Consolidated fi nancial half-yearly report 2014

Transcription

1 Consolidated fi nancial half-yearly report 2014 generali.com 183 rd year Bangkok - Thailand

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3 One identity, continuously changing perspectives. Being yourself in every part of the world. Being able to integrate in different realities, aware of your own strengths and paying the correct attention to ethical and social issues. The Group identity is the fundamental pillar at the base of the global growth of Assicurazioni Generali: one single overall view which, thanks to the main focus on business development in each country, respects context and market-related differences, creates synergy between fi nancial and social responsibility, produces value for each stakeholder. In this report we provide shareholders, clients, agents, employees, local and fi nancial communities with the results of our philosophy, a modern business mindset which is able to offer concrete perspectives.

4 4 Generali Group - Consolidated Financial half-yearly Report 2014 Corporate bodies as at 31 July 2014 Company established in Trieste in Share Capital 1,556,873, fully paid-up Fiscal code, VAT and Trieste Companies Register no Company entered in the Register of Italian Insurance and Reinsurance Companies under no Parent Company of Generali Group, entered in the Register of Insurance Groups under no. 026 Pec: assicurazionigenerali@pec.generaligroup.com

5 Corporate bodies as at 30 July Generali Group 5 CHAIRMAN Gabriele Galateri di Genola vice-chairmen Francesco Gaetano Caltagirone Clemente Rebecchini GROUP CEO Managing Director and General Manager Mario Greco directors (*) On 14 May 2014, the Board of Directors acknowledged the decision of Mr. Paolo Scaroni to suspend himself pursuant to articles Nos. 5 and 7 of Ministerial Decree 11 November 2011, No. 220 and stated that same suspension will have effect until the next shareholders meeting, which will be called by the Board pursuant to the abovementioned decree. Ornella Barra Alberta Figari Jean-René Fourtou Lorenzo Pellicioli Sabrina Pucci Paola Sapienza Paolo Scaroni (*) Board of AUditORS Carolyn Dittmeier (Chairman) Antonia Di Bella Lorenzo Pozza Francesco Di Carlo (substitute) Silvia Olivotto (substitute) secretary OF THE BOard OF DIRECTORS Antonio Cangeri

6 6 Generali Group - Consolidated Financial half-yearly Report corporate event calendar 12/03/ /05/ /07/ /11/2014 Board of Directors YE Results Board of Directors 1Q Results Board of Directors 1H Results Board of Directors 9M Results Mar Apr May Jul Nov 13/03/ /04/ /05/ /07/ /11/2014 YE Results Reporting General Meeting 1Q Results Reporting 1H Results Reporting 9M Results Reporting 19/11/2014 Investor Day

7 Contacts - Generali Group 7 CONTACTS Assicurazioni Generali S.p.A. P.zza Duca degli Abruzzi Trieste, Italy Investor & Rating Agency Relations Tel / Fax ir@generali.com Head: Spencer Horgan Media Relations Tel Fax press@generali.com Head: Giulio Benedetti Shares & Participations Corporate Affairs Management Tel Fax azionisti@generali.com shareholders@generali.com Head: Michele Amendolagine Group Social Responsibility Tel csr@generali.com Head: Marina Donati

8 Strong growth in the first half operating result, 2015 plan nearly complete OPERATING RESULT IN EXCESS OF 2.5 bln (+9.5%) CONTINUES THE STRONG GROWTH IN P&C (+14.8%) NET INCOME STABLE AT OVER 1 bln +12.5% EXCLUDING THE EFFECTS OF DISCONTINUED OPERATIONS [1] [1] Net income after tax excluding the one-off effect of discontinued operations. These results show that we are quickly moving towards achieving our targets ahead of plan. We have reached our Solvency I and net free surplus targets, and our operating RoE is within sight. Moreover, we have concluded our non-core asset disposal process and rebuilt of our capital position to a level that allows us to reactivate the growth of the Group. The numbers we report today are the direct result of the initiatives we have launched in the past twelve months to develop innovative products to

9 With respect to the program regarding the implementation of the international principles of Integrated reporting launched by Generali Group, as of this half yearly report, Generali Group has provided streamlined information to the market, focusing only on material information through the combination in a single document of a press release and the interim management report. Whilst maintaining the same quantitative information and in accordance with the law and regulatory requirements Generali Group has provided an innovative approach in corporate reporting, with the objective of improving the usability of public information. THE 2015 SOLVENCY I TARGET HAS BEEN EXCEEDED, REACHING 162% (+21 pps from YE2013) 164% ON A PRO FORMA BASIS AFTER BSI SALE AND GPH ACQUISITION. SHAREHOLDERS EQUITY STRENGTHENED TO 22.1 BLN (+11.9%) NEW PRODUCTS AND BUSINESS MIX DRIVE GROSS WRITTEN PREMIUMS TO 35.4 bln (+3.4%) WITH A SIGNIFICANT GROWTH IN LIFE (+5.4%). NEW LIFE BUSINESS (APE) OVER 2.5 BLN (+8.6%) attract new customers and grow our presence in new markets. I would like to thank all colleagues for their hard work in making these results possible. It is thanks to them we are in sight of completing an extremely challenging and complex turnaround. We are now entering a new phase for our Group: for the very first time after many years, Generali is growing its market share, delivering growth in profits and providing good returns for shareholders. Mario Greco Group CEO

10 10 Generali Group Consolidated Financial Half-Yearly Report 2014

11 Index - Generali Group 11 Index 12. Management Report 14. Executive Summary 15. Life Segment 16. Property&Casualty Segment 16. Financial Segment 17. Shareholders equity and Group Solvency 17. Group Investment Policy 18. Significant events during the period and after 30 June List of Annexes 30. Condensed Consolidated half-yearly Financial Statements 35. Consolidated Financial Statements 45. Notes to the Consolidated Financial Statements 105. Appendixes 138. Attestation of the Condensed Consolidated half-yearly Financial Statements pursuant to the provisions of art. 154-bis of Legislative Decree no. 58 of 24 february 1998 and consob regulation no of 14 May 1999 The disclosure of the Consolidated financial half-yearly report does not represent publication of the financial statements according to Article 154-ter of Legislative Decree no. 58 of 24 February Consolidated Law on Financial Intermediation, pursuant to Articles 8 and 21 of Law 52 of 6 February The publication of the Consolidated financial half-yearly report will be made according to the existing law provisions.

12 Management Report Berlin - Germany

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14 14 Generali Group Consolidated Financial Half-Yearly Report 2014 INTERIM REPORT AS AT JUNE 30, PRESS RELEASE 1 Executive Summary In the first half of the year, Generali has continued to implement its strategic actions aimed at strengthening the Group s capital position and improving the profitability of the business. In an ongoing uncertain economic environment in Europe with low interest rates, the effective execution of this strategy has enabled Generali to achieve an operating result in excess of 2.5 billion (+9.5%; 2.3 bln 1H13). The operating result showed an excellent performance in particular in the second quarter, with an increase of 20.4% compared to the same period in The net income amounted to 1,075 million and was stable compared to the first half of 2013 ( 1,081 mln 1H13). The comparison is affected by the one-off effects from discontinued operations recorded during the period, in particular BSI for 113 million. Net income after tax from continuing operations showed an increase of 12.5% driven by the development of the operating result. The non-operating result amounted to -653 million ( -604 million 1H2013), mainly due to net impairment losses, partially offset by higher realized gains. In the Life segment, the operating result increased to more than 1.5 billion (+4.8%), thanks to cost containment and positive financial management. Premiums grew by 5.4% to 24.2 billion driven by the product portfolio strategies implemented by the Group and geographical diversity. There was a significant increase in linked products (+31.3%) and in Italy (+27.4%), benefitting production. New business in terms of Annual Premium Equivalent (APE) also evidenced an increase (+8.6%) to over 2.5 billion. As a result of higher volumes and improved profitability, the value of new business (NBV) grew by 43% to 651 million. In the Property & Casualty segment, the operating result maintained strong momentum over the half year to deliver a 14.8% growth to over 1 billion, led by excellent technical profitability. The combined ratio (CoR) further improved to 92.8% (-1.8 pp) as result of lower costs and a significant improvement in the loss ratio. Premiums remained broadly stable at 11.2 billion (-0.7%) despite the challenging economic environment in several markets. In the Financial segment, the operating result increased by 15.8% to 226 million driven by the positive performance of Banca Generali (+31%). During the period, the strengthening of the capital position resulted in a Solvency I ratio at 162% (+21 pps from 2013 year-end), with a surplus of 11.2 billion. On a pro forma basis, taking in account the sale of Bsi and the acquisition of the remaining 24% of GPH, the Solvency I ratio reaches 164%. Generali has already surpassed, more than a year in advance, the 2015 capital target. The shareholders equity of the Group amounted to 22.1 billion (+11.9%) compared to 19.8 billion at December 31, 2013, substantially benefiting from the positive economic results of the period and the favourable performance of financial markets, which have contributed to an increase of the reserve for unrealized gains and losses on available for sale financial investments. 1 The changes in premiums, life net inflows and APE are on equivalent terms (at constant exchange rates and scope of consolidation). The changes in operating results, general account investments and assets under management on behalf of third parties exclude the BSI Group and Fata Danni from the comparative period due to the fact that they were classified as discontinued operations. The balance sheet and profit and loss comparative figures have been restated accordingly; for more information see Annex 6) Changes in the presentation of the performance indicators of the Group.

15 Management Report - Generali Group 15 Life segment: Growth in written premiums and in the profitability of the business Operating result up to 1.5 bln (+4.8%) despite ongoing low interest rates Gross written premiums increased to 24.2 bln (+5.4%), mainly attributable to the strong development of linked products (+31.3%). Strong performance in Italy New business growth in terms of APE to 2.5 bln (+8.6%) Strong development in New Business Value (NBV) to 651 mln (+43%) and NBM margins at 25.8% The operating result of the life segment registered an increase (+4.8%) to 1,551 million ( 1,481 mln 1H13). The performance benefited in particular from the reduction in acquisition and administration costs, in line with the strategy of cost containment, which more than offset the reduction in the technical margin. The financial margin contributed positively, due mainly to current income and net realized gains on equities and bonds obtained by taking advantage of the favorable performance of the financial markets. ( million) 30/06/ /06/2013 Var % Life Operating result 1,551 1, % Technical margin 2,692 2, % Net investment result 1,146 1, % Total operating expenses -2,287-2, % Gross written premiums grew to 24,192 million (+5.4%), a further increase over the first quarter, driven in particular by the significant increase in linked contracts (+31.3%) in line with the strategy of focusing on insurance products with low capital absorption. Saving and pension policies registered a slight decline (-1.7%) whilst protection policies increased (+1.6%). With regards to the main countries where the Group operates, Italy had a stand out performance growing premiums to 7,912 million (+27.4%; 6,209 mln 1H13) due to the excellent performance from all lines of business but particularly in linked and savings and pension policies. EMEA countries also registered a positive contribution (+21.4%) and led by Ireland and Austria, while the decline in Germany (-17.2%) was influenced by the actions taken to steer production toward products with an higher margin and a lower capital absorption. Asia (+29%) and International Operations (+14.3%) - driven by the Employees Benefit business (GEB), a sector in which Generali is the world leader - have both posted a healthy premium growth. The growth in premiums written has significantly boosted life net inflows (+22%) equal to the amount of premiums collected net of benefits paid - which amounted to 5,926 million, confirming both the quality of the sales network and the products offered by the Group. New business in terms of APE evidenced an increase of 8.6% to 2,520 million due to the positive contribution from Italy (+36.9%) and EMEA (+11.2%), while a contraction was observed in Germany (-28%). Both annual premiums (+5.9%), which account for over 57% of new business in the first half of 2014 and single premiums (+12.5%) showed a positive performance. The New Business Margin (NBM) increased from 20.6% in the first half of 2013 to 25.8% in the first half of 2014 (+6.2 percentage points on equivalent terms) due to the recovery of traditional savings products benefitting from both the improvement of financial assumptions and the more profitable pricing of new products. As a result of higher volumes and improved profitability, the New Business Value (NBV) increased by 43% to 651 million.

16 16 Generali Group Consolidated Financial Half-Yearly Report 2014 Property & casualty segment: Strong growth in the technical profitability and operating performance Operating result at over 1 bln (+14.8%) due to the decrease in the loss ratio and cost containment Combined ratio at 92.8%, an improvement of 1.8 pps Gross written premiums broadly stable at 11.2 bln. Good performance in Germany (+2.9%) The operating result from the property & casualty segment showed a significant increase (+14.8%) to 1,033 million due to the performance of the technical result (+25.5%), which benefited from the decline in the loss ratio and the cost containment measures. This result includes the impact of catastrophic events of approximately 128 million (equal to 1.3 pp of combined ratio), most of which related to the storms in June in Central Europe. The investment result remained stable despite the current low level of interest rates. ( million) 30/06/ /06/2013 Var % Property&Casualty Operating result 1, % Technical result % Investment result % Other operating items % The decrease in the loss ratio to 65.7% (-1.4 pp) and the ongoing costs containment action, which led to an expense ratio of 27.1% (-0.4 pp), produced an improvement in the overall combined ratio, to 92.8%, a decrease of 1.8 percentage points. Additionally, the current non-catastrophic loss ratio decreased by 1.1 percentage points due to the improvement observed in Motor Lines and with greater intensity, in the Non-Motor Lines in almost all countries where the Group operates. The effect from previous generations showed a slight contraction. With respect to the individual countries, the combined ratio (CoR) improved significantly in Italy to 88.1% (91.3% 1H13) and in CEE countries, which, with a decrease of 6.4 percentage points to 84.2% (90.6% 1H13) confirming their position as the markets with the best CoR across the Group. The combined ratio in France increased to 105.1% (99.3% 1H13), due to the significant impact of natural catastrophes, weighing 3.6%pts, and our ongoing efforts to restructure the portfolio. Given the persisting difficult economic environment, especially for businesses in many European countries, the premiums remained broadly stable at 11,169 million (-0.7%). The contribution from the Motor Lines (+0.1%) was stable due to the positive performance of Germany, CEE and Latin America. The Non-Motor Lines evidenced a slight decrease (-0.9%), with a decline in the Personal Lines (-0.8%); and a positive contribution of the Commercial/Industrial Lines (+0.4%), boosted by the strong performance in Germany Financial Segment: Operating result increasing to 226 mln (+15.8%) At 30 June 2014, third party assets managed by banks and asset management Group companies amounted to 36,162 million, broadly stable compared to 31 December 2013 ( 36,535 million). A good performance of Banca Generali helped raise the operating income in the financial segment to 226 million ( 195 million at 30 June 2013). The net result increased, benefiting mainly from higher dividends and higher net commission income. Management expenses and other operating revenues and expenses showed a slight increase. The cost income ratio went from 49.7% as of 30 June 2013 to 47.3% primarily due to the development of the net investment result.

17 Management Report - Generali Group 17 Shareholders equity and Group Solvency The shareholders equity attributable to the Group amounted to 22,125 million as at 30 June 2014 compared to 19,778 million as at 31 December The 11.9% increase was mainly due to: the result of the period attributable to the Group, equal to 1,075 million at 30 June 2014; the dividend distribution of -701 million; gains and losses on financial assets available for sale recorded as equity, equal to 2,420 million in the first half attributable to the favorable performance of the financial markets. The Group Solvency I ratio was 162% at 30 June 2014 (141% at 31 December 2013). The increase of 21 pps registered in the first six months was attributable to the profit of the period and the favorable gains and losses on financial assets available for sale recorded as equity. The positive effects from the subordinated bond issue in April contributed as well. The required margin increased to 18.2 billion as a result of the development of the business while the available margin stood at 29.5 billion. The surplus was therefore equal to 11.2 billion. Group Investment Policy (in million) 30/06/ /12/2013 Total book Total book % of total value value % of total Equity instruments 17, , Fixed income instruments 302, , Land and buildings (investment properties) 14, , Other investments 3, , Cash and cash equivalents 8, , Total 347, , Investments back to unit and index-linked policies 63,490 59,116 Total investments 411, ,663 At 30 June 2014, the Group's total assets under management increased by 6.9% to billion, comprising billion of Group's general account investments (+7.7%), 63.5 billion in investments against policies where the investment risk is borne by the policyholders (+7.4%) and 39.1 billion of assets under management on behalf of third parties, on equivalent terms substantially stable compared to the 2013 year-end. The Group's investments increased by 7.7%, mainly due to the bond portfolio that has benefited from both the increase in the market value especially of government securities - and the reinvestment of premiums collected during the period in this asset class. The equity portfolio weight slight reduced whilst real estate investments remained broadly unchanged. Finally, the liquidity decreased significantly, in line with the investment policy of the Group. The investment policy for 2014 will be based on an asset allocation aimed at consolidating the current margins and reducing the level of liquidity. With respect to fixed income investments, the investment strategy aims at portfolio diversification, both in non-italian government bonds and corporate bonds ensuring both adequate profitability for policyholders and a satisfactory return on capital, while maintaining an appropriate risk profile. Equity exposure will be rationalized by reinvesting in both public and private companies, pursuing a strategy aimed at long-term capital appreciation. Investment in the real estate sector will continue in both core markets (Italy, France, Germany) and in new areas (Asia, U.S.A. and UK),

18 18 Generali Group Consolidated Financial Half-Yearly Report 2014 where selective investments will be made. With regards to liquidity, efforts to reinvest in asset classes that ensure greater profitability will continue. Significant events during the period and after 30 June 2014 Generali has been recognized by rating agencies for its strategy aimed at the improvement of economic viability and capital strength The rating agency Standard & Poor's affirmed its A-rating of Generali in late March, thus resolving the CreditWatch initiated following a review of the Ratings Above The Sovereign introduced last year. Generali passed Standard & Poor's extreme stress test, clearly demonstrating its ability to maintain a positive solvency even in a highly distressed scenario. The rating agency Fitch affirmed in February, the Insurer Financial Strength rating of A- of Assicurazioni Generali and on 2 May 2014 Generali s outlook was improved from negative to stable. The agency confirmed the rating of Generali in July, reaffirming also Generali s senior and subordinated notes at BBB+ and BBB-, respectively. Finally, the rating agency Moody's in February upgraded Generali s outlook from negative to stable and confirmed the Insurance Strength Rating at Baa1. The Group has undertaken important actions to optimize its debt and strengthen its financial solidity In January 2014, Assicurazioni Generali issued a senior bond for a total amount of 1,250 million, approximately 90% of the placement went to international institutional investors. The issuance proceeds were used to refinance part of the Group's senior debt maturing in 2014, amounting to 2,250 million, in line with Generali Group s funding strategy. In May a senior bond for a total amount of million was reimbursed. The remaining maturities will be funded by internal resources. In April 2014, Generali placed a fixed rate 12-year subordinated bond for an overall amount of 1 billion. The issue, with a coupon of 4.125%, was directed to institutional investors and has attracted orders for more than 7 times the target. The issuance was used to both strengthen the regulatory capital position following the non-eligibility of the 500 million subordinated loan issued in 2008 and reimbursed in April this year, and to refinance the senior debt with maturity in 2015, at a lower cost for the Group. The Group has covered its funding needs until Generali has successfully optimized its protection against catastrophic events with the first cat bond to cover damage from storms in Europe In April 2014, Assicurazioni Generali became the first Italian sponsor to enter the Insurance Linked Securities (ILS) market to optimize its protection against catastrophes. This operation also represents the first ever 144A indemnity catastrophe bond placement on European windstorm. The innovative transaction provides Generali with a per occurrence cover in respect of losses from Europe windstorms over a three year period. The demand from capital market investors has allowed the protection provided to Generali to be upsized to 190 million with a fixed premium of 2.25% per annum. Generali Deutschland Holding minorities squeeze-out concluded In May, the Company registered with the German Commercial Register the resolution approving the squeeze-out of Generali Deutschland Holding s minorities by the extraordinary general meeting of GDH s shareholders on December 4, After the registration of the shareholders resolution, all the shares held by the minority

19 Management Report - Generali Group 19 shareholders in GDH were transferred to Assicurazioni Generali and the shares of Generali Deutschland were delisted. This transaction resulted in a reduction in the equity of the Group of 130 million. Disposal of Fata Danni completed In June 2014, Generali completed the sale of 100% of Fata Assicurazioni Danni SpA for a total consideration of million before tax, after a price adjustment procedure, thus allowing the Generali Group to further strengthen its liquidity and capital position and to improve the Solvency I ratio by 0.7 percentage points. The transaction resulted in a gain of 54 million. Telco demerger approved In June 2014, Generali resolved to exercise the demerger option from Telco SpA. The Group will complete the demerger by the deadline of 28 February 2015 or earlier, at the completion of the necessary formalities in respect of the relevant authorities. The demerger from the Telco is in line with the Group's asset management strategy and will allow a greater ease in managing the investment. This operation has had no impact on the economic and financial position of the Group at half year. Agreement for the sale of BSI to BTG Pactual signed In July 2014, Generali signed an agreement to sell its entire interest in the BSI Group for a total of 1,24 billion. This operation allows a greater focus on the core insurance business and helps improve the Solvency I ratio of approximately 9 percentage points. Pending the release of the necessary regulatory approvals, at 30 June 2014, the participation in BSI Group is classified as a disposal group held for sale. The operation resulted in the application of IFRS 5, an impairment loss in the income statement for the period of 113 million. Acquired total control of Citylife In late July, the Group reached an agreement with Allianz to become sole owner of Citylife SpA, through the acquisition of the remaining 33% of the company that manages the largest urban development project in Milan. At the same time, Allianz will acquire the Isozaki tower and part of the residential district within the CityLife area. CityLife has reached binding agreements with the financial institutions providing financing for the project development to redefine certain terms and conditions of the original deal. Generali to reach 100% GPH ownership At the end of July, Generali announced that the Group will reach 100% of GPH ownership by January 2015 following the option exercised by PPF for the disposal of its remaining 24% share, in line with the agreements signed on January 8, GPH is the holding company operating in Central-Eastern Europe. The purchase of GPH s outstanding share will be completed as per the terms previously announced to the market a consideration of approximately 1,235 million.

20 20 Generali Group Consolidated Financial Half-Yearly Report 2014 Outlook The Group expects a reference scenario characterized by both a volatility in the financial markets and a weaker recovery of GDP in both the Euro Area and the United States with a more pronounced recovery in emerging markets. The Group in the life segment expects a positive development of premiums written, confirming at the same time a careful underwriting policy and the focus on the products value. The strategic objective of increasing the contribution to the Group's results of the property & casualty segment could be affected by the competition in the markets where the Group operates. Actions to improve the operational efficiency, both in underwriting and claims management will continue. In light of the actions taken, given the presence of an uncertain macro-economic scenario and in line with its strategic objectives, the Group will continue in 2014 to undertake all actions aimed at improving the overall operating result and to work strenuously to complete the outstanding targets in its turnaround plan. ORDINARY SHAREHOLDERS' MEETING *** The Board of Directors has called an ordinary Shareholders Meeting on October 14, 2014 (single call) in Trieste at 3 pm, at Company registered office, to resolve on the revocation or full reinstatement of Mr. Paolo Scaroni as member of the Board, pursuant to article 7, paragraph 4, of the Decree no. 220, dated 11/11/2011, of the Ministry for Economic Development. The full text of the Board of Directors report on the item of the agenda will be filed, within the deadline specified in the applicable regulations, at the Company registered office as well as on the Company s website and at Computershare S.p.A., company authorized by the law to keep regulatory information through the central data warehousing system called 1Info. *** The Manager in charge of preparing the company s financial reports, Alberto Minali, declares, pursuant to paragraph 2 article 154 bis of the Consolidated Law on Finance, that the accounting information in this press release corresponds to the document results, books and accounting entries. DEFINITIONS AND GLOSSARY *** Annual Premium Equivalent (APE) = the sum of the initial premium on new annual-premium policies, plus onetenth of premiums on new single-premium policies. This is the premium basis used to compute Life new business value. Combined Ratio (COR) = loss ratio plus expense ratio: acquisition expenses + general expenses) divided by retained premiums. New Business Value (NBV)= expected present value, on issue, of future profits arising from new Life business in the period, net of the cost of capital. New Business Margin (NBM) = new production divided by APE. Operating Result was obtained by reclassifying the components making up the pre-tax profit for the year in each line of business on the basis of the specific characteristics of each segment, and taking account of the recurring expenses of the holding. In particular, all profit and loss items were considered, with the exception of net nonoperating costs: results of discontinued operations, corporate restructuring costs, amortisation of portfolios acquired directly or through acquisition of control of insurance companies or companies in the financial sector (value of

21 Management Report - Generali Group 21 business acquired or VOBA) and other net non-recurring costs. The following are also considered as non-operating items: in the Life segment, realised gains and losses and net impairment losses on investments on which the policyholder s profit sharing is not based on; in the Non-Life segment, all realised gains and losses and net impairment losses, including gains and losses of foreign currency; in the Financial segment, realised gains and losses and net impairment losses on strategic equity investments and investments. The total operating result does not include non-operating holding costs such as interest expense on borrowings and costs arising from implementation of parent company stock option plans and stock grants. Gross/Net Expected Surplus: The Gross free surplus for Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business Strain. For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital requirements (S1). Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities. For a description of the alternative performance measures refer to the Methodology Note of the Group Annual Integrated Report. *** The Group has availed itself of the option provided for by art. 70, paragraph 8, and article. 71, paragraph 1-bis of the Issuers' Regulations to waive the requirement to publish informative documents prescribed in relation to significant mergers, demergers, capital increase by contribution of assets, acquisitions or divestitures. *** ADDITIONAL INFORMATION For further information please refer to the Interim Condensed Consolidated Financial Statements of the Generali Group. THE GENERALI GROUP *** The Generali Group is one of the largest global insurance providers with 2013 total premium income of 66 billion. With 77 thousand employees worldwide serving 65 million clients in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia. List of Annexes: 1) Group Highlights 2) Debt 3) Operating Result and Group result 4) Additional key data per segment 5) Information on significant transactions with related parties 6) Changes in the presentation of the performance indicators of the Group

22 22 Generali Group Consolidated Financial Half-Yearly Report ) GROUP HIGHLIGHTS 2 Economic highlights ( million) 30/06/ /06/2013 Change Gross written premiums 35,361 34, % of which life segment of which property&casualty segment Consolidated operating result of which life segment of which property&casualty segment Result of the period 24,192 23, % 11,169 11, % 2,512 2, % 1,551 1, % 1, % 1,075 1, % Balance sheet highlights ( million) 30/06/ /12/2013 Change Total investments 411, , % Third parties asset under management 39,148 39,422-1% Shareholders equity attributable to the Group 22,125 19, % Solvency I ratio 162% 141% 21% 2) DEBT Total debt is composed as follows: ( million) 30/06/ /12/2013 Change Liabilities linked to operating activities 33,756 34, % Liabilities linked to financing activities 12,921 12, % Subordinated liabilities 8,085 7, % Senior bonds 4,218 4, % Other non subordinated liabilities linked to financing activities % Total 46,676 46, % 2 As mentioned above, the comparative data regarding operating results, general account investments and assets under management on behalf of third parties exclude the BSI Group and Fata Danni due to the fact that they were classified as discontinued operations. For additional information see Annex 6) Changes in the presentation of the performance indicators of the Group.

