Generali YE20 Supplementary Financial Information

Generali
Financial information as of December 31, 2020

Index
as of December 31, 2020
Summary Life New Business

Summary Profit & Loss Life New Business analysis
Summary Profit and Loss by segment
Summary Balance Sheet Capitalisation and Indebtness
Capitalisation and Indebtness
Business Review
Gross Written Premiums - YTD Segment Reporting
Focus on Life segment - YTD Segment reporting - Profit & Loss
Focus on P&C segment - YTD Segment reporting - Balance Sheet
Other Profit & Loss information - YTD
Glossary
Investments
Summary Investments
Focus on Equities
Focus on Fixed Income
Focus on Real Estate
Disclaimer
The like for like change of written premiums and life net cash inflows is on equivalent terms (on equivalent exchange rates and consolidation area). Operating result, Asset Under Management and Life technic
provisions exclude assets under disposals or disposed during the period.
2019 numbers for PVNBP, NBV and NBM are presented on historical basis, without excluding asset disposals. The like for like change are on equivalent terms.
Summary Profit & Loss
euro mln YE 2019 YE 2020 Change %

Life operating result 3,129 2,627 -16.1%
P&C operating result 2,057 2,456 19.4%
Asset management 425 546 28.5%
Holding and other businesses 8 130 n.m.
Consolidation Adjustments (427) (551) 29.0%
Consolidated operating result 5,192 5,208 0.3%
Non operating investment income (354) (595) 68.0%
Net realised gains 21 32 53.6%
Net impairments (333) (530) 59.3%
Fair Value through P&L (42) (97) n.m.
Net other non operating expenses (520) (674) 29.6%
of which VOBA (137) (126) -7.6%
Non operating holding expenses (707) (579) -18.1%
of which interest expenses on financial debt (605) (493) -18.5%
Consolidated non-operating result (1,581) (1,848) 16.9%
Earnings before taxes 3,611 3,360 -7.0%
Income taxes (1,147) (1,145) -0.2%
Result from discontinued operations 475 (183) n.m.
Minority interests (269) (289) 7.3%
Net result 2,670 1,744 -34.7%
RoE
euro mln YE 2019 YE 2020
Net Result 2,670 1,744
Average shareholder's equity (excl. OCI) 21,589 22,682

RoE, % 12.4% 7.7%
Per share data

YE 2019 YE 2020
Closing number of shares 1,569,773,403 1,576,052,047
Weighted average number of shares 1,567,927,100 1,569,448,327
Earnings per share 1.70 1.11

Earnings per share Normalized (1) 1.52 1.32
(1) YE20 does not include € -183 million for the expense resulting
from the settlement agreement for the sale of BSI, the one-off
expense of the Extraordinary International Fund for Covid-19 for €
-77 million and one-off liability management for € -73 million
YE19 does not include the impact of gains and losses related to
disposals for € 479 million and one-off liability management € -
188 million
Summary Profit & Loss by segment
Group Life P&C Asset Management Holding and other businesses Consolidation
euro mln YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Consolidated operating result 5,192 5,208 3,129 2,627 2,057 2,456 425 546 8 130 (427) (551)
Net earned premiums 66,239 64,468 45,898 43,582 20,341 20,886 - - - - - -
Net insurance benefit and claims (71,062) (60,011) (58,009) (47,291) (13,073) (12,744) - - - - 20 24
Acquisition and administration costs (11,252) (11,430) (4,833) (4,837) (5,794) (5,891) (332) (404) (292) (297) - -
Net fee and commission income 679 787 26 51 1 - 623 740 578 596 (549) (600)
Net operating income from financial instruments at FVthP&L 10,279 1,709 10,218 1,692 39 49 1 - 20 (31) - -
Net operating income from other financial instruments 11,047 10,565 9,559 9,151 898 763 37 106 427 481 126 65
Interest and other income 10,895 10,283 9,281 8,873 1,196 1,027 81 97 772 837 (435) (550)
Net operating realized gains 1,586 1,921 1,584 1,896 - - - - 17 57 (15) (32)
Net operating impairment losses (333) (620) (318) (557) - - (4) (11) (11) (52) - -
Interest expenses on operating debt (401) (307) (204) (165) (72) (55) (4) (3) (129) (88) 8 5
Other expenses on investments (700) (711) (784) (897) (226) (209) (35) 24 (222) (272) 568 643
Operating holding expenses (529) (528) - - - - - - (529) (528) - -
Net other operating expenses (207) (353) 271 280 (354) (607) 96 105 (196) (91) (24) (40)
Consolidated non-operating result (1,581) (1,848) (342) (624) (290) (500) (31) (43) (916) (682) (2) -
Net non-operating income from financial instruments at FVthP&L (42) (97) (2) (35) (84) (48) - - 44 (14) - -
Net non-operating income from other financial instruments (312) (498) (150) (260) 105 (136) - - (265) (103) (2) -
Net non-operating realized gains 21 32 (12) 12 279 116 - - (243) (96) (2) -
Net non-operating impairment losses (333) (530) (138) (272) (174) (252) - - (21) (7) - -
Non-operating holding expenses (707) (579) - - - - - - (707) (579) - -
Interest expenses on financial debt (605) (493) - - - - - - (605) (493) - -
Other non-operating holding expenses (102) (86) - - - - - - (102) (86) - -
Net other non-operating expenses (520) (674) (190) (329) (311) (316) (31) (43) 12 14 - -
Earnings before taxes 3,611 3,360 2,787 2,003 1,767 1,956 394 503 (908) (552) (429) (551)
Income taxes (1,147) (1,145)
Result from discontinued operations 475 (183)
Consolidated result for the period 2,939 2,032
Minority interests (269) (289)
Net income after minorities 2,670 1,744
Summary Balance Sheet
Group Life P&C Asset Management Holding and other businesses Consolidation
Intangible assets 9,401 9,612 4,818 4,644 3,679 4,108 424 369 478 490 1 1
Tangible assets 4,183 3,804 701 680 2,116 2,031 93 64 1,427 1,177 (155) (148)
Amounts ceded to reinsurers from insurance provisions 4,382 5,107 1,789 2,542 2,593 2,565 0 0 0 0 - -
Investments 463,929 492,522 414,003 441,687 37,549 38,384 504 626 28,348 31,622 (16,475) (19,796)
Land and buildings (investment properties) 14,168 15,124 7,398 7,722 3,967 3,706 0 0 2,802 3,695 - -
Investments in subsidiaries, associated companies and joint ventures 1,365 2,107 6,483 9,804 2,577 2,857 11 7 555 714 (8,261) (11,276)
Held to maturity investments 2,243 1,983 1,256 1,144 165 156 0 14 823 670 - -
Loans and receivables 32,285 30,856 27,332 26,161 3,147 2,866 255 436 9,763 9,912 (8,211) (8,518)
Available for sale assets 318,195 337,005 277,748 294,187 26,047 26,217 232 163 14,168 16,437 - -
Financial assets at fair value through profit and loss 95,672 105,447 93,787 102,669 1,645 2,581 6 6 237 193 (2) (2)
Receivables 11,954 12,101 5,833 5,846 5,625 5,643 111 143 383 470 1 -
Other assets 13,852 13,664 9,682 9,286 3,370 3,589 169 164 677 677 (47) (53)
Deferred acquisition costs 2,121 2,117 1,815 1,767 306 349 0 0 0 0 - -
Other assets 11,731 11,547 7,867 7,519 3,064 3,239 169 164 677 677 (47) (53)
Cash and cash equivalents 6,874 7,900 3,310 4,118 2,225 2,096 278 245 1,319 1,619 (258) (178)
Total Assets 514,574 544,710 440,137 468,802 57,157 58,415 1,580 1,612 32,633 36,055 (16,932) (20,174)
Other provisions 1,736 1,772 538 537 814 933 54 19 512 465 (182) (182)
Insurance provisions 419,213 442,330 387,560 409,330 31,652 33,000 0 0 0 0 - -
Financial Liabilities 40,904 44,068 19,029 22,019 8,944 8,070 76 28 17,642 18,339 (4,787) (4,388)
Financial liabilities at fair value through profit and loss 4,983 7,198 4,609 6,681 325 403 0 0 21 87 27 27
Other financial liabilites 35,921 36,871 14,420 15,338 8,618 7,667 76 28 17,621 18,252 (4,815) (4,416)
Payables 11,178 13,184 5,830 7,181 4,296 4,646 199 198 853 1,159 - (1)
Other Liabilities 11,693 11,561 5,519 5,677 4,716 4,607 257 273 1,222 1,024 (20) (21)
Total Liabilities 484,723 512,916 418,477 444,744 50,422 51,257 585 519 20,229 20,987 (4,989) (4,591)
Shareholders' equity 28,360 30,029
Minority interests 1,491 1,765
Total Liabilities & shareholders' equity 514,574 544,710
Gross Written Premiums - YTD
Property & Casualty Insurance(1)

