PARENT COMPANY STATEMENTS
2006 175TH year
PARENT COMPANY STATEMENTS
APPROVED BY THE SHAREHOLDERS’ MEETING OF 28 APRIL 2007
2006 175TH year The pictures contained in this issue refer to offices of Generali Group companies in Eastern Europe Registered Office and Central Head Office in Trieste Head Office for Italian Operations in Mogliano Veneto Capital (fully paid in) Euro 1,277,997,026.00 Fiscal code and Trieste Companies Register 00079760328 Authorized to transact insurance business Per Article 65 of RDL April 29, 1923 No. 966
CHAIRMAN Antoine Bernheim
VICE- CHAIRMAN Gabriele Galateri di Genola
MANAGING DIRECTORS Sergio Balbinot (*) / Giovanni Perissinotto (*) (*) He acts also as General Manager
DIRECTORS Luigi Arturo Bianchi / Ana Patricia Botin (**) Directors who, together with the Chairman, Francesco Gaetano Caltagirone / Diego Della Valle Vice-Chairman and Managing Directors, Leonardo Del Vecchio / Loïc Hennekinne / Petr Kellner form the Executive Committee Klaus-Peter Müller / Alberto Nicola Nagel (**) / Alessandro Pedersoli Lorenzo Pellicioli (**) / Reinfried Pohl / Kai Uwe Ricke Vittorio Ripa di Meana (**) / Paolo Scaroni / Claude Tendil
GENERAL COUNCIL Giorgio Davide Adler / José Ramón Álvarez Rendueles Comprising, besides the below listed elective José Maria Amusátegui de la Cierva / Francesco Maria Attaguile Members, the Members of the Board of Raymond Barre / Claude Bébéar / Kenneth J. Bialkin / Giacomo Costa Directors and the General Managers Maurizio De Tilla / Enrico Filippi / Carlos Fitz-James Stuart y Martínez de Irujo Albert Frère / Roberto Gonzales Barrera / Georges Hervet Dietrich Karner / Khoon Chen Kuok / Stefano Micossi Benedetto Orsini / Arturo Romanin Jacur Guido Schmidt-Chiari / Theo Waigel / Wilhelm Winterstein
BOARD OF AUDITORS Gianfranco Barbato, Chairman Paolo D’Agnolo / Gaetano Terrin Giuseppe Alessio Vernì (substitute) / Paolo Bruno (substitute)
GENERAL MANAGER Raffaele Agrusti
DEPUTY GENERAL MANAGERS Mel Carvill / Claudio Cominelli / Lodovico Floriani / Aldo Minucci (***) Secretary of the Board of Directors Vittorio Rispoli (***)
CORPORATE BODIES AS OF 28 APRIL 2007
TABLE OF CONTENTS
Chairman’s letter Report
Company highlights ______14
Economic and insurance market developments ______15
The Generali Group’s identity ______18
The Group’s strategy for growth ______19
Part A – Information on the operations of Assicurazioni Generali S.p.A. ______23
Appendix to the Report ______61
Balance sheet and profit and loss account ______65 Notes on the accounts
Foreword ______95
Part A – Evaluation criteria ______95
Part B – Information on the balance sheet and the profit and the loss account ______103
Part C – Other information ______169
Appendixes to the Notes on the accounts ______177 Securities and urban real estate on which revaluations have been carried out ______265 Companies in which an unquoted shareholding
(which is higher than 10%) is held ______282
Board of Auditors’ report ______345
Independent Auditor’s report and Actuary’s report ______353
CHAIRMAN’S LETTER Dear Shareholders,
The financial statements for 2006, which we are about to approve, are especially meaningful for our Group.
The year 2006 marks the 175th anniversary of the foundation of Assicurazioni Generali, and we are celebrating this milestone with the most outstanding annual financial statements in the history of our Company. I am not saying this in the sense of resting on our laurels, but as a source of inspiration, so that in the years to come we will continue to strive for and achieve increasingly ambitious objectives, consolidating our position of excellence on an international level in the future.
Our success is the outcome of expertise, dedication and the desire of our human resources to surpass themselves day after day. At the same time, it also reflects our unfaltering ability to be reliable and innovative in responding to the needs and expectations of the growing numbers of customers who continue to choose us.
As a way of acknowledging everyone’s contribution to the growth of our Group, we have planned various events to commemorate this important anniversary and allow the general public to join us in our celebration.
In keeping with our tradition, we have planned a series of cultural and artistic events, including a commemorative medal. I had the honour of giving the first medal to Giorgio Napolitano, the President of the Italian Republic. We will also publish several books that illustrate the history of Assicurazioni Generali from various standpoints, including works dedicated to agriculture and the Group’s commitment in this sector, an aspect that is not very well known.
We have also decided to propose the free assignment of shares in the Parent Company to our employees. Moreover, unlike what we have done in the past, we have decided not to limit this to Assicurazioni Generali employees but to extend it to all Group companies. This is because the changes that have been made in the organizational structure of our Group over the past few years have been so profound that they have indissolubly tied the Company’s success to that of the entire Group. The distribution of these shares is thus our way of thanking everyone for their contribution and of making each person – regardless of the company for which he or she works – more and more a part of the destiny and future of Assicurazioni Generali.
10 At our Central Head Office, we have staged an exhibition of archaeological artefacts from Ancient Rome, unearthed in the early twentieth century during excavation work to construct the Company’s offices in Rome. We have opened the exhibition to the public and to schools in particular, in order to arouse students’ curiosity and interest in the “Roots of the Present”, using an innovative exhibition layout designed to capture the visitors’ attention. The large number of visitors and the appreciation shown by young people and scholars alike have confirmed the value of the exhibition and inspired us to stage it at our Head Office for Italy in Mogliano Veneto.
I would like to conclude by emphasising that everything I have said reflects a trait that has characterized our Company from the very beginning: the capacity to evolve constantly, introducing innovations yet also treasuring the values, know- how and experience we have gained over the years. We feel it is extremely important to remain faithful to our roots, founding principles and standards of behaviour towards our stakeholders with whom we interact as part of our business. Indeed, these core values are central to our Ethical Code and are a key part of our strategies. These values are the underpinnings of our long-term commitment in the areas of welfare, culture and sports. Notably, the Group companies have recently added environmental concerns to our list of commitments, as we are aware of the important contribution we can make to protecting the environment, limiting the direct impacts of corporate management on our surroundings, and, indirectly, making a commitment in the area of corporate investments.
We are convinced that continuing to carry out our role – in the economic context and in the communities in which we operate – with great responsibility and respect for these principles is the only path to follow in order to maintain our credibility and success in the future.
Antoine Bernheim
11 . REPORT Company highlights
2006 2005 2004 (in million euro) Financial Statements Normalized(d) Financial Statements Financial Statements
Total gross premiums 7,396.2 5,540.3 5,856.1 5,793.7 Total gross premiums from direct business 3,379.3 3,379.3 3,127.1 2,996.9 Change on equivalent term (a) 8.8% 8.8% 3.7% 3.5% Total gross premiums from indirect business 4,016.9 2,161.0 2,729.0 2,796.8 Change on equivalent term (a) 49.1% -18.9% -3.9% 4.9%
Acquisition and administration costs 1,349.1 1,017.9 (b) 1,100.3 1,182.3 Impact on premiums 21.3% 22.0% 21.7% 23.3%
Life gross premiums 3,312.6 1,680.9 2,023.3 1,876.7 Change on equivalent term (a) 65.1% -15.6% 6.7% 4.7% Life gross premiums from direct business 95.3 95.3 93.6 76.4 Change on equivalent term (a) 3.3% 3.3% 15.9% 4.5% Life gross premiums from indirect business 3,217.3 1,585.6 1,929.7 1,800.3 Change on equivalent term (a) 68.1% -16.5% 6.3% 4.7%
Life acquisition and administration costs 577.4 280.1 (b) 314.4 322.8 Impact on premiums 19.2% 18.8% 17.0% 18.6%
Non-life gross premiums 4,083.6 3,859.4 3,832.8 3,917.0 Change on equivalent terms (a) 7.7% 1.9% -3.2% 3.9% Non-life gross premiums from direct business 3,284.0 3,284.0 3,033.5 2,920.6 Change on equivalent terms (a) 8.9% 8.9% 3.3% 3.5% Non-life gross premiums from indirect business 799.6 575.4 799.3 996.4 Change on equivalent terms (a) 3.2% -24.9% -22.4% 5.3%
Non-life acquisition and administration costs 771.7 737.8 (b) 785.9 859.6 Impact on premiums 23.2% 23.6% 24.3% 25.7% Non-life loss ratio 74.7% 73.5% 73.9% 76.1% Non-life net combined ratio 97.9% 97.1% 98.2% 101.8%
Current financial result 1,926.2 1,463.2 (b) 1,710.3 1,557.6
Technical provisions 39,256.6 18,020.6 19,179.6 18,221.8
Investments 55,543.1 34,975.9 33,052.1 31,062.0
Capital and reserves 9,221.8 - 8,728.8 7,563.8
Net profits 1,213.6 - 916.8 (c) 1,012.1
Aggregate dividend 958.7 - 689.0 548.5 Increase 39.1% - 25.6% 30.3%
(a) At equivalent exchange rates. (b) With holding costs reclassified from operating costs and investment charges to other ordinary charges. (c) Net of extraordinary components of 338 million the profits would have been 674.1 million. (d) Excluding the effects of the accounting alignment of indirect business in the profit and loss account, and of the Generali Vita merger in the balance sheet.
14 Economic and insurance market developments
The economy of the euro area improved 2.7% in 2006 (compared to 1.3% in 2005), supported by strong domestic demand. The continued strength of the euro did not prevent exports from increasing, an indication that the area has regained its industrial competitiveness — mainly Germany, where after years of stagnation the GDP increased 2.7%. In France and Spain, where growth rates were 2% and 3.8%, respectively, strong domestic demand offset the negative trade balance. In Italy too, where, after years of stagnation or feeble growth, the economy began to regain strength (up 1.9%), recovery was driven primarily by domestic demand. Contributors to the growth included household consumption (up 1.5%), which was boosted by increases in employment (up 2%) and salaries (up 4.5%), and fixed capital investments (up 2.3%). Despite a decrease in competitiveness due to structural issues, Italian exports posted a solid increase of 5.3%, although the strong performance of imports (up 4.3%) led to a negative balance of trade.
In the States that joined the European Union in 2004, growth rates regained momentum (up 5.5%) following the slight decrease recorded in 2005. Growth was mainly fuelled by a strong increase in domestic demand; however exports also increased due to improvement in the economies of the end markets located in Western Europe. Inflation, which was 3.4%, was not far from the euro area standards.
The unemployment rate in the European Union dropped from 8.5% to 7.6%, with Germany recording a particularly significant decrease (8.4% compared to 9.5% in 2005). The improvement in Italy’s economy led to a decrease in unemployment from 7.7% to 7%.
Inflation in the euro area was 1.9%, down from the 2.2% level of 2005. The increase in the prices of raw materials other than oil was offset by a decrease in the price of crude oil. After a first half of the year that saw the continuance of a strong upward trend that began over four years ago and culminated with an all- time high of $78.30, the price per barrel decreased significantly in the second half, nearing end-2005 levels by the end of December ($60.86 compared to $58.98 dollars in 2005). The price decrease was caused in part by lower demand due to an exceptionally mild winter. In Italy, inflation was 2.1%, a slight increase compared to 2005.
After a moderate decrease in 2005, the euro/dollar exchange rate increased in 2006, mainly in the first half of the year, reaching 1.32 by year-end (1.18 in December 2005).
In 2006, interest rates continued to climb in almost all of the leading economies. The Federal Reserve made multiple 0.25-percentage-point adjustments to the funds rate during the first six months of the year, increasing it from 4.25% to 5.25%; no further increases were made, in part due to the slowdown in economic growth. In Europe, on the other hand, the good performance of the economy allowed the European Central
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Bank to raise the rate from 2.25% to 3.5% through a series of 0.25-percentage-point increases spread across the entire year, with the aim of controlling any pressure on prices and maintaining external balance in light of US rates.
As for bond markets, yields on 10-year US government bonds increased gradually in the first half of the year, peaking at 5.24% before falling to start-of-year levels by the end of December (4.42% compared to 4.39%). The European bond market performed similarly to the US market, recording an increase in 10-year government bond yields in the first six months and a decrease in the third quarter. In the last part of the year, however, the strengthening of the economic recovery led to an increase in yields on euro securities, which reached 3.94% at the end of 2006 compared to 3.31% at the beginning of the year. In 2006, the average yield differential between bonds issued by European companies and government bonds increased from the extremely low level of December 2005 (0.50) to a maximum of 0.593 points, before falling to 0.565 points at year-end.
On the stock market front, 2006 was the fourth year in a row to record exceptional performance. In the United States, the S&P500 index grew 13.62% from December 2005, NASDAQ grew 9.52% and the Dow Jones grew 16.29%. Europe’s stock markets recorded even better results, with the Eurostoxx and the insurance-industry index growing 17.81% and 17.2%, respectively. Italy’s stock market index, S&P MIB, increased 16% in 2006, driven by a number of industrial, utilities and bank stocks. Some of the emerging markets recorded exceptional performance as well, including China (up 130%), India (up 43%) and Brazil (up 27%).
As for the insurance industry, in 2006 premiums in the main European countries in which the Group operates increased overall, albeit at a slower rate than last year.
In the life segment, premium income was strongly influenced by the regulatory and fiscal changes introduced in some countries and the performance of the bond and stock markets. In the main countries premiums grew at a slower pace than in 2005, and in some decreased, except in France, where significant growth was recorded mainly in the bancassurance segment, whose performance improved as a result of the elimination of tax benefits on income from home-savings plans offered by banks, which led to a transfer of related accumulated sums to life insurance contracts. Business also grew in Germany, mainly due to the good performance of state-supported pension policies, and in Spain, where increases in premium volumes benefited from large, non-recurring transactions in the bancassurance channel. Premium income decreased in Italy, Austria and Switzerland. In Italy, the decrease was mainly due to a fall in sales through banks and post offices as a result of higher interest rates, which caused customers to shift from asset management products to direct investments. The good performance of the stock markets led to a robust increase in linked products in France, Italy, Germany and Switzerland.
In the non-life segment, the favourable economy caused an overall increase in premiums, though less pronounced than the previous year, mainly due to
16 continuing competition in some areas (primarily the motor business). Despite the competitive pressure, the motor segment recorded a slight acceleration in Italy and Spain and was the best performer in Switzerland. In Germany, on the other hand, the negative performance of the motor and industrial risk business lines led to an overall decrease in non-life premiums (except the health business line, which improved compared to 2005). In Italy, non-life premiums increased moderately by 2.5%, in line with 2005. The increase was mainly attributable to the non- motor lines, which grew 4.2% (5.5% in 2005).
In the other regions in which the Group operates – Eastern Europe and Asia –, solid economic growth led to healthy increases for both the life and non-life segments. In Latin America, premiums increased for all the main business lines, especially the life segment.
Unlike 2005, no catastrophic events occurred in 2006.
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The Generali Group’s identity
Assicurazioni Generali, one of the leading insurance and financial companies in the world, has always been characterised by a strong international orientation. Present in 40 countries, the Generali Group has strengthened its position as one of the leading insurance groups in Europe and the world, by increasing its importance in Western Europe, rebuilding a significant presence in Central and Eastern Europe and beginning to expand in the main markets of the Far East.
Generali’s goal is to secure its position as one of the most profitable providers of direct life and non-life insurance by focusing on both continental Europe and international markets with strong growth potential and serving mostly individual customers and small and medium enterprises through a multi-channel and multi- brand distribution strategy. The direction, coordination and control of operations in the various countries is entrusted to the Corporate Centre, although local management has a high level of responsibility in this regard.
In pursuing these important objectives, Generali remains faithful to the values that have defined the Company since its inception and that, in 2004, were articulated in the Group’s Ethical Code. The Generali Ethical Code contains the fundamental principles and rules of conduct that govern the Group’s relations with the various parties with which it interacts in conducting its business. Such principles and rules are aimed at protecting the interests of the individual parties and the parties as a whole and constitute an integral part of the Group’s strategies.
The Generali Group companies recognize that they have a substantial responsibility towards the communities in which they operate. They therefore support numerous initiatives of local institutions and associations in the areas of assistance, culture and sports by providing funding and collaborating in their implementation. The Group is aware of the role it can play in minimising the direct impact of corporate management practices on the surrounding environment, and thus recently became active in the environmental area as well. One of the Group’s efforts in this area has been the discontinuation of investments in companies that do not respect fundamental human rights or cause serious environmental damage.
The Group’s efforts in the social and environmental areas are thoroughly described in the Sustainability Report, a tool for initiating dialogue that provides information on the results achieved and, based on the requests and suggestions of the various categories of stakeholders, the new objectives that will be pursued the following year.
18 The Group’s strategy for growth
The year 2006 was characterized by important initiatives aimed at expansion in Italy and countries with high growth potential and significant reorganization efforts to increase managerial efficiency in accordance with the guidelines set forth in the 2006-2008 Business Plan, which was approved by the company’s Board of Directors on 5 March 2006. The projects included in the Plan were started in all of the main countries in which the Group operates. The projects, which continue and complete the organizational and business changes initiated with the previous plan, are based on specific growth objectives and the achievement of important synergies. The new Plan is based on three principles: growth and innovation, a unique Country organizational model and important transnational structures, optimization of capital. Of the most important transnational projects, the one involving the concentration of asset management activities was nearly completed, and the one regarding IT platforms was begun.
As for external-growth transactions completed during the year, the Toro Group was acquired in Italy. This transaction made the Generali Group the leader in Italy’s non-life segment as well, increasing its market share from 15.6% to 22.2% in the area and rebalancing the composition of its portfolio by increasing its retail customers. With the conclusion of the mandatory takeover bid for all ordinary shares of Toro Assicurazioni, which led to the delisting from Italy’s stock exchange of the Turin-based company on 20 December, the Generali Group’s stake in the company reached 98.44%. In accordance with laws on equity investments exceeding 98.0% of share capital, Generali will exercise its right to acquire the remaining outstanding shares of Toro. The transaction was authorized by the antitrust authority; however, the authority imposed the sale of Toro’s subsidiary Nuova Tirrena, which has an overall market share of 0.7% (2.6% in the motor business). The company does not agree with the assumptions on which such decision was based, and therefore has decided to file an appeal with the competent authorities.
In 2006, the reorganization process involving the Group’s Italian companies was continued. The objectives of the reorganization include simplifying the organizational structure, increasing operating efficiency and improving the quality of the services offered to customers. In an effort to streamline the Group’s structure, Generali Vita was merged into Assicurazioni Generali with effect from the end of 2006. Following the merger, the company began operating under a single brand, “Assicurazioni Generali”, both in the life and non-life segments. Also at the end of the year, INA and Assitalia were merged into a single company called INA ASSITALIA. In order to rationalize its operations in the marine insurance sector, the marine insurance business of the Italian subsidiary UMS Generali Marine was transferred to the Parent Company (effective as of 1 January 2006). The subsidiary Assitalia’s general liability line for corporate customers was also transferred to Assicurazioni Generali. Lastly, SIA, a company specializing in damage prevention and risk analysis for the Group’s corporate customers in Italy,
19 Parent Company Statements 06 REPORT
was also merged into the Parent Company. In the year, work continued in Italy on integrating and centralizing claim settlement departments, call center management and administrative services.
As part of the implementation of asset management strategies, Generali Property Investments Sgr was set up. The objective was to establish real estate funds with a view to optimizing the investments of the Group’s insurance companies in the real estate sector. In December, the Scarlatti Fund was launched, the first closed- end real estate investment fund for qualified investors. At the end of the year, a project was initiated to integrate the Toro Group into the organizational model of the Generali Group, which is based on shared functions such as administration, IT, asset management, purchasing and human resources.
As for initiatives carried out through foreign subsidiaries, in France, the process of Group rationalization was completed at the end of the year; the Group is now substantially formed by two companies – Generali Iard (under which the non-life lines of Generali Iard and GPA Iard are combined) and Generali Vie (under which the businesses of Generali Vie, La Fédération Continentale, GPA Vie and Guardian Vie are combined). The new organization contains four operational areas divided on the basis of business, customer target and distribution channel, and functional areas divided on the basis of specific crossover activities such as IT, human resources and management planning and control.
The Generali Group further strengthened its presence in the countries of Central and Eastern Europe by acquiring controlling interests in leading companies in various markets. Specifically, in Serbia, Generali acquired from the Delta Group a majority holding in the capital of Delta Osiguranje, the insurance company ranked third in the Serbian market, operating in both the life and non-life segments. The company took on the name Delta Generali Osiguranje.
In Croatia, a 100% stake was acquired in Libertas Osiguranje, a company operating in the life segment, and also authorized to operate in the accident and health segments. At the end of 2006, the Group’s other two Croatian companies – Generali Osiguranje and Generali Zivotno Osiguranje – were merged into Libertas Osiguranje, which, following the merger, changed its name to Generali Osiguranje.
In Ukraine, the Group acquired 51% of the capital of Garant Auto, the country’s second-ranked company in the non-life segment, and of Garant Life, third-ranked company in the life segment. The names of the companies were changed to Generali Garant Insurance and Generali Garant Life Insurance, respectively.
In Bulgaria, 86.41% of the Orel-G group was acquired. The group is present on the Bulgarian market with three separate companies: Orel operating in the non- life segment, Orel Life operating in the life segment and Zakrila, the country’s health insurance leading company. In addition to the traditional sales channels, the Orel-G group also uses bancassurance agreements above all for the distribution of life products. The holding company was named Generali Bulgaria
20 Holding, and the operating companies were renamed Generali Insurance, Generali Life Insurance and Generali Zakrila Health-Insurance.
As concerns the development of the agricultural insurance business in Central and Eastern Europe, in order to disseminate the experience gained in Italy in this sector, in Romania, Fata Assicurazioni Danni acquired S.C. Asigurari Global, a company authorised to operate in the non-life segment (excluding motor third- party liability insurance); the company was renamed Fata Asigurari Agricole. In February of 2007, the purchase agreement for the acquisition of 67% of the Bulgarian company Zad Victoria by Fata Assicurazioni Danni was also finalised.
In Asia — particularly in the rapidly developing market of India — the Generali Group entered into an agreement for the creation of a life and non-life joint venture with the leading Indian retail distribution group. The joint venture will take on the name Future Generali and Generali will hold a stake of 26%, within the limits laid down by current Indian legislation on foreign investments in the capital of companies headquartered in India. Once the necessary authorizations are obtained, Future Generali will be able to operate throughout the Indian territory through two distinct life and non-life companies using its partner’s extensive network of sales outlets, together with agents and banks.
In China, the Group has obtained from the competent regulatory body authorization to form a company to operate in the non-life lines. After fulfilling its obligations under law, Generali will be able to provide both life and non-life insurance in the country.
In Switzerland, the BSI bank acquired the Banca Unione di Credito (BUC) from the Fiat Group in June. The transaction forms part of BSI’s plans for expansion into the private banking sector.
In Austria, Generali is part of the consortium that won the tender for acquiring the bank BAWAG. Following the acquisition, Generali will be able to sell its products also through Austrian post offices, with which BAWAG has a close working relationship.
In Israel, in an effort to reinforce its position in the assets under management area, Migdal Capital Markets, the financial company of the Migdal Group – operatimg in joint venture with the American investment bank Bear Stearns –, acquired several fund investment companies. In addition, the merger of all the pension funds has been concluded with a view to optimizing the management process.
Finally, the transactions stated in the Business Plan were completed, with the aim of increasing the efficiency of capital used while maintaining the Group’s solid asset base and credit rating. Specifically, in Germany a voluntary public offering was concluded in April, concerning the shares held by minority shareholders of AMB Generali Holding; the subscriptions received took the Group’s share of capital in AMB Generali to 85.05%, exceeding the threshold of 75% which allows
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full control of the shareholders’ meeting. In Austria (July) and Switzerland (August), similar procedures were concluded with the aim of acquiring all the capital of Generali Holding Vienna and Generali (Schweiz) Holding. Finally, in Israel the acquisition of 10% of Migdal by Bank Leumi was finalized, with the consequent increase in the Group’s controlling stake to 69.79%.
Lastly, in October, Generali signed a three-year shareholders’ agreement with Olimpia S.p.A. and Mediobanca that tied up a total of 23.2% of Telecom Italia’s ordinary capital (Generali’s share is 3.67%). The main aim of the agreement is the industrial development of the Telecom Italia group, within a balanced economic and financial context to create value for all shareholders.
22 Parte A - Information on the operations of Assicurazioni Generali S.p.A.
Foreword
In 2006, two transactions – the merger of Generali Vita and the accounting alignment of indirect business – impacted the company’s balance sheet and profit and loss account, respectively. Therefore, in order to provide a more meaningful measurement of operating performance as a whole and of its various segments, we felt it would be appropriate to provide normalised balance sheet and profit and loss information for 2006.
The merger of Generali Vita, which was completed as part of an effort to reorganise the Italian Group’s operations, became effective as of 31 December 2006. Considering the date of the merger, only the balance sheet data of the subsidiary was included in the Parent Company’s financial statements. Therefore, in a specific section of this report, a brief comment on Generali Vita’s profit and loss data for the year is provided.
The decision not to defer the technical entries relating to acceptances and retrocessions of indirect business to next year impacted the result for the year. This decision was possible due to the agreements established with ceding companies, which require that the information regarding the reinsurance agreements be received in time to allow preparation of the financial statements. In these financial statements, the aforementioned entries refer both to reinsurance arrangements attributable to the year under review (2006) and to those attributable to 2005, following the deferment from last year.
During the year, the marine insurance business of the Italian subsidiary UMS Generali Marine was transferred to the Parent Company (effective as of 1 January 2006). Furthermore, a portion of the general liability insurance portfolio of Assitalia was also transferred to the Parent Company (effective as of 22 December 2006). The objective of the transfers was to centralise under Assicurazioni Generali all corporate business requiring a high level of technical expertise. These operations impacted both technical and financial balance sheet items but did not have a significant effect on the Parent Company’s result.
With reference to CONSOB communication No. 6064293 of 28 July 2006 regarding corporate reporting, an appendix to this report has been provided containing the required reclassified statements and performance indicators. A reconciliation between the Group’s result and shareholders’ equity and the Parent Company’s result and shareholders' equity is included in the consolidated financial statements.
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Result for the year
The operating performance for 2006 is reported in the table below:
2006 2005 Financial Financial (in million euro) Statements Normalized(a) Statements
Gross premiums from direct business 3,379.3 3,379.3 3,127.1 from indirect business 4,016.9 2,161.0 2,729.0 Total 7,396.2 5,540.3 5,856.1
Net premiums 6,327.2 4,624.0 5,077.0 Change in technical provisions (b) -605.0 -271.6 -730.5 Claims, maturities and surrenders -4,907.3 -3,576.2 -3,710.0 Operating costs -1,349.1 -1,017.9 (d) -1,100.3 Other technical income and charges -63.8 -63.9 -68.4 Allocated investment return transferred from the technical account 883.4 420.4 635.4 Net underwriting balance 285.4 114.8 103.2 Allocated investment return transferred to technical accounts 324.5 324.5 475.3 Net technical result 609.9 439.3 578.5 Current financial result (c) 1,926.2 1,463.2 (d) 1,710.2 minus allocated investment returns transferred to technical accounts -1,207.9 -744.9 -1,110.7 Other ordinary income and charges -564.9 -564.9 (d) -419.5 Profit from ordinary operations 763.3 592.7 758.5 Profits and losses on the realisation of other durable investments 443.1 443.1 131.3 Other extraordinary income and charges -42.1 -42.1 -13.5 Result before taxation 1,164.3 993.7 876.3 Income tax 49.3 112.9 40.5 Profit for the year 1,213.6 1,106.6 916.8
(a) Excluding the impact of aligning the accounting value of indirect business (b) Other than provisions for outstanding claims (c) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments (d) With holding costs reclassified from operating costs and investment charges to the ordinary charges
Profit for the year amounted to €1,213.6 million (€ 916.8 million in 2005).
This result was influenced by a non-recurring item totalling € 107.1 million, as a result of the decision not to defer to the next financial year technical items relating to acceptance and retrocessions.
To provide more meaningful information on operating performance, the comments below refer to normalised data and ratios for the year, and all changes are also stated at comparable exchange rates.
The overall net underwriting balance, which includes only technical interest attributable to life insurance, was a profit of € 114.8 million, compared to a profit of € 103.2 million the previous year; in the life segment, profit decreased from € 139.8
24 million to € 108.1 million, while in the non-life segment, profit amounted to € 6.7 million (loss of € 36.6 million in 2005). Gross premium income totalled € 5,540.3 million: direct business premiums totalled € 3,379.3 million, up 8.8% (4.7% of the increase was due to the transfer to the Parent Company of the marine insurance business of the subsidiary UMS Generali Marine). Indirect business premiums totalled € 2,161 million, an 18.9% decrease attributable to the termination of several important agreements in the life segment and to the change of proportional reinsurance programmes into non- proportional programmes in the non-life segment.
The ratio of cost net of reinsurance to total premiums went from 21.7% to 22%. Acquisition costs decreased 9.8% to € 818.1 million, mainly due to a contraction in the reinsurance business. Administration costs were slightly up at € 199.8 million (up 3.3%). The ratio of acquisition costs dropped to 17.7 % compared to 17.9% in 2005, whereas that of administration costs increased from 3.8% in 2005 to 4.3%.
In the non-life business, the ratio of claims to premiums, net of reinsurance, improved to 73.5% (73.9% in 2005). The combined ratio was 97.1% (98.2% in 2005).
Overall, current financial results reached € 1,463.2 million, of which € 744.9 million were allocated to technical accounts. Within this area:
■ net investment income amounted to € 1,417.3 million (down 10.7%). The drop was largely due to both a decrease in reinsurance deposits and lower interest rates on reinsurance deposits paid by reinsurers; ■ trading generated profits of € 26.6 million, compared to € 96.4 million in 2005; ■ value adjustments to securities and other financial assets were positive at _ 20.1 million (€ 10 million in 2005); this item includes the € 118.3 million gain arising on the valuation of Generali Properties using the equity method (€ 86.1 million in 2005), and the € 46.3 million value adjustment to Generali Sgr. Net working capital was negative at € 51.9 million, mainly due to the performance of bond markets.
Interest payable on bonds and loans totalled € 323.3 million (€ 284.9 million in 2005). The increase is mainly attributable to the issue, at the end of June, of two new subordinated loans amounting to € 1,031.6 million partly used for the acquisition of the Toro Group.
The translation into euros of items of the balance sheet and profit and loss account denominated in currencies other than euro produced a loss of € 34.8 million (€ 5.3 million gain in 2005).
Extraordinary operations contributed € 401 million profit, compared to € 117.9 million in 2005. Net gains on the disposal of fixed assets contributed € 443.1
25 Parent Company Statements 06 REPORT
million (€ 131.3 million in 2005) and were mainly related to net profit from the transfer of shareholdings within the Group, which totalled € 268.8 million with a view to optimising equity investment, and to the capital gain on the sale of BNL shares for a total of € 170.5 million, following the mandatory public offer launched by BNP Paribas.
26 The balance sheet
The table below sets out the balance sheet of the Company:
2006 2005 of which: effect Financial of Generali Financial (in million euro) Statements Vita merger Statements
Intangible assets 127.5 20.9 32.1 Investments 54,282.7 19,493.2 32,879.9 Class D investments 1,260.4 1,074.0 172.2 Reinsurers' share of technical provisions Non-life 1,390.5 - 1,106.4 Life 219.3 29.1 165.9 Total 1,609.8 29.1 1,272.3 Debtors 2,858.6 431.0 1,872.8 Other assets 1,152.5 314.8 997.8 Accrued income and deferred charges 487.1 343.3 64.5 TOTAL ASSETS 61,778.6 21,706.3 37,291.6
SHAREHOLDERS' FUNDS Subscribed share capital or equivalent fund 1,277.8 - 1,276.0 Reserves 7,944.0 233.1 7,452.8 Profit for the year 1,213.6 - 916.8 Total 10,435.4 233.1 9,645.6 Subordinated liabilities 1,781.5 - 750.0 Technical provisions Non-life 8,977.8 - 7,687.1 Life 30,663.3 20,192.6 12,622.9 Total 39,641.1 20,192.6 20,310.0 Class D technical provisions 1,256.3 1,072.5 171.0 Provisions for other risks and charges 149.4 9.6 68.8 Deposits received from reinsurers 192.1 29.1 83.4 Creditors and other liabilities 7,817.1 153.6 5,977.4 Accrued expenses and deferred income 505.7 15.8 285.4 TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 61,778.6 21,706.3 37,291.6
Total investments, including Class D investments, amounted to € 55,543.1 million (€ 33,052.1 million in 2005). Excluding the amount relating to the merger of Generali Vita, the increase was mainly attributable to the acquisition of Toro Assicurazioni (€ 3,852.5 million) and the assets related to the general liability insurance portfolio of Assitalia, which was acquired by the Parent Company at the end of the year.
Total technical provisions net of reinsurance amounted to € 39,256.6 million (€ 19,179.6 million in 2005). Of this amount, € 31,700.3 was attributable to life insurance (€ 12,627.9 million in 2005) and € 7,556.3 million was attributable
27 Parent Company Statements 06 REPORT
to non-life insurance (€ 6,551.7 million in 2005). The strong increase in the life segment was due to the merger of Generali Vita, while the increase in the non-life segment was due almost entirely to the acquisition of the Assitalia portfolio mentioned above. At the end of 2006, the Company’s overall debt amounted to € 8,406.6 million (€ 5,328.8 million in 2005) and was comprised of € 1,781.6 million in subordinated loans, € 2,500 million in bonds and € 4,125 million in other types of financing. The increase in this item was due to the issue of the two new subordinated loans at the end of June and the use of € 2,021 million of a € 2,500 bridge loan granted by a pool of five banks for the acquisition of the Toro Group. This loan was paid back on 8 February 2007, with the issue of two new bonds: by Assicurazioni Generali for GBP 495 million and Generali Finance for € 1,250 million.
Shareholders' equity, including profit for the year, amounted to 10,435.4 million, up 789.8 million. A goodwill of € 233.1 million resulted from the merger of Generali Vita.
28 Insurance underwriting business
The normalised technical result, excluding the extraordinary effect of the accounting alignment of indirect business, is illustrated in the following table.
Normalised 2006 2005 (in million euro) Life Non-life Total Life Non-life Total
Gross premiums from direct business 95.3 3,284.0 3,379.3 93.6 3,033.5 3,127.1 from indirect business 1,585.6 575.4 2,161.0 1,929.7 799.3 2,729.0 Total 1,680.9 3,859.4 5,540.3 2,023.3 3,832.8 5,856.1
Net premiums 1,493.4 3,130.6 4,624.0 1,845.9 3,231.0 5,076.9 Change in technical provisions (a) -197.0 -74.6 -271.6 -633.1 -97.3 -730.4 Claims, maturities and surrenders -1,328.5 -2,247.6 -3,576.1 -1,394.0 -2,316.0 -3,710.0 Operating costs -280.1 -737.8 -1,017.9 -314.3 -785.9 -1,100.2 Other technical income and charges -0.1 -63.9 -64.0 -0.1 -68.4 -68.5 Allocated investment return transferred from the technical account 420.4 - 420.4 635.4 - 635.4 Net underwriting balance 108.1 6.7 114.8 139.8 -36.6 103.2 Allocated investment return transferred to technical accounts 50.3 274.2 324.5 102.3 373.0 475.3 Net technical result 158.4 280.9 439.3 242.1 336.4 578.5
(a) Other than provisions for outstanding claims (b) With holding costs reclassified from operating costs and investment charges to other ordinary charges
Total direct business premiums increased 8.8% to € 3,379.3 million, of which € 3,018.7 million in Italy (up 9.2%) and € 360.6 million through branches abroad (5.7%).
As of 1 January 2006, direct business includes the marine insurance formerly held by the Italian subsidiary UMS Generali Marine, concentrated within the Parent Company, with premium income of € 150.6 million and a net underwriting balance in the negative by € 4.2 million. On a like-for-like basis, overall growth of the direct business was 4.1%.
Indirect business – essentially referring to acceptance of risks from other Group companies, which, as known, accounts for almost all of the Company’s business in this area – amounted to € 2,161 million (down 18.9%). Italian indirect business contributed with € 999.9 million (down 2.4%) and foreign indirect business contributed with € 1,161.1 million (down 28.9%). The contraction is mainly attributable to the termination of life agreements with several subsidiaries, and to the change of several proportional programmes into non-proportional ones in the non-life segment.
With reference to outward reinsurance, premiums worth a total of € 916.3 million were ceded or retroceded. Cessions amounted to € 583 million and retrocessions totalled € 333.3 million.
29 Parent Company Statements 06 REPORT
Non-life sector
Non-life gross premiums
Normalised (in million euro) premiums Change(%) Incidence(%)
Italy 3,018.7 9.2 78.2 EU branches 202.4 6.6 5.2 Italian Direct Portfolio 3,221.1 9.0 83.4 Non-EU branches 62.9 6.7 1.6 Indirect business 575.4 -24.9 14.9 Total 3,859.4 1.9 100.0
Total premium income in this sector reached € 3,859.4 million (up 1.9%), of which € 3,284 million (up 8.9% or up 4.1% without the contribution of UMS Generali Marine) generated by direct business and € 575.4 million (down 24.9%) by indirect business.
Non-life gross premiums written in Italy
Gross loss ratio (%) (in million euro) Premiums Change(%) Incidence(%) 2006 2005
Accident 320.1 2.2 10.6 54.0 48.0 Health 284.0 11.8 9.4 92.8 91.7 Motor material damage 141.3 0.1 4.7 44.4 41.4 Marine, aviation and transport (a) 230.9 (c) 106.3 7.6 45.1 36.2 Fire 321.3 4.9 10.6 40.7 41.0 Property other than fire 373.1 8.4 12.4 64.9 57.6 Motor TPL 850.0 1.9 28.2 68.6 73.6 General liability 408.1 5.7 13.5 94.8 95.6 Credit and suretyship 40.4 3.9 1.3 143.3 81.5 Other LOB (b) 49.5 27.2 1.6 143.2 85.4 Total 3,018.7 9.2 100.0 68.7 67.1
(a) Includes trains, air, sea, lake and river craft, cargo, t.p.l. for air, sea, lake and river craft (b) Includes pecuniary loss, legal protection and assistance (c) With the contribution of UMS Generali Marine
Direct non-life insurance written in Italy amounted to _ 3,018.7 million, up by 9.2% (motor up 1.6%; non-motor up 13.2%); excluding the business transferred from the subsidiary UMS Generali Marine, premium income amounted to _ 2,899.5 million, reflecting an increase of 4.7% (motor up 1.3%, non-motor up 6.5%), far above most major insurance companies on the Italian market. Gross of insurance, the loss ratio went from 67.1% in 2005 to 68.7%. The loss ratio net of reinsurance was 71.7% compared to 70.6% in 2005. The ratio of total costs to premiums, net of reinsurance, was 23% compared to 23.4% in 2005. The ratio of acquisition costs remained stable at 17.6%, whereas the ratio of
30 administrative costs improved from 5.8% to 5.4%. The net combined ratio went from 94% to 94.7%. The ratio of reserves to premiums increased to 231.4% (191.4% in 2005) due to the impact of the aforementioned acquisition of the Assitalia portfolio, at the end of the year. Hereinafter, in this report the loss ratio is always gross of reinsurance.
Non-life gross premiums written in Italy: individual and commercial
Individual risks Commercial risks Change Gross loss ratio (%) Change Gross loss ratio (%) (in million euro) Premiums (%) 2006 2005 Premiums (%) 2006 2005
Accident 320.1 2.2 54.0 48.0 - - - - Health 284.0 11.8 92.8 91.7 - - - - Motor material damage 141.3 0.1 44.4 41.4 - - - - Marine, aviation and transport ----230.9 (a) 106.3 45.1 36.2 Fire 114.1 2.8 39.5 40.2 207.2 6.0 41.3 41.5 Property other than fire 120.0 7.2 73.0 78.1 253.1 9.0 61.0 47.5 Motor TPL 850.0 1.9 68.6 73.6 - - - - General liability 117.8 11.0 77.9 83.1 290.3 3.5 101.5 100.3 Credit and suretyship ----40.4 3.9 143.3 81.5 Other LOB 18.8 10.7 43.1 24.3 30.7 39.7 201.6 137.2 Total 1,966.1 4.1 66.8 67.8 1,052.6 19.9 72.2 65.5
(a) With the contribution of UMS Generali Marine
Premium income for individual and small business insurance increased 4.1%. The sluggish growth of 1.6% in the motor lines of business is mainly due to persistent intense competition that, coupled with positive technical trends, pushed premiums downwards. In the motor material damage business, growth was held back by the emergence of alternative marketing solutions, such as direct sales by car manufacturers at the time vehicles are purchased. Other lines of business featured more lively growth, increasing 6.7% and with particularly satisfactory results in the health, general liability and property other than fire business lines. These encouraging growth figures are fruit of a series of sales initiatives launched by the Company, in a improved economic climate featuring higher household spending. The loss ratio improved from 67.8% to 66.8%.
Premium income in the commercial risk segment increased by 19.9% (6.5% without the contribution of UMS Generali Marine). This result was extremely positive, especially considering that this market is characterized by sharp competition and falling rates. The Company, however kept very selective acquisition criteria for new risks. The property lines of business showed the highest growth. The loss ratio increased significantly, from 65.5% to 72.2%, due to certain high- value claims that affected technical trends in the property other than fire, and marine, aviation and transport lines of business.
31 Parent Company Statements 06 REPORT
With reference to single lines of business, in the accident insurance premium income increased 2.2%. The growth in premium income was mainly due to the good performance of the Valore Sicurezza Plus product and the positive outcome of initiatives aimed at updating and extending coverage under older policies. Customers have also continued to react positively to cross-selling initiatives with motor and life insurance and to proposals aimed to subscribe new contracts which combine health and accident guarantees, as well as to proposals aimed at extending coverage to family members and provide protection against risks of permanent disability arising from road accidents. The particularly innovative daDonna accident insurance policy designed especially for women, and promoted throughout the year through a specific communications campaign and prize contests and other events all over the country, was also well received. Signs of recovery were also recorded in the writing of collective policies, despite a stagnant market environment featuring intense competition that had led to a significant drop in premium rates charged for renewals. Albeit on the rise, the loss ratio remained very positive.
The health insurance business continued to perform strongly (up 11.8%), primarily as the result of successfully cross-selling to life segment customers and the contribution from conventions entered into with social security institutions which offer the possibility to extend the cover to family members and to include risks uncovered under basic policies. The proposals to increase the amounts insured under Obiettivo salute and Valore salute policies, adding also a special telemedicine guarantee, were also well received. In order to provide more complete cover, various accident insurance packages also include health insurance. New policies and increase of premiums on the renewal of certain major collective policies, also contributed to growth in this sector. The loss ratio rose slightly over figures for the previous year.
Premium income of the motor material damage business remained stable, thanks to the increase in average premiums, mainly due to the increase in maximum payable amounts that offset a further drop in the number of vehicles insured. There was a rise in the incidence of the conventions entered into by the Company with certain auto manufacturers within the framework of marketing solutions involving direct sales of insurance coverage by manufacturers to purchasers of new vehicles. To facilitate sales to individuals, premiums can now be paid in instalments, using revolving credit cards. The loss ratio remained very good.
In the marine, aviation and transport insurance, premium income increased from € 116.3 million to € 230.9 million, thanks to the contribution of UMS Generali Marine. On a like-for-like basis, premiums overall increased 4.1%. Premium income in the aviation line of business line fell as a result of the non- renewal of two major contracts that the Company declined to write at the proposed rates. The transport insurance line featured modest growth in overall premium income, primarily because it typically takes some time for the positive effects of the improved economic climate to be felt in this sector, and because of the strict acquisition policies
32 implemented by the Company. Premium income in the cargo business dropped as a result of risk selection policies targeted at maintaining profitability levels, while efforts directed at keeping the hull insurance portfolio stable, were successful. Premium income from the marine risk portfolio formerly held by UMS decreased to € 113.6 million, primarily because the Company declined to renew certain policies in order to improve the loss ratio in this segment. The loss ratio increased, but remained very positive.
Growth in the fire business was fuelled primarily by the commercial risks segment (up 6%) thanks to intense efforts directed at developing the portfolio. This result was achieved in an extremely competitive market environment, with a sharp reduction in premiums, often as a result of decreases in the maximum insured amounts prompted by the relocation of manufacturing activities to emerging countries. The performance of the GeneraImpresa multi-risk package, launched on the market in 2005, was particularly gratifying. The individual risks business line also grew at a satisfactory rate (up 2.8%). The Company continued to develop the small retailers and craftsmen segments by promoting two multi-risk packages, Valore Commercio Plus and Valore Attività, as well as the new modular product Al Completo targeted at hospitality and tourism sector operators. Growth in the homeowner segment continued to be driven by sales of the Valore Casa Plus multi-risk package designed for families, and by the positive results of the mailing campaign targeted at customers holding motor theft and fire policies, to promote a simplified homeowner insurance package. The overall loss ratio remained stable at the satisfactory level recorded in the previous year.
Growth in the property other than fire business was satisfactory and concentrated especially in the commercial theft segment (up 9.6%), within which the Company reinforced its position as the leading insurer of banks and financial institutions – a highly competitive sector that featured major mergers and acquisitions this year – underwriting new policies providing cover to small and medium-sized banks. The individual theft segment grew sharply over 2005 (up 7%) mainly as a result of cross-selling in combination with fire and motor insurance products. The commercial risk class also contributed appreciably to overall growth in this business sector, as sales of the multi-risk packages targeted at the small retailer and craftsmen segments, increased. The technological risks sector featured very high growth (up 11.9% as against 4.6% in 2005) with a significant increase in premium income in all segments thanks to major new policy acquisitions especially for CAR insurance for large- scale road and rail works, and installation and machinery breakdown coverage for energy sector companies. On the other hand, premium income from policies providing cover against damage from hail fell further (down 7.2%), following the decision to transfer this business segment to the subsidiary Fata Assicurazioni Danni that specializes in the coverage of agricultural risks. The sector continued to feature satisfactory levels of technical profitability, despite a downtrend in the commercial risk business that was partially offset by uptrends in the individual risk business.
33 Parent Company Statements 06 REPORT
Premiums rose by 1.9% in motor TPL business, primarily as a result of the dynamics within the insured fleet featuring a trend towards larger engines and higher maximum payable amounts, as well as a change in the breakdown by sectors, with a reduction in the incidence of vehicles covered under lower mean premiums. The total number of vehicles insured, on the other hand, fell slightly, although there was an inversion in the inflows-outflows balance in the car segment – that is the largest one – thanks to an increase in new business and a drop in the number of cancellations by customers. This result was achieved thanks to the tariff policies implemented and the sales initiatives launched with a view to providing incentives to customers and boosting loyalty of the best customers, such as, cross-selling targeted at the Company’s customers insured for risks other than motor TPL, and the introduction of new personalization parameters. July saw the launching of a new product that combines bonus malus with the deductible, providing the customer a discount on the normal rate, against appropriate reimbursement guarantees. New business and the renewal of certain fleet policies also contributed to the growth in premiums underwritten. The loss ratio fell, as claim frequency remained essentially stable, whilst the average cost of settled claims featured a moderate increase. Claim settlement velocity was 60.5%.
The trend of premiums in the general liability sector was overall satisfactory (up 5.7%). Growth was more contained in the commercial risk segment, which increased 3.5%, as a result of a rate war unleashed, in particular, by the aggressive tactics of foreign operators. This result may, in any event, be considered positive, given the rigorous risk selection policies implemented by the Company with a view to improving technical results in segments featuring higher claims rates, resulting in the Company’s withdrawal from certain major contracts. The resulting reduction in premiums underwritten was more than offset by the premium adjustments applied for renewals and growth in sales to medium-sized businesses, where production efforts are concentrated, thanks to the very satisfactory trend of sales of the new multi-risk product GeneraImpresa. The individual risk sector recorded lively 11% growth, fuelled especially by uptrends in the “small retailers” and “craftsmen” risk classes which benefited from the inclusion of general liability guarantees as part of the multi-risk plans mentioned above. Satisfactory growth was also registered for professional liability insurance, a risk class which continued to benefit from the increased business generated in connection with a major convention for which recently applicable rates and regulations were revisioned so as to bring the same in line with the technical features of the insured risks. The loss ratio in this sector has improved thanks to a significant reduction in the individual risks segment and a substantially stable claim rate in the commercial risks segment.
Premium income in the credit and suretyship lines of business rose 3.9%, after the downtrend in 2005. Growth tended to be concentrated in segments featuring more favourable technical trends, such as in the public tender, VAT refund and construction permit risk classes.
34 Despite this, the loss ratio deteriorated considerably, especially as a result of certain claims on financial guarantees that the Company no longer provides.
In other lines of business overall premium income grew significantly (up 27.2%). Sales trends were especially satisfactory in the legal insurance segment, thanks to cross-selling of this coverage together with liability insurance for families. Sales of assistance coverage also grew as a result of cross-selling in combination with new products for the senior and women’s segments, as well as under the new Al Completo multi-risk package. The loss ratio has deteriorated significantly as a result of certain large claims in the pecuniary loss segment.
* *
Direct non-life premiums written abroad through establishments, which for the Company, represents marginal business, since it operates overseas through local branches, amounted to € 265.3 million, up by 6.6% (down 2% without the foreign portfolio of UMS Generali Marine). Turnover in the European Union stood at € 202.4 million (+6.6%; or down 4.9% without the foreign portfolio of UMS Generali Marine) and at € 62.9 million (+6.7%) in non-EU countries. The net loss ratio deteriorated from 69.8% in 2005 to 70.7% while the net underwriting balance improved, registering a loss of € 8 million as against a loss of € 12.2 million in 2005.
Indirect non-life premiums amounted to € 575.4 million, down by 24.9% as a result of the change of major proportional agreements with Group companies in France, Germany and Austria, into non-proportional agreements. Premium income from subsidiaries and associates amounted to € 468.4 million, down by 29.7%. Volumes from outside the Group amounted to € 107 million (up 2.5%). The net loss ratio fell further, from 90.1% to 88.9%; as a result, the net underwriting balance, whilst still negative, improved significantly.
Reinsurance premiums ceded were € 728.8 million, of which € 516.4 million from direct business and € 212.4 million from indirect business. The Company used both proportional and non-proportional protection, availing of a small group of reinsurers selected on the basis of their reliability and capital soundness, so as to limit counterparty insolvency risk. The retention and protection rates are assessed for each type of business using stochastic techniques that determine reinsurance structures that optimise the allocation of capital and are consistent with market price trends.
Life segment
Total premium income amounted to € 1,680.9 million, down 15.6%, mostly consisting of risk acceptance from Group companies.
35 Parent Company Statements 06 REPORT
Premiums from indirect business amounted to € 1,585.6 million, down by 16.5% as a result of the termination of an important proportional agreement in France and in the Netherlands. Premium income from intra-Group transactions amounted to € 1,388.7 million (down 21%). The net underwriting balance went from € 143,2 million to € 129.6 million.
Premiums from direct business written abroad through branches were € 95.3 million (up 3.3%); income from EU countries amounted to € 71.8 million (up 3.8%), whereas in non-EU countries it totalled € 23.5 million (up 1.9%). The net underwriting balance registered a loss of € 21.5 million as against a loss of € 3.4 million the previous year, primarily as a result of run-off business at the London branch.
In the life segment, reinsurance premiums ceded were € 187.5 million, of which € 66.6 million from direct business and € 120.9 million from indirect business.
36 Personnel organization and training of human resources
At the end of the financial year, the Company’s employees numbered 5,210 — of which 4,503 in Italy and 707 abroad — as against 3,308 at 31 December 2005. The significant increase in staff compared to 31 December 2005 was mainly due to the merger with Generali Vita. Specifically, the merger led to a marked increase in sales staff on payroll and to a drop in employees seconded to other Group companies. At 31 December 2006, the latter dropped to 574 units, mainly employees on secondment to GSA and GGL; the costs charged for seconded staff totalled € 39.2 million.
The staff actually on duty with the Company, including personnel seconded to and from other Group companies, was 5,242 (2,459 at the end of 2005).
Size and composition of the Company’s staff
2006 2005
Managers 96 88 Officers 394 350 Employees 1,515 1,523 Sales staff on payroll 2,489 650 Concierges 99 Total staff in Italy 4,503 2,620 Staff ouside Italy 707 688 Total 5,210 3,308 Of whom: personnel on secondment to other companies 574 1,000
The average gross annual salary of staff rose by 7.1% to € 55,013 compared to 2005, reflecting the pay increases provided for in the National Labour Contract and the supplementary company-level labour contract. The average per capita cost was € 75,720 (€ 70,678 in 2005).