23 Management Report - Generali Group 23 3) FROM OPERATING RESULT TO GROUP RESULT ( million) 30/06/ /06/2013 Second quarter 2014 Second quarter 2013 Consolidated operating result 2,512 2,295 1,253 1,040 Net earned premiums 31,267 30,970 15,734 15,278 Net insurance benefits and claims 33,378 31,200 17,244 15,255 Acquisition and administration costs 5,078 5,289 2,526 2,605 Net fee and commission income and net income from financial service activities Net operating income from financial instruments at fair value through profit or loss ,978 1,827 2, Net operating income from other financial instruments 6,871 6,152 3,352 3,169 Interest income and other income 6,037 5,933 3,169 3,134 Net operating realized gains on other financial instruments and land and buildings (investment properties) Net operating impairment losses on other financial instruments and land and buildings (investment properties) Interest expense on liabilities linked to operating activities Other expenses from other financial instruments and land and buildings (investment properties) 1,472 1, Operating holding expenses Net other operating expenses (*) Consolidated non-operating result Net non-operating income from financial instruments at fair value through profit or loss Net non-operating income from other financial instruments (**) Net non-operating realized gains on other financial instruments and land and buildings (investment properties) Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) Non-operating holding expenses Interest expenses on financial debt Other non-operating holding expenses Net other non-operating expenses (***) Earnings before taxes 1,859 1, Income taxes (*) Earnings after taxes 1,223 1, Profit or loss from discontinued operations Consolidated result of the period 1,199 1, Result of the period attributable to the Group 1,075 1, Result of the period attributable to minority interests (*) At 30 June 2014 the amount is net of operating taxes for 32 million and of non-recurring taxes shared with the policyholders in Germany for 22 million (at 30 June 2013 respectively for 32 million and 7 million). (**) The amount is gross of interest expense on liabilities linked to financing activities. (***) The amount is net of the share attributable to the policyholders in Germany and Austria.

24 24 Generali Group Consolidated Financial Half-Yearly Report ) ADDITIONAL KEY DATA PER SEGMENT Life segment indicators by country Gross written premiums Net cash inflow APE ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Italy 7,912 6,209 2, , France 4,199 4, Germany 6,724 8,120 1,649 2, Central and Eastern Europe EMEA 3,603 2,966 1, Spain Austria Switzerland Other EMEA 1,966 1,325 1, Latin America Asia International Operations Total 24,192 23,115 5,926 4,935 2,520 2,303 Direct written premiums by line of business ( million) Savings and Pension Protection Unit/index linked Total 30/06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/2013 Italy 6,811 5, ,912 6,209 France 2,510 2, ,987 3,953 Germany 2,879 4,291 2,144 2,116 1,701 1,712 6,724 8,120 Central and Eastern Europe EMEA 1,057 1, ,027 1,409 3,592 2,954 Spain Austria Switzerland Other EMEA , ,963 1,322 Latin America Asia International Operations Total direct written premiums 14,168 14,507 3,953 3,968 5,659 4,321 23,781 22,796

25 Management Report - Generali Group 25 NBV Operating result ( million) 30/06/ /06/ /06/ /06/2013 Italy France Germany Central and Eastern Europe EMEA Spain Austria Switzerland Other EMEA Latin America Asia International Operations 5 15 Total ,551 1,481

26 26 Generali Group Consolidated Financial Half-Yearly Report 2014 Property and Casualty indicators by country Gross written premiums Operating result ( million) 30/06/ /06/ /06/ /06/2013 Italy 3,032 3, France 1,416 1, Germany 2,130 2, Central and Eastern Europe 989 1, EMEA 2,465 2, Spain Austria Switzerland Other EMEA Latin America Asia International Operations Total 11,169 11,476 1, Direct written premiums by line of business Motor Non motor Total ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Italy 1,340 1,423 1,640 1,683 2,980 3,106 France ,388 1,510 Germany ,233 1,195 2,128 2,068 Central and Eastern Europe EMEA ,500 1,520 2,414 2,441 Spain Austria Switzerland Other EMEA Latin America Asia International Operations Total direct written premiums 4,516 4,693 6,306 6,405 10,823 11,097

27 Management Report - Generali Group 27 Personal Commercial/ Industrial Accident/Health (*) ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Italy France Germany Central and Eastern Europe EMEA Spain Austria Switzerland Other EMEA Latin America Asia International Operations Total direct written premiums 2,712 2,748 2,268 2,302 1,326 1,355 (*) The Accident/Health business premiums, managed according to the criteria of the life business, are taken into account in the life segment. Combined ratio(*) Loss ratio Expense ratio ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Italy 88.1% 91.3% 66.2% 69.9% 21.9% 21.4% France 105.1% 99.3% 78.0% 72.6% 27.2% 26.6% Germany 93.7% 96.0% 65.2% 67.5% 28.4% 28.5% Central and Eastern Europe 84.2% 90.6% 51.9% 57.7% 32.3% 32.9% EMEA 94.6% 95.6% 66.7% 66.9% 27.9% 28.7% Spain 91.9% 93.3% 63.3% 64.8% 28.6% 28.5% Austria 94.3% 95.0% 67.9% 67.1% 26.4% 27.9% Switzerland 94.8% 95.7% 71.5% 69.4% 23.3% 26.3% Other 100.4% 101.3% 65.6% 67.9% 34.8% 33.4% America Latina 105.3% 103.1% 68.5% 61.7% 36.8% 41.4% Asia 104.4% 148.6% 61.6% 104.9% 42.8% 43.7% International Operations 83.2% 88.1% 59.0% 63.1% 24.2% 25.1% Total 92.8% 94.6% 65.7% 67.1% 27.1% 27.5% (*) CAT claims impacted on the Group combined ratio for 1.3 pps, of which 1 pps in Italy, 3.6 pps in France and 2.7 pps and 2.3 in Germany (At 30 June 2013 CAT claims impacted on the Group combined ratio for 2.1 pps, of which 1 in Italy, 0.7 pps in France, 6.3 pps in Germany, 5.3 pps in the European Eastern Countries nad 3.9 pps on the holding reinsurance activities).

28 28 Generali Group Consolidated Financial Half-Yearly Report ) INFORMATION ON SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES With reference to transactions with related parties, in accordance with the provisions of paragraph 18 Procedures relating to transactions with related parties approved by the Board of Directors in 2010 and subsequent updates, it should be noted that: (i) no significant transactions were concluded during the reporting period and (ii) no transactions with related parties having a material affect on the financial position or results of the Group were concluded. Further details on related party transactions can be found in the related section of the Consolidated half yearly financial statements. 6) CHANGES IN THE PRESENTATION OF THE PERFORMANCE INDICATORS OF THE GROUP All the economic indicators and comparative performance included in this document have been restated in line with the current scope of consolidation. It should be noted, therefore, that the variations shown are on a comparable basis, excluding from the comparison period discontinued operations or discontinuous operations with reference to The KPIs comparative contained in this report have been restated as follows: 30/06/2013 as previously published Change in scope 30/06/2013 as published Gross written premiums 34, ,592 Life gross written premiums 23, ,115 Property&Casualty gross written premiums 11, ,476 Combined ratio** 94.7% -0.1% 94.6% of which Loss ratio 67.3% -0.2% 67.1% of which Expense ratio 27.4% 0.1% 27.5% Operating result 2, ,295 of which Life 1, ,481 of which Property&Casualty of which Financial Non operating result Investments* 342,036-19, ,546 * With respect to investments, the data previously publicized relates to 31/12/2013 In addition, as of , the data relating to the combined ratio of the Group mentioned above and the technical result of the non-life segment, have been restated by reclassifying the interest component of the financial reserves for annuities from claims expenses claims expenses to the financial result. The comparative figures have been restated as follows.

29 Management Report - Generali Group 29 ** from which the effect of the new treatment of the annuities business Figures before the change in presentation Effect of change in presentation Figures published 30/06/ /06/ /06/2013 Technical result 2, ,874 of which net insurance claims -18, ,200 Financial result 1, ,047 Combined ratio 94.7% -0.07% 94.6% Loss ratio 67.2% -0.07% 67.1% Expense ratio 27.5% 0.00% 27.5%

30 Condensed Consolidated half-yearly Financial Statements Beijing - China

31

32 32 Generali Group Consolidated Financial Half-Yearly Report 2014

33 Index - Generali Group 3311 Index Condensed Consolidated half-yearly Financial Statements 35. Consolidated Financial Statements 38. Balance sheet - assets 39. Balance sheet - shareholders equity and liabilities 40. Income statement 41. Statement of comprehensive income 42. Statement of changes in equity 46. Notes to the Consolidated Financial Statements 50. Notes to the balance sheet 50. Balance sheet - Assets Intangible assets Tangible assets Amounts ceded to reinsurers from insurance provisions Investments Receivables Other assets Cash and cash equivalents 62. Balance sheet Liabilities and equity Shareholders equity Other provisions Insurance provisions Financial liabilities Payables Other liabilities 66. Notes to the income statement Income Expenses Income taxes 72. Other information Exposure to Greece, Ireland, Italy, Portugal and Spain Other Comprehensive Income Fair value measurement Information on employees Earnings per share Related parties disclosure Reinsurance policy of the Group Significant non-recurring events and transactions Atypical and/or unusual transactions Non-current assets or disposal group classified as held for sale 87. Appendices to the notes

34 34 Generali Group Consolidated Financial Half-Yearly Report 2014

35 Consolidated Financial Statements Bilancio Consolidato - Gruppo Generali 9

36 36 Generali Group Consolidated Financial Half-Yearly Report 2014

37 Consolidated financial statement Generali Group 37 Company ASSICURAZIONI GENERALI S.p.A. CONSOLIDATED STATEMENTS Consolidated financial statements at 30 June 2014 (Amounts in million)

38 38 Generali Group Consolidated Financial Half-Yearly Report 2014 BALANCE SHEET - ASSETS ( million) 30/06/ /12/ INTANGIBLE ASSETS 8,540 9, Goodwill 6,620 7, Other intangible assets 1,921 2,189 2 TANGIBLE ASSETS 4,531 4, Land and buildings (self used) 2,725 2, Other tangible assets 1,806 1,907 3 AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS 4,780 4,875 4 INVESTMENTS 403, , Land and buildings (investment properties) 12,681 12, Investments in subsidiaries, associated companies and joint ventures 1,287 1, Held to maturity investments 3,517 4, Loans and receivables 52,338 63, Available for sale financial assets 257, , Financial assets at fair value through profit or loss 76,194 72,893 of which financial assets where the investment risk is borne by the policyholders and related to pension funds 63,490 59,116 5 RECEIVABLES 12,555 10, Receivables arising out of direct insurance operations 8,492 7, Receivables arising out of reinsurance operations 1,080 1, Other receivables 2,983 2,249 6 OTHER ASSETS 34,587 15, Non-current assets or disposal groups classified as held for sale 19, Deferred acquisition costs 1,974 1, Deferred tax assets 2,660 2, Tax receivables 3,107 2, Other assets 7,599 7,368 7 CASH AND CASH EQUIVALENTS 9,267 19,431 TOTAL ASSETS 477, ,656 (R) Some data shown in the comparative columns of the financial statements do not correspond to those published in the Condensed consolidated financial statements at 30 June 2013 for Income statement, Statement of comprehensive income and Cash flow statement and in the Consolidated financial statement 2013 fot the Shareholders equity as restated as described in the section Changes in accounting policies and changes in the presentation of the financial statements.

39 Consolidated financial statement Generali Group 39 BALANCE SHEET SHAREHOLDERS EQUITY AND LIABILITIES ( million) 30/06/ /12/2013 R 1 SHAREHOLDERS' EQUITY 23,696 21, Shareholders' equity attributable to the Group 22,125 19, Share capital 1,557 1, Other equity instruments Capital reserves 7,098 7, Revenue reserves and other reserves 8,328 7, (Own shares) Reserve for currency translation differences Reserve for unrealized gains and losses on available for sale financial assets 4,921 2, Reserve for other unrealized gains and losses through equity Result of the period 1,075 1, Shareholders' equity attributable to minority interests 1,571 1, Share capital and reserves 1,438 1, Reserve for unrealized gains and losses through equity Result of the period OTHER PROVISIONS 1,691 1,768 3 INSURANCE PROVISIONS 367, ,752 of which insurance provisions for policies where the investment risk is borne by the policyholders and related to pension funds 49,035 45,809 4 FINANCIAL LIABILITIES 46,676 62, Financial liabilities at fair value through profit or loss 16,228 16,084 of which financial liabilities where the investment risk is borne by the policyholders and related to pension funds 14,572 13, Other financial liabilities 30,448 45,932 of which subordinated liabilities 8,085 7,612 5 PAYABLES 9,742 8, Payables arising out of direct insurance operations 3,604 3, Payables arising out of reinsurance operations Other payables 5,515 4,367 6 OTHER LIABILITIES 28,451 10, Liabilities directly associated with non-current assets and disposal groups classified as held for sale 17, Deferred tax liabilities 3,095 2, Tax payables 1,605 1, Other liabilities 6,269 5,993 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 477, ,656

40 40 Generali Group Consolidated Financial Half-Yearly Report 2014 INCOME STATEMENT ( million) 30/06/ /06/2013 R 1.1 Net earned premiums 31,267 30, Gross earned premiums 32,326 31, Earned premiums ceded 1,059 1, Fee and commission income and income from financial service activities Net income from financial instruments at fair value through profit or loss 2,834 1,721 of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds 2,208 1, Income from subsidiaries, associated companies and joint ventures Income from other financial instruments and land and buildings (investment properties) 8,088 7, Interest income 4,877 4, Other income 1,129 1, Realized gains 1,946 1, Unrealized gains and reversal of impairment losses Other income 1,045 1,074 1 TOTAL INCOME 43,766 41, Net insurance benefits and claims 33,378 31, Claims paid and change in insurance provisions 33,934 31, Reinsurers' share Fee and commission expenses and expenses from financial service activities Expenses from subsidiaries, associated companies and joint ventures Expenses from other financial instruments and land and buildings (investment properties) 1,562 1, Interest expense Other expenses Realized losses Unrealized losses and impairment losses Acquisition and administration costs 5,133 5, Commissions and other acquisition costs 3,878 4, Investment management expenses Other administration costs 1,219 1, Other expenses 1,655 1,633 2 TOTAL EXPENSES 41,960 40,094 EARNINGS BEFORE TAXES 1,805 1,651 3 Income taxes EARNINGS AFTER TAXES 1,223 1,087 4 RESULT OF DISCONTINUED OPERATIONS CONSOLIDATED RESULT OF THE PERIOD 1,199 1,215 Result of the period attributable to the Group 1,075 1,081 Result of the period attributable to minority interests EARNINGS PER SHARE: Earnings per share (in ) from continuing operation Diluted earnings per share (in ) from continuing operation

41 Consolidated financial statement Generali Group 41 STATEMENT OF COMPREHENSIVE INCOME ( million) 30/06/ /06/2013R 1 CONSOLIDATED RESULT OF THE PERIOD 1,199 1,215 Items that may be reclassified to profit and loss in future periods 2.1 Foreign currency translation differences Net unrealized gains and losses on investments available for sale 2, Net unrealized gains and losses on cash flows hedging derivatives Net unrealized gains and losses on hedge of a net investment in foreign operations Share of other comprehensive income of associates Result of discontinued operations Other 0 0 Subtotal 2, Items that may not be reclassified to profit and loss in future periods 2.5 Share of other comprehensive income of associates Result of discontinued operations Reserve for revaluation model on intangible assets Reserve for revaluation model on tangible assets Actuarial gains or losses arising from defined benefit plans Subtotal OTHER COMPREHENSIVE INCOME 2, TOTAL COMPREHENSIVE INCOME 3, attributable to the Group 3, attributable to minority interests TOTAL COMPREHENSIVE INCOME PER SHARE: Total comprehensive income per share (in ) Diluted total comprehensive income per share (in )

42 42 Generali Group Consolidated Financial Half-Yearly Report 2014 STATEMENT OF CHANGES IN EQUITY Amounts at 31/12/2012 Changes in amounts at 31/12/2011 Allocation Transfer to profit and loss account Other transfer Shareholders' equity Share capital 1, attributable to the Other equity instruments Capital reserves 7, Revenue reserves and other reserves 8, (Own shares) Result of the period Group Other comprehensive income 2, Shareholders' equity attributable to minority interests Total shareholders' equity attributable to the group 19, Share capital and reserves 2, Result of the period Other comprehensive income (*) Total shareholders' equity attributable to minority interests , Total 21, ,

43 Consolidated financial statement Generali Group 43 Amounts at 30/06/2013 Amounts at 31/12/2013 Changes in amounts at 31/12/2012 Allocation Transfer to profit and loss account Other transfer Amounts at 30/06/2014 1,557 1,557 1, ,098 7,098 7,098 7,697 7,275 1, , ,081 1, ,075 1,408 1,944 2, ,075 18,433 19, , ,125 1,712 1, , ,869 1, ,571 20,302 21, ,696

44 44 Generali Group Consolidated Financial Half-Yearly Report 2014 STATEMENT OF CASH FLOW (indirect method) R Earnings before taxes 1,805 1,651 Changes in non-cash items 7,411 7,242 Change in the provisions for unearned premiums and for unexpired risks for non-life segment Change in the provisions for outstanding claims and other insurance provisions for non-life segment Change in the mathematical provisions and other insurance provisions for life segment 10,030 8,008 Change in deferred acquisition costs Change in other provisions Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures 2, Other changes 1,707 1,174 Change in receivables and payables from operating activities 1, Change in receivables and payables arising out of direct insurance and reinsurance operations 1, Change in other receivables and payables Income taxes paid Net cash flows from cash items related to investing or financing activities 1, Financial liabilities related to investment contracts 1, Payables to banks and customers Loans and receivables from banks and customers Other financial instruments at fair value through profit or loss 1 35 CASH FLOW FROM OPERATING ACTIVITIES 8,510 7,733 Net cash flows from investment properties Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) Net cash flows from loans and receivables 2,899 3,276 Net cash flows from held to maturity investments Net cash flows from available for sale financial assets 11,385 11,277 Net cash flows from tangible and intangible assets Net cash flows from other investing activities 1,890 2,224 CASH FLOW FROM INVESTING ACTIVITIES 9,830 10,604 Net cash flows from shareholders' equity attributable to the Group Net cash flows from own shares 4 5 Dividends payment Net cash flows from shareholders' equity attributable to minority interests(****) Net cash flows from subordinated liabilities and other similar liabilities Net cash flows from other financial liabilities 1, CASH FLOW FROM FINANCING ACTIVITIES 1,737 1,271 Effect of exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*) 12,264 15,609 CHANGES IN CASH AND CASH EQUIVALENTS 3,040 4,175 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**) 9,224 11,434 (*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents ( 12,288 million), liabilities to banks payables on demand ( 2 million) and bank overdrafts ( 22 million) without cash and cash equivalents of non current assets or disposal groups classified as held for sale ( 6,800 million). (**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( 9,267 million), liabilities to banks payables on demand ( 42 million), bank overdrafts ( 1 million). (***) Includes mainly proceeds arising from the disposal of Fata Danni S.p.A. ( 195 million) and the minority squeez-out of Generali Deutschland Holding ( -234 mln). (****)It refers entirely to dividends attributable to minority interests.

45 Notes to the Consolidated Financial Statements Bilancio Consolidato - Gruppo Generali 11

46 46 Generali Group Consolidated Financial Half-Yearly Report 2014

47 Consolidated Financial Half-Yearly Financial Statements- Generali Group 47 Basis of presentation The Generali Group s interim report at 30 June 2014 was prepared in accordance with article 154-ter of Italian Legislative Decree No. 58/1998. In particular, the profit and loss account and balance sheet were prepared in accordance with IAS/IFRS. The consolidated financial statements were presented considering the requirements of ISVAP Regulation No. 7 of 13 July 2007, as subsequently amended, and information of the CONSOB communication n of 28 July As allowed by said Regulation, they were supplemented with detailed items in order to meet IAS/IFRS requirements, without rendering the financial statements misleading. On 14 July Generali Group concluded an agreement for the sale of 100% of BSI Group. The finalization of the sale is subject to the necessary regulatory approvals and in accordance with IFRS 5, as of 30 June 2014 BSI Group was classified in the financial statements as Non-current assets or disposal groups classified as held for sale. Consequently such participation is not excluded from consolidation but both the total assets and liabilities and the result of the period has been separately recognised in specific items in the financial statements. It should be noted that, in accordance with IFRS 5, the comparative period of comprehensive income have been restated, excluding from the scope of consolidation the noncurrent assets or disposal groups held for sale and sold during the period. In line with this adjustment the comprehensive income has been restated. The Group at 30 June 2014 consists of 475 consolidated line by line subsidiaries and valued at equity entities (480 at 31 December 2013). In particular, entities consolidated line by line reduced from 433 to 427, and those valued at equity increased from 47 to 48. The Appendices, which are mandatory as established by the regulator, are presented in the appendices to the notes to this report. Comparative figures were revised, where necessary, in comparison with those presented, in order to ensure uniformity of presentation with the other accounting data provided in this interim report. This interim report is drawn up in euro (the functional currency used by the entity that prepares the financial statement) and the amounts are shown in millions, unless otherwise stated with the consequence that rounded amounts may not add to the rounded total in all cases. The condensed consolidated half-yearly report is subject to a limited audit by the firm Ernst&Young, appointed for the legal audit tor the period Consolidation methods and valuation criteria applied for drawing up this quarterly report are consistent with those adopted for the consolidated annual report at 31 December Accounting principles adopted by the Group are not changed except as stated in the following paragraph. New accounting principles Following the endorsement in the European Union, for the annual period began at 1 January 2014 the following new principles shall be applied: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, revised versions of IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures, Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: IFRS 10 Consolidated Financial Statements replaced IAS 27 and the interpretation of SIC12 Consolidation - Special Purpose Entities. IFRS 10 unified and specified the consolidation principles in IAS 27 and SIC 12. According to IAS 27 control is defined as the power to govern the financial operating policies of an entity to obtain benefits from its activities and for special purpose vehicles SIC 12 indicates the majority of the risk and rewards that can be obtained from the investment as a criterion for their consolidation. According to IFRS 10 an investor has control over another company when it jointly has: - power to direct the significant activities (which influence the economic returns) - exposure to returns of the investee - ability to affect those returns through its power over the investee The assessment of control is based on all the facts and circumstances and requires a re-evaluation whenever they indicate that there are changes in one or more of the elements of the control. The application of IFRS 10 for Generali Group resulted in the consolidation of an investment fund previously classified as available for sale financial asset. No material quantitative impacts have been observed. IFRS 11 defined a joint arrangement as an arrangement of which two or more parties have joint control. Distinguishes between joint operations and joint ventures: a joint operation is an agreement whereby the parties have rights to the assets, and obligations for the liabilities relating to the arrangement. For accounting purposes, the assets and liabilities that are part of the arrangement are reflected in the financial statements using

48 48 Generali Group Consolidated Financial Half-Yearly Report 2014 the applicable IFRS. A joint venture is an agreement whereby the parties have rights to the net assets of the arrangement. For accounting purposes, the joint venture is consolidated using the equity method (proportional method no longer available as optional in IAS 31). The application of IFRS 11 did not result in any changes to the classification and assessment of joint ventures in which the Group participates, nor was there recognition of jointly controlled operations. IFRS 12 established the minimum information designed to understand the nature and risk of the interest held by an entity in one or other entities and the effects that these interest bearing financial position, performance and cash flows of the entity. The disclosure requirements of IFRS 12 will be provided in the annual financial statements IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, revised versions of IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures have been endorsed by European Union with Regulation (EU) 1254/2012. The following amendments are also effective in the current period: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) and Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) The amendment to IFRS 10, 11, 12 Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance illustrates a guidance to the transition to new standards on consolidation. The guidance introduces limits to retrospective application. In particular, a company must not make entries for the restatement of the company for which the consolidation conclusion on the date of initial application is the same as that obtained in accordance with IAS 27 and SIC-12 Consolidation - Special Purpose Entities and in opposite case the retrospective application is limited to the period preceding the date of initial application. Furthermore disclosure requirements regarding unconsolidated structured entities shall not to be presented for comparative periods. The amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities define investment entities as companies that obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services, commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation and investment income, measures and evaluates the performance of investments on a fair value basis The amendment to IFRS 10, 11, 12 Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance have been endorsed by European Union with Regulation 313/2013. The amendment to IFRS 10, 11, 12 Investment entities have been endorsed by European Union with Regulation 1174/2013. In addition, for the annual period began at 1 January 2014 the following new principles and amendments shall be applied: Amendments to IAS 32 Financial Instruments: Presentation Offsetting Financial Assets and Financial Liabilities, endorsed by the European Union with Regulation (EU) 1256/2012. Amendments to IAS 36 Impairment of Assets Recoverable Amount Disclosures for Non- Financial Assets, endorsed by the European Union with Regulation (EU) 1374/2013. Amendments to IAS 39 Novation of derivatives and continuation of hedge accounting, endorsed by the European Union with Regulation (EU) 1375/2013. These amendments did not have significant impacts on the Group result of the period and financial position.

