Generali Group 2011 Results

Transcription

1 Generali Group 2011 Results March 2006 Milan, March xxx, 2010 March 21, 2012

2 Agenda 2 I. FY 2011 results overview Giovanni Perissinotto - Group CEO Page 3 II. Insurance operations Sergio Balbinot - Managing Director III. Group financials Raffaele Agrusti - CFO Page 8 Page 12 IV. Backup Page 36

3 Agenda 3 I. FY 2011 results overview Giovanni Perissinotto - Group CEO

4 I. FY 2011 RESULTS OVERVIEW 2011: at the bottom of the crisis 4 Life operating result (Euro m) P&C operating result (Euro m) -16.0% Large impairments on Greek government bonds affecting Life operating result +38.3% Strong P&C operating result driven by improved technical profitability FY10 FY11 Top market Life net inflows (Euro 5.8 bn), despite a difficult environment FY10 FY11 Combined ratio at 96.5%; almost reached 96% mid term target Financial services operating result (Euro m) Net result (Euro m) -3.3% -49.7% FY10 FY11 Resilient financial services operating result Third parties AuM increase (+3.4%) (1) during 2011 FY10 FY11 Net result strongly affected by impairments on Greek government bonds, Telco and equity portfolio (1) On like for like basis

5 I. FY 2011 RESULTS OVERVIEW Restoring capital adequacy 5 Solvency ratios recovery during first months of 2012 mainly thanks to narrowing spreads on Italian government debt Regulatory solvency I ratio (%) Economic solvency ratio (%) M (1) March M March (1) Calculation based on new ISVAP s rule

6 I. FY 2011 RESULTS OVERVIEW 2011 proposed cash dividend 6 Cash dividend per share (Euro) (1) Payout ratio (1) 2008 dividend included also Euro 0.63=dividend in shares, corresponding to 1/25 of the share, at the official price of 21 May 2009 (dividend payment date), leading to a total dividend per share of Euro 0.78

7 I. FY 2012 RESULTS OVERVIEW Outlook on operating result 7 (Euro bn) Outlook 2011 Min. Max. Actual Life P&C Total Life and total operating result affected by additional impairment on Greek bonds in the last part of the year Mid term operating result Outlook 2012 ambition Min. Max. > Euro 5 bn Life P&C % average growth on like for like Total

8 Agenda 8 II. Insurance operations Sergio Balbinot - Managing Director

9 II. INSURANCE OPERATIONS Main industrial results 9 Life P&C GWP (1) (Euro bn) GWP (Euro bn) FY10 FY11 FY10 FY11 Net Inflows (Euro bn) 16.1 Loss ratio (%) FY10 FY11 FY10 FY11 NBM (%) Combined ratio (%) FY10 FY11 FY10 FY11 (1) Including investment contracts

10 II. INSURANCE OPERATIONS Strategic overview: focus on core European markets 10 Italy Germany Life Single premiums drop (APE -20.0%) but positive annual premiums performance (APE +7.7%) More favourable product mix drives NBM increase Confirmed positive Life net inflows: Euro 1,085 m NBM Net Inflows Life Market outperformance in a tough environment: Pure Life: -2.2% vs. mkt -4.8% Strong Net Inflows: Euro 3,433 m high performance multichannel distribution NBM Net Inflows Non Life Motor profitability improvement: GWP +3.4% Current year loss ratio -4.7%pts Strong performance of Non-Motor retail business: GWP +3.2% Premiums COR Non Life Confirmed market outperformance: CoR -4.0%pts better than the market Good GWP development: Motor (+1.2%) and Non-Motor (+2.7%) Premiums COR Operational efficiency Strict cost management: stable administration expense ratio Operational efficiency Further general expenses reduction: Euro -11 m

11 II. INSURANCE OPERATIONS Strategic overview: focus on core European markets 11 France CEE Life On-going product mix improvement: UL share at 17% (1) (mkt 14%); Individual Protection +4%; Individual Pensions +9% NBM among highest in the market: 13.7% Leadership via Internet (> Euro 1 bn) and IFAs NBM Net inflows Life APE: Czech Republic +2.1%, Hungary -0.3% NBM among the highest in the area: 35.8% NBM Net Inflows Non Life Tariffs increases: Motor >5% Household +10% Health +6% Corporate + 5% Operational efficiency Claims factory set up and industrialization complete; enlarged network of external experts (Non Life) Reduction in Non Life acquisition and administration expense ratios (1) UL share on individual savings Premiums COR Non Life Net loss ratio among the lowest in the market: 54.5% MTPL initiatives and innovations in Ceska, selective underwriting approach for fleets in Slovakia and Czech Republic Operational efficiency General expense reduction (4% in Ceska) Strong focus on claims fraud detection Premiums COR

12 Agenda 12 III. Group Financials Raffaele Agrusti - CFO Profit & loss review Life, P&C and financial segment profitability Balance sheet and capital

13 III. GROUP FINANCIALS Revenue development by segment 13 (Euro m) FY10 FY11 historical like for like Gross written premiums (Euro m) -5.5% (3) Gross written premiums 73,188 69, % -5.5% Life (1) 51,098 46, % -9.3% FY10 Life APE (Euro m) FY11 P&C 22,090 22, % +3.2% -9.0% (3) Life APE (2) 5,333 4, % -9.0% (1) Including investment contracts for Euro 3,187 m in FY11 (2) For the definitions refer to the related section in the backup (3) On like for like basis FY10 FY11

14 III. GROUP FINANCIALS Operating result by segment 14 FY11 total operating result (Euro m) Life operating result 2,542 3,026 Net impact from impairments of: Greek gov. bonds: ~Euro 378 m (1) Telco: ~Euro 30 m -16.0% P&C operating result 1,561 1, % Financial services operating result % Operating holding expenses Consolidation adjustments % -55.6% Total operating result 3,928 4, % FY11 (1) For details, please see slide n. 63 in the back up FY10