Gross Written Premium Gross Primary Premiums Reinsurance accepted
P&C Motor Non Motor P&C
Change % Change % Change % Change %
YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
euro mln like for like like for like like for like like for like
Italy 5,530 5,581 +0.9% 2,025 1,965 -3.0% 3,377 3,489 +3.3% 128 128 -0.4%
France 2,811 2,860 +1.7% 1,050 1,068 +1.8% 1,687 1,726 +2.3% 74 66 -11.8%
Germany 3,771 3,780 +0.2% 1,469 1,465 -0.3% 2,293 2,311 +0.8% 9 4 -52.3%
Austria, CEE & Russia 4,316 4,356 +2.8% 1,996 2,040 +4.2% 2,272 2,275 +1.9% 48 42 -10.3%
International 3,391 4,189 +3.3% 1,295 1,549 +2.5% 1,897 2,399 +2.1% 199 241 +20.2%
Spain 1,565 1,623 +3.7% 453 444 -2.1% 1,063 1,098 +3.3% 49 81 +65.5%
Switzerland 721 753 +0.4% 289 304 +1.1% 433 449 -0.1% 0 0 n.m.
Americas & Southern Europe 837 1,541 +5.5% 554 802 +7.0% 283 738 +3.3% 1 1 n.m.
Asia 267 272 +2.3% 0 0 n.m. 118 114 -2.6% 149 158 +6.2%
Group Holding and other companies 1,707 1,380 -19.2% 43 30 -28.5% 1,147 917 -20.1% 517 433 -16.4%
Total Group 21,526 22,147 +0.1% 7,878 8,117 +0.7% 12,672 13,116 +0.2% 976 914 -6.5%
Life Insurance(1)
Gross Written Premium Gross Primary Premiums Reinsurance accepted
Life Savings & Pension Protection Unit / Index Linked Life
Change % Change % Change % Change % Change %
YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
euro mln like for like like for like like for like like for like like for like
Italy 18,635 19,636 +5.4% 15,132 14,249 -5.8% 358 417 +16.4% 3,146 4,970 +58.0% 0 0 -
France 10,463 9,800 -6.3% 4,856 3,083 -36.5% 2,051 2,066 +0.7% 3,038 3,331 +9.6% 517 1,319 n.m.
Germany 10,523 10,638 +1.1% 3,238 3,244 +0.2% 4,799 4,738 -1.3% 2,441 2,598 +6.4% 45 58 +29.5%
Austria, CEE & Russia 2,657 2,626 +0.5% 1,156 1,080 -5.1% 865 893 +4.6% 636 650 +4.5% 0 3 n.m.
International 4,974 4,892 -1.2% 2,461 2,307 -5.6% 1,499 1,601 +8.9% 998 967 -5.4% 17 17 -1.2%
Spain 849 671 -21.0% 456 309 -32.3% 258 275 +6.6% 135 87 -35.5% 0 0 -
Switzerland 1,026 1,045 -2.1% 181 176 -6.6% 133 133 -3.4% 712 735 -0.7% 1 1 +60.7%
Americas & Southern Europe 344 368 +9.3% 91 74 -30.5% 250 290 +23.6% 3 5 +34.5% 0 0 -
Asia 2,755 2,808 +3.9% 1,732 1,749 +2.8% 858 903 +7.2% 148 141 -1.5% 16 15 -3.3%
Group Holding and other companies 1,007 966 -4.0% 0 0 n.m. 152 125 -18.2% 46 33 -28.9% 809 809 +0.1%
Total Group 48,260 48,557 +0.8% 26,842 23,965 -10.6% 9,725 9,840 +1.6% 10,305 12,548 +21.7% 1,387 2,205 +59.0%
Total Gross Written Premiums

Group
Change %
YE 2019 YE 2020
euro mln like for like
69,785 70,704 +0.5%
(1) Like for like change of Lines of business details takes into account also portfolio's transfers.
Focus on Life segment - YTD
Summary Life operating result

Group Holdings and other
Group Italy France Germany Austria, CEE & Russia International(1)
companies(2)
euro mln YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Net statutory Earned Premiums 47,456 46,857 18,613 19,613 10,186 8,725 10,487 10,594 2,589 2,542 4,579 4,499 1,001 883
Technical Margin 6,168 6,225 1,401 1,372 1,256 1,280 1,534 1,580 666 610 1,102 1,258 209 125
Margin on revenues 3,376 3,487 621 634 1,005 1,024 830 868 346 349 585 613 (11) (2)
Technical and other result 1,441 1,318 476 416 (103) (118) 381 379 183 163 297 358 208 119
Unit/Index linked fees 1,351 1,420 303 322 354 374 323 332 138 98 220 287 13 8
Investment Result 1,985 1,432 1,101 1,150 532 489 51 16 128 127 137 (344) 36 (7)
Interest income and other income 9,281 8,873 3,950 3,767 2,251 2,159 1,772 1,683 471 411 753 803 84 50
Net income related to FI at FVthP&L 10,218 1,692 1,640 663 3,613 440 3,515 249 404 29 1,018 305 29 5
of which Net income from FI related to Unit/Index linked policies 9,748 1,615 1,799 737 3,370 449 3,587 323 413 74 565 26 14 6
Net operating realized gains on investments 1,584 1,896 364 549 221 247 737 762 66 143 146 202 51 (6)
Net operating impairment losses on investments (318) (557) (158) (360) (36) (70) (97) (78) (9) (27) (13) (15) (5) (7)
Interest expenses on liabilities linked to operating activities (204) (165) (9) (13) (13) (11) (35) (22) (81) (58) (40) (47) (26) (13)
Other expenses from other FI and investment properties (784) (897) (292) (317) (203) (237) (133) (156) (50) (58) (48) (70) (59) (59)
Policyholders' interest on operating income from investments (17,793) (9,411) (4,394) (3,138) (5,301) (2,038) (5,708) (2,422) (674) (311) (1,680) (1,524) (37) 23
Expenses (5,024) (5,029) (1,166) (1,151) (1,185) (1,205) (1,179) (1,224) (479) (449) (818) (835) (196) (166)
Acquisition costs related to insurance business (3,903) (3,939) (904) (861) (966) (991) (1,052) (1,107) (308) (304) (528) (555) (145) (119)
Administration costs related to insurance business (935) (906) (237) (226) (183) (173) (107) (114) (123) (119) (240) (232) (45) (42)
Net other operating expenses (186) (184) (26) (63) (37) (40) (20) (2) (48) (26) (50) (48) (5) (5)
Life Operating result 3,129 2,627 1,335 1,371 603 565 406 372 315 289 420 79 50 (48)
Life Non-operating result (342) (624) (100) (185) (62) (124) (61) (20) (75) (73) (113) (141) 69 (81)
Net non-operating income from other financial instruments (152) (294) (70) (115) - - (12) (6) (4) (11) (64) (107) (3) (55)
Net other non-operating expenses (190) (329) (31) (70) (62) (124) (49) (14) (71) (63) (49) (34) 72 (25)
Life segment earnings before taxes 2,787 2,003 1,235 1,186 541 441 345 351 240 216 307 (62) 119 (129)
Life Indicators YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Technical margin on NEP 13.0% 13.3% 7.5% 7.0% 12.3% 14.7% 14.6% 14.9% 25.7% 24.0% 24.1% 28.0% 20.9% 14.1%
Unit/Index linked fees on Unit/Index linked investments 1.87% 1.83% 1.94% 1.76% 1.55% 1.55% 1.55% 1.54% 3.09% 2.20% 2.57% 3.20% 6.30% 4.06%
Investment result on General account investments 0.61% 0.42% 0.89% 0.86% 0.62% 0.55% 0.07% 0.02% 0.79% 0.79% 0.56% -1.26% 0.74% -0.28%
Expense ratio 10.2% 10.3% 6.1% 5.5% 11.3% 13.3% 11.0% 11.5% 16.4% 16.4% 18.1% 18.8% 18.0% 17.1%
Total Life operating return on investments 0.79% 0.63% 0.95% 0.90% 0.55% 0.50% 0.46% 0.40% 1.53% 1.41% 1.27% 0.22% 1.18% -1.87%
Balance sheet data