49 Consolidated Financial Half-Yearly Financial Statements- Generali Group 49 Exchange rates Following the exchange rates adopted for the conversion into Euro for the currencies with particular relevance fo the Generali Group. Exchange rates of the balance sheet Exchange rate at the end of the period ( ) Currency 30/06/ /12/2013 US dollar ,378 Swiss franc ,226 British pound ,832 Argentine peso ,982 Czech koruna ,373 Exchange rates of the income statement Average exchange rate ( ) Currency 30/06/ /06/2013 US dollar Swiss franc British pound Argentine peso Czech koruna

50 50 Generali Group Consolidated Financial Half-Yearly Report 2014 Notes to the balance sheet Balance sheet - Assets 1 Intangible assets ( million) 30/06/ /12/2013 Goodwill 6,620 7,163 Other intangible assets 1,921 2,189 Software Value of in-force business arising from insurance business combination 1,166 1,238 Other intangible assets Total 8,540 9, Goodwill ( million) 30/06/ /12/2013 Carrying amount as at 31 December previous year 7,163 7,222 Changes in consolidation scope 0 0 Other variations Carrying amount as at the end of the period 6,620 7,163 At 30 June 2014 Group s goodwill amonted to 6,620 million. The decrease of 7.6% compared to 31 December 2014 was attributable to the application of IFRS5 to the banking group BSI. The table below details the goodwill by relevant companies: ( million) 30/06/ /12/2013 Generali Deutschland Holding 2,179 2,179 Alleanza Assicurazioni 1,461 1,461 Generali Italia 1,332 1,332 Generali PPF Holding Group BSI - Banca del Gottardo Group Generali France Group Generali Schweiz Holding AG Generali Holding Vienna AG Other Total goodwill 6,620 7,163 The Group s goodwill was subject to impairment test at the end of the previous period. For the purposes of this Interim Report, any internal or external indicators of impairment potentially triggering the need to update the assessment have not been identified.

51 Consolidated Financial Half-Yearly Financial Statements- Generali Group Other intangible assets ( million) 30/06/ /12/2013 Carrying amount as at 31st December previous year 2,189 2,681 Foreign currency translation effects Increases Changes in consolidation scope and reclassification Decreases Amortization of the period Impairment losses of the period 0 0 Other variations Carrying amount as at the end of the period 1,921 2,189 The decrease was attributable to the application of IFRS5 to the banking group BSI. Other intangible assets, which According to the IFRS 3 included the value of the insurance portfolio (or The value in force ) acquired in business combinations, amounted to 1,166 million. This amount was attributable to: the acquisitions, which took place in 2006, of Generali Italia for 202 million net of accumulated amortisation, and in the CEE countries for 21 million, net of accumulated amortisation, the acquisition of Bawag PSK Versicherung in 2007, which brought a further activation of 36 million, net of accumulated amortisation, the acquisition of the Ceška group, whose allocation of purchased price was concluded in the second half of 2008, which brought a further activation of 907 million, net of accumulated amortisation. Deferred tax liabilities were accounted for with reference to the above mentioned intangible assets. Further information on calculation method are detailed in the paragraph 1.2 of the section Basis for presentation and accounting principles in 2013 Consolidated Financial Statements.

52 52 Generali Group Consolidated Financial Half-Yearly Report Tangible assets 2.1 Land and buildings (self-used) The main changes that occurred in the period and the fair value of the properties used for own activity by the Parent Company and its subsidiaries to run the activity are shown in the table below. ( million) 30/06/ /12/2013 Gross bookvalue as at 31 December previous year 3,865 3,979 Accumulated depreciation and impairment as at 31 December previous year Carrying amount as at 31 December previous year 2,879 3,002 Foreign currency translation effects 4 19 Increases 5 15 Capitalized expenses 6 31 Changes in consolidation scope 0 7 Reclassifications Decreases 3 51 Depreciation of the period Net impairment loss of the period 0 7 Carrying amount as at the end of the period 2,725 2,879 Accumulated depreciation and impairment as at the end of the period Gross bookvalue as at the end of the period 3,663 3,865 Fair value 3,140 3,370 The fair value of land and buildings (self-used) at the end of the reporting period was mainly based on external appraisals. 2.2 Other tangible assets ( million) 30/06/ /12/2013 Carrying amount as at 31st December previous year 1,907 2,016 Foreign currency translation effects 2 4 Increases Changes in consolidation scope 57 8 Decreases Amortization of the period Impairment losses of the period Other variations 1 26 Carrying amount as at the end of the period 1,806 1,907 Other tangible assets amounted to 1,806 million ( 1,907 million at 31 December 2013). This category mainly includes property inventories ( 1,430 million mainly allocated in Citylife) and furniture, fittings and office equipment ( 377 million).

53 Consolidated Financial Half-Yearly Financial Statements- Generali Group 53 3 Amounts ceded to reinsurers from insurance provisions Direct insurance Accepted reinsurance Total ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Non-life amounts ceded to reinsurers from insurance provisions(*) Life amounts ceded to reinsurers from insurance provisions(*) Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds Mathematical provisions and other insurance provisions 2,383 2, ,258 3, ,522 1, ,366 1,281 Total 3,085 3,085 1,695 1,790 4,780 4,875 (*) After the elimination of intra-group transactions between segments.

54 54 Generali Group Consolidated Financial Half-Yearly Report Investments The division of investments by nature is summarized in the table below. Comments regarding specific categories are reported in the following paragraphs. 30/06/ /12/2013 ( million) Total bookvalue Impact (%) Total bookvalue Impact (%) Equity instruments 17, , Available for sale financial assets 15, , Financial assets at fair value through profit or loss 2, , Fixed income instruments 302, , Bonds Other fixed income instruments 270, , , , Held to maturity investments 3, , Loans 50, , Available for sale financial assets 240, , Financial assets at fair value through profit or loss 8, , Land and buildings (investment properties) 14, , Other investments 3, , Investments in subsidiaries, associated companies and joint ventures 1, , Derivatives Receivables from banks or customers 1, , Other investments Cash and cash equivalents 8, , Total 347, , Investments back to unit and index-linked policies 63,490 59,116 Total investments 411, ,152 Investments fund units (IFU) are allocated to respective asset classes based on prevailing underlying assets. IFU allocated within equity instruments amounted to 3,644 million ( 4,732 million as at 31 December 2013), those allocated within fixed income instruments amounted to 17,747 ( 13,364 million as at 31 December 2013) whereas IFU allocated within land and buildings (investment properties) amounted to 2,262 million ( 2,128 million as at 31 December 2013). Given their short term investments nature, Reverse REPO, that amounted to 519 million ( 393 million as at 31 December 2013), are reclassified within cash and cash equivalents. For the same reason REPO, that amounted to -1,045 million ( -1,586 million as at 31 December 2013), are reclassified in the same item, as well. Derivatives investments are presented net of derivatives held as financial liabilities, that amounted to -704 million ( -1,131 million as at 31 December 2013). Hedging derivatives are excluded, as they are presented within hedged item asset classes. The table below shows the book value of fixed income instruments split by rating and maturity:

55 Consolidated Financial Half-Yearly Financial Statements- Generali Group 55 Detail by rating ( million) 30/06/2014 Available for sale financial assets Financial assets at fair value through profit or loss Held to maturity investments AAA 29, ,024 15,151 46,591 AA 56, ,919 61,361 A 33,775 1, ,512 41,652 BBB 94,626 2,375 2,224 8, ,481 Non investment grade 9, ,600 11,248 Not Rated 1, ,235 Total 225,574 5,251 3,487 36, ,567 Loans Total Detail by maturity ( million) 30/06/2014 Available for sale financial assets Financial assets at fair value through profit or loss Held to maturity investments Up to 1 year 6, ,860 1,619 10,814 Between 1 and 5 years 38,547 1, ,064 51,703 Between 5 and 10 years 78, ,858 88,541 More than 10 years 101,724 2, , ,185 Perpetual Total 225,574 5,251 3,487 36, ,567 Loans Total

56 56 Generali Group Consolidated Financial Half-Yearly Report Land and buildings (investment properties) The table below shows the main changes in land and buildings (investment properties) in the reporting period, i.e. those held to earn rentals or capital appreciation or both, and their fair value. ( million) 30/06/ /12/2013 Gross bookvalue as at 31 December previous year 14,873 14,802 Accumulated depreciation and impairment as at 31 December previous year 2,046 1,903 Carrying amount as at 31 December previous year 12,828 12,899 Foreign currency translation effects 6 39 Increases Capitalized expenses Changes in consolidation scope 2 70 Reclassification Decreases Depreciation of the period Net impairment loss of the period Carrying amount as at the end of the period 12,681 12,828 Accumulated amortization and impairment as at the end of the period 2,095 2,046 Gross bookvalue as at the end of the period 14,777 14,873 Fair value 17,819 17,910 The fair value of land and buildings (investment properties) at the end of the reporting period is mainly based on external appraisals. 4.2 Investments in subsidiaries, associated companies and joint ventures ( million) 30/06/ /12/2013 Investments in non-consolidated subsidiaries Investments in associated companies valued at equity Investments in joint ventures Investments in other associated companies Total 1,287 1,407 The decrease was mainly attributable to the application of IFRS5 to the banking group BSI.

57 Consolidated Financial Half-Yearly Financial Statements- Generali Group Held to maturity investments ( million) 30/06/ /12/2013 Quoted bonds 3,487 4,088 Other held to maturity investments Total 3,517 4,115 The Group limits the use of this category only to high quality quoted bonds that Group companies are able to hold till maturity. The decrease compared to 31 December 2013 was mainly attributable to the maturity and consequent pay-backs of some bonds held. Debt securities in this category are almost entirely investment grade. The fair value of the held to maturity investments amounted to 3,572 million, of which 3,542 million represented by bonds. 4.4 Loans and receivables ( million) 30/06/ /12/2013 Loans 50,824 55,281 Unquoted bonds 36,255 38,193 Deposits under reinsurance business accepted Other loans and receivables 13,848 16,387 Mortgage loans 5,926 9,098 Policy loans 2,919 2,987 Term deposits with credit institutions 3,023 2,512 Other loans 1,980 1,790 Receivables from banks or customers 1,514 8,090 Receivables from banks 58 1,644 Receivables from customers 1,455 6,446 Total 52,338 63,371 This category accounts for 12.7% of total investments. It mainly consisted of unquoted bonds and mortgage loans, which represent 71.3% and 11.7% of total loans, respectively. More than 90% of the bonds category is represented by fixed income medium-to-long term bond instruments. Unquoted bonds of this category are almost entirely investment grade. The decreas of both mortgage loans and Receivables from banks or customers was mainly attributable to the application of IFRS5 to the banking group BSI. The fair value of total loans amounted to 57,880 million, of which 41,439 million related to bonds. Receivables from banks or customers are mainly short-term.

58 58 Generali Group Consolidated Financial Half-Yearly Report Available for sale financial assets ( million) 30/06/ /12/2013 Unquoted equities at cost Equities at fair value 10,675 10,540 Quoted 9,276 9,097 Unquoted 1,399 1,443 Bonds 225, ,989 Quoted 220, ,353 Unquoted 4,717 4,637 Investment fund units 18,851 15,833 Other available for sale financial assets 2,331 1,380 Total 257, ,031 As already mentioned, available for sale financial assets are measured at fair value and unrealized gains and losses, except for impairment, on these assets are accounted for in shareholders equity in an appropriate reserve. The amortized cost of the available for sale financial assets amounted to 232,753 million. The increase compared 31 December 2013 was attributable to net acquisition in the period particularly of debt securities. In addition, the impact of the application of IFRS5 amounted to 1,036 million to total available for sale investments at 31 December ( million) 30/06/2014 Fair value Unrealized gains / losses Amortized cost Unquoted equities at cost Equities at fair value 10,675 1,694 8,981 Bonds 225,574 22, ,542 Investment fund units 18, ,904 Other available for sale financial assets 2, ,073 Total 257,684 24, ,753 ( million) 31/12/2013 Fair value Unrealized gains / losses Amortized cost Unquoted equities at cost Equities at fair value 10,540 1,842 8,698 Bonds 201,989 8, ,610 Investment fund units 15, ,415 Other available for sale financial assets 1, ,155 Total 230,031 10, ,166 This category accounted for 62.1% of the total investments. In particular, available for sale bonds represented 83.4% of total bonds with a rating higher or equal to BBB, class assigned to the Italian government bonds. The realized gains and losses and impairment losses on available for sale financial assets are shown in the table below.

59 Consolidated Financial Half-Yearly Financial Statements- Generali Group 59 ( million) 30/06/2014 Realized gains Realized losses Impairment losses Equities Bonds Investment fund units Other available for sale financial assets Total 1, ( million) 30/06/2013 Realized gains Realized losses Impairment losses Equities Bonds Investment fund units Other available for sale financial assets Total 1, Financial assets at fair value through profit or loss Financial assets held for trading Financial assets Total financial assets at designated as at fair value fair value through profit or through profit or loss loss ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Equities Quoted Unquoted Bonds ,231 5,225 5,251 6,014 Quoted ,616 4,541 4,636 5,309 Unquoted Investment fund units ,792 4,373 4,802 4,391 Derivatives ,144 1,382 Hedging derivatives Investments back to policies where the investment risk is borne by the policyholders and back to pension funds ,490 59,116 63,490 59,116 Other financial investments ,264 1,066 1,264 1,629 Total 188 2,026 76,005 70,868 76,194 72,893 This category accounted for 18.5% of total investments. In detail, these investments were mainly allocated in the life segment ( 75,360 million, which accounted for 98.9% of this category) whereas the residual part referred to the non-life segment ( 798 million which accounted for 1.0% of this category) and in the financial segment ( 41 million, which accounted for 0.1% of this category). Bond securities in this category belong to classes of rating greater than or equal to BBB. The decrease of almost all of the items was attributable to the application of IFRS5 to the banking group BSI, more than offset by the investments back to policies where the risk is borne by policyholder. In fact, the category furthermore includes investments back to policies where the risk is borne by policyholders, which amounted to 63,490 million.

60 60 Generali Group Consolidated Financial Half-Yearly Report 2014 Policies where the investment risk is borne by the policyholders Pension funds ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Assets 61,348 56,898 2,142 2,218 63,490 59,116 Total assets 61,348 56,898 2,142 2,218 63,490 59,116 Financial liabilities 13,101 11,743 1,471 1,484 14,572 13,227 Insurance provisions (*) 48,889 45, ,879 45,653 Total liabilities 61,990 57,311 1,461 1,570 63,451 58,880 (*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions. Total Further information on reclassified financial instruments As of 1st January 2009 the Group transferred to the loans and receivables category 14,658 million of corporate bonds, according to the IAS 39 reclassification option. At 30 June 2014, after sales and pay backs from 1st January 2009, the stock of these reclassified financial instruments amounted to 4,496 million. million Available for sale financial assets Financial assets at fair value through profit or loss Total reclassified investments Book Value reclassified as at 01/01/2009 Book Value reclassified as at 01/01/2010 Book Value reclassified at 01/01/2011 Book Value reclassified at 01/01/2012 Book Value at 01/01/2013 Book Value at 01/01/2014 Change of the period 2014 Book Value at 30/06/2014 Fair Value as at 30/06/ ,028 12,561 9,693 8,204 6,377 5,111 2,048 4,329 5, 桰 ,658 13,186 10,266 8,705 6,740 5,278 2,244 4,496 5,404 As a consequence of the recovery in the value of corporate bonds, the reclassification in loans category of investments previously classified as available for sale financial assets, implied a missing recognition of the revaluation of the related equity reserve of 885 million (considering both the group share and minorities), 115 million net of policyholders share and deferred taxes at 30 June Furthermore, the reclassification into loans category of investments previously classified as financial assets at fair value through profit or loss implied a missing recognition of an unrealized gain in the profit or loss for 23 million, 2 million net of policyholders 5 Receivables This category included receivables arising out of direct insurance and reinsurance operations, and other receivables. Among other receivables, 683 million are related to the real estate activity.

61 Consolidated Financial Half-Yearly Financial Statements- Generali Group 61 6 Other assets ( million) 30/06/ /12/2013 Non-current assets or disposal groups classified as held for sale 19, Deferred acquisition costs 1,974 1,957 Tax receivables 3,107 2,866 Deferred tax assets 2,660 2,807 Other assets 7,599 7,368 Total 34,587 15,651 At 30 June 2014 the item Non-current assets or disposal groups classified as held for sale the assets of the banking group BSI. 7 Cash and cash equivalents ( million) 30/06/ /12/2013 Cash and cash equivalents 1,166 2,519 Cash and balances with central banks 5 4,689 Cash at bank and short-term securities 8,096 12,224 Total 9,267 19,431 The decrease compared to 31 December 2013 was substantially attributable both to the application of IFRS5 of the banking group BSI and the gradual reinvestment of excess of liquidity.

62 62 Generali Group Consolidated Financial Half-Yearly Report 2014 Balance sheet Liabilities and equity 1 Shareholders equity ( million) 30/06/ /12/2013 R Shareholders' equity attributable to the Group 22,125 19,778 Share capital 1,557 1,557 Capital reserves 7,098 7,098 Revenue reserves and other reserves 8,328 7,275 (Own shares) 7 11 Reserve for currency translation differences Reserve for unrealized gains and losses on available for sale financial assets 4,921 2,501 Reserve for other unrealized gains and losses through equity Result of the period 1,075 1,915 Shareholders' equity attributable to minority interests 1,571 1,627 Total 23,696 21,405 The share capital is made up of 1,556,873,283 ordinary shares with a par value of 1 each. The Group s own shares decreased to -7 million, amounting to 309,133 shares ( -11 million, 460,969 shares at 31 December 2013). During the year the Parent Company distributed dividends amounting to million. The reserve for currency translation differences arising from the translation of the subsidiaries' financial statements denominated in foreign currencies amounted to -254 million substantially stable compared to 31 December 2013 ( -263 million). The reserve for unrealized gains and losses on available for sale financial assets, i.e. the balance between unrealized gains and losses on financial assets, net of life deferred policyholder liabilities and deferred taxes, amounted to 4,921 million ( 2,501 million on 31 December 2013). The variation was due to the recovery in value recognized on bonds portfolios, benefitting from the favourable market conditions. The reserve for other unrealised gains and losses though equity comprised gains or losses on re-measurement of the net defined benefit liability in accordance with IAS 19 revised, and gains or losses on hedging instruments accounted for as hedging derivatives (cash flow hedge), put in place in order to hedge interest rate change and British pound/euro rate change on various subordinated bonds issued. The worsening of the item was mainly attributable to unrealized gains arising from the re-measurement of liabilities related to defined employee benefit plans amounting to -249 million due to benchmark interest rate curve decrease used to discount future obligations. 2 Other provisions ( million) 30/06/ /12/2013 Provisions for taxation Provisions for commitments Other provisions Total 1,691 1,768 Provisions for commitments and other provisions include provisions for corporate restructuring, litigation or similar events as well as other commitments for which, at balance sheet date, an outflow of resources to settling the related obligation is considered probable.

63 Consolidated Financial Half-Yearly Financial Statements- Generali Group 63 The table below summarized the main changes occurred during the period: ( million) 30/06/ /12/2013 Carrying amount as at 31 December previous year 1,768 1,471 Foreign currency translation effects -1 6 Changes in consolidation scope 0 48 Variations Carrying amount as at the end of the period 1,691 1,768 In the normal course of business, the Group may enter into arrangements that do not lead to the recognition of assets and liabilities in the consolidated financial statements under IFRS (potential assets and liabilities). However, as these arrangements don t represent a significant source of investment or financing of Group resources, at 30 June 2014 there were no significant positions of assets and liabilities off-balance sheet. In particular, the Group is assessing its position in relation to the possible economic burden associated to the discontinued asset represented by BSI and arising from the US Department of Justice s tax amnesty programme relating to Swiss financial banking institutions. At this time, the estimate of this charge is not reliably measurable because, among the various factors of measurement uncertainty, the Group is awaiting for a confirmation by the U.S. authorities regarding the applicability of any mitigation elements that might affect the potential future charge. These elements will be announced in the coming months. For further details about the contractual agreement for the sale of BSI please refer to the paragraph Significant non-recurring events and transactions. 3 Insurance provisions Direct insurance Accepted reinsurance Total ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Non-life insurance provisions (*) 32,369 31,511 1,491 1,461 33,860 32,972 Provisions for unearned premiums 6,083 5, ,302 5,530 Provisions for outstanding claims 25,830 25,729 1,267 1,276 27,097 27,005 Other insurance provisions of which provisions for liability adequacy test Life insurance provisions (*) 332, ,113 1,763 1, , ,780 Provisions for outstanding claims 4,864 4,548 1, ,898 5,520 Mathematical provisions 243, , , ,189 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 49,022 45, ,035 45,809 Other insurance provisions 34,868 22, ,014 22,263 of which provisions for liability adequacy test 1, , of which deferred policyholder liabilities 15,382 3, ,382 3,999 Total 364, ,624 3,253 3, , ,752 (*) After the elimination of intra-group transactions between segments. The increase of 2.7% in non-life insurance provisions was attributable to the trend of the provisions for unearned premiums which was affected by the seasonality of the subscription. In the life segment insurance provisions increased by 6.7%, mainly attributable to the development of net inflow and the financial revaluation of technical reserves.

64 64 Generali Group Consolidated Financial Half-Yearly Report 2014 The overall total of the other life insurance provisions included both the provision for profit sharing and premium refunds, which amounts to 7,362 million compared to 6,702 million in 2013, and the ageing provisions for life segment, which amount to 10,667 million compared to 10,252 million in Financial liabilities 4.1 Financial liabilities at fair value through profit or loss Financial liabilities held for trading Financial liabilities designated as at fair value through profit or loss ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Financial liabilities related to investment contracts issued by insurance companies where the investment risk is borne by the policyholders Total ,628 13,270 14,628 13, ,101 11,743 13,101 11,743 pension funds 0 0 1,471 1,484 1,471 1,484 other financial liabilities related to investment contracts Derivatives ,131 Hedging derivatives Other financial liabilities Total ,104 15,523 16,228 16, Other financial liabilities ( million) 30/06/ /12/2013 Subordinated liabilities 8,085 7,612 Loans and bonds 13,491 14,312 Deposits received from reinsurers Bonds 4,665 4,915 Other loans 3,042 3,738 Financial liabilities related to investment contracts issued by insurance companies 4,797 4,663 Liabilities to banks or customers 8,872 24,008 Liabilities to banks 1,143 1,616 Liabilities to customers 7,729 22,392 Total 30,448 45,932 * Including senior bond issued in May 2010 to fund the tax recognition of goodwill related to the extraordinary operation Alleanza Toro for a nominal amount of 560 million (at the related book value amounted to 447 million). This issue was classified as operating debt because the debt structure provides a perfect correlation between cash flows arising from the recognition of taxes and loan repayments in terms of interest than capital. The decrease of liabilities to banks or customers was attributable to the application of IFRS5 to the banking group BSI. The fair value of subordinated liabilities amounts to 9,195 million. The fair value of bonds issued (mainly fixed interest rate bonds) amounted to 5,184 million.