15 III. GROUP FINANCIALS Focus on non operating result 15 (Euro m) FY10 FY11 Non operating investment income (Euro m) 6 Net impact from impairments of: Greek gov. bonds: ~Euro 309 m (2) Telco: ~Euro 186 m (300) Non operating investment income 6 (941) n.m. FY10 (575) (71) (941) FY11 Non operating holding expenses Net other Non operating expenses (1) Total Non operating result (726) (680) +6.4% (479) (392) +18.2% (1,200) (2,013) -67.8% Δ Euro m Net realised gains Net impairments Fair Value thr. P&L FY (1,087) (34) FY (512) 37 Δ % -62.5% % n.m. (1) Including interest expenses on financial debt (2) For details, please see slide n. 63 in the back up

16 III. GROUP FINANCIALS From operating result to net result 16 (Euro m) FY10 FY11 Net income (Euro m) Total operating result 4,077 3, % Impact from impairments of: Greek gov. bonds: ~Euro 472 m (1) Telco: ~Euro 307 m AFS equities: ~Euro 239 m Non operating result (1,200) (2,013) -67.8% Consolidated result before taxes and minorities 2,877 1, % -49.7% Income taxes (909) (762) +16.2% Result for discontinued operations (Intesa Vita) 51 0 n.m. Minorities (316) (297) +6.0% FY10 FY11 Net result 1, % (1) For details, please see slides n. 63 in the back up

17 Agenda 17 III. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capital

18 III. GROUP FINANCIALS Life business development 18 Life gross written premiums (Euro m) Life net inflows by country (2) (Euro m) -9.3% (1) Country FY10 FY11 Italy 1,790 1,085 France 4,444 (2,061) Germany 4,923 3,433 FY10 FY11 CEE RoE 2,823 1,473 RoW 1,619 1,441 (1) On like for like basis (2) For the definitions refer to the related section in the backup TOTAL 16,133 5,846

19 III. GROUP FINANCIALS Life profitability - Operating result 19 Life operating profitability affected by financial environment Life Operating Result by driver (1) (Euro m) FY10 FY11 Technical Margin 5,996 6, % Investment Result 2,382 1, % Expenses (5,352) (5,398) -0.9% Operating Result 3,026 2, % Life operating ratio on Investments 0.97% 0.80% FY07 FY08 FY09 FY10 FY11 (1) For the definitions refer to the related section in the backup

20 III. GROUP FINANCIALS Life net technical provisions (1) 20 (Euro bn) (Euro bn) +5.3% CAGR +1.0% (6.2) (1.1) FY07 FY08 FY09 FY10 FY Life net technical provisions FY Net inflows Loadings, risk and surrender result (to P&L) (38.8) Policyh. share of invest. result Exchange rates and other Life net technical provisions FY11 (2.7) (19.1) Surrenders (19.7) 5.8 FY10 Traditional Unit Linked FY FY Δ% +2.3% -4.4% FY11 Cash in Cash out Net inflows Ratios on life net technical provisions (average of the year) of: Net inflows Surrenders FY % 6.2% FY % 4.6% (1) Life net technical provisions including investment contracts and excluding Intesa Vita; starting from 9M 2011 Israeli participating portfolio has been reclassified in unitlinked business. Comparative figures have been restated accordingly.

21 III. GROUP FINANCIALS Life investment strategy and yields (1) 21 Life segment own investments (1) (%) Euro bn Euro bn Reduced cross-border exposure to peripheral European government bonds Preference for covered bonds within corporate bonds segment Further gradual strategic increase of real estate exposure Tactical increase of liquidity buffer to face market volatility and to catch investment opportunities Current return (1) Fixed income Equity Real Estate (2) FY10 FY11 FY10 FY11 FY10 FY11 Euro m 9,483 9, % (1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business. Comparative figures have been restated accordingly. (2) Real estate current returns are gross of related expenses

22 III. GROUP FINANCIALS Life new business value and profitability 22 APE slowdown (-9.0%) driven by single premiums drop (-24.8% vs. high 2010 production), partly offset by positive annual premiums performance (+2.7%) Solid NBM (20.4%) thanks to improved product/business mix and rigorous pricing NBV resilient at Euro 976 m (Euro m) APE Margins on APE NBV FY10 FY11 Historical Like for like FY10 FY11 %pts FY10 FY11 Historical Like for like Italy 1,766 1, % -2.9% 18.4% 21.8% +3.3% % +14.8% France 1, % -19.8% 12.5% 13.7% +1.2% % -12.4% Germany % -7.0% 17.7% 18.3% +0.6% % -3.9% CEE % -8.9% 32.3% 35.8% +3.4% % +0.0% RoE % -17.4% 24.9% 20.4% -4.5% % -32.5% RoW % +7.0% 33.5% 28.8% -4.7% % -11.9% Total 5,333 4, % -9.0% 19.7% 20.4% +0.7% 1, % -5.6%

23 III. GROUP FINANCIALS Focus on new business guarantees 23 Stable average guarantee, with an increased weight of low-capital intensive types of guarantee (1) Total APE by type of guarantee NIL 29% Matched 3% YE 2010 At maturity 21% Yearly basis =0 14% Eurozone Average Guarantee (2) : 1.5% Yearly basis: 1.4% At maturity: 1.9% Yearly basis >0 34% YE 2011 NIL 26% Matched 3% At maturity 22% Yearly basis =0 17% Eurozone Average Guarantee (2) : 1.5% Yearly basis: 1.4% At maturity: 1.9% Yearly basis >0 33% (1) Excluding yearly basis guarantee > 0 (2) Weighted on APE

24 III. GROUP FINANCIALS P&C gross written premiums 24 Motor and Non Motor retail are driving the very positive premium development, boosted by selected pricing policy Motor is growing in Italy, France and Germany thanks to the increase in average portfolio premium Commercial suffers from economic environment, mainly in Italy and Spain, while CEE over performing (Euro m) FY10 FY11 Historical Like for like P&C gross written premiums (Euro m) Italy 7,440 7, % +0.8% +3.2% (1) France 3,892 4, % +4.2% Germany 2,998 3, % +2.2% CEE 2,246 2, % +1.3% RoE 4,203 4, % +1.6% RoW 1,312 1, % +23.8% FY10 FY11 Total 22,090 22, % +3.2% (1) On like for like basis

25 III. GROUP FINANCIALS P&C profitability - Operating result 25 Strong increase of P&C operating result driven by technical profitability P&C Operating Result by driver (1) (Euro m) FY10 FY11 Technical Result % Investment Result 1,196 1, % Other (252) (229) +9.2% Tech.R Inv.R Other Operating Result 1,128 1, % P&C operating ratio on Investments 3.07% 4.32% (1) For the definitions refer to the related section in the backup

26 III. GROUP FINANCIALS P&C profitability - Net combined ratio (1/2) 26 Combined ratio (%) Combined ratio by country (%) %pts FY10 FY11 Italy 99.6% 96.8% -2.8%pts France 101.3% 98.7% -2.6%pts. Germany 95.2% 94.4% -0.8%pts CEE 93.2% 89.5% -3.7%pts. RoE 99.3% 96.4% -2.9%pts. FY10 Expense ratio Loss ratio FY11 RoW 101.6% 104.2% +2.6%pts. Loss ratio Expense ratio Total 98.8% 96.5% -2.3%pts.