During the year, the supplementary company-level labour contract was renewed, providing for appreciable wage and non-wage improvements, especially in the pension and welfare components. Consequently, the average personnel cost for 2006 rose by approximately 4%.
Training activities continued under the “Generali Group Innovation Academy” (GGIA) direction, the Corporate University of the Generali Group, with the following aims: to ensure greater support in the dissemination of Group policies and strategies; to promote the cultural change launched in recent years with a view to fostering a sense of belonging and shared identity amongst all staff, together with a strong orientation towards business targets; to develop and update the knowledge and skills of staff, with a view to optimising returns on investments in training, in light of business needs; to allow staff to share their experience
37 Parent Company Statements 06 REPORT
within individual Group companies both in Italy and overseas; to generate new know-how and to promote a culture of innovation, especially by nurturing ongoing relationships with academic and research institutions at the national and international levels. In 2006, training activities focused on the following guidelines: building a broader strategic vision and better comprehension of global issues, as well as of their interactions and local consequences –, developing professional skills and managerial abilities.
As of 2005, the Company adopted some quantitative indicators of the American Society of Training and Development (ASTD) used worldwide to assess investments in training to compare data over time and with other operators in the same industry.
Training specifically targeted at the sales network is designed to boost the professionalism and competencies of the production organization, in both the life and non-life segments, as well as in the finance segment, through lectures on new products, the presentation of major company-wide campaigns and related support materials, with special reference to new initiatives.
A total of over 22,300 man-days of training were provided in 2006.
The sales network
In 2006, further steps were taken to maintain the trend of sales network development and consolidation, which started three years ago. The rationalization of the network of contracting agencies continued, with the aim of achieving greater managing effectiveness and presence in the various businesses. To this end, the Sales Director function was introduced. Ongoing efforts towards developing human resources were intensified with a view to increasing the number of sales staff so as to enhance sales structures at both the agency and inspectorate levels, as well as to ensure that the services provided to acquired and potential customers continue to meet the highest standards of excellence.
At 31 December 2006, the network was comprised of 1,492 agents (1,497 at end- 2005) and 3,620 sub-agents and self-employed staff, working for 708 contracting agencies (716 at end-2005) throughout the territory, plus 5 agencies directly managed by our Company, in main Italian cities. The number of agents with a financial adviser’s mandate of subsidiary Banca Generali slightly decreased from 741 in 2005 to 738 in 2006.
38 Acquisition and administration costs
Acquisition and administration costs net of recoveries amounted to € 1,017.9 million (down 7.5%); in particular, acquisition costs were equal to € 818.1 million, decreasing by 9.8% due to a contraction in the reinsurance business, and administration costs were € 199.8 million (up 3.3%). The overall ratio of total costs to premiums went from 21.7% in 2005 to 22%. Specifically, the ratio of acquisition costs decreased to 17.7% in 2006 from 17.9% in 2005, whereas that of administrative costs increased from 3.8% in 2005 to 4.3%, due to the cost of renewal of the labour contract, which was largely offset by the results of actions aimed at stepping up efficiency.
With reference to direct premiums written in Italy, net costs amounted to € 588.5 million, up 1.7%, with a ratio to premiums of 23% compared to 23.4% in 2005. The ratio of administration costs improved from 5.8% to 5.4%.
Recoveries in respect of work and services supplied to Group companies amounted to € 60.7 million, while costs incurred for those received totalled € 174.7 million (of which € 80.9 million included in claim settlement costs).
Costs of € 72 million incurred in connection with some important Group projects regarding the administrative and accounting area and centralised at the Parent Company are included under “Other deferred charges”.
Acquisition and administration costs of overall net business (life and non-life)
Normalised Impact on premiums (%) (in million euro) amount Change (%) 2006 (*) 2005
Direct business written in Italy 588.5 1.7 23.0 23.4 Direct business written abroad 72.7 -2.5 30.8 32.7 Indirect business 356.7 -20.2 19.5 18.8 Total 1,017.9 -7.5 22.0 21.7 Of which: Acquisition costs 818.1 -9.8 17.7 17.9 Administration costs 199.8 3.3 4.3 3.8
(*) With reclassified holding costs
Asset management and financial operations
Markets were characterised by abundant liquidity, and increasing interest rates and equity prices, driven by an increase in corporate profits. The yield spread between corporate bonds and government securities narrowed, reaching all-time lows.
In this respect, the portfolio mix in terms of bonds and shares – excluding the contribution of Generali Vita – was substantially unchanged. The Company’s investment policy in the bond sector favoured a reduction of the duration in light
39 Parent Company Statements 06 REPORT
of expectations for a further increase of interest rates in the coming months. The average duration of the overall portfolio, excluding Generali Vita, went from 7.8 to 7 years. At the end of 2006, securities rated better than A accounted for 88% of the fixed-income portfolio.
In 2006 the Company’s investments in securities amounted to € 9,485.2 million, against disposals totalling € 6,356.1 million.
In compliance with requirements of CONSOB communication No. 98084143 of 27 October 1998, the Company reports that it has no exposure to geographical areas affected by economic crises.
The balance sheet
The Company’s balance sheet at 31 December 2006, including the contribution of Generali Vita, shows investments totalling € 55,543.1 million, set against net underwriting liabilities of € 37,812.9 million: 68.1% of the total of investments covers these technical liabilities, while 31.9% covers shareholders’ equity and the remaining balance sheet items.
Balance sheet
(in million euro) 2006 2005
Net investments 55,543.1 33,052.1
Net underwriting liabilities Net technical provisions -39,256.7 -19,179.6 Balance of technical receivables and payables 1,443.8 861.0 Total net writing liabilities -37,812.9 -18,318.6
Excess of investments over technical liabilities 17,730.2 14,733.5
Other financial statements items Provisions -176.5 -91.4 Balance of other assets and liabilities -7,118.3 -4,996.5
Shareholders’ funds 10,435.4 9,645.6 Breakdown: Net assets covering solvency margin requirements 2,099.4 1,213.8 Net assets covering exceeding margins required 7,119.6 7,696.6 Net assets not available to cover margins 255.5 42.1 Proposed distribution (dividend and statutory allocations) 960.9 693.1
40 Investments
2006 of which: effect Financial of Generali Change (*) Incidence (%) (in million euro) Statements Vita merger 2005 (%) 2006 2005
Real property 1,342.3 - 1,316.4 2.1 2.5 4.0 Bonds and fixed-interest securities 19,905.5 16,776.4 2,848.3 10.0 36.7 8.7 Shareholdings in Group companies 20,492.5 822.0 15,855.3 24.5 37.8 48.2 Equities 1,815.5 1,169.2 759.9 -14.9 3.3 2.3 Other financial investments 796.0 373.2 327.1 29.9 1.5 1.0 Mortgages and loans 404.6 352.4 64.2 -15.4 0.7 0.2 Deposits with credit institutions 65.3 - 41.7 65.1 0.1 0.1 Deposits with ceding companies 9,461.0 - 11,667.0 -18.9 17.4 35.5 Total 54,282.7 19,493.2 32,879.9 82.4 100.0 100.0 Class D investments 1,260.4 1,074.0 172.2 8.0 - -
(*) Excluding the contribution of Generali Vita
Investments, excluding those stated in the account of internal funds and pension funds, amounted to € 54,282.7 million. Excluding the investments acquired through the merger of Generali Vita, investments grew by € 1,909.6 million, or 6%.
Based on book values, at 31 December 2006, real estate was made up of 24% properties used for own activities, 69% properties for use by third parties and 5% residential investment properties; assets in progress represented 2%.
The bond portfolio amounted to € 19,905.5 million and consisted of € 18,535.4 million of euro securities and € 1,370.1 million worth of securities denominated in other currencies. Fixed-rate securities and variable-rate securities accounted for 88.4% and 11.6% of the total respectively. The average term to maturity of the fixed-rate portfolio was 12.5 years.
Investments rose from € 15,855.3 million to € 20,492.5 million; excluding the shareholdings arising from the incorporation of Generali Vita, the increase amounted to € 3,815.2 million and was substantially attributable to the acquisition of Toro Assicurazioni, for € 3,852.5 million. In order to ensure the necessary financial resources for growth and for acquisitions in the respective markets, the Company took part in the capital increases carried out by Group companies for a total of € 314.1 million (€ 313.6 million in Italy and € 0.5 million abroad).
Unrealised capital gains on the securities portfolio amounted to € 9,180.4 million, of which € 6,542.2 million for shareholdings in subsidiaries and associate companies. Capital gains on property amounted to € 104.6 million.
Loans totalled € 404.6 million (€ 64.2 million in 2005), including € 24.7 million
41 Parent Company Statements 06 REPORT
in respect of Group companies. The increase can be attributed to € 346.5 million in loans on policies granted by Generali Vita to policyholders. Deposits with ceding companies totalled € 9,461 million (€ 11,667 million at 31 December 2005), of which € 9,215.2 million with subsidiaries (€ 7,370.7 million in Italy and € 1,844.5 million abroad). As mentioned, the decrease is attributable to the termination of an important life insurance agreement with a French subsidiary.
Investments stated in the accounts of the internal funds and of the pension funds of the life sector amounted to € 1,260.4 million (€ 172.2 million at end-2005) and included € 896.2 million of unit-linked policies and € 177.8 million of pension funds, both of which were acquired from Generali Vita. The remaining € 186.4 million pertained to internal funds relating to the activity of the London branch.
The minimum requirement for the solvency margins was € 2,099.4 million; the excess of the covering elements with respect to the requirement was equal to € 7,986.4 million (€ 7,847.2 million in 2005).
Total cash flow from operations in 2006 amounted to € 10,910.9 million, of which € 671.5 million from current operations, € 3,363 million from borrowings, € 533.2 million from merger transactions and € 6,343.2 million from disposals. The cash flow was used as follows: investments in property (€ 27.9 million), debt securities (€ 3,662.5 million), shares and equities (€ 5,454.9 million), and investment funds (€ 324.9 million); repayment of borrowings (€ 283.9 million); payment of the dividend for 2005 (€ 689 million); other activities (€ 78.2 million). Additional details are reported in Part C of the Notes on the Accounts.
Investment income
Investment income net of the related management charges totalled € 1,417.3 million. The average rate of return, calculated on the basis of half the sum of investments, was 4.3% (4.9% in 2005).
42 Net income from investments
(in million euro) 2006 (a) A.I.Y. (%) 2005 (b) A.I.Y. (%) Change (%)
Real property 16.4 1.7 19.9 2.1 -17.2 Fixed-interest securities 132.5 4.4 114.8 4.1 14.9 Shareholdings in Group companies 867.0 4.9 822.7 5.1 5.4 Equities 32.9 4.7 60.8 7.3 -45.9 Other financial investments 35.2 9.4 30.2 n.s. 16.8 Mortgages and loans 4.7 8.3 4.6 7.2 6.2 Deposits with credit institutions 0.5 1.0 0.7 1.5 -20.9 Deposits with ceding companies 332.8 3.2 538.8 4.7 -38.2 Total investment income 1,422.0 4.3 1,592.5 4.9 -10.7 Indirect taxes on investment income -4.7 - -5.1 - - Total net income 1,417.3 4.3 1,587.4 4.9 -10.7 Class D net income -0.8 - 16.4 - -
(a) Excluding the effect of aligning the accounting value of indirect business (b) With holding costs reclassified from operating costs and investment charges to other ordinary charges
The largest contribution came from shareholding dividends of € 867 million, compared to € 822.7 million in the previous year.
Interests on deposits with ceding companies amounted to € 332.8 million (€ 538.8 million in 2005). The 38.2% decrease is due to the termination of an important agreement with a French subsidiary, as well as to lower interest rates granted by reinsurers.
Net gains on disposals of investments not held as long-term assets totalled € 26.6 million (€ 96.4 million in 2005), of which € 18.7 realised on other financial investments, € 8.1 million on equities and € 0.2 million were losses on bonds.
The balance between value adjustments and readjustments to securities and other financial investments was a positive € 20.1 million (€ 10 million in 2005): for securities not held as fixed assets, there were net revaluation losses of € 51.9 million (€ 61.4 million in 2005), of which € 28.4 million on bonds, € 24.1 million on other financial investments and € 0.6 million capital gains on shares. For fixed-asset securities there were net revaluation gains of € 72 million (€ 71.4 million in 2005). This total included a gain of € 118.3 million on the subsidiary Generali Properties, valued using the equity method (€ 86.1 million in 2005) and the value adjustment on Generali Sgr (€ 46.3 million).
The adjustment of all foreign-currency assets and liabilities to year-end euro exchange rate generated a net loss of € 34.8 million (a net profit of € 5.3 million in 2005), substantially due to the devaluation of Argentinean peso and Chinese renminbi, currencies in which shareholdings in local subsidiaries are denominated.
43 Parent Company Statements 06 REPORT
Accounts receivable and payable and profits and losses from transactions with subsidiary and associate companies are reported in the Notes on the accounts and the relevant annexes.
Extraordinary operations
Extraordinary operations produced a net profit of € 401 million, compared with € 117.9 million in 2005.
Realised gains on disposals of long-term investments amounted to € 443.1 million (€ 131.3 million in 2005) and were mainly related to net profit from the transfer of shareholdings to Group companies, which totalled € 268.8 million with a view to optimizing equity investment, and to the capital gain on the sale of BNL shares for a total of € 170.5 million, following the mandatory public offer launched by BNP Paribas.
Taxes
Income taxes posted to the profit and loss account showed a positive balance of € 49.3 million, against € 40.5 million in 2005, including € 37.4 million for the benefit arising on the realignment of the tax value of real property pursuant to Law 266 of 23 December 2005. The € 11.9 difference was the result of an IRES income balance of € 38.9 million, substantially due to the Company’s tax loss in the National Tax Consolidation scheme, and an IRAP charge amounting to € 27 million.
Among other indirect taxes, there were large figures for VAT and municipal property tax payable (€ 29.1 million and € 2.9 million respectively).
44 Information on the Operating Performance of Generali Vita S.p.A.
The data on the result achieved by subsidiary Generali Vita, merged with effect from 31 December 2006, are reported below for information purposes.
(in million euro) 2006 2005
Gross premiums 3,795.4 3,608.7
Net premiums 3,777.9 3,593.1 Change in technical provisions (*) -1,327.9 -1,646.1 Claims, maturities and surrenders -3,061.0 -2,556.7 Operating costs -278.4 -240.9 Other technical income and charges -14.7 -2.9 Allocated investment return transferred from the technical account 872.2 872.1 Net underwriting balance -31.9 18.6 Allocated investment return transferred to technical accounts 196.5 259.8 Net technical result 164.6 278.4 Current financial result (**) 1,122.3 1,190.6 minus allocated investment returns transferred to technical accounts -1,068.7 -1,131.9 Other ordinary income and charges -7.9 9.4 Profit from ordinary operations 210.3 346.5 Profits and losses on the realisation of other durable investments 6.3 -92.8 Other extraordinary income and charges -0.6 -3.6 Result before taxation 216.0 250.1 Income tax -40.4 -79.1 Profit for the year 175.6 171.0
(*) Other than provisions for outstanding claims (**) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments
Profit for 2006 amounted to € 175.6 million (€ 171 million in 2005).
The net underwriting balance went from a profit of € 18.6 million to a loss of € 31.9 million, substantially ascribable to a higher incidence of acquisition expenses on multi-year contracts, and was entirely charged to the profit and loss account in the period.
Gross premiums amounted to € 3,795.4 million, up 5.2% compared to 2005. This included € 2,429.3 million for individual policy premiums (up 5.6%), € 1,340 million for the corporate line of business and pension funds (up 5.3%) and € 26.1 million for open-end pension funds (down 26.3%). Specifically, in the individual policy sector single premiums increased by 8.9%, with a recovery in the placement of unit-linked products (up 31.1%). Recurring premiums rose by 1.7%, particularly due to the increase in single recurring premiums (up 36.8%). The contribution of annual-premium products showed a 12.6% decrease, due to the high impact of policies that reached maturity.
45 Parent Company Statements 06 REPORT
New business reached € 2,244.5 million (up 5.5% compared to 2,126.5 in 2005), mainly thanks to the good performance of individual policies (up 9.5%); corporate policies and pension funds showed a slight increase (up 1.5%), whereas income from open-end pension funds went from € 22.7 million to € 6.2 million, as the contribution from employees from other pension funds, which was accounted for in the previous year, ceased.
As for charges related to claims, which amounted to € 3,061 million, the total amount paid, net of the insurance premiums ceded, was € 3,012.5 million (up 19.3%).
Operating expense totalled € 278.4 million (up 15.5%). Specifically, the costs incurred for the acquisition of contracts amounted to € 185.4 million (up 25.1%) and reflected the varied product mix, with a higher impact of recurring premium contracts – characterized by higher acquisition costs. Administrative costs grew 3% because of the increase in personnel costs arising on contract renewals, partly offset by processes aimed at enhancing efficiency. The ratio of costs net of reinsurance to total premium income went from 6.7% to 7.4%. In detail, the ratio of acquisition costs increased (5.6% compared to 4.9% in 2005), whereas that of administration cost was stable (1.8%).
Overall, current financial results reached € 1,122.3 million, of which € 1,068.7 million were allocated to technical accounts.
Total technical provisions net of the insurance premiums ceded hit € 21,232.9 million (€ 19,885 million at 31 December 2005), of which € 14,341.1 million related to individual policies and € 6,891.8 million to corporate policies and pension funds.
Total investments amounted to € 21,394 million, up by € 1,312.2 million.
At year-end, the securities portfolio showed a balance between unrealized capital gains and losses of € 1,673.8 million, of which € 1,167.3 million pertaining to bonds.
46 Litigation
At 31 December 2006 the Company was a party to 27,768 legal actions in Italy (27,336 as defendant).
A large number of these proceedings (27,617) arose from insurance operations, with the Company almost always as defendant. Motor TPL was the sector involving the Company in the largest number of litigation (13,694 as defendant and 9 as plaintiff), for a total value of € 282.9 million, valued on the basis of the amount claimed by the plaintiff. In 29 of these cases the plaintiff sought more than € 1 million. The general liability insurance sector came next, with the Company as defendant in 10,791 actions and plaintiff in 4, for a total of € 1,307.8 million. In 236 of these cases the amount claimed by the plaintiff exceeded € 1 million. The life insurance business generated 129 actions with the company defendant, for a total value of 7.1 million.
As regards labour disputes, the Company is involved in 48 proceedings as defendant, for a total amount of € 1 million. Of these, 8 refer to administrative staff and 1 to sales staff on payroll. These figures exclude 36 disputes in which the claims were indeterminate.
In the property sector, the Company is party to 49 actions, 44 as plaintiff, most of them brought for non-payment of rent by tenants.
In litigation abroad concerning business handled by the Company’s branches, 2,713 cases were pending at end-2006, almost all of them regarding insurance activity.
With reference to the damages payable in respect of policies in force during the Holocaust, in August 2006, the Company entered into an agreement with counsel of the claimants in litigation in the United States, including three class actions, under which, in exchange of the commitment to honour validly documented claims for indemnities submitted by 31 March 2007, the Company would be exempt from further legal action in the United States in respect of policies dating back to the period of the Holocaust.
This agreement was approved in form and in substance by a judge in New York, but is still open to appeal – although, as in the case of the individual lawsuits, still pending, and brought by parties that declined to become involved in the class actions, any appeal would in all likelihood fail. Upon final approval, the agreement in question would, to a substantial extent, put an end to our exposure to litigation arising from policies dating back to the period of the Holocaust.
As regards tax litigation, mention should be made of the disputes concerning the assessment notices for the 1988, 1989 and 1990 fiscal years, with which the Trieste Office for Direct Taxes challenged the deductibility of certain cost items. The rulings on these disputes at the first two levels of judgment were in favour of
47 Parent Company Statements 06 REPORT
the Company and the cases are now pending before the Court of Cassation. In this respect, it should be noted that the arguments put forward by the Company have always been allowed by the Supreme Court in different rulings on the same legal issues and pertaining to companies operating in the same industry as Assicurazioni Generali.
Compliance with privacy rules
In compliance with Legislative Decree 196/2003 establishing the “Personal Data Protection Code”, in March 2006 Assicurazioni Generali and Generali Vita, merged by incorporation on 31 December 2006, drew up the Programmatic Security Document under the provisions in force regarding the protection of personal data (Art. 34 and Rule 19, Annex B, Technical Rules on minimum security standards, pursuant to Legislative Decree 196/2003).
48 Shareholders, stock performance and stock options Shareholders
At the end of the financial year, outstanding shares, with a nominal value of € 1 each, were 1,277,997,026. At the same date, the Company’s shareholders numbered 262,547.
According to the latest available data, the following held equity interests of more than 2% in the Company directly or indirectly through nominees, trust companies and subsidiary companies:
Percentage of Number of shares company capital
1 MEDIOBANCA 180,153,072 14.096% 2 BANCA D'ITALIA 57,071,429 4.466% 3 GRUPPO UNICREDIT 47,332,246 3.704% 4 GRUPPO CAPITALIA 36,010,449 2.818% 5 GRUPPO PREMAFIN 30,959,607 2.422% 6 GRUPPO INTESA SANPAOLO 29,227,566 2.287% 7 GRUPPO CARLO TASSARA 29,039,049 2.272% 8 GRUPPO B&D HOLDING 25,558,323 2.000%
Updated as at 8 January 2007
At the end of the financial year the Company held 4,629,940 own shares valued at € 128 million. The increase is mostly due to the purchase made by Assicurazioni Generali during the year, as part of the buy-back plan authorized by the previous general shareholders' meeting. The plan was subsequently suspended upon the purchase of Toro Assicurazioni.
Direction and coordination
No legal or natural person, directly or indirectly, individually or jointly, holds a number of shares sufficient to give such person a controlling interest in the Company. Under the provisions introduced with the Reform of Company Law, the Company is not subject to the direction and coordination of any Italian or foreign entity or company.
Stock performance
In 2006, the Company’s share price fluctuated between a low of € 27.20 (8 June) and a high of € 34.97 (11 December). At the close of the financial year, the quotation of the Generali stock was € 33.34, up by 13.055% for the year.
49 Parent Company Statements 06 REPORT
Generali shares accounted for 5.38% of the total volume of trading on the Milan Stock Exchange in 2006. The Company’s market value at the end of 2006 was € 42,608 million, placing Generali fourth among European insurers by market capitalization.
Stock option
In compliance with the provisions of the CONSOB communication dated 15 February 2000 (Recommendations regarding the disclosure of stock option plans), the evolution of the 2006 stock option plan is described below.
Options held at the Options assigned Options exercised Options Options held beginning of the year during the year during the year expired during at the end of the year the year (A) (B) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) = 1+ (12) (13) 4-7-10 Average Average Number Average Average Average Name and Office Number exercise Average Number exercise Average of exercise market price Number Number exercise Average Surname held of options price due date of options price due date options price at exercise of options of options price due date
Antoine Bernheim Chairman 2,000,000 24.55 01.01.2009 500,000 30.127 10.05.2009 0 0 0 0 2,500,000 25.66 07.08.2009
Managing Director/ Giovanni General Perissinotto(1) Manager 2,165,000 24.98 14.01.2009 500,000 30.127 10.05.2009 0 0 0 0 2,665,000 25.94 05.08.2009 Managing Director/ Sergio General Balbinot(2) Manager 2,086,100 24.82 21.12.2008 500,000 30.127 10.05.2009 0 0 0 0 2,586,100 25.84 24.07.2009
Raffaele General Agrusti(3) Manager 186,700 25.71 07.10.2008 200,000 31.37 23.03.2009 0 0 0 0 386,700 28.63 24.09.2009
Fabio General Buscarini(4) Manager 93,000 23.27 01.01.2009 100,000 31.37 23.03.2009 0 0 0 0 193,000 27.46 21.12.2009
Managerial employees with strategic responsabilities 810,050 25.92 31.05.2009 465,000 31.37 23.03.2012 35,500 25.00 31.14 0 1,239,550 28.27 14.11.2010
(1) Mr. Perissinotto, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (2) Mr. Balbinot, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (3) Mr.Agrusti, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (4) Mr. Buscarini, during 2003 and 2006 was also assigned a total of 162 stock grant in his capacity as General Manager. Mr. Buscarini, following his nomination as Managing Director and General Manager in the respective subsidiary INA and Assitalia, has left the Company with effect 1 July 2006.
50 Managerial and non-managerial employees
Options held at the Options assigned Options exercised Options Options held beginning of the year during the year during the year expired during at the end of the year the year (A) (B) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) = 1+ (12) (13) 4-7-10 Average Average Number Average Average Average Name and Office Number exercise Average Number exercise Average of exercise market price Number Number exercise Average Surname held of options price due date of options price due date options price at exercise of options of options price due date
Managerial employees with strategic responsibilities 10,297,520 25.92 31.05.2009 1,682,000 31.37 23.03.2012 1,686,075 24.45 31.14 373,150 9,920,295 27.18 07.11.2009
of which in Italy 5,433,820 25.92 31.05.2009 492,500 31.37 23.03.2012 1,039,575 24.27 31.14 169,950 4,716,795 27.02 13.08.2009
of which abroad 4,863,700 25.92 31.05.2009 1,189,500 31.37 23.03.2012 646,500 24.74 31.14 203,200 5,203,500 27.32 24.01.2010
51 Parent Company Statements 06 REPORT
Related-party transactions and equity interests held by Directors, members of the Board of Auditors and General Managers
With reference to the requirements of Article 2391-bis of the Italian Civil Code, introduced by Legislative Decree 310 of 28 December 2004, it is to be noted that the Company implemented the recommendations of the Self-Regulatory Code of Listed Companies (also known as the Preda Code) on 21 January 2003, by approving guidelines for transactions with related parties having a significant impact in the Company’s profitability, assets and liabilities or shareholders’ funds or atypical or unusual transactions. This decision was subsequently amended by the Board of Directors' decision dated 9 November 2006, as part of a process of adjustment of the Company’s governance to the provisions of the new text of the Self-Regulatory Code of Listed Companies. The Corporate Governance Report provides further details on this matter.
With regard to CONSOB communications 97001574 of 1997, 98015375 of 1998 and 6064293 of 2006 concerning transactions with related parties, the Company states that transactions with Group companies are conducted as part of its habitual activity of coordination and are, moreover, subject to specific ISVAP supervisory controls. No transactions carried out during the year were atypical with respect to normal business operations. The main intra-Group transactions, settled at fair market conditions or at cost, involved reinsurance and co-insurance, administration and management of the securities and property portfolio, claims management and settlement, IT services, loans and guarantees and employees secondments. The above-mentioned transactions and contractual performances permitted operational functions to be rationalized and the level of services to be improved.
No related-party transaction of any importance was carried out with natural persons.
Significant intra-Group transactions are discussed in the relevant sections of this Report. The balance sheet and annexes 5, 16, 17, 30 and Part C of the Notes on the Accounts provide details on the financial and economic aspects of these transactions.
Pursuant to Article 79 of CONSOB decision 11971 of 14 May 1999, a list is provided below of the equity interests held in the Company and its subsidiaries, directly or through subsidiaries, trust companies or nominees, by Directors, members of the Board of Auditors, General Managers and Managerial employees with strategic responsibilities, by their respective spouses from whom they are not legally separated and by their children who are legally minors. The table does not show persons who hold no equity interests.
52 Equity interests held by Directors, members of the Board of Auditors, General Managers and Managerial employees with strategic responsibilities.
Number of shares held Number of Companies in wich at the end of Number of shares Number of shares shares held Name and Surname shares are held previous year purchased sold at year-end
Mr. Antoine BERNHEIM Generali 63,400 – – 63,400 Chairman Generali France Ass. 19 – – 19 Federation Continentale 2 – – 2 Mr. Sergio BALBINOT Generali 5,670 – – 5,738 (1) Managing Director General Manager Mr. Giovanni PERISSINOTTO Generali 20,170 – – 20,328 (1) Managing Director Banca Generali – 4,000 – 4,000 General Manager Mr. Claudio CONSOLO Generali 500 – 500 – Director Alleanza 5,000 – 5,000 – Mr. Laurent DASSAULT Generali France S.A. 5 – – 5 Director Mr. Piergaetano MARCHETTI Generali 1,000 – – 1,000 Director Mr. Reinfriend POHL AMB Generali (shares fully but indirectly 5,000 – – 5,000 Director held, via his wife Annaliese Pohl) Mr. Vittorio RIPA DI MEANA Generali 0 1,415 1,415 – Director Mr. Gianfranco BARBATO Generali 14,000 – – 14,000 Chairman of the Board of Auditors Mr. Paolo D’AGNOLO Generali 900 – – 900 Auditor Mr. Raffaele AGRUSTI Generali 1,570 – – 1,638 (1) General Manager Generali (shares fully but indirectly held, via his wife Francesca Larice) 24 – 24 – Alleanza (shares fully but indirectly held, via his wife Francesca Larice) 1––1 Managerial employees Generali 43,839 11,402 18,997 36,924 (2) with strategic responsabilities
(1) Further 68 shares have been assigned to Dott. Agrusti, to Dott. Balbinot and to Dott. Perissinotto, as General Managers, in carried out with the stock grant Plan 2006, reserved to generality staff of Assicurazioni Generali and other Italian subsidiaries. (2) Further 680 shares have been assigned in carried out with stock grant Plan 2006, reserved to generality staff of Assicurazioni Generali and other Italian subsidiaries. The 36.924 shares held by the 13 Managerial employee with strategic responsability, 1,425 are shares fully but indirectly held via wives and sons/daugthers.
53 Parent Company Statements 06 REPORT
Generali Group
Significant Group data and indices calculated on a consolidated basis applying IAS/IFRS
(in million euro) 31/12/2006 31/12/2005
Result of the period 2,404.8 1,918.6
Operating result 3,969.2 3,282.9
Net earned premiums 60,383.3 60,082.4 Premiums related to investment contracts 1,117.5 897.9 Net earned premiums including premiums related to investment contracts 61,500.8 60,980.3 Gross premiums written 64,525.8 63,732.6 Change on equivalent terms (*) 2.3% 9.8% Acquisition and administration costs related to insurance business 8,991.8 8,440.8 Expense ratio (*) 14.6% 14.3%
Operating result - life segment 2,326.6 2,081.0
Net life premiums 44,068.8 44,903.5 Premiums related to investment contracts 1,117.5 897.9 Net life premiums including premiums related to investment contracts 45,186.3 45,801.4 Gross life premiums written 46,080.9 46,632.7 Change on equivalent terms (*) 2.0% 13.0% Acquisition and administration costs - life segment 4,602.7 4,298.2 Expense ratio - life segment (*) 10.2% 9.8%
Operating result - non-life segment 1,348.7 933.4
Net non-life earned premiums 16,314.5 15,178.8 Gross non-life premiums written 18,444.9 17,099.9 Change on equivalent terms (*) 3.1% 1.8% Acquisition and administration costs - non-life segment 4,389.2 4,142.6 Expense ratio - non-life segment 26.9% 27.3% Loss ratio - non-life segment 69.4% 70.6% Combined ratio - non-life segment 96.3% 97.9%
Operating result - financial segment 367.3 309.0
(in million euro) 31/12/2006 31/12/2005
Investments 333,744.0 307,417.4
Net insurance provisions (1) 299,835.5 275,141.5 Net insurance provisions - life segment (1) 270,856.0 250,976.2 Net insurance provisions - non-life segment (1) 28,979.5 24,165.3
Shareholders’ equity attributable to the Group (2) 15,206.5 13,947.2
(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year, without considering the one-off single premium underwritten by Generali China Life in the first half of 2005 and taking into account the investment contracts (1) The amounts are calculated net of consolidation adjustments (2) The result of the period is included in shareholders' equity attributable to the Group
54 The Generali Group consolidated financial statements for 2006 were prepared applying IAS/IFRS issued by the IASB as endorsed by the European Union, in accordance with Community Regulation 1606/2002 and Legislative Decrees 38/2005 and 209/2005, which require that domestic accounting standards be maintained for the preparation of the Parent Company’s annual financial statements.
At 31 December 2006, the entities consolidated line-by-line and those consolidated using the equity method were 325 (306 at 31 December 2005). In detail, entities consolidated line-by-line increased from 297 to 315, whereas those valued using the equity method increased from 9 to 10. The change is mainly attributable to the inclusion in the consolidation area of companies acquired by the Group especially in Italy, in central and eastern European countries and in Switzerland.
The consolidated Report on operations and Notes on the accounts provide more in-depth details on the Group’s main data and ratios.
Significant events after 31 December 2006
On 30 January 2007, Assicurazioni Generali and Generali Finance successfully placed a hybrid bond of 2 billion euros in two issues to institutional investors. The bond issues concluded the funding programme relating to the acquisition of the Toro Group.
Conclusions and outlook for operations
In the first months of 2007, Europe’s economy continued its strong growth trend, mainly in Germany (where, however, it is difficult to predict future performance due to the uncertainty of the impact that the 3% VAT increase that became effective in January may have on consumption). A good level of growth is expected for the euro- zone countries, although below 2006 levels.
Growth of the Italian economy is also expected to continue, although at a slightly slower pace than in 2006 due to the need to rebalance public accounts.
In the first months of the year, the euro/dollar exchange rate hovered around 1.30 and is expected to stay at that level for the rest of the year. The euro may strengthen even further against the dollar due to the large US current account deficit and the trend of European interest rates to reduce their spread with the US ones. On 8 March, the European Central Bank increased its rate by 0.25 points to 3.75%, and further increases are possible during the year. Forecasts for the United States, on the other hand, indicate that interest rates will remain stable or decrease.
55 Parent Company Statements 06 REPORT
The year 2007 began on a positive note for the world’s stock markets, with index increases both in the United States and in Europe, mainly in Germany, but also in Italy. Since then, however, the indexes have returned to end-2006 levels.
In a market marked by high competition, the Company is focusing on achieving growth mainly in the retail segment – especially in the more profitable sectors – while maintaining a careful risk selection in order to allow a further improvement in the loss ratio. The reduction in costs, that should result from the implementation of the projects included in the 2006-2008 Business Plan, should lead to a further improvement in the underwritng result. An improvement in the financial management should be obtained through optimizing investment allocation, intensifying trading activities and increasing dividends in light of improved industrial performance of the investee companies. In light of these factors and barring exceptional events, the Company expects that its results will further improve in 2007.
56 Result for the year and proposed shareholders’ resolutions
Dear Shareholders,
Net profit for the financial year was € 1,213.6 million, compared to € 916.8 million in 2005. The life segment showed a profit of € 463.4 million (€ 493.1 million in 2005), the non-life segment recorded a profit of € 750.2 million (€ 423.7 million in 2005).
We propose the following allocation of the net profit for the 2006 financial year:
(in euro)
profit for the year 1,213,643,974 to legal reserve - to restricted reserve 118,310,931 to first dividend (5% of paid-up capital) 63,914,269 to statutory allocations (Art. 39 of company Articles of association) 5,748,649 to second divided 894,799,759 to extraordinary reserve 130,870,366
The dividend proposed for each share is € 0,75, for a total maximum payout of € 958,714,028.
The dividend will be paid, net of applicable withholding taxes, as from 24 May at the appointed intermediaries by means of the Monte Titoli S.p.A. central depository system.
The dividend per share and the total dividend increased by 38,9% and by 39,1% compared to last year.
In line with the Company’s traditional policy of capital strengthening, we also propose that the allocation of a minimum amount of € 130.9 million of the profit for the year to the extraordinary reserve.
Venice, 20 March 2007 THE BOARD OF DIRECTORS
57
APPENDIX TO THE REPORT .
· Disclosures pursuant to CONSOB communication No. 6064293 of 28 July 2006
Reclassified financial statements and alternative performance indicators for the Report on Operations.
In addition to the profit and loss and balance sheet statements required by regulations governing the sector, the Company also provides financial statements showing operating, balance sheet and cash flow performance for the year upon which the comments and comparative indicators used in the Report on Operations are based. The profit and loss account has been reclassified to combine the figures for life business with those for non-life, in addition to combining several other line items, and provides a breakdown of extraordinary income by its principal components. The net underwriting balance has also been provided and is considered an alternative performance indicator as it is not expressly required in the standard financial statements. This indicator is the total of purely technical items, including operating expense and technical interest expense contractually due to life policyholders, and is considered more representative of the actual technical result for the sector as, unlike the “net technical result” required in the statutory reporting forms, it is not influenced by investment performance.
The structure of the presentation for the profit and loss account, balance sheet and cash flow statement is more simplified than the statutory financial statements as it is based on presentation of financial data grouped into “macro classes”, rather than by individual line item and, therefore, allows for a more immediate analysis of the financial data, which is not reclassified.
61 Parent Company Statements 06 REPORT
Reconciliation statement between statutory and reclassified profit and loss accounts in million euro 2006 Compulsory profit and loss account Reclassified profit and loss account Item Sign Amount Item Amount
001 + 4,083.6 002 - 759.7 030 + 3,312.6 031 - 309.3
Total...... 6,327.2 Net premiums 6,327.2
003 - 91.6 004 + 24.5 018 - 0.2 028 - 0,2 064 - 537.5
Total...... -605.0 Change in technical provisions -605.0
017 - 2,430.5 019 - 3.2 051 - 2,410.2 065 - 63.6
Total...... -4,907.5 Claims, maturities and surrenders -4,907.3
026 - 771.7 072 - 577.4
Total...... -1,349.1 Operating costs -1,349.1
007 + 51.2 027 - 115.0 044 + 0.0 078 - 0.0
Total...... -63.8 Other technical income and charges -63.8
Allocated investment return transferred from the technical account (*) 883.4
Net underwriting balance (**) 285.4
006 + 274.2 042 + 1,506.3 043 + 21.1 076 - 40.3 077 - 5.9 079 - 547.5 Total - 1,207.9 minus tech.int.life busin. - 883.4 Allocated investment returns Total...... 324.5 transferred to technical accounts 324.5
029 + 261.7 080 + 348.2
Total...... -609.9 Net technical result 609.9 (continued)
62 (continued) in million euro 2006 Compulsory profit and loss account Reclassified profit and loss account Item Sign Amount Item Amount
042 + 1,506.3 043 + 21.1 076 - 40.3 077 - 5.9 092 + 668.4 097 - 223.4
Total...... 1,926.2 Current financial result 1,926.2
006 - 274.2 042 - 1,506.3 043 - 21.1 076 + 40.3 077 + 5.9 079 + 547.5 minus allocated investment returns Total...... -1,207.9 transferred to technical accounts -1,207.9
099 + 205.6 100 - 770.5
Total...... -564.9 Other ordinary income and charges -564.9
101 - 763.3 Profit from ordinary operations 763.3
102 + 571.3 Profits and losses on the realisation of other durable investments 443.1 103 - 170.3 Other extraordinary income and charges -42.1 Total...... 401.0 Total 401.0
105 - 1,164.3 Result before taxation 1,164.3
106 - -49.3 Income tax 49.3
107 - 1,213.6 Profit for the year 1,213.6
(*) Investment profits contractually acknowledged to the policyholders included in the items 042, 043, 076 e 077 (**) Alternative indicator of performance
63 Parent Company Statements 06 REPORT
Additional information on the preparation of the financial statements
The information contained in the reclassified financial statements and the alternative performance indicators presented pursuant to CONSOB recommendation of 28 July 2006 are intended to facilitate an improved understanding of the data and operating performance of the business to users of the financial statements. As such, we considered it appropriate to provide additional elements for evaluation of the Company’s underwriting results by detailing the criteria used to calculate the principal technical performance ratios generally used by the Company in preparing the “Highlights” for 2006 (which are calculated net of reinsurance). Loss ratio of non-life segment
This represents the ratio, expressed as a percentage, between claims and earned premiums for the period.
Expense ratio
This represents the ratio, expressed as a percentage, between total operating expenses and written premiums for the period. This ratio can be subdivided into two principal components: the acquisition cost ratio (including commissions) to premiums and administrative expenses to premiums.
Combined ratio of non-life segment
This ratio is the sum of the loss ratio and the total expense ratio. It is of fundamental importance in analyzing the technical performance of the non-life business as it represents the percentage coverage of technical expenses (both claims and operating expenses) by premium income. The combined ratio is directly correlated to the “net underwriting balance” as it is not influenced by investment income. The lower the combined ratio is, compared to 100%, the higher the “net underwriting balance” from the insurance business will be.
64 Performance indexes
Compulsory profit and loss account Amounts Amounts Total Item Description non-life bus. life busin. amounts
LOSS RATIO Numerator 017 Claims incurred, net of recoveries and reinsurance ...... 2,430.4 019 Premium refunds and profit sharing, net of reinsurance ...... 3.2
Total ...... 2,433.6
Denominator 005 Earned premiums, net or reinsurance ...... 3,256.8 018 Change in other technical provisions, net or reinsurance ...... 0.2 028 Change in the equalisation provision ...... 0.2 Total ...... 3,257.2 Index ...... 74.7%
INCIDENCE OF COSTS ON PREMIUMS Numerator
026 / 072 Operating expences ...... 771.7 577.4 1,349.1
Denominatore
001 / 030 Gross premiums written...... 4,083.6 3,312.6 7,396.2
002 / 031 (-) Outward reinsurance premiums ...... 759.7 309.3 1,069.0
Total ...... 3,323.9 3,003.3 6,327.2
Index...... 23.2% 19.2% 21.3%
Combined ratio For the non-life business is the sum of the loss ratio and of the index of costs on premiums ...... 97.9%
65
PARENT COMPANY BALANCE SHEET PARENT COMPANY PROFIT AND LOSS ACCOUNT
ASSICURAZIONI GENERALI S.p.A. Company
1,278,089,195 1,278,089,195 Subscribed capital euro Paid up euro
Trieste Registred in
Commercial Register of Trieste no. 00079760328
FINANCIAL STATEMENTS
Balance sheet
2006 Year
(Amounts in euro)
69 BALANCE SHEET ASSETS Current year
A. SUBSCRIBED CAPITAL UNPAID 1 0
of which called-up capital 2 0
B. INTANGIBLE ASSETS 1. Acquisition commissions to be amortised
a) life business 3 0
b) non-life business 4 0 5 0
2. Other acquisition costs 6 0
3. Formation and development expenses 7 0
4. Goodwill 8 10,152,800
5. Other intangible assets 9 117,374,830 10 127,527,630
C. INVESTMENTS
I Land and Buildings
1. Property used for own activities 11 313,694,753
2. Property used by third parties 12 1,000,452,200
3. Other properties 13 0
4. Other realty rights 14 0
5. Assets in progress and payments on account 15 28,148,126 16 1,342,295,079
II Investments in affiliated companies and other shareholdings
1. Interests in
a) parent companies 17 0
b) affiliated companies 18 18,517,339,447
c) affiliates of parent companies 19 0
d) associated companies 20 72,924,140
e) other 21 1,902,254,056 22 20,492,517,643
2. Debt securities issued by
a) parent companies 23 0
b) affiliated companies 24 35,145,845
c) affiliates of parent companies 25 0
d) associated companies 26 0
e) other 27 257,597,834 28 292,743,679
3. Loans to
a) parent companies 29 0
b) affiliated companies 30 3,906,848
c) affiliates of parent companies 31 0
d) associated companies 32 20,791,498
e) other 33 0 34 24,698,346 35 20,809,959,668
carried forward 127,527,630
70 Pag. 1
Previous year
181 0
182 0
183 0
184 0 185 0
186 0
187 0
188 0
189 32,070,107 190 32,070,107
191 311,934,352
192 966,848,591
193 0
194 0
195 37,586,933 196 1,316,369,876
197 0
198 14,945,532,596
199 0
200 40,510,028
201 869,240,385 202 15,855,283,009
203 0
204 2,563,710
205 0
206 0
207 17,687,766 208 20,251,476
209 0
210 95,796
211 0
212 21,563,413
213 0 214 21,659,209 215 15,897,193,694
carried forward 32,070,107
71 BALANCE SHEET ASSETS Current year brought forward 127,527,630
C. INVESTMENTS (follows)
III Other financial investments 1. Equities
a) quoted shares 36 1,558,166,421
b) unquoted shares 37 27,900,402
c) other interests 38 229,424,263 39 1,815,491,086
2. Shares in common investment funds 40 795,168,209 3. Debt securities and other fixed-income securities
a) quoted 41 18,977,953,933
b) unquoted 42 587,308,048
c) convertible bonds 43 47,501,233 44 19,612,763,214 4. Loans
a) mortgage loans 45 8,469,812
b) loans on policies 46 348,759,166
c) other loans 47 22,676,372 48 379,905,350
5. Participation in investment pools 49 0
6. Deposits with credit institutions 50 65,282,246
7. Other 51 805,866 52 22,669,415,971
IV Deposits with ceding companies 53 9,461,023,108 54 54,282,693,826
D. INVESTIMENTS FOR THE BENEFIT OF LIFE-ASSURANCE POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS
I - Investiments relating to contracts linked to investments funds and market index 55 1,082,645,556
II - Investiments relating to the administration of pension funds 56 177,780,054 57 1,260,425,610
D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS I NON-LIFE INSURANCE BUSINESS
1. Provision for unearned premiums 58 297,724,211
2. Provision for claims outstanding 59 1,092,717,359
3. Provision for profit sharing and premium refunds 60 0
4. Other technical provisions 61 0 62 1,390,441,570
II - LIFE INSURANCE BUSINESS
1. Mathematical provision 63 93,826,757
2. Unearned premium provision for supplementary coverage 64 312,960
3. Provision for claims outstanding 65 125,125,397
4. Provision for profit sharing and premium refunds 66 63,537
5. Other provisions 67 0 6. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 68 0 69 219,328,651 70 1,609,770,221
carried forward 57,280,417,287
72 Pag. 2
Previous year brought forward 32,070,107
216 520,416,378
217 24,587,930
218 214,840,926 219 759,845,234
220 325,017,656
221 2,521,277,472
222 280,782,784
223 26,017,051 224 2,828,077,307
225 10,544,408
226 358,653
227 31,698,320 228 42,601,381
229 0
230 41,683,980
231 2,093,582 232 3,999,319,140
233 11,667,029,471 234 32,879,912,181
235 172,172,607
236 0 237 172,172,607
238 233,759,268
239 872,659,656
240 0
241 0 242 1,106,418,924
243 73,747,557
244 897,641
245 89,007,433
246 2,290,859
247 0
248 0 249 165,943,490 250 1,272,362,414
carried forward 34,356,517,309
73 BALANCE SHEET ASSETS Current year brought forward 57,280,417,287
E. DEBTORS
I Debtors arising out of direct insurance operations 1. Policyholders
a) for premiums - current year 71 889,662,982
b) for premiums - previous years 72 87,693,926 73 977,356,908
2. Insurance intermediaries 74 160,656,813
3. Current accounts with insurance companies 75 227,475,016
4. Policyholders and third parties for recoveries 76 30,867,950 77 1,396,356,687
II Debtors arising out of reinsurance operations
1. Reinsurance companies 78 574,343,362
2. Reinsurance intermediaries 79 12,959,443 80 587,302,805
III - Other debtors 81 874,940,641 82 2,858,600,133
F. OTHER ASSETS
I - Tangible assets and stocks
1. Furniture, office equipment, internal transport vehicles 83 1,815,238
2. Vehicles listed in public registers 84 0
3. Equipment and appliances 85 0
4. Stocks and other goods 86 282,668 87 2,097,906
II - Cash at bank and in hand
1. Bank and postal deposits 88 805,359,239
2. Cheques and cash in hand 89 20,338,520 90 825,697,759
III - Own shares 91 127,951,604
IV - Other
1. Deferred reinsurance items 92 0
2. Miscellaneous assets 93 196,714,028 94 196,714,028 95 1,152,461,297
G. PREPAYMENTS AND ACCRUED INCOME 96 364,638,007
1. Interests 97 453,766
2. Rents 98 122,049,860 99 487,141,633 3. Other prepayments and accrued income
TOTAL ASSETS 100 61,778,620,350
74 Pag. 3
Previous year brought forward 34,356,517,309
251 542,688,241
252 76,272,870 253 618,961,111
254 124,504,613
255 192,739,786
256 28,920,648 257 965,126,158
258 438,149,322
259 8,624,353 260 446,773,675
261 460,842,187 262 1,872,742,020
263 1,765,527
264 0
265 0
266 264,419 267 2,029,946
268 432,649,450
269 9,076,614 270 441,726,064
271 9,999,257
272 438,479,988
273 105,599,549 274 544,079,537 275 997,834,804
276 39,988,757
277 510,457
278 23,970,391 279 64,469,605
280 37,291,563,738
75 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year
A. SHAREHOLDERS' FUNDS
I - Subscribed capital or equivalent funds 101 1,277,764,376
II - Share premium account 102 3,645,272,313
III - Revaluation reserve 103 1,056,689,991
IV - Legal reserve 104 289,301,693
V - Statutory reserve 105 0
VI - Reserve for own shares 106 127,951,604
VII - Other reserve 107 2,824,819,887
VIII - Profit or loss brought forward 108 0
IX - Profit or loss for the financial year 109 1,213,643,975 110 10,435,443,839
B. SUBORDINATED LIABILITIES 111 1,781,539,888
C. TECHNICAL PROVISIONS I - NON-LIFE INSURANCE BUSINESS
1. Provision for unearned premiums 112 1,631,101,652
2. Provision for claims outstanding 113 7,333,811,967
3. Provision for profit sharing and premium refunds 114 152,162
4. Other provisions 115 5,811,933
5. Equalisation provision 116 6,857,981 117 8,977,735,695
II - LIFE INSURANCE BUSINESS
1. Mathematical provision 118 29,848,989,336
2. Unearned premium provision for supplementary coverage 119 14,002,031
3. Provision for claims outstanding 120 658,714,735
4. Provision for profit sharing and premium refunds 121 17,747,104
5. Other provisions 122 123,906,746 123 30,663,359,952 124 39,641,095,647
D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS I - Provisions relating to contracts linked to iinvestments funds and market index 125 1,078,519,360
II - Provisions relating to the administration of pension funds 126 177,780,053 127 1,256,299,413
carried forward 53,114,378,787
76 Pag. 4
Previous year
281 1,276,017,308
282 3,610,420,910
283 1,056,689,991
284 289,301,693
285 0
286 9,999,257
287 2,486,367,604
288 0
289 916,813,906 290 9,645,610,669
291 750,000,000
292 1,505,457,603
293 6,169,511,977
294 25,625
295 5,656,546
296 6,443,893 297 7,687,095,644
298 12,214,214,420
299 10,112,868
300 328,561,080
301 14,804,484
302 55,204,630 303 12,622,897,482 304 20,309,993,126
305 170,954,202
306 0 307 170,954,202
carried forward 30,876,557,997
77 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 53,114,378,787
E. PROVISIONS FOR OTHER RISKS AND CHARGES
1. Provision for pensions and similar obligations 128 3,686,000
2. Provisions for taxation 129 4,958,000
3. Other provisions 130 140,714,000 131 149,358,000
F. DEPOSITS RECEIVED FROM REINSURERS 132 192,057,562
G. CREDITORS
I - Creditors arising out of direct insurance operations
1. Insurance intermediaries 133 20,478,530
2. Current accounts with insurance companies 134 21,253,066
3. Premium deposits and premiums due to policyholders 135 64,963,113
4. Guarantee funds in favour of policyholders 136 662,341 137 107,357,050
II - Creditors arising out of reinsurance operations
1. Reinsurance companies 138 170,861,859
2. Reinsurance intermediaries 139 35,513,175 140 206,375,034
III - Debenture loans 141 2,500,000,000
IV - Amounts owed to credit institutions 142 2,024,633,981
V - Loans guaranteed by mortgages 143 0
VI - Other financial liabilities 144 2,104,733,000
VII - Provisions for severance pay 145 27,155,910
VIII - Other creditors
1. Premium taxes 146 64,577,889
2. Other tax liabilities 147 64,581,921
3. Social security 148 5,749,319
4. Sundry creditors 149 474,322,652 150 609,231,781
IX - AOther liabilities
1. Deferred reinsurance items 151 0
2. Commissions for premiums in course of collection 152 121,338,346
3. Miscellaneous liabilities 153 116,282,304 154 237,620,650 155 7,817,107,406
carried forward 61,272,901,755
78 Pag. 5
Previous year brought forward 30,876,557,997
308 3,600,000
309 4,958,000
310 60,234,000 311 68,792,000
312 83,401,434
313 25,571,265
314 35,112,026
315 37,186,685
316 1,323,765 317 99,193,741
318 199,763,648
319 7,967,995 320 207,731,643
321 2,500,000,000
322 55,076,305
323 0
324 2,027,864,770
325 22,583,419
326 55,512,544
327 228,565,378
328 6,047,750
329 134,886,567 330 425,012,239
331 498,549,902
332 77,184,169
333 64,173,328 334 639,907,399 335 5,977,369,516
carried forward 37,006,120,947
79 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 61,272,901,755
H. ACCRUALS AND DEFERRED INCOME
1. Interests 156 384,560,100
2. Rents 157 42,745
3. Other accruals and deferred income 158 121,115,750 159 505,718,595
TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 160 61,778,620,350
BALANCE SHEET GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
Current year
GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
I - Guarantees issued
1. Fidejussions 161 5,450,829,967
2. Endorsements 162 0
3. Other personal guarantees 163 8,259,172
4. Guarantees secured by mortgages 164 62,443,584
II - Guarantees received
1. Fidejussions 165 114,172,968
2. Endorsements 166 0
3. Other personal guarantees 167 0
4. Guarantees secured by mortgages 168 10,253,991
III - Guarantees issued by third parties in the interest of the Company 169 394,779,320
IV - Commitments 170 5,495,442,047
V - Assets deposited with the Company 171 12,310,551
VI - Assets belonging to pension funds managed in the name and in the interest of third parties 172 146,979,159
VII - Securities deposited with third parties 173 24,598,446,523
VIII - Other evidence accounts 174 162,181,147
80 Pag. 6
Previous year brought forward 37,006,120,947
336 269,825,503
337 512,803
338 15,104,485 339 285,442,791
340 37,291,563,738
Previous year
341 3,252,928,265
342 0
343 7,445,178
344 82,358,128
345 151,670,674
346 0
347 0
348 10,357,268
349 470,244,202
350 839,416,705
351 18,324,659
352 0
353 6,423,082,176
354 223,951,045
81 . ASSICURAZIONI GENERALI S.p.A. Company
1,278,089,195 1,278,089,195 Subscribed capital euro Paid up euro
Trieste Registred in
Commercial Register of Trieste no. 00079760328
FINANCIAL STATEMENTS
Profit and loss accounts
2006 Year
(Amounts in euro)
83 PROFIT AND LOSS ACCOUNT
Current Year
I. TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS
1. EARNED PREMIUMS, NET OF REINSURANCE:
a) Gross premiums written 1 4,083,612,802
b) (-) Outward reinsurance premiums 2 759,691,760
c) Change in the gross provision for unearned premiums 3 91,597,671
d) Change in the provision for unearned premiums, reinsurers' share 4 24,487,404 5 3,256,810,775
2. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE NON-TECHNICAL ACCOUNT (ITEM III. 66 274,240,693
3. OTHER TECHNICAL INCOME, NET OF REINSURANCE 7 51,179,148
4. CLAIMS INCURRED, NET OF RECOVERIES AND REINSURANCE a) Claims paid
aa) Gross amount 8 2,631,121,842
bb) (-) Reinsurers' share 9 340,657,949 10 2,290,463,893
b) Recoveries net of reinsurance
aa) Gross amount 11 84,540,746
bb) (-) Reinsurers' share 12 1,399,841 13 83,140,905
c) Change in the provision for claims outstanding
aa) Gross amount 14 324,418,046
bb) (-) Reinsurers' share 15 101,385,201 16 223,032,845 17 2,430,355,833
5. CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE 18 155,387
6. PREMIUM REFUNDS AND PROFIT SHARING, NET OF REINSURANCE 19 3,211,878
7. OPERATING EXPENSES
a) Acquisition commissions 20 476,486,674
b) Other acquisition costs 21 91,038,193 c) Change in commissions and other acquisition costs to be amortised 22 0
d) Collecting commissions 23 131,507,917
e) Other administrative expenses 24 176,111,227
f) (-) Reinsurance commissions and profit sharing 25 103,459,175 26 771,684,836
8. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 27 114,914,988
9. CHANGE IN THE EQUALISATION PROVISION 28 202,470
10. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS 29 261,705,224
84 Pag. 1
Previous Year
111 3,832,832,726
112 601,778,597
113 122,143,582
114 25,767,396 115 3,134,677,943
116 372,984,836
117 49,104,182
118 2,469,890,075
119 273,327,338 120 2,196,562,737
121 92,664,265
122 7,263,876 123 85,400,389
124 245,788,541
125 42,095,822 126 203,692,719 127 2,314,855,067
128 106,892
129 1,163,251
130 467,481,076
131 91,603,004
132 0
133 126,357,474
134 226,741,257
135 74,300,836 136 837,881,975
137 117,502,666
138 838,911
139 284,418,199
85 PROFIT AND LOSS ACCOUNT
Current Year
II. TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS
1. PREMIUMS WRITTEN, NET OF REINSURANCE
a) Gross premiums written 30 3,312,603,154
b) (-) Outward reinsurance premiums 31 309,315,232 32 3,003,287,922
2. INVESTMENT INCOME:
a) From partecipating interests 33 627,443,496
(of which, income from Group companies 34 627,354,037 )
b) From other investments
aa) income from land and buildings 35 0
bb) from other investments 36 872,405,940 37 872,405,940
(of which, income from Group companies 38 777,803,852 )
c) Value re-adjustments on investment 39 19,739
d) Gains on the realisationof investments 40 6,411,860
(of which, income from Group companies 41 78,650 ) 42 1,506,281,035
3. INCOME AND UNREALISED GAINS ON INVESTMENTS FOR THE BENEFIT OF POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND ON INVESTMENT RELATING TO THE ADMINISTRATION OF PENSION FUNDS 43 21,145,794
4. OTHER TECHNICAL INCOME, NET OF REINSURANCE 44 0
5. CLAIMS INCURRED, NET OF REINSURANCE a) Claims paid
aa) gross amount 45 2,535,982,433
bb) (-) reinsurers' share 46 182,411,521 47 2,353,570,912
b) Change in the provision for claims outstanding
aa) gross amount 48 67,643,035
bb) (-) reinsurers' share 49 10,994,528 50 56,648,507 51 2,410,219,419
6. CHANGE IN THE PROVISION FOR POLICY LIABILITIES AND IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE a) Provisions for policy liabilities
aa) gross amount 52 520,063,210
bb) (-) reinsurers' share 53 -9,302,054 54 529,365,264 b) Change in the provision for claims outstanding
aa) gross amount 55 2,245,995
bb) (-) reinsurers' share 56 -538,452 57 2,784,447 c) Other provisions
aa) gross amount 58 -5,465,245
bb) (-) reinsurers' share 59 0 60 -5,465,245 d) Provisions for policies where the investment risk is borne by the shareholders and relating to the administration of pension funds
aa) gross amount 61 10,835,523
bb) (-) reinsurers' share 62 0 63 10,835,523 64 537,519,989
86 Pag. 2
Previous Year
140 2,023,272,150
141 177,331,219 142 1,845,940,931
143 490,927,395
(of which, income from Group companies 144 490,850,717 )
145 0
146 617,077,160 147 617,077,160
(of which, income from Group companies 148 545,372,746 )
149 219,495
150 11,705,661
(of which, income from Group companies 151 0 ) 152 1,119,929,711
153 21,449,692
154 0
155 1,507,934,270
156 141,342,557 157 1,366,591,713
158 32,271,581
159 20,013,494 160 12,258,087 161 1,378,849,800
162 572,281,405
163 -31,293,610 164 603,575,015
165 5,480,014
166 867,520 167 4,612,494
168 6,237,007
169 0 170 6,237,007
171 18,743,890
172 0 173 18,743,890 174 633,168,406
87 PROFIT AND LOSS ACCOUNT
Current Year
7. PREMIUM REFUNDS AND PROFIT-SHARING, NET OF REINSURANCE 65 63,558,769
8. OPERATING EXPENSES
a) Acquisition commissions 66 594,650,622
b) Other acquisition costs 67 3,133,698 c) Change in commissions and other acquisition costs to be amortised 68 0
d) Collecting commissions 69 0
e) Other administrative expenses 70 23,652,825
f) (-) Reinsurance commissions and profit sharing 71 44,034,331 72 577,402,814
9. INVESTMENT CHARGES
a) Investment administration charges, including interest 73 29,978,461
b) Value adjustments on investments 74 7,985,508
c) Losses on the realisation of investments 75 2,371,603 76 40,335,572
10. EXPENSES AND UNREALISED LOSSES ON INVESTMENTS FOR THE BENEFIT OF POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND ON INVESTMENT RELATING TO THE ADMINISTRATION OF PENSION FUNDS 77 5,930,226
11. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 78 25,388
12. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-TECHNICAL ACCOUNT (item III. 4) 79 547,471,992
13. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (item III.2) 80 348,250,582
III. NON TECHNICAL ACCOUNT
1. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS (Item I.10) 81 261,705,224
2. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (Item I.13) 82 348,250,582
3. NON-LIFE INVESTMENT INCOME
a) From partecipating interests 83 280,355,717
(of which, income from Group companies 84 246,463,844 )
b) From other investments
aa) income from land and buildings 85 31,676,254
bb) from other investments 86 155,207,262 87 186,883,516
(of which, income from Group companies 88 14,270,531 )
c) Value re-adjustments on investment 89 126,927,773
d) Gains on the realisationof investments 90 74,325,800
(of which, income from Group companies 91 2,731,308 ) 92 668,492,806
88 Pag. 3
Previous Year
175 15,177,548
176 315,996,657
177 2,128,600
178 0
179 0
180 28,954,217
181 22,348,863 182 324,730,611
183 31,438,931
184 470,760
185 807,580 186 32,717,271
187 5,025,518
188 19,398
189 365,868,729
190 231,763,053
191 284,418,199
192 231,763,053
193 399,714,783
(of which, income from Group companies 194 337,202,937 )
195 31,541,735
196 104,107,651 197 135,649,386
(of which, income from Group companies 198 17,239,001 )
199 92,939,044
200 136,413,996
(of which, income from Group companies 201 112,015 ) 202 764,717,209
89 PROFIT AND LOSS ACCOUNT
Current Year
4. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE LIFE TECHNICAL ACCOUNT (item iI. 2) 93 547,471,992
5. INVESTMENT CHARGES FOR NON-LIFE BUSINESS
a) Investment administration charges, including interest 94 72,788,388
b) Value adjustments on investments 95 98,884,506
c) Losses on realisation of investments 96 51,732,363 97 223,405,257
6. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-LIFE TECHNICAL ACCOUNT (item I. 2) 98 274,240,693
7. OTHER INCOME 99 205,655,681
8. OTHER CHARGES 100 770,581,255
9. RESULT FROM ORDINARY ACTIVITY 101 763,349,080
10. EXTRAORDINARY INCOME 102 571,346,342
11. EXTRAORDINARY CHARGES 103 170,360,956
12. EXTRAORDINARY PROFIT OR LOSS 104 400,985,386
13. RESULT BEFORE TAXATION 105 1,164,334,466
14. INCOME TAXES 106 -49,309,509
15. PROFIT (LOSS) FOR THE YEAR 107 1,213,643,975
90 Pag. 4
Previous Year
203 365,868,729
204 43,456,315
205 82,661,042
206 50,879,707 207 176,997,064
208 372,984,836
209 223,218,582
210 561,536,296
211 758,467,576
212 183,885,667
213 66,033,081
214 117,852,586
215 876,320,162
216 -40,493,744
217 916,813,906
91
NOTES .