65 Consolidated Financial Half-Yearly Financial Statements- Generali Group 65 5 Payables ( million) 30/06/ /12/2013 Payables arising out of direct insurance operations 3,604 3,190 Payables arising out of reinsurance operations Other payables 5,515 4,367 Payables to employees 1,034 1,037 Provision for defined benefit plans (employee severance pay) Payables to clients and suppliers 1,173 1,155 Social security Other payables 2,971 1,887 Total 9,742 8,129 6 Other liabilities ( million) 30/06/ /12/2013 Liabilities directly associated to non-current assets and disposal groups classified as held for sale 17, Deferred tax liabilities 3,095 2,338 Tax payables 1,605 1,607 Other liabilities 6,269 5,993 Total 28,451 10,586 At 30 June 2014 the item Liabilities directly associated to non-current assets and disposal groups classified as held for sale included the liabilities of the banking group BSI. Other liabilities also include liabilities related to defined employee benefit plans amounting to 3,574 million ( 3,416 million at 31 December 2013.

66 66 Generali Group Consolidated Financial Half-Yearly Report 2014 Notes to the income statement 1 Income 1.1 Net earned premiums Gross amount Reinsurers' share Net amount ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Non-life earned premiums 10,507 10, ,878 10,035 Premiums written 11,262 11, ,613 10,828 Change in the provision for unearned premiums Life premiums 21,819 21, ,390 20,935 Total 32,326 31,978 1,059 1,008 31,267 30, Fee and commissions income and income from financial service activities ( million) 30/06/ /06/2013 Fee and commission income from banking activity Fee and commission income from asset management activity Fee and commission income related to investment contracts Fee and commission income related to pension funds management 9 8 Total Net income from financial assets at fair value through profit or loss Financial investments held for trading Financial investments back to policies where the investment risk is borne by the policyholders and related to pension funds Financial investments designated as at fair value through profit or loss Total financial investments at fair value through profit or loss ( million) 30/06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/2013 Interest and other income Realized gains Realized losses Unrealized gains ,692 2, ,038 3,664 3,427 Unrealized losses ,070 1,180 2,115 Total ,208 1, ,834 1,721 The net income from financial assets at fair value through profit or loss mainly referred to the life segment ( 2,875 million). This item is not material for the other segments ( -37 million in the non-life segment and -4 million in the financial segment).

67 Consolidated Financial Half-Yearly Financial Statements- Generali Group Income and expenses from subsidiaries, associated companies and joint ventures ( million) 30/06/ /06/2013 Dividends and other income Realized gains Reversal of impairment 0 0 Total Income from other financial instruments and land and buildings (investment properties) ( million) 30/06/ /06/2013 Interest income 4,877 4,848 Interest income from held to maturity investments Interest income from loans and receivables 1,059 1,154 Interest income from available for sale financial assets 3,716 3,557 Interest income from other receivables 3 5 Interest income from cash and cash equivalents Other income 1,129 1,038 Income from land and buildings (investment properties) Other income from available for sale financial assets Realized gains 1,946 1,468 Realized gains on land and buildings (investment properties) 7 89 Realized gains on held to maturity investments 0 0 Realized gains on loans and receivables Realized gains on available for sale financial assets 1,771 1,321 Realized gains on other receivable 0 0 Realized gains on financial liabilities at amortised cost 0 0 Reversal of impairment Reversal of impairment of land and buildings (investment properties) 12 1 Reversal of impairment of held to maturity investments 0 0 Reversal of impairment of loans and receivables Reversal of impairment of available for sale financial assets Reversal of impairment of other receivables Total 8,088 7,466

68 68 Generali Group Consolidated Financial Half-Yearly Report Other income ( million) 30/06/ /06/2013 Gains on foreign currencies Income from tangible assets Reversal of other provisions Leasing fees 0 0 Income from service and assistance activities and recovery of charges Income from non-current assets or disposal group classified as held for sale 0 0 Other technical income Other income Total 1,045 1,074 2 Expenses 2.1 Net insurance benefits and claims Gross amount Reinsurers' share Net amount ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Non-life net insurance benefits and claims 6,732 7, ,505 6,742 Claims paid 6,562 6, ,154 6,228 Change in the provisions for outstanding claims Change in claims paid to be recovered Change in other insurance provisions Life net insurance benefits and claims 27,202 24, ,873 24,457 Claims payments 17,079 16, ,847 16,427 Change in the provisions for outstanding claims Change in the mathematical provisions 4,787 5, ,687 5,826 Change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 3,245 2, ,275 2,037 Change in other insurance provisions 1, , Total (*) 33,934 31, ,378 31,200 (*) Before the elimination of intra-group transactions between segments

69 Consolidated Financial Half-Yearly Financial Statements- Generali Group Fee and commissions expenses and expenses from financial service activities ( million) 30/06/ /06/2013 Fee and commission expenses from banking activity Fee and commission expenses from asset management activity Fee and commission expenses related to investment contracts Fee and commission expenses related to pension funds management 5 5 Total Expenses from subsidiaries, associated companies and joint ventures ( million) 30/06/ /06/2013 Realized losses 2 8 Impairment losses 8 7 Total 9 15

70 70 Generali Group Consolidated Financial Half-Yearly Report Expenses from other financial instruments and land and buildings (investment properties) ( million) 30/06/ /06/2013 Interest expense Interest expense on subordinated liabilities Interest expense on loans, bonds and other payables Interest expense on deposits received from reinsurers Other interest expense Other expenses Depreciation of land and buildings (investment properties) Expenses from land and buildings (investment properties) Realized losses Realized losses on land and buildings (investment properties) 6 7 Realized losses on held to maturity investments 0 0 Realized losses on loans and receivables Realized losses on available for sale financial assets Realized losses on other receivables 1 1 Realized losses on financial liabilities at amortized cost 0 0 Impairment losses Impairment of land and buildings (investment properties) Impairment on held to maturity investments 0 0 Impairment of loans and receivables Impairment of available for sale financial assets Impairment of other receivables Total 1,562 1, Acquisition and administration costs Non-life segment Life segment Financial segment ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2013 Net acquisition costs and other commissions 2,112 2,152 1,765 1, Investment management expenses (*) Other administration costs Total 2,721 2,811 2,319 2, (*) Before the elimination of intra-group transactions between segments In other administration costs of the life segment, administration expenses related to investment contracts amounted to 27 million ( 28 million at 30 June 2013), while administrative expenses of non-insurance companies remained stable at 5 million ( 6 million at 30 June 2013). In the non-life segment, administrative expenses of non-insurance companies remaining stable compared to 30 June 2013 amounting to 21 million, of which 14 million referred to the real estate activity.

71 Consolidated Financial Half-Yearly Financial Statements- Generali Group Other expenses ( million) 30/06/ /06/2013 Amortization and impairment of intangible assets Amortization of tangible assets Expenses from tangible assets Losses on foreign currencies Restructuring charges, termination employee benefit expenses and allocation to other provisions Other taxes Expenses from service and assistance activities and charges incurred on behalf of third parties Expenses from non-current assets or disposal group classified as held for sale Other technical expenses Holding costs Other expenses Total 1,655 1,633 3 Income taxes This item shows the income taxes due by the Italian and the foreign consolidated companies by applying the income tax rates and rules in force in each country for the first half 2013 and The components of the income tax expense for 2013 and 2014 are as follow: ( million) 30/06/ /06/2013 Income taxes Deferred taxes Total taxes of period Income taxes on discontinued operations (*) 7 0 Total income taxes (*)Item includes taxes on result of the period of BSI Group for 6 mln and of Fata Assicurazioni Danni S.p.A. for 1 mln, including the fiscal effect of locally recognized realized profit on the disposal of the participation in Fata Danni Assicurazioni. The increase in the total tax charge compared to the correspondent period of the last year was mainly due to the negative effect of the additional tax arising from the revaluation of the shares of Bank of Italy, for a total of 41 million, partially offset by the growth of non-taxable income recorded in the period.

72 72 Generali Group Consolidated Financial Half-Yearly Report 2014 Other information 1 Exposure to Greece, Ireland, Italy, Portugal and Spain Governement bonds Amortised cost Fair value Corporate bonds Amortised cost Covered bonds Financial sector - other Fair value Book value Book value ( million) 30/06/ /06/ /06/ /06/ /06/ /06/2014 Greece Ireland Italy 52,969 59,796 14,868 16,131 2,210 5,949 Portugal 1,270 1, Spain 8,733 9,751 6,544 7,252 3, Total exposure to government bonds issued by Greece, Ireland, Italy, Portugal and Spain 63,733 71,791 22,579 24,558 6,241 7,409 Government bonds issued by Euro Area countries with high public debt (peripheral countries) were mainly classified as investments available for sale and therefore recorded at market value. The exposure towards peripheral countries government bonds in nominal terms was mainly held by Italian (79%), by companies of EMEA (8%), French (6%) and German (6%) companies. The fair value of corporate bonds issued by entities located in peripheral countries held by the Group amounted to 24,558 million. In terms of book value the exposure to covered bonds (corporate bonds issued under specific legislations that grant to the investor a dual recourse over the issuing entity assets as well as over a specific pool of high quality assets) amounted to 6,241 million and the exposure to other bonds issued by entities operating in the financial sector amounted to 7,409 million.

73 Consolidated Financial Half-Yearly Financial Statements- Generali Group 73 2 Other Comprehensive Income ( million) 30/06/ /06/2013 Consolidated result of the period 1,199 1,215 Items that may be reclassified to profit and loss in future periods Foreign currency translation differences Allocation Transfer to profit and loss account 2 0 Unrealized gains and losses on available for sale financial assets 2, Allocation 3, Transfer to profit and loss account Net unrealized gains and losses on cash flows hedging derivatives 9 26 Allocation Transfer to profit and loss account Net unrealized gains and losses on hedge of a net investment in foreign operations 3 0 Allocation 3 0 Transfer to profit and loss account 0 0 Share of other comprehensive income of associates 0 1 Allocation 0 1 Transfer to profit and loss account 0 0 Result of discontinued operations Allocation Transfer to profit and loss account 2 25 Subtotal 2, Allocation 3, Transfer to profit and loss account Items that may not be reclassified to profit and loss in future periods Result of discontinued operations 57 2 Allocation 57 2 Actuarial gains or losses arising from defined benefit plans Allocation Subtotal Allocation Total other comprehensive income 2, Total comprehensive income 3, attributable to the group 3, attributable to minority interests The following table shows the change of deferred tax assets and liabilities related to gains or losses recognized in shareholders equity or transferred from shareholders equity.

74 74 Generali Group Consolidated Financial Half-Yearly Report 2014 ( million) 30/06/ /06/2013 Income taxes related to other comprehensive income Foreign currency translation differences 4 5 Unrealized gains and losses on available for sale financial assets 1, Net unrealized gains and losses on cash flows hedging derivatives 4 7 Net unrealized gains and losses on hedge of a net investment in foreign operations 0 0 Reserve on associates 0 0 Result of discontinued operations 0 9 Actuarial gains or losses arising from defined benefit plans Fair value measurement With effect from 1 st January 2013, the Generali Group has implemented IFRS 13 - Fair Value Measurement. This standard provides guidance on fair value measurement and requires disclosures about fair value measurements, including the classification of financial assets and liabilities in the levels of fair value hierarchy. With reference to the investment, Generali Group measures financial assets and liability at fair value of in the financial statements, or discloses it in the notes. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In particular, an orderly transaction takes place in the principal or most advantageous market at the measurement date under current market conditions. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either: (a) in the principal market for the asset or liability; or (b) in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value is equal to market price if market information are available (i.e. relative trading levels of identical or similar instruments) into an active market, which is defined as a market where the items traded within the market are homogeneous, willing buyers and sellers can normally be found at any time and prices are available to the public. If there isn t an active market, it should be used a valuation technique which however shall maximise the observable inputs. If the fair value cannot be measured reliably, amortized cost is used as the best estimate in determining the fair value. As for measurement and disclosure, the fair value depends on its unit of account, depending on whether the asset or liability is a stand-alone asset or liability, a group of assets, a group of liabilities or a group of assets and liabilities in accordance with the related IFRS. Following the introduction of IFRS 13, the Group has reviewed the valuation technique and levelling in terms of the fair value hierarchy of some specific asset classes in terms of valuation of the fair value hierarchy. This process led to an higher harmonization of the criteria for pricing and levelling in the different territories and companies belonging to the Group. This has led to the transfers between levels as reported in the specific paragraph. The table below illustrates both the carrying amount and the fair value of financial assets and liabilities recognised in the balance sheet at 30 June With reference to investments in subsidiaries, associates and joint ventures, the book value, based on the fraction of equity for associates and interests in joint ventures or on cost adjusted for any impairment losses for non-consolidated subsidiaries, was used as a reasonable proxy of their fair value.

75 Consolidated Financial Half-Yearly Financial Statements- Generali Group 75 30/06/2014 Total book value Total fair value Available for sale financial assets 257, ,684 Financial assets at fair value through profit or loss 12,704 12,704 Held to maturity investments 3,517 3,572 Loans (*) 51,616 57,183 Land and buildings (investment properties) 12,681 17,819 Own used land and buildings 2,725 3,140 Investments in subsidiaries, associated companies and joint ventures 1,287 1,287 Cash and cash equivalents 9,267 9,267 Investments back to unit and index-linked policies 63,490 63,490 Total investments 414, ,145 Financial liabilities at fair value through profit or loss 16,228 16,228 Other liabilities (**) 15,793 17,005 Liabilities to banks or customers 8,872 8,872 Total financial liabilities 45,689 47,143 (*) Deposits under reinsurance business accepted are excluded from the Loans category. (**) Deposits received from reinsurers are excluded from the item Other liabilities. 3.1 Fair value hierarchy Assets and liabilities measured at fair value in the consolidated financial statements are measured and classified in accordance with the fair value hierarchy in IFRS13, which consists of three levels based on the observability of inputs within the corresponding valuation techniques used. The fair value hierarchy levels are based on the type of inputs used to determine the fair value: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (i.e. quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; market-corroborated inputs). Level 3 inputs are unobservable inputs for the asset or liability, which reflect the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk (of the model used and of inputs used). The fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires judgement, taking into account factors specific to the asset or liability. A fair value measurement developed using a present value technique might be categorised within Level 2 or Level 3, depending on the inputs that are significant to the entire measurement and the level of the fair value hierarchy within which those inputs are categorised. If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the resulting measurement would be categorised within the level attributable to the input with the lowest level utilized. Adequate controls have been set up to monitor all measurements including those provided by third parties. If these checks show that the measurement is not considered as market corroborated the instrument must be classified in level 3. The table shows the classification of financial assets and liabilities measured at fair value among the levels of fair value hierarchy as defined by IFRS13.

76 76 Generali Group Consolidated Financial Half-Yearly Report 2014 The increase in Other financial assets available for sale of Level 3 was attributable to the look-through allocation of investments in private equity funds, consolidated in accordance with IFRS10. ( million) 30/06/2014 Level 1 Level 2 Level 3 Total Available for sale financial assets 222,894 28,920 5, ,684 Equities 9, ,458 10,928 Bonds 197,480 26,140 1, ,574 Investment fund units 16,026 1,733 1,093 18,851 Other assets available for sale ,364 2,331 Financial assets at fair value through profit or loss 43,780 30,520 1,894 76,194 Equities Bonds 3,530 1, ,251 Investment fund units 4, ,802 Derivatives 11 1, ,144 Hedging derivatives Investments back to policies where the investment riks is borne by the policyholders 35,496 26,930 1,064 63,490 Other assets at fair value through profit or loss ,264 Totale assets at fair value 266,674 59,440 7, ,878 Financial liabilities at fair value through profit or loss 13,512 2, ,228 Financial liabilities related to investment contracts issued by insurance companies 13,508 1, ,628 Derivatives Hedging derivatives Other financial liabilities Totale liabilities at fair value 13,512 2, ,228

77 Consolidated Financial Half-Yearly Financial Statements- Generali Group 77 ( million) 31/12/2013 Level 1 Level 2 Level 3 Total Available for sale financial assets 201,390 22,871 5, ,030 Equities 9, ,520 10,828 Bonds 179,934 20,086 1, ,989 Investment fund units 12,323 1,826 1,685 15,833 Other assets available for sale ,380 Financial assets at fair value through profit or loss 42,839 28,292 1,763 72,893 Equities Bonds 4,222 1, ,014 Investment fund units 4, ,391 Derivatives 275 1, ,382 Hedging derivatives Investments back to policies where the investment riks is borne by the policyholders 33,410 24,698 1,009 59,116 Other assets at fair value through profit or loss ,629 Totale assets at fair value 244,229 51,163 7, ,924 Financial liabilities at fair value through profit or loss 13,239 2, ,084 Financial liabilities related to investment contracts issued by insurance companies 12,174 1, ,270 Derivatives ,131 Hedging derivatives Other financial liabilities Totale liabilities at fair value 13,239 2, , Valuation techniques Valuation techniques are used when a quoted price is not available and shall be appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Single or multiple valuation techniques will be appropriate. If multiple valuation techniques are used to measure fair value, the results shall be evaluated considering the reasonableness of the range of values indicated by those results. A fair value measurement is the point within that range that is most representative of fair value considering the circumstances. Three widely used valuation techniques are: market approach: uses prices and other relevant information generated by market transactions involving identical or comparable (ie similar) assets, liabilities or a group of assets and liabilities; cost approach: reflects the amount that would be currently required to replace the service capacity of an asset; and income approach: converts future amounts to the present value (i.e. discounted) amount.

78 78 Generali Group Consolidated Financial Half-Yearly Report Application to assets and liabilities Debt securities Generally, if available and if the market is defined as active, fair value is equal to the market price. In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach are quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark defines the fair value level. The income approach in most cases means a discounted cash flow method where either the cash flow or the discount curve is adjusted to reflect credit risk and liquidity risk, using interest rates and yield curves commonly observable at frequent intervals. Depending on the observability of these parameters, the security is classified in level 2 or level 3. Equity securities Generally, if available and if the market is defined as active, fair value is equal to the market price. In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach are quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark defines the fair value level. The income approach in most cases means a dividend discounted cash flow method estimating the present value of future dividends. Depending on the observability of these parameters, the security is classified in level 2 or level 3. Investment fund units Generally, if available and if the market is defined as active, fair value is equal to the market price. In the opposite case, the fair value of IFU is mainly determined using net asset values (NAV) provided by the subjects responsible for the NAV calculation. This value is based on the valuation of the underlying assets carried out through the use of the most appropriate approach and inputs. Moreover, depending on how the share value is collected, directly from public providers or through counterparts, the appropriate hierarchy level is assigned. If this NAV equals the price at which the quote can be effectively traded on the market in any moment, the Group considers this value similar to the market price. Private equity funds ed Hedge funds Generally, if available and if the market is defined as active, fair value is equal to the market price. In the opposite case, the fair value of private equity funds and hedge funds is generally expressed as the net asset value at the balance sheet date, determined using periodical net asset value and audited financial statements provided by fund administrators. If at the balance sheet date, such information is not available, the latest official net asset value is used. The fair value of these investments is also closely monitored by a team of professionals within the Group. Derivatives Generally, if available and if the market is defined as active, fair value is equal to the market price. In the opposite case, the fair value of derivatives is determined using internal valuation models or provided by third parties. In particular, the fair value is determined primarily on the basis of income approach using deterministic or stochastic models of discounted cash flows commonly shared and used by the market. The main input used in the valuation include volatility, interest rates, yield curves, credit spreads, dividend estimates and exchange rates observed at frequent intervals. With reference to the fair value adjustment for credit and debt risk of derivatives (credit and debt valuation adjustment CVA / DVA), this adjustment is not material for the Group for the valuation of its positive and negative derivatives, as almost entirely of them is collateralized. Their evaluation does not take into account for these adjustments. Financial assets where the investment risk is borne by the policyholders and related to pension funds Generally, if available and if the market is defined as active, fair value is equal to the market price. On the contrary, valuation methodologies listed above for the different asset classes shall be used. Financial liabilities Generally, if available and if the market is defined as active, fair value is equal to the market price.

79 Consolidated Financial Half-Yearly Financial Statements- Generali Group 79 The fair value is determined primarily on the basis of the income approach using discounting techniques. In particular, the fair value of debt instruments issued by the Group are valued using discounted cash flow models based on the current marginal rates of funding of the Group for similar types of loans, with maturities consistent with the maturity of the debt instruments subject to valuation. The fair value of other liabilities relating to investment contracts is determined using discounted cash flow models that incorporate several factors, including the credit risk embedded derivatives, volatility, servicing costs and redemptions. In general, however, are subject to the same valuation techniques used for financial assets linked policies. 6.4 Transfers of financial instruments measured at fair value between Level 1 and Level 2 Generally transfers between levels are attributable to changes in market activities and observability of the inputs used in valuation techniques to determine the fair value of certain instruments. Financial assets and financial liabilities are mainly transferred from level 1 to level 2 when the liquidity and the frequency of transactions are no longer indicative of an active market. Conversely, for transfers from level 2 to level 1. The transfers were as follows: from level 2 to level 1: 324 million of government securities, 258 million of corporate bonds and 63 million of IFU; from level 1 to level 2: 56 million of government bonds, 298 million of corporate bonds and 63 million of IFU; from level 1 to level 2 of 81 million of financial assets where the investment risk is borne by the policyholders and related to pension funds. 6.5 Additional information on level 3 The amount of financial instruments classified in Level 3 represents 2.3% of total financial assets and liabilities at fair value, stable compared to 31 December Generally, the main inputs used in valuation techniques are volatility, interest rates, yield curves, credit spreads, dividend estimates and exchange rates. The more significant assets classified within Level 3 are the following: Unquoted equities It includes unquoted equity securities, mainly classified into available for sale. Their fair value is determined using the valuation methods described above or based on the net asset value of the company. These contracts are valued individually using appropriate input depending on the security and therefore neither a sensitivity analysis nor an aggregate of unobservable inputs used would be indicative of the valuation. In addition, for certain securities the amortized cost is considered to be a reasonable proxy for fair value, and does not therefore apply a sensitivity analysis. IFU funds, private equity and hedge funds It includes unquoted IFU funds, private equity and hedge funds, which are classified into available for sale and fair value through profit or loss. Their fair value is substantially provided by the fund administrators on the basis of the net asset value of the company. The fair value of these investments is also closely monitored by a team of professionals within the Group. With reference to the inputs on which the assessment is based, Generali Group might have, in some circumstances, limited details and therefore it is not possible to provide a sensitivity analysis. Also, for some IFU funds the amortized cost is considered to be a reasonable proxy of fair value, and is therefore not applicable, a sensitivity analysis. Financial assets where the investment risk is borne by the policyholders and related to pension funds Their fair value is determined using the valuation methods and observations on sensitivity analysis and input described above.

