Generali Group Consolidated Results at 31 December 2020

Generali achieves record operating result and confirms very strong capital position

• Operating result reached € 5.2 billion (+0.3%), supported by the positive contributions of P&C, Asset Management and Holding and Other Business Segment
• Total gross written premiums reached € 70.7 billion (+0.5%), with resilient and profitable P&C premiums and high quality Life net inflows at € 12.1 billion. Best-in-class Combined Ratio at 89.1% (-3.5 p.p.) and excellent Life New Business Margin at 3.94%
• Net profit was € 1,744 million (-34.7%), impacted by one-offs and impairments on investments mainly in the first half of the year. Excluding the expenses of the Extraordinary International Fund for Covid-19 and the liability management transaction, adjusted net profit amounted to € 2,076 million (-12.7%)
• Excellent capital position was confirmed with the Solvency Ratio at 224%, benefiting from record capital generation standing at € 4 billion
• Proposed dividend per share of € 1.47, split into two tranches of € 1.01 and € 0.46, respectively

Generali Group CEO Philippe Donnet commented: “Today we are presenting excellent results, obtained in an unprecedented context due to the crisis generated by the pandemic. It confirms the greater resilience of Generali compared to our peers in the sector, both from a technical point of view and its capital position. For the second consecutive year, we have achieved the Group’s best ever operating result and, also thanks to the further growth of the dividend, we continue to create value for all of our stakeholders. We have entered the final year of our strategic plan and are well positioned to achieve all of the objectives of ‘Generali 2021’. We have defined and implemented a new organizational structure to ensure, not only the success of this plan, but to also prepare for the next strategic cycle. The Group has accelerated its business transformation to guarantee that we have a distribution model that increasingly blends both physical and digital and, thanks to the innovative spirit of our employees and agents, ensures that we are now closer to our customers than ever before. Finally, I am very proud that in the critical moment of the crisis, Generali took immediate action with our Extraordinary International Fund and other high impact initiatives to support the communities and territories in which we operate.”