· Foreword
These financial statements – which comprise the outlines of the balance sheet, the profit and loss account and the Notes on the Accounts and relative attachments, in addition to the Board of Directors’ Report on the Company’s general operations. They were drawn up in compliance with the provisions set out in Legislative Decree dated 7 September 2005 No. 209, Legislative Decree No. 173 dated 26 May 1997, ISVAP regulation No. 735 dated 1 December 1997, and, given the specific nature of the industry, with the provisions set out by the Legislative Decree No. 6 dated 17 January 2003.
Part A - Evaluation criteria
Section 1 - Outline of the evaluation criteria
The following is an explanation of main criteria applied when preparing the financial statements for the year and of any changes in comparison with those previously adopted.
Intangible assets
The forward payment of acquisition commissions on multi-year contracts and advertisement costs are entirely charged to the profit and loss account of the year in which those costs are incurred.
The goodwill and other multi-year charges are amortised on the basis of their residual values over a period of up to five years.
Land and buildings
Land and buildings are considered as durable fixed assets since they remain permanently held by the Company. Property is entered at the original purchase or construction cost plus incremental value and revaluations, provided for by both Italian and foreign laws, and are recorded net of residual depreciation funds. Given that recurring maintenance work means that the opportunity for use remains unaltered over time, the conditions for depreciation do not apply.
Bonds and shares
These are subdivided into durable securities, which remain permanently held by the Company, and non-durable securities, which are used for trading; they are classified – as are own shares – on the basis of the criteria specifically set by the Board of Directors.
95 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Durable securities are valued at the weighted average cost net of the devaluation deriving from multi-year losses and, in the case of fixed interest securities, net of the trading difference that has matured over the year, equal to the positive or negative difference between acquisition cost and redemption value. The evaluation of the subsidiary Generali Properties was carried out using the equity method on a consolidated basis, as this was deemed the most suitable way to assess the participating interest in the financial results and the property of the subsidiary and its group. For the effects of this evaluation, see Part B, Section 2.2.1.a.
Non-durable securities are valued at the lesser of the weighted average cost and the realisation value inferable from the market trend, which for quoted securities is the value recorded on the last trading day of the financial year and for unquoted securities is the estimated realisation value. The cost of fixed interest securities is adjusted by considering the issuing difference that has matured over the year, equal to the positive or negative difference between the issuing price and the redemption value.
The securities are written up partly or wholly to the original cost, if the reasons for the write-downs cease to exist.
In the case of shareholdings in subsidiaries and associates, any higher value entered, with respect to that resulting from shareholders’ equity compared to the share held, is attributable to notional capital gains, including the portfolio value, if required.
The comparison of market values at the end of the year and book values reveals a capital gain of 8,746,573 thousand for durable securities and 433,867 thousand for non-durable securities.
Derivatives
The evaluation criteria differ depending on the “hedging” or “efficient management” aim of the financial operation.
Hedging transactions are carried out to protect the investments and the subordinated liabilities against adverse changes in interest rates, exchange rates or market prices, these derivatives are valued according to the “principle of coherent evaluation”; in particular, capital gains or losses are entered in the profit and loss account consistently with the corresponding capital gains or losses calculated on the covered assets.
Efficient management operations are carried out with the aim of achieving specific investment objectives more flexibly than otherwise possible with underlying assets. Such operations do not generate any significant increase in investment risks within the framework of a prudent and balanced portfolio management. Derivatives are considered at market values, and only the
96 evaluation losses are recognised in the profit and loss account. On the other hand, in the case of transactions linked to assets and liabilities, the evaluation of derivatives is consistent with the evaluation of the same underlying assets and liabilities. The market value of derivatives is determined by referring to their relevant quotations, and, if these are not available, on the basis of a prudent evaluation of the probable realisation value as determined by calculation methodologies adopted by the market.
Investment commitments relating to investment funds and market indexes and investments deriving from the management of pension funds
These investments are considered at current value. The current value of the assets is determined according to what has been established by contractual conditions, in detail: a) investments made in regulated markets, are recognised at their value at the last trading day of the year; b) investments in non-regulated markets, are recognised at their estimated realization value at the same date; c) other financial investments, other assets and liabilities and cash at hand, are usually recognised at their nominal value.
Loans and receivables
Credits towards policyholders for premiums are entered on the basis of their presumed realisation value, therefore net of lump-sum devaluations, determined based on an analysis of the trend of earnings of single business lines and the acquired experience.
Loans and other receivables are recognised at their nominal value, which, considering their characteristics, corresponds to their presumed realization value.
Tangible assets and stocks
All assets have been entered at acquisition cost and set out in the financial statements net of specific depreciation funds.
Newly purchased electronic equipment has been amortised by taking into account levels of use; the amortisation rates applied reflect the actual depreciation of the assets.
Current purchases in furniture, office equipment and goods quoted in public registers have been entirely amortised over the financial year, considering that these goods are constantly replaced.
97 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Subordinated liabilities
Loans in this category are entered at their nominal value.
Technical provisions
Art. 6 of Legislative Decree No. 174 dated 17 March 1995, for the life segment, art. 8 of Legislative Decree No. 175 dated 17 March 1995, for the non-life segment, and ISVAP regulation No. 735/1997 regarding the chart of accounts of insurance companies, laid down that contracts signed by subsidiary branches in the EU be included in the Italian direct business portfolio. Consequently, in these Notes to the Accounts, the Italian portfolio must be construed as including the regulations set down by the above Legislative Decrees. Non-life
In the Italian direct business portfolio, the provision for unearned premiums is made up of the following two components: a) the provision for premium instalments is calculated, for all L.O.B., according to a “pro rata temporis” basis (pursuant to Art. 32, paragraph 2 of Legislative Decree No. 173/1997) and considering the rules laid down by the law regarding the peculiarities of certain risks (hail and other natural disasters, earthquakes, seaquakes, volcanic eruptions and related phenomena, risks deriving from the use of nuclear energy, risks included in the Suretyship L.O.B. – pursuant to ISVAP regulation No. 1978/2001 – and risks included in the Credit L.O.B. for contracts which were signed or renewed before 31 December 1991); b) the provision for unexpired risks, relating to the underwriting trend and set aside to cover the risk to be borne after the end of the financial year, is set up – using the simplified method pursuant to ISVAP circular No. 360D/1999 – in those lines of business where the overall amount of claim settlement and related costs deriving from insurance contracts in force on 31 December exceed the unearned provision for premium instalments and the premium instalments receivable in the following year.
The provisions for outstanding claims are determined by a prudent evaluation of damages, based on objective and prospective considerations of all predictable charges. Provisions are deemed adequate to cover the payment of damages and the cost of settlement of claims for accidents that have occurred during the year but have not yet been reported.
The method adopted consists in the analytical evaluation of each claim in all lines of business (except, and only for financial statements purposes, for the damages on property in the motor TPL sector, which were calculated based on the “average cost” of homogenous groups of claims), and a verification of results by applying actuarial statistics.
98 In addition, as laid down by Articles 35, 36 and 37 of Legislative Decree No. 173/1997, the following were entered in the accounts: profit sharing provisions in the accident L.O.B., the ageing provision in the health insurance sector (calculated at 10% of gross premiums for the year presenting the characteristics indicated in par. 1 of Legislative Decree No. 174/1995), the compensation provision in the credit sector and the equalisation provision for losses in the natural catastrophe business, calculated according to specific law provisions.
The provisions for unearned premiums and outstanding claims concerning direct foreign business, which only includes contracts written by non-EU branches, are determined according to applicable laws in those countries (Art. 32 of Legislative Decree No. 175/1995).
Generally speaking, the reinsurance provisions are calculated on the basis of the information given by the ceding companies, and on the basis of an objective assessment, whenever necessary.
The calculation method for setting up the provisions for cessions and retrocessions are set up using the same calculation method as that adopted for direct business and inwards reinsurance. Life
The technical provisions relating to Italian direct life business are determined analytically for each contract, according to relevant laws and on the basis of the actuarial assumptions as applicable on the date the contracts were signed.
These provisions, set aside to cover the Company’s commitments, include the mathematical provision – which include unearned premiums, the provisions for health and professional additional premiums, additional provisions for demographic risks according to ISVAP regulation no. 1380-G dated 21 December 1999. They also include: the additional provision for financial risks, with reference to contracts denominated in yen and to a category of contracts whose performances are directly linked to zero coupon bonds, pursuant to Legislative Decree No.174/1995 art. 25 par. 12 and ISVAP regulation no. 1801-G dated 21 February 2001 – the premium reserve of the complementary insurance, calculated using the analytical method “pro-rata temporis”, the provision for sums to be paid, made setting aside sufficient amounts to cover the payment of capitals, annuities, redemptions, claims incurred but not yet paid at the end of the year, the provision for future expenses and the provisions for profit sharing, represents the amounts to be accrued to the policyholders or to the beneficiaries of the contracts, as technical profit sharing, which are not considered in the mathematical reserves. The mathematical provision for any contract entailing a redemption guarantee is never lower than the corresponding redemption value.
As to the technical reserves when policyholders bear the investment risk, the following provisions have been set aside:
99 Parent Company Statements 06 NOTES ON THE ACCOUNTS
- mathematical reserves for unit-linked contracts were calculated by multiplying the number of quotas representing the commitments of the Company and the value of the quota at year’s end - mathematical reserves for index-linked contracts were calculated by multiplying the nominal capital representing the commitments of the Company and the value of the current value of bonds to the yield of which the contractual performances at year’s end are linked.
The mathematical reserves deriving from the pension funds management are calculated by multiplying the number of quotas representing the commitments of the Company and the value of the quota at year’s end.
The calculation principles, the valuations and the declaration that technical provisions are sufficient are presented, for the Italian portfolio, in the Actuary’s Report, pursuant to Legislative Decree no. 174/1995.
Technical provisions for the foreign direct portfolio, which only includes contracts written by branches by non-EU countries, are determined in accordance to applicable laws in force in the countries where our branches operate.
Generally speaking, the reinsurance provisions are calculated on the basis of the information given by the ceding companies, and on the basis of an objective assessment.
The provisions for cessions and retrocessions are calculated using the same method as for direct business and inwards reinsurance.
Inwards reinsurance
Up to last year, in line with industry practices, the economic effects of accepted reinsurance and relevant retrocession was recognised one year after their actual accrual period, because the information received from the ceding companies was not sufficient to provide an accurate understanding of the economic result. The technical items related to accepted and ceded reinsurance were deferred to the following year, within reinsurance deferrals items (other assets/liabilities) of the balance sheet, as offsetting entry of the operations recorded in the transaction accounts of the companies.
As of 2006, new agreements were reached with the ceding companies, based on which any information on reinsurance agreements is provided in due time so that it can be recognised in the accounts in accordance with the accrual concept. Therefore, under the new accounting method deferral to the following accounting period of technical items of indirect business was eliminated. Consequently the financial statements for the year includes the 2006 reinsurance recognised based on the accrual concept, and the 2005 reinsurance deferred from the previous accounting period. This change positively influenced the result for the year for 107,1 million euro.
100 The impact of these decisions on the single items of the income statement, is summarised in the prospect in section C (other information) of the Notes on the accounts, drawn up, with reference to non-recurrent and significant events and operations, pursuant to CONSOB communication no. 6064293 dated 28 July 2006.
Provisions for risks and charges
These are entered so as to cover the risks and specific commitments of the Company at year’s end.
Debts and other liabilities Debts and bond issues
They are recorded at their nominal value. Employee retirement allowance
It is calculated in compliance with existing labour legislation and contracts and entirely covers the indemnities due to employees at year’s end.
Accruals and deferrals
They are determined according to pro-tempore accountancy criterion of costs and income. Agio and disagio relating to financial debts are amortised according to the remaining duration of the loans themselves.
Profit and loss items
Costs and income are accounted for on an accrual basis. For those relating to insurance operations in particular, the principle applied was that of “the regulations applicable to the profit and loss account” pursuant to Legislative Decree No. 173/1997 and in compliance with ISVAP ruling No. 735/1997.
Other aspects Conversion of entries in foreign currency
The Company deals systematically in foreign currency and therefore uses multi- currency accounting, in compliance with the provisions set out in art. 89, par. 2 of Legislative Decree no. 209/2005. All the items in the balance sheet and the
101 Parent Company Statements 06 NOTES ON THE ACCOUNTS
profit and loss account are converted into euro at the exchange rates in place at year’s end. The difference emerging from the conversion is recorded in the profit and loss account.
Below is a list of the exchange rates adopted for conversion of currencies into euro, applied to currencies of particular significance to Generali’s operations, along with percentage changes with respect to the last financial year.
Exchange rates of other currencies
Exchange in euro 2006 2005 Change (%)
US Dollar 1.3187 1.1796 -10.5 Swiss Franc 1.6097 1.5546 -3.4 Pound Sterling 0.6738 0.6871 2.0
102 Part B - Information on the balance sheet and the profit and loss account
The breakdown of the balance sheet between the life and non-life L.O.B. is presented in attachments 1 and 2 to the Notes to the Accounts.
The breakdown of non-life and life results is the following (attachment 3).
Non-life (in thousand euro) business Life business Total
Technical result 261,705 348,251 609,956
(+) Investment income 668,493 668,493 (-) Investment charges 223,405 223,405 (+) Quotas of investments profit transferred from the life technical account 547,472 547,472 (–) Quotas of investments profit transferred to the non-life technical account 274,241 274,241 Intermediate operating result 432,552 895,723 1,328,275
(+) Other income 181,650 24,006 205,656 (–) Other charges 615,712 154,869 770,581 (+) Extraordinary income 571,059 288 571,347 (–) Extraordinary charges 169,534 827 170,361 Result before taxation 400,015 764,321 1,164,336
(–) Income taxes for the year -63,387 14,078 -49,309 Result for the year 463,402 750,243 1,213,645
Balance sheet
Summary
(in thousand euro) 2006 2005 Change
ASSETS Intangible assets 127,528 32,070 95,458
Investments Land and buildings 1,342,295 1,316,370 25,925 Investments in Group companies and other shareholdings 20,809,958 15,897,194 4,912,764 Other financial investments 22,669,416 3,999,318 18,670,098 Deposits with ceding companies 9,461,023 11,667,029 -2,206,006 Total 54,282,692 32,879,911 21,402,781
(continues)
103 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Summary (continues)
(in thousand euro) 2006 2005 Change
Class D investments 1,260,426 172,173 1,088,253
Reinsurers' share of technical provisions Non-life 1,390,441 1,106,419 284,022 Life 219,329 165,944 53,385 Total 1,609,770 1,272,363 337,407
Debtors 2,858,599 1,872,742 985,857
Other assets Cash at bank and at hand 825,699 441,726 383,973 Other 326,764 556,109 -229,345 Total 1,152,463 997,835 154,628 Accrued income and deferred charges 487,142 64,469 422,673
TOTAL ASSETS 61,778,620 37,291,563 24,487,057
LIABILITIES AND SHAREHOLDERS’ FUNDS Shareholders’ funds Subscribed share capital or equivalent fund 1,277,764 1,276,018 1,746 Reserves 7,944,036 7,452,780 491,256 Profit for the year 1,213,644 916,814 296,830 Total 10,435,444 9,645,612 789,832
Subordinated liabilities 1,781,540 750,000 1,031,540
Technical provisions Non-life 8,977,736 7,687,096 1,290,640 Life 30,663,360 12,622,897 18,040,463 Total 39,641,096 20,309,993 19,331,103
Technical provisions for investment and pension funds 1,256,299 170,954 1,085,345
Provisions for other risks and charges 149,358 68,792 80,566 Deposits received from reinsurers 192,058 83,401 108,657 Creditors and other liabilities 7,817,107 5,977,369 1,839,738 Accrued expenses and deferred income 505,718 285,442 220,276
TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 61,778,620 37,291,563 24,487,057
104 Balance sheet - assets
Section 1 - Intangible assets - Item B
The account refers to the multi-year charges.
1.1 Changes to intangible assets over the year - (attachment 4)
(in thousand euro) 2006
Gross initial amount 146,282 Increase for the year for: acquisitions or increases 82,766 reversal value revaluation other changes 29,471 Total 112,237 Decreases for the year for: sales or decreases long-term devaluations other changes Total Gross final amount (a) 258,519
Depreciations Gross initial amount 114,212 Increases for the year for: amortisation quotas for the year 10,166 other changes 6,613 Total 16,779 Decreases for the year for: reductions from sales other changes Total Gross final amount (b) 130,991
Increases during the year are due to the costs incurred for the implementation of some important Group software/hardware projects some of which not yet operating, as well as the goodwill relative to the purchase of UMS Generali Marine and the portfolio of General Liabilities of Assitalia. The other increases, the gross initial amount and the amortisation fund, refer to almost exclusively to costs incurred for software/hardware projects included following the merger with Generali Vita. For the projects already operating and the goodwill the relative cost is amortised for a maximum period of five years.
105 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 2 - Investments - Item C
The current value indicated in the Notes to the Accounts as value of reference for assets in classes C.II and C.III is as follows: - for investments in regulated markets, the value is that of the last day of trading during the year; - for investments in non-regulated markets, the value is that deriving from a prudent estimation of their probable realisation value at year’s end.
2.1 Land and buildings - Item C.I
All the land and buildings of the Company are considered durable.
The item includes property used for own activities, properties rented for use by third parties, land and buildings under construction.
106 2.1.1 Changes to land and buildings over the year - (attachment 4)
(in thousand euro) 2006
Gross initial amount 1,360,962 Increases for the year for: acquisitions or increments 27,864 reversal value revaluation other changes 814 Total 28,678 Decreases for the year for: sales or decrements 36 long-term devaluations other changes 2,560 Total 2,596 Gross final amount (a) 1,387,044
Depreciations Initial amount 44,592 Increases for the year for: depreciation quota for the year other changes 160 Total 160 Decreases for the year for: reductions from sales 1 other changes 2 Total 3 Depreciated final amount (b) 44,749
Book value (a - b) 1,342,295
Current value 1,446,945 Total revaluations 978,487 Total devaluations 19
2.1.2 Leased property and operations carried out with Group companies and companies in which a significant interest is held.
There is no leased property, and no real estate or other goods acquisition or leasing operations were implemented.
2.2 Investments in Group companies and other companies in which a significant interest is held - Item C.II
A number of portfolio investments in Group companies and other companies in which a significant interest is held, amounting to 175,487 thousand, are considered as non-durable inasmuch as they are meant for trading purposes, of which 133,825 thousand from Generali Vita. The main are:
107 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Quantity (in thousand euro)
Bonds Banca Intesa Spa 02/10/08 33,000,000 34,861 Banco Santander 3,75% 08/09/2011 13,500,000 13,288
Shares Banca Intesa rnc 14,800,000 55,354 Banca Intesa 2,000,000 9,575
2.2.1 Equities - Item C.II.1 2.2.1 a) Changes in equities over the year - (attachment 5)
(in thousand euro) 2006
Gross initial amount 15,855,284 Increases for the year for: acquisitions, subscriptions or payments 4,627,117 reversal value 118,312 revaluations other changes 1,919,641 Total 6,665,070 Decreases for the year for: sales or redemptions 1,102,382 devaluations 46,321 other changes 879,132 Total 2,027,835 Book value 20,492,519
Current value 27,025,691 Total revaluations 37,479 Total devaluations 1,044,283
The increases refer to the acquisition of the Toro Assicurazioni shares for 3,852,498 thousand, the increase of the participation in Generali Schweiz Holding that, consequently to the public tender offer during the second half-year and further purchases operated on the market, has determinated a disbursement of 236,408 thousand.
From the evaluation using the equity method on consolidated basis of Generali Properties has revealed capital gains of 118,311 thousand. Concerning the other changes in increase, the entire item refer to the contribution of Generali Vita for 1,648,319 thousand.
The sales refer to the transfer of Banca Nazionale del Lavoro shares for 389,587
108 thousand due to the public tender offer of BNP Paribas, the sale of Telecom Italia shares for 255,226 thousand, Fiat Ord for 93,353 thousand and Schemaventotto for 88,492 thousand made within the Group in order to optimize the usage, as well as the transfer of Banca Intesa Rnc shares, included in item C.II.1 but considered non durable, for 122,030 thousand.
The decreases include 826,331 thousand relative to the cancellation of the participation value in Generali Vita due to the merger in Assicurazioni Generali. 2.2.1 b) Information on companies in which a significant interest is held
Provided in attachment 6 of the Notes to the Accounts. 2.2.1 c) Analytical layout of operations
Provided in attachment 7 of the Notes to the Accounts.
2.2.2 Changes to bond issued by companies over the year - Item C.II.2 - (attachment 5)
(in thousand euro) 2006
Gross initial amount 20,252 Increases for the year for: acquisitions, subscriptions, payments 21,380 reversal value 4 other changes 261,653 Total 283,037 Decreases for the year for: sales or redemptions 9,967 devaluations 174 other changes 404 Total 10,545 Book value 292,744
Current value 301,742 Total devaluations 229
Section C.II.2 includes: listed bonds 165,717 non listed bonds 127,027 book value 292,744 of which convertible bonds
Increases include the subscription of three bond issues for 14,408 thousand issued by Banca Intesa with expiring date 2016.
Concerning the other changes, the item refers to 255,685 thousand of Generali Vita bonds.
109 Parent Company Statements 06 NOTES ON THE ACCOUNTS
2.2.3 Changes to loans to companies over the year - Item C.II.3
(in thousand euro) 2006
Gross initial amount 21,659 Increases for the year for: acquisitions, subscriptions, payments reversal value other changes 3,907 Total 3,907 Decreases for the year for: sales or redemptions 868 devaluations other changes Total 868 Book value 24,698
Current value 24,698 Total devaluation
Increases include the loan to Generali Horizon, recorded in the assets of Generali Vita.
2.2.4 a) Analytical outline of the most significant bonds issued by companies - Item C.II.2
These are bonds worth 292,744 thousand, primarily issued by the following companies:
(in thousand euro) 2006
Banca Intesa 181,722 Generali Schweiz Holding 32,587 Banco Santander Central Hispano 27,156 Telecom Italia 24,631 Commerzbank 24,089
110 2.2.4 b) Analytical outline of the most significant loans to companies - Item C.II.3
The sum of 24,698 thousand primarily regards:
(in thousand euro) 2006
Agorà Investimenti 16,739 "A7 S.r.l." 4,052 Generali Horizon 3,907
2.3 Other financial investments - Item C.III
There are no shareholdings that exceed one tenth of the capital or one tenth of the voting rights that can be exercised during the Ordinary General Meeting, classified under this entry in the financial statements. 2.3.1 Breakdown on the basis of the durable or non-durable utilisation of the assets included in the equities items – Item C.III.1, units in common investment funds – Item C.III.2, bonds and other fixed-interest securities – Item C.III.3, participation in investment pools – Item C.III.5 other financial investments – Item C.III.7 (attachment 8)
Besides the investments in Group companies and other companies in which a significant interest is held, durable investments are those that remain permanently held by the Company, or, to be more precise: - shares, quoted and non-quoted, that are considered to be useful for insurance operations; - other debt securities, quoted and non-quoted, which are designed for medium/long- term commitments.
All other assets are considered non-durable.
Durable Non-durable Total (in thousand euro) Book value Current value Book value Current value Book value Current value
Non-life 1) Equities of companies a) listed shares 117,114 141,714 271,830 350,035 388,944 491,749 b) unlisted shares 27,431 68,873 463 858 27,894 69,731 c) units 209,535 1,093,585 15,155 16,026 224,690 1,109,611 Total 354,080 1,304,172 287,448 366,919 641,528 1,671,091
2) Units in common investment funds 21,834 28,239 377,767 391,870 399,601 420,109
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111 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues) Durable Non-durable Total (in thousand euro) Book value Current value Book value Current value Book value Current value
3) Bonds and other fixed-interest securities a1) listed government bonds 319,177 314,124 792,728 793,295 1,111,905 1,107,419 a2) other listed securities 154,062 152,824 640,300 641,749 794,362 794,573 b1) unlisted government bonds 758 758 2,826 2,847 3,584 3,605 b2) other unlisted securities 86,087 87,535 91,975 92,732 178,062 180,267 c) convertible bonds 26,015 26,015 7,472 7,537 33,487 33,552 Total 586,099 581,256 1,535,301 1,538,160 2,121,400 2,119,416
5) Participation in investment pools
7) Other investments 80 185 80 185
Life 1) Equities of companies a) listed shares 486,055 655,653 683,167 835,279 1,169,222 1,490,932 b) unlisted shares 6 91 6 91 c) units 4,734 5,448 1 1 4,735 5,449 Total 490,795 661,192 683,168 835,280 1,173,963 1,496,472
2) Units in common investment funds 78,583 85,159 316,985 328,469 395,568 413,628
3) Bonds and other fixed-interest securities a1) listed government bonds 9,923,553 10,948,225 3,142,010 3,182,135 13,065,563 14,130,360 a2) other listed securities 1,675,395 1,724,062 2,330,730 2,433,322 4,006,125 4,157,384 b1) unlisted government bonds 99,592 116,161 17,904 17,941 117,496 134,102 b2) other unlisted securities 268,250 285,498 19,915 20,052 288,165 305,550 c) convertible bonds 14,014 14,014 14,014 14,014 Total 11,966,790 13,073,946 5,524,573 5,667,464 17,491,363 18,741,410
5) Participation in investment pools
7) Other investments 726 190 726 190
Totale 1) C.III.1 Equities of companies 844,875 1,965,364 970,616 1,202,199 1,815,491 3,167,563 2) C.III.2 Units in common investment funds 100,417 113,398 694,752 720,339 795,169 833,737 3) C.III.3 Bonds and other fixed-interest securities 12,552,889 13,655,202 7,059,874 7,205,624 19,612,763 20,860,826 4) C.III.5 Participation in investment pools 5) C.III.7 Other investments 806 375 806 375
112 With reference to bonds and other fixed interest securities of which in item C.III.3, the main ones are:
(in thousand euro) 2006
Securities issued by the Italian government 10,111,793 Securities issued by the French government 1,452,927 Securities issued by the German government 634,111 Securities issued by the BEI 407,731 Securities issued by the Greek gevernment 322,627
The other items refer to sums under 250,000 thousand. The issue and trading differences inherent to the bonds and other fixed interest securities in items C.II.2 and C.III.3 are as follows:
(in thousand euro) Positive Negative Balance
Issuing differences 5,514 -415 5,099 Trading differences 408 -728 -320 Total 5,922 -1,143 4,779
2.3.2 Changes over the year to the durable assets included in the items as in point 2.3.1 (attachment 9)
Equities Units in Bonds Participation Other com. invest. and other in invest. investments funds fixed-int. sec. pools
(in thousand euro) C.III.1 C.III.2 C.III.3 C.III.5 C.III.7
Inital amount 519,216 40,120 322,279 Increases for: acquisitions 111,250 332,135 reversal value transfers from the non-durable portfolio other changes 516,888 78,583 11,931,983 Total 628,138 78,583 12,264,118 Decreases for: sales 16,129 12,531 16,030 devaluations transfers to the non-durable portfolio other changes 286,351 5,756 17,478 Total 302,480 18,287 33,508 Book value 844,874 100,416 12,552,889
Current value 1,965,364 113,398 13,655,202
113 Parent Company Statements 06 NOTES ON THE ACCOUNTS
In the “equities” category, the increases include acquisitions of Générale de Santé shares for 56,776 thousand and GLL Gmbh & Co Retail Kg shares for 21,000 thousand.
As regards the other increases, the item refers to 486,057 thousand of equities from Generali Vita.
The decreases include the transfer of Alcatel – Lucent shares for 12,400 thousand.
As regards the other decreases, the most significant operation refers for 255,226 thousand to the reclassification of Telecom Italia shares from item C.III to item C.II due to the subscription ot the syndicate agreement.
As regards the other changes in the quotes in common investment pools, the item refers for 78,583 thousand to the merger of Generali Vita.
As regards bonds, increases include purchases for 222,849 thousand relative to BTPS 3% 2004/09, while the decrements include sales of C.C.T. for 8,095 thousand. Regarding the other increases they are almost entirely ascribed to the merger of Generali Vita for 11,904,760 thousand, which portfolio includes Government bonds for 9,962,124 thousand.
2.3.3 Changes to loans over the year – Item C.III.4 and to deposits with credit institutions – Item C.III.6 (attachment 10)
Loans Deposits with credit institutions
(in thousand euro) C.III.4 C.III.6
Initial amount 42,601 41,683 Increases for: payments 286 67,791 reversal value other changes 349,939 Total 350,225 67,791 Decreases for: redemptions 8,090 44,193 devaluations other changes 4,831 Total 12,921 44,193 Book value 379,905 65,281
As regards to loans, the item other increases include the amount of 346,524 thousand relative to loans on life policies of Generali Vita granted to policyholders. 2.3.4 a) Analytical outline of significant guaranteed loans - Item C.III.4.a.
Guaranteed loans, amounting to 8,470 thousand, refer mainly to the residual capital at 31 December 2006, relative to 132 mortgages granted following property sales for 8,029 thousand. The residual sums are not significant separately.
114 2.3.4 b) Analytical outline of significant other loans - Item C.III.4.c.
These other loans amount to a total sum of 22,676 thousand. The most significant items include the loans granted to Los W S.A. for 22,198 thousand. 2.3.5 Breakdown of the duration of deposits with credit institutions - Item C.III.6
(in thousand euro) 2006
Less than 3 months 12,897 More than 3 months 52,384 Total 65,281
2.3.6 Breakdown of other financial investments by type - Item C.III.7
(in thousand euro) 2006
Options 726 Warrant 80 Total 806
2.4 Deposits with ceding companies - Item C.IV
Deposits with ceding companies amount to 9,461,023 thousand (11,667,029 thousand on 31 December 2005), the decrease is ascribed to the closing of an important life treaty with Generali Assurance Vie. Information regarding relations with related parties is provided in attachment 16, in particular deposits with subsidiaries include: a 7,367,803 thousand deposit with Alleanza, a 972,914 with Generali Holding Vienna. 2.4.1 Devaluation carried out on deposits with ceding companies over the year.
No devaluations were carried out on deposits with ceding companies over the year.
115 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 3 - Investments for the benefit of life insurance holders who bear the risk and deriving from pension fund operations - Item D 3.1 Overview of operations relative to contracts linked to investment funds and market - Item D.I (attachment 11)
Current value Acquisition costs (in thousand euro) 2006 2005 2006 2005
Land and buildings
Investments in Group comp. and comp. in which a significant interest is held Equities 8,944 6,764 Bonds 150 150 Loans Total 9,094 6,914
Units in common investment funds 81,720 12,263 75,916 9,965
Other financial investments: Equities 488,426 418,323 Bonds and other fixed-interest securities 381,712 89,059 377,604 80,609 Deposits with credit institutions Other investments 718 -1,505 Total 870,856 89,059 794,422 80,609
Other assets 5,288 318 5,288 318
Cash at hand 25,751 1,850 25,751 1,850
Other liabilities -4,881 -3,224 -4,881 -3,224
Deposits with ceding companies 94,818 71,906 94,818 71,906
Total 1,082,646 172,172 998,228 161,424
With the merger of Generali Vita the Company has acquired assets and liabilities linked to contracts “unit linked” and “index linked” and linked to open pension plans funds for 896,229 thousand.
The investments relative to the managed products are described in detail in attachment 11.
116 3.2 Overview of operations relative to contracts linked to pension funds - Item D.II (attachment 12)
Current value Acquisition costs (in thousand euro) 2006 2005 2006 2005
Investments in Group comp. and comp. in which a significant interest is held Equities 2,094 2,084 Bonds Total 2,094 2,084
Other financial investments: Equities 50,957 46,527 Bonds and other fixed-interest securities 117,045 118,511 Units in common investment funds 4,626 4,033 Deposits with credit institutions Other investments Total 172,628 169,071
Other assets 2,307 2,307
Cash at hand 3,759 3,759
Other liabilities -3,008 -3,008
Total 177,780 174,213
The assets and liabilities relative to contracts linked to pension funds derive from the merger of Generali Vita. The investments relative to the managed products are described in detail in attachment 12. 3.3 Transfers of investments from class C to class D and vice versa
No transfers were made from class C to class D and vice versa.
Section 4 - Reinsurers’ share of technical provisions - Item D bis 4.1 a) Breakdown of Other technical provisions – Non-life business - Item D bis I.4
No other non-life business technical provisions were written in the financial statements to be charged to reinsurers. 4.1 b) Breakdown of Other technical provisions – Life business - Item D bis II.5
No other life business technical provisions were written in the financial statements to be charged to reinsurers.
117 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 5 - Debtors - Item E 5.1 Devaluation carried out over the year
Devaluation of credits to policyholders for premiums was carried out over the year in the non-life business only. It was charged to the technical accounts and amounted to 49,164 thousand.
The following table provides a detailed description of devaluation by L.O.B.:
(in thousand euro) 2006
Accident 5,931 Health 4,332 Fire 6,734 Property other than fire 5,733 Motor TPL 11,014 General Liability 9,362 Other LOB 6,058 Total Non-life 49,164 Life Total 49,164
5.2 Details of other debtors - Item E.III
(in thousand euro) 2006
Sums due from financial administration 541,359 Credits for pre-paid taxes 163,664 Credits due from Group Companies 30,237 Advance payments, loans and sums receivable from staff 21,536 Credits due from subsidiary companies for fiscal consolidation 18,683 Debitors for the accruing of economic items 11,166 Sums due from tenants 5,351 Others 82,944 Total 874,940
Amongst the sums due from financial administrations, have a particular relevance credit for pre-paid tax IRES, worth 251,553 thousand, credit for lieu tax on mathematical reserves deriving from the merger of Generali Vita for 147,507 thousand and credits on gains taxation of the incorporated company INA required as reimbursement with the relative interest for a total of 97,969 thousand.
118 The credits for pre-paid taxes refer to items for taxation in years other than that in which they are recorded in the profit and loss account, and are entered net of the deferred taxation fund.
Section 6 - Other assets - Item F 6.1 Changes to durable assets in class F.I over the year
(in thousand euro) 2005 Increases Decreases 2006
Furniture, office equipment, internal transport vehicles 1,766 6,380 6,331 1,815 Movables listed in public registers 85 85 Equipments and appliances 181 181 Stock and other goods 264 21 2 283 Total 2,030 6,667 6,599 2,098
6.2 Own shares - Item F.III
The Company’s own shares held at the year’s end total 4,629,940 worth 127,952 thousand; of which 20.000 (483 thousand) was contributed by Generali Vita. The investment increase in own shares is mostly due to the purchase done by the Company throughout the year during the buy back plan, approved in the previous shareholders’ meeting and subsequently suspended after the purchasing of Gruppo Toro.
6.3 Deferred reinsurance items - Item F.IV.1
As already illustrated in Part A, after the alignment of reinsurance these items are no more utilized.
119 Parent Company Statements 06 NOTES ON THE ACCOUNTS
6.4 Details of sundry assets - Item F.IV.2
(in thousand euro) 2006
Claims paid but yet to be posted 81,748 Premium adjustment to be postponed 41,388 Operations on derivatives 31,473 Assets arising from the administration of funds in the New York Branch 10,040 Commissions on premiums earned 8,862 Linkage account between life and non-life management 5,114 Fund for road accident victims 1,498 Others assets 16,591 Total 196,714
Section 7 - Accrued income and deferred charges - Item G 7.1 Details of accrued income and deferred charges
Accrued Deferred (in thousand euro) income charges Total
Per interessi 364.638 364.638 Per canoni di locazione 326 128 454 Altri ratei e risconti 66.450 55.600 122.050 Totale 431.414 55.728 487.142
The merger of Generali Vita has increased accrued income for 343,302 thousand deriving almost entirely from the bond portfolio.
7.2 Breakdown of other accrued income and deferred charges - Item G.3
Accrued Deferred (in thousand euro) income charges Total
Deferred charges for disagio on bond issues 16,217 16,217 Deferred charges for disagio on loans 11,817 11,817 Accrued income on derivatives 65,945 26,502 92,447 Other 505 1,064 1,569 Total 66,450 55,600 122,050
120 7.3 Breakdown of multi-year accruals and deferrals and those with a duration of over five years.
The deferred charges have a residual duration of over one year are: - disagio on bond issues and subordinated liabilities for 13,574 thousand; - loan with Generali Finance for 10,380 thousand; - Cross Currency Swaps contracts hedging the loan, issued in the financial year for an amount of 9,582 thousand; - Interest Rate Swaps contracts subscribed hedging the future issue of subordinated loan (8 February 2007) for 15,344 thousand.
Furthermore, the deferred charges that have a residual duration of over five years are: - disagio on subordinated liabilities for an amount of 6,929 thousand; - loan with Generali Finance for 4,625 thousand; - Cross Currency Swaps contracts hedging the loan, issued in the financial year for an amount of 4,494 thousand; - Interest Rate Swaps contracts subscribed hedging the future issue of subordinated loan for 10,994 thousand.
Assets: subordination clauses
Assets with subordination clauses, classified under items C.II.2 and C.III.3, are indicated in accordance with their level of subordination, according to international practice.
Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Aareal Bank AG 3,000 EUR variable 26/11/43 Yes Other clauses Abbey National Plc 7,421 GBP fixed perpetual Yes Tier I Abbey National Sterling 6,783 GBP fixed 04/01/17 Yes Tier II Abbey National Sterling 5,640 GBP fixed 04/01/23 Yes Tier II Abn Amro Bank NV 2,500 EUR variable 10/06/19 No Tier II Abn Amro Bank NV 3,711 GBP variable perpetual Yes Tier II Allianz Finance BV 3,000 EUR variable perpetual Yes Tier II Allianz Finance II BV 16,000 EUR variable 13/01/25 Yes Other clauses Allied Irish Banks Plc 4,453 GBP variable perpetual Yes Tier II Anglo Irish Bank Corp Plc 3,711 GBP variable perpetual Yes Tier II Annington Finance N 1 Plc 7,421 GBP fixed 02/10/21 No Other clauses Ares Finance Srl 3,000 EUR variable 25/03/11 Yes Other clauses Asset Backed European Sec 2 2,000 EUR variable 01/10/15 Yes Other clauses Atlante Finance Srl 2,500 EUR variable 28/07/47 Yes Other clauses
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121 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues) Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Auto Abs Compartment 2,000 EUR variable 25/10/12 Yes Other clauses Autolink Concessionaires 7,421 GBP fixed 15/06/22 Yes Other clauses Axa SA 2,968 GBP fixed 15/12/20 No Tier II Banca Agrileasing S.p.A. 10,000 EUR variable 18/10/14 No Tier II Banca CR Firenze 2,000 EUR variable 05/12/13 No Tier II Banca delle Marche 2,500 EUR variable 28/06/12 Yes Tier II Banca Italease Cap Trust 2,000 EUR variable perpetual Yes Tier I Banca Lombarda e Piemontese 4,000 EUR variable 19/12/16 Yes Tier II Banca Monte dei Paschi di Siena 5,500 EUR fixed 31/05/16 No Tier II Banca Monte dei Paschi di Siena 600 EUR variable 20/12/07 No Tier II Banca Monte dei Paschi di Siena 1,500 EUR variable 24/09/15 Yes Tier II Banca Monte dei Paschi di Siena 2,968 GBP fixed 30/09/16 No Tier II Banca Popolare Italiana 1,000 EUR variable 30/06/10 No Tier II Banca Popolare di Lodi Inv Trust 2,000 EUR variable perpetual Yes Tier I Banca Popolare Emilia Romagna 3,000 EUR variable 28/06/12 Yes Tier II Banca Popolare Milano 2,500 EUR fixed 29/06/11 No Tier II Banca Popolare Milano 5,000 EUR variable 29/06/15 Yes Tier II Bancaja 6 Fondo de Titulizacion de Activos 2,000 EUR variable 20/02/36 Yes Other clauses Bancaja 7 Fondo de Titulizacion de Activos 1,000 EUR variable 25/11/36 Yes Other clauses Banche Popolari Unite 2,000 EUR variable 07/12/15 Yes Tier II Banco Popolare di Verona e Novara 2,000 EUR variable 15/06/16 Yes Tier II Bank Austria Creditanstalt AG 10,200 EUR fixed 22/02/13 No Tier II Bank of America Corp 5,937 GBP fixed 09/11/16 No Tier II Bank of Scotland 7,000 EUR fixed 05/02/13 No Tier II Bank of Scotland 5,000 EUR variable 05/12/13 Yes Tier II Barclays Bank Plc 5,000 EUR fixed 31/03/13 No Tier II Barclays Bank Plc 7,421 GBP fixed perpetual Yes Tier II Barclays Bank Plc 2,226 GBP variable perpetual Yes Tier I Barclays Bank Plc 2,968 GBP fixed 21/12/12 No Tier II Bayerische Hypo 10,000 EUR fixed 03/03/09 No Tier II Bayerische Hypo 10,000 EUR fixed 12/09/11 No Other clauses Bbv Intl Finance Ltd 5,000 EUR fixed 25/02/10 No Tier II Bbva Hipotecario Fondo Titulizacion de Activos 3,000 EUR variable 21/11/38 Yes Other clauses Bbva International Preferred SA Unipersonal 1,500 EUR variable perpetual Yes Tier I Bes Finance Ltd 500 EUR fixed 01/03/10 No Other clauses Banque Federative du Credit Mutuel 2,500 EUR fixed 30/09/15 No Tier II Banca Nazionale Del Lavoro 800 EUR variable 19/06/07 No Tier II Bnp Paribas 600 EUR fixed 22/02/14 No Other clauses Bnp Paribas 5,000 EUR fixed 07/08/08 No Tier II Bnp Paribas Capital Trust VI 1,500 EUR variable perpetual Yes Tier I Bnp Us Funding Llc 11,375 USD variable perpetual Yes Tier I Bpl Consumer Srl 1,500 EUR variable 01/11/13 Yes Other clauses B-TRA 2006-I 2,000 EUR variable 29/01/21 No Other clauses Caisse Centrale des Caisses Epargne 1,000 EUR fixed 20/02/16 No Other clauses Caixa Geral Deposit Finance 250 EUR fixed 12/10/09 No Other clauses
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122 (continues) Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Canary Wharf Finance II Plc 3,711 GBP fixed 22/01/35 No Other clauses Canary Wharf Finance II Plc 5,937 GBP fixed 22/04/30 No Other clauses Capitalia S.p.A. 5,000 EUR variable 21/10/16 Yes Tier II Cars Alliance Funding Plc 2,000 EUR variable 08/01/21 Yes Other clauses Cedo Plc 500 EUR variable 23/05/11 No Other clauses Cedulas Tda 3 35,000 EUR fixed 03/03/16 No Other clauses Cedulas Tda 6 10,000 EUR fixed 23/05/25 No Other clauses Centro Leasing Banca S.p.A. 2,000 EUR variable 27/09/16 Yes Other clauses Chalet Finance 2 Plc 1,000 EUR variable 26/11/13 Yes Other clauses Chester Asset Receivable Deal Plc 1,500 EUR variable 17/09/12 No Other clauses Citicorp 150 PTE variable 28/09/07 No Other clauses Citigroup Inc 5,000 EUR variable 25/02/30 Yes Tier II Citigroup Inc 4,453 GBP fixed 12/12/18 No Tier II Clerical Medical Finance Plc 5,937 GBP fixed perpetual Yes Tier II Cofidis SA France 2,000 EUR variable perpetual Yes Tier I Commerzbank AG 10,000 EUR fixed 21/04/09 No Tier II Commerzbank AG 2,500 EUR variable 10/08/09 No Tier II Commerzbank AG 12,000 EUR variable 13/09/16 Yes Tier II Commerzbank Cap Fund Trust 6,000 EUR variable perpetual Yes Tier I Cordusio Rmbs 1 Srl 6,000 EUR variable 30/06/33 Yes Other clauses C.P.G. Soc. di Cartolarizzazione Srl 2,000 EUR variable 25/01/24 Yes Other clauses Credifarma Finance Srl 1,000 EUR variable 31/10/12 No Other clauses Credit Agricole SA 2,000 EUR variable perpetual Yes Tier I Credit Agricole SA 5,566 GBP fixed perpetual Yes Other clauses Credit Logement SA 4,000 EUR variable perpetual Yes Tier I Credit Suisse Group Finance (Guernsey) 10,000 EUR fixed 07/06/13 No Tier II Credit Suisse Group Finance (Us) Inc 2,226 GBP fixed 05/10/20 No Tier II Credit Suisse London Branch 311 CHF variable perpetual Yes Other clauses Cslo-Confluent Senior Loans Opportunities Plc 5,000 EUR variable 23/07/16 No Other clauses Danske Bank A/S 3,500 EUR variable 16/03/18 Yes Tier II Danske Bank A/S 5,000 EUR variable 26/03/15 Yes Tier II Delphinus 2003-I BV 4,500 EUR variable 25/04/93 Yes Other clauses Delphinus 2006-I BV 1,000 EUR variable 25/09/96 Yes Other clauses Deutsche Bank AG 3,500 EUR fixed 31/01/13 No Tier II Deutsche Bank AG 4,750 EUR variable 20/09/16 Yes Tier II Deutsche Bank AG 5,000 EUR variable 27/03/12 Yes Tier II Deutsche Bank Cap Funding Trust 5,536 USD variable perpetual Yes Tier I Deutsche Bank Cap Funding Trust 7,584 USD variable perpetual Yes Tier I Dexia Credit Local de France 2,000 EUR variable perpetual Yes Tier I DNB Den Norske Bank 742 GBP variable perpetual Yes Tier II Dutch I Mbs BV 2,000 EUR variable 02/12/76 Yes Other clauses Dutch IX Mbs BV 1,000 EUR variable 02/07/77 Yes Other clauses Dutch X Mbs BV 2,000 EUR variable 02/10/79 Yes Other clauses Economy Luxembourg SA 3,000 EUR fixed 31/10/16 Yes Tier II Efg Hellas Funding Ltd 5,000 EUR variable perpetual Yes Tier I
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123 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues) Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Elm BV 4,000 EUR variable 15/06/56 Yes Other clauses Esfg Overseas Ltd 148 DEM fixed perpetual Yes Tier I Euroclear Finance SA 4,000 EUR variable perpetual Yes Tier II Europa Two Ltd 3,500 EUR fixed 15/06/27 Yes Other clauses Fortis Bank SA 2,250 EUR variable 14/02/18 Yes Tier II General Electric Capital Corp 6,000 EUR fixed 19/09/35 No Other clauses General Electric Capital Corp 3,500 EUR variable 15/09/66 Yes Other clauses General Electric Capital Corp 14,842 GBP fixed 18/09/37 No Other clauses General Electric Capital Corp 5,937 GBP variable 15/09/66 Yes Other clauses Generali (Schweiz) Holding AG 32,926 CHF fixed 24/12/12 No Other clauses German Residential Asset Note Distr 25,000 EUR variable 20/07/16 Yes Other clauses Goldman Sachs Group Inc 7,000 EUR fixed 12/10/21 No Other clauses Goldman Sachs Group Inc 5,195 GBP fixed 12/10/21 No Other clauses Goldman Sachs Group Inc 1,517 USD fixed 15/01/27 Yes Other clauses Granite Mortgages Plc 2,000 EUR variable 20/03/44 Yes Other clauses Granite Master Issuer Plc 1,000 EUR variable 20/12/54 Yes Other clauses Granite Mortgages 04-1 Plc 2,000 EUR variable 20/03/44 Yes Other clauses Halifax Plc 8,905 GBP fixed 17/01/14 Yes Tier II Haus 1998-1 Ltd 895 DEM variable 14/05/35 Yes Other clauses Haven Funding (32) Plc 5,937 GBP fixed 30/11/32 Yes Other clauses Hbos Capital Funding Lp 2,968 GBP fixed perpetual Yes Tier I Hbos Plc 2,500 EUR fixed 20/03/15 No Tier II Hbos Plc 12,500 EUR variable 30/10/19 Yes Tier II Hbos Plc 7,500 EUR variable 18/03/30 Yes Tier II Holland Euro-Den Mtg Backed VI 1,500 EUR variable 18/05/35 Yes Other clauses Hsbc Bank Plc 2,000 EUR variable 29/03/16 Yes Tier II Hsbc Bank Plc 15,000 EUR variable 18/03/16 Yes Tier II Hsbc Bank Plc 3,340 GBP fixed perpetual Yes Tier II Hsbc Bank Plc 1,484 GBP fixed 07/07/23 No Tier II Hsbc Bank Plc 7,584 USD variable perpetual Yes Tier II Hsbc Capital Funding 4,000 EUR variable perpetual Yes Tier I Hsbc Holdings Plc 10,000 EUR fixed 20/12/12 No Tier II Hsbc Holdings Plc 4,453 GBP fixed 20/12/27 No Tier II Hsh Nordbank AG 150 PTE fixed 26/03/07 No Other clauses Hypovereinsbank Lux 12,226 EUR fixed 18/12/08 No Tier I Ing Bank NV 1,000 EUR variable perpetual Yes Tier II Ing Bank NV 15,000 EUR variable 16/09/20 Yes Tier II Ing Bank NV 4,898 GBP fixed 05/10/10 No Tier II Ing Bank NV 4,538 NLG fixed 10/03/08 No Tier II Ing Groep NV 500 EUR variable perpetual Yes Tier I Ing Groep NV 4,453 GBP variable perpetual Yes Tier I Intesa Bank Overseas Ltd 42,350 ITL variable 02/01/08 No Tier II Intesa Bank Overseas Ltd 12,911 ITL variable 10/06/08 No Tier II Intesa Bank Overseas Ltd 13,650 USD variable 02/01/08 No Tier II Banca Intesa 5,000 EUR fixed 30/12/08 No Tier II Banca Intesa 4,453 GBP variable 19/12/16 Yes Tier II
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124 (continues) Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Intesa Sec 2 Srl 1,000 EUR variable 28/08/23 Yes Other clauses Intesabci S.p.A. - New York Branch 3,792 USD fixed 15/07/07 No Other clauses Intesavita 695 ITL variable perpetual Yes Other clauses Ixis Corporate & Inv Bank 2,500 EUR variable 24/07/18 Yes Tier II Jpmorgan Chase & Co 9,500 EUR variable 31/03/18 Yes Other clauses Jpmorgan Chase Bank Inc 3,000 EUR variable 30/11/21 Yes Tier II Jpmorgan Chase Bank Inc 4,453 GBP fixed 28/09/16 No Tier II Jump Srl 2,000 EUR variable 27/04/26 No Other clauses Lambda Finance BV 1,000 EUR variable 15/11/29 Yes Other clauses Landesbank Baden - Wurttemberg 5,000 EUR fixed 30/12/15 No Tier II Landesbank Baden - Wurttemberg 10,000 EUR fixed 28/03/14 No Tier II Landesbank Hessen-Thuringen 3,000 EUR fixed 21/12/15 No Tier II Lloyds Tsb Bank Plc 5,000 EUR fixed 25/08/10 No Tier II Lloyds Tsb Bank Plc 5,000 EUR variable perpetual Yes Tier I Lloyds Tsb Bank Plc 2,500 EUR variable Tier II Lloyds Tsb Group Plc 2,968 GBP fixed perpetual Yes Tier II Lloyds Tsb Group Plc 2,226 GBP fixed 17/10/11 No Tier II Locat Securitisation Vehicle 3 Srl 3,500 EUR variable 12/12/26 Yes Other clauses Locat Securitisation Vehicle 3 Srl 6,500 EUR variable 12/12/28 No Other clauses Locat Securitisation Vehicle 1 Srl 3,000 EUR variable 12/06/17 Yes Other clauses Locat Securitisation Vehicle 2 Srl 5,500 EUR variable 12/12/24 Yes Other clauses Lombarda Mortgage Finance 1 Srl 5,000 EUR variable 30/10/25 Yes Other clauses Magellan Mortgages 1 Plc 800 EUR variable 15/12/36 Yes Other clauses Magellan Mortgages 2 Plc 1,000 EUR variable 18/07/36 Yes Other clauses Mediobanca S.p.A. 3,000 EUR variable 11/10/16 Yes Tier II Mediobanca S.p.A. 7,421 GBP variable 11/10/18 Yes Tier II Mellon Capital III 3,711 GBP variable 05/09/66 Yes Tier I Merrill Lynch & Co Inc 8,000 EUR fixed 14/09/18 No Other clauses Merrill Lynch & Co Inc 3,500 EUR variable 14/09/18 No Other clauses Munich Re Finance BV 3,000 EUR variable 21/06/23 Yes Other clauses Munich Re Finance BV 5,937 GBP fixed 21/06/28 Yes Other clauses National Australia Bank 5,000 EUR variable 04/06/15 Yes Tier II Natixis SA 5,000 EUR fixed 20/06/13 No Tier II Natixis SA 4,000 EUR variable 21/01/16 Yes Tier II National Westminster Bank 5,195 GBP fixed perpetual Yes Tier II National Westminster Bank 2,968 GBP fixed 09/09/15 No Tier II Omega Capital Investments Plc 31,000 EUR variable 05/07/11 No Other clauses Opera Finance Plc 4,200 EUR variable 15/02/12 No Other clauses Osprey Mortgage Securities 15,000 EUR variable 22/06/72 Yes Other clauses P4 Investments S.A. 54,431 EUR variable 08/03/20 No Other clauses Patrimonio Uno Cmbs Srl 7,000 EUR variable 31/12/21 Yes Other clauses Porticoes Funding Ltd 7,576 USD variable 15/12/10 No Other clauses Prudential Plc 2,226 GBP fixed 19/12/31 No Other clauses Quarzo Cl1 Srl 18,000 EUR variable 17/06/15 No Other clauses Rabobank Capital Funding Trust IV 7,421 GBP variable perpetual Yes Other clauses RBS Capital Trust C 1,500 EUR variable perpetual Yes Tier I
(continues)
125 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues) Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level
Residential Mortgage Securities 3,000 EUR variable 11/12/36 Yes Other clauses Royal Bank of Scotland Plc 4,200 EUR variable 22/09/21 Yes Tier II Royal Bank of Scotland Plc 1,517 USD variable perpetual Yes Other clauses San Paolo/Imi 4,500 EUR variable 02/03/20 Yes Tier II Santander C.Hispano Issuances (Cayman) 5,000 EUR fixed 05/07/10 No Tier II Santander C.Hispano Issuances (Cayman) 758 USD fixed 14/09/10 No Tier II Saturn Investment Europe Plc 2,509 EUR variable 29/12/11 No Other clauses Scottish Amicable Finance 2,968 GBP fixed perpetual Yes Tier II Securitisation Services Funding 4,000 EUR variable 31/07/17 No Other clauses Securitisation Services Funding 3,000 EUR variable 28/07/19 No Other clauses Sg Capital Trust III 3,000 EUR variable perpetual Yes Tier I Shield BV 1,500 EUR variable 20/01/14 Yes Other clauses Sias - Società Iniziative Autostradali e Servizi 4,200 EUR fixed 30/06/17 No Other clauses Siemens Financierngsmaatschappij NV 4,000 EUR variable 14/09/66 Yes Other clauses Siemens Financierngsmaatschappij NV 9,647 GBP variable 14/09/66 Yes Other clauses Siena Mortgages 01-2 S.p.A. 1,000 EUR variable 05/02/37 Yes Other clauses Siena Mortgages 02-3 Srl 1,500 EUR variable 15/11/37 Yes Other clauses Skandinaviska Enskilda Banken Ab 4,000 EUR variable 28/05/15 Yes Tier II Skandinaviska Enskilda Banken Ab 2,000 EUR variable 06/06/12 Yes Tier II SCIP Società Cartolarizzazione Immobili Pubblici Srl 8,500 EUR variable 26/04/25 No Other clauses Societe Generale SA 250 EUR variable 15/03/16 Yes Tier II Spv Ieffe Tre Srl 58,517 EUR fixed 28/10/25 No Other clauses Ubs AG Jersey 2,968 GBP variable 21/06/21 Yes Tier II Ubs Preferred Funding 5,000 EUR variable perpetual Yes Tier I Unibanca S.p.A. 1,500 EUR variable 30/01/14 Yes Tier II Unicredito Italiano Capital Trust IV 4,453 GBP variable perpetual Yes Tier I Unicredito Italiano S.p.A. 21,000 EUR fixed 01/02/16 No Tier II Unicredito Italiano S.p.A. 20,000 EUR fixed 29/10/10 No Tier II Unicredito Italiano S.p.A. 7,000 EUR fixed 28/02/12 No Tier II Unicredito Italiano S.p.A. 26,500 EUR variable 22/09/19 Yes Tier II Unicredito Italiano S.p.A. 4,453 GBP fixed 01/02/16 No Tier II Unipol S.p.A. 10,000 EUR variable 28/07/23 Yes Other clauses Unipol S.p.A. 10,000 EUR variable 15/06/21 Yes Other clauses Veneto Banca Scarl 3,000 EUR variable 12/11/14 Yes Tier II Wachovia Corp 4,453 GBP fixed 29/11/35 No Other clauses Westdeutsche Finance Landesbank 5,000 EUR variable 01/12/09 No Tier II Windermere Cmbs (Italia) 18,000 EUR variable 20/02/15 Yes Other clauses Windermere Cmbs VII 1,500 EUR variable 22/04/16 Yes Other clauses Windermere Private Placement SA 2,000 EUR variable 31/01/23 Yes Other clauses Wuerttembergische Lebensversicherung AG 1,000 EUR variable 01/06/26 Yes Tier II Zurich Finance (Usa) Inc 1,000 EUR variable 15/06/25 Yes Tier II Zurich Finance (Usa) Inc 4,000 EUR variable 02/10/23 Yes Other clauses
126 Balance sheet - liabilities
Section 8 - Shareholders’ funds - Item A 8.1 Changes to shareholders’ funds over the year
(in thousand euro) 2005 Increases Decreases 2006
Subscribed share capital 1,276,017 1,747 1,277,764 Share premiums reserve 3,610,421 34,851 3,645,272 Revaluation reserves 1,056,690 1,056,690 Legal reserve 289,302 289,302 Reserves for own shares 9,999 117,953 127,952 Other reserves 2,486,368 456,659 118,207 2,824,820 Profit for the previous year 916,814 916,814 Profit for the year - 1,213,644 - 1,213,644 Total 9,645,611 1,824,854 1,035,021 10,435,444
8.2 Share capital - Item A.I
The increase is due to the issue of 1,492,556 shares of the stock option Plan and the issue of 254,512 shares carried out in the stock grant Plan reserved to the Company staff and Group companies. Therefore the share capital at 31 December 2006 amounts to 1,277,764,376 euro, divided into ordinary shares with a nominal value of 1 euro each. 8.3 a) Share premiums reserve - Item A.II
The increase of reserve amounting to 34,851 thousand is correlated to the above mentioned issue of 1,747,068 shares in the stock option and stock grant Plans. 8.3 b) Details of the revaluation reserves - Item A.III
The revaluation reserves, amounting to 1,056,690 thousand, include the revaluation Reserve (set aside according to ex Law 413/1991) of 177,421 thousand, the revaluation Fund for fixed assets (ex Law 168/1982) of 153,474 thousand and the revaluation Fund (ex Law 904/1977) of 20,123 thousand and the revaluation reserve Law 266 23 December 2005 for 705,672 thousand. 8.3 c) Legal reserve - Item A.IV
The reserve has not undergone any changes.
127 Parent Company Statements 06 NOTES ON THE ACCOUNTS
8.4 a) Reserves for own shares and those of the Parent Company - Item A.VI
The total sum of 127,952 thousand represents the balance of the reserve for the acquisition of own shares. The change in increase points out the transfer of extraordinary reserve consequently to the purchase done during the year within the buy back plan and the merger of Generali Vita as described in section 6.2. 8.4 b) Details of the other reserves - Item A.VII
(in thousand euro) 2005 Increases Decreases 2006
Extraordinary reserve 1,291,846 137,413 118,207 1,311,052 Merger residual reserve 601,295 233,096 834,391 Reserve for capital gains pursuant to art. 2426 c.c. 524,087 86,150 610,237 Reinvested capital gains fund 51,462 51,462 Provision for dividend equalisation 17,678 17,678 Total 2,486,368 456,659 118,207 2,824,820
The increase of 137,413 thousand of the Extraordinary Reserve is relative to the assignment to extraordinary reserve within 2005 profit distribution, while the decreases refer for 117,953 thousand to the transfer to the reserve for the purchasing of own shares and for 255 thousand for the issue of 254,512 new shares in the carry out of the stock grant Plan reserved to the Company staff and Group companies.The extraordinary reserve is formed in tax suspension for 128,440 thousand corresponding to the sum of the realignment of the real estate fiscal values during the period as required by Law no. 266/2005, net of lieu taxation.
The merger residual reserve of 233,096 thousand is due to the merger of Generali Vita. The merger residual reserve at the end of the period is formed as follows: - 580,901 thousand from revaluation reserves under suspended taxes; - 252,538 thousand from free reserves; - 952 thousand from the reserve set aside in compliance with art. 34 Law 576/75.
128 8.4 c) Outline of changes to shareholders’ funds over the last three years
Revaluation share Reserve for Reserve for reserve Merger Sharehold. premiums own capital 23/12/2005 residual Extraordinary Profit for Other (in thousand euro) funds reserve shares gains L. 266 riserve reserve the year reserves Total
Initial amount of the 2004 financial year 1,275,999 3,609,955 8,792 394,106 601,295 837,113 550,431 709,460 7,987,151
Sums set aside for purchasing own shares 1,207 -1,207 Freed reserve for Generali Properties dividend -7,449 7,449 Distribution of previous year results to dividends (0.33 euro per share) -420,944 -420,944 evaluation of the share held in Generali Properties 44,549 -44,549 to statutory allocations -2,433 -2,433 to the extraordinary reserve 82,505 -82,505 Results for the 2004 financial year 1,012,112 1,012,112 Final amount of the 2004 financial year and initial amount of the 2005 financial year 1,275,999 3,609,955 9,999 431,206 601,295 925,860 1,012,112 709,460 8,575,886 Increase of cap. by payment (Stock Option) 18 466 484
Freed reserve for Generali Properties dividend -208,592 208,592 Real estate revaluation L. 266 dd 23/12/2005 705,672 705,672 Distribution of previous year results to dividends (0.43 euro per share) -548,502 -548,502 evaluation of the share held in Generali Properties 301,473 -301,473 to statutory allocations -4,742 -4,742 to extraordinary reserve 157,395 -157,395 Results for the 2005 financial year 916,814 916,814 Final amount of the 2005 financial year and initial amount of the 2006 financial year 1,276,017 3,610,421 9,999 524,087 705,672 601,295 1,291,847 916,814 709,460 9,645,612 Increase of cap. by payment (Stock Option) 1,492 34,851 36,343 Free Increase of cap. (Stock Grant) 255 -255 Sums set aside to reserve for purchasing own shares 117,470 -117,470 Incorporation of Generali Life 483 233,096 -483 233,096
Distribution of previous year results to dividends (0.54 euro per share) -688,986 -688,986 evaluation of the share held in Generali Properties 86,150 -86,150 to statutory allocations -4,265 -4,265 to the extraordinary reserve 137,413 -137,413 Results for the 2006 financial year 1,213,644 1,213,644 Final amount of the 2006 financial year 1,277,764 3,645,272 127,952 610,237 705,672 834,391 1,311,052 1,213,644 709,460 10,435,44
129 Parent Company Statements 06 NOTES ON THE ACCOUNTS
The following reserves have not undergone any changes:
Unchanged (in thousand euro) reserves
Legal reserve 289,302 Revaluation reserve pursuant to Law 904 - 16.12.1977 20,123 Revaluation reserve pursuant to Law 413 - 30.12.1991 177,421 Provision for revaluation of long-term assets 153,474 Fund for capital gains realised and re-invested 51,462 Provision for dividend equalisation 17,678 Total 709,460
8.4 d) Origin, opportunities for use and actual use of shareholders’ funds over the last three years
Summary of utilisations carried out during the Possibility Available previous three years Natura / descrizione Amount of utilisation (1) quota Losses cov. Other (7)
Capital 1,277,764
Capital reserves Share premiums reserve 3,645,272 A, B, C 3,645,2722) Merger residual reserve 834,391 A, B, C 834,3913) Revaluation reserve pursuant to Law 413 - 30/12/1991 177,421 A, B, C 177,4214) Revaluation reserve pursuant to Law 904 - 16/12/1977 20,123 A, B, C 20,1234) Revaluation reserve pursuant to Law 266 - 23/12/2005 705,672 A, B, C 705,6724) Provision for revaluation of long-term assets 153,474 A, B, C 153,474
Revenue reserves Legal reserve 289,302 A, B 33,7495) Reserve for own shares 127,952 Provision for dividend equalisation 17,678 A, B, C 17,678 Extraordinary reserve 1,311,052 A, B, C 1,311,0526) 255 Fund for capital gains realised and re-invested 51,462 A, B, C 51,462 Reserve for capital gains on subsidiaries 610,237 A,B 610,237 Total 9,221,800 7,560,531
of which: Non distributable quota 610,237 Distributable residual quota 6,950,294
1) Key: A = for capital increase, B = for hedging , C = for distribution to shareholders. 2) In compliance with art. 2431 of the Italian Civil Code, the entire amount of this reserve can only be distributed if the legal reserve has reached the limit set out in art. 2430 of the Civil Code (20% of the share capital). 3) The amount of 581,853 thousand euro is taxable in case of distribution. 4) Subject to tax in case of distribution 5) Only the part exceeding the fifth part of the share capital can be used. 6) The amount of 128,440 thousand euro is taxable in case of distribution. 7) The reserves were designed exclusively for capital increase.
130 Section 9 - Subordinated liabilities - Item B
The subordinated liabilities amounting to 1,781,540 thousand are formed by:
■ a loan of 750,000 thousand euro with the following characteristics: - due on 20 July 2022 - early repayment option for the Company on 20 July 2012 - fixed rate until 20 July 2012, date of early repayment option - variable interest for the residual period, until due date - subordinated towards all the non-subordinated debtors, included policyholders - suitable to solvency margin cover
■ an hybrid bond of 519,481 thousand euro in pound sterling with the following characteristics: - expiring date equal to the duration of the company - early repayment option for the Company on 16 June 2026 - fixed rate until 16 June 2026, date of early repayment option - variable interest for the residual period, until due date - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree - suitable to solvency margin cover
■ a loan of 512,059 thousand euro in pound sterling, granted from Generali Finance, with the following characteristics: - maximum duration of 50 years - early repayment option for the Company on 16 June 2016 - fixed rate until 16 June 2016, date of early repayment option - variable interest afterwards 16 June 2026 - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree - suitable to solvency margin cover
131 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 10 - Technical provisions - Item C.I for the non-life business and C.II for the life business 10.1 Changes over the year to the provision for unearned premiums Item C.I.1 and to the provision for outstanding claims Item C.I.2 non-life business (attachment 13)
(in thousand euro) 2006 2005 Change
Provision for unearned premiums Provision for premium instalments 1,628,797 1,499,222 129,575 Provision for unexpired risks 2,305 6,236 -3,931 Book value 1,631,102 1,505,458 125,644
Provisions for outstanding claims Provision for refunds and direct expenses 6,423,583 5,446,517 977,066 Provision for claim settlement costs 187,853 143,409 44,444 IBNR provision 722,376 579,587 142,789 Book value 7,333,812 6,169,513 1,164,299
The following table illustrates the provision for unearned premiums by line of business.
Direct business Reinsurance Premium Premiums in Premium (in thousand euro) instalment course of coll. instalment Total
Accident 148,438 3,185 151,623 Health 111,660 13,580 125,240 Motor material damage 70,579 3,227 73,806 Hull transport (trains) 2,794 190 3 2,987 Hull aviation 11,588 3,138 14,726 Marine, aviation and transport 47,082 1,363 3,359 51,804 Cargo 6,880 152 1,766 8,798 Fire 234,648 54,198 288,846 Property other than fire 220,419 57,485 277,904 Motor TPL 299,169 507 3,832 303,508 Aviation TPL 10,051 1,641 11,692 Marine TPL 1,095 1 1,096 General liability 194,428 13 18,458 212,899 Credit 2,502 39 2,541 Suretyship 61,585 1,456 63,041 Pecuniary losses 17,046 80 13,927 31,053 Legal protection 4,952 1 4,953 Assistance 4,588 4,588 Total 1,449,504 2,305 179,293 1,631,102
132 As regards the provision for outstanding claims, groups of homogenous claims regarding damage to property in the motor TPL line of business are determined by referring to the premium setting parameters. The last average cost applied is detailed in the following table.
Trucks Trucks Motorcycles (in thousand euro) Cars below 40 q. over 40 q. and mopeds Collective Other
Claims other than Direct Refund Agreement 5.6 5.3 5.1 3.8 2.6 2.7 Claims under Direct Refund Agr. (debtor Generali) 2.8 2.7 2.7 2.0 2.5 2.6
The actuarial statistical methods adopted in the evaluation of the provisions for outstanding claims in the main lines of business can substantially be classified into the following types: 1. Chain Ladder on paid amount (or “chain“ method). In its traditional version, this method is based on the analysis of the accumulated payments, assuming that the progression of payments remains constant over time. The provisions for outstanding claims for each generation therefore depend exclusively on payments accumulated at the time of evaluation and on this rule. There are also various model parameter calculation methods, known as Link Ratio methods. 2. Link Ratio modified for inflation. This is the same as the previous method, but reviewed so as to take the effect of the claim development rates into account (so- called “endogenous inflation”, which, in statistical terms, is also called the “calendar year effect”). The sums paid are therefore discounted back at the time of evaluation, while future payments are projected using a suitable forecast endogenous inflation rate. 3. Link Ratio on “incurred”. This method is the same as the traditional Chain Ladder method, but analyses and projects the development of the “incurred” rather than the payments ones. “Incurred” for a given generation of claims at a specific year, correspond to payments accumulated over the year and the end of year reserve. 4. Bornhuetter-Ferguson method. This method is substantially based on the Link Ratio method (on payments or the “incurred”), but also uses a series of loss ratios per generation, which is used as an “advance hypothesis” of the last generation cost, so that the estimated reserve is a weighted average between this “advance hypothesis” and the estimate obtained using the link ratio method. Amongst the input data, it is necessary to specify a series of factors (year premiums or risks) to be associated with each generation of claims. 5. Fisher-Lange method (average claim settlement cost). The input data is as follows: payments per generation and deferral, the number of claims per generation (reported or estimated), the number of settled claims (closed or cancelled) per generation and deferral. The Fisher-Lange method sets out to evaluate the claims settlement speed and the evolution of the average settlement cost per claim separately. It is also possible to apply “endogenous” inflation in order to predict the average cost.
133 Parent Company Statements 06 NOTES ON THE ACCOUNTS
10.2 Other non-life technical provisions - Item C.I.4 - by provision type and L.O.B.
The other non-life technical provisions only include the ageing provision in the health business, for a sum of 5,812 thousand.
10.3 Compulsory and non-compulsory equalisation provisions - Item C.I.5
(in thousand euro) 2006
Equalisation provision: Accident 1,788 Marine, aviation and transport 280 Fire 1,519 Property other than fire 2,922 Total 6,509
Compensation provision for the credit sector 349
Total equalisation provision 6,858
There are no non-compulsory equalisation provisions in the financial statements.
10.4 Changes over the year to the mathematical provisions - Item C.II.1 - and the provision for profit-sharing and premium refunds - Item C.II.4 (attachment 14)
(in thousand euro) 2006 2005 Change
Mathematical provisions for pure premiums 29,496,963 12,130,016 17,366,947 Premiums brought forward 304,680 70,819 233,861 Provision for death risks 18,843 13,380 5,463 Integration provisions 28,504 28,504 Book value 29,848,990 12,214,215 17,634,775
Provision for profit sharing and premium refunds 17,747 14,804 2,943
The conspicuous change in comparison with the previous year is due to the merger of Generali Vita, whose effect is a contribution equal to 19,890,625 thousand for the mathematical reserves and 2,434 thousand for the provision for profit sharing and premium refunds.
134 10.5 Other life technical provisions - Item C.II.5 - by provision type and L.O.B.
The other life technical provisions, amounting to 123,907 thousand, were entirely made up of the provision for future costs, set aside in compliance with Art. 25 par. 8 of Legislative Decree No. 174/1995. The provision refers to 107,392 thousand for L.O.B. I, 3,494 thousand for L.O.B. III and 283 thousand for L.O.B. IV and 12,738 thousand for L.O.B. V.
Section 11 - Technical provisions for policies where the investment risk is borne by the policyholders and relating to the management of pension funds - Item D 11.1 Overview of provisions relative to contracts linked to investment funds or market indexes - Item D.I
(in thousand euro) 2006
Valore Quota e Pensione 793,209 Lavoro indiretto 94,818 Lifetime Income Bond 79,524 Index Six Best Years 33,540 Index Seven Best Years 24,257 Index Eurocoupon 11,847 Index Double Coupon 10,256 Managed Funds 9,410 Index Europe 269 Quota assicurata 21,389 Book value 1,078,519
The funds Index, Valore Quota and insured Quota derive from the merger of Generali Vita.
11.2 Outline of provisions deriving from the management of pension funds - Item D.II
(in thousand euro) 2006
Previgen Valore 103,298 Previgen Global 10,972 Eurofer 63,510 Book value 177,780
All the pension funds in the financial statements derive from the merger of Generali Vita.
135 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 12 - Provisions for other risks and charges - Item E 12.1 Changes to the provisions for other risks and charges over the year (attachment 15)
Provisions for retirement and Tax Other (in thousand euro) similar obligations provisions provisions
Initial amount 3,600 4,958 60,234 Sums set aside for the year 15,795 Other increases 86 104,418 80,480 Withdrawals 60,559 Other decreases 59,654 Book value 3,686 4,958 140,714
The “Tax fund” includes the sums set out for any possible disputes with the Tax Authorities. It also contains the sums set aside and the withdrawals of deferred taxation for those items which are fiscally attributed to financial years other than the one of the posting in the profit and loss account. The deferred taxation balance was posted in decrease of pre-paid tax credits.
The “Other provisions” item refers to the securities fluctuation fund, worth 140,000 thousand, created in order to tackle the risks related to the uncertainties of financial market developments.
Section 13 - Creditors and other liabilities - Item G 13.1 Bond issues - Item G.III
Bond issues, amounting to 2,500,000 thousand, comprise 1,750,000 thousand relative to “Senior July 2010” bonds and 750,000 thousand relative to the “INA May 2009” bond issue.
13.2 Details of liabilities to banks and other financial institutions - Item G.IV
The liabilities to banks and other financial institutions, refer essentially to usage, for 2,021,000 thousand, regard the bridge loan, line of credit granted by a pool of five banks for a total of 2,500,000 thousand, with the aim of the purchase of Gruppo Toro. This loan has been expired on 8 February 2007 with the issue of two new bond issues from Assicurazioni Generali (for 495 millions pounds sterling) and from the subsidiary Generali Finance (for 1,250 millions of euro). Repurchase agreement “reverse” is not included in this item.
136 13.3 Details of guaranteed loans - Item G.V
Guaranteed loans are not posted in the financial statements.
13.4 Breakdown of other loans and other financial liabilities - Item G.VI
The item of 2,104,733 thousand is comprised almost exclusively of loans taken out with Generali Finance worth 1,449,079 thousand, Flandria for 433,028 thousand, Generali Investment Ltd. for 192,000 thousand.
13.5 Changes to retirement allowance provisions over the year - Item G.VII - (attachment 15)
(in thousand euro) 2006
Initial amount 22,583 Sums set aside for the year 9,392 Other increases 7,403 Withdrawals 5,159 Other decreases 7,065 Book value 27,154
In the other increases the amount of 5,026 thousand of euro is due to the merger of Generali Vita. The usages refer to settlements and early payments, while the other decreases derive from the transfers to pension provisions.
13.6 Details of sundry creditors - Item G.VIII.4
(in thousand euro) 2006
Sums due to subsidiary companies for fiscal consolidation 200,981 Creditors for the accruing of economic items 95,628 Sums due to suppliers 54,827 Sums due to Group companies 41,032 Creditors for retirement allowance 12,039 Sums due to Italian and foreign branches 10,178 Others 59,638 Total 474,323
137 Parent Company Statements 06 NOTES ON THE ACCOUNTS
13.7 Deferred reinsurance items - Item G.IX.1
As illustrated in section A, following the alignment of the reinsurance these items are no longer utilised. .
13.8 Details of sundry liabilities - Item G.IX.3
(in thousand euro) 2006
Premiums earned to be posted 58,035 Operations on derivatives 28,895 Incentives to intermediaries 19,441 Linkage account between life and non-life management 5,114 Other liabilities 4,797 Total 116,282
The increase of 52,109 thousand is ascribed for 41,540 thousand to the merger of Generali Vita.
Section 14 - Accrued expenses and deferred income - Item H 14.1 Details of accrued expenses and deferred income
Accrued Deferred (in thousand euro) expenses income Total
Interests 381,665 2,895 384,560 Rents 1 42 43 Other accrued expenses and deferred income 64,169 56,946 121,115 Total 445,835 59,883 505,718
14.2 Breakdown of other accrued expenses and deferred income - Item H.3
Accrued Deferred (in thousand euro) expenses income Total
Differed income for agio on bond issues 8,031 8,031 Accrued expenses on derivatives 59,301 48,915 108,216 Other 4,868 4,868 Total 64,169 56,946 121,115
138 14.3 Breakdown of multi-year accrued expenses and deferred income and those with a duration of over five years
The deferred income that have a residual duration of over one year are: - agio on bond issues for 5,771 thousand; - Cross Currency Swaps contracts hedging the bond issue, issued in the financial year for an amount of 9,392 thousand; - Interest Rate Swaps contracts closed during the year together to the issue of the bond issue for 35,847 thousand.
Furthermore, the deferred income that have a residual duration of over five years are: - Cross Currency Swaps contracts hedging the bond issue, issued in the financial year for an amount of 4,396 thousand; - Interest Rate Swaps contracts closed during the year together to the issue of the bond issue for 25,135 thousand.
Section 15 - Assets and liabilities relating to Group companies and other companies in which a significant interest is held 15.1 Details of the assets and liabilities relating to Group companies and other companies in which a significant interest is held - (attachment 16)
(in thousand euro) Subsidiares Associates Other comp. Total
Assets Equities 18,517,339 72,924 1,902,254 20,492,517 Bonds 35,146 257,597 292,743 Loans 3,907 20,791 24,698 Participation in investments pools Deposits with credit institutions 6,715 12,910 19,625 Other financial investments Deposits with ceding companies 9,215,206 9,215,206 Investments relating to contracts linked to investment funds and market indexes 5,689 26,548 32,237 Investments relating to the administration of pension funds 71 1,813 1,884 Credits arising from direct insurance operations 11,439 11,439 Credits arising from reinsurance operations 310,330 310,330 Sundry credits 49,610 49,610 Bank and postal deposits 363,399 204,891 568,290 Other assets 5,937 5,937 Total 28,518,851 93,715 2,411,950 31,024,516 of which subordinated assets 16,739 16,739
(continues)
139 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues)
(in thousand euro) Controllate Collegate Altre Totale
Liabilities Subordinated liabilities 512,059 512,059 Deposits from reinsurers 60,311 60,311 Creditors arising from direct insurance operations 2,346 2,346 Creditors arising from reinsurance operations 55,304 55,304 Amounts due to banks and financial institutions 1,673 1,673 Loans guaranteed by mortgages Other loans and financial debts 2,104,007 2,104,007 Other creditors 274,103 292 274,395 Sundry liabilities Total 3,009,803 292 3,010,095
Section 16 - Receivables and debts 16.1 Collectable receivables and debts
Out of the receivables in items C and E of the assets, 68,467 thousand may be collected after the next financial year and 25,216 thousand after five years. Out of the debts in items F and G of the liabilities, the loan from Generali Finance for 1,449,079 thousand, have a residual duration of over 5 years, while the bond issues amounting to 3,976,079 thousand have a residual duration of over one year.
140 Section 17 - Guarantees, commitments and other evidence accounts 17.1 Details of guarantees issued and received and commitments - Items I, II, III and IV (attachment 17)
(in thousand euro) 2006 2005
I. Guarantees issued a) Guarantees and endorsements issued in the interest of parent companies, subsidiaries and affiliates 5,118,595 2,955,628 b) Guarantees and endorsements issued in the interest of associates and companies in which a significant interest is held c) Guarantees and endorsements issued in the interest of third parties 332,235 297,300 d) Other personal guarantees issued in the interest of parent companies, subsidiaries and affiliates e) Other personal guarantees issued in the interest of associates and companies in which a significant interest is held f) Other personal guarantees issued in the interest of third parties 8,259 7,445 g) Real securities for bonds of parent companies, associates and affiliates h) Real securities for bonds of associates and other companies in which a significant interest is held i) Real securities for bonds of third parties 15,000 8,050 l) Guarantees issued for bonds of the Company m) Assets deposited for direct reinsurance operations 47,444 74,308 Total 5,521,533 3,342,731
II. Guarantees received a) from Group companies, associates and other companies in which a significant interest is held b) from third parties 124,427 162,028 Total 124,427 162,028
III. Guarantees received in the interest of the Company a) from Group companies, associates and other companies in which a significant interest is held 274,902 309,355 b) from third parties 119,877 160,889 Total 394,779 470,244
IV. Commitments a) Commitments for purchases which must be resold b) Commitments for sales which must be repurchased c) Other commitments 5,495,442 839,417 Total 5,495,442 839,417
17.2 Evolution of guarantees issued
The guarantees in point I.a) have mainly been issued to Generali Finance.
141 Parent Company Statements 06 NOTES ON THE ACCOUNTS
17.3 Details of the assets and liabilities relating to pension funds managed in the name and on behalf of third parties - Item VI
The amount of the assets managed at year’s end is equal to 146,979 thousand relative to Fondo Cometa for 96,996 thousand, Fondo Priamo for 35,998 thousand and Fondo Agenti for 13,985 thousand.
17.4 Details of securities deposited with third parties - Item VII
The Company securities are recorded in the evidence accounts at the nominal value of 24,598,447 thousand. The increase derives from the merger of Generali Vita for 17,355,256 thousand.
17.5 Breakdown of commitments - Item IV - and other evidence accounts - Item VIII
The most significant commitments are those regarding the acquisition or sale of financial derivatives, as outlined in the next paragraph, while the other evidence accounts refer to premiums paid for call and put options for 10,455 thousand euro.
17.6 Commitments regarding operations on derivatives (attachment 18)
2006 2005 (in thousand euro) Buy Sell Buy Sell
Futures: on shares on bonds 100,000 on currencies on rates other 1,500
Options: on shares 10,455 73,832 on bonds on currencies on rates other
Swaps: on currencies 1,141,919 55,388 16,443 on rates 1,022,756 2,813,997 147,500 142,389 other 150,000
Other operations
Total 2,166,175 3,129,840 147,500 232,664
142 As specifically agreed by the Board of Directors and in compliance with the rulings set down by ISVAP, operations in derivatives aimed to allow for efficient management of the Company’s portfolio, as well as to hedge against all types of financial risks related to exchange rates, interest rates and market volatility, by excluding operations of a purely speculative nature.
Operations
The most important operations took place in the Over the Counter (OTC) markets. The contracts in these markets were negotiated with top-tier and reliable financial institutions.
Outstanding contracts at the end of the year
The overall value of outstanding contracts at year’s end, in terms of reference capital, was 5,306,470 thousand. The increment is due for 2,166,746 thousand to the contracts of the merged Generali Vita and for 2,631,539 thousand to swap hedging opened during the year and linked to the bonds issue. The most significant contracts are:
Reference (in thousand euro) Due date capital
Cross Currency Swap June 2026 296,846 Interest Rate Swap March 2021 400,000 Interest Rate Swap January 2017 900,000 Cross Currency Swap June 2016 296,846 Interest Rate Swap May 2016 500,000 Interest Rate Swap March 2016 400,000
The following is a breakdown of all contracts that were outstanding at year’s end, divided by purpose and contract type.
143 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Breakdown of derivatives by contract type
Coverage Efficient management Total (in thousand euro) Number Value Number Value Number Value
Cross Currency Swap 25 1,197,307 25 1,197,307 Interest Rate Swap 28 1,975,667 23 1,861,086 51 3,836,753 Other swap 1 150,000 1 150,000 Options acquired on share indexes 4 10,455 4 10,455 Options sold on share indexes 4 10,455 4 10,455 Futures on bonds 3 101,500 3 101,500 Total 61 3,193,884 27 2,112,586 88 5,306,470
Results
The hedging operations (against risks deriving from exchange rates, interest rates and/or market volatility) and the effective share and bond portfolio management operations, taking the effect on correlated primary instruments into account, achieved the following results: - swap: losses of 27,084 thousand - options: profits of 2,471 thousand - futures: losses of 46 thousand
144 Profit and loss account
Summary
2006 2005 (in thousand euro) Non-life Life Total Total Change
Gross premiums written 4,083,613 3,312,603 7,396,216 5,856,105 1,540,111 Ceded reinsurance premiums -759,692 -309,315 -1,069,007 -779,110 -289,897 Income and charges from life investments 1,465,945 1,465,945 1,087,212 378,733
Allocated investment return transferred to/from the technical account 274,241 -547,472 -273,231 7,116 -280,347 Income and charges from class D 15,216 15,216 16,424 -1,208 Charges relating to claims -2,430,356 -2,410,219 -4,840,575 -3,693,705 -1,146,870 Change in unearned premiums, mathematical and other provisions -67,468 -537,520 -604,988 -730,490 125,502 Profit-sharing and premium refunds -3,212 -63,559 -66,771 -16,341 -50,430 Operating expenses -771,685 -577,403 -1,349,088 -1,162,614 -186,474 Other technical income and charges -63,736 -25 -63,761 -68,418 4,657 Result of technical account 261,705 348,251 609,956 516,179 93,777
Income and charges from non-life investments 445,088 445,088 587,721 -142,633 Investments profit transferred from/to technical account -274,241 547,472 273,231 -7,116 280,347 Other income 181,650 24,006 205,656 223,219 -17,563 Other charges -615,712 -154,869 -770,581 -561,536 -209,045 Results from ordinary operations -1,510 764,860 763,350 758,467 4,883
Extraordinary income 571,058 288 571,346 183,886 387,460 Extraordinary charges -169,534 -827 -170,361 -66,033 -104,328 Result before taxation 400,014 764,321 1,164,335 876,320 288,015
Income taxes for the year 63,387 -14,078 49,309 40,494 8,815
Result for the year 463,401 750,243 1,213,644 916,814 296,830
Section 18 - Information on the non-life business technical account (I) 18.1 Premiums written
Direct Reinsurance (in thousand euro) business business Total
Non-life 3,284,041 799,572 4,083,613 Life 95,291 3,217,312 3,312,603 Total 3,379,332 4,016,884 7,396,216
145 Parent Company Statements 06 NOTES ON THE ACCOUNTS
18.2 Summary of the non-life business technical account - Italian and foreign business - (attachment 19)
Gross prem. Gross prem. Gross cost Operating (*) Reinsurers’ (in thousand euro) written for the year of claims costs share
Direct insurance: Accident and Health 620,199 603,431 431,435 136,828 -3,288 Motor TPL 883,372 875,596 602,763 137,286 474 Motor material damage 162,233 153,670 70,382 31,619 -466 Marine, aviation and transport 270,973 283,890 176,329 54,813 -62,777 Fire and property other than fire 729,694 700,493 380,566 204,262 -96,308 General liability 457,391 444,342 414,328 109,894 -17,690 Credit and suretyship 40,402 42,519 62,259 13,334 14,082 Pecuniary loss 36,065 34,378 56,875 10,570 36,205 Legal protection 10,339 9,775 5,227 3,017 -50 Assistance 10,413 9,363 2,796 2,250 -5,787 Total direct insurance 3,221,081 3,157,457 2,202,960 703,873 -135,605
Reinsurance 231,785 225,023 288,329 37,227 5,270
Total Italian portfolio 3,452,866 3,382,480 2,491,289 741,100 -130,335
Foreign portfolio 630,747 609,535 379,710 134,044 -58,438
Grand total 4,083,613 3,992,015 2,870,999 875,144 -188,773
(*) Reinsurers' share means the technical balance of cessions and retrocessions
18.3 Details of the reasons of the allocated investment return transferred from the non-technical account and indication of the base applied for the calculation - Item I.2
The investment profit assumed for the determination of the quota to be transferred to the non-life technical account arises from the sums, entered in the non-technical account, of the investment returns and related financial charges.
The quota to be allocated to the technical account – in compliance with ISVAP Ruling No. 1140-G/1999 – is calculated by subjecting the said investment profit to the ratio resulting between half the sum of the technical provisions, net of reinsurance at year’s end and at the end of the previous year, and the same average sum increased to half the sum of the shareholders’ funds at year’s end and at the end of the previous year.
In 2006 that ratio was 61.615%, and applied to the investment profit of 445,088 thousand, the sum allocated to the technical account was 274,241 thousand (372,985 thousand in 2005).
146 The division into single portfolios and lines of business of the profit quota allocated to the technical account was also carried out on the basis of the above mentioned ISVAP ruling.
18.4 Other technical income net of reinsurance - Item I.3
(in thousand euro) 2006
Recovery of costs incurred for Fund for Road Victims 29,544 Reversal of commissions relating to devalued or cancelled premiums of previous years 8,585 Other technical income 13,050 Total of other technical income 51,179
18.5 Provision for outstanding claims development result
The difference between the amount of the provision for outstanding claims recorded at the beginning of the year and the payment for claims accrued in previous years, as well as the amount of the relevant provision at the end of the year for the Italian direct business portfolio, produced a profit of 115,536 thousand, corresponding to 2.2% of the provision for outstanding claims.
As to most significant lines of business – which make up over 80% of total Italian direct business portfolio – the following breakdown is provided.
% of claims (in thousand euro) Amount provision
Accident 3,158 1.4% Health -13,194 -9.8% Fire 15,024 6.9% Property other than fire 17,320 5.2% Motor TPL 115,566 8.3% General liability -7,309 -0.3%
18.6 Premium refunds and profit-sharing - Item I.6
(in thousand euro) 2006
Premium refunds 1,454 Profit-sharing 1,758 Total 3,212
147 Parent Company Statements 06 NOTES ON THE ACCOUNTS
18.7 Reinsurance commissions and profit-sharing - Item I.7.f
(in thousand euro) 2006
Commissions 101,559 Profit-sharing 1,900 Total 103,459
18.8 Other technical charges net of reinsurance - Item I.8
(in thousand euro) 2006
Cancellation of premiums issued in previous years 47,071 Devaluation for uncollectable sums due by policyholders for premiums 41,081 Costs incurred for Fund for Road Victims 23,202 Contributions on premiums 1,375 Other technical charges 2,186 Total of other technical charges 114,915
18.9 Equalisation provisions - Item I.9
(in thousand euro) 2006 2005 Change
Equalisation provision: Accident 1,788 1,540 248 Marine, aviation and transport 280 (*) 68 Fire 1,520 1,206 314 Property other than fire 2,922 2,566 356 Total 6,510 5,312 986 Compensation provision for the credit sector 348 1,132 -784 Total equalisation provisions 6,858 6,444 202
(*) Net of equalisation provision merged from UMS, amounting to 212 thousand.
148 Section 19 - Information on the life business technical account (II) 19.1 Summary of the life business: premiums and reinsurers’ share - (attachment 20)
Direct (in thousand euro) business Reinsurance Total
Gross premiums: 95,290 3,217,313 3,312,603 a) 1. for individual policies 19,558 2,256,099 2,275,657 2. for group policies 75,732 961,214 1,036,946 b) 1. regular premiums 83,122 3,217,298 3,300,420 2. single premiums 12,168 15 12,183 c) 1. for non-profit-sharing contracts 95,187 3,203,920 3,299,107 2. for profit-sharing contracts 3. for contracts in which the investment risk is borne by policyholders and for contracts linked to pension funds 103 13,393 13,496
Reinsurers’ share (*) -22,408 -48,977 -71,385
(*) The reinsurers' share is the technical balance of cessions and retrocessions
149 Parent Company Statements 06 NOTES ON THE ACCOUNTS
19.2 Details of investment income - Item II.2 (attachment 21 - Life)
(in thousand euro) 2006
from equities: Dividends and other income from equities of Group companies and companies in which a significant share is held 627,354 Dividends and other income from equities of other companies 89 Total 627,443
Income from land and buildings
Income from other investments: Income from bonds of Group companies and companies in which a significant share is held 271 Interest on loans to Group companies and companies in which a significant share is held Income from units of common investment funds 948 Income from bonds and other fixed-interest securities 66,476 Interest on loans 2,287 Income from participation in investment pools Interest on deposits with credit institutions 372 Income from various financial investments 17,814 Interest on deposits with ceding companies 784,237 Total 872,405
Reversal value adjustments on investments relating to: Land and buildings Equities of Group companies and companies in which a significant share is held Bonds issued by Group companies and companies in which a significant share is held Other equities Other bonds 20 Other financial investments Total 20
Gains on the realisation of investments: Gains from sale of land and buildings Gains from equities of Group companies and companies in which a significant share is held Gains from bonds issued by Group companies and companies in which a significant share is held 4 Gains from other equities Gains from other bonds 6,408 Gains from other financial investments Total 6,412
Grand total 1,506,280
150 19.3 Details of income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and on investments relating to the management of pension funds - Item II.3 (attachment 22)
Investments relating to investment funds (in thousand euro) and market indexes
Income from: Land and buildings Investments in Group companies and companies in which a significant share is held Income from units of common investment funds 137 Other financial investments 3,603 - of which, income from bonds 3,602 Other assets 16,166 Total 19,906
Gains from the realisation of investments Gains from sale of land and buildings Gains from investments in Group comp. and comp. in which a significant share is held Income from units of common investment funds 444 Gains from other financial investments - of which, from bonds Other income Total 444
Unrealised gains 796
Grand total 21,146
19.4 Other technical income net of reinsurance - Item II.4
No other technical income from the life business is recorded in the financial statements.