80 80 Generali Group Consolidated Financial Half-Yearly Report 2014 Bonds It includes corporate bonds, classified into available for sale and fair value through profit or loss. Their fair value is mainly determined based on the market or income approach. In terms of sensitivity analysis any changes in the inputs used in the valuation do not cause a significant impact on the fair value at the Group level considering the lack of materiality of these securities classified in level 3. In addition to the analyses described above, the Group has decided to classify all asset-backed securities in Level 3 since their evaluation is not generally supported by market inputs. Regarding prices from providers or counterparties have been classified in Level 3 all those titles for which you cannot replicate the price through market inputs. The following table shows a reconciliation of financial instruments measured at fair value and classified as level 3. In particular, as mentioned above, the transfers highlighted with reference to Level 3 are attributable to a more precise allocation among levels due to a better analysis of the inputs used in the valuation primarily of unquoted equities. ( million) 30/06/2014 Carrying amount at the beginning of the period Purchases and issues Net transfers in (out of) Level 3 Disposals through sales and settlements Available for sale financial assets 5, Equities 1, Bonds 1, Investment fund units 1, Other assets available for sale Financial assets at fair value through profit or loss 1, Equities Bonds Investment fund units Derivatives Hedging derivaties Investments back to policies where the investment riks is borne by the policyholders 1, Other assets at fair value through profit or loss Totale assets at fair value 7, Financial liabilities at fair value through profit or loss Financial liabilities related to investment contracts issued by insurance companies Derivatives Hedging derivaties Other financial liabilities Totale liabilities at fair value

81 Consolidated Financial Half-Yearly Financial Statements- Generali Group 81 Net unrealised gains and losses recognized in P&L Net unrealised gains and losses recognized in OCI Other changes Carrying amount at the end of the period Net impariment loss of the period recognised in P&L Net realised gains of the period recognised in P&L , , , , , , , ,

82 82 Generali Group Consolidated Financial Half-Yearly Report Information on employees Number of employees 30/06/ /12/2013 Managers 2,104 1,987 Employees 56,577 56,267 Sales attendants 18,787 18,743 Others Total 77,651 77,185 5 Earnings per share 30/06/ /06/2013 Result of the period ( million) 1,075 1,081 - from continuing operations 1, from discontinued operations Weighted average number of ordinary shares outstanding 1,555,982,267 1,540,790,961 Basic earnings per share ( ) from continuing operations from discontinued operations Basic earnings per share are calculated by dividing the result of the period attributable to the Group by the weighted average number of ordinary shares outstanding during the period, adjusted for the Parent Company s average number of shares owned by itself or by other Group companies during the period. Diluted earnings per share reflect the eventual dilution effect of potential ordinary shares. 30/06/ /06/2013 Result of the period ( million) 1,075 1,081 - from continuing operations 1, from discontinued operations Weighted average number of ordinary shares outstanding 1,555,982,267 1,540,790,961 Adjustments for stock option 0 0 Weighted average number of ordinary shares outstanding for diluted earnings per share 1,555,982,267 1,540,790,961 Diluted earnings per share ( ) from continuing operations from discontinued operations

83 Consolidated Financial Half-Yearly Financial Statements- Generali Group 83 6 Related parties disclosure With regard to transactions with related parties, the main intra-group activities, conducted at market prices or at cost, were undertaken through relations of insurance, reinsurance and co-insurance, administration and management of securities and real estate assets, leasing, loans and guarantees, IT and administrative services, personnel secondment and claims settlement. These services substantially aim at guaranteeing the streamlining of operational functions, greater economies in overall management, appropriate levels of service and an exploitation of Group-wide synergies. For further information regarding related parties transactions - and in particular regarding the procedures adopted by the Group to ensure that these transactions are performed in accordance with the principles of transparency and substantive and procedural correctness - please refer to the paragraph Related Party Transaction Procedures included in Corporate governance and share ownership report. The most significant economic and financial transactions with Group companies that are not included in the consolidation area and other related parties are listed below. As shown in the table below, the impact of such transactions, if compared on a Group basis, is not material. ( million) Subsidiaries with significant control not consolidated Associated companies Other related parties (*) Total % on balance - sheet item Loans , Loans issued Interest income Interest expenses The loans towards associated companies mainly refer to bonds issued by Telco S.p.a. which amount to million. As far as other related parties are concerned, the most significant transactions are with Mediobanca Group regarding investment bonds for million, and financial liabilities amounting to 158 million. Hybrid instruments of 500 million was settled in April. 7 Reinsurance policy of the Group Information on the reinsurance policy of the Group is provided in the Risk Report of the consolidated annual financial statements As abovementioned, in April 2014 Generali entered into the Insurance Linked Securities (ILS) market to optimize its protection against catastrophes. This transaction involves the risk transfer of catastrophic natural events for a period of three years through the placement of a Indemnity bond providing protection in respect of European windstorm risk under the US Rule 144A. This operation allowed to increase the protection provided to Generali till 190 million with fix annual premium of 2.25%.

84 84 Generali Group Consolidated Financial Half-Yearly Report Significant non-recurring events and transactions Below a description of non-recurring transactions carried out by the Group during the first half Fata Assicurazioni Danni S.p.A. In June Generali completed the 100% disposal of Fata Assicurazioni Danni. The price adjustment procedure led to a transaction worth a total of million. The operation resulted in a realized gain of 54 million. Generali Deutschland Holding In May the minorities squeeze-out of Generali Deutschland Holding AG (GDH) approved by the extraordinary general meeting of GDH last December 4th 2013 was registered with the Commercial Register in Germany. By the registration of the shareholders resolution all the shares held by the minority shareholders in GDH were transferred to Assicurazioni Generali. The shares of Generali Deutschland were withdrawn from the stock market. This transaction resulted in a reduction in the Group equity of 130 million. Telco In June Generali resolved to exercise the demerger option from Telco. The Group will complete the demerger until the deadline of 28th February 2015 or, should the demerger be earlier finalized, until the process is completed, subject to the fulfilment of the necessary requirements before the competent authorities. This operation had no impact on the economic and financial position of the Group as at the half year. BSI Group In July Generali concluded the agreement for the sale of its entire holding in BSI for a total consideration of 1.24 billion. The consideration of the sale of BSI will be adjusted using customary mechanisms and any fine established pursuant to the US Department of Justice s tax amnesty programme relating to Swiss financial banking institutions payable by BSI. Finally, the operation, in application of IFRS5, resulted in an impairment losses of 113 million. Pending the release of the necessary regulatory authorization, in accordance with IFRS 5, starting from 30 June 2014 BSI group was classified in the balance sheet as a disposal group held for sale. Consequently, this participation has not been excluded from consolidation but the total of the related assets and liabilities have been recorded in two separate lines in the balance sheet and the related profit or loss, net of tax effects, is recognized separately under the appropriate heading of the income statement net in the consolidated profit (loss) from discontinued operations. Further information is available in the section 13 - Non-current assets or disposal group classified as held for sale. 9 Atypical and/or unusual transactions During the year, there were no atypical and/or unusual transactions, which because of materiality, nature of counterparties, subject of the transaction, transfer price determination method and occurrence close to the balance sheet date might give raise to any doubts about the correctness and exhaustiveness of this report, conflict of interests, preservation of equity and protection of minorities.

85 Consolidated Financial Half-Yearly Financial Statements- Generali Group Non-current assets or disposal group classified as held for sale With reference to policy of divestment of non-core and not strategic assets, as abovementioned, in July 2014, Generali Group concluded an agreement for the sale of 100% of BSI group. Pending the release of the necessary regulatory authorization, in accordance with IFRS 5, starting from 30 June 2014 BSI group was classified in the balance sheet as a disposal group held for sale. Consequently, this participation has not been excluded from consolidation but both the total of the related assets and liabilities and the related profit or loss, net of tax effects, have been recorded separately in the specific lines in the financial statements. The following tables show a condensed indication of the balance sheet ant the income statement of the discontinued operations. Condensed balance sheet and profit and loss for discontinued operations ( million) 30/06/ /12/ INTANGIBLE ASSETS TANGIBLE ASSETS AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS INVESTMENTS 12,902 12,725 5 RECEIVABLES OTHER ASSETS CASH AND CASH EQUIVALENTS 5,242 7 TOTAL ASSETS 19,359 13,919 ( million) 30/06/ /12/ OTHER PROVISIONS INSURANCE PROVISIONS FINANCIAL LIABILITIES 16,806 16,674 5 PAYABLES OTHER LIABILITIES TOTAL LIABILITIES 17,482 17,259 (in million) 30/06/ /06/2013 Revenues Expenses Profit before tax of discountinued operations Tax Profit of the year from discontinued operations In accordance with IFRS 5, the assets of BSI group - reclassified to non-current assets or disposal groups classified as held for sale have been impaired by 113 million. Consequently, the result of the BSI group allocated to the item result from discontinued operations amounted to 81 million. With reference to the statement of cash flows, the above information will not be considered for the purposes of the cash flow for the year. In particular, with reference to 30 June 2014 these activities reduced cash for 2,068 million ( -1,898 million from operating activities, -158 million euro from investing activities and -12 from financing activities). Finally, the following table shows the fair value hierarchy of assets and liabilities at fair value held by discontinued operations at 30 June 2014.

86 86 Generali Group Consolidated Financial Half-Yearly Report 2014 ( million) 30/06/2014 Level 1 Level 2 Level 3 Total Available for sale financial assets 1, ,123 Equities Bonds 1, ,087 Investment fund units Other assets available for sale Financial assets at fair value through profit or loss 1, ,349 Equities Bonds Investment fund units Derivatives Other assets at fair value through profit or loss Totale assets at fair value 2, ,472 Financial assets at fair value through profit or loss Derivatives Other financial liabilities Totale liabilities at fair value

87 Appendices to the notes Consolidated Financial Half-Yearly Financial Statements- Generali Group 87

88 88 Generali Group Consolidated Financial Half-Yearly Report 2014 SEGMENT REPORTING BALANCE SHEET NON-LIFE SEGMENT LIFE SEGMENT ( million) 30/06/ /12/ /06/ /12/ INTANGIBLE ASSETS 3,841 3,862 4,669 4,722 2 TANGIBLE ASSETS 3,390 3,436 1,086 1,082 3 AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS 3,258 3,439 1,522 1,437 4 INVESTMENTS 35,665 34, , , Land and buildings (investment properties) 4,803 4,851 7,879 7, Investments in subsidiaries, associated companies and joint ventures ,442 4, Held to maturity investments ,203 1, Loans and receivables 3,940 3,581 45,302 46, Available for sale financial assets 25,519 24, , , Financial assets at fair value through profit or loss ,372 70,341 5 RECEIVABLES 6,257 5,884 6,220 4,993 6 OTHER ASSETS 5,270 5,343 9,689 9, Deferred acquisition costs ,673 1, Other assets 4,969 5,036 8,016 8,282 7 CASH AND CASH EQUIVALENTS 3,525 3,657 6,588 11,095 TOTAL ASSETS 61,206 59, , ,857 1 SHAREHOLDERS' EQUITY 2 OTHER PROVISIONS INSURANCE PROVISIONS 33,860 32, , ,780 4 FINANCIAL LIABILITIES 11,780 11,225 26,191 24, Financial liabilities at fair value through profit or loss ,900 14, Other financial liabilities 11,451 10,790 10,292 10,453 5 PAYABLES 3,248 3,596 6,312 4,374 6 OTHER LIABILITIES 5,206 5,676 5,388 4,294 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

89 Consolidated Financial Half-Yearly Financial Statements- Generali Group 89 Appendix 1 FINANCIAL SEGMENT CONSOLIDATION ADJUSTMENTS TOTAL 30/06/ /12/ /06/ /12/ /06/ /12/ ,540 9, ,531 4, ,780 4,875 12,985 25,384 7,164 6, , , ,681 12, ,730 3,542 1,287 1,407 2,253 2, ,517 4,115 6,529 16,083 3,434 2,987 52,338 63,371 4,148 4, , , , ,194 72, ,555 10,915 19, ,587 15, ,974 1,957 19, ,612 13, ,494 1,387 2,814 9,267 19,431 33,561 34,613 8,795 9, , ,656 23,696 21, ,691 1, , ,752 11,360 29,570 2,654 3,744 46,676 62, , ,228 16,084 11,359 28,433 2,654 3,744 30,448 45, ,742 8,129 17, ,451 10, , ,656

90 90 Generali Group Consolidated Financial Half-Yearly Report 2014 SEGMENT REPORTING INCOME STATEMENT NON-LIFE SEGMENT LIFE SEGMENT ( million) 30/06/ /06/ /06/ /06/ Net earned premiums 9,878 10,035 21,390 20, Gross earned premiums 10,507 10,801 21,819 21, Earned premiums ceded Fee and commission income and income from financial service activities 1.3 Net income from financial instruments at fair value through profit or loss 1.4 Income from subsidiaries, associated companies and joint ventures 1.5 Income from other financial instruments and land and buildings (investment properties) ,875 1, , ,788 6, Other income TOTAL INCOME 11,529 11,618 31,737 29, Net insurance benefits and claims 6,505 6,742 26,873 24, Claims paid and change in the insurance provisions 6,732 7,195 27,202 24, Reinsurers' share Fee and commission expenses Expenses from subsidiaries, associated companies and joint ventures 2.4Expenses from other financial instruments and land and buildings (investment properties) Acquisition and administration costs 2,721 2,811 2,319 2, Other expenses TOTAL EXPENSES 10,512 10,809 30,469 28,354 EARNINGS BEFORE TAXES 1, ,267 1,269

91 Consolidated Financial Half-Yearly Financial Statements- Generali Group 91 Appendix 2 FINANCIAL SEGMENT HOLDING EXPENSES CONSOLIDATION ADJUSTMENTS TOTAL 30/06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ ,267 30, ,326 31, ,059 1, ,834 1, ,088 7, ,045 1, ,766 41, ,378 31, ,934 31, ,562 1, ,133 5, ,655 1, ,960 40, ,805 1,651

92 92 Generali Group Consolidated Financial Half-Yearly Report 2014 Tangible and intangible assets 3 Appendix At amortized cost At revalued amount or at fair value Total Land and buildings (investment properties) 12,681 12,681 Land and buildings (self used) 2,725 2,725 Other tangible assets 1,806 1,806 Other intangible assets 1,921 1,921

93 Consolidated Financial Half-Yearly Financial Statements- Generali Group 93 Amounts ceded to reinsurers from insurance provisions Appendix 4 Direct insurance Accepted reinsurance Total book value ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Non-life amounts ceded to reinsurers from insurance provisions (*) 2,383 2, ,258 3,439 Life amounts ceded to reinsurers from insurance provisions (*) ,522 1,437 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds Mathematical and other insurance provisions ,366 1,281 Total 3,085 3,085 1,695 1,790 4,780 4,875 (*) After the elimination of intra-group transactions between segments.

94 94 Generali Group Consolidated Financial Half-Yearly Report 2014 Financial assets Appendix 5 Held to maturity investments Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss Financial assets held for trading Financial assets designated as at fair value through profit or loss Total book value ( million) 30/06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/2013 Equities at cost Equities at fair value ,675 10, ,196 2,200 12,876 12,876 of which quoted equities ,276 9, ,160 2,058 11,440 11,291 Bonds 3,487 4,088 36,255 38, , , ,130 14, , ,912 of which quoted bonds 3,487 4, , , ,515 14, , ,377 Investment fund units ,851 15, ,309 50,144 73,170 65,995 Loans and receivables from customers Loans and receivables from banks Deposits under reinsurance business accepted Deposit components of reinsurance contracts 0 0 1,455 6, ,455 6, , , Other loans and receivables ,848 16, ,848 16,387 Derivatives ,144 1,382 Hedging derivatives (*) Other financial investments ,331 1, ,183 2,731 5,544 4,701 Total 3,517 4,115 52,338 63, , , ,026 76,005 70, , ,410 (*) In accordance with Regolamento n 7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied.

95 Consolidated Financial Half-Yearly Financial Statements- Generali Group 95 Assets and liabilities related to policies where the investment risk is borne by policyholders and to pension funds Appendix 6 ( million) Policies where the investment risk is borne by the policyholders Pension funds 30/06/ /12/ /06/ /12/ /06/ /12/2013 Total Assets 61,348 56,898 2,142 2,218 63,490 59,116 Intra-group assets (*) Total 61,348 56,898 2,142 2,218 63,490 59,116 Financial liabilities 13,101 11,743 1,471 1,484 14,572 13,227 Insurance provisions (**) 48,889 45, ,879 45,653 Intra-group liabilities (*) Total 61,990 57,311 1,461 1,570 63,451 58,880 (*) Intra-group assets and liabilities refer to assets and liabilities which are eliminated in the consolidation process. (**) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.

96 96 Generali Group Consolidated Financial Half-Yearly Report 2014 Insurance provisions Appendix 7 Direct insurance Accepted reinsurance Total book value ( million) 30/06/ /12/ /06/ /12/ /06/ /12/2013 Non-life insurance provisions (*) 32,369 31,511 1,491 1,461 33,860 32,972 Provisions for unearned premiums 6,083 5, ,302 5,530 Provisions for outstanding claims 25,830 25,729 1,267 1,276 27,097 27,005 Other insurance provisions of which provisions for liability adequacy test Life insurance provisions (*) 332, ,113 1,763 1, , ,780 Provisions for outstanding claims 4,864 4,548 1, ,898 5,520 Mathematical provisions 243, , , ,189 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 49,022 45, ,035 45,809 Other insurance provisions 34,868 22, ,014 22,263 of which provisions for liability adequacy test 1, , of which deferred policyholder liabilities 15,382 3, ,382 3,999 Total 364, ,624 3,253 3, , ,752 (*) After the elimination of intra-group transactions between segments.

97 Consolidated Financial Half-Yearly Financial Statements- Generali Group 97 Financial liabilities Appendix 8 Financial liabilities at fair value through profit or loss Financial liabilities held for trading Financial liabilities designated as at fair value through profit or loss Other financial liabilities Total book value ( million) 30/06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/2013 Preference shares Subordinated liabilities ,085 7,612 8,085 7,612 Financial liabilities related to investment contracts issued by insurance companies ,628 13,270 4,797 4,663 19,425 17,933 where the investment risk is borne by the policyholders ,101 11, ,101 11,743 pension funds 0 0 1,471 1, ,471 1,484 other liabilities related to investment contracts ,797 4,663 4,853 4,705 Deposits received from reinsurers Deposit components of insurance contract Bonds ,665 4,915 4,665 4,915 Liabilities to customers ,729 22,392 7,729 22,392 Liabilities to banks ,143 1,616 1,143 1,616 Other loans ,042 3,738 3,042 3,738 Derivatives ,131 Hedging derivatives (*) Other financial liabilities Total ,104 15,523 30,448 45,932 46,676 62,016 (*) In accordance with Regolamento n 7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied.

98 98 Generali Group Consolidated Financial Half-Yearly Report 2014 Technical insurance items Appendix 9 30/06/ /06/2013 ( million) Gross amount Reinsurers' share Net amount Gross amount NON-LIFE SEGMENT Reinsurers' share Net amount NET EARNED PREMIUMS 10, ,878 10, ,035 a Premiums written 11, ,613 11, ,828 b Change in the provisions for unearned premiums NET INSURANCE BENEFITS AND CLAIMS 6, ,505 7, ,742 a Claims paid 6, ,154 6, ,228 b Change in the provisions for outstanding claims c Change in claims to be recovered d Change in other insurance provisions LIFE SEGMENT NET PREMIUMS 21, ,390 21, ,935 NET INSURANCE BENEFITS AND CLAIMS 27, ,873 24, ,457 a Claims paid 17, ,847 16, ,427 b Change in the provisions for outstanding claims c Change in the mathematical provisions 4, ,687 5, ,826 d Change in the provisions for policies where the investment risk is borne by the policyholders and the provisions for pension funds 3, ,275 2, ,037 e Change in other insurance provisions 1, ,

99 Consolidated Financial Half-Yearly Financial Statements- Generali Group 99 Income and expenses from investments, receivables and payables Appendix 10 ( million) Interests Income and expenses from investments a from land and buildings (investment propertiesa) b from investments in subsidiaries, associated companies and joint ventures c from held to maturity investments Other income Other expenses Realized gains Realized losses Total realized gains and losses Unrealized gains and reversal of impairment losses Unrealized gains Reversal of impairment losses Unrealized losses and impairment losses Unrealized losses Impairment losses Total unrealized gains and losses Total income and expenses 30/06/2014 Total income and expenses 30/06/2013 5,055 1, , ,119 3, ,070 10,189 8, d from loans and receivables 1, , ,069 1,059 e from available for sale financial assets f from financial assets held for trading g from financial assets designated as at fair value through profit or loss Income and expenses from receivables Income and expenses from cash and cash equivalents Income and expenses from financial liabilities a from financial liabilities held for trading bfrom financial liabilities designated as at fair value through profit or loss 3, , , ,728 4, , ,613 3,050 1, c from other financial liabilities Income and expenses from payables Total 4,428 1, , ,418 3, , ,013 9,431 7,590

100 100 Generali Group Consolidated Financial Half-Yearly Report 2014 Acquisition and administration costs of insurance business Appendix 11 ( million) Non-life segment Life segment 30/06/ /06/ /06/ /06/2013 Commissions and other acquisition costs net of commissions and profit commissions from reinsurers 2,112 2,152 1,765 1,868 Investment management expenses (*) Other administration costs Total 2,721 2,811 2,319 2,445 (*) Before the elimination of intra-group transactions between segments.

101 Consolidated Financial Half-Yearly Financial Statements- Generali Group 101 Details on other comprehensive income Appendix 12 Allocation Transfer to profit and loss account Other transfer Total variation Taxes Amounts ( million) 30/06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /12/2013 Items that may be reclassified to profit and loss in future periods Reserve for currency translation differences Unrealized gains and losses on available for sale financial assets Cash flow hedging derivative reserve Reserve for hedge of a net investment in a foreign operation Revenue reserve from valuation of equity Result of discontinued operations , , , ,017 2, Other reserves Items that may not be reclassified to profit and loss in future periods Revenue reserve from valuation of equity Result of discontinued operations Reserve for revaluation model on intangible assets Reserve for revaluation model on tangible assets Actuarial gains or losses arising from defined benefit plans TOTAL OTHER COMPREHENSIVE INCOME , , ,083 1,910

102 102 Generali Group Consolidated Financial Half-Yearly Report 2014 Details on financial assets reclassified and its effects in profit and loss account and comprehensive income ( million) Appendix 13 Financial asset categories affected by the reclassification from to Financial assets Amount of the financial assets reclassified in the year at the reclassification date Book value reclassified at 30/06/2014 Financial assets reclassified in 2014 Financial assets reclassified until 2014 Fair value as at 30/06/2014 Financial assets reclassified in 2014 Financial assets reclassified until 2014 Financial assets reclassified in 2014 Fair value gains or losses through profit or loss Fair value gains or losses through equity Financial assets reclassified until 2014 Fair value gains or losses through profit or loss Fair value gains or losses through equity Financial assets reclassified in 2014 Fair value gains or losses that would be recognised through profit or loss without reclassification Fair value gains or losses that would be recognised through equity without reclassification Financial assets reclassified until 2014 Fair value gains or losses that would be recognised through profit or loss without reclassification Fair value gains or losses that would be recognised through equity without reclassification Available for sale financial assets Loans and receivables Corporate bond 14,028 4,324 5, Financial asset at fair value through profit or loss Loans and receivables Corporate bond Totale 14,658 4,491 5,

103 Consolidated Financial Half-Yearly Financial Statements- Generali Group 103 Assets and liabilities measured at fair value on recurring and non-recurring basis: fair value hierarchy Appendix 14 Level 1 Level 2 Level 3 Total ( million) 30/06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/2013 Financial assets and liabilities at fair value through profit or loss on recurring basis Available for sale financial assets 222, ,390 28,920 22,871 5,869 5, , ,030 Financial assets at fair value through profit or loss 43,780 42,839 30,520 28,292 1,894 1,763 76,194 72,894 Financial assets held for trading 15 1, ,025 Financial assets designated as at fair value through profit or loss 43,765 41,096 30,362 28,027 1,879 1,745 76,005 70,868 Investment properties Tangible assets Intangible assets Total financial assets at fair value 266, ,229 59,440 51,163 7,763 7, , ,924 Financial liabilities at fair value through profit or loss 13,512 13,239 2,646 2, ,228 16,084 Financial liabilities held for trading Financial liabilities designated as at fair value through profit or loss 13,512 12,941 2,522 2, ,104 15,523 Total financial liabilities at fair value on recurring basis 13,512 13,239 2,646 2, ,228 16,084 Total financial assets and liabilities at fair value on recurring basis 1, na 1, Non-current assets or of discontinued operations 2, , Non-current liabilities or of discontinued operations

104 104 Generali Group Consolidated Financial Half-Yearly Report 2014 Details of the variations of assets and liabilities measured at fair value on a recurring basis classified in Level 3 Appendix 15 Available for sale financial assets Financial assets at fair value through profit or loss Financial assets Financial designated assets held as at fair for trading value through profit or loss Investment properties Tangible assets Intangible assets Financial liabilities at fair value through profit or loss Financial liabilities Financial designated liabilities as at fair held for value trading through profit or loss Opening balance 5, ,745 na na na 0 78 Purchases and issues na na na 0 0 Disposals through sales and settlements na na na 0 6 Pay-backs na na na 0 0 Net gains and losses recognized in P&L na na na 0 2 of which net unrealised gains and losses na 0 30 na na na 0 2 Net unrealised gains and losses recognized in OCI na na na 0 0 Net transfers in Level na na na 0 0 Net transfers out of Level na na na 0 0 Other changes na na na 0 0 Closing balance 5, ,880 na na na 0 71

105 Appendixes

106 106 Generali Group - Consolidated Financial half-yearly Report 2014

107 Condensed Consolidated half-yearly Financial Statements - Generali Group 107 Allegati 107 Newly consolidated Change in the consolidation area (*) Newly consolidated: 1. BSI Bank (Panama) S.A., Panama 2. BSI Fund Management S.A., Luxembourg 3. EASA Training Academy (Pty) Ltd, Constantia Kloof 4. Generali Financial Holding FCP-FIS - Sub-Fund 2, Luxembourg 5. GID-Fonds DLAET, Frankfurt 6. GID-Fonds GLRET 5, Frankfurt 7. SCI rue de la Paix, Paris 8. SCI Berges de Seine, Paris Company disposed of/wound up: 1. Alpine Services Ltd, Nassau 2. AM Vertriebsservice-Gesellschaft für Personenversicherungen mbh (fusa in VVS Versicherungs-Vertriebsservice GmbH), Frankfurt 3. Anderfin SA, Lugano 4. BSI Generali Bank (Channel Islands) Limited, St. Peter Port 5. BSI Trust Corp. (Bahamas) Ltd, Nassau 6. Fata Assicurazioni Danni S.p.A., Rome 7. FT GEN-Fonds, Frankfurt 8. SC Progador (SCI) (fusa in Generali Vie S.A.), Paris 9. SCI 3-5 Malesherbes (fusa in SCI Malesherbes), Paris 10. SCI Generali Le Franklin (fusa in Generali Vie S.A.), Paris 11. SCI Haussmann 50-Generali (fusa in Generali Vie S.A.), Paris 12. SCI Parcolog Dagneux, Paris 13. SCI Parcolog Orchies, Paris 14. Thalìa S.A., Lugano * Consolidation area consists of companies consolidated line by line.