27 III. GROUP FINANCIALS P&C profitability - Net combined ratio (2/2) 27 Loss ratio (%) Reserving ratio (%) %pts %pts 148.8% 146.2% FY10 Current year (1) NAT CAT Prior years FY11 FY10 FY11 FY FY (1) Excluding natural catastrophes Expense ratio (%) %pts Remarkable improvement of current year loss ratio driven by strict pricing and underwriting discipline in Motor, especially in Italy 21.5 FY10 Δ Admin. Δ Acq FY11 Acq. costs Adm. costs 2011 nat cat impact more benign in the Group geographies than 2010 Confirmed positive prior years development and prudent reserving policy

28 III. GROUP FINANCIALS P&C investment strategy and yields (1) 28 P&C segment own investments (1) (%) Euro 36.4 bn Euro 35.0 bn Continuing gradual strategic de-risking of portfolios by reducing exposure to equity and real estate Accurate selection of sovereign risk in the portfolio management Maintained strong current profitability despite challenging market conditions Focus on liquidity of assets Current return (1) Fixed income Equity Real Estate (2) FY10 FY11 FY10 FY11 FY10 FY11 Euro m % (1) For the definitions refer to the related section in the backup; starting from 9M 2011 Israeli participating portfolio has been reclassified in unit-linked business. Comparative figures have been restated accordingly. (2) Real estate current returns are gross of related expenses

29 III. GROUP FINANCIALS Financial segment 29 Operating result (Euro m) -3.4% Net fees and commissions (Euro m) -3.9% FY10 FY11 FY10 FY11 Third party AUM (1) (Euro bn) Cost/income ratio (%) +3.4% (2) +2.7%pts FY10 FY11 FY10 FY11 (1) Including only third party AUM related to financial segment companies (2) On like for like basis. On historical basis, the variation is -5.1%

30 Agenda 30 III. Group Financials Profit & loss review Life, P&C and financial segment profitability Balance sheet and capital

31 III. GROUP FINANCIALS Total expected cash flow generation (Euro bn) Life Group total Profit (1) 1.2 Var. Req Capital (0.1) Free Cash Flow 1.9 Free Cash Flow 1.0 P&C and Financial Holding exp. (3) (0.7) Profit (2) 1.0 Var. Req Capital (0.1) Free Cash Flow before dividend 1.3 Free Cash Flow 0.9 (1) Expected profit based on EV calculations (see slide 89) (2) P&C and Financial Segment Operating Result net of taxes and minorities (3) Holding expenses (incl. int. on financial debt) net of taxes and minorities

32 III. GROUP FINANCIALS IFRS Shareholders equity roll forward 32 (Euro m) -11.5% 17,490 (1,971) (109) (699) (139) 15,486 Shareholders Equity FY10 Δ in AFS Reserve FY 2011 Net Result Δ Currency Translation Reserve Δ Cash Flow Hedge Reserve Dividend Other Shareholders Equity FY11 Change in AFS reserve (Euro m) (184) (659) (1,218) (94) (2,156) AFS Reserve FY10 Impact Equity Investments Impact Bond Investments Other AFS Reserve FY11

33 III. GROUP FINANCIALS Solvency I according to Italian regulation 33 (Euro bn) Required margin Available margin Main drivers of change 132% 117% Available margin Consolidated result: Proposed dividends (1) : Financial markets and other elements: Cap on locally admitted unrealized gains on real estate (2) : Required Margin Growth of life technical provisions and financial sector capital requirements: FY10 FY11 (1) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn (2) The new rule allows the exclusion of AFS losses related to government bonds in the calculation of the cap on locally admitted unrealized gains on real estate

34 III. GROUP FINANCIALS Group Embedded Value roll-forward 34 (Euro m) Including: 4.5 bn due to spread widening and drop of stock market 2.4 bn due to the decrease in interest rates Robust return on embedded value, driven by positive combined ratio at 96.5% and Life NBV of Euro 976 m Return on Embedded Value Group Embedded Value Group EV FY % Normalised RoEV (1) -14.2% RoEV (1) 14.6 Group EV per share (1) For the definitions refer to the related section in the backup

35 III. GROUP FINANCIALS Economic Solvency 35 Economic Solvency Ratio based on Group Internal Model calibrated on 1year VAR at 99.95% confidence level The ratio based on a 99.5% confidence level (consistent with a BBB rating) would be about 159% Economic Solvency Ratio (Euro bn) FY10 FY Sub. Debt ESR = 160% (1) 29.0 ESR = 124% (2)(3) Group AC 20.6 Group RAC 99,5% Group AC 23.2 (3) Group RAC 99,5% Conf. Level Group RAC 15.7 Conf. Level Group RAC 18.0 ESR 210% ESR 159% Available Capital Group Risk Capital Available Capital Group Risk Capital (1) ESR FY10 = AC FY10 (net of dividend 2010 equal to 0.7bn) divided by Risk Capital FY10 (2) ESR FY11 = AC FY11 (net of dividend 2011 equal to 0.3bn) divided by Risk Capital FY11 (3) Preliminary figures