Total Life segment investments 415,069 443,276 148,784 162,934 114,532 119,324 93,189 98,992 21,191 20,999 34,688 38,289 2,685 2,738
- of which General account investments 336,595 358,363 131,719 142,327 90,083 92,339 70,164 75,679 16,428 16,361 25,706 29,106 2,495 2,552
- of which Unit/Index linked investments 78,475 84,914 17,065 20,607 24,449 26,985 23,025 23,313 4,763 4,638 8,982 9,183 190 186
International of which International of which

International of which Spain International of which Asia
Switzerland Americas & Southern Europe
International Life operating results
euro mln YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Net statutory Earned Premiums 810 631 1,011 1,030 273 312 2,485 2,526
Technical Margin 136 143 287 350 82 94 597 671

Margin on revenues 81 85 43 47 35 49 425 433
Technical and other result 49 51 87 94 46 45 114 169
Unit/Index linked fees 6 7 156 210 - - 58 70
Investment Result 72 56 (78) (513) 40 35 102 78
Interest income and other income 146 137 131 134 31 39 445 493
Net income related to FI at FVthP&L 312 169 675 86 11 10 21 40
of which Net income from FI related to Unit/Index linked policies 14 (1) 530 - - - 21 27
Net operating realized gains on investments 38 28 54 13 4 - 51 161
Net operating impairment losses on investments (2) (4) - - - - (11) (11)
Interest expenses on liabilities linked to operating activities 1 1 (5) (6) - (1) (35) (41)
Other expenses from other FI and investment properties (7) (7) (25) (26) (1) (1) (15) (35)
Policyholders' interest on operating income from investments (416) (267) (907) (714) (3) (13) (353) (529)
Expenses (58) (58) (118) (126) (84) (95) (558) (557)
Acquisition costs related to insurance business (39) (40) (71) (76) (34) (51) (383) (387)
Administration costs related to insurance business (17) (16) (47) (46) (26) (24) (151) (147)
Net other operating expenses (2) (1) - (4) (25) (20) (24) (23)
Life Operating result 151 142 91 (289) 38 34 140 192
Life Non-operating result (12) (12) (53) (127) (29) 1 (20) (3)
Net non-operating income from other financial instruments - - (29) (116) (18) 7 (18) 1
Net other non-operating expenses (12) (12) (24) (11) (11) (6) (2) (4)
Life segment earnings before taxes 139 130 38 (416) 9 35 120 189
International Balance sheet data

Total Life segment investments 7,926 8,017 16,420 17,551 529 1,261 9,813 11,460
- of which General account investments 7,705 7,740 8,139 9,116 503 1,231 9,360 11,019
- of which Unit/Index linked investments 221 277 8,281 8,434 26 31 454 442
(1) Including Spain, Switzerland, Americas & Southern Europe and Asia
(2) Including elimination of transactions between Generali Group companies in different geographic regions
Focus on P&C segment - YTD
Summary P&C operating result(1)

Group Holdings and other
Group Italy France Germany Austria, CEE & Russia International(2)
companies(3)
Technical result 1,391 2,047 362 492 75 191 336 476 448 568 74 186 97 133
Net earned premiums 20,341 20,886 5,093 5,498 2,431 2,485 3,590 3,579 3,960 3,987 3,095 3,669 2,172 1,667
Net insurance benefit and claims (13,054) (12,731) (3,364) (3,401) (1,668) (1,608) (2,171) (2,029) (2,299) (2,205) (2,040) (2,401) (1,511) (1,086)
Net acquisition costs (4,695) (4,804) (1,099) (1,242) (565) (581) (879) (884) (943) (936) (730) (828) (480) (334)
Net administration costs (1,084) (1,071) (219) (212) (122) (114) (185) (170) (211) (206) (244) (250) (103) (120)
Other net technical income (118) (233) (49) (151) (2) 9 (20) (20) (58) (73) (8) (4) 19 6
Investment Result 918 799 224 137 137 118 101 162 192 147 252 213 11 21
Other operating items (251) (390) (115) (99) (6) (12) 25 (47) (76) (91) (52) (66) (27) (75)
P&C Operating result 2,057 2,456 472 531 205 297 462 592 563 624 273 334 81 79
P&C Non-operating result (290) (500) (128) (180) 5 (51) 17 (113) (20) (22) (129) (94) (34) (39)
Net non-operating income from other financial instruments 21 (184) 5 (42) 21 (19) 58 (69) 26 28 (73) (38) (15) (43)
Net other non-operating expenses (311) (316) (133) (138) (15) (32) (41) (44) (46) (50) (56) (56) (19) 4
P&C segment earnings before taxes 1,767 1,957 344 351 210 246 479 478 544 602 144 239 47 41
P&C Indicators(4) YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Combined Ratio 92.6% 89.1% 91.9% 88.3% 96.8% 92.7% 89.6% 86.0% 87.1% 83.9% 97.3% 94.8% 95.1% 91.3%
Expense ratio 28.4% 28.1% 25.9% 26.4% 28.5% 28.3% 29.4% 29.4% 28.8% 28.4% 31.1% 29.6% 25.5% 26.2%
Loss ratio 64.2% 61.0% 66.1% 61.9% 68.3% 64.5% 60.2% 56.6% 58.4% 55.5% 66.2% 65.1% 69.6% 65.0%
Natural catastrophe losses 2.0% 1.5% 2.9% 3.1% 2.4% 0.9% 2.1% 1.2% 1.6% 1.1% 0.7% 0.3% 2.2% 1.6%
Loss Ratio (excl. Nat Cat) 62.1% 59.4% 63.2% 58.7% 66.0% 63.5% 58.1% 55.4% 56.7% 54.4% 65.5% 64.8% 67.4% 63.4%
of which current year loss ratio 67.8% 63.1%
of which prior year's loss ratio -5.7% -3.7%
Investment result on investments 2.30% 1.99% 2.56% 1.69% 1.94% 1.66% 1.34% 2.33% 2.25% 1.77% 5.39% 3.87% 0.34% 0.50%
Total P&C operating return on investments 5.15% 6.11% 5.39% 6.52% 2.90% 4.18% 6.14% 8.47% 6.59% 7.54% 5.84% 6.05% 2.42% 1.88%
Balance sheet data