108 108 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Assicurazioni Generali S.p.A. 086 EUR 1,556,873,283 G Genertellife S.p.A Generali Italia S.p.A. Genertel S.p.A. 086 EUR 23,000,000 G Genertellife S.p.A UMS S.p.A. 086 EUR 15,993,180 G Generali Italia S.p.A Risparmio Assicurazioni S.p.A. 086 EUR 5,175,152 G Generali Italia S.p.A Europ Assistance Italia S.p.A. 086 EUR 12,000,000 G Europ Assistance Holding S.A Generali Italia S.p.A. Genagricola S.p.A. 086 EUR 187,850,000 G Generali Italia S.p.A Finagen S.p.A. in liquidazione 086 EUR 6,700,000 G Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Banca Generali S.p.A. 086 EUR 115,427,801 G Genertel S.p.A Generali Vie S.A Genertellife S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Europ Assistance Service SpA 086 EUR 4,325,000 G Europ Assistance Italia S.p.A Europ Assistance Trade S.p.A. 086 EUR 540,000 G Europ Assistance Italia S.p.A Europ Assistance Service SpA Agricola San Giorgio S.p.A. 086 EUR 22,160,000 G Genagricola S.p.A Generali Real Estate S.p.A. 086 EUR 780,000 G Genertel Servizi Assicurativi 086 EUR 80,000 G Genertel S.p.A Genertellife S.p.A. Europ Assistance Vai S.p.A. 086 EUR 468,000 G Europ Assistance Service SpA Genertellife S.p.A. 086 EUR 168,200,000 G Generali Italia S.p.A Generali Investments Europe 086 EUR 39,500,000 G Gen Inv S.p.A Alleanza Assicurazioni S.p.A. Generali Horizon S.p.A. 086 EUR 120,000 G Generali Italia S.p.A GenerFid S.p.A. 086 EUR 240,000 G Banca Generali S.p.A EOS Servizi Fiduciari SpA 086 EUR 750,000 G BSI S.A Assitimm S.r.l. 086 EUR 100,000 G Generali Italia S.p.A. SIMGENIA S.p.A. SIM 086 EUR 5,200,000 G Banca Generali S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. CityLife S.p.A. 086 EUR 351,941 G Generali Properties S.p.A BG Fiduciaria Sim S.p.A. 086 EUR 5,200,000 G Banca Generali S.p.A Gen Inv S.p.A. 086 EUR 41,360,000 G

109 Condensed Consolidated half-yearly Financial Statements - Generali Group 109 Allegati 109 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Generali Deutschland Holding Generali France S.A Generali France Assurances SA Generali Immobiliare Italia GR 086 EUR 5,000,000 G Generali Real Estate S.p.A Generali Innovation Center AR 086 EUR 3,100,000 G Genertel S.p.A Generali Italia S.p.A GBS S.c.p.A. D.A.S. S.p.A. 086 EUR 2,750,000 G Generali Italia S.p.A Generali Properties S.p.A. 086 EUR 268,265,145 G Generali Italia S.p.A Fondo Scarlatti 086 EUR 547,456,612 G Genertel S.p.A Generali Vie S.A Genertellife S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Generali Italia S.p.A. 086 EUR 1,618,628,450 G GBS S.c.p.A. 086 EUR 8,010,000 G Genertel S.p.A Europ Assistance Italia S.p.A Banca Generali S.p.A Genertel Servizi Assicurativi 0.26 Genertellife S.p.A Generali Investments Europe 0.25 SIMGENIA S.p.A. SIM 0.01 BG Fiduciaria Sim S.p.A Generali Immobiliare Italia GR 0.01 Generali Properties S.p.A Generali Italia S.p.A Generali Infrastructure Serv Alfuturo Servizi Assicurativi 0.01 GCS S.c.a.r.l Alleanza Assicurazioni S.p.A. Generali Infrastructure Serv. 086 EUR 27,000 G Generali Vie S.A Generali Belgium S.A Generali Vida de Seguros S.A Generali Pojistovna a.s GBS S.c.p.A Ceska pojistovna, a.s.

110 110 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Fondo Cimarosa 086 EUR 508,445,239 G Genertel S.p.A Generali Vie S.A Genertellife S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Fondo Immobiliare Mascagni 086 EUR 2,214,121,368 G Genertel S.p.A Genertellife S.p.A Generali Properties S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Fondo Immobiliare Toscanini 086 EUR 262,022,734 G Genertellife S.p.A Assitimm S.r.l Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Alfuturo Servizi Assicurativi 086 EUR 70,000 G Alleanza Assicurazioni S.p.A D.A.S. Legal Services S.r.l. 086 EUR 100,000 G D.A.S. S.p.A GCS S.c.a.r.l. 086 EUR 10,000 G Genertel S.p.A Europ Assistance Italia S.p.A Banca Generali S.p.A Genertellife S.p.A Generali Investments Europe 1.00 SIMGENIA S.p.A. SIM 1.00 Generali Immobiliare Italia GR Generali Italia S.p.A GBS S.c.p.A Generali Infrastructure Serv Alleanza Assicurazioni S.p.A. Alleanza Assicurazioni S.p.A. 086 EUR 210,000,000 G Generali Italia S.p.A Dialog Lebensversicherungs AG 094 EUR 2,045,200 G Generali Beteiligungs AG Generali Deutschland Holding 094 EUR 137,560,202 G Generali Beteiligungs-GmbH 0.93 Generali España, S.A Generali Belgium S.A Generali Levensverz. Maatsch Generali Assurances Générales 2.14 Vitalicio Torre Cerdà S.l Generali Vermögensverwaltung K

111 Condensed Consolidated half-yearly Financial Statements - Generali Group 111 Allegati 111 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) 1.86 Alleanza Assicurazioni S.p.A. AachenMünchener Lebensvers. 094 EUR 71,269,998 G Generali Deutschland Holding AachenMünchener Versicherung 094 EUR 136,463,896 G Generali Deutschland Holding Generali Lebensversicherung AG 094 EUR 124,053,300 G Generali Beteiligungs AG Generali Versicherung AG 094 EUR 27,358,000 G Generali Beteiligungs AG Central Krankenversicherung AG 094 EUR 34,017,984 G Generali Deutschland Holding Europ Assistance Versicherung 094 EUR 2,800,000 G Generali Deutschland Holding Europ Assistance S.A. Cosmos Lebensversicherungs AG 094 EUR 10,739,616 G Generali Deutschland Holding Cosmos Versicherung AG 094 EUR 9,205,200 G Generali Deutschland Holding ENVIVAS Krankenversicherung AG 094 EUR 1,022,800 G Generali Deutschland Holding ADVOCARD Rechtsschutzvers. AG 094 EUR 12,920,265 G AachenMünchener Versicherung Generali Versicherung AG Generali Beteiligungs-GmbH 094 EUR 1,005,000 G Generali Beteiligungs AG 094 EUR 66,963,298 G Generali Deutschland Holding Transocean Holding Corporation ALLWO GmbH 094 EUR 17,895,500 G AachenMünchener Versicherung Generali Versicherung AG Deutsche Bausparkasse Badenia 094 EUR 40,560,000 G Generali Deutschland Holding Europ Assistance Services GmbH 094 EUR 250,000 G Europ Assistance Versicherung Generali Deutschland Finanzd. 094 EUR 52,000 G Generali Deutschland Holding Generali Deutschland Informat. 094 EUR 15,000,000 G Generali Deutschland Holding ATLAS Dienstleistungen 094 EUR 4,100,000 G AachenMünchener Lebensvers AM Ges. betr. Altersversorgung 094 EUR 60,000 G AachenMünchener Lebensvers Cosmos Finanzservice GmbH 094 EUR 25,565 G Cosmos Versicherung AG Schloss Bensberg Management 094 EUR 250,000 G AachenMünchener Lebensvers Generali Investments Deut. KAG 094 EUR 9,050,000 G Gen Inv S.p.A AMCO Beteiligungs-GmbH 094 EUR 500,000 G Generali Deutschland Holding Thuringia Generali 2Immobilien 094 EUR 84,343,265 G Generali Lebensversicherung AG Thuringia Generali 1Immobilien 094 EUR 21,388,630 G Generali Lebensversicherung AG Volksfürsorge 1Immobilien AGKG 094 EUR 3,583 G Generali Lebensversicherung AG Central Zweite Immobilien AGKG 094 EUR 12,371,997 G Central Krankenversicherung AG Central Erste Immobilien AG&KG 094 EUR 4,823,507 G Central Krankenversicherung AG AM Erste Immobilien AG&Co. KG 094 EUR 71,360,992 G AachenMünchener Lebensvers Generali Private Equity Invest 094 EUR 500,000 G Gen Inv S.p.A Generali Deutschland Pensionsk 094 EUR 7,500,000 G Generali Deutschland Holding DBB Vermögensverwaltung GmbHKG 094 EUR 21,214,579 G Deutsche Bausparkasse Badenia AM Vers Erste Immobilien KG 094 EUR 16,775,749 G AachenMünchener Versicherung

112 112 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) GID Fonds AAREC 094 EUR 3,309,907,657 G Dialog Lebensversicherungs AG AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG Cosmos Lebensversicherungs AG 0.47 ADVOCARD Rechtsschutzvers. AG 0.67 Generali Deutschland Pensionsk GID Fonds ALAOT 094 EUR 803,034,597 G AachenMünchener Lebensvers GID Fonds GDRET 094 EUR 266,833,324 G Generali Deutschland Holding Generali Versicherung AG 1.94 Cosmos Versicherung AG ADVOCARD Rechtsschutzvers. AG GID Fonds AMLRET 094 EUR 574,466,602 G AachenMünchener Lebensvers GID Fonds AVAOT 094 EUR 89,462,713 G Generali Versicherung AG GID Fonds CEAOT 094 EUR 472,120,787 G Central Krankenversicherung AG GID Fonds CLAOT 094 EUR 330,312,556 G Cosmos Lebensversicherungs AG GID Fonds GLRET EUR 463,697,568 G Generali Lebensversicherung AG GID Fonds GLMET 094 EUR 801,922,792 G Generali Lebensversicherung AG GID Fonds GVMET 094 EUR 329,182,874 G Generali Versicherung AG GID Fonds GLLAE 094 EUR 639,802,405 G Generali Lebensversicherung AG Generali Deutschland Sicherung 094 EUR 25,000 G Generali Beteiligungs AG GID Fonds VLAOT 094 EUR 1,604,768,317 G Generali Lebensversicherung AG GID Fonds GLRET EUR 845,412,069 G Generali Lebensversicherung AG GID Fonds GLRET EUR 774,765,272 G Generali Lebensversicherung AG Vofü Fonds I Hamburgische KG 094 EUR 14,800,000 G Generali Beteiligungs AG Volksfürsorge 5Immobilien AGKG 094 EUR 637,238,457 G Generali Lebensversicherung AG Generali Deutsch. Pensor Pens. 094 EUR 5,100,000 G Generali Beteiligungs AG GID Fonds GPRET 094 EUR 108,840,701 G Generali Deutsch. Pensor Pens Generali Deutschland Schadenm. 094 EUR 100,000 G Generali Deutschland Holding Generali Deutschland Services 094 EUR 100,000 G Generali Deutschland Holding AM Sechste Immobilien AG KG 094 EUR 85,025,000 G AachenMünchener Lebensvers GLL AMB Generali Prop. Fund I 094 EUR 36,860,630 G GLL AMB Generali Cross-Border GLL AMB Generali Prop. Fund II 094 EUR 63,070,666 G GLL AMB Generali Cross-Border Generali 3. Immobilien AG&CoKG 094 EUR 62,667,551 G Generali Lebensversicherung AG Einkaufszentrum Louisen-Center 094 EUR 77,675,829 G Generali Deutschland Holding Volksfürsorge AG Vertriebsges. 094 EUR 1,100,000 G Generali Beteiligungs AG Generali Vermögensverwaltung K 094 EUR 272,550,000 G Generali Beteiligungs-GmbH

113 Condensed Consolidated half-yearly Financial Statements - Generali Group 113 Allegati 113 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) GLL AMB Generali 200 State 094 EUR 36,756,490 G GLL AMB Generali Cross-Border VVS Versich.-Vertriebsservice 094 EUR 250,000 G ATLAS Dienstleistungen GID Fonds AVAOT II 094 EUR 37,677,828 G AachenMünchener Versicherung GID Fonds AVAOT III 094 EUR 22,981,275 G ADVOCARD Rechtsschutzvers. AG GID Fonds ALRET 094 EUR 1,546,241,459 G AachenMünchener Lebensvers GID Fonds CERET 094 EUR 1,996,846,378 G Central Krankenversicherung AG GID Fonds CLRET 094 EUR 655,124,008 G Cosmos Lebensversicherungs AG GID Fonds GLRET 094 EUR 2,621,288,460 G Generali Lebensversicherung AG GID Fonds DLRET 094 EUR 57,914,506 G Dialog Lebensversicherungs AG GID Fonds GDPRET 094 EUR 259,753,829 G Generali Deutschland Pensionsk GID Fonds GVRET 094 EUR 560,657,125 G Generali Versicherung AG GEREII GmbH & Co. KG 094 EUR 20,203,178 G Dialog Lebensversicherungs AG AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG Cosmos Lebensversicherungs AG 5.55 ADVOCARD Rechtsschutzvers. AG 0.04 Generali Real Estate S.p.A. GNAREI GmbH & Co. KG 094 EUR 17,560,021 G AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG Cosmos Lebensversicherungs AG 0.05 Generali Real Estate S.p.A. GENTUM Nr EUR 152,287,479 G Dialog Lebensversicherungs AG AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG Cosmos Lebensversicherungs AG 3.00 ADVOCARD Rechtsschutzvers. AG GID Fonds AVRET 094 EUR 196,690,722 G AachenMünchener Versicherung GID Fonds GLAKOR 094 EUR 153,482,488 G Generali Lebensversicherung AG GID Fonds AARGT 094 USD 225,308,064 G Cosmos Lebensversicherungs AG GENTUM Nr EUR 153,649,882 G AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG GID-Fonds GLRET EUR 6,493,944,625 G Generali Lebensversicherung AG GID Fonds DLAET 094 EUR 13,100,000 G Dialog Lebensversicherungs AG

114 114 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Generali IARD S.A. 029 EUR 59,493,775 G Generali France Assurances SA Generali Vie S.A. 029 EUR 299,197,104 G Generali France Assurances SA L'Equité IARD S.A. 029 EUR 18,469,320 G Generali France Assurances SA GFA Caraïbes 213 EUR 5,742,000 G Generali France Assurances SA Prudence Creole 247 EUR 6,164,000 G Generali France S.A Generali France Assurances SA Europ Assistance Holding S.A. 029 EUR 17,316,016 G Generali Vie S.A Generali France S.A Part. Maat. Graafschap Holland Europ Assistance France S.A. 029 EUR 2,464,320 G Europ Assistance Holding S.A Generali France S.A. 029 EUR 114,336,053 G Part. Maat. Graafschap Holland Courtage Inter Caraibes 213 EUR 50,000 G GFA Caraïbes Generali 7 S.A. 029 EUR 270,000 G Generali Vie S.A Generali France S.A Generali France Assurances SA Expert & Finance S.A. 029 EUR 3,508,520 G Generali Vie S.A Generali France Assurances SA 029 EUR 1,038,510,560 G Generali France S.A E-Cie Vie S.A. 029 EUR 86,950,710 G Generali France Assurances SA Suresnes Immobilier S.A. 029 EUR 43,040,000 G Generali Vie S.A Europ Assistance S.A. 029 EUR 35,402,785 G Europ Assistance Holding S.A Europ Assistance Téléassist. 029 EUR 100,000 G Europ Assistance France S.A SCI Generali Carnot 029 EUR 10,525,000 G Generali Vie S.A Icare S.A. 029 EUR 7,000,020 G Europ Assistance Holding S.A Icare Assurance S.A. 029 EUR 1,276,416 G Icare S.A Icare Courtage S.a.r.l. 029 EUR 32,000 G Icare S.A SCI Font Romeu Neige et Soleil 029 EUR 15,200 G Generali IARD S.A Generali Habitat SCpI 029 EUR 3,456,234 G Generali Vie S.A SCI Generali Reaumur 029 EUR 10,643,469 G Generali Vie S.A SCI Cogipar 029 EUR 10,000 G Generali Vie S.A SCI Generali Pierre 029 EUR 10,113,505 G Generali IARD S.A Generali Vie S.A SCI Generali Wagram SCI Generali Pyramides 029 EUR 30,160,815 G Generali IARD S.A SCI Generali Wagram SCI Generali Wagram 029 EUR 284,147 G Generali IARD S.A SCI 42 Notre Dame De Victoires 029 EUR 30,553,520 G Generali Vie S.A

115 Condensed Consolidated half-yearly Financial Statements - Generali Group 115 Allegati 115 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) SCI du Coq 029 EUR 12,877,678 G Generali IARD S.A Generali Vie S.A. SCI Espace Seine-Generali 029 EUR 153,000 G Generali Vie S.A SCI GPA Pierre 029 EUR 40,800,000 G Generali IARD S.A Generali Vie S.A. SCI du 54 Avenue Hoche 029 EUR 152,400 G Generali Vie S.A SCI Landy-Novatis 029 EUR 1,000,000 G Generali Vie S.A SCI Landy-Wilo 029 EUR 1,000,000 G Generali IARD S.A Generali Vie S.A. SC Commerce Paris 029 EUR 1,746,570 G Generali Vie S.A SCI Generali Commerce EUR 100,000 G Generali IARD S.A SCI Generali Commerce EUR 100,000 G Generali IARD S.A SCI Generali le Moncey 029 EUR 919,020 G Generali Vie S.A Ifa S.A. 029 EUR 15,785,200 G BSI S.A Sarl Parcolog Lille Henin B EUR 744,797 G SC Generali Logistique SCI Beaune Logistique EUR 8,001,000 G Generali Vie S.A SC Generali Logistique SC Generali Logistique 029 EUR 128,960,806 G Generali Vie S.A Immob.Comm. Indes Orientales 029 EUR 134,543,500 G Generali Vie S.A SAS IMMOCIO CBI 029 EUR 68,690,268 G Immob.Comm. Indes Orientales SCI Iris La Défense 029 EUR 1,350 G Generali IARD S.A Generali Vie S.A. Terra Nova V Montreuil SCI 029 EUR 1,000 G Torelli S.à.r.l Sammartini S.à.r.l. Oudart S.A. 029 EUR 5,500,000 G BSI S.A Oudart Gestion S.A. 029 EUR 1,000,000 G Oudart S.A Oudart Patrimoine Sarl 029 EUR 38,125 G Oudart S.A Solidia Finance et Patrimonie 029 EUR 305,580 G Oudart S.A OPCI Parcolog Invest 029 EUR 225,848,750 G Generali Vie S.A E-Cie Vie S.A. SCI Parc Logistique Maisonn EUR 7,051,000 G SC Generali Logistique SCI Parc Logistique Maisonn EUR 5,104,000 G SC Generali Logistique SCI Parc Logistique Maisonn EUR 8,004,000 G SC Generali Logistique SCI Parc Logistique Maisonn EUR 8,004,000 G SC Generali Logistique SCI Parcolog Isle D'Abeau EUR 11,472,000 G SC Generali Logistique SCI Parcolog Isle D'Abeau EUR 12,476,000 G SC Generali Logistique SCI Parcolog Isle D'Abeau EUR 12,476,000 G SC Generali Logistique

116 116 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) SCI Parcolog Gondr. Fontenoy EUR 3,838,000 G SC Generali Logistique SCI Parcolog Combs La Ville EUR 7,001,000 G SC Generali Logistique SCI Parcolog Mitry Mory 029 EUR 11,320,950 G SC Generali Logistique SCI Parcolog Bordeaux Cestas 029 EUR 9,508,000 G SC Generali Logistique SCI Parcolog Marly 029 EUR 7,001,000 G SC Generali Logistique SC Parcolog Messageries 029 EUR 1,000 G SC Generali Logistique SCI Generali Le Dufy 029 EUR 20,319,682 G Generali Vie S.A SCI Commerces Regions 029 EUR 1,000 G Generali IARD S.A Generali Vie S.A. SCI Eureka Nanterre 029 EUR 1,000 G Generali Vie S.A SCI Thiers Lyon 029 EUR 1,000 G Generali IARD S.A Generali Vie S.A. SCI Iliade Massy 029 EUR 1,000 G Generali Vie S.A SAS Ocealis 029 EUR 300,000 G Europ Assistance Holding S.A SAS Parcolog Lille Henin B EUR 302,845 G OPCI Parcolog Invest OPCI Generali Bureaux 029 EUR 103,996,539 G Generali Vie S.A OPCI Generali Residentiel 029 EUR 149,607,800 G Generali Vie S.A GEII Rivoli Holding SAS 029 EUR 12,000,000 G Generali Europe Income Holding OPCI GB1 029 EUR 153,698,740 G Generali Vie S.A OPCI GR1 029 EUR 200,481,793 G Generali IARD S.A Generali Vie S.A L'Equité IARD S.A E-Cie Vie S.A. SAS Lonthènes 029 EUR 529,070 G E-Cie Vie S.A SCI rue de la Paix 029 EUR 20,207,750 G Generali Vie S.A SCI Berges de Seine 029 EUR 7,500,250 G Generali Vie S.A Generali Rückversicherung AG 008 EUR 8,833,000 G Generali Holding Vienna AG 008 EUR 63,732,464 G Generali Rückversicherung AG Part. Maat. Graafschap Holland 0.05 Generali Finance B.V Generali Worldwide Insurance Transocean Holding Corporation Europäische Reiseversicherungs 008 EUR 730,000 G Generali Holding Vienna AG Generali Versicherung AG (A) 008 EUR 27,338,520 G Generali Rückversicherung AG Generali Holding Vienna AG Europ Assistance Gesellschaft 008 EUR 70,000 G Europ Assistance Holding S.A Generali Holding Vienna AG Allgemeine Immobilien Verw. KG 008 EUR 17,441,553 G Generali Versicherung AG (A)

117 Condensed Consolidated half-yearly Financial Statements - Generali Group 117 Allegati 117 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Generali Capital Management 008 EUR 150,000 G Generali Deutschland Holding Generali Holding Vienna AG Interunfall/AIV-Leasing Vorar. 008 EUR 18,168 G Generali Versicherung AG (A) Allgemeine Immobilien Verw. KG Generali Leasing GmbH 008 EUR 730,000 G Generali Versicherung AG (A) Care Consult Versicherungsmak. 008 EUR 138,078 G Europäische Reiseversicherungs Generali/AIV Leasing Vorarlb. 008 EUR 18,168 G Generali Versicherung AG (A) Allgemeine Immobilien Verw. KG Generali/AIV Leasing Salzburg 008 EUR 18,168 G Generali Versicherung AG (A) Allgemeine Immobilien Verw. KG Generali/AIV Leasing St.Pölten 008 EUR 18,168 G Generali Versicherung AG (A) Allgemeine Immobilien Verw. KG Interunfall/AIV-Leasing Salzb. 008 EUR 18,168 G Generali Versicherung AG (A) Allgemeine Immobilien Verw. KG Generali Sales Promotion GmbH 008 EUR 50,000 G Generali Versicherung AG (A) Generali Bank AG 008 EUR 26,000,000 G Generali Holding Vienna AG Generali Versicherung AG (A) Generali IT-Solutions GmbH 008 EUR 17,500 G Generali Holding Vienna AG Generali Pensionskasse AG 008 EUR 350,000 G Generali Holding Vienna AG Generali Immobilien GmbH 008 EUR 4,900,000 G Generali Versicherung AG (A) Generali VIS Informatik GmbH 008 EUR 35,000 G Generali Holding Vienna AG BK Gli GLBond Spezialfonds 008 EUR 9,330 G Generali Versicherung AG (A) Banken-Generali-GLStock 008 EUR 5,724 G Generali Holding Vienna AG Europäische Reiseversicherungs Generali Versicherung AG (A) CA Global Property Int. Imm.AG 008 EUR 11,264,315 G Generali Versicherung AG (A) BAWAG PSK Versicherung AG 008 EUR 12,000,000 G Generali Holding Vienna AG BAWAG Spezial EUR 13,730 G BAWAG PSK Versicherung AG Banken-Generali-GSBond 008 EUR 3,650 G Generali Versicherung AG (A) Banken - GEN4A Spezialfonds 008 EUR 55,500 G Generali Versicherung AG (A) Banken - CEE Liquid 008 EUR 45,870 G Generali Versicherung AG (A) BAWAG PSK Versicherung AG GEN4Dividend Spezialfonds 008 EUR 1,248,500 G Generali Holding Vienna AG Europäische Reiseversicherungs Generali Versicherung AG (A) Generali España, S.A. 067 EUR 60,925,401 G Generali España Holding S.A Hermes S.L. Europ Assistance España S.A. 067 EUR 3,612,000 G Europ Assistance Holding S.A