19.5 Future payments provision development result
The difference between the amount of the future payments provision recorded at the beginning of the year and the sums paid to beneficiaries of contracts during the year for claims related to previous years, as well as the amount of the relevant provision at the end of the year of the Italian direct business portfolio, is not significant.
151 Parent Company Statements 06 NOTES ON THE ACCOUNTS
19.6 Premium refunds and profit-sharing - Item II.7
(in thousand euro) 2006
Premium refunds 21 Profit-sharing 63,538 Total 63,559
19.7 Reinsurers’ commissions and profit-sharing - Item II.8.f
(in thousand euro) 2006
Commissions 38,638 Reinsurers' profit-sharing 5,396 Total 44,034
19.8 Details of investment charges - Item II.9 (attachment 23 - Life)
(in thousand euro) 2006
Investments operating charges and other charges Charges relating to equities 4,939 Charges relating to investments in land and buildings Charges relating to bonds 1,258 Charges relating to units of common investment funds Charges relating to shares in investment pools Charges relating to other financial investments 16,634 Interest on deposits with reinsurers 7,147 Total 29,978
Value adjustments on investments relating to: Land and buildings Equities in Group companies and companies in which a significant share is held Bonds issued by Group companies and companies in which a significant share is held 40 Other equities Other bonds 7,945 Other financial investments Total 7,985
(continues)
152 (continues)
(in thousand euro) 2006
Losses on the realisation of investments Losses from sale of land and buildings Losses from equities Losses from bonds 2,372 Losses from other financial investments Total 2,372
Grand total 40,335
19.9 Details of financial charges and unrealised losses on investments for the benefit of policyholders who bear the investment risk and relating to the management of pension funds - Item II.10 (attachment 24)
Investments relating to investment funds and (in thousand euro) market indexes
Charges relating to: Land and buildings Investments in Group companies and companies in which a significant share is held Units of common investment funds 13 Other financial investments 13 Other assets 110 Total 136
Losses on the realisation of investments Losses from sale of land and buildings Losses from investments in Group companies and companies in which a significant share is held Losses from units of common investment funds 48 Losses from other financial investments 179 Other charges Total 227
Unrealised losses 5,567
Grand total 5,930
19.10 Other technical charges net of reinsurance - Item II.11
The other life business technical charges consist entirely of compulsory contributions of 25 thousand.
153 Parent Company Statements 06 NOTES ON THE ACCOUNTS
19.11 Details of the reasons of the allocated investment return transfer to the non-technical account and indication of the base applied for the calculation - Item II.12
The investment profit used for determining the quota to be transferred to the non- technical account arises from the sums, entered in the technical account, of the investment profit and related financial charges. To this end, profits and unrealised gains as well as charges and unrealised losses deriving from investments relating to policyholders who bear the risk and to the management of pension funds are not included. These items, therefore, continue to be entered in the technical account in their entirety.
The quota to be allocated to the non-technical account – in compliance with ISVAP Ruling No. 1140-G/1999 – is calculated by applying, to the said investment profit, the ratio resulting between: - half the sum of the Shareholders’ funds at year’s end and at the end of the previous year; - the same amount increased by half the sum of the technical provisions net of reinsurance at year’s end and at the end of the previous year.
If the investment profit that remains allocated to the life technical account is lower than the investment profits contractually acknowledged with the policyholders during the year, the quota to be transferred to the non-technical account must be similarly reduced in the proportion of this lower value, and even be cancelled if necessary.
For the 2006 financial statements, on the basis of the instructions given in the above mentioned ruling, the shareholders’ fund and the technical reserves net of the items deriving from the merger of Generali Vita, having effect 31 December 2006 doesn’t affect the distribution, the quota to be applied to the total income for the year, amounting to 1,465,945 thousand, was 37.346%, leading to 547,472 thousand being transferred to the non-technical account.
The quota that remained recorded in the technical account is much higher than the profits deriving from investments contractually acknowledged with policyholders.
The division into single portfolios and lines of business of the investment income quota relative to the technical account was calculated on the basis of their origin, up to reaching the income quota equal to the profits deriving from investments contractually acknowledged with policyholders; the proportional method foreseen by the ISVAP Ruling was applied on the remaining difference.
154 Section 20 - Development of technical items by line of business 20.1 Non-life insurance 20.1.1. Summary layout of technical accounts by line of business - Italian portfolio – (attachment 25)
Code 01 Code 02 Code 03 Code 04 Code 05 Code 06 Motor Hull material transport Hull Hull (in thousand euro) Accident Health damage (trains) aviation marine
Gross direct business (+) Premiums written 326,096 294,103 162,233 6,396 25,557 135,345 (–) Change in unearned premium provision 4,445 12,323 8,563 -530 -175 -8,323 (–) Charges relating to claims 170,974 260,461 70,382 1,498 9,624 105,897 (–) Change in other technical provisions 155 (+) Balance of other technical items -5,998 -5,728 -1,828 -7 -1,867 364 (–) Operating expenses 86,843 49,985 31,619 1,538 4,026 20,740 Technical balance of direct business 57,836 -34,549 49,841 3,883 10,215 17,395
Result of ceded reinsurance -5,447 2,159 -466 -2,981 -16,128 -17,256
Net result of reinsurance 1,837 3,090 165 7 399 391
(–) Change in equalisation provision 247 70 (+) Positive share of investments allocated from the non-technical account 13,466 9,355 4,476 313 227 2,520
Technical result 67,445 -19,945 54,016 1,222 -5,287 2,980
155 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Code 07 Code 08 Code 09 Code 10 Code 11 Code 12
Property Motor Aviation Marine (in thousand euro) Cargo Fireother than fire TPL TPL TPL
Gross direct business (+) Premiums written 77,445 338,267 391,427 883,372 24,054 2,176 (–) Change in unearned premium provision -1,314 15,539 13,662 7,776 -2,575 (–) Charges relating to claims 54,146 136,629 243,937 602,763 382 4,782 (–) Change in other technical provisions (+) Balance of other technical items -1,415 -13,520 -9,304 -11,228 -111 -48 (–) Operating expenses 24,274 97,082 107,180 137,286 3,567 668 Technical balance of direct business -1,076 75,497 17,344 124,319 22,569 -3,322
Result of ceded reinsurance 1,580 -62,028 -34,280 474 -27,892 -100
Net result of reinsurance 106 13,716 4,876 -5,351 -538 -21 (–) Change in equalisation provisions 313 356 (+) Positive share of investments allocated from the non-technical account 2,340 15,563 18,647 62,885 281 291
Technical result 2,950 42,435 6,231 182,327 -5,580 -3,152
Code 13 Code 14 Code 15 Code 16 Code 17 Code 18
General Pecuniary Legal (in thousand euro) liability Credit Suretyship loss protection Assistance
Gross direct business (+) Premiums written 457,391 1,703 38,699 36,065 10,339 10,413 (–) Change in unearned premium provision 13,049 1,184 -3,301 1,687 564 1,050 (–) Charges relating to claims 414,328 752 61,507 56,875 5,227 2,796 (–) Change in other technical provisions (+) Balance of other technical items -12,082 -45 -2,737 -1,423 -225 -30 (–) Operating expenses 109,894 591 12,743 10,570 3,017 2,250 Technical balance of direct business -91,962 -869 -34,987 -34,490 1,306 4,287
Result of ceded reinsurance -17,690 10 14,072 36,205 -50 -5,787
Net result of reinsurance -114,930 74 -1,305 2,076 (–) Change in equalisation provision -785 (+) Positive share of investments allocated from the non-technical account. 100.349 211 3.577 2.433 889 93
Technical result -124,233 211 -18,643 6,224 2,145 -1,407
Whenever possible, costs were charged to each specific line of business right from the outset; joint expenses are shared proportionally according to parameters (gross
156 premiums, number of policies managed, commissions and claims paid) suitable for the different types of costs.
20.1.2. Summary layout of all non-life business technical accounts - Italian portfolio - (attachment 26)
Direct insurance Reinsurance Risks (in thousand euro) Direct risks Ceded risks Direct risks Retroc. risks retained
(+) Premiums written 3,221,081 505,897 231,785 48,754 2,898,215 (–) Change in unearned premium provision 63,624 17,271 6,762 1,472 51,643 (–) Charges relating to claims 2,202,960 281,629 288,329 47,484 2,162,176 (–) Change in other technical provisions 155 155 (+) Balance of other technical items -67,232 -1,835 -147 -345 -65,199 (–) Operating expenses 703,873 69,559 37,227 4,723 666,818 Technical balance 183,237 135,603 -100,680 -5,270 -47,776
(–) Change in equalisation provisions 202 (+) Positive share of investments allocated from the non-technical account 232,143 5,773 237,916
Technical result 415,380 135,603 -94,907 -5,270 189,938
20.2 Life insurance 20.2.1. Summary layout of technical accounts by line of business - Italian portfolio - (attachment 27)
Branch I Branch III Branch IV Branch V Branch VI Investment Pension (in thousand euro) Life funds Health Capitalisation funds
Gross direct business (+) Premiums written 53,638 104 16,598 1,423 (–) Charges relating to claims 117,219 11,324 6,564 (–) Change in mathematical and other provisions 11,679 -12,110 -149 1,627 (+) Balance of other technical items -18 -7 -1 (–) Operating expenses 3,034 92 1,853 89 (+) Investment profit net of the quota allocated to the non-technical account 62,595 -850 1 Technical balance -15,717 -52 8,324 -294
Result of ceded reinsurance -3,033 -20 -8,310 201
Net result of reinsurance 283,546 845
Technical result 264,796 773 14 -93
157 Parent Company Statements 06 NOTES ON THE ACCOUNTS
As regards the attribution of the joint costs of several L.O.B. to individual L.O.B., please refer to point 20.1.1. 20.2.2. Summary layout of all life technical accounts - Italian portfolio - (attachment 28)
Direct insurance Reinsurance Risks (in thousand euro) Direct risks Ceded risks Direct risks Retroc. risks retained
(+) Premiums written 71,763 59,491 1,815,374 551 1,827,095 (–) Charges relating to claims 135,107 42,282 1,456,398 1,549,223 (–) Change in mathematical and other provisions 1,047 -1,808 470,682 473,537 (+) Balance of other technical items -26 -2,317 -2,248 43 (–) Operating expenses 5,068 5,538 267,679 267,209 (+) Investment profit net of the quota allocated to the non-technical account 61,746 666,575 728,321 Technical result -7,739 11,162 284,942 551 265,490
20.3 Non-life and life insurance 20.3.1. Summary layout of all non-life and life technical accounts - foreign portfolio - (attachment 29)
(in thousand euro) Non-life Life
Gross direct business (+) Premiums written 62,960 23,527 (–) Change in non-life unearned premium provision 3,038 (–) Charges relating to claims 24,080 12,912 (–) Change in mathematical and other provisions in life branches -7,639 (–) Change in other technical provisions in non-life branch (+) Balance of other technical items -136 -201 (–) Operating expenses 23,653 6,341 (+) Investment profit of the life branch net of the quota allocated to the non-technical account 1,590 Technical balance of direct business 12,053 13,302
Result of ceded reinsurance -9,275 -11,246
Net result of reinsurance 32,664 80,704
(–) Change in equalisation provisions for non-life branches (+) Quota of profits transferred from the non-technical account of the non-life branch 36,325
Technical result 71,767 82,760
158 Section 21 - Information on the non technical account (III) 21.1 Details of investment income - Item III.3 (attachment 21 - Non-life)
(in thousand euro) 2006
from equities: Dividends and other income from equities of Group companies and companies in which a significant share is held 246,464 Dividends and other income from equities of other companies 33,892 Total 280,356
Income from investments in land and buildings 31,676
Income from other investments: Income from bonds of Group companies and companies in which a significant share is held 1,364 Interest on loans to Group companies and companies in which a significant share is held 389 Income from units of common investment funds 34,526 Income from bonds and other fixed-interest securities 68,768 Interest on loans 2,049 Income from participation in investment pools Interest on deposits with credit institutions 164 Income from various financial investments 44,564 Interest on deposits with ceding companies 3,384 Total 155,208
Reversal value adjustments on investments relating to: Land and buildings Equities of Group companies and companies in which a significant share is held 118,311 Bonds issued by Group companies and by companies in which a significant share is held 4 Other equities 6,344 Other bonds 150 Other financial investments 2,118 Total 126,927
Gains on the realisation of investments: Gains from sale of land and buildings Gains from equities of Group companies and companies in which a significant share is held 5,272 Gains from bonds issued by Group companies and companies in which a significant share is held 1 Gains from other equities 20,879 Gains from other bonds 1,610 Gains from other financial investments 46,564 Total 74,326
Grand total 668,493
159 Parent Company Statements 06 NOTES ON THE ACCOUNTS
21.2 Details of investment charges - Entry III.5 (attachment 23 - Non-life)
(in thousand euro) 2006
Charges relating to the management of investments and other charges Charges relating to equities 3,017 Charges relating to investments in land and buildings 19,950 Charges relating to bonds 3,209 Charges relating to units of common investment funds 1,509 Charges relating to shares of investment pools Charges relating to other financial investments 44,409 Interest on deposits with reinsurers 694 Total 72,788
Value adjustments on investments relating to: Land and buildings Equities of Group companies and comp. in which a significant share is held 46,320 Bonds issued by Group companies and comp. in which a significant share is held 134 Other equities 5,761 Other bonds 20,456 Other financial investments 26,214 Total 98,885
Losses on the realisation of investments Losses from sale of land and buildings Losses from equities 18,097 Losses from bonds 5,812 Losses from other financial investments 27,823 Total 51,732
Grand total 223,405
21.3 Details of other income - Item III.7
(in thousand euro) 2006
Administration charges recovered from third parties 127,090 Interest on cash in bank 20,483 Profit on exchange rates 19,967 Interest on insurance companies' current accounts 17,368 Recovery of previously devalued credits 6,249 Other 14,499 Total 205,656
160 21.4 Details of other charges - Item III.8
(in thousand euro) 2006
Interest paid on bond issues 228,330 Administrative charges on behalf of third parties 127,090 Holding expenses 116,068 Interest paid on other loans 97,074 Depreciation quota of long-term charges 10,193 Losses on exchange rates 54,732 Undeductible VAT 27,466 Sums allocated to securities fund 80,000 Paid interest on debts from reinsurance transactions 10,425 Other 19,203 Total 770,581
21.5 Details of extraordinary income - Item III.10
(in thousand euro) 2006
Income from sale of long-term assets 544,644 Regulation fiscal consolidated year 2005 7,808 Other extraordinary income 18,894 Total 571,346
21.6 Details of extraordinary charges - Item III.11
(in thousand euro) 2006
Losses for sales of fixed assets 101,544 Adjustments on early/deferred taxes 18,776 Early retirement incentives 9,556 Previous years taxes 7,552 Northern Star transaction 2,063 Adjustment of sale price of securities 1,540 Other extraordinary charges 29,330 Total 170,361
161 Parent Company Statements 06 NOTES ON THE ACCOUNTS
21.7 Details of income taxes - Item III.14
(in thousand euro) 2006
Current taxes 17,700 Change in early taxation -22,246 Change in deferred taxation -44,764 Income tax for the year -49,310
The income tax for the year underlines a positive balance of 49,310 thousand, due to 37,461 thousand to the benefit deriving from the realignment of the fiscal values of the real estate according to law no. 266 dated 23 December 2005. The balance of the current taxes of 17,700 thousand, include a positive IRES of 14,865 thousand, the charge relative to IRAP tax for 27,720 thousand and taxes paid abroad for 4,845 thousand.
Pre-paid and deferred taxation
Pre-paid and deferred taxation is subject to ordinary rates and refers to items entered on the accounts generating temporary differences between calendar year and fiscal year values. The following tables provide details of the main items and the changes that took place over the year. All the sums are recorded in the profit and loss account.
Pre-paid taxation
Initial balance Changes over the year Final balance Temporary Temporary Temporary (in thousand euro) differences Taxes differences Taxes differences Taxes
Assets for pre-paid taxes - IRES Devaluations of securities 137,432 45,352 -87,376 -28,834 50,056 16,518 Devaluations of credits 264,484 87,279 26,513 8,749 290,997 96,028 Sums allocated to risk provisions 60,000 19,800 80,000 26,400 140,000 46,200 Change of provisions for outstanding claims 59,733 19,712 45,893 15,145 105,626 34,857 Multi-annual commissions for non-life branches 50,897 16,795 130 43 51,027 16,838 Sundry 32,091 10,590 -15,440 -5,095 16,651 5,495 Total 604,637 199,528 49,720 16,408 654,357 215,936
(continues)
162 (continues)
Initial balance Changes over the year Final balance Temporary Temporary Temporary (in thousand euro) differences Taxes differences Taxes differences Taxes
Assets for pre-paid taxes -IRAP Devaluations of credits 168,225 7,149 -168,225 -7,149 Change of provisions for outstanding claims 59,733 2,538 45,893 1,950 105,626 4,488 Multi-annual commissions for non-life branches 50,897 2,163 130 6 51,027 2,169 Sundry 28,307 1,203 -11,247 -478 17,060 725 Total 307,162 13,053 -133,449 -5,671 173,713 7,382
Total early taxation 911,799 212,581 -83,729 10,737 828,070 223,318
The change in the year for 10,737 thousand includes an extraordinary charge for adaptation of the pre-paid taxation of previous year for 15,485 thousand and the balance contributed by Generali Vita is equal to 3,975 thousand.
Deferred taxation
Initial balance Changes over the year Final balance Temporary Temporary Temporary (in thousand euro) differences Taxes differences Taxes differences Taxes
Liabilities for deferred taxes - IRES Paid by instalments gains 21,419 7,067 12,415 4,097 33,834 11,164 Real estate depreciations 162,011 53,464 -132,322 -43,666 29,689 9,798 Foreign branches exchange rate differences 61,936 20,437 28,515 9,410 90,451 29,847 Reserve pursuant to Law no. 904/77 20,478 6,758 20,478 6,758 Sundry 1,601 530 633 209 2,234 739 Total 267,445 88,256 -90,759 -29,950 176,686 58,306
Liabilities for deferred taxes - IRAP Paid by instalments gains 712 30 -371 -16 341 14 Real estate depreciations 162,011 6,883 -132,322 -5,624 29,689 1,259 Sundry 1,582 69 141 6 1,723 75 Total 164,305 6,982 -132,552 -5,634 31,753 1,348
Total deferred taxation 431,750 95,238 -223,311 -35,584 208,439 59,654
In the table the decrease of the deferred taxation include the balance contributed by Generali Vita equal to 9,180 thousand euro.
163 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Section 22 - Sundry information on the profit and loss account 22.1 Outline of relations with Group companies and other companies in which a shareholding is held - (attachment 30)
Other (in thousand euro) Subsidiares Associates companies Total
INCOME Investment income Income from land and buildings 10,018 10,018 Dividends and other income from equities 834,193 1,327 38,298 873,818 Income from bonds 127 1,508 1,635 Interest on loans 389 389 Income from other financial investments 294 1 84 379 Interest on deposits with ceding companies 779,653 779,653 Total 1,624,285 1,717 39,890 1,665,892
Unrealised income and gains on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds
Other income Interest on amounts due 14,937 14,937 Recoveries of administration expenses and charges 127,021 127,021 Other income and recoveries 15,281 6 373 15,660 Total 157,239 6 373 157,618 Gains on the realisation of investments (*) 2,344 466 2,810 Extraordinary income 17,548 352,155 369,703 Grand total 1,801,416 1,723 392,884 2,196,023
CHARGES Charges on investments administration and paid interest Investments charges 9,817 9,613 19,430 Interest on subordinated liabilities 17,539 17,539 Interest on deposits from reinsurers 2,575 2,575 Interest on debts from direct insurance transactions Interest on debts from reinsurance transactions 10,190 10,190Interest on sums due to banks and financial institutions 1 4 5 Interest on guaranteed loans Interest on other debts 89,075 89,075 Losses on credits Administration charges and expenses for third parties 127,021 127,021 Oneri diversi 23,943 276 24,219 Total 280,161 9,893 290,054
164 (continues) Other (in thousand euro) Subsidiares Associates companies Total
Unrealised charges and losses on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds
Losses on the realisation of investments 8,790 8,790 Extraordinary charges 82 100,907 100,989
Grand total 280,243 119,590 399,833
22.2 Summary of direct business premiums written - (attachment 31)
Non-life Life Total (in thousand euro) Branch L.P.S. Branch L.P.S. Branch L.P.S.
Premiums written in Italy 2,940,342 43 2,940,342 43 in other EU countries 198,598 52,027 71,764 270,362 52,027 in third countries 62,960 30,071 23,527 86,487 30,071 Total 3,201,900 82,141 95,291 3,297,191 82,141
22.3 Outline of charges relative to personnel, directors and auditors - (attachment 32)
(in thousand euro) Non-life Life Total
I. Staff expenses Expenses related to employees: Italian portfolio: Wages 164,081 4,403 168,484 Social contributions 52,433 1,416 53,849 Sums allocated to the provision for retirement allowance and similar obligations 11,017 141 11,158 Other employee costs 11,492 117 11,609 Total 239,023 6,077 245,100
Foreign portfolio: Wages 15,113 8,797 23,910 Social contributions 3,374 2,296 5,670 Other employee costs 824 636 1,460 Total 19,311 11,729 31,040
Total 258,334 17,806(continue 276,140
(continues)
165 Parent Company Statements 06 NOTES ON THE ACCOUNTS
(continues)
(in thousand euro) Non-life Life Total
Costs of non-subordinate workforce: Italian portfolio 56,466 124 56,590 Foreign portfolio 16 178 194 Total 56,482 302 56,784
Total cost of workforce 314,816 18,108 332,924
II. Details of items entered Charges deriving from investments management 57,838 8,798 66,636 Charges relating to claims 52,404 669 53,073 Other acquisition costs 47,807 1,829 49,636 Other administration costs 89,026 6,812 95,838 Administrative charges and expenses on behalf of third parties 67,741 67,741 Total 314,816 18,108 332,924
Wages due Number (in thousand euro)
III. Average staff levels Managers 117 Employees 2,534 Salaried employees Others 1,627 Total 4,278
IV. Directors and auditors Directors 17 8,629 Auditors 3 175
The recorded sums relative to the emoluments due to directors and auditors who worked in that office during the year differ from those listed below inasmuch as they do not take into account profit-sharing.
In compliance with Art. 78 of CONSOB Ruling No. 11971 dated 14 May 1999, the 2006 emoluments due to board members, auditors and general managers and managers with strategic responsibilities of any type also including those of subsidiary companies, are indicated in the following table. The list also includes those who did not work in this office for a full year. As set down by CONSOB, benefits were identified on the basis of fiscal criteria and were taken into consideration as they are subject to taxation.
166 Person Office held Emoluments (in euro) Period Emoluments covered by End of for Non-monetary Bonuses and Other Name and Surname Office held the mandate mandate appointment benefits incentives emoluments
Antoine BERNHEIM (*) Chairman 1.1-31.12.06 28.04.07 2,643,429 (11) 2,170,000 99,458 (1) Gabriele GALATERI DI Vice Chairman 1.1-31.12.06 28.04.07 478,527 (2) GENOLA (*) Sergio BALBINOT (*) Managing Dir. 1.1-31.12.06 28.04.07 1.273,429 (12) 1,250,000 116,758 (3) Giovanni PERISSINOTTO (*) Managing Dir. 1.1-31.12.06 28.04.07 1.273,429 (12) 1,250,000 Luigi Arturo BIANCHI Director 1.1-31.12.06 28.04.07 248,714 Ana Patricia BOTIN Director 1.1-31.12.06 28.04.07 236,714 Gerardo BROGGINI (*) Director 1.1-31.12.06 28.04.07 491,429 61,621 (4) Claudio CONSOLO Director 1.1-31.12.06 28.04.07 236,714 Laurent DASSAULT Director 1.1-31.12.06 28.04.07 236,714 18,750 (5) Diego DELLA VALLE Director 1.1-31.12.06 28.04.07 238,714 Enzo GRILLI Director 1.1-29.10.06 195,857 Piergaetano MARCHETTI (*) Director 1.1-31.12.06 28.04.07 473,429 Klaus-Peter MUELLER Director 1.1-31.12.06 28.04.07 236,714 Alberto Nicola NAGEL (*) Director 1.1-31.12.06 28.04.07 473,429 (6) Alessandro OVI Director 1.1-31.12.06 28.04.07 248,714 Alessandro PEDERSOLI Director 1.1-31.12.06 28.04.07 248,714 Reinfried POHL Director 1.1-31.12.06 28.04.07 236,714 43,535 (7) Vittorio RIPA DI MEANA Director 1.1-31.12.06 28.04.07 236,714 Gianfranco BARBATO Chairman of the 1.1-31.12.06 30.04.08 75,000 199,971 (8) Board of Auditors Paolo D'AGNOLO Eff. Auditor 1.1-31.12.06 30.04.08 50,000 96,378 (9) Gaetano TERRIN Eff. Auditor 1.1-31.12.06 30.04.08 50,000 148,562 (10) Raffaele AGRUSTI Gen.Manager 1.1-31.12.06 750,000 (13) 350,000 Sergio BALBINOT Gen.Manager 1.1-31.12.06 800,000 (12) 350,000 Fabio BUSCARINI Gen.Manager 1.1-30.06.06 283,334 250,000 Giovanni PERISSINOTTO Gen.Manager 1.1-31.12.06 800,000 (12) 350,000 Managers with strategic responsibilities 3,019,560 (13) 1,388,000 127,700
(*) Board members who are also members of the Executive Committee are marked with an asterisk. (1) The emoluments indicated include those due for the offices held in 2006 in the following companies: Alleanza Assicurazioni, AMB Generali Holding, Generali España Holding, Generali France and BSI. The payments for Generali Holding Vienna will be established by the Company’s General Assembly this year. The sums paid for AMB Generali Holding only regard the attendance fees; the part inherent to the profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (2) The payment was made directly to Mediobanca. (3) The emoluments indicated include those due for the offices held in 2006 in the following companies: AMB Generali Holding, Aachener u. Muenchener Lebensversicherung AG, Aachener u. Muenchener Versicherung AG, Generali France, Banco Vitalicio, La Estrella, Generali España Holding, Generali Schweiz Holding AG, Migdal Insurance & Financial Holdings and Europ Assistance Holding. The payments for Generali Holding Vienna will be established by the Company’s General Assembly this year. The emoluments from AMB Generali Holding and from Banco Vitalicio only regard the attending fees; those relative to the profit sharing will be determinated from the shareholders’ meeting during the first half of the current year. (4) The emoluments indicated are inclusive of those due to the offices of INA Assitalia Vice Chairman and Board Member, and for members of the AMB Generali Holding Surveillance Council. The sums paid for AMB Generali Holding only regard the attendance fees; the part inherent to the profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (5) Emolument due for the office of Director held, throughout 2006, at Generali France. (6) The payment was made directly to Mediobanca. (7) Payments due for the office of Surveillance Committee Member for AMB Generali Holding and Aachener u. Muenchener Lebensversicherung. The sums paid to AMB Generali Holding only regard the attendance fees; the part inherent to the profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (8) Payments for the offices of Chairman of the Board of Auditors for Generali Vita (merged in Generali with effect 31 December 2006) and INA Vita and Permanent auditor for Assitalia. Ina Vita and Assitalia merged since 31 December 2006 in an unique company (InaAssitalia). (9) Payments due for the offices of Permanent auditor for Generali Properties Asset Management, GSI, Generali Properties, Sementi Dom Dotto, Genagricola, Enofila, Casaletto, and Banca Generali. (10) Payments due for the offices of Chairman of the Board of Auditors for Alleanza Assicurazioni, GSI, Intesa Vita and Fondi Alleanza Sgr and Permanent Auditor for Generali Property Investments SGR and Finagen. (11) The non monetary benefits include the insurance policy for life insurance / total permanent disability due to accident, professional and extraprofessional. (12) Non monetary benefits. Insurance policies - life insurance / total permanent disability due to health or accident, professional and extraprofessional
167 Parent Company Statements 06 NOTES ON THE ACCOUNTS
- total permanent disability due to accident; - total permanent disability due to health. Pension funds Assicurazioni Generali provides to set aside annually 16.5% or 13% of the annual gross wage respectively if the nomination to Manager was made before or after 31 December 2000 Assistance The one in compliance with the National Normative and Economic Contract for Managers of the Insurance Companies with integrations and improvements. (13) Non monetary benefits. All those indicated in note 12 Corporate car Assignment by leasing stipulated for 70,000 km and of the duration of 4 years; possibility of choice of one of the segment E models.
According to CONSOB Ruling No. 11971 dated 14 May 1999, the stock options granted to Directors and Managing Directors and managers with strategic responsibility are listed below.
Options held at the Options assigned Options exercised Options Options held beginning of the year during the half-year during the year expired during at the end of the year the year (A) (B) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) = 1+ (12) (13) 4-7-10 Average Average Number Average Average Average Name and Office Number exercise Average Number exercise Average of exercise market price Number Number exercise Average surname held of options price due date of options price due date options price at exercise of options of options price due date
Antoine Bernheim Chairman 2,000,000 24.55 01.01.2009 500,000 30.127 10.05.2009 0 0 0 0 2,500,000 25.66 07.08.2009
Managing Director/ Giovanni General Perissinotto(1) Manager 2,165,000 24.98 14.01.2009 500,000 30.127 10.05.2009 0 0 0 0 2,665,000 25.94 05.08.2009 Managing Director/ Sergio General Balbinot(2) General 2,086,100 24.82 21.12.2008 500,000 30.127 10.05.2009 0 0 0 0 2,586,100 25.84 24.07.2009
Raffaele General Agrusti(3) General 186,700 25.71 07.10.2008 200,000 31.37 23.03.2009 0 0 0 0 386,700 28.63 24.09.2009
Fabio General Buscarini(4) General 93,000 23.27 01.01.2009 100,000 31.37 23.03.2009 0 0 0 0 193,000 27.46 21.12.2009
Managerial employees with strategic responsabilities 810,050 25.92 31.05.2009 465,000 31.37 23.03.2012 35.500 25,00 31.14 0 1,239,550 28.27 14.11.2010
(1) Mr. Perissinotto, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (2) Mr. Balbinot, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (3) Mr.Agrusti, during 2002, 2003 and 2006 was also assigned a total of 238 stock grant in his capacity as General Manager. (4) Mr. Buscarini, during 2003 and 2006 was also assigned a total of 162 stock grant in his capacity as General Manager. Mr. Buscarini, following his nomination as Managing Director and General Manager in the respective subsidiary INA and Assitalia, has left the Company with effect 1 July 2006.
168 Part C – Other information
1. Solvency margins to be established, guarantee quota and components of the margin itself.
The minimum solvency margin required in the non-life business, calculated in relation to the annual premiums, is equal to 731,744 thousand; the guarantee quota amounts to 243,915 thousand; the hedging items surplus is 3,198,836 thousand (3,132,752 thousand euro in 2005).
The minimum solvency margin required in the life business is 1,367,637 thousand; the guarantee quota amounts to 455,879 thousand; the hedging items surplus is 4,787,513 thousand (4,714,493 thousand in 2005).
2. Technical provisions to be hedged at year’s end and relative hedging operations.
The technical provisions subject to hedging amount to 7,280,853 thousand in the non-life business and 22,372,756 thousand in the life business, and they are adequately hedged by the assets pursuant to Legislative Decrees No. 174 dated 17 March 1995.
3. Direction and coordination
No natural or legal person, directly and/or indirectly, jointly or severally, holds a sufficient number of shares enabling said person to acquire a controlling stake in the Company. In the light of the recent disposals of the company law reform, the Company is not subject to direction and co-ordination by any Italian or foreign body or company.
4. Information according to Consob comunication n. 6064293 dated 28 July 2006 a) Operation with the correlated parts.
Le operazioni infragruppo di rilievo, i compensi spettanti ai membri del Consiglio The relevant intragroup operations, the emoluments due to members of the Board of Directors, Board of Auditors, General Managers and managers with strategic responsibility and participation held by themselves, are shown in the report, in the Notes to the accounts and the relative attachments. The results of the relations with the correlated parts, classified in accordance with IAS 24, pursuant to Consob communication dated 28 July 2006, are detailed in the following table.
169 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Other Impact Joint correlated on financial (in thousand euro) Subsidiary Associates ventures(*) parts Total statements
Assets Investments 27,869,301 77,210 5,263 48,640 28,000,413 credits and othe operations 746,812 1,154 7 4,912 752,885 Total assets 28,616,113 78,363 5,270 53,552 28,753,298 46.54%
Liabilities Financial liabilities -2,617,740 0 0 -404,200 -3,021,940 Tecnical provisions -9,562,854 -649 0 0 -9,563,503 Other debits and liabilities -658,180 -60 0 -1,159 -659,399 Total liabilities -12,838,773 -710 0 -405,359 -13,244,842 21.44%
Other Impact Joint correlated on financial (in thousand euro) Subsidiary Associates ventures(*) parts Total statements
Guarantees, commitments and other evidence accounts Guarantees issued 5,248,426 0 0 0 5,248,426 95.05% Securities deposited withe third parties 3,495,419 33,658 41 48,994 3,578,113 14.55%
Other Impact Joint correlated on financial (in thousand euro) Subsidiary Associates ventures(*) parts Total statements
Incomes and charges From deposits with ceding companies (**) 383,529 212 0 0 383,742 n.s. Proventi netti da investimenti (**) 913,141 56 389 797 914,383 80.91% Other incomes and charges -211,110 -55 0 -27,105 -238,270 27.74% Straordinary incomes and charges 18,818 0 0 0 18,818 4.69%
(*) Including esclusively transactions with “A7 S.r.l.” (**) The interests from deposits with ceding companies are include in the item “Incomes and charges from transactions with ceding companies” instead of item “net incomes from investments”.
In the column “other correlated parts” are included mainly the loans granted by Mediobanca (404,200 thousand) for the instalment of the usage of the bridge loan granted by a pool of five banks aimed to purchase the Gruppo Toro, and the charges (15,978 thousand) deriving from transfer to the pension funds of the staff and managers of the Company.
The increase of the liquidity deriving from the relation with the correlated parts, worth over 2,500,000 thousand and due mainly to the dividends paid from other
170 Group companies, to the financial liabilities and liquidity deriving from the merger of Generali Vita. The mentioned liquidity has partially contributed to the purchasing of Gruppo Toro. b) Events and significant operations not recurring
During the 2006 financial year two significant operations not recurring have been carried out - the corporate merger of Generali Vita and the accounting alignment of the indirect business - that have considerably affected respectively the financial and economic result of the Company. In the following table the effects that such operations have had on the financial statements are illustrated.
Corporate merger of Generali Vita realised with effect 31 December 2006.
Situation before Effect Total Impact merger of of as of of merging (in thousand euro) Generali Vita merger balance on total
ASSETS Intangible assets 106,615 20,913 127,528 16.4% Investments 34,789,497 19,493,195 54,282,692 35.9% Class D investments 186,416 1,074,010 1,260,426 85.2% Reinsurers' share of technical provisions 1,580,657 29,113 1,609,770 1.8% Credits 2,417,406 441,193 2,858,599 15.4% Other assets 847,865 304,598 1,152,463 26.4% Accrued income and deferred charges 143,840 343,302 487,142 70.5% Total assets 40,072,296 21,706,324 61,778,620 35.1%
LIABILITIES AND SHAREHOLDERS’ FUNDS Shareholders’ funds 10,202,348 233,096 10,435,444 2.2% Subordinated liabilities 1,781,540 1,781,540 Technical provisions 19,448,511 20,192,585 39,641,096 50.9% Class D technical provisions 183,752 1,072,547 1,256,299 85.4% Provisions for other risks and charges 139,778 9,580 149,358 6.4% Deposits received from reinsurers 162,945 29,113 192,058 15.2% Creditors and other liabilities 7,663,474 153,633 7,817,107 2.0% Accrued expenses and deferred income 489,948 15,770 505,718 3.1% Total liabilities and shareholders' funds 40,072,296 21,706,324 61,778,620 35.1%
The operation has determinated an increase of liquidity amounting to 276,654 thousand that represents the 33.5% of the total on 31 December 2006.
171 Parent Company Statements 06 NOTES ON THE ACCOUNTS
Effect of the accounting alignment of the indirect business.
Situation before Effect of Total Impact of alignment of alignment of as of alignment (in thousand euro) reinsurance reinsurance balance on total
Gross premiums written 5,540,371 1,855,845 7,396,216 25.1% Ceded reinsurance premiums -916,357 -152,650 -1,069,007 14.3% Income and charges from life investments 1,018,952 446,993 1,465,945 30.5% Allocated investment return transferred to/from the technical account -273,231 -273,231 Income and charges from class D -869 16,085 15,216 105.7% Charges relating to claims -3,509,390 -1,331,185 -4,840,575 27.5% Change in unearned premiums, mathematical and other provisions -271,604 -333,384 -604,988 55.1% Profit-sharing and premium refunds -66,771 -66,771 Operating expenses -1,017,894 -331,194 -1,349,088 24.5% Other technical income and charges -63,858 97 -63,761 -0.2% Result of technical account 439,349 170,607 609,956 28.0%
Income and charges from non-life investments 445,088 445,088 Investments profit transferred from/to non-technical account 273,231 273,231 Other income 205,656 205,656 Other charges -770,581 -770,581 Results from ordinary operations 592,743 170,607 763,350 22.3%
Extraordinary income 571,346 571,346 Extraordinary charges -170,361 -170,361 Result before taxation 993,728 170,607 1,164,335 14.7%
Income taxes for the year 112,860 -63,551 49,309 -128.9% Result for the year 1,106,588 107,056 1,213,644 8.8%
The operation has not affected the change of the liquidity because all the financial operations were regulated previously for real accrual, without time lag. The purchase, at the conclusion of the public tender offer, of 98.44% of the share capital of Toro Assicurazioni has required a total disbursement of 3,852,498 thousand euro. The transaction has been partially financed through the utilization of the liquidity deriving from the issue of two subordinated loans at the end of June, for 1,031,540 thousand, as well as, for 2,021,000 thousand of a 2,500,000 thousand bridge loan granted by a pool of five banks for the acquisition of the Toro Group. This loan was paid back on 8 February 2007, with the issue of two new bonds: by Assicurazioni Generali for GBP 495 million and Generali France for 1,250 million euro. c) Positions or transactions deriving from atypical and/or unusual operations.
No atypical and/or unusual operations have been made.
172 3. Financial report
(in thousand euro) 2006
INFLOW Profit for the year 1,213,644
Adjustments for items affecting the profit but not providing or requiring funds and changes in assets and liabilities not affecting the profit: Increase of technical reserves -2,104,941 Change in depreciation and other provisions 77,187 Losses, gains, recoveries and differences deriving from securities -24,857 Change in reinsurance deposits 2,274,269 Change in credits/debits and assets/liabilities -294,000 Those items which are not considered current management operations are subtracted: Gains from sale of real property and from securities -469,760 Inflow from current operations 671,542
Disinvestment (including net profits realised) Real property 62 Fixed-interest securities 3,769,520 Shares 2,308,308 Other disinvestments 265,273 Inflow from disinvestments 6,343,163
Financing liabilities 3,362,985
Inflow from merger operations 533,185
Total inflow 10,910,875
OUTFLOW Acquisition of real property 27,864 Acquisition of fixed-interest securities 3,662,500 Acquisition of shares 5,454,885 Acquisition of common investment funds 324,877 Refund of financial liabilities 283,877 Acquisitions of other investments and properties 78,172 Dividends paid out to shareholders 688,986 Total outflow 10,521,161
Change in bank deposits and cash 389,714 Total as inflow 10,910,875
173
APPENDICES TO THE NOTES .
· Company ASSICURAZIONI GENERALI S.p.A.
Subscribed capital euro1,278,089,195 Paid up euro 1,278,089,195
Registred in Trieste Commercial Register of Trieste no. 0079760328
Attachments to the notes on the accounts
Year 2006
(Amounts in thousand euro)
177 Notes on the accounts - Attachment 1 Company ASSICURAZIONI GENERALI S. p. A.
BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year
A. SUBSCRIBED CAPITAL UNPAID 1 0
of which called-up capital 2 0
B. INTANGIBLE ASSETS
1. Acquisition commissions to be amortised 4 0
2. Other acquisition costs 6 0
3. Formation and development expenses 7 0
4. Goodwill 8 10,153
5. Other intangible assets 9 96,462 10 106,615
C. INVESTMENTS
I Land and Buildings
1. Property used for own activities 11 313,695
2. Property used by third parties 12 1,000,452
3. Other properties 13 0
4. Other realty rights 14 0
5. Assets in progress and payments on account 15 28,148 16 1,342,295
II Investments in affiliated companies and other shareholdings
1. Interests in
a) parent companies 17 0
b) affiliated companies 18 10,480,471
c) affiliates of parent companies 19 0
d) associated companies 20 68,977
e) other 21 407,233 22 10,956,681
2. Debt securities issued by
a) parent companies 23 0
b) affiliated companies 24 2,559
c) affiliates of parent companies 25 0
d) associated companies 26 0
e) other 27 30,099 28 32,658
3. Loans to
a) parent companies 29 0
b) affiliated companies 30 0
c) affiliates of parent companies 31 0
d) associated companies 32 20,791
e) other 33 0 34 20,791 35 11,010,130
carried forward 106,615
178 Year 2006
Pag. 1
Previous year
181 0
182 0
184 0
186 0
187 0
188 0
189 32,070 190 32,070
191 311,934
192 966,849
193 0
194 0
195 37,587 196 1,316,370
197 0
198 7,478,238
199 0
200 36,563
201 868,724 202 8,383,525
203 0
204 2,564
205 0
206 0
207 17,688 208 20,252
209 0
210 96
211 0
212 21,563
213 0 214 21,659 215 8,425,436
carried forward 32,070
179 BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year brought forward 106,615
C. INVESTMENTS (follows)
III Other financial investments 1. Equities
a) quoted shares 36 388,944
b) unquoted shares 37 27,894
c) other interests 38 224,690 39 641,528
2. Shares in common investment funds 40 399,601 3. Debt securities and other fixed-income securities
a) quoted 41 1,906,266
b) unquoted 42 181,646
c) convertible bonds 43 33,487 44 2,121,399 4. Loans
a) mortgage loans 45 8,461
b) loans on policies 46 0
c) other loans 47 22,527 48 30,988
5. Participation in investment pools 49 0
6. Deposits with credit institutions 50 59,520
7. Other 51 80 52 3,253,116
IV Deposits with ceding companies 53 139,901 54 15,745,442
D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS
I NON-LIFE INSURANCE BUSINESS
1. Provision for unearned premiums 58 297,724
2. Provision for claims outstanding 59 1,092,717
3. Provision for profit sharing and premium refunds 60 0
4. Other technical provisions 61 0 62 1,390,441
carried forward 17,242,498
180 Pag. 2
Previous year brought forward 32,070
216 520,416
217 21,941
218 210,109 219 752,466
220 302,536
221 1,617,666
222 244,944
223 26,017 224 1,888,627
225 10,531
226 0
227 31,615 228 42,146
229 0
230 34,124
231 2,094 232 3,021,993
233 178,936 234 12,942,735
238 233,759
239 872,660
240 0
241 0 242 1,106,419
carried forward 14,081,224
181 BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year brought forward 17,242,498
E. DEBTORS
I Debtors arising out of direct insurance operations 1. Policyholders
a) for premiums - current year 71 646,696
b) for premiums - previous years 72 72,484 73 719,180
2. Insurance intermediaries 74 149,320
3. Current accounts with insurance companies 75 220,357
4. Policyholders and third parties for recoveries 76 30,868 77 1,119,725
II Debtors arising out of reinsurance operations
1. Reinsurance companies 78 361,108
2. Reinsurance intermediaries 79 12,959 80 374,067
III - Other debtors 81 695,103 82 2,188,895
F. OTHER ASSETS
I - Tangible assets and stocks
1. Furniture, office equipment, internal transport vehicles 83 1,710
2. Vehicles listed in public registers 84 0
3. Equipment and appliances 85 0
4. Stocks and other goods 86 283 87 1,993
II - Cash at bank and in hand
1. Bank and postal deposits 88 517,780
2. Cheques and cash in hand 89 8,670 90 526,450
III - Own shares 91 127,469
IV - Other
1. Deferred reinsurance items 92 0
2. Miscellaneous assets 93 143,509 94 143,509 95 799,421
of which Account linking to life business 901 0
G. PREPAYMENTS AND ACCRUED INCOME
1. Interests 96 28,847
2. Rents 97 454
3. Other prepayments and accrued income 98 58,653 99 87,954
TOTAL ASSETS 100 20,318,768
182 Pag. 3
Previous year brought forward 14,081,224
251 537,295
252 75,237 253 612,532
254 124,424
255 191,687
256 28,921 257 957,564
258 368,313
259 8,624 260 376,937
261 448,414 262 1,782,915
263 1,678
264 0
265 0
266 264 267 1,942
268 383,217
269 9,068 270 392,285
271 9,999
272 115,586
273 105,594 274 221,180 275 625,406
903 24,783
276 17,377
277 510
278 18,900 279 36,787
280 16,526,332
183 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year
A. SHAREHOLDERS' FUNDS
I - Subscribed capital or equivalent funds 101 383,329
II - Share premium account 102 1,093,582
III - Revaluation reserve 103 810,977
IV - Legal reserve 104 86,791
V - Statutory reserve 105 0
VI - Reserve for own shares 106 127,469
VII - Other reserve 107 1,294,097
VIII - Profit or loss brought forward 108 0
IX - Profit or loss for the financial year 109 463,402 110 4,259,647
B. SUBORDINATED LIABILITIES 111 512,059
C. TECHNICAL PROVISIONS
I - NON-LIFE INSURANCE BUSINESS
1. Provision for unearned premiums 112 1,631,102
2. Provision for claims outstanding 113 7,333,812
3. Provision for profit sharing and premium refunds 114 152
4. Other provisions 115 5,812
5. Equalisation provision 116 6,858 117 8,977,736
carried forward 13,749,442
184 Pag. 4
Previous year
281 382,818
282 1,083,452
283 810,977
284 86,791
285 0
286 9,999
287 1,256,964
288 0
289 423,724 290 4,054,725
291 0
292 1,505,458
293 6,169,512
294 26
295 5,657
296 6,444 297 7,687,097
carried forward 11,741,822
185 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 13,749,442
E. PROVISIONS FOR OTHER RISKS AND CHARGES
1. Provision for pensions and similar obligations 128 3,600
2. Provisions for taxation 129 4,958
3. Other provisions 130 140,282 131 148,840
F. DEPOSITS RECEIVED FROM REINSURERS 132 24,552
G. CREDITORS
I - Creditors arising out of direct insurance operations
1. Insurance intermediaries 133 19,338
2. Current accounts with insurance companies 134 7,956
3. Premium deposits and premiums due to policyholders 135 41,668
4. Guarantee funds in favour of policyholders 136 662 137 69,624
II - Creditors arising out of reinsurance operations
1. Reinsurance companies 138 134,568
2. Reinsurance intermediaries 139 35,513 140 170,081
III - Debenture loans 141 1,750,000
IV - Amounts owed to credit institutions 142 1,524,593
V - Loans guaranteed by mortgages 143 0
VI - Other financial liabilities 144 1,838,979
VII - Provisions for severance pay 145 16,233
VIII - Other creditors
1. Premium taxes 146 58,200
2. Other tax liabilities 147 8,756
3. Social security 148 3,676
4. Sundry creditors 149 391,488 150 462,120
IX - AOther liabilities
1. Deferred reinsurance items 151 0
2. Commissions for premiums in course of collection 152 96,562
3. Miscellaneous liabilities 153 74,541 154 171,103 155 6,002,733
of which Account linking to life business 902 5,114
carried forward 19,925,567
186 Pag. 5
Previous year brought forward 11,741,822
308 3,600
309 4,958
310 60,234 311 68,792
312 21,661
313 25,520
314 27,764
315 30,743
316 1,324 317 85,351
318 134,785
319 7,968 320 142,753
321 1,750,000
322 55,076
323 0
324 1,762,837
325 16,687
326 52,571
327 228,388
328 4,451
329 118,490 330 403,900
331 130,860
332 76,797
333 39,359 334 247,016 335 4,463,620
904 0
carried forward 16,295,895
187 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 19,925,567
H. ACCRUALS AND DEFERRED INCOME
1. Interests 156 314,707
2. Rents 157 43
3. Other accruals and defferred income 158 78,451 159 393,201
TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 160 20,318,768
BALANCE SHEET - NON LIFE BUSINESS GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
Current year
GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
I - Guarantees issued
1. Fidejussions 161 2,950,830
2. Endorsements 162 0
3. Other personal guarantees 163 8,259
4. Guarantees secured by mortgages 164 38,908
II - Guarantees received
1. Fidejussions 165 102,798
2. Endorsements 166 0
3. Other personal guarantees 167 0
4. Guarantees secured by mortgages 168 10,254
III - Guarantees issued by third parties in the interest of the Company 169 394,779