Total P&C segment investments 39,660 40,333 8,409 7,634 7,153 7,248 7,310 6,972 8,941 8,096 4,609 5,733 3,239 4,650
International of which
International of which
International of which Spain Americas & Southern International of which Asia
Switzerland
International P&C operating results Europe
Technical result 100 94 57 52 (66) 33 (17) 7
Net earned premiums 1,425 1,343 628 646 805 1,442 237 238
Net insurance benefit and claims (923) (877) (393) (411) (563) (957) (162) (157)
Net acquisition costs (347) (322) (113) (120) (185) (312) (85) (73)
Net administration costs (58) (55) (63) (60) (112) (127) (10) (7)
Other net technical income 3 4 (3) (3) (11) (12) 3 7
Investment Result 49 39 25 23 164 139 14 11
Other operating items (3) (7) (11) (4) (29) (39) (9) (15)
P&C Operating result 146 127 71 71 68 134 (11) 3
P&C Non-operating result (12) (23) (24) (11) (63) (58) (30) (1)
Net non-operating income from other financial instruments (5) (14) (6) (4) (33) (20) (30) -
Net other non-operating expenses (7) (9) (19) (7) (30) (38) - (1)
P&C segment earnings before taxes 134 104 46 60 5 75 (41) 2
International P&C Indicators(4) YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020 YE 2019 YE 2020
Combined Ratio 93.1% 93.4% 90.5% 91.5% 107.4% 96.8% 108.4% 100.0%
Expense ratio 27.8% 28.7% 28.1% 27.9% 37.1% 30.6% 40.3% 33.9%
Loss ratio 65.4% 64.7% 62.5% 63.6% 70.4% 66.2% 68.1% 66.1%
Natural catastrophe losses 1.3% 0.8% 0.5% 0.2% 0.1% 0.0% 0.0% 0.0%
Loss Ratio (excl. Nat Cat) 64.1% 63.9% 62.0% 63.4% 70.3% 66.2% 68.1% 66.1%
International Balance sheet data

Total P&C segment investments 1,962 1,839 1,567 1,489 1,053 2,377 28 29
(1) Certain minor Life business managed by P&C operating companies are presented within the consolidated P&C operating result, but excluded from P&C technical indicators.
(2) Including Spain, Switzerland, Americas & Southern Europe and Asia
(3) Including elimination of transactions between Generali Group companies in different geographic regions
(4) Combined ratio includes the margin of assistance activities service.
Other Profit & Loss information - YTD
Net realized gains and impairments

of which Holding and other
Group of which Life of which P&C
businesses
Equity & Equity-like

Net realized gains 696 (105) 620 (54) 75 (52) 1 -
Net impairment losses (418) (692) (371) (541) (35) (103) (10) (47)
Fixed Income
Net realized gains 1,073 1,884 939 1,766 106 104 28 16
Net impairment losses (123) (153) (65) (128) (46) (23) (9) 10
Real Estate
Net realized gains 171 72 59 24 109 46 3 1
Net impairment losses (26) (121) (18) (45) (11) (58) 3 (18)
Other(1)
Net realized gains (421) 101 (106) 177 (36) 14 (263) (59)
Net impairment losses (99) (184) (2) (114) (81) (67) (16) (4)
Total net realized gains 1,519 1,952 1,512 1,913 254 113 (230) (42)
of which Net operating realized gains 1,526 1,897 1,524 1,876 - - 17 54
of which Net non-operating realized gains (7) 54 (12) 37 254 113 (247) (96)
Total Net impairment losses (666) (1,150) (456) (829) (174) (252) (32) (59)
of which Net operating impairment losses (333) (620) (318) (557) - - (11) (52)
of which Net non-operating impairment losses (333) (530) (138) (272) (174) (252) (21) (7)
(1) includes subsidiaries and associated companies.
Other operating and non operating expenses

of which Holding and other
Group of which Life of which P&C
businesses
Amortisation and impairment of tangible and intangible assets (433) (474) (139) (135) (218) (243) (45) (44)
Other net technical income 389 269 533 531 (118) (233) (1) (1)
Other net operating expenses (164) (148) (124) (116) (18) (131) (150) (46)
Total net other operating expenses (207) (353) 271 280 (354) (607) (196) (91)
Restructuring costs (137) (126) (14) (25) (116) (94) (5) (4)
VOBA amortization (137) (126) (62) (59) (45) (30) (1) (2)
Other net non-operating expenses (246) (421) (114) (245) (150) (192) 19 20
Total net other non-operating expenses (520) (674) (190) (329) (311) (316) 12 14
Summary Investments
Group Life Property & Casualty Asset Management Holding and other businesses Consolidation
euro mln YE2019 YE2020 YE2019 YE2020 YE2019 YE2020 YE2019 YE2020 YE2019 YE2020 YE2019 YE2020
Fixed income 329,085 349,978 293,618 312,003 26,705 27,646 173 360 16,694 18,371 (8,106) (8,402)
Government bonds 176,355 193,735 157,262 173,543 11,695 11,966 6 31 7,392 8,195 0 0
Corporate bonds 115,033 113,895 103,678 101,911 11,408 12,244 52 50 1,824 2,300 (1,928) (2,610)
Other fixed income 37,696 42,347 32,678 36,549 3,602 3,437 114 278 7,479 7,876 (6,177) (5,793)
Equity & Equity-like 25,816 22,358 17,118 13,993 2,770 1,654 34 24 5,894 6,686 0 0
Real estate 16,004 17,315 9,169 9,789 4,014 3,803 0 2 2,821 3,721 0 0
Cash and cash equivalents(1) 13,931 16,528 8,455 10,389 3,622 4,409 386 260 1,725 1,648 (258) (178)
Other investments(2) 4,997 6,414 8,234 12,189 2,548 2,820 189 222 2,395 2,577 (8,369) (11,393)
Total investments - General account 389,832 412,592 336,595 358,363 39,660 40,333 782 867 29,529 33,003 (16,733) (19,974)
Unit/linked investments 78,475 84,914
Total investments 468,307 497,506
Third parties AUM 161,814 166,883
Total AUM 630,121 664,389
(1) includes repurchase agreement accounted as liabilities of € -1396 mln as at YE 2019 and of € 1380 as of YE2020.
(2) includes derivative instruments accounted as liabilities of € -838 as at YE 2019 and of € -799 mln as at YE2020.
Group Life Property & Casualty

euro mln YE2019 YE2020 YE2019 YE2020 YE2019 YE2020
Average stock of investments 376,308 394,761 324,283 341,560 39,936 40,223
Current income(3) 10,962 10,360 9,393 8,949 1,183 1,024

of which Current return on Fixed Income 8,832 8,505 7,991 7,741 716 636
of which Current return on Equity & Equity-like 1,045 850 582 341 90 59
of which Current return on Real Estate(3) 838 768 515 490 226 180
Net realised gains, impairment losses, unrealised gains and foreign exchange gains 1,479 760 1,369 943 97 (85)
Management expenses (516) (408) (444) (532) (179) (165)
Total P&L Investment income 11,925 10,712 10,318 9,361 1,101 774
% return
Current return(3) 2.9% 2.6% 2.9% 2.6% 3.0% 2.5%
Total P&L Return 3.2% 2.7% 3.2% 2.7% 2.8% 1.9%
(3) Net of Real Estate depreciation. Includes fees from securities lending operation.
Group Life Property & Casuality

% YE2019 YE2020 YE2019 YE2020 YE2019 YE2020
Fixed Income
Current return 2.8% 2.6% 2.8% 2.6% 2.6% 2.4%
Total P&L return 3.2% 3.1% 3.2% 3.2% 2.8% 2.7%
Equity & Equity-like

Current return 4.4% 3.8% 3.8% 2.4% 3.4% 2.8%
Total P&L return 6.3% 0.4% 6.4% -1.5% 5.0% -4.6%
Real Estate
Current return(3) 5.3% 4.7% 5.7% 5.2% 5.6% 4.7%
Total P&L return 4.4% 2.9% 5.0% 3.9% 5.7% 2.3%
Other
Current return 1.2% 0.9% 1.8% 1.6% 2.4% 2.0%
Total P&L return -0.8% 0.9% 0.2% 1.8% 1.1% 2.1%
Focus on Equity & Equity-like
Split by sector
euro mln Group o/w Life o/w P&C
Financial 2,164 1,257 551
Utilities 1,696 1,645 46
Consumer 1,062 950 111
Industrial 770 692 79
Energy 186 164 22
Other 2,088 1,824 263
Total direct 7,967 6,532 1,070
Asset Allocation Funds 4,270 3,913 349
Alternative Investments (1) 10,121 3,548 235
Total 22,358 13,993 1,654
(1) Includes Private Equity, Private Equity funds and Hedge funds.
Split by country of risk

