BBB

2. The duration is adjusted for the effect of derivatives
 80

Equity & Equity-like

Alternative Funds: €15 Bn Equity: €7 Bn

Total Portfolio: €27 Bn
15
01 (%) 01
19

(%) (%)
25
79
84

AM Holding Life P&C Life P&C Other

56

Equity Funds: €5 Bn 19 Quoted and Unquoted1

Equity Equity Funds Alternatives

42
(%) (%)
58

98

Life P&C Other Quoted Unquoted

1. Total Equity & Equity-like Portfolio (€27 Bn)

 81

ASSET ALLOCATION: REAL ESTATE

Total Portfolio: €33 Bn1 Breakdown by Country3

(%)

• Leverage: approximately 22% on RE funds 21 France

29 Italy
• Occupancy rate: Net vacancy rate of 5.4%2
Germany
4 (%)
CEE
Breakdown By Utilisation4 14 Rest of Europe
Rest of World
86% 14% 31

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Investment Properties Own Use Breakdown by Property Type3

8
Breakdown By Accounting Method 4 Office
10 Retail
74% 26%
(%) Residential
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
18 60 Logistics
At fair value through profit and loss At Amortised cost Other

1. Data at fair value. It includes investment properties, own-use assets, properties inventory and Real Estate indirect investment
2. Net of refurbishment expenses and vacancy for sale
3. Detail referred to direct investments in Real Estate only
4. Detail referred to direct Real Estate properties only
 82

RECONCILIATION WITH GROUP DISCLOSURE ON EXTERNAL CLIENTS

(€ Bn)

25
71

367

271

AM External Wealth Pension Funds Group External Clients

Client Assets Management & Others Assets
 83

FOCUS ON FINANCIAL DEBT

Average cost, maturity and

Total financial debt interest expenses on financial debt
(€ Mn)

2023 2024

10,965 11,160 Average cost (%) 4.39% 4.16%

157 90
Subordinated/Hybrid 4.25% 4.24%

Senior 5.13% 3.51%

9,040 9,784
Average maturity (years) 4.4 4.9

Interest expenses
447 493
on financial debt (€ Mn)
1,767 1,286
2023 2024

Senior Subordinated / Hybrid Other

 84

DEBT ISSUANCES BREAKDOWN BY EXPIRY DATE

Debt Maturity Profile

(€ Mn)

5001

250 €1.25 Bn limit

500

750 500 500

1,250
1,000
850
750 750 750
600
500 500 500
424

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Green bonds Sustainability bonds Green bonds

Subordinated Refinanced Hybrid Refinanced Subordinated Hybrid Senior

1. Former Cattolica subordinated bond not eligible in S2 Own Funds

 85

HIGH QUALITY CAPITAL MIX: TIER 1 CAPITAL 84% OF TOTAL

Tiering of Solvency capital Applicable Solvency limits

2024 Solvency II 2023

€ Bn % of total limits Generali

Tier 1 41.3 84%

< 20% 4%
Restricted Tier 1
of total Tier 1 of total Tier 1
Unrestricted Tier 1 39.9 81%

Restricted Tier 1 1.4 3% < 50%

35%
Tier 2 + Tier 3 of insurance
of SCR
Tier 2 7.5 15% entities SCR

Tier 3 0.2 0% < 15%

1%
Tier 3 of insurance
of SCR
Total Own Funds 49.1 100% entities SCR

SCR covered 1.7x by Unrestricted Tier 1 Quality of capital far in excess of Solvency II requirements:
~ €11 Bn of headroom against maximum limits
 86

FOCUS ON SOLVENCY CAPITAL REQUIREMENT

(€ Bn)
Pre-diversification SCR by region
2024 SCR before
diversification 36.2 9

33 AG & Holdings
22 Italy
Diversification 9.0 (%) Germany
France, EA and GBL
5 CEE

17 14 Rest of the World

Taxes 5.1

2024 SCR excl. Pre-diversification SCR by type of risk

Other regimes 22.1
23

Other regimes¹ 1.3 8 Credit

(%) Financial
38 Life underwriting
18 P&C underwriting
SCR 2024 23.4
Operational
13

1. Asset Management, Banking, IORP

Note: “Credit” risk includes default risk, spread widening and rating migration risks from IM “Financial risk includes Standard Formula Spread risk
 87

2024 BASELINE FOR GENERALI 2027 STRATEGY

2024 Adjusted1 Net Result €3,769 Mn

EPS €2.45

DPS €1.28
Insurance Cost/Income ratio 59.1%
Return on S2 Risk Capital 16.5%

1. Based on the Group’s Adjusted Net Result definition

 88

2024 BASELINE FOR GENERALI 2027 STRATEGY: LIFE

Protection & Health NBV CAGR: Protection & Health NBV 0.9 Bn

Hybrid & Unit Linked NBV CAGR: Hybrid & Unit Linked NBV 1.6 Bn

PH&A Net Insurance Service Result 1.7 Bn

PH&A CoR Proxy 90.2%

Life NBM 5.41%

Protection & Health NBM 8.36%

Share of Capital Light Reserves 71.9%

Life Operating Insurance Service Result CAGR: Life Operating Insurance Service Result 3.0 Bn