36 Agenda 36 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

37 Agenda 37 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

38 FY11 Total gross written premiums 38 Euro (m) Total gross written premiums Gross life written premiums (1) Gross P&C written premiums Country GWP YoY % increase Weight on consolidated GWP YoY % increase Weight on consolidated GWP YoY % increase Weight on consolidated (2) (2) (2) Italy 20, % 29.2% 12, % 18.4% 7, % 10.8% France 13, % 18.9% 9, % 13.0% 4, % 5.9% Germany 16, % 24.0% 13, % 19.6% 3, % 4.4% CEE 3, % 5.7% 1, % 2.4% 2, % 3.3% RoE 9, % 14.3% 5, % 8.1% 4, % 6.3% Of which: Spain 2, % 3.5% 1, % 1.5% 1, % 2.0% Austria 2, % 3.7% 1, % 1.7% 1, % 1.9% Switzerland 1, % 2.5% 1, % 1.6% % 1.0% RoW 5, % 7.9% 3, % 5.6% 1, % 2.2% Total 69, % 100.0% 46, % 67.1% 22, % 32.9% (1) Including investment contracts (2) On like for like basis with constant exchange rates

39 Life premiums by country & business line 39 Life FY11 (Euro m) Savings and protection Unit/index linked Health Group Total Italy 85.2% 2.0% 0.0% 12.8% 12,324 France 68.0% 14.3% 10.2% 7.5% 8,795 Germany 51.6% 24.0% 17.7% 6.6% 13,533 CEE 60.8% 26.7% 11.2% 1.3% 1,677 RoE 35.4% 46.1% 4.8% 13.7% 5,558 Of which: Spain 65.0% 1.3% 0.0% 33.8% 1,051 Austria 57.0% 23.5% 19.6% 0.0% 1,177 Switzerland 24.7% 74.3% 0.8% 0.2% 1,102 RoW 28.8% 14.6% 4.8% 51.8% 3,114 Total life gross direct premiums 60.8% 18.3% 8.7% 12.3% 45,002

40 P&C premiums by country & business line 40 P&C FY11 (Euro m) Motor (1) Accident/ Health Personal Commercial Total Italy 44.4% 17.9% 11.7% 26.1% 7,356 France 29.4% 12.6% 38.0% 20.0% 3,785 Germany 35.7% 15.4% 39.6% 9.2% 3,059 CEE 45.5% 13.9% 15.7% 24.9% 2,220 RoE 37.2% 15.6% 23.8% 23.4% 4,174 Of which: Spain 27.5% 12.8% 28.9% 30.8% 1,338 Austria 39.7% 10.8% 23.5% 26.0% 1,325 Switzerland 48.1% 22.9% 28.5% 0.5% 656 RoW 58.1% 7.6% 3.7% 30.5% 1,499 Total P&C gross direct premiums 40.3% 15.1% 22.2% 22.4% 22,092 (1) Including fleets

41 Ratios 41 Life Expense ratio (%) P&C Combined ratio (%) Expense ratio Loss ratio FY10 FY11 FY10 FY11 Total Expense ratio (%) FY10 FY11

42 FY11 combined ratio reconciliation 42 (Euro m) A Net earned premiums (net of consolidation adjustments) 20,662.5 B Consolidated net insurance benefits and claims 14,247.4 Consolidated acquisition costs 4,461.9 Consolidated administration costs 1,303.4 Non insurance related administration costs (1) 65.4 Insurance related consolidated administration costs 1,238.0 C Total acquisition and insurance related administration costs 5,699.9 B/A Loss ratio 69.0% C/A Expense ratio 27.6% (B+C)/A Combined ratio 96.5% D Other technical items 45.8 A-B-C-D Technical result (1) Administration expenses related to service companies, real estates and other companies not belonging to P&C segment

43 Ratios by country 43 (%) ITA FRA GER CEE RoE SPA AUT SWI RoW Consolidated P&C Loss ratio FY FY P&C Expense ratio FY FY P&C Combined ratio FY FY Life expense ratio by country FY FY

44 Focus on operating result 44 Operating result by country (1) (Euro m) FY10 FY11 Italy 1,537 1, % Operating result breakdown (1) (Euro m) 1,499 France % Germany % CEE % RoE % RoW % Operating result (1) 4,508 4, % Op. holding expenses (288) (294) -2.0% Consolidation Adj. (143) (222) -55.8% Total operating result 4,077 3, % Life P&C Financial (1) Operating result = operating result of life, P&C and financial segments, before holding expenses and consolidation adjustments

45 Life operating result 45 Life operating result (Euro m) -16.0% 3,026 2,542 Life Operating result by country (Euro m) (Euro m) FY10 FY11 Italy 1, % France % Germany % CEE % RoE % Of which: Spain % Austria % Switzerland % FY10 FY11 RoW % Total 3,026 2, %

46 Life net inflows by country 46 Country FY10 FY11 Like for like Δ Italy 1,790 1, % France 4,444 (2,061) n.m. Germany 4,923 3, % CEE % RoE 2,823 1, % Of which: Spain (522) (253) +51.6% Austria % Switzerland % RoW 1,619 1, % TOTAL 16,133 5, %

47 P&C operating result 47 P&C operating result (Euro m) P&C Operating result by country (Euro m) +38.3% (Euro m) FY10 FY11 Italy % 1,560 France % Germany % 1,128 CEE % RoE % Of which: Spain % Austria % Switzerland % FY10 FY11 RoW % Total 1,128 1, %

48 Other operating and non operating costs by segment 48 Life Non Life Financial (Euro m) FY10 FY11 FY10 FY11 FY10 FY11 TOTAL NET OPERATING EXPENSES (74.6) (47.3) (288.7) (259.3) (28.7) (39.7) Restructuring costs (26.2) (32.6) (63.0) (39.0) (19.8) (12.9) Other net non operating expenses (1) (84.1) (132.2) (244.1) (123.4) (36.7) (52.1) TOTAL NET NON OPERATING EXPENSES (110.3) (164.9) (307.2) (162.4) (56.5) (64.9) (1) Other non operating expenses include mainly amortization of VOBA

49 Focus on impairments (1) 49 (Euro m) Life P&C Financial Total FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 Net impairments Equity instruments Fixed income 12 2, ,359 Real estate (1) Other investments (2) Total net impairments 496 3, ,062 Of which Operating net impairments 366 2, ,975 Non operating net impairments (1) Net of reverse impairments (2) Including subsidiaries and associated companies, and receivables ,087