Italy 843 456 366
France 2,316 2,070 245
Germany 1,425 1,249 145
CEE 315 34 63
RoE 1,950 1,617 247
Rest of World 1,117 1,106 4
Total direct 7,967 6,532 1,070
Split by accounting treatment

euro mln Amortized cost Fair Value ∆
Equities 18,745 22,358 3,613
Available for Sale 17,540 21,153 3,613
Fair Value through P&L 1,205 1,205 n.a.
GOVERNMENT BOND(1)
Split by rating
AAA 9,549 9,008 512
AA 61,705 57,612 3,906
A 42,890 38,547 4,043
BBB 77,240 66,722 2,916
Not investment grade 1,267 592 568
Not rated 1,084 1,063 21
Total 193,735 173,543 11,966
Split by country of risk

Italy 61,001 54,563 708
France 36,760 34,418 2,290
Germany 4,086 3,826 244
CEE 21,356 17,235 3,817
RoE 53,296 47,924 3,293
Rest of World 9,695 8,567 1,101
Supranational 7,542 7,010 512
Total 193,735 173,543 11,966

euro mln Amortized Cost Fair Value ∆
Government bonds 162,064 195,309 33,245
Available for Sale 153,959 185,630 31,671
Held to Maturity and Loans 6,521 8,094 1,574
Duration Government bonds

years Life P&C
Duration 12.9 7.4
(1) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
CORPORATE BOND
Split by rating
Covered Financial
Group o/w Life o/w P&C
euro mln euro mln bonds corporate
AAA 8,761 8,231 483 AAA 8,228 124
AA 10,740 9,704 890 AA 5,992 1,729
A 29,353 24,967 3,720 A 528 10,014
BBB 56,271 51,570 6,033 BBB 10 12,265
Not investment grade 7,769 6,693 916 Not investment grade 1 1,793
Not rated 1,002 746 202 Not rated 31 488
Totale 113,895 101,911 12,244 Totale 14,790 26,414
Split by sector Split by country of risk

Covered Financial
Group o/w Life o/w P&C
euro mln euro mln bonds corporate
Financials 26,414 23,679 3,892 Italy 662 1,824
Covered bonds 14,790 13,678 1,110 France 4,437 5,139
Utilities 18,331 16,747 1,387 Germany 2,246 2,715
Consumer 11,741 9,846 1,624 CEE 207 303
Telecommunication services 10,613 9,644 797 Rest of Europe 6,877 11,022
Industrial 8,546 7,662 812 Rest of World 362 5,411
Energy 5,133 4,288 725 Totale 14,790 26,414
Other 18,326 16,367 1,896
Total 113,895 101,911 12,244

Corporate bonds 105,110 115,113 10,003
Available for sale 94,742 103,528 8,786
Held to Maturity and Loans 8,513 9,730 1,217
Duration Corporate bonds

years Life P&C
Duration 6.3 5.2
OTHER FIXED INCOME

Split by nature

Indirect investments in fixed income 27,151 25,044 1,975
Mortgage loans 5,877 1,004 134
Policy loans 1,674 1,674 0
Time deposit other than "cash & cash equivalents" 1,313 2,776 975
All other loans 6,332 6,051 353
Totale 42,347 36,549 3,437

Total 41,613 43,075 1,462
Available for sale 22,560 23,293 734
Fair value through profit or loss 3,890 3,890 n.a.
Held to Maturity and Loans 15,164 15,892 728
Focus on Real Estate
REAL ESTATE
Amortized
Fair Value ∆
euro mln cost
Investment properties 15,124 24,660 9,536
Self Use(1) 2,765 3,772 1,007
Total direct investments 17,888 28,432 10,543
Inventories(1) 639 639 -
Indirect investments in Real Estate 2,192 2,192 -
Total 20,719 31,262 10,543
(1) Not included within General account investments.
Direct Investments - Split by country of risk Split by nature (based on Fair Value)(2)
euro mln Book Value Fair Value %

Italy 5,549 8,292 Office 62.0%
France 5,338 9,729 Retail 17.0%
Germany 2,626 3,793 Residential 10.2%
CEE 1,114 1,240 Logistics 3.4%
Rest of Europe 3,020 5,085 Other/Mixed 7.4%
Rest of World 241 293 Total 100.0%
Total 17,888 28,432 (2) Detail referred to investment properties only
Life new business analysis
New business volumes

Group Italy France Germany Austria, CEE & Russia International
Annual premiums 2,100 2,239 916 987 144 139 470 478 145 131 425 503
Single premiums 24,682 24,314 11,450 12,426 9,240 8,167 1,739 1,841 607 588 1,645 1,292
Total Premium 26,782 26,554 12,367 13,414 9,384 8,307 2,209 2,319 752 719 2,071 1,795
PVNBP 45,664 47,091 19,510 20,754 10,525 9,472 9,587 10,867 2,146 2,073 3,895 3,925
APE 4,569 4,671 2,061 2,230 1,068 956 644 662 205 190 590 632
PVNBP - mix by product type:

Savings 52% 44% 75% 64% 41% 25% 33% 33% 21% 17% 36% 33%
Protection 22% 24% 3% 4% 28% 37% 36% 39% 51% 53% 45% 46%
Unit Linked 26% 31% 22% 33% 31% 37% 30% 28% 28% 31% 19% 21%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Profitability metrics
New business profit 1,777 1,856 920 926 188 196 261 298 150 142 259 294
Margin on PVNBP 3.89% 3.94% 4.71% 4.46% 1.78% 2.06% 2.73% 2.75% 6.97% 6.86% 6.65% 7.50%
Margin on APE 38.9% 39.7% 44.6% 41.5% 17.6% 20.5% 40.6% 45.1% 72.8% 74.7% 43.9% 46.6%
Capitalisation and Indebtness
Roll-forward of Shareholders' equity

euro mln YE 2019 YE 2020
Opening shareholders' equity 23,601 28,360
Net profit 2,670 1,744
Dividends (1,413) (785)
Other Comprehensive Income 3,598 646
Available for Sale reserve 4,004 1,306
of which: Equities 272 64
of which: Bonds 3,301 1,252
of which: Other 430 (10)
Foreign exchange 119 (521)
Cash-flow hedge reserve 95 41
Defined Benefit Plans (391) (180)
Other(1) (229) -
Other items (96) 65
Closing shareholders' equity 28,360 30,029
(1) includes also UGL reserves of disposal groups
Financial Debt Outstanding bonds, maturity profile