118 118 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) 5.00 Generali España, S.A. Generali España Holding S.A. 067 EUR 563,490,658 G Hermes S.L. 067 EUR 24,933,093 G Generali España, S.A Gensegur Agencia de Seguros SA 067 EUR 60,101 G Generali España, S.A Vitalicio Torre Cerdà S.l. 067 EUR 1,112,880 G Generali España, S.A Generali España AIE Cajamar Vida S.A. 067 EUR 9,015,200 G Generali España Holding S.A Europ Assistance SIdG, S.A. 067 EUR 400,000 G Europ Assistance España S.A Generali España AIE 067 EUR 35,597,000 G Generali España, S.A Generali España Holding S.A. Coris Gestion S.l. 067 EUR 3,008 G Europ Assistance SIdG, S.A Cafel Inversiones 2008, S.L. 067 EUR 3,006 G Frescobaldi S.à.r.l GLL City22 S.L. 067 EUR 20,003,006 G GLL AMB Generali City22 Sàrl Cajamar Seguros Generales S.A. 067 EUR 6,761,400 G Generali España Holding S.A Generali Portfolio Mngmt (UK) 031 GBP 250,000 G Generali Worldwide Insurance Generali Belgium S.A. 009 EUR 40,000,000 G Flandria Participations Fin Generali Levensverz. Maatsch Part. Maat. Graafschap Holland 0.28 Generali Finance B.V Generali Italia S.p.A. Europ Assistance Belgium S.A. 009 EUR 6,012,000 G Europ Assistance S.A Flandria Participations Fin. 009 EUR 40,072,900 G Generali Italia S.p.A. Europ Assistance Services S.A. 009 EUR 186,000 G Generali Belgium S.A Europ Assistance Belgium S.A. MRS Bioul S.A. 009 EUR 850,000 G Generali Real Estate Inv. B.V Generali Belgium Senior Homes RVT Kortenaken SA 009 EUR 1,200,000 G Generali Real Estate Inv. B.V Generali Belgium Senior Homes RVT Zottegem SA 009 EUR 2,250,000 G Generali Real Estate Inv. B.V Generali Belgium Senior Homes RVT Oordegem SA 009 EUR 146,382 G Generali Real Estate Inv. B.V Generali Belgium Senior Homes Casa-Bouw Sprl 009 EUR 15,719,831 G Generali Real Estate Inv. B.V Generali Belgium Senior Homes Generali Levensverz. Maatsch. 050 EUR 2,268,901 G Generali Verzekeringsgroep NV Generali Schadeverz. Maatsch. 050 EUR 1,361,341 G Generali Verzekeringsgroep NV

119 Condensed Consolidated half-yearly Financial Statements - Generali Group 119 Allegati 119 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Part. Maat. Graafschap Holland 050 EUR 1,583,299,220 G Genertellife S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Generali Verzekeringsgroep NV 050 EUR 5,545,103 G Flandria Participations Fin Part. Maat. Graafschap Holland BV Algemene Holding en Financ Transocean Holding Corporation BV Algemene Holding en Financ. 050 EUR 4,696,625 G Generali Holding Vienna AG Participatie Maat. Transhol 050 EUR 1,633,609 G Transocean Holding Corporation Generali Finance B.V. 050 EUR 100,000,000 G Generali Italia S.p.A. Redoze Holding N.V. 050 EUR 22,689,011 G Generali Worldwide Insurance Transocean Holding Corporation NV De Nederlanden van Nu 050 EUR 500,000 G Generali Schadeverz. Maatsch Generali Asia N.V. 050 EUR 144,000 G Part. Maat. Graafschap Holland Generali Turkey Holding B.V. 050 EUR 22,600 G Part. Maat. Graafschap Holland Generali Real Estate Inv. B.V. 050 EUR 123,955,000 G Generali Belgium S.A Generali Levensverz. Maatsch. Generali Horizon B.V. 050 EUR 90,760 G Generali Worldwide Insurance Lion River I N.V. 050 EUR 555,496 G Generali Deutschland Holding Generali Vie S.A Generali Assurances Générales 8.10 Lion River II N.V. Saxon Land B.V. 050 EUR 16,662 G Part. Maat. Graafschap Holland Generali Capital Finance B.V. 050 EUR 10,000,000 G Generali Finance B.V. Generali PPF Holding B.V. 050 EUR 2,621,820 G Lion River II N.V. 050 EUR 48,500 G Generali Beteiligungs-GmbH Generali Vie S.A Part. Maat. Graafschap Holland 2.06 Generali Italia S.p.A. CZI Holdings N.V. 050 EUR 2,662,000,000 G Generali PPF Holding B.V CP Strategic Investments N.V. 050 EUR 225,081 G Ceska pojistovna, a.s Iberian Structured Investments 050 EUR 90,000 G Generali PPF Holding B.V

120 120 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Generali PanEurope Limited 040 EUR 42,134,869 G Generali Deutschland Holding 0.77 Generali Finance B.V Generali Worldwide Insurance Genirland Limited 040 EUR 113,660,000 G Part. Maat. Graafschap Holland Generali Hellas?.A.?. 032 EUR 12,976,200 G Generali European Retail IH SA 092 EUR 31,050 G Generali Vie S.A Generali Rückversicherung AG 1.17 Generali Vida de Seguros S.A Generali Real Estate Inv. B.V. Generali European Real Estate 092 EUR 293,021,021 G AachenMünchener Lebensvers Generali Lebensversicherung AG Generali Vie S.A Generali Rückversicherung AG 4.88 Generali España, S.A Generali Vida de Seguros S.A Generali Real Estate Inv. B.V Generali Italia S.p.A. Frescobaldi S.à.r.l. 092 EUR 1,000,000 G Generali European Real Estate GLL AMB Generali Cross-Border 092 EUR 225,000,000 G AachenMünchener Lebensvers Generali Lebensversicherung AG Central Krankenversicherung AG 8.00 Cosmos Lebensversicherungs AG Generali Fund Management S.A. 092 EUR 3,921,900 G Banca Generali S.p.A Gen Inv S.p.A. Corelli S.à.r.l. 092 EUR 12,500 G Generali European Real Estate Torelli S.à.r.l. 092 EUR 12,500 G Generali European Real Estate Sammartini S.à.r.l. 092 EUR 12,500 G Generali European Real Estate BSI Europe S.A. 092 EUR 35,400,000 G BSI S.A GLL AMB Generali City22 Sàrl 092 EUR 200,000 G GLL AMB Generali Cross-Border GLL AMB Generali Bankcenter 092 EUR 175,000 G GLL AMB Generali Cross-Border GLL AMB Generali South Express 092 EUR 212,500 G GLL AMB Generali Cross-Border Generali Real Estate Luxemb. 092 EUR 250,000 G Generali Real Estate S.p.A Generali N. American Holding USD 13,246,799 G Generali Vie S.A E-Cie Vie S.A Generali Real Estate Inv. B.V.

121 Condensed Consolidated half-yearly Financial Statements - Generali Group 121 Allegati 121 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Generali N. American Holding USD 7,312,384 G GNAREI GmbH & Co. KG Generali N. American Holding 092 USD 15,600,800 G Genertellife S.p.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Generali Europe Income Holding 092 EUR 39,235,001 G Generali Vie S.A Genertellife S.p.A Generali Immobilien GmbH 2.26 E-Cie Vie S.A Generali Real Estate Inv. B.V Generali Italia S.p.A GEREII GmbH & Co. KG Generali Luxembourg S.A Alleanza Assicurazioni S.p.A. Generali Luxembourg S.A. 092 EUR 75,000,000 G Generali France S.A Sellin Bond Sub-Fund II 092 EUR 421,420,630 G Generali Deutschland Holding Generali Belgium Senior Homes 092 EUR 44,420,000 G Generali Belgium S.A Generali Diversification U IGC 092 EUR 720,543,509 G Dialog Lebensversicherungs AG AachenMünchener Lebensvers AachenMünchener Versicherung Central Krankenversicherung AG 0.56 ENVIVAS Krankenversicherung AG 0.63 ADVOCARD Rechtsschutzvers. AG 4.10 Generali Deutschland Pensionsk 0.07 Generali Deutsch. Pensor Pens. Generali Diversification U CBF 092 EUR 2,014,134,089 G Dialog Lebensversicherungs AG AachenMünchener Lebensvers AachenMünchener Versicherung Generali Lebensversicherung AG 4.02 Generali Versicherung AG 7.93 Central Krankenversicherung AG Cosmos Lebensversicherungs AG 0.54 Cosmos Versicherung AG 0.20 ENVIVAS Krankenversicherung AG 0.42 ADVOCARD Rechtsschutzvers. AG 0.74 Generali Deutschland Pensionsk 0.02 Generali Deutsch. Pensor Pens. BSI Fund Management S.A. 092 EUR 2,500,000 G BSI Europe S.A Generali Financial Hold SF2 092 EUR 0 G Alleanza Assicurazioni S.p.A

122 122 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Flandria Participations Fin Generali Deutschland Holding Generali Vie S.A Generali Worldwide Insurance 2.39 Part. Maat. Graafschap Holland Generali Italia S.p.A Genertellife S.p.A. Generali Vida de Seguros S.A. 055 EUR 9,000,000 G Europ Assistance Portugal 055 EUR 7,500,000 G Europ Assistance Holding S.A Europ Assistance Serviços S.A. 055 EUR 250,000 G Europ Assistance Portugal BSI Monaco SAM 091 EUR 15,000,000 G BSI S.A BSI Asset Managers SAM 091 EUR 2,000,000 G BSI Monaco SAM BSI Trust Corp. (Malta) 105 EUR 50,000 G BSI S.A Generali Biztosító Zrt. 077 HUF 4,500,000,000 G Generali PPF Holding B.V Europai Utazasi Biztosito R.t. 077 HUF 400,000,000 G Europäische Reiseversicherungs Generali Biztosító Zrt. Generali-Ingatlan Kft 077 HUF 5,296,788,000 G Generali Biztosító Zrt Generali Alapkezelo Zrt. 077 HUF 500,000,000 G Generali Biztosító Zrt Generali PPF Holding B.V. Genertel Biztosító Zrt 077 HUF 1,180,000,000 G Generali Biztosító Zrt Vàci utca Center Kft 077 HUF 4,497,120 G Generali Immobilien GmbH Generali Pojistovna a.s. 275 CZK 500,000,000 G Generali PPF Holding B.V PCS Praha Center Ssro 275 CZK 396,206,000 G CA Global Property Int. Imm.AG Generali Velky Spalicek S.r.o. 275 CZK 1,800,000 G Generali Immobilien GmbH Generali Development spol sro 275 CZK 200,000 G Generali Pojistovna a.s Ceska pojistovna, a.s. 275 CZK 4,000,000,000 G CZI Holdings N.V Penzijní spolecnost CP, a.s. 275 CZK 300,000,000 G CP Strategic Investments N.V Ceska pojistovna Zdravi a.s. 275 CZK 100,000,000 G Ceska pojistovna, a.s Generali PPF Asset Management 275 CZK 52,000,000 G CZI Holdings N.V CP Invest Invest.spol. a.s. 275 CZK 91,000,000 G Ceska pojistovna, a.s Univerzální správa majetku as 275 CZK 1,000,000 G Ceska pojistovna, a.s CP Direct, a.s. 275 CZK 20,000,000 G Ceska pojistovna, a.s Generali PPF Services a.s. 275 CZK 3,000,000 G Generali Pojistovna a.s Ceska pojistovna, a.s. Pankrac Services, s.r.o. 275 CZK 200,000 G Ceska pojistovna, a.s CP INVEST R.U.I. Fond a.s. 275 CZK 152,000,000 G Generali Pojistovna a.s Ceska pojistovna, a.s GP Reinsurance EAD

123 Condensed Consolidated half-yearly Financial Statements - Generali Group 123 Allegati 123 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) City Empiria a.s. 275 CZK 2,004,000 G CP INVEST R.U.I. Fond a.s Fond kvalifikovaných investoru 275 CZK 0 G Generali Pojistovna a.s Ceska pojistovna, a.s. Solitaire Real Estate, a.s. 275 CZK 128,296,000 G CP INVEST R.U.I. Fond a.s Transf. Penzijní spolecnost CP 275 CZK 300,000,000 G Penzijní spolecnost CP, a.s Parížská 26, s.r.o. 275 CZK 200,000 G Ceska pojistovna, a.s Generali Poistovna a.s. 276 EUR 25,000,264 G Generali PPF Holding B.V Apollo Business Center IV ssro 276 EUR 25,000 G Ceska pojistovna, a.s Generali Towarzystwo Ubezpiec. 054 PLN 190,310,000 G Generali PPF Holding B.V Generali Zycie S.A. 054 PLN 61,000,000 G Generali PPF Holding B.V Generali PTE S.A. 054 PLN 145,500,000 G Generali Towarzystwo Ubezpiec Generali Finance Sp. z o.o. 054 PLN 15,230,000 G Generali Towarzystwo Ubezpiec Generali Zavarovalnica d.d. 260 EUR 39,520,356 G Generali PPF Holding B.V S.C. FATA Asigurari S.A. 061 RON 29,250,000 G Generali Administrare Pensii 061 RON 89,000,000 G Ceska pojistovna, a.s S.C. Generali Romania S.A. 061 RON 179,100,909 G Generali PPF Holding B.V Iberian Structured Investments Generali Zakrila MDC EOOD 012 BGN 100,000 G Generali Insurance AD Generali Insurance AD 012 BGN 16,571,800 G Generali Bulgaria Holding EAD Generali Bulgaria Holding EAD 012 BGN 83,106,000 G Generali PPF Holding B.V Generali Insurance Life AD 012 BGN 7,000,000 G Generali Bulgaria Holding EAD Zad Victoria AD 012 BGN 13,826,082 G GP Reinsurance EAD 012 BGN 53,400,000 G Generali PPF Holding B.V Generali Osiguranje d.d. 261 HRK 81,000,000 G Generali PPF Holding B.V Generali Assurances Générales 071 CHF 27,342,400 G Generali (Schweiz) Holding AG Generali Personenversicherung 071 CHF 106,886,890 G Generali Assurances Générales Generali (Schweiz) Holding AG Fortuna Rechtsschutz-Vers. 071 CHF 3,000,000 G Generali (Schweiz) Holding AG Generali (Schweiz) Holding AG 071 CHF 4,332,000 G Generali Holding Vienna AG Redoze Holding N.V. Fortuna Investment AG 071 CHF 1,000,000 G Generali (Schweiz) Holding AG BSI S.A. 071 CHF 1,840,000,000 G Part. Maat. Graafschap Holland Europ Assistance (Suisse) S.A. 071 CHF 200,000 G Europ Assistance (CH) Holding Europ Assistance (CH) Assur. 071 CHF 3,000,000 G Europ Assistance (CH) Holding Europ Assistance (CH) Holding 071 CHF 1,400,000 G Europ Assistance Holding S.A Generali (Schweiz) Holding AG Patrimony 1873 SA 071 CHF 5,000,000 G BSI S.A

124 124 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Fortuna Lebens-Versicherung AG 090 CHF 10,000,000 G Generali (Schweiz) Holding AG Fortuna Investment AG, Vaduz 090 CHF 1,000,000 G Generali (Schweiz) Holding AG Generali Worldwide Insurance 201 EUR 86,733,397 G Part. Maat. Graafschap Holland Generali International Ltd 201 EUR 13,938,259 G Generali Worldwide Insurance Generali Portfolio Management 201 USD 194,544 G Generali Worldwide Insurance GW Beta Limited 202 GBP 745,676 G Generali Worldwide Insurance Generali Sigorta A.S. 076 TRY 26,300,000 G Generali Turkey Holding B.V Delta Generali Holding d.o.o. 290 EUR 5,000,000 G Delta Generali Osiguranje a.d Delta Generali RE a.d. Delta Generali Osiguranje ad 290 EUR 4,399,000 G Delta Generali Holding d.o.o Delta Generali Osiguranje a.d. 289 RSD 2,131,997,310 G Generali PPF Holding B.V Delta Generali RE a.d. 289 RSD 616,704,819 G Delta Generali Osiguranje a.d Voluntary Pension Fund M.Delta 289 RSD 135,000,000 G Delta Generali Osiguranje a.d Generali Realties Ltd 182 ILS 2 G Transocean Holding Corporation 069 USD 194,980,600 G Europ Assistance USA Inc. 069 USD 5,000,000 G Europ Assistance North America Genamerica Management Corp. 069 USD 100,000 G Generali Claims Solutions LLC 069 USD 100,000 G Generali Consulting Solutions Generali Consulting Solutions 069 USD 156,420 G GLL Properties Fund I LP 069 USD 33,010,030 G GLL AMB Generali Prop. Fund I GLL Properties Fund II LP 069 USD 81,866,056 G GLL AMB Generali Prop. Fund II GLL Properties 444 NM LP 069 USD 81,866,056 G GLL Properties Fund II LP Europ Assistance North America 069 USD 34,061,342 G Europ Assistance Holding S.A CSA Inc. 069 USD 2,974,774 G Europ Assistance North America GMMI, Inc. 069 USD 400,610 G Europ Assistance North America General Securities Corp. 069 USD 364,597 G Generali N. American Holding Generali N. American Holding Generali N. American Holding GNAREH 1 Farragut LLC GNAREH 1 Farragut LLC 069 USD 34,421,491 G Generali N. American Holding Generali N. American Holding Generali N. American Holding 1.00 General Securities Corp. GNAREI 1 Farragut LLC 069 USD 34,037,500 G GNAREH 1 Farragut LLC Europ Assistance Canada 013 CAD 6,738,011 G Europ Assistance Holding S.A Canadian Medical Network Inc. 013 CAD 203 G Europ Assistance Canada Generali Argentina S.A. 006 ARS 64,000,000 G Caja de Seguros S.A.

125 Condensed Consolidated half-yearly Financial Statements - Generali Group 125 Allegati 125 Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Caja de Seguros S.A. 006 ARS 228,327,700 G Caja de Ahorro y Seguro S.A La Caja de Seguros de Retiro 006 ARS 5,020,000 G Caja de Seguros S.A Caja de Ahorro y Seguro S.A. Caja de Ahorro y Seguro S.A. 006 ARS 269,000,000 G Genirland Limited Ritenere S.A. 006 ARS 512,000 G Caja de Seguros S.A Caja de Ahorro y Seguro S.A. La Estrella Seguros de Retiro 006 ARS 90,255,655 G Caja de Seguros S.A BSI Overseas (Bahamas) Ltd 160 USD 10,000,000 G BSI S.A Generali Brasil Seguros S.A. 011 BRL 408,095,661 G Transocean Holding Corporation Generali Colombia Vida S.A. 017 COP 4,199,989,500 G Transocean Holding Corporation Generali Colombia S.A. Generali Colombia S.A. 017 COP 22,154,947,500 G Transocean Holding Corporation Generali Ecuador S.A. 024 USD 2,130,000 G Aseguradora General S.A. 033 GTQ 100,000,000 G BSI Investment Advisors Panama 051 USD 410,000 G BSI S.A BSI Bank (Panama) S.A. 051 USD 6,500,000 G BSI S.A Generali China Life Insurance 016 CNY 3,700,000,000 G Generali China AMC Co. Ltd 016 CNY 200,000,000 G Generali China Life Insurance BSI Bank Ltd 147 USD 214,000,000 G BSI S.A Generali Investments Asia Ltd 103 HKD 10,000,000 G Gen Inv S.p.A Generali Financial Asia Ltd 103 HKD 105,870,000 G Generali Pilipinas Life Ass. 027 PHP 1,725,050,515 G Generali Pilipinas Holding Generali Pilipinas Insurance 027 PHP 1,208,860,137 G Generali Pilipinas Holding Generali Pilipinas Holding 027 PHP 3,079,155,490 G Generali Asia N.V PT Asuransi Jiwa Generali Ind. 129 IDR 503,000,000,000 G Generali Asia N.V KAG Holding Co. Ltd 072 THB 858,244,200 G IWF Holding Co. Ltd Generali Assurance (Thailand) 072 THB 1,000,000,000 G Generali Asia N.V KAG Holding Co. Ltd Generali Insurance (Thailand) 072 THB 860,000,000 G Generali Asia N.V KAG Holding Co. Ltd IWF Holding Co. Ltd 072 THB 2,100,000 G Generali Asia N.V Europ Assistance W.Services 078 ZAR 18,264,900 G Europ Assistance Holding S.A Kudough Credit Solutions (Pty) 078 ZAR 1,000 G Europ Assistance W.Services Fix (Pty) Ltd 078 ZAR 4,444,149 G Europ Assistance W.Services

126 126 Generali Group - Consolidated Financial half-yearly Report Allegati Subsidiaries consolidated line by line Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) MRI Criticare Medical Rescue 078 ZAR 1,000 G Europ Assistance W.Services Access Health Africa Ltd 078 ZAR 1,000 G Europ Assistance W.Services Healthichoices (Pty) Limited 078 ZAR 200 G Europ Assistance W.Services Labour Assist (Pty) Ltd 078 ZAR 100 G Europ Assistance W.Services Europ Assistance Financial S. 078 ZAR 100 G Europ Assistance W.Services EASA Training Academy (Pty) 078 ZAR 100 G Europ Assistance W.Services Randgo Reward (Pty) Ltd 078 ZAR 100 G Europ Assistance W.Services Buxola (Pty) Ltd 078 ZAR 100 G Randgo Reward (Pty) Ltd Generali Vietnam Life Ins. 062 VND 1,021,500,000 G The percentage of consolidation in each subsidiaries consolidated line by line is 100% (1) Consolidation method: Line-by-line consolidation method = G; Proportionate consolidation method = P; Line-by-line consolidation method arising from joint management = U (2) 1 = Italian insurance companies; 2 = EU insurance companies; 3 = non EU insurance companies; 4 = insurance holding companies; 5=EU reinsurance companies; 6 = non EU reinsurance companies; 7 = banks; 8 = asset management companies; 9 = other holding companies; 10 = real estate companies; 11 = other (3) Net Group partecipation percentage The total percentage of votes exercitable at shareholders general meeting, which differs from that of direct on indirect shareholding, is a follows: Generali Investments Europe % Generali France 99.98% Generali Verzekeringsgroep NV 98.56%

127 Condensed Consolidated half-yearly Financial Statements - Generali Group 127 Allegati 127 Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) Sementi Dom Dotto S.p.A. 086 EUR 3,500,000 a Genagricola S.p.A Solaris S.r.l. in liquidazione (*) 086 EUR 20,000 b Generali Properties S.p.A Servizi Tecnologici Avanzati 086 EUR 102,000 b Donatello Intermediazione Srl 086 EUR 59,060 a , Generali Italia S.p.A. Initium S.r.l. in liquidazione (*) 086 EUR 250,000 b Generali Properties S.p.A ,634 Continuum S.r.l. (*) 086 EUR 20,000 b Generali Properties S.p.A Sementi Ross S.r.l. 086 EUR 102,800 a Sementi Dom Dotto S.p.A AEON Trust Soc. Italiana Trust 086 EUR 90,000 a BSI S.A A7 S.r.l. (*) 086 EUR 200,000 c Generali Italia S.p.A ,190 Tiberina S.r.l. 086 EUR 20,000 a Generali Italia S.p.A Telco S.p.A. (*) 086 EUR 2,384,619,719 b AachenMünchener Lebensvers AachenMünchener Versicherung 0.90 Generali Lebensversicherung AG 0.07 Generali Versicherung AG 0.11 Central Krankenversicherung AG 0.08 Cosmos Lebensversicherungs AG 1.43 Generali Vie S.A Generali Italia S.p.A Alleanza Assicurazioni S.p.A. Consel S.p.A. (*) 086 EUR 22,666,669 b Generali Italia S.p.A ,019 Investimenti Marittimi S.p.A. 086 EUR 103,000,000 b Generali Italia S.p.A ,978 Cross Factor S.p.A. (*) 086 EUR 1,032,000 b BSI S.A Imprebanca S.p.A. 086 EUR 50,000,000 b Generali Italia S.p.A ,000 Valore Immobiliare S.r.l. (*) 086 EUR 10,000 c Generali Properties S.p.A Generali Italia S.p.A. HSR S.r.l. in liquidazione 086 EUR 20,000 a Generali Properties S.p.A Fondo Sammartini (*) 086 EUR 33,996,989 c Generali Italia S.p.A. CityLife Sviluppo 1 S.p.A. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 2 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 3 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 4 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 5 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 6 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 7 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 8 S.r.l. 086 EUR 10,000 a CityLife S.p.A