Life Operating Result CAGR: Life Operating Result 4.0 Bn

 89

2024 BASELINE FOR GENERALI 2027 STRATEGY: P&C

P&C GWP CAGR: P&C Gross Written Premiums 33.8 Bn

P&C Non-Motor GWP CAGR: P&C Non-Motor Gross Written Premiums1 20.2 Bn

P&C SMEs GWP CAGR: P&C SME Profitable Growth2 5.3 Bn

Europ Assistance CGTO3 3.7 Bn

P&C General Expenses/Gross Insurance Revenues 14.4%

CY attritional Undiscounted Loss Ratio 65.5%

Undiscounted CoR 95.9%

P&C Operating Result CAGR: P&C Operating Result 3.1 Bn

1. Excl. Argentina
2. Excl. AHD and including the contribution from Climate and Cyber
3. Consolidated Gross Turnover
 90

2024 BASELINE FOR GENERALI 2027 STRATEGY: SUSTAINABILITY & OTHER

-30% by 2030 vs. 2021 emission intensity of selected portions of Personal Motor Insurance Portfolio 0.35 ktCO2e/€ Mn

-40% by 2030 vs. 2021 emission intensity of selected portions of the Corporate & Commercial Insurance Portfolio 0.27 ktCO2e/€ Mn

-60% by 2030 (YE2029) vs. 2019 carbon intensity of listed equity and corporate bonds 182 tonsCO2e/€ Mn

-60% by 2030 (YE2029) vs. 2019 carbon intensity of real estate 61.2 kgCO2e/m2

Investments in Climate Solutions € 26.7 Bn

GWP CAGR in Climate Insurance Solutions: GWP in Climate Insurance Solutions € 1.8 Bn

NBP CAGR for Underserved Customers: NBP Pension and P&H insurance solutions for underserved clients € 2.9 Bn

Customer Retention Rate: Europe Remit retention 88%

Customer with active digital interactions 36%

 91

WHAT’S NEXT IN 2025

Corporate Events

April, 24 May, 22 June, 26 August, 6

ANNUAL
GENERAL 1Q25 DEEP DIVE 1H25
MEETING RESULTS ON CEE RESULTS

Morgan HSBC Deutsche Barclays UniCredit Deutsche Mediobanca Goldman

Stanley Asian Bank European Italian Bank Italian Sachs
European Summit Credit Leadership Investment Global CEO European
Financials Conference Conference Conference Financials Conference Financials
Conference Conference Conference
LONDON HONG KONG FRANKFURT LONDON MILAN NEW YORK MILAN BERLIN
March, 18-20 March, 25-26 April, 3 May, 22 May, 23 May, 28-29 June, 17-18 June, 10-12

Meet our Management

 92

CONTACTS

Assicurazioni Generali

Piazza Duca degli Abruzzi 2

34132 Trieste, Italy
Fixed line number: +39 040 671402
e-mail: ir@generali.com

generali.com
Fabio Cleva Stefano Burrino Emanuele Marciante
Group Head of Investor Investor Relations Credit & Rating Agency Relations
& Rating Agency Relations
fabio.cleva@generali.com stefano.burrino@generali.com emanuele.marciante@generali.com
+39 331 6137250 +39 348 0176656 +39 335 8010185

Valeria Godi Marta Porczynska Anna Jagiełło

Investor Relations Event Coordinator Event Coordinator
& ESG Communication
valeria.godi@generali.com marta.porczynska@generali.com anna.jagiello@generali.com
+39 366 5637524 +39 340 8377843 +39 366 6922179
 93

METHODOLOGICAL NOTES

Starting from 9M24 the reported financial information by FY 2023 figures has been restated considering:
geographical area reflects the Group’s main business
- LTIP and other share-based payments (including WeShare
country/region:
plan) has been moved from non operating results to operating
Italy, France, Germany, Austria, Switzerland, Central Eastern results;
Europe, Spain, Portugal, Asia, Europ Assistance, Asset
- AWM segment now includes all the operating and non
management, Wealth Management and Group holdings and operating costs that were previously considered as holding
other companies. expenses, including the aforementioned LTIP and other share-

Group holdings and other companies includes also based payments.

Assicurazioni Generali SpA, Global Business Activities, Changes in premiums, Life net inflows and new business were
Generali Global Corporate & Commercial, Argentina, Greece, presented on equivalent terms (at constant exchange rates and
Brazil and other Latam countries and it includes service consolidation scope). The amounts were rounded and may not
companies not included in the other geographical areas. add up to the rounded total in all cases. The percentages
presented can be affected by the rounding.
 94

DISCLAIMER

Certain of the statements contained herein are statements of The manager in charge of preparing the Company’s financial
future expectations and other forward-looking statements. reports, Cristiano Borean, declares - pursuant to paragraph 2,
article 154-bis of the Consolidated Law on Financial
These expectations are based on management's current views
Intermediation - that the accounting information contained in
and assumptions and involve known and unknown risks and
this presentation corresponds to document results, books and
uncertainties.
accounting records.
The user of such information should recognize that actual
The use by Assicurazioni Generali S.p.A. of any MSCI ESG
results, performance or events may differ materially from such
Research LLC or its affiliates (“MSCI”) data, and the use of
expectations because they relate to future events and
MSCI logos, trademarks, service marks or index names herein,
circumstances which are beyond our control including, among
do not constitute a sponsorship, endorsement,
other things, general economic and sector conditions.
recommendation, or promotion of Assicurazioni Generali S.p.A.
Neither Assicurazioni Generali SpA nor any of its affiliates, by MSCI.
directors, officers, employees or agents owe any duty of care
MSCI services and data are the property of MSCI or its
towards any user of the information provided herein nor any
information providers and are provided ‘as-is’ and without
obligation to update any forward-looking information contained
warranty. MSCI names and logos are trademarks or service
in this document.
marks of MSCI.