IV - Commitments 170 2,819,670
V - Assets deposited with the Company 171 12,311
VII - Securities deposited with third parties 173 4,030,711
VIII - Other evidence accounts 174 151,726
188 Pag. 6
Previous year brought forward 16,295,895
336 225,191
337 513
338 4,733 339 230,437
340 16,526,332
Previous year
341 3,252,928
342 0
343 7,445
344 26,765
345 151,671
346 0
347 0
348 10,357
349 468,210
350 839,417
351 18,325
353 3,570,137
354 223,951
189 Notes on the accounts - Attachment 2 Company ASSICURAZIONI GENERALI S. p. A.
BALANCE SHEET - LIFE BUSINESS ASSETS Current year
A. SUBSCRIBED CAPITAL UNPAID 1 0
of which called-up capital 2 0
B. INTANGIBLE ASSETS
1. Acquisition commissions to be amortised 3 0
2. Other acquisition costs 6 0
3. Formation and development expenses 7 0
4. Goodwill 8 0
5. Other intangible assets 9 20,913 10 20,913
C. INVESTMENTS
I Land and Buildings
1. Property used for own activities 11 0
2. Property used by third parties 12 0
3. Other properties 13 0
4. Other realty rights 14 0
5. Assets in progress and payments on account 15 0 16 0
II Investments in affiliated companies and other shareholdings
1. Interests in
a) parent companies 17 0
b) affiliated companies 18 8,036,868
c) affiliates of parent companies 19 0
d) associated companies 20 3,947
e) other 21 1,495,021 22 9,535,836
2. Debt securities issued by
a) parent companies 23 0
b) affiliated companies 24 32,587
c) affiliates of parent companies 25 0
d) associated companies 26 0
e) other 27 227,498 28 260,085
3. Loans to
a) parent companies 29 0
b) affiliated companies 30 3,907
c) affiliates of parent companies 31 0
d) associated companies 32 0
e) other 33 0 34 3,907 35 9,799,828
carried forward 20,913
190 Year 2006
Pag. 1
Previous year
181 0
182 0
183 0
186 0
187 0
188 0
189 0 190 0
191 0
192 0
193 0
194 0
195 0 196 0
197 0
198 7,467,294
199 0
200 3,947
201 516 202 7,471,757
203 0
204 0
205 0
206 0
207 0 208 0
209 0
210 0
211 0
212 0
213 0 214 0 215 7,471,757
carried forward 0
191 BALANCE SHEET - LIFE BUSINESS ASSETS Current year brought forward 20,913
C. INVESTMENTS (brought forward)
III Other financial investments 1. Equities
a) quoted shares 36 1,169,222
b) unquoted shares 37 6
c) other interests 38 4,735 39 1,173,963
2. Shares in common investment funds 40 395,568 3. Debt securities and other fixed-income securities
a) quoted 41 17,071,688
b) unquoted 42 405,662
c) convertible bonds 43 14,014 44 17,491,364 4. Loans
a) mortgage loans 45 9
b) loans on policies 46 348,759
c) other loans 47 149 48 348,917
5. Participation in investment pools 49 0
6. Deposits with credit institutions 50 5,762
7. Other 51 726 52 19,416,300
IV - Deposits with ceding companies 53 9,321,122 54 38,537,250
D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS
I - Provisions relating to contracts linked to investments funds and market index 55 1,082,646
II - Provisions relating to the administration of pension funds 56 177,780 57 1,260,426
D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS
II - LIFE INSURANCE BUSINESS
1. Mathematical provision 63 93,827
2. Unearned premium provision for supplementary coverage 64 313
3. Provision for claims outstanding 65 125,125
4. Provision for profit sharing and premium refunds 66 64
5. Other provisions 67 0 6. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 68 0 69 219,329
carried forward 40,037,918
192 Pag. 2
Previous year brought forward 0
216 0
217 2,647
218 4,732 219 7,379
220 22,481
221 903,611
222 35,839
223 0 224 939,450
225 13
226 359
227 84 228 456
229 0
230 7,560
231 0 232 977,326
233 11,488,093 234 19,937,176
235 172,173
236 0 237 172,173
243 73,748
244 898
245 89,007
246 2,291
247 0
248 0 249 165,944
carried forward 20,275,293
193 BALANCE SHEET - LIFE BUSINESS ASSETS Current year brought forward 40,037,918
E. DEBTORS
I Debtors arising out of direct insurance operations 1. Policyholders
a) for premiums - current year 71 242,967
b) for premiums - previous years 72 15,210 73 258,177
2. Insurance intermediaries 74 11,337
3. Current accounts with insurance companies 75 7,118
4. Policyholders and third parties for recoveries 76 0 77 276,632
II Debtors arising out of reinsurance operations
1. Reinsurance companies 78 213,235
2. Reinsurance intermediaries 79 0 80 213,235
III - Other debtors 81 179,837 82 669,704
F. OTHER ASSETS
I - Tangible assets and stocks
1. Furniture, office equipment, internal transport vehicles 83 105
2. Vehicles listed in public registers 84 0
3. Equipment and appliances 85 0
4. Stocks and other goods 86 0 87 105
II - Cash at bank and in hand
1. Bank and postal deposits 88 287,580
2. Cheques and cash in hand 89 11,669 90 299,249
III - Own shares 91 483
IV - Other
1. Deferred reinsurance items 92 0
2. Miscellaneous assets 93 53,205 94 53,205 95 353,042
of which Account linking to non-life business 901 5,114
G. PREPAYMENTS AND ACCRUED INCOME
1. Interests 96 335,791
2. Rents 97 0
3. Other prepayments and accrued income 98 63,397 99 399,188
TOTAL ASSETS 100 41,459,852
194 Pag. 3
Previous year brought forward 20,275,293
251 5,393
252 1,036 253 6,429
254 80
255 1,053
256 0 257 7,562
258 69,836
259 0 260 69,836
261 12,428 262 89,826
263 87
264 0
265 0
266 0 267 87
268 49,433
269 9 270 49,442
271 0
272 322,894
273 6 274 322,900 275 372,429
903 0
276 22,612
277 0
278 5,070 279 27,682
280 20,765,230
195 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year
A. SHAREHOLDERS' FUNDS
I - Subscribed capital or equivalent funds 101 894,435
II - Share premium account 102 2,551,691
III - Revaluation reserve 103 245,713
IV - Legal reserve 104 202,511
V - Statutory reserve 105 0
VI - Reserve for own shares 106 483
VII - Other reserve 107 1,530,723
VIII - Profit or loss brought forward 108 0
IX - Profit or loss for the financial year 109 750,241 110 6,175,797
B. SUBORDINATED LIABILITIES 111 1,269,481
D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS
II - LIFE INSURANCE BUSINESS
1. Mathematical provision 118 29,848,989
2. Unearned premium provision for supplementary coverage 119 14,002
3. Provision for claims outstanding 120 658,715
4. Provision for profit sharing and premium refunds 121 17,747
5. Other provisions 122 123,907 123 30,663,360
D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS I - Provisions relating to contracts linked to iinvestments funds and market index 125 1,078,519
II - Provisions relating to the administration of pension funds 126 177,780 127 1,256,299
carried forward 39,364,937
196 Pag. 4
Previous year
281 893,200
282 2,526,969
283 245,713
284 202,511
285 0
286 0
287 1,229,403
288 0
289 493,089 290 5,590,885
291 750,000
298 12,214,214
299 10,113
300 328,561
301 14,804
302 55,205 303 12,622,897
305 170,954
306 0 307 170,954
carried forward 19,134,736
197 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 39,364,937
E. PROVISIONS FOR OTHER RISKS AND CHARGES
1. Provision for pensions and similar obligations 128 86
2. Provisions for taxation 129 0
3. Other provisions 130 432 131 518
F. DEPOSITS RECEIVED FROM REINSURERS 132 167,506
G. CREDITORS
I - Creditors arising out of direct insurance operations
1. Insurance intermediaries 133 1,141
2. Current accounts with insurance companies 134 13,297
3. Premium deposits and premiums due to policyholders 135 23,295
4. Guarantee funds in favour of policyholders 136 0 137 37,733
II - Creditors arising out of reinsurance operations
1. Reinsurance companies 138 36,294
2. Reinsurance intermediaries 139 0 140 36,294
III - Debenture loans 141 750,000
IV - Amounts owed to credit institutions 142 500,041
V - Loans guaranteed by mortgages 143 0
VI - Other financial liabilities 144 265,754
VII - Provisions for severance pay 145 10,922
VIII - Other creditors
1. Premium taxes 146 6,378
2. Other tax liabilities 147 55,826
3. Social security 148 2,073
4. Sundry creditors 149 82,835 150 147,112
IX - AOther liabilities
1. Deferred reinsurance items 151 0
2. Commissions for premiums in course of collection 152 24,777
3. Miscellaneous liabilities 153 41,741 154 66,518 155 1,814,374
of which Account linking to non-life business 902 0
carried forward 41,347,335
198 Pag. 5
Previous year brought forward 19,134,736
308 0
309 0
310 0 311 0
312 61,740
313 51
314 7,348
315 6,444
316 0 317 13,843
318 64,979
319 0 320 64,979
321 750,000
322 0
323 0
324 265,028
325 5,897
326 2,941
327 177
328 1,597
329 16,396 330 21,111
331 367,689
332 387
333 24,814 334 392,890 335 1,513,748
904 24,783
carried forward 20,710,224
199 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 41,347,335
H. ACCRUALS AND DEFERRED INCOME
1. Interests 156 69,853
2. Rents 157 0
3. Other accruals and defferred income 158 42,664 159 112,517
TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 160 41,459,852
BALANCE SHEET - LIFE BUSINESS GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
Current year
GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
I - Guarantees issued
1. Fidejussions 161 2,500,000
2. Endorsements 162 0
3. Other personal guarantees 163 0
4. Guarantees secured by mortgages 164 23,535
II - Guarantees received
1. Fidejussions 165 11,375
2. Endorsements 166 0
3. Other personal guarantees 167 0
4. Guarantees secured by mortgages 168 0
III - Guarantees issued by third parties in the interest of the Company 169 0
IV - Commitments 170 2,675,772
V - Assets deposited with the Company 171 0
VI - Assets relating to pension funds managed in the name and on account of third parties 172 146,979
VII - Securities deposited with third parties 173 20,567,736
VIII - Other evidence accounts 174 10,455
200 Pag. 6
Previous year brought forward 20,710,224
336 44,634
337 0
338 10,372 339 55,006
340 20,765,230
Previous year
341 0
342 0
343 0
344 55,593
345 0
346 0
347 0
348 0
349 2,035
350 0
351 0
352 0
353 2,852,945
354 0
201 : Notes to the accounts - Attachment 3
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Breakdown of non-life and life result
Non-life business Life business Total
Technical result ……………………….……………………………… 1 261,705 21 348,251 41 609,956
Investment income …………………………………………………… + 2 668,493 42 668,493
Investment charges ………...……………………….………………… - 3 223,405 43 223,405 Allocated investment return transferred from
the life technical account …………………...……………………… + 24 547,472 44 547,472 Allocated investment return transferred
to the non-life technical account ……………………………… - 5 274,241 45 274,241
Interim result ………………………………………….……………… 6 432,552 26 895,723 46 1,328,275
Other income …………………………………………………………… + 7 181,650 27 24,006 47 205,656
Other charges …………………………………………………………… - 8 615,712 28 154,869 48 770,581
Extraordinary income …………………………………………………+ 9 571,058 29 288 49 571,346
Extraordinary charges ……………………………………………… - 10 169,534 30 827 50 170,361
Result before taxation ……………………..……………………… 11 400,014 31 764,321 51 1,164,335
Income taxes for the year……………………………………..….…- 12 -63,387 32 14,078 52 -49,309
Profit (loss) for the year ………………………………………… 13 463,401 33 750,243 53 1,213,644
203 Notes on the accounts - Attachment 4
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Assets - Changes in intangible assets (item B) and changes in land and buildings (Item C1)
Intangible assets Land and Buildings B C.I
Gross original cost ………………………………………………………………………… + 1 146,282 31 1,360,962
Increases for the year + 2 112,237 32 28,678
due to:acquisitions or increases …………………………………………………….… 3 82,766 33 27,864
readjustments …………………………………………..…………………………… 4 0 34 0
revaluations ………………………………………………………………………… 5 0 35 0
other variations …………………………………………………………………… 6 29,471 36 814
Decreases for the year …………………………………………………………………… - 7 0 37 2,596
due to:sales or decreases …………………………………………………..…………… 8 0 38 36
permanent devaluations ……………………………………………………… 9 0 39 0
other changes (**)………………………………………………………………… 10 0 40 2,560
Gross final goodwill (a) ………………………………………………………………… 11 258,519 41 1,387,044
Amortisation:
Initial goodwill………………………………………………………………………………… + 12 114,212 42 44,592
Increases for the year ………………………………………………..…………………… + 13 16,779 43 160
for: amortisation quota for the year ……………….………………………..… 14 10,166 44 0
other changes ……………………….……………………………………………… 15 6,613 45 160
Decreases for the year …………………………………………………………………… - 16 0 46 3
for: reductions from sales …………………………………………………………… 17 0 47 1
other changes ………….…………………………………………………………… 18 0 48 2
Amortised final goodwill (b) (*) ……………….………………………………… 19 130,991 49 44,749
Book value (a - b) ………………………………………………………………...………… 20 127,528 50 1,342,295
Current value …………………………………………………………………………………… 51 1,446,945
Total revaluations ……………………………...…………………………………………… 22 0 52 978,487
Total devaluations …………………………………………………………………………… 23 0 53 19
(*) including amortisations carried out exclusively in compliance to tax laws ………………………………………… 24 0 54 0
204 Notes to the accounts - Attachment 5
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Assets- Variations in the year of investments in affiliated companies and other shareholdings: equities (item C.II.1), debt securities (item C.II.2) and loans (item C.II.3)
Equities Debt securities Loans C.II.1 C.II.2 C.II.3
Gross initial goodwill …………….……………………………… + 1 15,855,284 21 20,252 41 21,659
Increases for the year …………………………………………… + 2 6,665,070 22 283,037 42 3,907
for: acquisitions, subscriptions, payments ………… 3 4,627,117 23 21,380 43 0
readjustment of value ………………………………… 4 118,312 24 4 44 0
revaluations ………………………………………………… 5 0
other variations …………………………………………… 6 1,919,641 26 261,653 46 3,907
Decreases for the year …………………………………………… - 7 2,027,835 27 10,545 47 868
for: sales and redemptions ………………………………… 8 1,102,382 28 9,967 48 868
devaluations ……………………………………………… 9 46,321 29 174 49 0
other variations …………………………………………… 10 879,132 30 404 50 0
Book value ……………….…………………………………………… 11 20,492,519 31 292,744 51 24,698
Current value ….……………………………………………………… 12 27,025,691 32 301,742 52 24,698
Total revaluations ………………………………………………… 13 37,479
Total devaluations ………………………………………………… 14 1,044,283 34 229 54 0
The item C.II.2 includes:
Quoted debt securities ………………………………………………………………………………………61 165,717
Unquoted debt securities ………………………………………………………………………………… 62 127,027
Book value …………………………………..………………………………………………………………… 63 292,744
of which convertible debt securities …………………………………………………………………64 0
205 Company ASSICURAZIONI GENERALI S. p. A.
Assets - Information regarding associated companies (*)
N. Type Quoted or Activity Company name and registration place Currency
ord. unquoted (1) (2) (3)
1 b NQ 9 A.G. Insurance Managers Ltd ST. PETER PORT Generali House, P.O.Box 613, Hirzel Street - GUERNSEY GBP 2b Q 1Alleanza Assicurazioni S.p.A. MILANO Viale Luigi Sturzo, 35 - ITALIA EUR 3 b NQ 4 Allgemeine Immobilien-Verw. VIENNA Rotenturmstrasse 16-18 - AUSTRIA EUR 4b Q 2AMB Generali Holding AG AQUISGRANA Aachener und Münchener Allee 9 - GERMANIA EUR 5 b NQ 2 AMB Generali Lloyd GmbH AQUISGRANA Maria Theresia Allee 38 - GERMANIA EUR 6 b NQ 1 Aseguradora General S.A. GUATEMALA 10a. Calle 3-17, Zona 10 - GUATEMALA GTQ 7 b NQ 1 Assitalia S.p.A. ROMA Corso d'Italia, 33 - ITALIA EUR 8 b NQ 4 Assitimm S.r.l. ROMA Via Sallustiana, 51 - ITALIA EUR 9b Q 3Banca Generali S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 10 b NQ 2 BG SGR S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 11 b NQ 2 BSI-Generali Asia Ltd WANCHAI 28/F BEA Harbour Vieuw Centre, 56 Glouchester Road - HONG KON HKD 12 b NQ 2 Caja de Ahorro y Seguro S.A. BUENOS AIRES Fitz Roy 957 - ARGENTINA ARS 13 b NQ 8 Enofila S.r.l. TRIESTE Via Machiavelli, 4 - ITALIA EUR 14 b NQ 1 Europ Assistance Italia S.p.A. MILANO Piazza Trento, 8 - ITALIA EUR 15 b NQ 1 Fata Assicurazioni Danni SpA ROMA Via Urbana 169/A - ITALIA EUR 16 b NQ 1 Fata Vita S.p.A. ROMA Via Urbana 169/A - ITALIA EUR 17 b NQ 2 Flandria Participations Fin. BRUXELLES 149, Avenue Louise - BELGIO EUR 18 b NQ 9 GEA-Gestioni Assicurative Srl ROMA Via Giosué Carducci, 4 - ITALIA EUR 19 b NQ 2 Gen Inv S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 20 b NQ 8 Genagricola S.p.A. TRIESTE Piazza Duca degli Abruzzi, 1 - ITALIA EUR 21 b NQ 9 Genamerica Management Corp. NEW YORK 1, Liberty Plaza - STATI UNITI D'AMERICA USD 22 b Q 2 Generali (Schweiz) Holding AG . ADLISWIL Soodmattenstrasse, 10 - SVIZZERA CHF 23 b NQ 2 Generali (Schweiz) Holding AG ADLISWIL Soodmattenstrasse, 10 - SVIZZERA CHF 24 b NQ 2 Generali Asset Manag. Support AQUISGRANA Maria Theresia Allee 38 - GERMANIA EUR 25 b NQ 1 Generali Belgium S.A. BRUXELLES 149, Avenue Louise - BELGIO EUR 26 b NQ 2 Generali Beteiligungs-GmbH AQUISGRANA Maria Theresia Allee 38 - GERMANIA EUR 27 b NQ 2 Generali Capital Finance B.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 28 b NQ 1 Generali China Life Insurance GUANGZHOU 12/F. CTS Center. 219 Zhong Shan Wu Road - CINA REP. CNY 29 b NQ 1 Generali Colombia S.A. BOGOTA' Carrera 7a. No. 72-13, Piso 8 - COLOMBIA COP 30 b NQ 1 Generali Colombia Vida S.A. BOGOTA' Carrera 10a 28/49 - COLOMBIA COP 31 b NQ 9 Generali Consulting Solutions WILMINGTON 1209 Orange Street - STATI UNITI D'AMERICA USD 32 b NQ 1 Generali Corporate S.A. BUENOS AIRES Calle Reconquista, 458 3° Piso - ARGENTINA ARS 33 b NQ 1 Generali do Brasil RIO DE JANEIRO Avenida Rio Branco 128 - BRASILE BRL 34 b NQ 1 Generali Ecuador S.A. GUAYAQUIL WTC Torre B Piso 15, Avenida Francisco de Arellana - ECUADOR USD 35 b NQ 2 Generali España Holding S.A. MADRID Calle Orense 2 - SPAGNA EUR 36 b NQ 2 Generali Finance B.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 37 b NQ 2 Generali France S.A. PARIGI 7/9, Boulevard Haussmann - FRANCIA EUR 38 b NQ 2 Generali Group Serv. & Support AQUISGRANA Maria Theresia Allee 38 - GERMANIA EUR 39 b NQ 1 Generali Hellas A.E.A.Z. ATENE 35-37 Ilia Iliou Street & Pytheou - GRECIA EUR
206 Notes to the accounts - Attachment 6
Year 2006
Paid up capital Equity (**) Last year Share owned (5)
Amount Number of Gain or Loss (**) Direct Indirect Total
(4) shares (4) (4) % % %
10,000 10,000 466,511 72,323 99.94%0.00% 99.94% 423,189,694 846,379,387 2,914,438,782 170,777,813 47.50% 2.91% 50.41% 145,346 200 752,089 133,908 37.50%62.50% 100.00% 137,420,785 53,679,994 1,853,409,860 60,363,018 0.59% 84.46% 85.05% 754,000 754 264,323,599 832,223 11.41%88.59% 100.00% 72,000,000 720,000 80,619,798 17,904,455 51.00%0.00% 51.00% 0 0 0 0 0.00%0.00% 0.00% 10,000 10,000 7,663 -2,337 1.00%99.00% 100.00% 111,313,176 111,313,176 187,699,649 1,451,166 59.78% 1.01% 60.79% 6,475,000 1,295,000 0 0 0.00%100.00% 100.00% 500,000 500,000 501,847 1,847 10.00%90.00% 100.00% 143,575,000 1,435,750 469,113,893 14,502,876 47.50%0.00% 47.50% 2,972,000 2,972,000 2,884,353 -56,206 100.00%0.00% 100.00% 12,000,000 2,000,000 27,444,651 8,978,000 26.05%61.03% 87.08% 5,200,000 5,200,000 5,200,000 0 100.00%0.00% 100.00% 5,200,000 5,200,000 5,200,000 0 100.00%0.00% 100.00% 49,710,000 1,988,400 1,846,754,553 49,419,828 100.00%0.00% 100.00% 59,060 59,060 59,060 0 10.87%8.91E-01 100.00% 7,000,000 7,000,000 7,000,000 0 100.00%0.00% 100.00% 108,350,000 108,350,000 159,158,434 1,316,812 100.00% 0.00% 100.00% 50,000 50 8,340 -91,600 100.00%0.00% 100.00% 0 0 0 0 0.00%0.00% 0.00% 3,053,500 6,107 375,998,045 32,109,516 58.95%41.05% 100.00% 0 0 0 0 0.00%0.00% 0.00% 40,000,000 962,910 245,538,289 35,327,514 32.29%67.70% 99.99% 1,005,000 1,005,000 2,753,648,809 11,656,588 100.00%0.00% 100.00% 10,000,000 100,000 10,000,000 0 25.00%75.00% 100.00% 1,300,000,000 2 1,246,818,641 -142,283,731 50.00%0.00% 50.00% 14,699,945,400 6,999,974 55,227,043 1,368,280 81.83%4.44% 86.28% 4,199,989,500 1,999,995 19,750,861 1,496,901 15.38%84.44% 99.81% 156,420 156,420 132,338 -24,081 100.00%0.00% 100.00% 5,700,000 5,700,000 12,493,779 2,901,582 100.00%0.00% 100.00% 119,930,843 766,664,447 77,148,558 -5,736,546 1.82% 98.16% 99.98% 2,130,000 2,130,000 8,073,356 1,292,602 51.74%0.00% 51.74% 563,490,658 93,758,845 554,165,028 45,616,205 100.00%0.00% 100.00% 100,000,000 1,000,000 248,718,863 24,890,074 100.00%0.00% 100.00% 113,897,495 4,952,065 1,439,731,285 85,870,914 67.29%32.69% 99.98% 0 0 0 0 0.00%0.00% 0.00% 13,527,415 460,900 14,335,051 1,869,496 99.22%0.78% 100.00%
207 N. Type Quoted or Activity Company name and registration place Currency ord. unquoted (1) (2) (3)
40 b NQ 2 Generali Horizon S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 41 b NQ 2 Generali Investment Luxembourg LUSSEMBURGO 25 rue Edward Steichen - LUSSEMBURGO EUR 42 b NQ 2 Generali Investments Limited NAVAN - CO. MEATH Navan Business Park, Athlumney - IRLANDA EUR 43 b NQ 1 Generali Life A.E. ATENE 35-37 Ilia Iliou Street & Pytheou - GRECIA EUR 44 b NQ 9 Generali Properties AM S.p.A. TRIESTE Piazza Duca degli Abruzzi, 1 - ITALIA EUR 45 b NQ 4 Generali Properties S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 46 b NQ 2 Generali Real Estate Fund Sicv LUSSEMBURGO 25, rue Edward Steichen - LUSSEMBURGO EUR 47 b NQ 4 Generali Realties Ltd TEL AVIV 2, Hagdud Haivri Str. - ISRAELE ILS 48 b NQ 1 Generali Rückversicherung AG VIENNA Landskrongasse 1-3 - AUSTRIA EUR 49 b NQ 2 Generali SGR S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 50 b NQ 9 Generali Strategie France SAS PARIGI 5/7, boulevard Haussmann - FRANCIA EUR 51 b NQ 2 Generali U.S. Holdings Inc. WILMINGTON 1209 Orange Street - STATI UNITI D'AMERICA USD 52 b NQ 2 Generali Verzekeringsgroep NV AMSTERDAM Diemerhof 42 - OLANDA EUR 53 b NQ 1 Generali Vida de Seguros S.A. LISBONA Av. Duque d'Avila, 114 - PORTOGALLO EUR 54 b NQ 1 Generali Vita S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 55 b NQ 1 Generali Worldwide Insurance ST. PETER PORT Generali House, P.O.Box 613, Hirzel Street - GUERNSE EUR 56 b NQ 1 Genertel S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 57 b NQ 2 Genervest S.A. BRUXELLES 149, Avenue Louise - BELGIO EUR 58 b NQ 4 GLL GmbH&Co. Messeturm Hold KG MONACO Lindwurmstrasse 76 - GERMANIA EUR 59 b NQ 9 Gruppo Generali Liquid. Danni MILANO Via Caldera, 21 - ITALIA EUR 60 b NQ 9 GSA S.r.l. MOGLIANO VENETO Via Marrochesa, 14 - ITALIA EUR 61 b NQ 9 GSI S.r.l. TRIESTE Via Machiavelli, 4 - ITALIA EUR 62 b NQ 2 Harris & Dixon Insurance Hold. LONDRA 100, Leman Street - GRAN BRETAGNA GBP 63 b NQ 1 Ina Assitalia S.p.A. ROMA Corso d'Italia, 33 - ITALIA EUR 64 b NQ 1 Ina Vita S.p.A. ROMA Corso d'Italia, 33 - ITALIA EUR 65 b NQ 1 La Venezia Assicurazioni MOGLIANO VENETO Via Ferretto, 1 - ITALIA EUR 66 b Q 2 Migdal Insurance&Fin. Holding TEL AVIV 3 Hayetsira Street - Kiryat Arie - Petach Tikva - ISRAELE ILS 67 b NQ 1 Nuova Tirrena S.p.A. ROMA Via Massimi, 158 - ITALIA EUR 68 b NQ 2 Part. Maat. Graafschap Holland AMSTERDAM Diemerhof 42 - OLANDA EUR 69 b NQ 2 Prime Luxembourg Invest. Mngt LUSSEMBURGO 69, Route d'Esch - LUSSEMBURGO EUR 70 b NQ 2 Redoze Holding N.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 71 b NQ 1 Risparmio Assicurazioni S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 72 b NQ 9 Soc. Ing. delle Assicurazioni MILANO Via San Siro, 31 - ITALIA EUR 73 b NQ 9 Sogeda Finanziaria S.r.l. TRIESTE Viale XX Settembre, 1 - ITALIA EUR 74 b Q 1 Toro Assicurazioni S.p.A. TORINO Via Mazzini, 53 - ITALIA EUR 75 b NQ 2 Transocean do Brasil Part. RIO DE JANEIRO Avenida Rio Branco 128 - BRASILE BRL 76 b NQ 2 Transocean Holding Corporation NEW YORK 1, Liberty Plaza - STATI UNITI D'AMERICA USD 77 b NQ 4 UMS S.p.A. TRIESTE Piazza Duca delgi Abruzzi, 2 - ITALIA EUR 78 d NQ 4 A7 S.r.l. MILANO Via Meravigli 2 - ITALIA EUR 79 d NQ 2 Agorà Investimenti S.p.A. CONEGLIANO Via Vittorio Alfieri 1 - ITALIA EUR 80 d NQ 9 Ente Teatrale Italiano ROMA Via Giambattista Morgagni, 13 - ITALIA EUR 81 d NQ 2 Intesa Previdenza SIM S.p.A. MILANO Via Ugo Bassi, 8/b - ITALIA EUR 82 d NQ 2 Nord Est Investment Partners LUSSEMBURGO 19-21 Boulevard du Prince henri - LUSSEMBURGO EUR 83 d NQ 2 Perseo S.p.A. TORINO Via XX Settembre 31 - ITALIA EUR 84 d Q 9 Premuda S.p.A. TRIESTE Corso Italia, 31 - ITALIA EUR
208 Paid up capital Equity (**) Last year Share owned (5)
Amount Number of Gain or Loss (**) Direct Indirect Total
(4) shares (4) (4) % % %
15,520,000 3,104,000 18,359,786 2,334,031 100.00%0.00% 100.00% 1,288,125 10,305 1,288,125 0 40.00%60.00% 100.00% 30,000,000 30,000,000 306,939,918 42,896,242 100.00% 0.00% 100.00% 8,790,000 3,000,000 15,458,725 201,234 99.97%0.03% 100.00% 780,000 1,500,000 1,431,665 4,822,475 100.00%0.00% 100.00% 357,686,860 71,537,372 1,540,920,578 220,422,159 52.07%47.93% 100.00% 512,000,000 512,000 512,000,000 0 25.59%74.41% 100.00% 2 2,000 8,293,908 1,731,802 99.95%0.00% 99.95% 8,833,000 121,000 139,328,107 7,864,417 100.00%0.00% 100.00% 26,250,000 5,250,000 74,276,192 19,425,419 100.00%0.00% 100.00% 2,000,000 1,000 2,221,759 86,819 49.00%51.00% 100.00% 750,100 850 432,470,593 -200 100.00%0.00% 100.00% 5,545,103 13,433 194,677,516 30,003,335 12.77%85.79% 98.56% 9,000,000 36,000 11,824,450 1,815,342 99.99%0.00% 99.99% 0 0 0 0 0.00%0.00% 0.00% 86,733,396 86,733,396 677,531,938 117,893,068 0.00%100.00% 100.00% 23,000,000 4,600,000 36,934,540 19,960,378 1.00E+000.00% 100.00% 2,810,000 112,979 122,633,957 7,264,499 64.96%35.04% 100.00% 121,000,000 121,000,000 121,000,000 0 8.26% 45.45% 53.72% 2,580,000 500,000 2,876,370 1,257,574 100.00%0.00% 100.00% 8,194,180 8,194,180 10,437,821 2,320,716 100.00%0.00% 100.00% 13,600,000 13,600,000 15,417,408 236,200 34.00%66.00% 100.00% 0 0 0 0 0.00%0.00% 0.00% 368,628,450 737,256,900 145,532,802 14,414,551 100.00% 0.00% 100.00% 0 0 0 0 0.00%0.00% 0.00% 95,200,000 19,040,000 384,253,505 37,722,390 100.00% 0.00% 100.00% 10,417,884 1,041,788,400 1,613,812,000 238,285,000 0.98% 68.81% 69.79% 142,570,800 27,630,000 438,218,000 50,836,000 3.92% 96.08% 100.00% 612,182,110 61,218,211 3,652,970,693 182,681,766 100.00%0.00% 100.00% 125,000 5,000 140,006 -14,046 1.00%99.00% 100.00% 22,689,011 500,000 310,233,905 16,243,815 6.02%93.98% 100.00% 5,175,152 517,515,180 8,595,505 755,553 100.00% 0.00% 100.00% 0 0 0 0 0.00%0.00% 0.00% 0 0 0 0 0.00%0.00% 0.00% 184,173,606 184,173,606 1,426,681,342 212,163,000 98.44% 0.00% 98.44% 54,307,416 406,803,955 50,768,247 -87,261 99.99% 0.01% 100.00% 53,000,000 49,806 165,702,842 16,854,870 100.00%0.00% 100.00% 15,993,180 31,986,360 28,371,838 2,889,539 99.90% 0.00% 99.90% 200,000 200,000 7,797,487 2,042,356 20.50%19.60% 40.10% 109,200 210,000 3,179,738 -1,026,706 50.00%0.00% 50.00% 61,975 3 770,577 37,439 33.33%0.00% 33.33% 15,300,000 30,600 15,816,129 316,731 21.47%0.00% 21.47% 380,983 380,983 22,620,149 62,047 32.15%0.00% 32.15% 122,000,000 122,000 122,000,000 0 24.60%0.00% 24.60% 70,418,225 140,836,450 117,689,177 6,420,842 15.06% 0.31% 15.37%
209 N. Type Quoted or Activity Company name and registration place Currency
ord. unquoted (1) (2) (3)
85 d NQ 9 RITA S.r.l. MILANO P.zza S.Babila, 1 - ITALIA EUR 86 d NQ 9 Servizi Tecnologici Avanzati BOLOGNA Via Paolo Nanni Costa, 30 - ITALIA EUR 87 e NQ 2 21, Investimenti S.p.A. TREVISO Viale Fellisent n. 90 - ITALIA EUR 88 e NQ 1 African Development Insurance LAGOS Ebani House-149-153 Broad Str. - NIGERIA NGN 89 e Q 3 Banca Intesa S.p.A. MILANO Piazza P. Ferrari n. 10 - ITALIA EUR 90 e Q 3 Banca Nazionale del Lavoro SpA ROMA Via Vittorio Veneto, 119 - ITALIA EUR 91 e Q 3 Bco Santander Central Hispano SANTANDER Paseo de Pereda, 9-12 - SPAGNA EUR 92 e NQ 8 Cartiere Burgo S.p.A. VERZUOLO Via Roma, 26 - ITALIA EUR 93 e Q 3 Commerzbank AG FRANCOFORTE Kaiserplatz - GERMANIA EUR 94 e Q 9 Datalogic S.p.A. CALDERANA RENO Via Candini, 2 - ITALIA EUR 95 e NQ 2 Emittenti Titoli S.p.A. MILANO Via Passione 2/A - ITALIA EUR 96 e Q 8 Fiat S.p.A. TORINO Via Nizza, 250 - ITALIA EUR 97 e NQ 2 Fin. Priv. S.r.l. MILANO Via Filodrammatici, 8 - ITALIA EUR 98 e NQ 2 Friulia S.p.A. TRIESTE Via Locchi n.19 - ITALIA EUR 99 e Q 2 Gemina S.p.A. MILANO Via F. Turati 16/18 - ITALIA EUR 100 e NQ 2 H2i S.p.A. ROMA Via Barberini 95 - ITALIA EUR 101 e NQ 9 Metis - S.p.A. MILANO Viale Restelli 3/7 - ITALIA EUR 102 e NQ 2 Pirelli & C. RE Franch. Hold. MILANO Via Gaetano Negri, n. 10 - ITALIA EUR 103 e Q 2 Pirelli & C. S.p.A. MILANO Via Gaetano Negri, n. 10 - ITALIA EUR 104 e NQ 9 PREVINET S.p.A. MOGLIANO VENETO Via Marocchesa, 14 - ITALIA EUR 105 e NQ 9 Protos S.O.A. - S.p.A. ROMA Via Lovanio, 6 - ITALIA EUR 106 e NQ 9 Protos S.p.A. ROMA Via Livenza, 3 - ITALIA EUR 107 e NQ 2 Schemaventotto S.p.A. MONCALIERI (TO) Corso Trieste, 170 - ITALIA EUR 108 e NQ 2 Secontip S.p.A. MILANO Via Pontaccio 10 - ITALIA EUR 109 e NQ 2 Symphony International Holding ROD TOWN (TORTOLA) ' - ISOLE VERGINI BRITANNICHE USD 110 e Q 8 Telecom Italia S.p.A. MILANO Piazza degli Affari n. 2 - ITALIA EUR 111 e NQ 2 Venice S.p.A. VICENZA Strada Statale Padana verso Verona, 6 - ITALIA EUR
(*) Group companies and other companies in which a direct partecipation, also through a trust company or a third party, must be listed.
(1) Type (3) Kind of activity carried out (4) Amounts in original currency a = Parent companies 1 = Insurance company b = Affiliated companies 2 = Financial company (5) To state the ultimate share owned c = Affiliates of parent companies 3 =Credit institution d = Associated companies 4 = Real Estate company e = Others 5 = Trust company 6 = Company managing and distributing common investment funds (2) To state Q for securitiesnegotiated in reserved 7 = Pool and NQ for the others 8 = Manufacturing firm 9 = Other company or institution
210 Paid up capital Equity (**) Last year Share owned (5)
Amount Number of Gain or Loss (**) Direct Indirect Total
(4) shares (4) (4) % % %
0 0 0 0 0.00%0.00% 0.00% 102,000 200,000 102,000 0 25.00%0.00% 25.00% 58,142,760 111,813,000 0 0 4.30% 0.00% 4.30% 0 0 0 0 0.00%0.00% 0.00% 3,613,001,196 6,948,079,223 0 0 1.25% 6.35% 7.59% 0 0 0 0 0.00%0.00% 0.00% 3,127,148,290 6,254,296,579 0 0 0.22% 1.08% 1.30% 205,443,391 395,083,445 0 0 11.68% 0.00% 11.68% 1,707,712,648 656,812,557 0 0 1.57% 7.20% 8.77% 33,072,349 63,600,672 0 0 1.51% 2.13% 3.64% 4,264,000 8,200,000 0 0 10.00%0.00% 10.00% 6,377,257,130 1,275,451,426 0 0 0.08% 2.00% 2.08% 20,000 20,000 0 0 14.29%0.00% 14.29% 269,284,808 269,284,808 0 0 2.07% 0.21% 2.28% 368,240,080 368,240,080 0 0 3.65% 0.00% 3.65% 750,000 750,000 0 0 6.67%0.00% 6.67% 10,000,000 10,000,000 0 0 13.64% 0.00% 13.64% 120,000 10 0 0 10.00%0.00% 10.00% 2,791,311,345 5,367,906,432 0 0 2.03% 3.31% 5.34% 5,164,600 10,000 0 0 10.00%0.00% 10.00% 877,975 877,975 0 0 10.59%0.00% 10.59% 465,000 465,000 0 0 19.58%0.00% 19.58% 445,536,000 856,800,000 0 0 6.67% 0.00% 6.67% 5,000,000 5,000,000 0 0 19.33%0.00% 19.33% 56,315,000 56,315,000 0 0 17.76% 0.00% 17.76% 10,673,764,002 19,406,843,640 0 0 1.43% 2.63% 4.06% 12,700,000 12,700,000 0 0 10.31% 0.00% 10.31%
(**) To be filled in only for affiliated and associated companies
211 Company ASSICURAZIONI GENERALI S. p. A.
Assets - Details of investments in Group companies and other companies where a significant interest is held: Equities:
Increases in the year N. Type Name of the company ord. For purchases Others (1) (2) (3) Quantity Value increases
1 b V A.G. Insurance Managers 0 0 1 2 b D Alleanza Assicurazioni 0 0 754 2 b V Alleanza Assicurazioni 0 0 123.697 2 b V1 Alleanza Assicurazioni 0 0 606 2 b V2 Alleanza Assicurazioni 0 0 71 3 b V Allgemeine Immobilien-Verw. 0 0 0 4 b D AMB Generali Holding 0 0 0 4 b V AMB Generali Holding 0 0 20.118 5 b V AMB Generali Lloyd Gmbh 0 0 0 6 b D Aseguradora General 51.000 506 0 7 b V Assitalia 182.000.000 247.000 0 8 b D Assitimm Srl 0 0 0 9 b D Banca Generali 0 0 266.248 9 b V Banca Generali 0 0 0 10 b D BG SGR 0 0 0 11 b D BSI-Generali Asia 0 0 0 12 b D Caja De Ahorro Y Seguro 0 0 0 13 b D Enofila Srl 0 0 0 14 b D Europ Assistance Italia 0 0 0 15 b D Fata Assicurazioni Danni 5.200.000 7.300 145.535 16 b V Fata Vita 5.200.000 7.800 35.091 17 b D Flandria Participations Financieres 0 0 0 18 b D GEA - Gestioni Assicurative Srl 0 0 0 19 b D Generali Investments 7.000.000 7.000 0 20 b D Genagricola 2.500.000 2.500 0 20 b V Genagricola 2.500.000 2.500 0 21 b D Genamerica Management 0 0 0 22 b D Generali (Schweiz) Holding (old) 863.224 227.625 113 23 b D Generali (Schweiz) Holding 575 8.783 299.744 24 b D Generali Asset Management Support 0 0 0 25 b V Generali Belgium 0 0 0 26 b D Generali Beteiligungs Gmbh 0 0 4.033 26 b V Generali Beteiligungs Gmbh 0 0 0 27 b D Generali Capital Finance Bv 25.000 2.500 0 28 b D Generali China Life Insurance 0 0 0 29 b D Generali Colombia 0 0 0 30 b D Generali Colombia Vida 0 0 0 31 b D Generali Consulting Solutions 0 0 0 32 b D Generali Corporate 0 0 0 33 b D Generali do Brasil 0 0 0 34 b D Generali Ecuador 0 0 0 35 b V Generali Espana Holding 0 0 0
212 Notes to the accounts - Attachment 7
Year 2006
Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases
0 0 0 9.994 30 0 692 0 0 24 188.046.695 162.683 0 1.899.648 0 0 0 213.879.240 295.906 0 2.160.608 0 0 0 60.000 606 0 606 0 0 0 7.000 71 0 71 0 0 0 75 117 0 282 471.577 35.927 0 0000 0 0 0 317.400 20.118 0 34.755 0 0 0 86 36.202 0 36.202 0 0 52 367.200 920 0 4.441 0 0 970.078 0 -0 0 0 000100000 0 0 0 66.539.835 266.248 0 638.782 0 0 266.248 0000 200.000 8.000 0 0000 0 0 1 50.000 5 0 5 0 0 9.890 681.981 74.528 0 74.528 0 0 0 2.972.000 2.972 0 2.972 0 0 0 521.000 3.159 0 6.778 0 0 0 5.200.000 152.835 0 152.835 0 0 0 5.200.000 42.891 0 42.891 0 0 0 1.988.399 1.450.196 0 1.780.581 0 0 14 6.422 23 0 23 0 0 0 7.000.000 7.000 0 7.000 0 0 0 51.675.000 57.126 0 79.690 0 0 0 51.675.000 57.126 0 79.690 00150707 51.736 12.335 302.730 0000 0 0 25 3.600 309.225 0 440.401 001310000 0 0 0 310.965 36.449 0 88.149 0 0 0 721.333 1.955.715 0 1.955.715 0 0 3.771 283.667 769.092 0 769.092 0 0 0 25.000 2.500 0 2.500 0 0 5.128 1 63.155 0 66.853 0 0 536 5.728.369 5.638 0 20.241 0 0 1 307.506 14 0 1.141 0 0 14 1 119 0 119 0 0 406 5.699.991 3.061 0 3.084 0 0 28 13.932.780 1.281 0 1.281 0 0 2 1.102.095 19 0 3.698 0 0 0 93.758.845 647.792 0 647.792
213 Increases in the year N. Type Name of the company ord. For purchases Others (1) (2) (3) Quantity Value increases
36 b D Generali Finance Bv 0 0 0 36 b V Generali Finance Bv 0 0 0 37 b D Generali France 0 0 0 37 b V Generali France 0 0 0 38 b D Generali Group Services & Support 0 0 0 39 b D Generali Hellas 0 0 0 40 b V Generali Horizon 0 0 0 41 b D Generali Investments Luxembourg 0 0 0 42 b V Generali Investment Ltd 0 0 0 43 b V Generali Life 0 0 0 44 b D Generali Properties Asset Management 0 0 0 45 b D Generali Properties 0 0 118.311 46 b D Generali Real Estate Fund 305 305 0 47 b D Generali Realties 0 0 0 48 b V Generali Ruckversicherung 0 0 0 49 b D Generali Sgr 0 0 213.942 49 b V Generali Sgr 0 0 0 50 b D Generali Strategie France 0 0 0 51 b D Generali U.S. Holdings Ord 0 0 0 51 b D Generali U.S. Holdings Pref 0 0 0 52 b D Generali Verz.Groep N.1000 0 0 0 52 b D Generali Verz.Groep N. 200 0 0 0 53 b D Generali Vida 0 0 0 53 b V Generali Vida 0 0 0 54 b D Generali Vita 0 0 0 54 b V Generali Vita 0 0 0 55 b D Generali Worldwide Insurance 0 0 0 56 b D Genertel 0 0 0 57 b D Genervest 0 0 0 57 b V Genervest 0 0 0 58 b V GLL Gmbh & Co Messeturm Hold 0 0 10.000 59 b D G.G.L. 500.000 400 0 60 b D GSA Srl 0 0 0 61 b V GSI Srl 4.624.000 500 0 62 b D Harris & Dixon Insurance Holdings 0 0 0 63 b V Ina Assitalia 300 4 2.162.663 64 b V Ina Vita 0 0 0 65 b V La Venezia Assicurazioni 0 0 0 66 b D Migdal Insurance Holding 0 0 0 67 b D Nuova Tirrena Assicurazioni 0 0 7.079 68 b D Part. Maat. Graafschap Holland 0 0 0 68 b V Part. Maat. Graafschap Holland 0 0 0 69 b D Prime Luxembourg Investment Management 0 0 0 70 b D Redoze Holding 0 0 0 71 b D Risparmio Assicurazioni 0 0 0 72 b D SIA - Soc. Ingegneria Assicurazioni 260.000 235 0 73 b D Sogeda Finanziaria Srl 0 0 0 74 b D Toro Assicurazioni 124.795.262 2.651.881 0
214 Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases
0 0 0 502.818 125.765 0 125.765 0 0 0 497.182 124.355 0 124.355 0 0 0 688.812 109.311 0 204.899 0 0 0 2.643.200 419.462 0 786.267 001310000 0 0 0 457.300 15.194 0 15.194 0 0 0 3.104.000 15.520 0 18.360 0 0 0 4.122 60 0 515 0 0 0 30.000.000 300.000 0 317.038 0 0 0 2.999.000 11.353 0 17.291 0 0 0 1.500.000 2.221 0 3.378 0 0 0* 37.248.581 954.181 0 954.181 0 0 0 305 305 0 305 0 0 0 1.999 0 0 1.491 0 0 0 120.999 173.670 0 173.670 5.250.000 96.672 46.270 5.250.000 71.000 0 71.000 0 0 213.942 0000 0 0 0 490 980 0 1.089 0 0 28.002 100 237.453 0 283.352 0 0 67 750 569 0 679 0 0 0 1.545 3.222 0 28.814 0 0 0 76 72 0 283 0 0 0 7.500 2.159 0 2.673 0 0 0 28.496 8.205 0 10.155 0 0 413.166 0000 0 0 413.166 0000 0001000 0 0 0 4.600.000 28.666 0 59.799 0 0 0 48.388 61.809 0 61.809 0 0 0 24.999 31.933 0 31.933 0 0 0 10.000.000 10.000 0 10.000 0 0 0 500.000 3.785 0 3.785 0 0 0 8.194.180 8.104 0 12.238 0 0 0 4.624.000 5.357 0 6.629 0000000 0 0 193.021 737.256.900 2.162.663 0 2.162.663 0 0 1.180.190 0000 0 0 0 19.040.000 314.521 0 384.544 0 0 143 10.239.766 6.033 0 11.304 0 0 0 1.082.400 7.079 0 13.660 0 0 0 32.945.451 1.577.184 0 1.965.898 0 0 0 28.272.760 1.353.490 0 1.687.073 00050000 0 0 0 30.113 18.155 0 18.684 0 0 0 517.494.761 5.563 0 9.108 0 0 400 0 -0 0 0 0000000 0 0 0 124.795.262 2.651.881 0 2.618.205
215 Increases in the year N. Type Name of the company ord. For purchases Others (1) (2) (3) Quantity Value increases
74 b V Toro Assicurazioni 56.500.000 1.200.617 0 75 b D Transocean do Brasil 0 0 0 76 b D Transocean Holding 0 0 0 77 b D Ums Immobiliare 77.064 154 0 78 d D A7 Srl 0 4 0 79 d D Agora' Investimenti 0 0 0 80 d D Ente Teatrale Italiano 0 0 0 81 d V Intesa Previdenza SIM 0 0 0 82 d D Nord Est Investment Partners 0 3.350 0 83 d D Perseo 29.766 29.766 0 84 d D Premuda Ord 0 0 0 85 d D R.I.T.A. Srl 0 0 19 86 d D Servizi Tecnologici Avanzati 0 0 0 87 e D 21, Investimenti 0 0 0 88 e D African Development Insurance 0 0 0 89 e D Banca Intesa Ord 2.250.000 10.833 713 89 e D Banca Intesa Rnc 25.900.000 122.193 907 89 e V Banca Intesa Ord 0 0 228.326 89 e V Banca Intesa Rnc 0 0 54.283 89 e V1 Banca Intesa Ord 0 0 323 89 e V1 Banca Intesa Rnc 0 0 1.770 89 e V2 Banca Intesa Ord 0 0 21 89 e V2 Banca Intesa Rnc 0 0 42 90 e D Bca Nazionale del Lavoro Ord 0 0 0 91 e D Banco Santander Central Hispano 0 0 0 91 e V Banco Santander Central Hispano 0 0 43.414 91 e V1 Banco Santander Central Hispano 0 0 848 91 e V2 Banco Santander Central Hispano 0 0 117 92 e D Cartiere Burgo 0 0 0 93 e D Commerzbank 0 0 0 94 e D Datalogic 0 0 5.386 95 e D Emittenti Titoli 0 0 0 96 e D Fiat Ord 0 0 0 96 e V Fiat Ord 0 0 10.369 97 e D Finpriv Srl 0 0 0 98 e D Friulia 4.999.589 15.013 918 99 e D Gemina Ord 917.900 1.839 0 100 e D H2I - Hldg Di Iniziativa Industriale 0 413 0 101 e D Metis 114.051 344 0 102 e D Pirelli & C. RE Franch. Hold. Srl 0 0 0 103 e V Pirelli & C. 0 0 84.876 104 e V Previnet 0 0 0 105 e D Protos S.O.A. 0 0 0 106 e D Protos 0 0 0 107 e D Schemaventotto 0 0 0 107 e V Schemaventotto 0 0 403.341 108 e D Secontip 0 0 966 109 e D Symphony Int. Holdings 0 0 0
216 Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases
0 0 0 56.500.000 1.200.617 0 1.185.370 0 0 470 406.759.356 21.421 0 21.421 0 0 2.147 49.806 18.210 0 133.642 0 0 0 31.953.971 31.662 0 31.662 0 0 0 41.000 1.210 0 1.210 0 0 0 105.000 14.252 0 14.252 0001000 0 0 0 6.570 3.947 0 3.947 0 0 0 122.494 12.081 0 9.276 0 0 0 30.012 30.012 0 30.012 0 0 0 21.205.573 11.422 0 33.378 1.421.701 725 0 0000 0 0 0 50.000 0 0 0 0 0 1.584 4.812.397 3.655 0 3.655 6.500.000 37 4 0000 0 0 907 3.942.065 15.672 0 23.061 25.900.000 122.029 0 250.000 1.071 0 1.383 0 0 0 71.028.006 228.326 0 415.514 0 0 0 14.550.000 54.283 0 80.462 0 0 0 55.218 323 0 323 0 0 0 320.000 1.770 0 1.770 0 0 0 3.559 21 0 21 0 0 0 7.558 42 0 42 192.983.281 389.587 0 0000 0 0 0 9.734.622 29.798 0 137.648 0 0 0 4.081.000 43.414 0 57.705 0 0 0 60.000 848 0 848 0 0 0 8.300 117 0 117 0 0 0 46.153.846 28.030 0 74.301 0 0 0 10.299.742 185.454 0 297.148 0 0 0 960.260 5.386 0 6.434 0 0 0 820.000 424 0 624 12.876.235 93.353 0 0000 0 0 0 1.000.000 10.369 0 14.468 0 0 0 2.857 14.352 0 32.187 0 0 0 5.574.533 15.931 0 16.126 0 0 0 13.292.623 18.571 0 44.264 0 0 0 50.000 413 0 413 0 0 0 1.364.051 1.635 0 1.635 0 0 18 1 2.250 0 2.250 0 0 0 106.135.159 84.876 0 80.153 0 0 0 1.000 516 0 1.137 0 0 0 92.962 93 0 218 0 0 0 91.042 60 0 468 57.120.002 88.492 0 0000 0 0 0 57.120.002 403.341 0 403.341 0 0 0 966.496 966 0 966 0 0 894 10.000.000 7.584 0 9.264
217 Increases in the year N. Type Name of the company ord. For purchases Others (1) (2) (3) Quantity Value increases
110 e D Telecom Italia Ord 33.000.000 73.755 255.226 110 e D Telecom Italia Rnc 0 0 147 110 e V Telecom Italia Ord 0 0 457.707 110 e V Telecom Italia Rnc 0 0 212.189 110 e V1 Telecom Italia Ord 0 0 865 110 e V1 Telecom Italia Rnc 0 0 1.538 110 e V2 Telecom Italia Ord 0 0 325 110 e V2 Telecom Italia Rnc 0 0 1.307 111 e D Venice Investimenti Spa Cl.A 1.000.000 1.000 0 111 e D Venice Investimenti Spa Cl.B 1.000.000 1.000 0
Total C.II.1 4.627.118 5.166.116
a Parent companies 0 0 b Affiliated companies 4.367.610 3.407.329 c Affiliated of parent comp. 0 0 d Associated companies 33.120 19 e Other 226.388 1.758.768 Total D.I 0 5.950 Total D.II 0 1.882
(1) Must be equal to that of attachment 6 (3) To be stated:: D for non-life business investments (item C.II.1) (1) Type V for life business investments (item C.II.1) a = Parent companies V1 for life business investments (item D.I) b = Affiliated companies V2 for life business investments (item D.2) c = Affiliates of parent companies To the partecipation, even if fractioned, d = Associated companies must be given the same number e = Others
218 Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases
68.409.215 255.226 0 33.000.000 73.755 0 75.570 0 0 12 70.000 135 0 135 0 0 0 157.581.983 457.707 0 360.863 0 0 0 113.200.000 212.189 0 217.570 0 0 0 377.680 865 0 865 0 0 0 800.000 1.538 0 1.538 0 0 0 141.779 325 0 325 0 0 0 680.000 1.307 0 1.307 0 0 0 1.000.000 1.000 0 1.000 0 0 0 1.000.000 1.000 0 1.000
1.102.383 4.053.616 20.492.517 0 27.025.692
00 000 152.934 4.050.198 18.517.339 0 24.572.655 00 000 725 0 72.924 0 92.074 948.724 3.418 1.902.254 0 2.360.963 0 0 5.950 0 5.950 0 0 1.882 0 1.882
(4) To be highlighted with(*) only if assessed through the method of the net equity value (only for Type b and d)