euro mln YE 2019 YE 2020 euro mln Senior Subordinated
Subordinated debt 7,717 7,681 2021 - 50
Senior debt 2,988 1,738 2022 - 956
Other financial debt 308 274 2023 - -
Total financial debt 11,013 9,693 2024 1,750 8
2025 - 1,510
Average maturity (FYars) 5.52 5.76 2026 - 1,391
2027 - 1,250
Total interest cost (605) (493) 2028 - 850
Weighted average cost, % 4.95% 4.94% 2029 - 500
2030 - 750
2031+ - 600
Segment reporting - Profit & Loss
Group
euro mln YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20
Consolidated operating result 4,680 2,482 4,713 2,532 4,857 2,724 5,192 2,714 5,208
Net earned premiums 61,120 30,917 61,137 32,700 63,405 33,243 66,239 32,281 64,468
Net insurance benefit and claims (58,864) (31,589) (60,853) (29,622) (52,032) (36,535) (71,062) (23,388) (60,011)
Acquisition and administration costs (10,033) (5,161) (10,260) (5,135) (10,393) (5,512) (11,252) (5,606) (11,430)
Net fee and commission income 305 225 420 194 428 329 679 363 787
Net operating income from financial instruments at FVthP&L 2,159 2,866 3,912 (709) (6,018) 6,035 10,279 (5,537) 1,709
Net operating income from other financial instruments 10,609 5,539 11,059 5,387 9,977 5,473 11,047 4,955 10,565
Interest and other income 10,748 5,433 10,634 5,340 10,560 5,356 10,895 5,235 10,283
Net operating realized gains 1,434 764 1,568 736 1,215 810 1,586 751 1,921
Net operating impairment losses (708) (271) (274) (240) (836) (166) (333) (480) (620)
Interest expenses on operating debt (341) (138) (337) (168) (333) (209) (401) (167) (307)
Other expenses on investments (525) (249) (532) (280) (628) (317) (700) (385) (711)
Operating holding expenses (458) (230) (454) (233) (467) (251) (529) (256) (528)
Net other operating expenses (157) (84) (247) (50) (44) (58) (207) (97) (353)
Consolidated non-operating result (1,449) (574) (1,109) (539) (1,361) (588) (1,581) (941) (1,848)
Net non-operating income from financial instruments at FVthP&L (96) 10 26 (2) 11 10 (42) (34) (97)
Net non-operating income from other financial instruments (93) (18) 40 22 (166) (76) (312) (328) (498)
Net non-operating realized gains 422 181 311 201 265 47 21 103 32
Net non-operating impairment losses (514) (199) (271) (179) (431) (124) (333) (431) (530)
Non-operating holding expenses (793) (391) (755) (388) (795) (371) (707) (302) (579)
Interest expenses on financial debt (723) (336) (673) (331) (666) (314) (605) (253) (493)
Other non-operating holding expenses (70) (55) (82) (57) (128) (57) (102) (49) (86)
Net other non-operating expenses (467) (175) (419) (171) (411) (152) (520) (278) (674)
Earnings before taxes 3,231 1,908 3,605 1,994 3,496 2,136 3,611 1,773 3,360
Income taxes (1,079) (616) (1,241) (664) (1,172) (690) (1,147) (681) (1,145)
Result from discontinued operations 86 36 (68) 103 173 475 475 (183) (183)
Consolidated result for the period 2,238 1,328 2,295 1,433 2,497 1,920 2,939 909 2,032
Minority interests (158) (107) (185) (104) (189) (131) (269) (135) (289)
Net income after minorities 2,080 1,221 2,110 1,329 2,309 1,789 2,670 774 1,744
Life
Net operating income from financial instruments at FVthP&L 2,065 2,819 3,813 (749) (6,115) 5,981 10,218 (5,557) 1,692
Net operating income from other financial instruments 9,375 4,850 9,794 4,717 8,756 4,765 9,559 4,277 9,151
Interest and other income 9,504 4,766 9,372 4,692 9,284 4,578 9,281 4,478 8,873
Net operating realized gains 1,404 759 1,558 721 1,220 819 1,584 756 1,896
Net operating impairment losses (706) (266) (266) (240) (817) (158) (318) (454) (557)
Operating holding expenses - - - - - - - - -
Net other operating expenses 355 155 278 192 351 178 271 128 280
Consolidated non-operating result (389) (167) (309) (187) (437) (152) (342) (352) (624)
Net non-operating income from financial instruments at FVthP&L - - - - - - (2) 8 (35)
Net non-operating income from other financial instruments (219) (112) (113) (93) (272) (73) (150) (236) (260)
Net non-operating realized gains (1) 2 5 11 7 (10) (12) (9) 12
Non-operating holding expenses - - - - - - - - -
Interest expenses on financial debt - - - - - - - - -
Other non-operating holding expenses - - - - - - - - -
P&C
Net fee and commission income - - - - - - 1 - -
Net operating income from financial instruments at FVthP&L 86 39 85 35 84 46 39 29 49
Net operating income from other financial instruments 887 479 858 479 863 441 898 424 763
Interest and other income 1,149 590 1,124 610 1,146 596 1,196 551 1,027
Net operating realized gains - - - - - - - - -
Net operating impairment losses - - - - - - - - -
Consolidated non-operating result (246) 9 (34) (40) (202) (95) (290) (279) (500)
Net non-operating income from financial instruments at FVthP&L (110) 1 11 (21) 7 (21) (84) (24) (48)
Net non-operating income from other financial instruments 138 111 155 49 - (6) 105 (80) (136)
Net non-operating realized gains 400 173 290 122 172 59 279 113 116
Asset Management
Consolidated operating result 164 109 261 159 335 186 425 219 546
Net earned premiums - - - - - - - - -
Net insurance benefit and claims - - - - - - - - -
Acquisition and administration costs (146) (74) (153) (75) (177) (154) (332) (172) (404)
Net operating income from financial instruments at FVthP&L 3 - 1 1 3 - 1 - -
Net operating income from other financial instruments (9) (3) 10 7 25 13 37 31 106
Interest and other income 21 12 53 27 64 37 81 45 97
Net operating realized gains 1 - - - (2) - - 1 -
Net operating impairment losses - - - - - (1) (4) - (11)
Interest expenses on operating debt (1) - (1) (1) (1) (2) (4) (1) (3)
Other expenses on investments (31) (15) (42) (20) (35) (21) (35) (14) 24
Net other operating expenses (34) (2) (1) (2) 15 32 96 46 105
Consolidated non-operating result (3) (1) (15) - (2) (9) (31) (6) (43)
Net non-operating income from financial instruments at FVthP&L - - 1 - - - - - -
Net non-operating income from other financial instruments - - - - - - - - -
Net non-operating realized gains - - - - - - - - -
Net non-operating impairment losses - - - - - - - - -
Net other non-operating expenses (3) (1) (16) - (3) (9) (31) (6) (43)
Earnings before taxes 162 108 247 158 333 177 394 213 503
Holding & other businesses

