Financial Information at 31 March 2021

Excellent business profitability, with strong growth in operating result and net result. The capital position was extremely solid

• Operating result stood at € 1.6 billion (+11%), thanks to the positive development of the P&C, Asset Management and Holding and other businesses segments. The contribution from the Life segment was resilient
• Gross written premiums reached € 19.7 billion (+4.2%), up in both the Life segment (+5.5%) and the P&C segment (+1.9%). Life net inflows increased to € 3 billion (+1%), fully concentrated in the unit-linked and protection lines. The Combined Ratio was 88.0% (-1.4 p.p.) and the New Business Margin was excellent, and at 4.44% (+0.4 p.p.), among the best in the sector
• Net result rose to € 802 million (€ 113 million 1Q2020), also reflecting the operating result. The first quarter of 2020 was impacted by significant impairments on investments and the expense of the Extraordinary International Fund for Covid-19
• The capital position was extremely solid, with the Group’s Solvency Ratio at 234%, benefitting from excellent capital generation and positive market performance

The Generali Group CFO, Cristiano Borean, stated, “The Group closed the first quarter of 2021 with a great performance in line with its targets, confirming the effectiveness of the ‘Generali 2021’ strategy. The Group remains among the most solid in the insurance sector, with an excellent capital position. The rebalancing of the Life business mix is well under way and has enabled us to maintain excellent profitability in the current low interest rate environment. Generali continues to post the best, least volatile Combined Ratio among its peers and has achieved impressive results in Asset Management and other segments. The strong growth in operating result and net profit demonstrate that the Group continues to operate effectively in a macroeconomic context that is still facing uncertainty due to the pandemic.”