219 Company ASSICURAZIONI GENERALI S. p. A.
Assets - Breakdown on the basis of the utilisation of other financial investments: equities and shares, shares in common investment fun securities, participation in investment pools e other financial investments (items C.III.1, 2, 3, 5, 7) I - Non-life business Durable portfolio Non durable portfolio Book Value Current value Book value Current value
1. Equity and shares …………………………….…………………… 1 354,080 21 1,304,172 41 287,448 61 366,919 a) Quoted shares ………………………………………………… 2 117,114 22 141,714 42 271,830 62 350,035 b) Unquoted shares …………………………………………… 3 27,431 23 68,873 43 463 63 858 c) Other interests………………………………………………… 4 209,535 24 1,093,585 44 15,155 64 16,026 2. Shares in common investment funds ……………………… 5 21,834 25 28,239 45 377,767 65 391,870 3. Debt securities and other fixed-income securities … 6 586,099 26 581,256 46 1,535,301 66 1,538,160 a1) quoted Government securities ………………………… 7 319,177 27 314,124 47 792,728 67 793,295 a2) other quoted securities …………………………………… 8 154,062 28 152,824 48 640,300 68 641,749 b1) unquoted Government securities…………………… 9 758 29 758 49 2,826 69 2,847 b2) other unquoted securities ……………………………… 10 86,087 30 87,535 50 91,975 70 92,732 c) convertible debentures …………………………………… 11 26,015 31 26,015 51 7,472 71 7,537 5. Participation in investment pools…………………………… 12 0 32 0 52 0 72 0 7. Other …………………………..………………………………………… 13 0 33 0 53 80 73 185
II - Life business Durable portfolio Non durable portfolio Book Value Current value Book value Current value
1. Shares and other interests ……………………………………… 121 490,795 141 661,192 161 683,168 181 835,280 a) Quoted shares ………………………………………………… 122 486,055 142 655,653 162 683,167 182 835,279 b) Unquoted shares …………………………………………… 123 6 143 91 163 0 183 0 c) Other interests………………………………………………… 124 4,734 144 5,448 164 1 184 1 2. Shares in common investment funds ……………………… 125 78,583 145 85,159 165 316,985 185 328,469 3. Debt securities and other fixed-income securities … 126 11,966,790 146 13,073,946 166 5,524,573 186 5,667,464 a1) quoted Government securities ………………………… 127 9,923,553 147 10,948,225 167 3,142,010 187 3,182,135 a2) other quoted securities …………………………………… 128 1,675,395 148 1,724,062 168 2,330,730 188 2,433,322 b1) unquoted Government securities…………………… 129 99,592 149 116,161 169 17,904 189 17,941 b2) other unquoted securities ……………………………… 130 268,250 150 285,498 170 19,915 190 20,052 c) convertible debentures …………………………………… 131 0 151 0 171 14,014 191 14,014 5. Participation in investment pools…………………………… 132 0 152 0 172 0 192 0 7. Other …………………………..………………………………………… 133 0 153 0 173 726 193 190
220 No
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Variation for the year of other durable financial investments: equities and shares, shares in common investment funds fixed-income securities, participation in investment pools e other financial investments (items C.III.1, 2, 3, 5, 7)
Equities and shares Shares in common Debt securities and other Part investment funds fixed income securities in inves C.III.1 C.III.2 C.III.3 C
Initial goodwill ………………….……...…………………………… + 1 519,216 21 40,120 41 322,279 81
Revaluations ………………………………………………………… + 2 628,138 22 78,583 42 12,264,118 82
for: acquisitions ………………………………………………… 3 111,250 23 0 43 332,135 83
value readjustments …………………………………… 4 0 24 0 44 0 84
transfers from the non-durable portfolio……… 5 0 25 0 45 0 85
other variations …………………………………………… 6 516,888 26 78,583 46 11,931,983 86
Devaluations ………………………………………………………… - 7 302,480 27 18,287 47 33,508 87
for: sales……………...……………………..……………………… 8 16,129 28 12,531 48 16,030 88
devaluations …………………….………………………… 9 0 29 0 49 0 89
transfers from the non-durable portfolio……… 10 0 30 0 50 0 90
other variations …………………………………………… 11 286,351 31 5,756 51 17,478 91
Book value ………………...………………………………………… 12 844,874 32 100,416 52 12,552,889 92
Current value ………………………………………………………… 13 1,965,364 33 113,398 53 13,655,202 93
221 Notes on the accounts - Attachment 10
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Assets - Variations for the year regarding loans and deposits with credit institutions (items C.III.4, 6)
Loans Deposits with credit institutions C.III.4 C.III.6
Initial goodwill ………………………...………………………………………………………+ 1 42,601 21 41,683
Revaluations for the year …………………………………………………………….… + 2 350,225 22 67,791
for: out of pocket expenses …………………………………………………….…… 3 286
readjustment of value …………………………………………..……………… 4 0
other variations …………………………………………………………………… 5 349,939
Devaluations for the year ……………………………………………………………… - 6 12,921 26 44,193
for: redemptions …………………………………………..……………………………… 7 8,090
devaluations …………………….…………………………………………………… 8 0
other variations …………………………………………………………………… 9 4,831
Book value ………………...………………………………...………………..……………… 10 379,905 30 65,281
222 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
LIFETIME INCOME BOND
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 81,203 27 88,408 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 288 30 294 50
VI. Cash at bank and in hand ……………………………………………..……………11 1,811 31 1,703 51
…………………………………………………………………………12 -947 32 -692 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 82,355 34 89,713 54
223 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
MANAGED FUNDS
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 9,039 25 12,263 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 986 27 651 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 74 30 24 50
VI. Cash at bank and in hand ……………………………………………..……………11 709 31 148 51
…………………………………………………………………………12 -1,565 32 -2,532 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 9,243 34 10,554 54
224 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
REINSURANCE ACCEPTANCE
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 0 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 0 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 94,818 33 71,906 53
Total ………………...……………………………………………………………………………… 14 94,818 34 71,906 54
225 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
INDEX EUROPE
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 274 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 0 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 274 34 0 54
226 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
INDEX SEVEN BEST YEARS
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 24,544 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 0 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 24,544 34 0 54
227 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
INDEX SIX BEST YEARS
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 34,552 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 -717 29 0 49
V. Other assets …………………………………………………………..……………………10 8 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 33,843 34 0 54
228 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
INDEX EUROCOUPON
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 12,224 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 -77 29 0 49
V. Other assets …………………………………………………………..……………………10 98 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 12,245 34 0 54
229 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
INDEX DOUBLE COUPON
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 0 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 9,078 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 1,523 29 0 49
V. Other assets …………………………………………………………..……………………10 124 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 0 31 0 51
Other liabilites ………………………………………………… 12 0 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 10,725 34 0 54
230 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
VALORE QUOTA E PENSIONE
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 8,944 22 0 42
2. Debt securities……………………...…………………………………………………3 150 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 57,070 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 488,426 26 0 46 4
2. Debt securities and other fixed-income securities ………………… 7 213,272 27 0 47 2
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 -11 29 0 49
V. Other assets …………………………………………………………..……………………10 4,693 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 22,993 31 0 51
Other liabilites ………………………………………………… 12 -2,327 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 793,210 34 0 54 7
231 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
QUOTA ASSICURATA
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 0 22 0 42
2. Debt securities……………………...…………………………………………………3 0 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 15,611 25 0 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 0 26 0 46
2. Debt securities and other fixed-income securities ………………… 7 5,579 27 0 47
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 0 29 0 49
V. Other assets …………………………………………………………..……………………10 3 30 0 50
VI. Cash at bank and in hand ……………………………………………..……………11 238 31 0 51
Other liabilites ………………………………………………… 12 -42 32 0 52
…………………………………………………………………………13 0 33 0 53
Total ………………...……………………………………………………………………………… 14 21,389 34 0 54
232 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets relating to contracts linked to investment funds and market index (item D.I)
TOTAL OF INVESTMENT FUNDS
Current value
Current year Previous year Current ye
I. Lands and buildings ……………………...……………………………………………1 0 21 0 41 II. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………2 8,944 22 0 42
2. Debt securities……………………...…………………………………………………3 150 23 0 43
3. Loans ……………………...………………………………………………………………4 0 24 0 44
III. Shares in common investment funds ………………………………………… 5 81,720 25 12,263 45 IV. Other financial investments:
1. Equities ……………………...……………………………………………………………6 488,426 26 0 46 4
2. Debt securities and other fixed-income securities ………………… 7 381,712 27 89,059 47 3
3. Deposits with credit institutions ……………………………………………8 0 28 0 48
4. Other financial investments ……………………………………………………9 718 29 0 49
V. Other assets …………………………………………………………..……………………10 5,288 30 318 50
VI. Cash at bank and in hand ……………………………………………..……………11 25,751 31 1,851 51
Other liabilites ………………………………………………… 12 -4,881 32 -3,224 52
Deposits with ceding companies ………………………………13 94,818 33 71,906 53
Total ………………...……………………………………………………………………………… 14 1,082,646 34 172,173 54 9
233 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets arising out of the management of pension funds (item D.II)
01 - PREVIGEN GLOBAL
Current value
Current year Previous year Current ye
I. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………1 0 21 0 41
2. Debt securities……………………...…………………………………………………2 0 22 0 42 II. Other financial investments:
1. Equities ……………………...……………………………………………………………3 311 23 0 43
2. Debt securities and other fixed-income securities ………………… 4 6,947 24 0 44
3. Deposits with credit institutions ……………………………………………5 3,496 25 0 45
4. Other financial investments ……………………………………………………6 0 26 0 46
5. Investimenti finanziari diversi ………………………………………………7 0 27 0 47
III. Other assets …………………………………………………………..……………………8 86 28 0 48
IV. Cash at bank and in hand ……………………………………………..……………9 213 29 0 49
V. Other liabilites ………………………………………………… 10 -81 30 0 50
…………………………………………………………………………11 0 31 0 51
Total ………………...……………………………………………………………………………… 12 10,972 32 0 52
234 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets arising out of the management of pension funds (item D.II)
02 - PREVIGEN VALORE
Current value
Current year Previous year Current ye
I. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………1 1,843 21 0 41
2. Debt securities……………………...…………………………………………………2 0 22 0 42 II. Other financial investments:
1. Equities ……………………...……………………………………………………………3 38,437 23 0 43
2. Debt securities and other fixed-income securities ………………… 4 60,377 24 0 44
3. Deposits with credit institutions ……………………………………………5 1,130 25 0 45
4. Other financial investments ……………………………………………………6 0 26 0 46
5. Investimenti finanziari diversi ………………………………………………7 0 27 0 47
III. Other assets …………………………………………………………..……………………8 1,595 28 0 48
IV. Cash at bank and in hand ……………………………………………..……………9 2,261 29 0 49
V. Other liabilites ………………………………………………… 10 -2,345 30 0 50
…………………………………………………………………………11 0 31 0 51
Total ………………...……………………………………………………………………………… 12 103,298 32 0 52 1
235 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets arising out of the management of pension funds (item D.II)
03 - EUROFER
Current value
Current year Previous year Current ye
I. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………1 251 21 0 41
2. Debt securities……………………...…………………………………………………2 0 22 0 42 II. Other financial investments:
1. Equities ……………………...……………………………………………………………3 12,209 23 0 43
2. Debt securities and other fixed-income securities ………………… 4 49,721 24 0 44
3. Deposits with credit institutions ……………………………………………5 0 25 0 45
4. Other financial investments ……………………………………………………6 0 26 0 46
5. Investimenti finanziari diversi ………………………………………………7 0 27 0 47
III. Other assets …………………………………………………………..……………………8 626 28 0 48
IV. Cash at bank and in hand ……………………………………………..……………9 1,285 29 0 49
V. Other liabilites ………………………………………………… 10 -582 30 0 50
…………………………………………………………………………11 0 31 0 51
Total ………………...……………………………………………………………………………… 12 63,510 32 0 52
236 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Assets - Assets arising out of the management of pension funds (item D.II)
TOTAL OF PENSION FUNDS
Current value
Current year Previous year Current ye
I. Investments in affiliated undertakings and other shareholdings:
1. Shares and interests ……………………...…………………………………………1 2,094 21 0 41
2. Debt securities……………………...…………………………………………………2 0 22 0 42 II. Other financial investments:
1. Equities ……………………...……………………………………………………………3 50,957 23 0 43
2. Debt securities and other fixed-income securities ………………… 4 117,045 24 0 44 1
3. Deposits with credit institutions ……………………………………………5 4,626 25 0 45
4. Other financial investments ……………………………………………………6 0 26 0 46
5. Investimenti finanziari diversi ………………………………………………7 0 27 0 47
III. Other assets …………………………………………………………..……………………8 2,307 28 0 48
IV. Cash at bank and in hand ……………………………………………..……………9 3,759 29 0 49
V. Other liabilites ………………………………………………… 10 -3,008 30 0 50
…………………………………………………………………………11 0 31 0 51
Total ………………...……………………………………………………………………………… 12 177,780 32 0 52 1
237 Notes on the accounts - Attachment 13
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Liabilities - Variation for the year of the components of the provision for unearned premiums (item C.I.1) and those of the provision for claims outstanding (item C.I.2) of non-life lines of business
Current year Previous year Variation
Premium reserve:
Unearned premium reserve…………………………………1 1,628,797 11 1,499,222 21 129,575
Unexpired risk reserve …………………………………..……2 2,305 12 6,236 22 -3,931
Book value …………………...………………………………………3 1,631,102 13 1,505,458 23 125,644
Provision for claims outstanding:
Provision for refunds and direct expenses …………4 6,423,583 14 5,446,517 24 977,066
Provision for claim settlement costs ………………… 5 187,853 15 143,409 25 44,444
IBNR provision …………………………………………………6 722,376 16 579,587 26 142,789
Book value ………………………..………………………………… 7 7,333,812 17 6,169,513 27 1,164,299
238 Notes on the accounts - Attachment 14
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Liabilities - Changes in the components of the mathematical provision for the year (item C.II.1) and in the components of the provision for profit sharing and premium refunds (item C.II.4)
Current year Previous year Variation
Mathematical reserve for pure premiums ………………… 1 29,496,963 11 12,130,016 21 17,366,947
Premiums brought forward ……………………………………… 2 304,680 12 70,819 22 233,861
Demographical risk reserve …………….………………..……… 3 18,843 13 13,380 23 5,463
Integration provisions …………..……………………………..…… 4 28,504 14 0 24 28,504
Book value ……………………………………………………………… 5 29,848,990 15 12,214,215 25 17,634,775
Provision for profit sharing and premium refunds …… 6 17,747 16 14,804 26 2,943
239 Notes on th
Company ASSICURAZIONI GENERALI S. p. A.
Liabilities - Change for the year in the provisions in the funds for risks and charges (item E) and change in the severance
Provisions for retirement and similar Provisions for taxes Other provis obligations
Initial amounts ……………………...……………………………………………………… + 1 3,600 11 4,958 21
Sums set aside for the year ……………………………………………………………+ 2 0 12 15,795 22
Other increases ……………...………………………………………………………………+ 3 86 13 104,418 23
Other utilisations for the year ……………………………………………………… - 4 0 14 60,559 24
Other decreases …………………………………...…………………………………….… - 5 0 15 59,654 25
Book value ……..……………...…………………………………………………………… 6 3,686 16 4,958 26 1
240 . Company ASSICURAZIONI GENERALI S. p. A.
Details of assets and liabilities referring to group companies and other companies in which a significant interest is held
I: Assets
Affiliated of Parent companies Affiliated companies Associated companies parent comp.
Shares and interests ……………...……………………………… 1 0 2 18,517,339 3 0 4 72,924 5
Debt securities………………….....…………………………………7 0 8 35,146 9 0 10 0 1
Loans……………...………………………………………………………13 0 14 3,907 15 0 16 20,791 1
Participation in investment pools ………………………… 19 0 20 0 21 0 22 0 2
Deposits with credit institutions…………….………………25 0 26 6,715 27 0 28 0 2
Other financial investments ……………………………………31 0 32 0 33 0 34 0 3
Deposits with ceding companies……………………………37 0 38 9,215,206 39 0 40 0 4 Investiments relating to contracts linked to investment funds and market index ……………..…………43 0 44 5,689 45 0 46 0 4 Investiments relating to the administration of pension funds ……………...…………………………………………49 0 50 71 51 0 52 0 5 Debtors arising out of direct insurance operations …...…………………………………………55 0 56 11,439 57 0 58 0 5 Debtors arising out of reinsurance operations……………...……………………………61 0 62 310,330 63 0 64 0 6
Other debtors……………...……...……………………………………67 0 68 49,610 69 0 70 0 7
Bank and postal deposits …………….…………………………73 0 74 363,399 75 0 76 0 7
Other …………………………………………...…………………………79 0 80 0 81 0 82 0 8
Total ……………...………………………………………………………85 0 86 28,518,851 87 0 88 93,715 8
of which subordinated activities ……………...……………91 0 92 0 93 0 94 16,739 9
242 Details of assets and liabilities referring to group companies and other companies in which a significant interest is held
II: Liabilities
Parent companies Affiliated companies Affiliated of parent comp. Associated companies
Subordinated liabilities …………………………………………97 0 98 512,059 99 0 100 0 1
Deposits received from reinsurers …………………....……103 0 104 60,311 105 0 106 0 1 Creditors arising out of direct insurance operations …...…………………………………………109 0 110 2,346 111 0 112 0 1 Creditors arising out of reinsurance operations……………...……………………………115 0 116 55,304 117 0 118 0 1
Amounts owed to credit institutions ………………121 0 122 1,673 123 0 124 0 1
Loans guaranteed by mortgages 127 0 128 0 129 0 130 0 1
Other financial liabilities 133 0 134 2,104,007 135 0 136 0 1
Other liabilities ……………………………...………………………139 0 140 274,103 141 0 142 0 1
Miscellaneous liabilities ……………………………...…………145 0 146 0 147 0 148 0 1
Total ……………...………………………………………………………151 0 152 3,009,803 153 0 154 0 1
243 Notes on the accounts - Attachment 17
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Details of classes I, II, III, IV of "guarantees, commitments and other evidence accounts"
Current year Previous year
I. Guaranteed issued: a) fidejussions and endorsements issued in the interest of parent companies, affiliated companies and affiliates of parent companies ………1 5,118,595 31 2,955,628 b) fidejussions and endorsements issued in the interest of associated companies and other companies in which a significant interest is held ……2 0 32 0
c) fidejussions and endorsements issued in the interest of third parties……… 3 332,235 33 297,300 d) other personal guarantees issued in the interest of parent companies, affiliated companies and affiliates of parent companies ………4 0 34 0 e) other personal guarantees issued in the interest of associated companies and other companies …………………….………………………5 0 35 0
f) other personal guarantees issued in the interest of third parties ………………6 8,259 36 7,445 g) Gurantees secured by mortgages for obligations of parent companies, affiliated companies and affiliates of parent companies ……………..……………7 0 37 0 h) Gurantees secured by mortgages for obligations of associated companies and companies in which a significant interest is held ……………8 0 38 0
i) guarantees secured by morgages for third parties obligations …………………9 15,000 39 8,050
l) guarantees issued for obligations of the Company ………………………………… 10 0 40 0 m) assets deposited for accepted reinsurance operations…………………..…………………………………………………………..…………………11 47,444 41 74,308
Total ………………………………………………...……………………………………………………..………12 5,521,533 42 3,342,731
II. Guarantees received:
a) from group companies, associated companies and other …………………………13 0 43 0
b) from third parties……………………………...………………………………………………………14 124,427 44 162,028
Total ………………………………………………...……………………………………………………..………15 124,427 45 162,028
III. Guarantees issued by third parties in the interest of the Company:
a) from group companies, associated companies and other…………………………16 274,902 46 309,355
b) from third parties ……………………………...………………………………………………………17 119,877 47 160,889
Total ………………………………………………...……………………………………………………..………18 394,779 48 470,244
IV. Commitments:
a) commitments for acquisitions with obligation to resale………………………… 19 0 49 0
b) commitments for sales with obligation to buy back…………………..………………20 0 50 0
b) other commitments ……………………...……………………………………………………………21 5,495,442 51 839,417
Total ………………………………………………...……………………………………………………..………22 5,495,442 52 839,417
244 Notes on the accounts - Attachment 18
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Breakdown of derivatives according to type of contracts
Current year Previous year
PurchasesSales Purchases Sales
Futures: on shares 1 0 21 0 41 0 61 0
on debt securities 2 0 22 100,000 42 0 62 0
on currencies 3 0 23 0 43 0 63 0
on rates 4 0 24 0 44 0 64 0
others 5 1,500 25 0 45 0 65 0
Options on shares 6 0 26 10,455 46 0 66 73,832
on debt securities 7 0 27 0 47 0 67 0
on currencies 8 0 28 0 48 0 68 0
on rates 9 0 29 0 49 0 69 0
others 10 0 30 0 50 0 70 0
Swaps: on currencies 11 1,141,919 31 55,388 51 0 71 16,443
on rates 12 1,022,756 32 2,813,997 52 147,500 72 142,389
others 13 0 33 150,000 53 0 73 0
Other operations: 14 0 34 0 54 0 74 0
Total 15 2,166,175 35 3,129,840 55 147,500 75 232,664
Notes - Only the operations on derivatives which exist at the day of the publication of the financial statement must be included.
In the event of a contract not belonging precisely to the above mentioned types or a contract which has characteristics of different other types, it must be included in tits nearest type. Items compensations are not allowed, unless they refer to purchase/sale operations referring to the same type of contract (same content, deadline, assets behind it…) - The value to be given to derivative contracts which involve or could involve the swap of sums at deadline is the price of the same contracts. In any other case the nominal value of the sum must be declared - The contracts involving the swap of two currencies must be declared once only, with conventional reference to the currency to be purchased. The contracts involving both the swap of interest rates and the swap of currencies must be declared only amongst the currency contracts. The derivative contracts involving the interest rates swap are conventionally classified as "purchases" or "sales" depending on the involvement of the insurance company in the purchase or sale of the fixed-interest.
245 N
Company ASSICURAZIONI GENERALI S. p. A.
Details of the non life business technical account
Gross written Earned written Gross cost premiums premiums of claims
Direct insurance:
Accident and Health (class of insurance 1 and 2) ……………….……… 1 620,199 2 603,431 3 431,435 4
Motor TPL (class of insurance 10) …………………………..……………………6 883,372 7 875,596 8 602,763 9
Motor, other classes (class of insurance 3) ……………….………………… 11 162,233 12 153,670 13 70,382 14 Marine, aviation and transport (classes of insurance 4, 5, 6, 7, 11 and 12) ………………………..…….……16 270,973 17 283,890 18 176,329 19
Fire and other damage to property (classes of insurance 8 and 9) …21 729,694 22 700,493 23 380,566 24
General liability (class of insurance 13) ………………………..…….……… 26 457,391 27 444,342 28 414,328 29
Credit and suretyship (classes of insurance 14 and 15) ………………. 31 40,402 32 42,519 33 62,259 34
Miscellaneous financial loss (class of insurance 16) ……………….……36 36,065 37 34,378 38 56,875 39
Legal expenses (class of insurance 17) ………………….….…………………41 10,339 42 9,775 43 5,227 44
Assistance (class of insurance 18) ……………………..………….………………46 10,413 47 9,363 48 2,796 49
Total direct insurance ……………………..………….………………………………51 3,221,081 52 3,157,457 53 2,202,960 54
Inward reinsurance ……………………..………….…………………………………56 231,785 57 225,023 58 288,329 59
Total italian portfolio ……………………..………….………………………………61 3,452,866 62 3,382,480 63 2,491,289 64
Foreign portfolio ……………………….…..………….…………………………………66 630,747 67 609,535 68 379,710 69
Total ……………………………….………….………..………….……………………………71 4,083,613 72 3,992,015 73 2,870,999 74
246 Notes on the accounts - Attachment 20
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Summary of life business: premiums and reinsurers' share.
Direct business Reinsurance Total
Gross premiums: 1 95,290 11 3,217,313 21 3,312,603
a) 1. individual policies …………………………………………..…2 19,558 12 2,256,099 22 2,275,657
2. group policies………………...……………………………………3 75,732 13 961,214 23 1,036,946
b) 1. regular premiums …………...….………………………………4 83,122 14 3,217,298 24 3,300,420
2. single premiums…………………………………….……………5 12,168 15 15 25 12,183
c) 1. policies without profit sharing …………………………. 6 95,187 16 3,203,920 26 3,299,107
2. policies with profit sharing …………………………………7 0 17 0 27 0
3. policies where the investment risk is borne by the policyholders and relating to the administration of pension funds………...……………… 8 103 18 13,393 28 13,496
Reinsurance balance………………………………….. 9 -22,408 19 -48,977 29 -71,385
247 Notes on the accounts - Attachment 21
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Income from investments (items II.2 e III.3)
Non-life business Life business Total
Income from equities: Dividends and other income from shares and participations in group companies and other companies in which a significant interest is held 1 246,464 41 627,354 81 873,818 Dividends and other income from equities ……………………………………..……2 33,892 42 89 82 33,981
Total …………………………………………………...……………………………..……………………3 280,356 43 627,443 83 907,799
Income from land and buildings ………………………………………………….………4 31,676 44 0 84 31,676
Income from other investments: Income from debt securities of group companies and other companies in which a significant interest is held ……………………… 5 1,364 45 271 85 1,635 Income from loans to group companies and other companies in which a significant interest is held ……………………… 6 389 46 0 86 389 Income from shares in common investment funds ………………………………7 34,526 47 948 87 35,474 Income from debt securities and other fixed-income securities ……………8 68,768 48 66,476 88 135,244 Interests on loans ……….……………………………..…………………………………………9 2,049 49 2,287 89 4,336 Income from participation in investment pools ……………..…………………… 10 0 50 0 90 0 Interests on deposits with credit institutions …………….…………………………11 164 51 372 91 536 Incom from other financial investments ………..…………………………………… 12 44,564 52 17,814 92 62,378 Interests on deposits with ceding companies ………………………………………13 3,384 53 784,237 93 787,621
Total…………………………………………………...……………………………..……………………14 155,208 54 872,405 94 1,027,613
Value re-adjustments on other investments: Land and buildings……………………………………………...……………………………… 15 0 55 0 95 0 Shares and participations in group companies and other companies ……16 118,311 56 0 96 118,311 Debt securities issued by affiliated companies and other companies in which a significant interest is held …………………………………17 4 57 0 97 4 Other equities ……………………………………………...………………………………………18 6,344 58 0 98 6,344 Other debt securities ……………………………………………...……………………………19 150 59 20 99 170 Other financial investments …………………………..……………………………...………20 2,118 60 0 100 2,118
Total …………………………………………………...……………………………..……………………21 126,927 61 20 101 126,947
Gains on the realisation of investments: Surplus on the sale of land and buildings ……………………………………………22 0 62 0 102 0 Gains on shares and participations in group companies and other companies in which a significant interest is held …………………23 5,272 63 0 103 5,272 Gains on debt securities issued by group companies and other companies in which a significant interest is held …………………24 1 64 4 104 5 Gains on other equities …………………………..…………………………….………………25 20,879 65 0 105 20,879 Gains on other debt securities……………….……………………………..………………26 1,610 66 6,408 106 8,018 Gains on other financial investments……………………………………………………27 46,564 67 0 107 46,564
Total …………………………………………………...……………………………..……………………28 74,326 68 6,412 108 80,738
GRAND TOTAL …………………………………………………...…………………………….. 29 668,493 69 1,506,280 109 2,174,773
248 Notes on the accounts - Attachment 22
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Income and unrelises gains on investments for the benefit of policyholders who bear the investment risk and on investments relating to the administration of pension funds (item II.3) I. Investments relating to investment funds and market index
Amounts
Income from:
Land and buildings…………………………………………………………………...……………………………………………………… 1 0
Investments in group companies and other companies in which a significant interest is held …………2 0
Shares in common investment funds…………………..………...……………………………………………………….……………3 137
Other financial investments……………………………………………………...……………………………………………………….4 3,603
- of which income from debt securities …………………………………….… 5 3,602
Other …………………………………………………………………….…………………………...…………………………………………… 6 16,166
Total …………………………………………………………………...……………………………………………………….………………………7 19,906
Gains on the realisation of investments:
Surplus on the sale of land and buildings …………………………………………………..………………….………………… 8 0
Gains on investments in group companies and other companies in which a significant interest is he9 0
Gains on common investment funds …………………...…………………………………..………………………………….…… 10 444
Gains on other financial investments……………………………………………………...………………...……………………… 11 0
- of which debt securities …………………………………….……………………… 12 0
Other income …………………...……………………………………………………….………………………………………………………13 0
Total …………………………………………………………………...……………………………………………………….………………………14 444
Unrealised gains ………………………………………………….……………………………………………………...………………………15 796
GRAND TOTAL …………………………………………………….……………………………………...……………………………………16 21,146
II. Investments relating to the management of pension funds
Importi
Income arising from:
Investments in group companies and other companies in which a significant interest is held …………21 0
Other financial investments ……………………………………………………...………………………………………………………22 0
- of which income from debt securities …………………………………….… 23 0
Other assets …………………………………………………………………...……………………………………………………….…………24 0
Total …………………………………………………………………...……………………………………………………….………………………25 0
Profits on the realisation of investments:
Investments in group companies and companies where a significant interest is held…………………………26 0
Profits on other financial investments …………………...……………………………………………………….…………………27 0
- of which debt securities …………………………………….……………………… 28 0
Other income …………………...……………………………………………………….………………………………………………………29 0
Total …………………………………………………………………...……………………………………………………….………………………30 0
Unrealised gains ………………………………………………….……………………………………………………...………………………31 0
GRAND TOTAL …………………………………………………….……………………………………...……………………………………32 0
249 Notes on the accounts - Attachment 23
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Details of investment charges (items II.9 e III.5)
Non-life business Life business Total
Investment management charges and other charges:
Charges referring to equities ………………………………………………………..……1 3,017 31 4,939 61 7,956
Charges referring to investment in land and buildings …………………… 2 19,950 32 0 62 19,950
Charges referring to debt securities …….……………………………..…………… 3 3,209 33 1,258 63 4,467
Charges referring to shares in common investment funds…………………4 1,509 34 0 64 1,509
Charges referring to shares in common investments…………..…………… 5 0 35 0 65 0
Charges referring to other financial investments ………………………………6 44,409 36 16,634 66 61,043
Interests on deposits received from reinsurers …………………………………7 694 37 7,147 67 7,841
Total …………………………………………………...……………………………..……………… 8 72,788 38 29,978 68 102,766
Value re-adjustments on investments referring to:
Land and buildings ……………………………………………...……………………………9 0 39 0 69 0
Shares and participations in group companies and other companies 10 46,320 40 0 70 46,320
Debt securities issued by group companies and other companies ……11 134 41 40 71 174
Other equities ……………………………………………...……………………………………12 5,761 42 0 72 5,761
Other debt securities ……………………………………………...…………………………13 20,456 43 7,945 73 28,401
Other financial investments ………………………………...……………………………14 26,214 44 0 74 26,214
Total …………………………………………………...……………………………..……………… 15 98,885 45 7,985 75 106,870
Losses on the realisation of investments: Losses on the sale of land
and buildings …………………………………….……………………………..………………16 0 46 0 76 0
Losses on equities…………………………………….……………………………..…………17 18,097 47 0 77 18,097
Losses on debt securities …………………………..………………………………………18 5,812 48 2,372 78 8,184
Losses on other financial investments …………..…………………………………19 27,823 49 0 79 27,823
Total …………………………………………………...……………………………..……………… 20 51,732 50 2,372 80 54,104
GRAND TOTAL …………………………………………………...……………………………21 223,405 51 40,335 81 263,740
250 Notes on the accounts - Attachment 24
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Investment charges and unrealised losses relating to investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds (item II.10)
I. Investments relating to investment funds and market index
Amounts
Charges arising from:
Land and buildings…………………………………………………………………...…………………………………………………1 0
Investments in group companies and other companies in which a significant interest is held ……2 0
Shares in common investment funds…………………..………...……………………………………………………….…… 3 13
Other financial investments……………………………………………………...…………………………………………………4 13
Other activities…………………………………………………………………...……………………………………………………….5 110
Total …………………………………………………………………...……………………………………………………….…………………6 136
Losses on the realisation of investments:
Losses on the sale of land and buildings …………………………………………………..………………….………………7 0 Losses on investments in group companies and other companies in which a significant interest is held …………………...…………………………………..………………………………….……………8 0
Losses on common investment funds …………………...…………………………………..…………………………………9 48
Losses on other financial investments……………………………………………………...………………...…………………10 179
Other charges …………………...……………………………………………………….…………………………………………………11 0
Total …………………………………………………………………...……………………………………………………….…………………12 227
Unrealised losses …………………………………………………………………...………………………………………………………13 5,567
GRAND TOTAL ………………………………………………...………………………………………………...………………………14 5,930
II. Investments relating to the pension funds management
Importi
Charges arising from:
Investments in group companies and other companies in which a significant interest is held ……21 0
Other financial investments ……………………………………………………...…………………………………………………22 0
Other activities…………………………...……………………………………………………………...…………………………………23 0
Total …………………………………………………………………...……………………………………………………….…………………24 0
Losses on the realisation of investments: Losses on investments in group companies and other companies in which a significant interest is held …………………...…………………………………..………………………………….……………25 0
Losses on other financial investments……………………………………………………...………………...…………………26 0
Other charges …………………...……………………………………………………….…………………………………………………27 0
Total …………………………………………………………………...……………………………………………………….…………………28 0
Unrealised losses …………………………………………………………………...………………………………………………………29 0
GRAND TOTAL ………………………………………………...………………………………………………...………………………30 0
251 Company ASSICURAZIONI GENERALI S. p. A. Summary layout of technical account
Code 01 Code 02 Accident Health
Direct business gross of reinsurance Written premiums …………….………………………………………………...……………………… + 1 326,096 1 294,103 Change in the provision for unearned premiums (+ o -) ………………………...…… - 2 4,445 2 12,323 Claims incurred …………….……………………………………….………………………………...… - 3 170,974 3 260,461 Change in other technical provisions (+ o -) (1) …………….…………………………… - 4 0 4 155 Balance of other technical income and charges (+ o -) …………………………...… + 5 -5,998 5 -5,728 Operating expenses………….……….………………………………………………...……………… - 6 86,843 6 49,985 Balance on the technical account for direct business (+ o -) …………………A 7 57,836 7 -34,549 Balance of reinsurance ceded (+ o -) …………………...…………………………………B 8 -5,447 8 2,159 Net balance of accepted business (+ o -) …………………...……………………………C 9 1,837 9 3,090 Change in the equalisation provision (+ o -) …………...………………………………D 10 247 10 0 Allocated investment return transf. from the non-technical account ………E 11 13,466 11 9,355 Balance on the technical account (+ o -) …………………...… (A+B+C-D+E) 12 67,445 12 -19,945
Code 07 Code 08 Cargo Fire and natural events
Direct business gross of reinsurance Written premiums …………….………………………………………………...……………………… + 1 77,445 1 338,267 Change in the provision for unearned premiums (+ o -) ………………………...…… - 2 -1,314 2 15,539 Claims incurred …………….……………………………………….………………………………...… - 3 54,146 3 136,629 Change in other technical provisions (+ o -) (1) …………….…………………………… - 4 0 4 0 Balance of other technical income and charges (+ o -) …………………………...… + 5 -1,415 5 -13,520 Operating expenses………….……….………………………………………………...……………… - 6 24,274 6 97,082 Balance on the technical account for direct business (+ o -) …………………A 7 -1,076 7 75,497 Balance of reinsurance ceded (+ o -) …………………...…………………………………B 8 1,580 8 -62,028 Net balance of accepted business (+ o -) …………………...……………………………C 9 106 9 13,716 Change in the equalisation provision (+ o -) …………...………………………………D 10 0 10 313 Allocated investment return transf. from the non-technical account ………E 11 2,340 11 15,563 Balance on the technical account (+ o -) …………………...… (A+B+C-D+E) 12 2,950 12 42,435
Code 13 Code 14 General liability Credit
Direct business gross of reinsurance Written premiums …………….………………………………………………...……………………… + 1 457,391 1 1,703 Change in the provision for unearned premiums (+ o -) ………………………...…… - 2 13,049 2 1,184 Claims incurred …………….……………………………………….………………………………...… - 3 414,328 3 752 Change in other technical provisions (+ o -) (1) …………….…………………………… - 4 0 4 0 Balance of other technical income and charges (+ o -) …………………………...… + 5 -12,082 5 -45 Operating expenses………….……….………………………………………………...……………… - 6 109,894 6 591 Balance on the technical account for direct business (+ o -) …………………A 7 -91,962 7 -869 Balance of reinsurance ceded (+ o -) …………………...…………………………………B 8 -17,690 8 10 Net balance of accepted business (+ o -) …………………...……………………………C 9 -114,930 9 74 Change in the equalisation provision (+ o -) …………...………………………………D 10 0 10 -785 Allocated investment return transf. from the non-technical account ………E 11 100,349 11 211 Balance on the technical account (+ o -) …………………...… (A+B+C-D+E) 12 -124,233 12 211
(1) As well as including the change in the "Other technical provisions" this item also includes the change in the "Premium refunds and profit sharing reserve"
252 Notes on the accounts - Attachment 25
Year 2006 by branch - Non-life business -Italian portfolio
Code 03 Code 04 Code 05 Code 06 Motor, other classes Trains Aircrafts Watercrafts
1 162,233 1 6,396 1 25,557 1 135,345 2 8,563 2 -530 2 -175 2 -8,323 3 70,382 3 1,498 3 9,624 3 105,897
4 0 4 0 4 0 4 0
5 -1,828 5 -7 5 -1,867 5 364 6 31,619 6 1,538 6 4,026 6 20,740 7 49,841 7 3,883 7 10,215 7 17,395 8 -466 8 -2,981 8 -16,128 8 -17,256 9 165 9 7 9 399 9 391
10 0 10 0 10 0 10 70 11 4,476 11 313 11 227 11 2,520 12 54,016 12 1,222 12 -5,287 12 2,980
Code 09 Code 10 Code 11 Code 12 Other damage to property Motor TPL Aviation TPL Watercrafts TPL
1 391,427 1 883,372 1 24,054 1 2,176 2 13,662 2 7,776 2 -2,575 2 0
3 243,937 3 602,763 3 382 3 4,782 4 0 4 0 4 0 4 0 5 -9,304 5 -11,228 5 -111 5 -48
6 107,180 6 137,286 6 3,567 6 668 7 17,344 7 124,319 7 22,569 7 -3,322 8 -34,280 8 474 8 -27,892 8 -100
9 4,876 9 -5,351 9 -538 9 -21 10 356 10 0 10 0 10 0 11 18,647 11 62,885 11 281 11 291 12 6,231 12 182,327 12 -5,580 12 -3,152
Code 15 Code 16 Code 17 Code 18 Suretyship Miscell. financial loss Legal expenses Assistance
1 38,699 1 36,065 1 10,339 1 10,413 2 -3,301 2 1,687 2 564 2 1,050
3 61,507 3 56,875 3 5,227 3 2,796 4 0 4 0 4 0 4 0
5 -2,737 5 -1,423 5 -225 5 -30
6 12,743 6 10,570 6 3,017 6 2,250 7 -34,987 7 -34,490 7 1,306 7 4,287
8 14,072 8 36,205 8 -50 8 -5,787
9 -1,305 9 2,076 9 0 9 0 10 0 10 0 10 0 10 0 11 3,577 11 2,433 11 889 11 93 12 -18,643 12 6,224 12 2,145 12 -1,407
253 Company ASSICURAZIONI GENERALI S. p. A.
Summary layout of technical accounts of non-life business Italian portfolio
Direct insurance Reinsu
Direct risks Ceded risks Risks accepted 12 3
Written premiums …………….………………………………………………...……………… + 1 3,221,081 11 505,897 21 231,785
Change in the provision for unearned premiums (+ o -) ……………………… - 2 63,624 12 17,271 22 6,762
Claims incurred …………….……………………………………….…………………………… - 3 2,202,960 13 281,629 23 288,329
Change in other technical provisions (+ o -) (1) …………….…………………… - 4 155 14 0 24 0
Balance of other technical income and charges (+ o -) ……………………… + 5 -67,232 15 -1,835 25 -147
Operating expenses………….……….………………………………………………...……… - 6 703,873 16 69,559 26 37,227
Technical balance (+ o -) ………………...…………………………………………………… 7 183,237 17 135,603 27 -100,680
Change in the equalisation provision (+ o -) …………...………………………… -
Allocated investment return transf. from the non-technical account ……+ 9 232,143 29 5,773
Balance on the technical account (+ o -) …………………...………………………… 10 415,380 20 135,603 30 -94,907 4
(1) As well as including the change in the "Other technical provisions" this item also includes the change in the "Premium refunds and profit sharing reserve"
254 Notes on
Società ASSICURAZIONI GENERALI S. p. A.
Life insurance - Summary layout of technical accounts by branch - Italian portfolio
Code I Code Life Marriage an
Direct business gross of reinsurance Written premiums ……………………………………………………………………...………………………………………… + 1 53,638 1 Claims incurred …………….……………………………………….…………………………………….……………………… - 2 117,219 2 Change in mathematical provision and in other technical provisions(+ o -) (*) …………….…… - 3 11,679 3 Balance of other technical income and charges (+ o -) …………………………...…………………………… + 4 -18 4 Operating expenses………….……….……………………………………………………………..…………………………… - 5 3,034 5 Allocated investment return transferred to the non-technical account ………………………………… + 6 62,595 6 Balance of direct business gross of reinsurance (+ o -) ……………………………………………...……A 7 -15,717 7 Balance of reinsurance ceded (+ o -) …………………...………………………………………………….…………B 8 -3,033 8 Net balance of accepted business (+ o -) …………………...………………………………………………………C 9 283,546 9 Balance on the technical account (+ o -) …………………………………...…...………………… (A+B+C) 10 264,796 10
Code IV Code Health Capitalis
Direct business gross of reinsurance Written premiums ……………………………………………………………………...………………………………………… + 1 16,598 1 Claims incurred …………….……………………………………….…………………………………….……………………… - 2 6,564 2 Change in mathematical provision and in other technical provisions(+ o -) (*) …………….…… - 3 -149 3 Balance of other technical income and charges (+ o -) …………………………...…………………………… + 4 -7 4 Operating expenses………….……….……………………………………………………………..…………………………… - 5 1,853 5 Allocated investment return transferred to the non-technical account ………………………………… + 6 1 6 Balance of direct business gross of reinsurance (+ o -) ……………………………………………...……A 7 8,324 7 Balance of reinsurance ceded (+ o -) …………………...………………………………………………….…………B 8 -8,310 8 Net balance of accepted business (+ o -) …………………...………………………………………………………C 9 0 9 Balance on the technical account (+ o -) …………………………………...…...………………… (A+B+C) 10 14 10
(*) The item "various technical provisions" includes "other technical provisions" and "technical provisions when the investment risk is borne by the policyholders and the provisions relating to the m (**) Sum of the items relating to the italian line of business and portfolio included in items II.2, II.3, II.9, II.10, II.12 of the Profit and Loss Accounts
255 Company ASSICURAZIONI GENERALI S. p. A.
Summary layout of technical accounts of life business Italian portfolio
Direct insurance Reinsur
Direct risks Ceded risks Risks accepted 12 3
Written premiums …………….………………………………………………...……………… + 1 71,763 11 59,491 21 1,815,374 31
Cost of claims……………………………..……….…………………….………………………… - 2 135,107 12 42,282 22 1,456,398 32 Change in mathematical provision and in other technical provisions(+ o -) (*) …………………………………………………………… - 3 1,047 13 -1,808 23 470,682 33
Balance of other technical income and charges (+ o -) ……………………… + 4 -26 14 -2,317 24 -2,248 34
Operating expenses………….……….………………………………………………………… - 5 5,068 15 5,538 25 267,679 35 Allocated investment return transferred to the non-technical account (**) ………………………………………..………………….…+ 6 61,746 26 666,575
Balance on the technical account (+ o -) …………………………………...…...… 7 -7,739 17 11,162 27 284,942 37
(*) The item "various technical provisions" includes "other technical provisions" and "technical provisions when the investment risk is borne by the policyholders and the provisions relating to the management of pen
(**) Sum of the items relating to the italian line of business and portfolio included in items II.2, II.3, II.9, II.10, II.12 of the Profit and Loss Accounts
256 Notes on the accounts - Attachment 29
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Summary layout of technical accounts of non-life and life business - Foreign portfolio
Section I: Non-life insurance
Total lines of business
Direct business gross of reinsurance
Written premiums …………….……………………………………………….……………………………………...……… + 1 62,960
Change in the provision for unearned premiums (+ o -) ………………………...………………………… - 2 3,038
Claims incurred …………….…………………………………………………………………….…………………………… - 3 24,080
Change in other technical provisions (+ o -) (1) …………….………………………………………………… - 4 0
Balance of other technical income and charges (+ o -) …………………………...……………………… + 5 -136
Operating expenses………….……….………………………………………………...…………………………………… - 6 23,653
Balance on the technical account for direct business (+ o -) ………………………………………A 7 12,053
Balance of reinsurance ceded (+ o -) …………………...……………………………………………………… B 8 -9,275
Net balance of accepted business (+ o -) ……………………………………………………………...... ………C 9 32,664
Change in the equalisation provision (+ o -) …………...…………………………………………………...D 10 0
Allocated investment return transferred from the non-technical account ………………………E 11 36,325
Balance on the technical account (+ o -) …………………...………………………… (A+B+C-D+E) 12 71,767
Section II: Life insurance business
Total lines of business
Direct business gross of reinsurance
Written premiums ……………………………………………………………………...…………………………………… + 1 23,527
Claims incurred …………….……………………………………….…………………………………….…………………… - 2 12,912
Change in mathematical provision and in other technical provisions(+ o -) (*) …………….… - 3 -7,639
Balance of other technical income and charges (+ o -) …………………………...……………………… + 4 -201
Operating expenses………….……….……………………………………………………………..………………………… - 5 6,341
Allocated investment return transferred to the non-technical account ………………………………+ 6 1,590
Balance of direct business gross of reinsurance (+ o -) ……………………………………………...…A 7 13,302
Balance of reinsurance ceded (+ o -) …………………...………………………………………………….……B 8 -11,246
Net balance of accepted business (+ o -) …………………...…………………………………………………C 9 80,704
Balance on the technical account (+ o -) …………………………………...…...……………… (A+B+C) 10 82,760
(1) As well as including the change in the "Other technical provisions" this item also includes the change in the "Premium refunds and profit sharing reserve"
(2) The item "various technical provisions" includes "other technical provisions" and "technical provisions when the investment risk is borne by the policyholders and the provisions relating to the management of pension funds".
(3) Sum of the items relating to the italian line of business and portfolio included in items II.2, II.3, II.9, II.10, II.12 of the Profit and Loss Accounts
257 Company ASSICURAZIONI GENERALI S. p. A.
Layout of the links with Group companies and companies where a significant interest is held I: Income
Parent companies Affiliated companiesAffiliated of parent compAssociated companie
Investment income
Income from land and buildings ……………..……………………1 0 2 10,018 3 0 4 0
Income from equities ……………………………...……………………7 0 8 834,193 9 0 10 1,327
Income from debt securities ………………………….…………… 13 0 14 127 15 0 16 0
Interests on loans……………...………...…………………………………19 0 20 0 21 0 22 389
Income from other financial investments …………….………25 0 26 294 27 0 28
Interests on deposits with ceding companies……………...…31 0 32 779,653 33 0 34 0
Total ……………...……………………………………………………………… 37 0 38 1,624,285 39 0 40 1,717
Unrealised income and gains on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds ……………...……………………43 0 44 0 45 0 46 0
Other income
Interests on credits……………...……………………………………… 49 0 50 14,937 51 0 52 0
Recovery of administration expenses ……………...………… 55 0 56 127,021 57 0 58 0
Other income and recoveries ……………...……………………… 61 0 62 15,281 63 0 64 6
Total ……………...……………………………………………………………… 67 0 68 157,239 69 0 70 6
Profits on realisation of investments (*) ……………...………73 0 74 2,344 75 0 76 0
Extraordinary income……………...……………………………………79 0 80 17,548 81 0 82 0
GRAND TOTAL ……………...……………………………………………85 0 86 1,801,416 87 0 88 1,723
258 Layout of the links with Group companies and companies where a significant interest is held II: Charges
Parent companies Affiliated companiesAffiliated of parent compAssociated companie
Charges on investments and passive interests:
Investment charges ………………………………………………………91 0 92 9,817 93 0 94 0
Interests on subordinated liabilities …………………………… 97 0 98 17,539 99 0 100 0
Interests on deposits from reinsurers ……………………………103 0 104 2,575 105 0 106 0 Interests on debits from direct insurance operations ……………………...……………………………109 0 110 0 111 0 112 0 Interests on debits from reinsurance operations…………………………………………………115 0 116 10,190 117 0 118 0 Interests on debits towards banks and financial institutions ………………………………………………………………… 121 0 122 1 123 0 124 0
Interests on mortgages …………………………………………………127 0 128 0 129 0 130 0
Interests on other debits ………………………………………………133 0 134 89,075 135 0 136 0
Losses on credits…………………………………………………………139 0 140 0 141 0 142 0
Administration charges and charges for third parties……145 0 146 127,021 147 0 148 0
Other charges………………………………………… 151 0 152 23,943 153 0 154 0
Total ……………...……………………………………………………………… 157 0 158 280,161 159 0 160 0
Unrealised charges and losses on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds……………...………………………………………………163 0 164 0 165 0 166 0
Losses on realisation of investments (*) ……………...………169 0 170 0 171 0 172 0
Extraordinary charges……………...……………………………………175 0 176 82 177 0 178 0
GRAND TOTAL……………...……………………………………………181 0 182 280,243 183 0 184 0
(*) with reference to the counterpart in the operation
259 Company ASSICURAZIONI GENERALI S. p. A.
Summary layout of direct business premiums written
Non-life Life
Affiliates FoS Affiliates FoS
Written premiums:
in Italy ………..………………………………………………1 2,940,342 5 43 11 0 15 0 21
in other EU countries …………………………………… 2 198,598 6 52,027 12 71,764 16 0 22
in third countries ……………………………………………3 62,960 7 30,071 13 23,527 17 0 23
Total ……………...………………………………………………4 3,201,900 8 82,141 14 95,291 18 0 24
260 Notes on the accounts - Attachment 32
Company ASSICURAZIONI GENERALI S. p. A. Year 2006
Layout of costs with regard to staff, administrators and auditors
I: Staff costs
Non-life business Life business Total Employees' costs: Italian portfolio: - Wages …………………...….……………………………..……………… 1 164,081 31 4,403 61 168,484 - Contributi sociali …….……………………………..……………… 2 52,433 32 1,416 62 53,849 - Severance payments and other obligations …….……………………………..………… 3 11,017 33 141 63 11,158 - Other employee costs …….……………………………..………… 4 11,492 34 117 64 11,609 Total …….……………………………..…………………………………… 5 239,023 35 6,077 65 245,100
Foreign portfolio: - Wages…….……………………………..………………………...……… 6 15,113 36 8,797 66 23,910 - Social contributions…….……………………………..…………… 7 3,374 37 2,296 67 5,670 - Other employee costs…….……………………………..………… 8 824 38 636 68 1,460 Total…….……………………………..……………………………………… 9 19,311 39 11,729 69 31,040
Grand total…….……………………………..……………………………… 10 258,334 40 17,806 70 276,140 Costs of non subordinate workforce:
Italian portfolio…….……………………………..……………………… 11 56,466 41 124 71 56,590 Foreign portfolio…….……………………………..…………………… 12 16 42 178 72 194 Total …….……………………………..………………………………………… 13 56,482 43 302 73 56,784
Total cost of workforce…….……………………………..…………… 14 314,816 44 18,108 74 332,924
II: Details of items entered
Non-life business Life business Total
Investments charges…….……………………………..……………… 15 3,252 45 2,872 75 6,124 Costs of claims…….……………………………..……………………… 16 52,404 46 669 76 53,073 Other acuisition costs…….……………………………..…………… 17 47,807 47 1,829 77 49,636 Other administration costs …….……………………………..…… 18 89,026 48 6,812 78 95,838 Amonistrative charges and charges for third parties … 19 67,741 49 0 79 67,741 Allocation to assets…………………………………… 20 54,586 50 5,926 80 60,512 Total …….……………………………..…………………………………… 21 314,816 51 18,108 81 332,924
III: Average number of staff
Number
Managers …….……………………………..……………………………… 91 117 Employees ……………...….……………………………..……………… 92 2,534 Salaried……………...….……………………………..…………………… 93 0 Others……………...….……………………………..……………………… 94 1,627 Total …….……………………………..…………………………………… 95 4,278
IV: Administrators and auditors
Number Wages due
Administrators…….……………………………..……………………… 96 17 98 8,629 Auditors……………...….……………………………..…………………… 97 3 99 175
261
SECURITIES AND URBAN REAL ESTATE ON WHICH REVALUATIONS HAVE BEEN CARRIED OUT .