Consolidated operating result (231) (61) (163) (56) (70) 21 8 38 130

Net earned premiums - - - 1 1 - - - -
Net insurance benefit and claims - - - - - - - - -
Acquisition and administration costs (242) (127) (252) (125) (259) (136) (292) (146) (297)
Net operating income from financial instruments at FVthP&L 210 8 12 4 10 9 20 (9) (31)
Interest and other income 4 211 395 223 501 356 772 380 837
Net operating realized gains 31 5 11 15 14 (1) 17 22 57
Net operating impairment losses (2) (4) (8) - (19) (7) (11) (27) (52)
Operating holding expenses (458) (230) (454) (233) (467) (251) (529) (256) (528)
Consolidated non-operating result (811) (415) (751) (309) (717) (332) (916) (304) (682)
Net non-operating income from financial instruments at FVthP&L 14 9 14 19 3 31 44 (18) (14)
Net non-operating income from other financial instruments (12) (16) (2) 67 109 3 (265) (12) (103)
Net non-operating realized gains 22 5 15 70 88 - (243) (1) (96)
Net non-operating impairment losses (35) (22) (17) (3) 21 4 (21) (11) (7)
Non-operating holding expenses (793) (391) (755) (388) (795) (371) (707) (302) (579)
Interest expenses on financial debt (723) (336) (673) (331) (666) (314) (605) (253) (493)
Other non-operating holding expenses (70) (55) (82) (57) (128) (57) (102) (49) (86)
Net other non-operating expenses (19) (17) (8) (7) (34) 4 12 28 14
Earnings before taxes (1,042) (476) (914) (365) (787) (310) (908) (266) (552)
Consolidation
Consolidated operating result (291) (152) (311) (224) (467) (214) (427) (215) (551)
Net earned premiums - - - - - - - - -
Net insurance benefit and claims - - - - - - 20 24 24
Acquisition and administration costs - - - - - - - - -
Net fee and commission income (411) (225) (464) (265) (499) (273) (549) (266) (600)
Net operating income from financial instruments at FVthP&L - - - - - - - - -
Interest and other income (305) (145) (311) (211) (435) (211) (435) (220) (550)
Net operating realized gains (2) - - - (17) (7) (15) (28) (32)
Net operating impairment losses - - - - - - - - -
Interest expenses on operating debt 23 6 5 2 3 (4) 8 6 5
Other expenses on investments 434 236 511 275 537 299 568 261 643
Net other operating expenses (31) (24) (52) (24) (55) (19) (24) 8 (40)
Consolidated non-operating result - - - (2) (2) (1) (2) - -
Net non-operating income from financial instruments at FVthP&L - - - - - - - - -
Net non-operating income from other financial instruments - - - (2) (2) (1) (2) - -
Net non-operating realized gains - - - (2) (2) (1) (2) - -
Net non-operating impairment losses - - - - - - - - -
Net other non-operating expenses - - - - - - - - -
Earnings before taxes (291) (152) (311) (226) (469) (215) (429) (215) (551)
Segment reporting - Balance Sheet
Group
Intangible assets 8,866 8,765 8,784 8,722 8,745 9,415 9,401 9,677 9,612
Tangible assets 4,476 4,450 4,075 3,816 3,768 4,123 4,183 4,114 3,804
Amounts ceded to reinsurers from insurance provisions 3,933 3,926 4,294 4,335 4,009 4,577 4,382 4,511 5,107
Investments 469,170 479,500 471,233 417,764 412,228 448,291 463,929 463,018 492,522
Land and buildings (investment properties) 12,584 12,688 12,993 12,358 13,650 14,168 14,168 14,202 15,124
Investments in subsidiaries, associated companies and joint ventures 1,193 1,200 1,171 1,175 1,320 1,386 1,365 1,433 2,107
Held to maturity investments 2,168 2,322 2,267 2,307 2,171 2,200 2,243 2,154 1,983
Loans and receivables 44,178 43,823 40,262 32,285 31,815 33,204 32,285 31,215 30,856
Available for sale assets 313,933 316,660 320,641 284,975 283,773 306,807 318,195 313,499 337,005
Financial assets at fair value through profit and loss 95,114 102,807 93,897 84,663 79,500 90,525 95,672 100,515 105,447
Receivables 11,790 12,107 11,686 12,622 11,127 14,004 11,954 13,310 12,101
Other assets 15,416 15,369 30,170 71,557 69,253 14,949 13,852 14,407 13,664
Deferred acquisition costs 2,083 2,104 2,119 2,129 2,143 2,145 2,121 2,101 2,117
Other assets 13,333 13,266 28,051 69,429 67,110 12,804 11,731 12,306 11,547
Cash and cash equivalents 7,533 6,238 6,849 5,371 6,697 6,067 6,874 7,647 7,900
Total Assets 521,184 530,357 537,091 524,187 515,827 501,427 514,574 516,684 544,710
Other provisions 1,804 1,781 1,950 1,838 1,816 1,698 1,736 1,664 1,772
Insurance provisions 421,477 429,039 430,489 380,693 377,828 406,698 419,213 420,415 442,330
Financial Liabilities 51,416 52,756 42,326 39,043 38,540 40,297 40,904 42,712 44,068
Financial liabilities at fair value through profit and loss 19,484 19,692 8,935 4,431 4,159 4,604 4,983 6,800 7,198
Other financial liabilites 31,932 33,064 33,391 34,612 34,382 35,694 35,921 35,913 36,871
Payables 9,550 10,803 10,494 9,945 9,287 11,740 11,178 13,024 13,184
Other Liabilities 11,269 11,186 25,653 68,084 63,713 12,737 11,693 11,250 11,561
Total Liabilities 495,516 505,564 510,914 499,603 491,184 473,170 484,723 489,066 512,916
Shareholders' equity 24,545 23,705 25,079 23,625 23,601 27,059 28,360 26,143 30,029
Minority interests 1,123 1,088 1,098 960 1,042 1,197 1,491 1,475 1,765
Total Liabilities & Shareholders' equity 521,184 530,357 537,091 524,187 515,827 501,427 514,574 516,684 544,710
Life
Tangible assets 1,029 1,028 841 586 583 700 701 674 680
Investments 425,202 434,610 425,810 370,640 366,505 398,968 414,003 413,949 441,687
Held to maturity investments 1,403 1,284 1,256 1,290 1,307 1,327 1,256 1,237 1,144
Financial assets at fair value through profit and loss 93,562 99,849 92,319 81,423 78,187 87,805 93,787 97,073 102,669
Receivables 5,818 6,040 5,429 6,835 5,349 7,517 5,833 7,291 5,846
Other assets 10,691 10,474 25,531 66,773 65,373 9,206 9,682 9,633 9,286
Deferred acquisition costs 1,806 1,827 1,843 1,862 1,867 1,862 1,815 1,775 1,767
Other assets 8,886 8,647 23,688 64,911 63,506 7,344 7,867 7,858 7,519
Total Assets 453,012 461,723 467,134 452,864 446,493 425,760 440,137 441,825 468,802
Other provisions 639 647 640 630 576 549 538 568 537
Financial liabilities at fair value through profit and loss 19,120 19,372 8,626 4,115 3,846 4,222 4,609 6,326 6,681
Payables 5,272 6,540 5,482 5,078 4,592 6,476 5,830 7,077 7,181
P&C
Tangible assets 2,091 2,050 1,791 1,799 1,898 2,072 2,116 2,084 2,031
Investments 37,416 38,058 36,959 37,462 36,041 39,406 37,549 38,455 38,384
Held to maturity investments 34 33 31 37 29 48 165 176 156
Financial assets at fair value through profit and loss 1,385 2,682 1,070 2,751 956 2,314 1,645 3,233 2,581
Receivables 5,671 5,753 5,856 5,406 5,317 6,050 5,625 5,532 5,643
Other assets 4,202 4,164 4,004 5,157 4,352 4,761 3,370 3,865 3,589
Deferred acquisition costs 277 277 276 267 276 283 306 326 349
Other assets 3,925 3,887 3,728 4,890 4,075 4,477 3,064 3,539 3,239
Total Assets 57,782 57,756 57,707 58,314 56,053 61,014 57,157 59,265 58,415
Financial liabilities at fair value through profit and loss 365 326 316 317 319 377 325 398 403
Payables 3,401 3,510 4,056 4,080 3,715 4,195 4,296 4,804 4,646
Asset Management
Intangible assets 5 9 9 18 18 388 424 399 369
Tangible assets 7 7 7 8 5 94 93 67 64
Amounts ceded to reinsurers from insurance provisions 0 0 0 0 0 0 0 0 0
Investments 276 303 345 407 489 415 504 446 626
Land and buildings (investment properties) 0 0 0 0 0 0 0 0 0
Investments in subsidiaries, associated companies and joint ventures 0 5 0 1 55 10 11 16 7
Held to maturity investments 0 0 0 0 0 0 0 11 14
Loans and receivables 83 113 103 185 260 212 255 219 436
Available for sale assets 182 182 239 218 171 189 232 194 163
Financial assets at fair value through profit and loss 11 3 3 3 3 3 6 5 6
Receivables 64 70 84 88 139 133 111 77 143
Other assets 62 45 50 59 81 116 169 188 164
Other assets 62 45 50 59 81 116 169 188 164
Cash and cash equivalents 165 156 213 197 297 244 278 179 245
Total Assets 578 590 708 777 1,030 1,391 1,580 1,355 1,612
Insurance provisions 0 0 0 0 0 0 0 0 0
Financial Liabilities -5 0 0 0 0 27 76 -30 28
Other financial liabilites -5 0 0 0 0 27 76 -30 28
Payables 117 83 115 39 139 234 199 185 198
Other Liabilities 46 80 67 109 108 300 257 228 273
Total Liabilities 185 182 210 173 281 582 585 408 519
Holding & other businesses

