Financial Information as of 30 September 2020

OPERATING RESULT ROSE TO € 4 BILLION (+2.3%). NET PROFIT AFFECTED BY IMPAIRMENTS ON INVESTMENTS AND NON-RECURRING EXPENSES, INCLUDING THE LIABILITY MANAGEMENT. EXCELLENT CAPITAL POSITION

• Operating result up to € 4 billion, thanks to positive development of the P&C and Asset Management segments, supported also by recent acquisitions, as well as of the Holding and other businesses segment.
  Technical excellence was confirmed with a Combined Ratio at 89.7% (-2.8 pps) and New Business Margin reached excellent levels (4.10%; -0.18 pps).
• Total gross written premiums reached € 52 billion (+0.3%), with resilient P&C premiums and a positive development for the Life segment (+0.4%). Life net inflows remained solid at € 9.3 billion (-13%) and Life technical provisions increased to € 376.3 billion (+1.9%).
• The Group’s capital position strengthened, with a Solvency II Ratio at 203% (+9 pps HY20).
• The Group’s net profit was € 1,297 million (-40%), affected by € 310 million in net impairments on investments related to the performance of the financial markets, € 183 million for the arbitration settlement on the BSI disposal, the contribution of € 100 million2 for the Extraordinary International Fund for the pandemic emergency and € 73 million expense from the liability management transaction.
  Excluding the expense of the Extraordinary International Fund for Covid-19 and the expense from the liability management transaction, adjusted net profit3 reached € 1,629 million (-13%).

Generali Group CFO, Cristiano Borean, commented: “The results for the first nine months continue to demonstrate Generali’s resilience as evidenced by the excellent technical margins supporting the operating result and capital position. In an environment that continues to be characterised by heavy macroeconomic and financial impact of the ongoing pandemic, the Group confirms its strengths based on its leadership position in Europe and a primarily retail-focused, flexible and diversified business model. Generali remains committed to be a true Lifetime Partner to its customers, through specific aid and assistance initiatives, and to support the communities where it operates, through initiatives including the Extraordinary International Fund for Covid-19.”