128 128 Generali Group - Consolidated Financial half-yearly Report Allegati Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) CityLife Sviluppo 9 S.r.l. 086 EUR 10,000 a CityLife S.p.A CityLife Sviluppo 10 S.r.l. 086 EUR 10,000 a CityLife S.p.A GI SIM S.p.A. 086 EUR 3,000,000 a Gen Inv S.p.A ,000 BBG Beteiligungsges. 094 EUR 25,600 a Deutsche Bausparkasse Badenia Deutsche Vermögensberatung AG (*) 094 EUR 150,000,000 b Generali Deutschland Holding ,544 Generali Akademie GmbH 094 EUR 25,600 a Generali Versicherung AG Versicherungs-Planer-Vermittl. 094 EUR 35,600 a Generali Lebensversicherung AG Thuringia Vers.svermittlungs 094 EUR 25,600 a Generali Beteiligungs AG Deutscher Lloyd GmbH 094 EUR 30,700 a Generali Beteiligungs AG MLV Beteiligungverwaltungsges. 094 EUR 51,129 a Generali Holding Vienna AG Kleylein & Cie Actuarial Serv. 094 EUR 25,750 a Generali Lebensversicherung AG Generali Finanz Service GmbH 094 EUR 26,000 a Generali Beteiligungs AG Generali Pensionsmanagement 094 EUR 52,000 a Generali Beteiligungs AG Volksfürsorge Fixed Assets 094 EUR 104,000 a Generali Lebensversicherung AG AVW Versicherungsmakler GmbH 094 EUR 1,550,000 b Generali Versicherung AG ,232 ver.di Service GmbH 094 EUR 75,000 b Volksfürsorge AG Vertriebsges Dein Plus GmbH 094 EUR 50,000 b Volksfürsorge AG Vertriebsges VOV GmbH 094 EUR 154,000 b AachenMünchener Versicherung , Generali Versicherung AG Generali Partner GmbH 094 EUR 250,000 a Generali Lebensversicherung AG Generali Lloyd Vers.smakler 094 EUR 153,388 b Generali Versicherung AG AM RE Verwaltungs GmbH 094 EUR 25,000 a AachenMünchener Lebensvers Central Fixed Assets GmbH 094 EUR 25,000 a Central Krankenversicherung AG Cosmos Fixed Assets GmbH 094 EUR 25,000 a Cosmos Lebensversicherungs AG Zweite AM RE Verwaltungs GmbH 094 EUR 25,000 a AachenMünchener Versicherung AM Versicherungsvermittlung 094 EUR 25,000 a AachenMünchener Versicherung GLL GmbH & Co. Retail KG 094 EUR 405,010,000 b , AachenMünchener Lebensvers Generali Lebensversicherung AG 7.41 Central Krankenversicherung AG Azur Space Solar Power GmbH 094 EUR 100,000 a Renewable Investment Holding Louisen-Center Bad Homburg Vr. 094 EUR 25,000 a Generali Deutschland Holding Schroder Nordic Property Fund (*) 094 EUR 106,248,381 b Generali Lebensversicherung AG ,697 Alstercampus Verwaltung. mbh 094 EUR 25,000 a Generali Real Estate S.p.A Generali Verwaltungs GmbH 094 EUR 25,000 a Generali Beteiligungs-GmbH GG Einkaufszentrum Marienplatz (*) 094 EUR 14,810,000 c AachenMünchener Versicherung ,899 Verwaltungsges. Marienplatz 094 EUR 25,000 a Generali Real Estate S.p.A BA1 Alstercampus Grundstücksg. (*) 094 EUR 861,053 c Generali Lebensversicherung AG ,997

129 Condensed Consolidated half-yearly Financial Statements - Generali Group 129 Allegati 129 Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) Verwaltungsg. Wohnen Westhafen 094 EUR 25,000 a Generali Versicherung AG Grundstücksg. Wohnen Westhafen 094 EUR 4,731,000 c Generali Versicherung AG Generali Deutschland IV GmbH 094 EUR 25,000 a Generali Real Estate S.p.A MPC Real Value Fund GmbH&Co.KG 094 EUR 5,000,200 a Generali Lebensversicherung AG ,129 Generali European Retail IG KG 094 EUR 20,250 a Generali Real Estate S.p.A Generali Deutschland IV GmbH Generali Alternative Inv. G.KG 094 EUR 60,000 a Generali Deutschland Holding Generali Alternative Inv. GmbH 094 EUR 25,000 a Generali Deutschland Holding vsps Management GmbH 094 EUR 25,000 a Volksfürsorge AG Vertriebsges Cofifo S.A.S. 029 EUR 3,900,000 a Generali France S.A ,250 Trieste Courtage S.A. 029 EUR 39,000 a Generali Vie S.A Generali France Assurances SA Bourbon Courtage S.A. 029 EUR 124,500 a Generali IARD S.A Generali Vie S.A Prudence Creole Generali Gerance S.A. 029 EUR 228,000 a Generali IARD S.A Generali Vie S.A. Generali Reassurance Courtage 029 EUR 3,016,656 a Generali France Assurances SA ,219 Europ Assistance Océanie SAS 225 XPF 24,000,000 a Europ Assistance Holding S.A Landy PVG S.A.S. 029 EUR 39,000 a Cofifo S.A.S Risque et Sérénité S.A. 029 EUR 6,135,300 a Generali Vie S.A , Generali France Assurances SA Europ Assistance IHS Services 029 EUR 7,287,000 a Europ Assistance Holding S.A ,642 Arche SA 029 EUR 120,975 a Cofifo S.A.S SCI Immovie 029 EUR 17,662 a Generali IARD S.A , Generali Vie S.A. SCI Les 3 Collines Le Ferandou 029 EUR 304,000 b Generali IARD S.A Generali Vie S.A. Rocher Pierre SCpI (*) 029 EUR 35,401,086 b Generali Vie S.A ,642 Bien-Être Assistance S.A. (*) 029 EUR 1,000,000 c Europ Assistance France S.A Parcolog Lyon Isle d'abeau 029 EUR 8,000 a SC Generali Logistique Foncière Hypersud S.A. (*) 029 EUR 50,000,205 b Generali Vie S.A SAS 100 CE (*) 029 EUR 51,277,080 c Generali Europe Income Holding ,728 EAP France SAS (*) 029 EUR 100,000 c Europ Assistance France S.A ,402 Bois Colombes Europe Avenue SC (*) 029 EUR 1,000 c Generali Vie S.A ASSERCAR SAS 029 EUR 37,000 b Generali IARD S.A L'Equité IARD S.A. COSEV@D SAS 029 EUR 100,000 a Cofifo S.A.S

130 130 Generali Group - Consolidated Financial half-yearly Report Allegati Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) Haussmann Investissement SAS 029 EUR 1,000 a Generali France Assurances SA ,001 Generali Investments PE S.A.S. 029 EUR 2,036,850 a BSI S.A , Gen Inv S.p.A. Generali 8 S.A.S. 029 EUR 1,000 a Generali France Assurances SA Generali 9 S.A.S. 029 EUR 1,000 a Generali France Assurances SA Generali 10 S.A.S. 029 EUR 37,000 a Generali France Assurances SA Cabinet Berat et Fils S.A.S. 029 EUR 8,000 a Cofifo S.A.S Generali Investments Opera SAS 029 EUR 1,000,000 a Gen Inv S.p.A ,000 SCI Daumesnil (*) 029 EUR 16,753,270 c Generali IARD S.A ,235 SCI Malesherbes (*) 029 EUR 34,660,674 c Generali Vie S.A ,737 SCI 15 Scribe (*) 029 EUR 14,738,000 c Generali IARD S.A ,497 SCI rue Pasquier (*) 029 EUR 6,437,750 c Generali IARD S.A ,113 SCI 9 Messine (*) 029 EUR 2,420,250 c Generali Vie S.A VIGIE Assurances SARL Agence 029 EUR 4,271,610 a Generali IARD S.A ,063 MAPREG 029 EUR 133,182 b Generali France S.A ,950 Generali Revenus FCP 029 EUR 9,587,828 a Generali IARD S.A Generali Vie S.A E-Cie Vie S.A. GF Sante S.A.S. 029 EUR 921,150 a Cofifo S.A.S SCI Château La Pointe 029 EUR 35,337,651 a Generali France S.A Drei-Banken Versicherungs-AG (*) 008 EUR 7,500,000 b Generali Holding Vienna AG ,374 3 Banken-Generali Investment (*) 008 EUR 2,600,000 b Generali Holding Vienna AG ,892 Generali Büroservice GmbH 008 EUR 145,346 a Generali Holding Vienna AG ,716 Generali Betriebsrestaurazion 008 EUR 36,336 a Generali Versicherung AG (A) MAS Versicherungmakler GmbH 008 EUR 55,000 a Generali Sales Promotion GmbH SK Versicherung AG (*) 008 EUR 3,633,500 b Generali Holding Vienna AG , Generali Versicherung AG (A) TTC-Training Center Unternem. 008 EUR 35,000 a Europäische Reiseversicherungs Global Private Equity Holding 008 EUR 4,388,000 b Generali Lebensversicherung AG Generali Versicherung AG (A) Car Care Consult Versicherungs 008 EUR 35,000 a Generali Sales Promotion GmbH Generali Telefon-Auftragsserv. 008 EUR 35,000 a Generali Bank AG BONUS Vorsorgekasse AG (*) 008 EUR 3,000,000 b Generali Holding Vienna AG ,167 Risk-Aktiv Versicherungsserv. 008 EUR 35,000 a Generali Versicherung AG (A) Generali 3Banken Holding AG (*) 008 EUR 70,000 b Generali Versicherung AG (A) ,076 Generali FinanzService GmbH 008 EUR 50,000 a Generali Sales Promotion GmbH M.O.F. Immobilien AG 008 EUR 1,000,000 b Generali Immobilien GmbH ,001 Generali TVG Vorsorgemanagem. 008 EUR 145,346 a Generali Sales Promotion GmbH

131 Condensed Consolidated half-yearly Financial Statements - Generali Group 131 Allegati 131 Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) M.O.F. Beta Immobilien AG 008 EUR 1,000 b Generali Immobilien GmbH ,919 GBK Vermögensverwaltung GmbH 008 EUR 35,000 a Generali Bank AG ,036 Generali Vermögensberatung 008 EUR 35,000 a Generali Versicherung AG (A) PCO Immobilien GmbH 008 EUR 35,000 a Generali Immobilien GmbH Lead Equities II Auslandsbet. 008 EUR 730,000 b Generali Versicherung AG (A) Lead Equities II Private Eq. 008 EUR 7,300,000 b Generali Versicherung AG (A) Europ Assistance Travel S.A. 067 EUR 60,101 a Europ Assistance SIdG, S.A Robert Malatier 031 GBP 51,258 b Generali IARD S.A Global Investment Planning Ltd 031 GBP 10,000 a BSI S.A Tenax Capital Limited 031 GBP 300,000 b Genirland Limited Verzekeringskantoor Soenen NV 009 EUR 18,600 a Generali Belgium S.A ,016 Groupe Vervietois d'assureurs 009 EUR 94,240 a Generali Belgium S.A Dedale S.A. 009 EUR 61,500 a Generali Belgium S.A ,603 B&C Assurance S.A. 009 EUR 627,000 a Generali Belgium S.A Groupe Vervietois d'assureurs Webbroker S.A. 009 EUR 4,300,000 a Generali Belgium S.A ,889 CRM.Dev N.V. 009 EUR 50,000 b Generali Belgium S.A BDM Assurances SPRL 009 EUR 18,600 a Generali Belgium S.A Nederlands Algemeen Verzek. 050 EUR 18,151 a Generali Verzekeringsgroep NV ,518 ANAC Verzekeringen B.V. 050 EUR 12,500 a Nederlands Algemeen Verzek Stoutenburgh Adviesgroep B.V. 050 EUR 18,151 a Nederlands Algemeen Verzek Admirant Beheer B.V. (*) 050 EUR 18,000 b Generali Real Estate Inv. B.V C.V. Admirant (*) 050 EUR 18,000 b Generali Real Estate Inv. B.V ,280 Beleggingscons. Sloterdijk CV (*) 050 EUR 18,000 b Generali Real Estate Inv. B.V ,594 Beleggingscons. Sl. Beheer BV (*) 050 EUR 18,000 b Generali Real Estate Inv. B.V Amulio Governance B.V. 050 EUR 18,000 c Lion River II N.V Sigma Real Estate B.V. (*) 050 EUR 18,000 c Corelli S.à.r.l Generali PPF Invest PLC 040 EUR 300,000 a CP Invest Invest.spol. a.s BSI Art Collection S.A. 092 CHF 1,000,000 a BSI S.A BSI Laran S.A. Renewable Investment Holding 092 EUR 1,000,000 a BSI S.A UBS (Lux) Euro Value Added 092 EUR 282,200,000 b AachenMünchener Lebensvers , AachenMünchener Versicherung Generali Lebensversicherung AG Holding Klege S.à.r.l. (*) 092 EUR 12,500 c Torelli S.à.r.l GARBE Logistic Strategic Fund (*) 092 EUR 125,633,942 b AachenMünchener Lebensvers , Generali Lebensversicherung AG 7.95 Central Krankenversicherung AG

132 132 Generali Group - Consolidated Financial half-yearly Report Allegati Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) BSI & Venture Partners S.A. 092 EUR 212,500 a BSI S.A BSI & Venture Partners CMGP 092 EUR 12,500 a BSI S.A Generali Belgium Luxembourg fc 092 EUR 76,153,748 a Generali Belgium S.A BSI & Venture Partners SICAV 092 EUR 31,000 a BSI & Venture Partners CMGP Ponte Alta Lda 055 EUR 400,000 a Europ Assistance Portugal ,400 Lordship Consultadoria e Serv. 055 EUR 50,000 a BSI S.A Europ Assistance A/S 021 DKK 500,000 a Europ Assistance Holding S.A Citadel Insurance plc 105 EUR 5,000,400 b Generali Italia S.p.A Europ Assistance Kft 077 HUF 24,000,000 a Europ Assistance Holding S.A Generali Biztosító Zrt. GP Consulting Kft 077 HUF 11,000,000 a Generali Biztosító Zrt Famillio Kft 077 HUF 780,000,000 a Generali Biztosító Zrt Shaza & Toptorony zrt (*) 077 HUF 84,603,426 c GLL AMB Generali Bankcenter ,300 AUTOTÁL BiztosításiSzolgáltató 077 HUF 104,000,000 a Generali Biztosító Zrt ,034 Generali Servis s.r.o. 275 CZK 100,000 a Generali Pojistovna a.s Europ Assistance s.r.o. 275 CZK 2,900,000 a Europ Assistance Holding S.A Generali Car Care s.r.o. 275 CZK 1,000,000 a Generali Pojistovna a.s REFICOR s.r.o. 275 CZK 100,000 a Ceska pojistovna, a.s AIV Sprava Nemovitosti s.r.o. 275 CZK 200,000 a Generali Velky Spalicek S.r.o CP Asistence s.r.o. 275 CZK 3,000,000 a Europ Assistance s.r.o Ceska pojistovna, a.s. Nadace Ceské pojištovny 275 CZK 500,000 a Ceska pojistovna, a.s Nadace pojištovny Generali 275 CZK 500,000 a Generali Pojistovna a.s Palac Krizik a.s. 275 CZK 2,020,000 a Ceska pojistovna, a.s , CP INVEST R.U.I. Fond a.s. Generali IT S.r.o. 276 EUR 165,970 a Generali VIS Informatik GmbH VUB Generali d.s.s., a.s. (*) 276 EUR 10,090,976 b Generali Poistovna a.s ,141 Selecta CEE s.r.o. 276 EUR 6,639 b Generali Holding Vienna AG GSL Services s.r.o. 276 EUR 6,639 a Generali Poistovna a.s Gradua Finance, a.s. 276 EUR 335,320 a CZI Holdings N.V Europ Assistance Polska Spzoo 054 PLN 3,000,000 a Europ Assistance Holding S.A S.C. Genagricola Romania 061 RON 60,882,570 a Genagricola S.p.A ,203 S.C. San Pietro Romania 061 RON 15,112,570 a Agricola San Giorgio S.p.A ,903 S.C. Aqua Mures 061 RON 4,331,000 a Genagricola S.p.A , Agricola San Giorgio S.p.A. S.C. La Quercia S.r.l. 061 RON 3,468,403 a Genagricola S.p.A Famillio Agent de Asigurare 061 RON 4,500,200 a Famillio Kft

133 Condensed Consolidated half-yearly Financial Statements - Generali Group 133 Allegati 133 Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) S.C. Vignadoro S.r.l. 061 RON 3,327,931 a Genagricola S.p.A , Agricola San Giorgio S.p.A. S.C. Famillio Finance Srl 061 RON 200 a Famillio Agent de Asigurare CPM Internacional d.o.o. 261 HRK 275,600 a Sementi Dom Dotto S.p.A BSI Laran S.A. 071 CHF 100,000 a BSI S.A Finmo S.A. 071 CHF 50,000 a BSI S.A Funicolare Lugano-Paradiso 071 CHF 600,000 b BSI S.A Autolinee Regionali Luganesi 071 CHF 653,000 b BSI S.A Generali Group Partner AG 071 CHF 100,000 a Generali (Schweiz) Holding AG BSI Art Collection S.A. 071 CHF 100,000 a BSI S.A Thalìa S.A. (*) 071 CHF 2,000,000 b BSI S.A B-Source S.A. (*) 071 CHF 2,400,000 b BSI S.A Finnat Gestioni S.A. 071 CHF 750,000 b BSI S.A Convivium S.A. 071 CHF 2,000,000 a BSI S.A Europ Assistance A.S. 076 TRY 50,000 a Europ Assistance Holding S.A Europ Assistance CEI OOO 262 RUB 10,000 a Europ Assistance Holding S.A Europ Assistance d.o.o. 289 RSD 1,405,607 a Europ Assistance Kft Blutek Auto d.o.o. 289 RSD 337,474,441 a Delta Generali Osiguranje a.d ,312 Intl Inheritance Planning Ltd 049 NZD 5,000 a BSI S.A Atacama Investments Ltd (*) 249 USD 76,712 b BSI S.A GLL 200 State Street L.P. (*) 069 USD 89,200,000 c GLL AMB Generali 200 State ,095 Montcalm Wine Importers Ltd 069 USD 600,000 a Genagricola S.p.A Europ Assistance Argentina S.A 006 ARS 3,285,000 a Ponte Alta Lda Caja de Seguros S.A. La Caja ART S.A. (*) 006 ARS 70,500,000 b Caja de Seguros S.A ,001 Pluria Productores de Seguros 006 ARS 50,000 a Caja de Ahorro y Seguro S.A Investment Advisory S.A. 006 ARS 12,000 a BSI S.A Care Management Network Inc. 160 USD 9,000,000 a Europ Assistance Bahamas Ltd Europ Assistance Bahamas Ltd 160 USD 10,000 a Europ Assistance IHS Services Europ Assistance Brasil S.A. 011 BRL 2,975,000 c EABS Serviços Partecipaçoes SA EABS Serviços Partecipaçoes SA 011 BRL 46,238,940 c Ponte Alta Lda CEABS Serviços SA 011 BRL 6,000,000 c Europ Assistance Brasil S.A EABS Serviços Partecipaçoes SA BSI Servicios Internationales 015 CLP 64,000,000 a BSI S.A Europ Assistance SA (Chile) 015 CLP 335,500,000 a Europ Assistance Holding S.A Ponte Alta Lda Europ Servicios S.p.A. Chile 015 CLP 1,000,000 a Europ Assistance SA (Chile)

134 134 Generali Group - Consolidated Financial half-yearly Report Allegati Non-consolidated subsidiaries and associated companies Company Country Currency Share capital in original currency Method (1) Activity (2) Shareholding% Group equity Direct Indirect Through Total ratio (3) Book value ( thousand) La Nacional Cia Inmobiliaria 024 USD 47,647 a Generali Ecuador S.A BSI (Panama) S.A. 051 USD 10,000 a BSI S.A BSI Servicios S.A. 080 UYU 1,100,000 a BSI S.A BSI Consultores S.A. 080 UYU 4,000,000 a BSI S.A EA Travel Assistance Services 016 EUR 1,750,000 a Europ Assistance Holding S.A Generali China Insurance (*) 016 CNY 1,300,000,000 b ,443 Guotai Asset Management Co. (*) 016 CNY 110,000,000 b ,238 Shanghai Sinodrink Trading Co. 016 CNY 5,000,000 b Genagricola S.p.A Europ Assistance Worldwide Pte 147 SGD 182,102 a Europ Assistance Holding S.A NKFE Insurance Agency Co Ltd (*) 103 HKD 900,000 b Generali Financial Asia Ltd Future Generali India Life (*) 114 INR 14,520,000,000 c Part. Maat. Graafschap Holland ,907 Future Generali India Insur. (*) 114 INR 7,100,000,000 c Part. Maat. Graafschap Holland ,627 Europ Assistance India Private 114 INR 200,285,580 a Europ Assistance Holding S.A Europ Assistance Angola Lda 133 AOA 2,250,000 a Europ Assistance IHS Services EA-IHS Services Nigeria Ltd 117 NGN 10,000,000 a Europ Assistance IHS Services Assurances Maghrebia S.A. 075 TND 30,000,000 b Assurances Maghrebia Vie S.A. 075 TND 10,000,000 b ,247 Europ Assistance IHS Services 119 XAF 1,000,000 a Europ Assistance IHS Services Generali Pacifique NC 253 XPF 1,000,000 a Generali France S.A ,095 Cabinet Richard KOCH 253 XPF 1,000,000 a Generali France S.A ,178 EA-IHS Services Congo Sarl 145 XAF 10,000,000 a Europ Assistance IHS Services Europ Assistance IHS (Pty) 078 ZAR 400,000 a Europ Assistance W.Services Europ Assistance IHS Services (1) a = non-consolidated subsidiaries (IAS 27); b = associated companies (IAS 28); c = joint ventures (IAS 31) (2) 1 = Italian insurance companies; 2 = EU insurance companies; 3 = non EU insurance companies; 4 = insurance holding companies; 5 = EU reinsurance companies; 6 = non EU reinsurance companies; 7 = banks; 8 = asset management companies; 9 = other holding companies; 10 = real estate companies; 11 = other (3) Net Group partecipation percentage (*) Participations valued at equity The total percentage of votes exercitable at shareholders general meeting, which differs from that of direct on indirect shareholding, is a follows: Telco S.p.A %

135 Condensed Consolidated half-yearly Financial Statements - Generali Group 135 Allegati 135 List of countries Country Country Code ANGOLA 133 ARGENTINA 006 AUSTRIA 008 BAHAMAS 160 BELGIUM 009 BRASIL 011 BRITISH VIRGIN ISLANDS 249 BULGARIA 012 CAMERUN 119 CANADA 013 CHILE 015 COLOMBIA 017 CROATIA 261 CZECH REPUBLIC 275 DENMARK 021 ECUADOR 024 EIRE 040 FRANCE 029 GERMANY 094 GREECE 032 GUATEMALA 033 GUERNSEY 201 HONG KONG 103 HUNGARY 077 INDIA 114 INDONESIA 129 ISRAEL 182 ITALY 086 JERSEY 202 LIECHTENSTEIN 090 LUXEMBOURG 092 MALTA 105 MARTINICA 213 MONACO 091 NETHERLANDS 050 NEW CALEDONIA 253 NEW ZEALAND 049 NIGERIA 117

136 136 Generali Group - Consolidated Financial half-yearly Report Allegati List of countries Country Country Code PANAMA 051 PEOPLE S REPUBLIC OF CHINA 016 PEOPLE S REPUBLIC OF CONGO 145 PHILIPPINES 027 POLAND 054 POLYNESIAN FRENCH 225 PORTUGAL 055 REPUBLIC OF MONTENEGRO 290 REPUBLIC OF SERBIA 289 REUNION 247 ROMANIA 061 RUSSIA 262 SINGAPORE 147 SLOVAC REPUBLIC 276 SLOVENIA 260 SOUTH AFRICA REPUBLIC 078 SPAIN 067 SWITZERLAND 071 THAILAND 072 TUNISIA 075 TURKEY 076 U.S.A. 069 UNITED KINGDOM 031 URUGUAY 080 VIETNAM 062

137 Condensed Consolidated half-yearly Financial Statements - Generali Group 137 Allegati 137 List of currencies Currency Angolan Novo Kwanza Argentine Peso Bulgarian Lev Brasilian Real (new) Canadian Dollar Swiss Franc Chilean Peso Chinese Renminbi Colombian Peso Czech Korona Danish Krone European Euro British Pound Guatemalan Quetzal Hong Kong Dollar Croatian Kuna Hungarian Forint Indonesian Rupiah Israeli Shekel Indian Rupee Nigerian naira New Zealand Dollar Philippine Peso Polish Zloty Romanian Leu Serbian Dinar Russian Ruble Singapore Dollar Thai Bhat Tunisian Dinar Turkish Lira (new) United States Dollar Uruguayan Peso (new) Dong (Vietnam) Central African CFA Franc French Polynesian Franc South African Rand Currency Code AOA ARS BGN BRL CAD CHF CLP CNY COP CZK DKK EUR GBP GTQ HKD HRK HUF IDR ILS INR NGN NZD PHP PLN RON RSD RUB SGD THB TND TRY USD UYU VND XAF XPF ZAR

138 Attestation of the Condensed Consolidated half-yearly Financial statements pursuant to the provisions of Art. 154-bis of Legislative Decree No. 58 of 24 February 1998 and Consob Regulation no of 14 May 1999 Hong Kong - China

139