50 Focus on realised gains (1) 50 (Euro m) Life P&C Financial Total FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 Net realized gains Equity instruments (15) Fixed income 1,322 1, ,468 1,440 Real estate Other investments (2) (16) 90 (2) 79 (9) 329 Total net realized gains 1,896 1, ,321 2,203 Of which Operating net realized gains 1,839 2, ,854 2,023 Non operating net realized gains (1) Excluding financial instruments at fair value through profit and loss (2) Including subsidiaries and associated companies, and receivables 57 (143) (2)

51 Focus on non operating items: interest expenses on financial debt 51 Interest expenses on financial debt (Euro m) Total financial debt (Euro m) 704 (1) ,272 12,218 FY10 FY11 Average cost & maturity of financial debt (%) FY10 FY11 Average cost (%) 5.36% 5.37% Average maturity (years) (1) Net of interest expenses related to Euro 1,750 m senior bond repaid on 20/07/2010

52 Reclassified P&L account 52 (Euro m) Total FY10 FY11 Total Operating result 4,077 3,928 Net earned premiums 65,727 62,739 Net insurance benefits and claims (67,720) (55,036) Acquisition and administration costs (11,638) (11,807) Net fee and commission income and net income from financial service activities Operating income from other financial instruments 12,638 10,658 Operating income from financial instruments at fair value through profit or loss 4,880 (2,905) of which net income from fin. assets and liabilities where the risk is borne by the policyholders 3,824 (3,158) Operating holding expenses (288) (294) Net other operating expenses (389) (360) Non-operating result (1,200) (2,013) Non-operating income from other financial instruments (32) (907) Non-operating income from financial instruments at fair value through profit or loss 37 (34) Non-operating holding expenses (726) (680) Interest expenses on financial debt (704) (646) Other non-operating holding expenses (22) (34) Net other non-operating expenses (479) (392) Earnings before taxes 2, Income taxes (909) (762) Result from discontinued operations (Intesa Vita) 51 - Consolidated result of the period 2,018 1,153 Result of the period attributable to minority interests (316) (297) Result of the period 1,

53 Reclassified P&L account by segment - FY (Euro m) Life Non life Financial (1) expenses Unallocated holding Consolidation adjustments Total Total Operating result 3,026 1, (288) (143) 4,077 Net earned premiums 45,453 20, ,727 Net insurance benefits and claims (53,265) (14,451) - - (4) (67,720) of which var. of provisions related to unit linked business (6,158) (6,158) Acquisition and administration costs (5,137) (5,602) (900) - - (11,638) Net fee and commission income and net income from financial service activities (135) 868 Operating income from other fin. Instruments 11,212 1, (6) 12,638 Operating income from fin. Instruments at fair value through profit or loss 4, ,880 of which net income from fin.assets and liabilities where the risk is borne by the policyholders 3, ,824 Operating holding expenses (288) - (288) Net other operating expenses (75) (289) (28) - 3 (389) Non-operating result (183) (239) (59) (726) 7 (1,200) Non-operating income from other fin.instr. (73) 31 (3) - 13 (32) Non-operating income from fin. instr.at fair value through profit or loss Non-operating holding expenses (726) - (726) Net other non-operating expenses (110) (307) (56) - (5) (479) Earnings before taxes 2, (1,014) (136) 2,877 (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

54 Reclassified P&L account by segment - FY (Euro m) Life Non life Financial (1) expenses Unallocated holding Consolidation adjustments Total Total Operating result 2,542 1, (294) (222) 3,928 Net earned premiums 42,076 20, ,739 Net insurance benefits and claims (40,770) (14,247) - - (19) (55,036) of which var. of provisions related to unit linked business 2, ,132 Acquisition and administration costs (5,176) (5,715) (915) - (1) (11,807) Net fee and commission income and net income from financial service activities (104) 933 Operating income from other fin. Instruments 9,336 1, (85) 10,658 Operating income from fin. Instruments at fair value through profit or loss (3,055) (2,905) of which net income from fin.assets and liabilities where the risk is borne by the policyholders (3,158) (3,158) Operating holding expenses (294) - (294) Net other operating expenses (47) (259) (40) - (14) (360) Non-operating result (744) (606) 16 (680) - (2,013) Non-operating income from other fin.instr. (579) (409) (907) Non-operating income from fin. instr.at fair value through profit or loss - (34) (34) Non-operating holding expenses (680) - (680) Net other non-operating expenses (165) (162) (65) - - (392) Earnings before taxes 1, (974) (222) 1,914 (1) Not reclassified according to the new layout based on operating margins and presented in the Consolidated Report

55 Focus on 4Q11 results 55 (Euro m) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 4Q11/ 4Q10 Life premiums (1) 14,214 12,137 10,921 13,826 12,340 11,503 10,543 12, % (2) P&C premiums 6,650 5,128 4,780 5,532 6,792 5,219 4,931 5, % (2) Total premiums 20,864 17,265 15,700 19,359 19,131 16,722 15,474 17, % (2) Life operating result P&C operating result Financial operating result % % % Other (3) (98) (123) (108) (103) (133) (131) (96) (156) -51.5% Total operating result 1, ,256 1, % Net result % (1) Including investment contracts (2) On like for like basis (3) Including operating holding expenses and consolidation adjustments

56 Agenda 56 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

57 Consolidated balance sheet 57 Assets Liabilities (Euro bn) FY10 FY11 Intangible assets (Euro bn) FY10 FY11 Shareholders Equity (Group share) Investments Minority interests Cash Shareholders Equity Operating debt Other credits Tangible assets Other assets (1) Total Assets Financial debt Technical reserves Payables and other provisions Other liabilities Total Liabilities and Shareholders Equity (1) Including reinsurance amounts of technical reserve, deferred tax assets, deferred acquisition costs and other assets

58 FY11 Assets Under Management 58 Total Euro bn Third parties AUM Esposizioni nette a governativi di Grecia, Spagna, Portogallo e Irlanda Unit Linked Available for sale 56.5% Fin. Instr. at fair value thr. P&L 4.3% Loans 24.7% Real Estate 4.2% Group participations 0.6% Held to maturity 1.7% Cash & equival. 7.9% Fixed income instruments 77.6% Own Investments (1) Other 4.0% Real Estate 4.9% Equity 5.5% Cash & equival. 7.9% (1) For the definitions refer to the related section in the backup