Intangible assets 478 471 459 458 457 538 478 481 490
Tangible assets 1,348 1,365 1,437 1,423 1,281 1,399 1,427 1,435 1,177
Amounts ceded to reinsurers from insurance provisions 0 0 0 0 0 0 0 0 0
Investments 17,969 19,727 20,629 22,830 23,671 28,447 28,348 29,682 31,622
Land and buildings (investment properties) 652 845 999 1,600 2,385 2,810 2,802 2,991 3,695
Investments in subsidiaries, associated companies and joint ventures 320 405 401 408 595 597 555 606 714
Held to maturity investments 731 1,006 980 981 835 824 823 730 670
Financial assets at fair value through profit and loss 156 273 505 486 353 403 237 205 193
Receivables 281 285 361 341 326 309 383 409 470
Other assets 531 736 675 732 587 906 677 760 677
Other assets 531 736 675 732 587 906 677 760 677
Total Assets 22,243 23,859 24,641 27,365 28,300 32,870 32,633 34,189 36,055
Insurance provisions 0 0 0 0 0 0 0 0 0
Payables 780 689 857 765 840 834 853 958 1,159
Other Liabilities 396 883 618 768 850 1,084 1,222 1,182 1,024
Consolidation
Intangible assets (1) (1) (1) - 1 1 1 1 1
Tangible assets - - - - - (141) (155) (147) (148)
Amounts ceded to reinsurers from insurance provisions - - - 1 - - - - -
Investments (11,694) (13,198) (12,510) (13,575) (14,477) (18,945) (16,475) (19,515) (19,796)
Land and buildings (investment properties) - - - 1 - - - - -
Investments in subsidiaries, associated companies and joint ventures (4,563) (4,971) (5,128) (5,676) (6,785) (8,222) (8,261) (10,280) (11,276)
Held to maturity investments - - - (1) - - - - -
Loans and receivables (7,131) (8,227) (7,383) (7,900) (7,691) (10,723) (8,211) (9,235) (8,518)
Available for sale assets - - - - - - - - -
Financial assets at fair value through profit and loss - - - - - (1) (2) - (2)
Receivables (43) (41) (45) (61) (4) (5) 1 1 -
Other assets (70) (50) (90) (1,164) (1,140) (39) (47) (39) (53)
Deferred acquisition costs - - - - - - - - -
Other assets (70) (50) (90) (1,163) (1,140) (39) (47) (39) (53)
Cash and cash equivalents (625) (281) (454) (346) (430) (479) (258) (253) (178)
Total Assets (12,432) (13,570) (13,099) (15,146) (16,049) (19,608) (16,932) (19,951) (20,174)
Other provisions (113) (113) (113) (113) (113) (113) (182) (182) (182)
Insurance provisions - - - 1 - - - - -
Financial Liabilities (3,765) (4,472) (3,578) (4,308) (4,689) (7,731) (4,787) (5,321) (4,388)
Financial liabilities at fair value through profit and loss (8) (8) (8) (7) (8) (8) 27 28 27
Other financial liabilites (3,758) (4,464) (3,571) (4,301) (4,682) (7,724) (4,815) (5,348) (4,416)
Payables (20) (19) (16) (17) - - - - (1)
Other Liabilities (6) (8) (31) (33) (43) (11) (20) (8) (21)
Total Liabilities (3,904) (4,612) (3,738) (4,470) (4,845) (7,855) (4,989) (5,510) (4,591)
Glossary
Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows:
Current return: interests, dividends and similar income (gross of investments related expenses, net of depreciation)
Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized gains reported in P&L) – investments related expenses
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
Generali Group adopts a business approach on segment reporting, characterized by the fact that some transactions between companies belonging to different segments are
eliminated within each segment.
The main characteristics are explained below:
- the elimination in the non-life segment and holding and other businesses segments of participations and loans to companies of other segments, belonging to the same
country, as well as related income (dividends and interests);
- the elimination in the non-life segment and holding and other businesses segment of realised gains and losses arising from intra-segment operations;
- the elimination in the life segment of participations and loans to companies of other segments, belonging to the same country, as well the related income (dividends and
interests) if not backing technical reserves;
- the elimination in the life segment of realised gains and losses arising from intra-segment operations if not backing technical reserves.
Furthermore, loans and interest income on loans between Group companies belonging to different segments are eliminated directly in each segment.
Life Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of mathematical reserves
Life Operating Result consists of the following elements:
i) "Technical Margin" includes:
- Margin on Revenues: loadings and loadings deducted from reserves, after policyholder participation, net of ceded reinsurance;
- Technical and other result: risk result (e.g. mortality, morbidity), surrender result and other net technical result, after policyholder participation, net of ceded reinsurance;
- Unit/Index linked fees: front-loadings fees and management fees from Unit/Index linked products.
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
Like for Like changes The like for like change of written premiums and life net cash inflows is on equivalent terms (on equivalent exchange rates and consolidation area). Operating result, Asset
Under Management and Life technical provisions exclude assets under disposals or disposed during the period.
2019 numbers for PVNBP, NBV and NBM are presented on historical basis, without excluding asset disposals. The like for like change are on equivalent terms.
Operating Result Operating result of life, P&C, Asset Management and holding and other businesses, before consolidation adjustments
General account Investments do not include unit/index linked investments and consist of the following asset class (*):
i) Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance business accepted and term deposits with credit institutions
ii) Equity-like instruments as 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 as 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 General account investments for life segment include bonds and loans issued by Group
companies and investments in consolidated subsidiaries backing policyholders’ liabilities.
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 Comprehensive Income 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 Operating Result Operating result of life, P&C, Asset Management and holding and other businesses segments, after 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.”
Other Comprehensive Income (OCI) Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency translation differences, net unrealized gains and losses on
hedging derivatives.
Annual Premium Equivalent (APE) is defined as new business annualised regular premiums plus 10% of single premiums
New Business Value (NBV) is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be generated by the covered new business written in the period,
taking into account the actual acquisition costs incurred in the period of sale, after allowance for:
- the cost of financial guarantees and options granted to policyholders
- the frictional costs of setting up and holding the required capital
- the cost of non hedgeable risks
NBV is defined as the sum of quarterly NBV, calculated with beginning of period economic and operating assumptions
Present Value of New Business is defined as the present value of the expected future new business premiums, allowing for lapses and other exits, discounted to point of sale using the reference rates
Premiums (PVNBP)
Disclaimer
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 in charge of preparing the company’s financial reports, Cristiano Borean, declares, pursuant to
paragraph 2 article 154 bis of the Consolidated Law on Finance, that the accounting information in this financial
supplement corresponds to the document results, books and accounting entries.
Certain comparative periods might have been restated according to the current Group financial reporting policy
and presentation.

Generali YE20 Supplementary Financial Information

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Generali YE20 Supplementary Financial Information

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Generali

Financial information as of December 31, 2020

Summary Life New Business

euro mln YE 2019 YE 2020 Change %

Average shareholder's equity (excl. OCI) 21,589 22,682

Per share data

Earnings per share 1.70 1.11

Property & Casualty Insurance(1)

Total Gross Written Premiums

Summary Life operating result

Balance sheet data

International of which International of which

Technical Margin 136 143 287 350 82 94 597 671

Life Operating result 151 142 91 (289) 38 34 140 192

International Balance sheet data

Summary P&C operating result(1)

Balance sheet data

P&C Operating result 146 127 71 71 68 134 (11) 3

International Balance sheet data

Net realized gains and impairments

Equity & Equity-like

Other operating and non operating expenses

Group Life Property & Casualty

Current income(3) 10,962 10,360 9,393 8,949 1,183 1,024

Group Life Property & Casuality

Equity & Equity-like

Split by country of risk

Split by accounting treatment

Split by country of risk

Split by accounting treatment

Duration Government bonds

Split by sector Split by country of risk

Split by accounting treatment

euro mln Amortized Cost Fair Value ∆

Duration Corporate bonds

OTHER FIXED INCOME

euro mln Group o/w Life o/w P&C

Split by accounting treatment

euro mln Book Value Fair Value %

New business volumes

PVNBP - mix by product type:

Roll-forward of Shareholders' equity

Financial Debt Outstanding bonds, maturity profile

Holding & other businesses

Consolidated operating result (231) (61) (163) (56) (70) 21 8 38 130

Holding & other businesses

The main characteristics are explained below:

P&C Operating Result consists of the following elements:

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