59 FY11 Own Investments at amortized cost and fair value (1) 59 Total Euro bn Fixed income instruments 88.9% Of which bonds 84.6% Equity 9.0% Other 2.1% Fixed income instruments 75.5% Of which bonds 53.0% Of which loans 22.5% Real estate 13.5% Cash & equivalents Investments at amortized cost Investments at fair value Other 9.1% Subs, ass. & JVs 2.0% (1) Excluding unit linked and third parties

60 FY11 book value & market value of Own Investments (1) 60 (Euro m) Life P&C Financial Total (2) Asset classes BV MV BV MV BV MV BV MV Equity 13, ,218 3, ,098 17,098 Fixed income instruments 208, ,689 22,194 22,134 13,038 13, , ,008 Government 100, ,388 9,642 9,678 3,329 3, , ,372 Corporate 85,329 85,132 9,552 9,457 3,189 3,144 97,682 97,346 Other fixed income 21,976 22,169 3,000 2,998 6,520 6,779 29,841 30,291 Real estate 9,824 12,169 5,474 8, ,322 20,830 (1) Excluding unit linked and third parties (2) Net of consolidation adjustments

61 Quality of FY11 fixed income portfolio 61 Fixed income portfolio composition (Euro bn) By issuer (%) Average bond portfolio duration by segment (years) Life P&C Government Corporate Bond portfolio by rating (%) % Current return by segment % Comprehensive return by segment Life P&C

62 Focus on FY11 government bond portfolio 62 (Euro bn, 47.1% of total fixed income portfolio) % Split by rating Total AAA 32.1 AA 18.7 A 42.6 BBB 3.6 Not investment grade 2.9 Not rated 0.1 % Split by country Total Of which domestic Italy Germany France CEE RoE RoW % Split by accounting treatment % of segmental own investments

63 Focus on Greece Sovereign exposure 63 1H11: Impairment of government bonds with maturities 2020 based on market values as of 30 June M11: All Greek government bonds have been impaired based on market values at 30 September 2011 FY11: All Greek government bonds have been impaired based on market values at 31 December 2011 BS before impairment P&L impact BS after impairment Gross book Gross Gross Net Haircut Gross Net impact (2) Period (2) value market unrealised unrealised % (1) Impairment Non value losses losses (2) Operating operating (A) (B) (C) = (A) - (B) (D) = (E) + (F) (E) (F) June ,974 1,539-1, % -1,002-53,4-142, September ,954 1,143-1, % -1, ,3-273, December , , % -2, (1) Haircut on nominal value of Greek bonds (2) Net of policyholders participation and taxes

64 Peripheral government bond portfolio: focus on country exposure 64 Italian government bonds (Euro 45.9 bn) Spanish government bonds (Euro 5.5 bn) Portuguese government bonds (Euro 1.6 bn) Irish government bonds (Euro 1.6 bn)

65 Focus on FY11 corporate bond portfolio 65 (Euro 97.7 bn, 40.5% of total fixed income portfolio) % Split by rating Total AAA 32.3 AA 10.9 A 34.8 BBB 17.7 Not investment grade 2.2 Not rated 2.1 % Split by industry Life P&C Financials Covered bonds Utilities ABS Telecom Industrial Other % Split by accounting treatment % of segmental own investments

66 Focus on FY11 covered bond & financial corporate bond portfolios (Covered bonds: Euro 30.1 bn) 66 % Split by rating Total AAA 87.3 AA 8.3 A 3.8 BBB 0.3 Not investment grade 0.3 Not rated 0.0 % Split by country Total Italy 3.7 Germany 34.5 France 21.8 CEE 1.1 RoE 38.2 RoW 0.7 (Financial corporate bonds: Euro 38.4 bn) % Split by rating Total AAA 9.1 AA 13.0 A 52.7 BBB 20.5 Not investment grade 3.6 Not rated 1.1 % Split by country Total Italy 13.6 Germany 20.7 France 12.7 CEE 1.8 RoE 31.9 RoW 19.3

67 Focus on FY11 equity portfolio 67 (Euro 17.1 bn) FY11 Group net equity exposure % split by industry Life P&C Financials Consumer Utilities Gross equity exposure Hedging (10.8) Policyholders interests (0.6) (0.3) 5.4 Taxes Minorities Net equity exposure Industrial Other Funds % of total own investments % Current return by segment % Comprehensive return by segment Life P&C

68 FY11 Group real estate assets (1/2) 68 Country Total BV (Euro bn) % of the total Total MV (Euro bn) % of the total Italy % % France % % Germany % % CEE 0.2 1% 0.2 1% RoE (1) % % RoW (2) 0.4 2% 0.4 2% Total % % (1) RoE includes Austria, Spain, Switzerland, Belgium and Netherlands (2) RoW includes Israel, Latin America, Far East and US Investment properties vs self use Self Use 14.5 % Yield on investment properties % Current return by segment Total Life 7.3% Investment properties 85.5 % P&C 8.6%

69 FY11 Group real estate assets (2/2) 69 Direct Investments in leader countries Country Area (sqm m) % of total area MV (Euro bn) % of Total MV Italy % % France % % Germany % % CEE 0.1 2% 0.2 1% RoE % % RoW 0.1 1% 0.4 2% Total % % Other 7% Office 65% Logistic 3% Residential 10% Retail 15%

70 Investment yields (1) 70 Bonds and Loans Equities Investment properties Other Total % return FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 LIFE Current Total P&L Comprehensive NON LIFE Current Total P&L Comprehensive TOTAL Current Total P&L Comprehensive (1) For the definitions refer to the related section in the backup

71 4Q11 IFRS Shareholders equity roll forward 71 IFRS Shareholders equity roll forward (Euro m) -2.3% 17,490 15, (319) (48) (54) Shareholders Equity FY10 Shareholders Equity 9M11 Δ in AFS Reserve 4Q 2011 Net Result Δ Currency Translation Reserve Δ Cash Flow Hedge Reserve Other Shareholders Equity FY11 Change in AFS reserve (Euro m) 182 (1.836) (482) (19) (2.156) AFS Reserve 9M11 Impact Equity Investments Impact Bond Investments Other AFS Reserve FY11

72 Pro forma Solvency I update 72 Pro forma Solvency I update without cap on locally admitted unrealized gains on real estate and with Italian anti crisis regulation (Euro bn) Required margin Available margin Main drivers of change 140% (1) 134% (2) Available margin Consolidated result: Proposed dividends (3) : Financial markets and other elements: Impact from the potential application of the anti crisis regulation Required Margin Growth of life technical provisions and financial sector capital requirements: FY10 FY11 (1) Including off balance sheet unrealized gains on real estate, 8%pts of which subject to local authorities authorization. (2) Including off balance sheet unrealized gains on real estate (7%pts of which subject to local authorities authorization; 3%pts of which already locally admitted but capped) and 6%pts positive impact from the potential application of the anti crisis regulation only related to European Union Government bonds held by Italian companies as durable investment (3) Proposed dividend for Shareholders: Euro 0.3 bn; proposed dividend for Minorities: Euro 0.2 bn

73 Regulatory Solvency I development in 4Q11 73 (Euro bn) Required margin Available margin Main drivers of change 118% 117% Available margin Change in rules on cap on locally admitted unrealized gains on real estate (1) : Consolidated result: Proposed dividends: Required Margin Growth of financial sector capital requirements: M11 FY11 (1) The rule allows the exclusion of AFS losses related to government bonds in the calculation of the cap on locally admitted unrealized gains on real estate. With the current rule, Solvency I ratio as at 9M11 would have been 122%

74 Stress tests on Solvency I and Shareholders equity 74 Impact on regulatory solvency I ratio (%) Impact on Shareholders equity (Euro bn) Total ratio Equities -30% (1) (1) 122 Equities -30% (1.6) Interest rate +100bps 123 Interest rate +100bps (1.9) Interest rate -100bps 141 Interest rate -100bps 1.9 Credit spread +100bps 127 Credit spread +100bps (0.8) Real estate -10% 128 (1) Before hedging impact

75 Total comprehensive income (1) (Euro m) 75 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 +3,000 m 794 1, ,308 (245) 1,033 (644) (178) (1,031) (505) 181 (1,326) (306) -3,000 m (1,010) 1Q08 1H08 9M08 FY08 1Q09 1H09 9M09 FY09 1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 (1,031) (1,536) (1,354) (2,365) (178) 616 2,532 2,990 1,308 1,063 2,096 1, (860) (1.166) (1) For the definitions refer to the related section in the backup

76 AFS reserve breakdown 76 (Euro m) FY09 FY10 FY11 Fixed income instruments 225 (562) (1,780) Government 281 (396) (1,216) Corporate (56) (166) (564) Equity (382) Investment funds and other TOTAL 730 (184) (2,156)

77 Financial debt schedule 77 Financial debt breakdown by expiry date/call date (Euro m) Bonds Hybrid Subordinated Senior Loans

78 FY11 technical reserves 78 (Euro m) Traditional Linked TOTAL Life net technical reserves (1) Italy 79,863 5,692 85,555 France 66,401 13,115 79,516 Germany 74,897 12,051 86,948 CEE 5,505 1,259 6,764 GROUP TOTAL 258,311 58, ,564 (1) Including investment contracts for Euro 15,670 million (Euro m) Motor Non Motor TOTAL P&C net technical reserves Italy 4,910 6,862 11,772 France 2,165 3,306 5,472 Germany 1,797 2,285 4,082 CEE 1, ,041 GROUP TOTAL 13,602 17,002 30,604

79 Operating ratio on investments (1) 79 Life operating ratio on investments (%) FY10 (%) FY11 (%) (%pts.) Italy France Germany CEE GROUP TOTAL P&C operating ratio on investments (%) FY10 (%) FY11 (%) (%pts.) Italy France Germany CEE GROUP TOTAL (1) For the definitions refer to the related section in the backup

80 Number of shares (1) 80 Ordinary Shares issued (1) Own shares (2) Shares outstanding (1-2) Weighted number of shares outstanding in year ending ,540,850,443 shares outstanding at ,556,873,283 15,999,446 1,540,873,837 Capital increase Stock grant plan Exercise of stock options Generali shares purchase - (1,976) 1,976 Change in scope shares outstanding at ,556,873,283 15,997,470 1,540,875,813 Weighted number of shares outstanding in year ending ,540,875,154 Potential (dilutive) shares: Stock options Weighted number of shares outstanding in year ending adjusted for the effects of all dilutive potential ordinary shares. 1,540,875,154 Weighted number of shares outstanding in year ending adjusted for the effects of all dilutive potential ordinary shares. 1,540,850,443 (1) Calculation based on IAS 33

81 Per share (1) indicators 81 (Euro) FY11 Earnings per share (1) 0.55 Dividend per share 0.20 Book Value per share (2) 10.1 ANAV per share (2) 8.5 Embedded Value per share (2) 14.6 (1) Calculated on the basis of weighted shares outstanding during 2011 ( ) (2) Calculated on the basis of shares outstanding at ( )

82 Agenda 82 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

83 Life & health EV roll-forward 83 (Euro m) 23, ( ) , , ( 7,224) Including: -2.3 bn due to interest rate decrease -4.3 bn due to spread widening and equity market drop ( 561) 19,372 EV FY10 Perimeter, FX Model changes Adjusted EV FY10 NBV Expected contribution Operating variance Economic variance Capital flow EV FY11 Life & health embedded value earnings (Euro m) Return on embedded value Adjusted embedded value FY10 24,341 Embedded value earnings -4,408 Normalised EV earnings (1) 2, % 11.7% Life & health RoEV Life & health Normalised RoEV (1) Life normalised EV earnings defined as NBV + Expected contribution + Operating variance excluding extraordinary expenses (-43 m)

84 FY11 Life Embedded Value sensitivity 84 Life Embedded Value Euro 19,372 m (%) Risk Free Rate +100bps Risk Free Rate -100bps Equity +10% Equity -10% Zero Liquidity Premium Equity Implied Volatility +25% Swaption Implied Volatility +25%

85 Life new business: APE 85 (Euro m) APE Annual Premiums Single Premiums Like for like Like for like Like for like Italy 1,766 1, % 1,091 1, % 6,753 5, % France 1, % % 8,649 6, % Germany % % 2,665 2, % CEE % % % RoE % % 3,506 2, % Austria % % % Spain % % % Switzerland % % % RoW % % % Total 5,333 4, % 3,052 3, % 22,810 16, %

86 Life new business: value and margins 86 (Euro m) NBV Margins on APE Margins on PVNBP Historical Like for like %pts %pts Italy % +14.8% France % -12.4% Germany % -3.9% CEE % +0.0% RoE % -32.5% 18.4% 21.8% +3.3% 12.5% 13.7% +1.2% 17.7% 18.3% +0.6% 32.3% 35.8% +3.4% 24.9% 20.4% -4.5% 2.2% 2.6% +0.4% 1.3% 1.4% +0.1% 1.7% 1.7% +0.0% 4.3% 5.0% +0.6% 3.0% 2.6% -0.5% Austria % -36.0% 23.3% 14.0% -9.4% 2.3% 1.3% -1.1% Spain % -24.5% 23.3% 16.6% -6.8% 2.8% 2.0% -0.9% Switzerland % -61.8% RoW % -11.9% Total 1, % -5.6% 42.8% 18.9% -23.9% 33.5% 28.8% -4.7% 19.7% 20.4% +0.7% 4.0% 1.7% -2.3% 3.6% 3.0% -0.6% 2.2% 2.3% +0.1%

87 Value of asset gathering 87 Value of In-force business (Euro m) Value of new business (Euro m) 1, % 1, % % Assets under management (Euro bn) % Value of business Inforce in % of AUM bp % New inflows (Euro bn) % Value of new business in % of New inflows bps Retail asset gathering business relates to the group's two primary asset gatherers, BSI and Banca Generali. The value of in-force asset gathering business in BSI is the present value of the projected stream of future after-tax profits that are expected to be generated by the private banking arrangements which are in force at the valuation date. For Banca Generali, the value of in-force business is the present value of the projected stream of distribution margins and fee income, net of costs, that are expected to arise in Banca Generali and in the group s asset management companies, which is associated with the retail asset management products in force at the valuation date. Note that from 2008, the value arising in Banca Generali relating to insurance business has been considered as a look through in the Life Embedded Value. New asset management business comprises the amount of new money collected, net of switches within different classes of asset management products. The value added by new business allows for the actual acquisition costs incurred, using end-year assumptions, including projected future investment returns in the year of sale. Valuation according to traditional EV methodology and reviewed by Towers Watson.

88 Investment in life new business 88 (Euro bn) st year P&L impact st year P&L impact -1.0 In % of NBP 3.8% In % of NBP 4.9% Capital absorption -0.7 Capital absorption -0.8 In % of NBP 2.8% In % of NBP 3.8% 1st year strain st year strain -1.7 In % of NBP 6.6% In % of NBP 8.7% New Business Value 1.05 New Business Value 0.98 NBM 19.7% NBM 20.4% Internal Rate of Return 13.9% Internal Rate of Return 12.6% Payback period 6.5 years Payback period 7.4 years

89 Expected Life cash flow generation 89 Life & Savings expected free cash flows (Euro m) 629 (760) 459 (720) Capital Profit 2,151 (987) 2,130 (990) 1, Existing Run Off 2011 New Business 2011 Free Cashflow 2011 Existing Run Off 2010 New Business 2010 Free Cashflow Inforce Expected undiscounted cash flows 2011 New Business Expected undiscounted cash flows

90 90 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

91 EBS results: risk capital diversification and capital allocation 91 Total diversification benefits at 23% (Euro bn) Breakdown of Group risk capital after diversification Geographic breakdown Not under IM (1) 2.1/ 7% 30.1 (2) Other 25% Operational Non-Life U/W 2.1 / 7% 2.6 / 8% (6.9) (2) Group Risk Capital Italy 41% Life U/W Credit & Currency 3.3 / 11% 7.0 / 23% 23% 23.2 (2) France 22% 23.2 bn Germany 12% Interest rate 4.4 / 15% Real estate Equity 2.9 / 10% 5.9 / 19% Property & Casualty: Resulting at 34.0% of Net Earned Premiums Life & Health: Resulting at 4.9% of Net Technical Provisions Group RAC at 99.95% before diversification Group diversification Group RAC at 99.95% Financial: Resulting at 1.6% of AuM (1) Not under Internal Model refers to entities currently based on previous top-down model (2) Based on preliminary figures

92 FY11 reconciliation of life & health MCEV with group EV (EBS basis) 92 (Euro m) Life & Health MCEV Other GROUP IFRS equity 11,107 4,379 15,486 MTM of Assets 3,386 2,876 6,262 Goodwill (633) (6,761) (7,394) Life DAC, VoBA and other adjustments (2,652) (840) (3,491) MTM of Debt and Employee Benefit Plans (87) 1, Fair Value adj, of P&C Liabilities - 1,268 1,268 Unrealised Gains included in L&H VIF Adjusted Net Asset Value 11,138 1,943 13,081 In-force value (Life & AuM) 8,233 1,117 9,350 Embedded Value (EBS basis) 19,372 3,060 22,431

93 From IFRS Equity to Available Capital 93 (Euro m) FY ,544 Increase of 13,544 due to: (Euro m) + 18,663 impact of unrealised gains and losses on Assets and Financial Liabilities and Fair Value adjustments on Technical Provisions; - 10,886 elimination of Goodwill and Intangible Assets; + 5,767 inclusion of Fair Value of Subordinated Debt.

94 94 IV. Backup P&L Balance sheet Life Capital Sustainability Definitions

95 Generali in the ethical indices 95

96 Global Added Value (GAV) 96 GAV (Euro m) 2011 GAV breakdown (%) -6.6% Shareholders 4.8% Group 4.3% Community 12,635 13,633 12, % Credit capital providers (1) 9.8% State 5.1% Agents & FAs 42.1% Employees 33.5% (1) Total interest expense (including operating debt)

97 Number of employees 97 Number of employees 2011 number of employees by area (%) 85,322 85, % 81,997 Rest of World 15.6% Italy 20.7% Rest of Europe 17.9% CEE 16.5% Germany France 18.4% 10.8%

98 Training 98 Hours of per capita training 2011 hours of per capita training by area -2.5%

99 Allocation to the community 99 Allocation to the community (Euro m) 2011 allocation to the community by area (%) % Rest of World 5.3% Rest of Europe 20.6% Italy 40.5% CEE 12.2% Germany France 17.7% 3.7%