· Securities on which revaluations have been carried out (Art. 10 of Law 19/3/1983 n. 72) values in euro
Name Entered value 2006 Monetary revaluations Other revaluations
Generali (Schweiz) Holding 309,224,708 85,639 –
Alleanza Assicurazioni 334,892,143 2,022,223 6,050,487
Allgemeine Immobilien Verwaltungs Gesellschaft 117,340 3,547 –
Aseguradora General 919,982 25,578 –
Europ Assistance Italia 3,158,863 5,888 –
Genagricola 114,251,566 5,981,276 –
Generali Corp. Co. Argentina De Seguros 3,061,001 49,701 –
Generali Belgium 36,448,904 – 18,752,247
Generali France 528,772,598 110,443 502,204
Generali Rückversicherung 173,670,139 2,089,240 –
Generali Properties 954,180,712 1,769,691 –
UMS Immobiliare Genova 31,661,830 31,127 –
Total 2,490,359,786 12,174,353 25,304,938
265 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
ROME 355,806,747 3,657,489 278,247,017 Piazza Di Spagna 93 60,174,705 225,725 55,268,664 Piazza Venezia 11 121,984,384 3,407,623 106,862,331 Via Dei Maroniti 38 50,687,592 – 39,588,421 Via Duca Di Genova 6 Roma-Lido Di O 556,308 24,141 322,781 Via Leonida Bissolati 23 117,391,800 – 75,292,862 Via Santa Costanza 11 5,011,959 – 911,959
TRIESTE 110,336,301 4,116,371 92,659,260 Pza Dell’Unita D’Italia 7 23,976,929 1,285,948 19,035,815 Pza Duca Degli Abruzzi 2 63,476,484 1,326,029 55,284,318 Via De Amicis 1 4,526,397 – 4,412,010 Via Trento 8 18,048,890 1,504,394 13,760,245 Via Udine 81 307,601 – 166,873
PERUGIA 4,938,118 47,402 4,512,945 Ponte S. Giovanni 169,785 – 106,030 Via Baglioni 23 4,347,089 – 4,179,296 Via Sicilia 7 421,244 47,402 227,619
VERONA 32,386,005 141,039 23,561,436 C.So Porta Nuova 11 7,531,618 – 7,229,075 Piazza Delle Erbe 38-38/A 21,735,802 141,039 16,331,150 Piazza Simoni, 1 3,118,585 – 1,212
BOLOGNA 8,529,423 – 7,619,620 Galleria Dei Notai 1 4,659,312 – 4,256,423 Via Pignattari 1 3,870,111 – 3,363,197
FLORENCE 29,240,030 140,127 27,243,730 Pza Della Signoria 4 29,163,815 139,679 27,189,184 Via G Da Empoli 27 76,215 448 54,546
FOGGIA 2,467,536 930 2,041,015 Piazza Xx Settembre, 17 2,093,950 – 1,768,900 Via Dante 37 373,586 930 272,115
FOLIGNO 1,592,521 16,828 524,404 Via Cesare Battisti 24 353,631 16,828 144,593 Via Umberto I 7 1,238,890 – 379,811
MILAN 194,538,858 1,633,270 158,327,123 P.Zza Cordusio 2 88,239,430 1,633,270 77,021,905 Via Agnello 6/1 106,299,428 – 81,305,218
MOGLIANO VENETO 180,933,150 23,644 66,698,249 Via Ferretto 1 11,487,677 – 1,560,549 Via Marocchesa 14 169,445,473 23,644 65,137,700
266 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
PISTOIA 1,942,158 – 1,236,367 Via Trinci, 2 1,638,003 – 1,086,976 Viale Adua 138 304,155 – 149,391
REGGIO NELL’EMILIA 4,708,682 106,870 4,057,973 Via Emilia A S.Stefano 2,693,350 – 2,636,950 Via Emilia S. Pietro 5 2,015,332 106,870 1,421,024
VENICE 217,658,091 1,690,709 200,921,481 Procuratie S.Marco 216,453,823 1,640,600 199,892,123 Rio Dei Mendicanti 1,204,268 50,109 1,029,358
ABANO TERME V.Jappelli 38(Cond.S.Elia) 528,412 42,766 402,706
ACQUI TERME Corso Dante 30 258,784 – 82,463
ADRIA Pzza Garibaldi 15 217,434 – 45,533
ALBANO LAZIALE Via Cavour 113 312,094 17,891 192,542
ALBINO Via Mazzini 177 184,519 – 112,804
ALESSANDRIA Via Verdi 4(Cond.Liliana) 352,211 15,159 174,669
ARCISATE Via Matteotti 24 191,200 – 37,231
ARCORE Via San Martino 11 162,197 – 101,025
AREZZO Via G Monaco 41 718,870 34,816 567,234
ARONA Cso Liberazione 81 222,275 9,515 163,580
ASOLA Via Tosio 8 288,916 – 113,445
AZZATE Via Piave 72 203,519 – 27,452
BARLETTA Via G.De Nittis 45 447,766 11,517 350,905
267 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
BENEVENTO Via Dell’Arco Traiano 45 362,328 6,197 306,948
BITONTO V.S.Lucia Filippini 11 275,584 10,646 227,681
BONDENO Piazza Gramsci 15/B 108,585 – 51,798
BORGOSESIA Via Vitt.Veneto 56 209,184 15,961 148,736
BRESCIA P.Zza Della Vittoria 11 4,107,017 – 2,282,444
BRINDISI Via F. Consiglio 4 141,900 258 102,850
BUDRIO Via Cocchi 2 268,763 9,650 151,238
BUSTO ARSIZIO Via Xx Settembre 14-15 526,467 23,756 453,561
CALTAGIRONE Via V.E.Orlando 20 171,589 – 59,649
CALTANISETTA Via Dei Mille 7 173,953 6,881 116,917
CAMISANO Via Roma 79 158,662 – 50,237
CANTU’ Via C. Cattaneo 1 286,158 6,307 246,508
CARBONIA Viale Arsia 90 118,623 – 87,831
CASALECCHIO DI RENO Via Mazzini 33 235,767 13,189 166,622
CASALMAGGIORE Via Centauro 1 192,944 16,151 158,927
CASARANO Via B.Croce 58 247,200 – 129,524
CASERTA Cso Trieste 121 648,443 377 484,642
268 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
CASORIA Via Brig.G.D’Anna 2 267,299 9,086 224,207
CASSINO Via G.Donizetti 15 300,099 – 251,620
CATANZARO Corso Mazzini 4 574,570 – 385,292
CATTOLICA Via Garibaldi 55 296,211 – 206,363
CECINA Cso Matteotti 146 676,905 11,188 596,616
CEFALU’ Piazza Bellipanni 26 302,433 – 159,481
CERVIGNANO Via Roma 40 327,841 – 151,170
CHIUSI Via Pasubio 25 233,800 12,642 196,643
CIRIE’ Via Matteotti 58 275,447 – 119,170
CIVITA CASTELLANA Via Della Repubblica 24 177,591 – 120,364
CODOGNO Via Galilei 7-9 127,160 – 93,026
CODROIPO Via Iv Novembre 290,373 – 102,655
COLLEFERRO Via Delle 5 Giornate 8 264,231 9,693 224,904
COLLESALVETTI Via Umberto I-7 193,445 – 99,159
CONEGLIANO Corso Mazzini 34 499,754 45,991 364,551
CORNUDA Via Zanini 152,831 – 70,586
CORSICO Via Milano 7 544,478 22,746 470,779
269 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
COSSATO Via Trento 15-15A 110,534 – 44,229
DERUTA Via Tiberina 223/A 183,588 – 86,510
ERBA Via Xxv Aprile 320,597 – 163,877
FABRIANO Via G.B.Miliani 23 2,417,991 – 1,319,743
FAENZA Cso Garibaldi 10 357,959 26,330 237,019
FERMO Piazza Ostilio Ricci 1 390,868 – 283,927
FIGLINE VALDARNO Via S.Croce 14 695,041 17,552 580,757
FRANCAVILLA AL MARE Via Maiella 21 197,896 – 74,049
FROSINONE Pzza Caduti Via Fani 31 642,979 28,913 550,021
FUCECCHIO Via C.Battisti 93 362,358 – 255,575
GAVIRATE Via Al Lido 5 242,211 – 129,197
GELA Via Venezia 93 226,370 – 85,394
GEMONA DEL FRIULI Via Santa Lucia 2 310,210 6,527 138,414
GENOA Via Xii Ottobre 1-3 10,005,215 – 4,236,519
GIOIA DEL COLLE Via Apollo 15 208,289 17,535 146,462
GOITO Via Xxvi Aprile 1 204,041 – 108,995
GROTTAGLIE Via Parini 1 239,892 16,163 206,688
270 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
IESOLO LIDO Piazza Brescia 443,983 – 259,807
IMOLA Via Aldrovandi 23 521,909 12,398 343,542
IMPERIA Via Berio 22 228,832 7,982 178,316
ISOLA DEL LIRI Via Roma 7 129,387 – 46,389
IVREA Via Dora Baltea 10 393,408 6,109 181,180
LA SPEZIA Via Chiodo 67 1,612,060 36,049 1,304,346
L’AQUILA Via S.Agostino 25 262,931 18,673 215,086
LATINA Via Xviii Dicembre 44 424,989 26,004 337,556
LATISANA Pza Duomo 8 181,151 8,496 110,781
LAVENO MOMBELLO Piazza Vittorio Veneto 225,492 – 110,854
LECCE Via F Lo Re 38 308,716 475 194,969
LEGNAGO Piazza S.Martino 1 209,847 – 103,418
LICATA Piazza Linares 4 105,586 – 21,061
LIVORNO Pza Cavour 37 2,164,659 65,658 1,683,068
LUCCA Viale S.Concordio 483 299,425 – 110,535
LUINO Via Vittorio Veneto 19 A 337,154 19,552 279,971
MACERATA Gal. Del Commercio 29 523,363 5,092 430,839
271 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
MACOMER Piazza Garibaldi 1/A 161,215 4,537 60,249
MAGENTA Gal. Dei Portici 10 201,994 13,427 169,596
MALNATE Via Garibaldi 35 245,189 – 83,493
MARIANO COMENSE Corso Brianza 8/10 182,303 – 73,393
MATERA Via Roma 71 331,704 10,770 276,968
MELEGNANO Via Castellini 43 475,801 22,450 422,395
MELZO Piazza Garibaldi 8 415,368 21,697 362,530
MERATE Via Don C.Cazzaniga 13 494,190 13,893 418,334
MIRA Via D.Alighieri 383,582 – 199,027
MIRANDOLA Via F.Cavallotti 10 220,295 – 106,121
MODENA Viale Cittadella 47-49 731,610 – 402,587
MODICA Via Conceria 69 108,436 – 28,141
MONFALCONE Viale San Marco 60 240,772 – 120,460
MONSELICE Via C.Battisti 5/1 340,219 19,291 273,983
MONTEBELLUNA Corso Mazzini 123 494,854 – 163,071
MONTEMURLO Via Treviso 303,294 – 194,322
MONTEROTONDO Via Mameli 37 352,280 9,951 230,247
272 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
MORTARA C.So Garibaldi 36 183,189 9,037 153,239
NAPLES Via Porzio G,4-Lotto 4D 14,992,125 – 2,290,793
NARDO’ Via Gallipoli 73,952 – 16,358
NETTUNO P.Zza Ix Settembre 5 412,262 7,477 243,269
NOCERA INFERIORE Via Garibaldi 40 325,926 13,636 253,597
NOVENTA VICENTINA Corso Matteotti 87 194,273 – 72,417
OLBIA Via De Filippi 29 263,598 10,148 187,917
OLGIATE COMASCO Via Roma 156,190 – 49,554
OPERA Via F. Bandiera 7 229,783 – 105,892
ORBASSANO Via Vitt.Emanuele 17 201,091 – 88,951
ORBETELLO Piazza Plebiscito 17 402,669 – 280,651
ORISTANO Via Lombardia 1 195,860 21,066 109,718
OSTIGLIA Via Miglioretti 248,493 – 123,660
PADOVA Via Viii Febbraio 14 15,331,682 308,881 12,735,698
PALERMO Vle Liberta’ 50 927,943 60,988 850,432
PATTI Via S.Antonino 211,481 – 132,521
PAVIA Pzza Della Vittoria 19 410,772 18,411 292,605
273 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
PESCARA C.So Umberto I 103 1,265,429 – 1,086,222
PIACENZA Via Cerri 7 707,784 – 610,692
PIEVE DI CADORE Piazza Municipio 7 142,840 10,071 119,220
PISA Vle Gramsci 14-Gall.A 509,902 1,079 448,418
PONSACCO Via P.Togliatti 39 204,627 – 92,419
PONTASSIEVE Via Montanelli 41 303,217 – 86,170
PONTEDERA Via Manzoni 11 418,877 22,201 300,162
PORDENONE Viale Cossetti 10 466,417 – 201,647
PORTICI Cso Garibaldi 41 440,116 29,677 374,051
PRESEZZO Via A.De Gasperi 1 189,647 – 99,936
QUARTU SANT’ELENA Viale C.Colombo 189 135,376 – 40,155
RAGUSA Corso Italia 88 571,022 – 267,392
REGGIO DI CALABRIA Via Nino Bixio 15 808,561 – 382,533
REZZATO Via L.Da Vinci 68 237,130 – 82,021
RHO Via Madonna 32 599,436 12,567 281,110
ROMANO DI LOMBARDIA Via San Giorgio Ang. 211,356 – 116,276
RONCADE Via Pantiera 10 279,299 – 122,136
274 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
ROVATO Via Bonomelli 120 377,236 10,080 229,860
SALA CONSILINA Via Mezzacapo-Pal. 4 Torri 135,740 7,929 100,481
SAN BENEDETTO DEL TRONTO Via Gramsci 1 434,246 17,882 372,733
SAN BONIFACIO Via Marconi 15 399,708 15,072 339,471
SAN GIOVANNI VALDARNO Cso Italia 24 871,036 37,397 676,007
SAN LAZZARO DI SAVENA Via Emilia 65 278,540 – 174,421
SAN POLO DI PIAVE Via Florida 16 145,872 – 80,609
SAN REMO Via Matteotti 167 498,097 11,041 409,574
SAN SEVERINO MARCHE Viale Mazzini 7 114,345 – 57,133
SAN SEVERO Via Caravaggio 10 165,690 – 22,179
SANLURI Via Carlo Felice 200 102,078 10,277 64,124
SANTA MARIA CAPUA VETERE Via Giovanni Pao 262,170 – 164,767
SANT’ANGELO IN LIZZOLA Via Pio La Torre 147,638 – 65,276
SAREZZO Via Repubblica 10 221,989 – 84,814
SARZANA Via P Gori 32 264,653 7,006 211,288
SASSARI Pzza M. Mazzotti 11/C 255,758 18,722 137,562
SASSUOLO Via San Carlo 30 308,098 – 155,850
275 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
SCHIO Via Marconi 10 302,005 15,621 262,787
SEGRATE Via Modigliani 2 181,653 – 88,417
SERIATE Corso Roma 70 207,415 – 134,950
SESSA AURUNCA Corso Lucilio 80 81,933 9,016 17,458
SIENA Via Del Cavallerizzo 1 2,779,895 – 1,946,597
SIGNA Pza Cavour 30A 364,161 14,689 315,624
SPRESIANO Via Dante (Cond. Al Parco) 259,569 – 128,489
SUSA Cso Inghilterra 2 248,079 19,514 209,610
TARANTO Via Xx Settembre 3 234,637 25,055 80,531
TERAMO Viale Bovio 129-B 368,600 – 180,584
TERRACINA Viale Della Vittoria 50 260,725 13,773 210,241
TURIN Via Botero 18 18,186,708 469,560 12,657,718
TRADATE C.So Bernacchi 55 336,673 – 239,302
TRAPANI Via Marsala 24 129,201 – 75,164
TREVIGLIO Viale Montegrappa 3 391,667 9,936 301,494
TREVISO Via Indipendenza 5 1,041,073 – 785,079
VERBANIA Piazza Castello 27 Verb 184,175 11,458 161,160
276 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2006 (*) Monetary revaluations Other revaluations ITALY
VERCELLI C.So Liberta’47 648,973 17,551 479,726
VEROLANUOVA Via Zanardelli 8 334,795 14,959 264,468
VICENZA Via Dei Frassini 23 406,193 – 68,115
VIGNOLA Via Spilamberto 554 378,990 – 169,652
VILLA GUARDIA Via Mazzini 345,573 – 123,234
VITTORIO VENETO Viale Della Vittoria 179 735,809 17,756 582,256
VOGHERA Pta Plana 1 263,255 35,636 169,690
VOLTERRA Via Ricciarelli 21 236,307 – 136,981
TOTAL ITALY 1,270,218,768 13,697,755 943,062,228
(*) total book value include an amount of € 28,148,126 for work in progress
277 Urban real estate on which revaluations have been carried out
values in euro
Total or partial (Art. 10 of Law 19/3/83 n. 72) book values Place at 31/12/2005 Monetary revaluations Other revaluations FOREIGN COUNTR
GREAT BRITAIN 39,690,101 3,162,958 – LONDON 39,690,101 3,162,958 – 117 Fenchurch Street 39,690,101 3,162,958 –
PORTUGAL 2,411,047 47,956 1,049,694 LISBON 2,411,047 47,956 1,049,694 Avda de Outubro, 75 1,077,312 47,956 783,466 Rua Misericordia 1,259,846 – 208,632 Amadora - M.Dois 73,889 – 57,596
MAROCCO 742,862 232,929 429,344 CASABLANCA 742,862 232,929 429,344 Rue Mustapha El Maani, 88 93,303 29,799 51,385 Av. des Forces de l’Armee Royale, 11 105,294 75,773 75,779 Rue Jean Jaures, 26 544,265 127,357 302,180
EGYPT 10,504,838 64,328 11,630,127 IL CAIRO 10,504,838 64,328 11,630,127 Abdel Khalik Sarwat 10,504,838 64,328 11,630,127
LEBANON 7,660,647 12,865 5,096,894 BEIRUT 7,660,647 12,865 5,096,894 Place de l’Etoile 7,660,647 12,865 5,096,894
TOTAL ABROAD 61,009,495 3,521,036 18,206,059
SUMMARY (in euro)
BUILDINGS IN CITIES ITALY 1,270,218,768 13,697,755 943,062,228 BUILDINGS IN CITIES ABROAD 61,009,495 3,521,036 18,206,059 GRAND TOTAL 1,331,228,263 17,218,791 961,268,287
278 .
COMPANIES IN WHICH AN UNQUOTED SHAREHOLDING (WHICH IS HIGHERTHAN 10%) IS HELD Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
A.P.de Assurantiepartners Amsterdam B.V. Haarlem - Netherlands Generali Levensverzekering Maatschappij N.V. 1.250% Nederlands Algemeen Verzekeringskantoor B.V. 98.750% 100.000%
A7 S.r.l. Milan - Italy Alleanza Assicurazioni S.p.A. 19.600% Assicurazioni Generali S.p.A. 20.500% 40.100%
AachenMünchener Lebensversicherung AG Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AachenMünchener Versicherung AG Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
Access Health Africa (Proprietary) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000%
Adriatica Participations Financières S.A. Bruxelles - Belgium GEPAFI - Generali Participation Financiere S.A. 99.998% Flandria Participations Financières S.A. 0.002% 100.000%
AdvoCard Rechtsschutzversicherung Aktiengesellschaft Hamburg - Germany Volksfürsorge Deutsche Sachversicherung Aktiengesellschaft 43.539% Generali Versicherung Aktiengesellschaft 14.249% AachenMünchener Versicherung AG 29.290% Generali Lloyd Aktiengesellschaft 12.921% 100.000%
AEON Trust - Società Italiana Trust S.r.l. Milan - Italy BSI S.A. 100.000% 100.000%
Afianzadora General S.A. Guatemala - Guatemala Aseguradora General S.A. 10.625% 10.625%
Agorà Investimenti S.p.A. Conegliano - Italy Assicurazioni Generali S.p.A. 50.000% 50.000%
Agricola San Giorgio S.p.A. Trieste - Italy Alleanza Assicurazioni S.p.A. 100.000% 100.000%
AIV-Administrare de Cladiri s.r.l. Bucarest - Romania Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH 100.000% 100.000%
282 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Alcmena Sàrl Luxembourg - Luxembourg BSI S.A. 20.000% 20.000%
Aldon AG Zug - Switzerland BSI S.A. 100.000% 100.000%
Alleanza Investment Public Limited Company Dublin - Eire Agricola San Giorgio S.p.A. 0.025% Intesa Vita S.p.A. 0.025% La Venezia Assicurazioni S.p.A. 0.025% Generali Investments Limited 0.025% Alleanza Assicurazioni S.p.A. 99.850% Finagen S.p.A. 0.025% 99.975%
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG Vienna - Austria Generali Versicherung AG 100.000% 100.000%
Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH Vienna - Austria Generali Holding Vienna AG 62.500% Assicurazioni Generali S.p.A. 37.500% 100.000%
ALLWO Allgemeine Wohnungsvermögens-Aktiengesellschaft Hannover - Germany AachenMünchener Lebensversicherung AG 46.857% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 53.143% 100.000%
AM Erste Immobilien AG & Co. KG Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
AM Gesellschaft für betriebliche Altersversorgung mbH Cologne - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
AM Gesellschaft für Verkaufsförderung mbH Frankfurt - Germany ATLAS Dienstleistungen für Vermögensberatung GmbH 100.000% 100.000%
AM Prudence S.A. Paris - France Generali France S.A. 100.000% 100.000%
AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
AM Vers Erste Immobilien AG & Co. KG Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%
283 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
AM Versicherungsvermittlung GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%
AMB Generali Asset Managers Kapitalanlagegesellschaft mbH Cologne - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Finanzdienstleistung GmbH Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Holding AG Aachen - Germany Generali Levensverzekering Maatschappij N.V. 0.931% Vitalicio Torre Cerdà S.l. 2.142% Generali Assurances Générales 0.186% Generali Belgium S.A. 0.931% Generali Beteiligungs-GmbH 76.729% Generali Personenversicherungen AG 0.745% La Estrella S.A. de Seguros y Reaseguros 0.931% Alleanza Assicurazioni S.p.A. 1.863% Assicurazioni Generali S.p.A. 0.591% 85.051%
AMB Generali Immobilien GmbH Cologne - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Informatik Services GmbH Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Lloyd GmbH Aachen - Germany AMB Generali Holding AG 88.594% Assicurazioni Generali S.p.A. 11.406% 100.000%
AMB Generali Pensionsfonds AG Munich - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
AMB Generali Pensionskasse AG Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Private Equity GmbH Cologne - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 45.000% AachenMünchener Lebensversicherung AG 34.000% AachenMünchener Versicherung AG 5.000% Generali Lebensversicherung AG 16.000% 100.000%
284 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
AMB Generali Schadenmanagement GmbH Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali Services GmbH Aachen - Germany AMB Generali Holding AG 100.000% 100.000%
AMB Generali SicherungsManagement GmbH Berlin - Germany AMB Generali Holding AG 100.000% 100.000%
AMCO Beteiligungs-GmbH Saarbruecken - Germany AMB Generali Holding AG 100.000% 100.000%
AML Zweite Portfolio GmbH & Co. KG Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
AMPAS AachenMünchener Partner-Service GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%
ANAC All-finance Nederland Advies Combinatie B.V. Eindhoven - Netherlands A.P. de Assurantiepartners Amsterdam B.V. 100.000% 100.000%
Anglicka Business Center Spol.s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000%
Anglo-Saxon Real Estate Agency (Israel 1992) Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 49.000% 49.000%
Arche Analyse des Risques Combinés hommes Entreprises SA Paris - France Cofifo S.A. 79.306% 79.306%
Aseguradora General S.A. Guatemala - Guatemala Assicurazioni Generali S.p.A. 51.000% 51.000%
Ashmoret Tihona Ltd Tel Aviv - Israel Hamagen Insurance Co. Ltd 17.000% Migdal Insurance Company Ltd 83.000% 100.000%
Assicurazioni Generali (Insurance Managers) Ltd St. Peter Port - Guernsey Assicurazioni Generali S.p.A. 99.940% 99.940%
285 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Assistencia Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 99.000% Pensiones Banorte Generali S.A. de C.V. 1.000% 100.000%
Assitimm S.r.l. Rome - Italy Generali Properties S.p.A. 99.000% Assicurazioni Generali S.p.A. 1.000% 100.000%
Assurance France Generali S.A. Paris - France Generali France S.A. 100.000% 100.000%
Assurantiekantoor Kerkhof B.V. Achterveld - Netherlands A.P. de Assurantiepartners Amsterdam B.V. 100.000% 100.000%
Atacama Investments Ltd Rod Town (Tortola) - The British Virgin Islands BSI Overseas (Bahamas) Ltd 14.252% 14.252%
Atlantis Dairy Products Inc. Los Angeles - U.S.A. Generali IARD S.A. 15.211% 15.211%
ATLAS Dienstleistungen für Vermögensberatung GmbH Frankfurt - Germany AachenMünchener Lebensversicherung AG 74.000% 74.000%
Augusta Assicurazioni S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000%
Augusta Vita S.p.A. Turin - Italy Augusta Assicurazioni S.p.A. 100.000% 100.000%
Autolinee Regionali Luganesi S.A. Viganello (CH) - Switzerland BSI S.A. 27.583% 27.583%
Avgad Yahalom Management and Services Ltd Ramat Gan - Israel Migdal Real Estate Holdings Ltd 47.000% 47.000%
Aviso Beta Veranlagung GmbH Vienna - Austria Generali Versicherung AG 20.000% 20.000%
AVS Privatkunden Versicherungservice GmbH Vienna - Austria Care Consult Versicherungsmaker GmbH 49.000% 49.000%
286 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
B.V. Algemene Holding en Financierings Maatschappij Diemen - Netherlands Generali Holding Vienna AG 100.000% 100.000%
B.V.B.A. Verzekeringskantoor Soenen Poperinge - Belgium Generali Belgium S.A. 99.800% 99.800%
Bad Kleinkircheneimer Bergbahnen Sport- und Kuranlagen GmbH & Co. KG Bad Kleinkircheim - Austria Generali Versicherung AG 15.000% 15.000%
Banca BSI Italia S.p.A. Milan - Italy Banca Generali S.p.A. 100.000% 100.000%
Banca Unione di Credito (Cayman) Ltd. Grand Cayman - Cayman (B.W.I.) BSI S.A. 100.000% 100.000%
Banco Vitalicio de España - Compañia Anonima de Seguros Barcelona - Spain Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 9.501% Generali España Holding de Entidades de Seguros S.A. 89.270% Banco Vitalicio de España - Compañia Anonima de Seguros 1.164% 99.935%
BBG Beteiligungsgesellschaft m.b.H. Munich - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
Beleggingsmaatschappij de Grachten B.V. Diemen - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Beleggingsmaatschappij Nedasinvest B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. Trieste - Italy Banca Generali S.p.A. 100.000% 100.000%
BG Società di Gestione Risparmio S.p.A. Trieste - Italy Banca Generali S.p.A. 100.000% 100.000%
Bioventure Trading S.A. Funchal (Madeira) - Portugal BSI S.A. 100.000% 100.000%
Bonus Pensionskassen AG Vienna - Austria Generali Holding Vienna AG 12.500% 12.500%
287 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
BONUS-Mitarbeitervorsorgekassen AG Vienna - Austria Generali Holding Vienna AG 50.000% 50.000%
Bourbon Courtage S.A. Sainte Clotilde - France Generali IARD S.A. 0.120% Generali Vie S.A. 0.120% Prudence Creole 99.759% 100.000%
BSI Administrators (Channel Islands) Ltd St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 100.000% 100.000%
BSI Art Collection (Svizzera) S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%
BSI Art Collection S.A. Luxembourg - Luxembourg BSI S.A. 99.000% 99.000%
BSI Bank Limited Singapore - Singapore BSI S.A. 100.000% 100.000%
BSI Generali Bank (Channel Islands) Limited St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 10.000% BSI S.A. 90.000% 100.000%
BSI Generali Capital Markets (CI) Ltd St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 100.000% 100.000%
BSI Ifabanque S.A. Paris - France BSI S.A. 51.005% 51.005%
BSI Investment Advisors (Panama) Inc Panama City - Panama BSI Overseas (Bahamas) Ltd 100.000% 100.000%
BSI Laran S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%
BSI Overseas (Bahamas) Ltd Nassau - Bahamas BSI S.A. 100.000% 100.000%
BSI S.A. Lugano - Switzerland Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000%
288 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
BSI SAM International Private Banking Montecarlo - Monaco BSI S.A. 100.000% 100.000%
BSI Servicios Internationales S.A. Santiago - Chile BSI S.A. 100.000% 100.000%
BSI Servicios S.A. Montevideo - Uruguay BSI S.A. 100.000% 100.000%
BSI Serviços Ltda São Paulo - Brazil BSI S.A. 100.000% 100.000%
BSI Trust Corp. (Bahamas) Ltd Nassau - Bahamas BSI S.A. 100.000% 100.000%
BSI Trust Corp. (Channel Island) Ltd St. Peter Port - Guernsey BSI S.A. 100.000% 100.000%
BSI Werthein Merchant House S.A. Lugano - Switzerland BSI S.A. 50.000% 50.000%
BSI-Generali Asia Limited Wanchai - Hong Kong Assicurazioni Generali S.p.A. 10.000% BSI S.A. 90.000% 100.000%
B-Source S.A. Manno - Switzerland BSI S.A. 63.000% 63.000%
BUC Financial Products SA Lugano - Switzerland BSI S.A. 100.000% 100.000%
CA Global Property Internationale Immobilien AG Vienna - Austria Generali Versicherung AG 67.742% 67.742%
Caja de Ahorro y Seguro S.A. Buenos Aires - Argentina Assicurazioni Generali S.p.A. 47.500% 47.500%
Caja de Seguros S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 99.000% 99.000%
289 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Cajamar Vida S.A. de Seguros y Reaseguros Almeira - Spain Generali España Holding de Entidades de Seguros S.A. 50.000% 50.000%
Calas S.A. Zug - Switzerland BSI S.A. 100.000% 100.000%
Car Care Consult Versicherungsmakler GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
Care Assist Pty Ltd Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000%
Care Consult Versicherungsmaker GmbH Vienna - Austria Europäische Reiseversicherungs AG 100.000% 100.000%
Care Management Network Inc. St Michael - Barbados EA Bahamas Ltd 100.000% 100.000%
Carthage Assistance Services en Libye Tripoli - Libya Carthage Assistance Services S.A. 100.000% 100.000%
Carthage Assistance Services S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 49.012% 49.012%
Cartiere Burgo S.p.A. Verzuolo - Italy Assicurazioni Generali S.p.A. 11.682% 11.682%
Casaletto S.r.l. - Società Unipersonale Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%
Cassa di Liquidazione e Garanzia S.p.A. Trieste - Italy Ina Assitalia S.p.A. 12.955% 12.955%
CENTRAL Erste Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000%
Central Fixed Assets GmbH Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000%
290 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Central Krankenversicherung Aktiengesellschaft Cologne - Germany AMB Generali Holding AG 100.000% 100.000%
CENTRAL Zweite Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000%
Cestar S.r.l. Pero - Italy Ina Assitalia S.p.A. 6.242% Fata Assicurazioni Danni S.p.A. 0.729% Assicurazioni Generali S.p.A. 6.764% Nuova Tirrena S.p.A. 4.045% Risparmio Assicurazioni S.p.A. 0.074% Toro Assicurazioni S.p.A. 3.478% Genertel S.p.A. 0.001% 21.332%
CGM Italia SIM S.p.A. Milan - Italy BSI S.A. 20.000% 20.000%
CGPM, Compagnie de Gestion Privée Monegasque SAM Montecarlo - Monaco BSI SAM International Private Banking 20.000% 20.000%
Citadel Ins. Co. PLC Floriana - Malta Ina Assitalia S.p.A. 21.000% 21.000%
City Tower Services in Jerusalem (1980) Ltd Herzliya - Israel Migdal Real Estate Holdings Ltd 15.079% 15.079%
CityLife S.r.l. Milan - Italy Generali Properties S.p.A. 26.667% 26.667%
CMN Inc. Markham - Ontario - Canada Worldwide Assistance Canada Inc. 100.000% 100.000%
Cofifo S.A. Paris - France Generali Vie S.A. 100.000% 100.000%
Cofitem Cofimur Paris - France L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.344% Generali Vie S.A. 20.638% Generali IARD S.A. 0.516% 21.498%
291 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Comercial Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% Solida Banorte Generali S.A. de C.V. Afore 34.000% Pensiones Banorte Generali S.A. de C.V. 33.000% 100.000%
COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte mbH Frankfurt - Germany Deutsche Bausparkasse Badenia Aktiengesellschaft 9.400% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 40.600% 50.000%
Consorzio Agenzia Generale INA-Assitalia di Roma in gestione diretta Rome - Italy Ina Assitalia S.p.A. 98.999% Gruppo Generali Liquidazione Danni S.p.A. 1.001% 100.000%
Continuum S.r.l. Rome - Italy Generali Properties S.p.A. 40.000% 40.000%
Cosmos Finanzservice GmbH Saarbruecken - Germany Cosmos Versicherung Aktiengesellschaft 100.000% 100.000%
Cosmos Fixed Assets GmbH Saarbruecken - Germany Cosmos Lebensversicherungs Aktiengesellschaft 100.000% 100.000%
Cosmos Lebensversicherungs Aktiengesellschaft Saarbruecken - Germany AMB Generali Holding AG 100.000% 100.000%
Cosmos Versicherung Aktiengesellschaft Saarbruecken - Germany AMB Generali Holding AG 100.000% 100.000%
Courtage Inter Caraibes Fort De France - Martinica GFA Caraïbes 99.760% 99.760%
CSC (1983) Management and Trusteeship Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
CST - Centro Servizi Toro S.r.l. Turin - Italy Augusta Assicurazioni S.p.A. 0.012% Toro Assicurazioni S.p.A. 99.988% 100.000%
DAS - Difesa Automobilistica Sinistri S.p.A. Verona - Italy Toro Assicurazioni S.p.A. 50.008% 50.008%
292 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Data Car Israel Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 50.000% 50.000%
DBB Vermögensverwaltung GmbH & Co. KG Karlsruhe - Germany Deutsche Bausparkasse Badenia Aktiengesellschaft 100.000% 100.000%
DBS Eigenheimbau GmbH Darmstadt - Germany Deutsche Bausparkasse Badenia Aktiengesellschaft 100.000% 100.000%
DCM GmbH & Co. Renditefonds 16 KG Munich - Germany Generali Lebensversicherung AG 50.838% 50.838%
Dedale S.A. Liegi - Belgium Generali Belgium S.A. 99.970% Generali Belgium Invest S.A. 0.030% 100.000%
Delta Generali Osiguranje a.d.o. Belgrade - Serbia Generali Holding Vienna AG 50.023% 50.023%
Delta Generali Reosiguranje a.d.o. Belgrade - Serbia Delta Generali Osiguranje a.d.o. 99.994% 99.994%
Deutsche Bausparkasse Badenia Aktiengesellschaft Karlsruhe - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 31.304% AMB Generali Holding AG 68.696% 100.000%
Deutsche Vermögensberatung Aktiengesellschaft DVAG Frankfurt - Germany AMB Generali Holding AG 50.000% 50.000%
Deutscher Lloyd GmbH Berlin - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
Dialog Lebensversicherungs-Aktiengesellschaft Augusta - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
Diffusion Assurance Conseil S.a r.l. Paris - France L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 99.909% 99.909%
DO Liegenschaftsverwaltung spol. s.r.o. Prague - Czech Republic Ovocny Liegenschaftsverwaltung GmbH 100.000% 100.000%
293 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Dolphin Investments S.A.p.A. Trieste - Italy Generali Horizon S.p.A. 23.337% 23.337%
Drei Banken-Generali Investment Ges.m.b.H. Vienna - Austria Generali Holding Vienna AG 48.571% 48.571%
Drei-Banken Versicherungs-Aktiengesellschaft Linz - Austria Generali Holding Vienna AG 20.000% 20.000%
E3 S.A. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000%
E4 S.A. Gennevilliers - France Europ Assistance IHS Services S.A.S. 100.000% 100.000%
EA Service GmbH Munich - Germany Europ Assistance Versicherungs-AG 100.000% 100.000%
Editorial Española de Seguros S.A. Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 19.000% 19.000%
Efidis S.A. Cachan - France AM Prudence S.A. 0.000% AMB Generali Holding AG 39.059% 39.059%
EKZ Mariahilfer Straße 77 Betriebs-GmbH Vienna - Austria Generali Versicherung AG 100.000% 100.000%
Elsõ Hazai Pénztárszervezõ Rt. Budapest - Hungary Generali-Providencia Biztosító Rt. 74.000% Generali Biztosítási Ügynök és Marketing Kft 26.000% 100.000%
Enofila S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Ente Teatrale Italiano Rome - Italy Assicurazioni Generali S.p.A. 33.333% 33.333%
ENVIVAS Krankenversicherung AG Cologne - Germany AMB Generali Holding AG 100.000% 100.000%
294 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
EOS Servizi Fiduciari S.p.A. Milan - Italy BSI S.A. 100.000% 100.000%
Erste Wiener Hotel AG Vienna - Austria Generali Versicherung AG 99.942% 99.942%
EU-RA Europe Rating S.p.A. Trieste - Italy Banca Generali S.p.A. 20.000% 20.000%
Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. Lisbon - Portugal Europ Assistance Holding S.A. 52.999% 52.999%
Europ Assistance - Serviços de Assistencia Personalizados S.A. Lisbon - Portugal Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 99.900% 99.900%
Europ Assistance (Ireland) Ltd Dublin - Eire Europ Assistance Holdings Ltd 100.000% 100.000%
Europ Assistance (Suisse) Assurances S.A. Geneve - Switzerland Europ Assistance (Suisse) Holding S.A. 100.000% 100.000%
Europ Assistance (Suisse) Holding S.A. Geneve - Switzerland Europ Assistance Holding S.A. 75.000% Generali (Schweiz) Holding AG 1.000% 76.000%
Europ Assistance (Suisse) S.A. Geneve - Switzerland Europ Assistance (Suisse) Holding S.A. 100.000% 100.000%
Europ Assistance (Taiwan) Ltd Taipei - Taiwan Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance Argentina S.A. Buenos Aires - Argentina Caja de Seguros S.A. 34.000% Ponte Alta - Comercio e Consultoria, Lda 66.000% 100.000%
Europ Assistance Belgium S.A. Bruxelles - Belgium Generali Belgium S.A. 0.000% Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance CEI OOO Moscow - Russia Europ Assistance Holding S.A. 100.000% 100.000%
295 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance de México S.A. Mexico - Mexico Europ Assistance Holding S.A. 49.000% 49.000%
Europ Assistance España S.A. de Seguros y Reaseguros Madrid - Spain Banco Vitalicio de España - Compañia Anonima de Seguros 5.000% Europ Assistance Holding S.A. 95.000% 100.000%
Europ Assistance France S.A. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance Gesellschaft mbH Vienna - Austria Generali Holding Vienna AG 25.000% Europ Assistance Holding S.A. 75.000% 100.000%
Europ Assistance Holding S.A. Paris - France Generali IARD S.A. 21.128% Generali France S.A. 53.728% Assurance France Generali S.A. 9.356% Generali Vie S.A. 10.745% Participatie Maatschappij Graafschap Holland N.V. 5.010% 99.967%
Europ Assistance Holdings Ltd Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance IHS Services S.A.S. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance Insurance Limited Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holdings Ltd 100.000% 100.000%
Europ Assistance Israel Ltd Rishon Le Zion - Israel Migdal Insurance Company Ltd 50.000% Europ Assistance Holding S.A. 50.000% 100.000%
Europ Assistance Italia S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 26.050% Europ Assistance Holding S.A. 61.030% 87.080%
Europ Assistance Kft Budapest - Hungary Generali-Providencia Biztosító Rt. 26.000% Europ Assistance Holding S.A. 74.000% 100.000%
296 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance Limited Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holdings Ltd 100.000% 100.000%
Europ Assistance Medical Services Internationals S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 44.000% 44.000%
Europ Assistance Nederland B.V. Arnhem - Netherlands Europ Assistance Holding S.A. 70.000% Generali Schadeverzekering Maatschappij N.V. 30.000% 100.000%
Europ Assistance Océanie S.A. Papeete - Tahiti - French Polynesia Europ Assistance Holding S.A. 99.875% 99.875%
Europ Assistance Polska Sp.zo.o. Warsaw - Poland Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance S.A. Gennevilliers - France
Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance s.r.o. Prague - Czech Republic Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance SA (Chile) Las Condes - Santiago - Chile Ponte Alta - Comercio e Consultoria, Lda 25.500% Europ Assistance Holding S.A. 25.500% 51.000%
Europ Assistance Service S.p.A. Milan - Italy Europ Assistance Italia S.p.A. 100.000% 100.000%
Europ Assistance Services S.A. Bruxelles - Belgium Generali Belgium S.A. 20.000% Europ Assistance Belgium S.A. 80.000% 100.000%
Europ Assistance Servicios S.A. Madrid - Spain Europ Assistance España S.A. de Seguros y Reaseguros 100.000% 100.000%
Europ Assistance Société d’Assistance S.A. Luxembourg - Luxembourg Europ Assistance Holding S.A. 51.000% 51.000%
297 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance Trade S.p.A. Milan - Italy Europ Assistance Italia S.p.A. 91.560% Europ Assistance Service S.p.A. 8.440% 100.000%
Europ Assistance Travel Assistance Services (Beijing) Co Ltd Pechino - People’s Republic of China Europ Assistance Holding S.A. 100.000% 100.000%
Europ Assistance Travel S.A. Madrid - Spain Europ Assistance Servicios S.A. 99.900% 99.900%
Europ Assistance Vai S.r.l. Milan - Italy Europ Assistance Trade S.p.A. 49.889% Europ Assistance Service S.p.A. 49.889% 99.778%
Europ Assistance Versicherungs-AG Munich - Germany AMB Generali Holding AG 25.000% Europ Assistance Holding S.A. 75.000% 100.000%
Europ Assistance Vostok OOO Moscow - Russia Europ Assistance CEI OOO 60.000% 60.000%
Europ Assistance Warranty S.p.A. Rome - Italy Europ Assistance Trade S.p.A. 100.000% 100.000%
Europ Assistance Worldwide Services (South Africa) Ltd Midrand - South Africa Europ Assistance Holding S.A. 57.000% 57.000%
Europ Assistance Worldwide Services Pte Ltd Singapore - Singapore Europ Assistance Holding S.A. 99.999% 99.999%
Európai Utazásbiztosítás-közvetítöi Kft. Budapest - Hungary Europai Utazasi Biztosito Rt. 100.000% 100.000%
Europai Utazasi Biztosito Rt. Budapest - Hungary Generali Befektetési és Tanácsadó Kft. 33.000% Europäische Reiseversicherungs AG 13.000% Generali-Providencia Biztosító Rt. 28.000% 74.000%
Europäische Reiseversicherung GVAG ( R ) Moscow - Russia Europäische Reiseversicherungs AG 100.000% 100.000%
298 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europäische Reiseversicherung GVAG (U) Kiev - Ucraina Europäische Reiseversicherungs AG 69.900% Generali Garant Insurance JSC 5.000% Europ Assistance Versicherungs-AG 25.100% 100.000%
Europäische Reiseversicherungs AG Vienna - Austria Generali Holding Vienna AG 74.990% 74.990%
Européenne de Protection Juridique S.A. Paris - France Generali Vie S.A. 0.007% Assurance France Generali S.A. 99.986% Generali IARD S.A. 0.007% 100.000%
EWH Vermögensverwaltung AG Vienna - Austria Generali Immobilien AG 93.023% 93.023%
Expert & Finance S.A. Lyons - France Generali Vie S.A. 88.827% 88.827%
Famfox Amsterdam lnvestments B.V. Amsterdam - Netherlands Generali Worldwide Insurance Company Limited 100.000% 100.000%
FATA Asigurari Agricole S.A. Bucarest - Romania Fata Assicurazioni Danni S.p.A. 100.000% 100.000%
Fata Assicurazioni Danni S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Fata Vita S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Fin. Priv. S.r.l. Milan - Italy Assicurazioni Generali S.p.A. 14.285% 14.285%
Finagen S.p.A. Venice - Italy Alleanza Assicurazioni S.p.A. 98.000% Alleanza Investment Public Limited Company 1.900% Generali Investments Limited 0.100% 100.000%
Financial Strategy Monaco SAM Montecarlo - Monaco BSI SAM International Private Banking 20.000% 20.000%
299 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Finmo S.A. Zug - Switzerland BSI S.A. 100.000% 100.000%
Flandria Participations Financières S.A. Bruxelles - Belgium Generali Belgium S.A. 0.000% Assicurazioni Generali S.p.A. 100.000% 100.000%
Foncière Hypersud S.A. Issy Les Moulineaux - France Generali Vie S.A. 49.000% 49.000%
Fondi Alleanza Società di Gestione Risparmio S.p.A. Milan - Italy Alleanza Assicurazioni S.p.A. 100.000% 100.000%
Foot.Pro S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%
Fortuna Investment AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%
Fortuna Investment AG, Vaduz Vaduz - Liechtenstein Generali (Schweiz) Holding AG 100.000% 100.000%
Fortuna Lebens-Versicherung AG Vaduz - Liechtenstein Generali (Schweiz) Holding AG 100.000% 100.000%
Fortuna Rechtsschutz-Versicherung-Gesellschaft AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%
France Assurances S.A. Paris - France Generali Vie S.A. 99.996% 99.996%
Fredi & Ilan Beck Insurance Brokerage Ltd Haifa - Israel Migdal Holdings & Management of Insurance Agencies Ltd 30.000% 30.000%
Fundamenta-Lakáskassza Lakástakarék-pénztár Rt. Budapest - Hungary Generali-Providencia Biztosító Rt. 14.878% 14.878%
Funicolare Lugano-Paradiso-S.Salvatore S.A. Lugano - Switzerland BSI S.A. 31.083% 31.083%
300 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
FVD Gesellschaft für Finanzplanung und Vorsorgemanagement Deutschland mbH Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
G. & G. Lüder Versicherungsmakler GmbH Hildesheim - Germany Generali Versicherung Aktiengesellschaft 50.000% 50.000%
Ganos S.A. Zug - Switzerland BSI S.A. 100.000% 100.000%
GEA - Gestioni Assicurative S.r.l. Rome - Italy Ina Assitalia S.p.A. 89.126% Assicurazioni Generali S.p.A. 10.874% 100.000%
GEGRA Gewerbegrundstücksgesellschaft mbH Aachen - Germany AMB Generali Immobilien GmbH 15.000% 15.000%
Genagricola - Generali Agricoltura S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Genamerica Management Corporation New York - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000%
Genass-Invest S.A. Bruxelles - Belgium Beleggingsmaatschappij de Grachten B.V. 25.000% Beleggingsmaatschappij Nedasinvest B.V. 48.501% Generali Levensverzekering Maatschappij N.V. 26.499% 100.000%
General Securities Corporation of North America New York - U.S.A. Transocean Holding Corporation 100.000% 100.000%
Generali (Schweiz) Holding AG Adliswil - Switzerland Redoze Holding N.V. 41.051% Assicurazioni Generali S.p.A. 58.949% 100.000%
Generali 3 S.A. Paris - France Generali IARD S.A. 100.000% 100.000%
Generali 3Banken Holding AG Vienna - Austria Generali Versicherung AG 49.300% 49.300%
301 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali 4 S.A. Paris - France Generali IARD S.A. 99.872% Generali Vie S.A. 0.077% Generali France S.A. 0.026% 99.974%
Generali Alapkezelõ Rt. Budapest - Hungary Generali Holding Vienna AG 26.000% Generali-Providencia Biztosító Rt. 74.000% 100.000%
Generali Asia N.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 60.000% 60.000%
Generali Asigurari S.A. Bucarest - Romania Generali Holding Vienna AG 83.566% 83.566%
Generali Asset Management S.p.A. Società di Gestione Risparmio Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Assurances Générales Geneve - Switzerland Generali (Schweiz) Holding AG 99.923% 99.923%
Generali Bank AG Vienna - Austria Generali Versicherung AG 21.429% Generali Holding Vienna AG 78.571% 100.000%
Generali Befektetési és Tanácsadó Kft. Budapest - Hungary Generali Holding Vienna AG 100.000% 100.000%
Generali Beleggingsfonden N.V. Amsterdam - Netherlands Generali Levensverzekering Maatschappij N.V. 100.000% 100.000%
Generali Belgium Invest S.A. Bruxelles - Belgium IXIA N.V. 0.003% Generali Belgium S.A. 99.997% 100.000%
Generali Belgium S.A. Bruxelles - Belgium Genass-Invest S.A. 5.345% Genervest S.A. 33.365% Participatie Maatschappij Graafschap Holland N.V. 25.189% Flandria Participations Financières S.A. 3.802% Assicurazioni Generali S.p.A. 32.294% 99.995%
302 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Belle Feuille S.a.r.l. Paris - France Mt Musala SAS 0.003% Generali Vie S.A. 99.997% 100.000%
Generali Beteiligungs-GmbH Aachen - Germany Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Betriebsrestaurazion Gesellschaft m.b.H. Vienna - Austria Generali Versicherung AG 100.000% 100.000%
Generali Biztosítási Ügynök és Marketing Kft Budapest - Hungary Generali Ingatlan Vagyonkezel? és Szolgáltató Kft. 1.658% Generali-Providencia Biztosító Rt. 98.342% 100.000%
Generali Bulgaria Holding AD Sofia - Bulgaria Generali Holding Vienna AG 86.406% 86.406%
Generali Capital Finance B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 25.000% Generali Finance B.V. 75.000% 100.000%
Generali Capital Management GmbH Vienna - Austria Generali Holding Vienna AG 75.007% AMB Generali Holding AG 24.993% 100.000%
Generali Car Care s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000%
Generali Carnot S.a.r.l. Paris - France Generali Vie S.A. 100.000% 100.000%
Generali Challenges S.A. Paris - France Generali France S.A. 100.000% 100.000%
Generali China Insurance Co. Ltd Guangzhou - People’s Republic of China Assicurazioni Generali S.p.A. 50.000% 50.000%
Generali Claims Solutions LLC Wilmington - U.S.A. Generali Consulting Solutions LLC 100.000% 100.000%
303 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Colombia - Seguros Generales S.A. Bogotà - Colombia Transocean Holding Corporation 4.441% Assicurazioni Generali S.p.A. 81.834% 86.275%
Generali Colombia Vida - Compañia de Seguros S.A. Bogotà - Colombia Generali Colombia - Seguros Generales S.A. 68.281% Transocean Holding Corporation 16.156% Assicurazioni Generali S.p.A. 15.375% 99.813%
Generali Consulting s.r.o. Bratislava - Slovak Republic Generali Poistovna a.s. 100.000% 100.000%
Generali Consulting Solutions LLC Wilmington - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Corporate Compañia Argentina de Seguros S.A. Buenos Aires - Argentina Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali do Brasil Companhia Nacional de Seguros Rio de Janeiro - Brazil GENPAR Empreendimentos e Partecipaçoes S.A. 25.575% Transocean do Brasil Participaçoes S.A. 72.585% Assicurazioni Generali S.p.A. 1.817% 99.977%
Generali Ecuador Compañía de Seguros S.A. Guayaquil - Ecuador Assicurazioni Generali S.p.A. 51.742% 51.742%
Generali Employee Benefits Gesellschaft mbH Munich - Germany AMB Generali Holding AG 100.000% 100.000%
Generali Epitö és Tervezö Kft. Budapest - Hungary Generali-Providencia Biztosító Rt. 99.000% Generali Ingatlan Vagyonkezelö és Szolgáltató Kft. 1.000% 100.000%
Generali España Holding de Entidades de Seguros S.A. Madrid - Spain Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Finance B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Finance spółka z ograniczoną odpowiedzialnością Warsaw - Poland Generali Powszechne Towarzystwo Emerytalne S.A. 100.000% 100.000%
304 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Finances S.A. Paris - France Generali Vie S.A. 0.008% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.002% Assurance France Generali S.A. 99.980% Generali Belgium S.A. 0.002% Generali IARD S.A. 0.002% Europ Assistance Holding S.A. 0.002% 99.996%
Generali Finanz Service GmbH Unterföhring - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
Generali FinanzService GmbH Vienna - Austria Generali Bank AG 100.000% 100.000%
Generali France S.A. Paris - France Participatie Maatschappij Graafschap Holland N.V. 32.685% Assicurazioni Generali S.p.A. 67.285% Generali France S.A. 0.006% 99.977%
Generali France. Trieste et Venise et Cie. Soc.en Nom.Coll. Paris - France Generali Vie S.A. 100.000% 100.000%
Generali Garant Insurance JSC Kiev - Ucraina Generali Holding Vienna AG 51.000% 51.000%
Generali Garant Life Insurance JSC Kiev - Ucraina Generali Garant Insurance JSC 15.150% Generali Holding Vienna AG 35.850% 51.000%
Generali Gerance S.A. Paris - France Generali Vie S.A. 99.667% 99.667%
Generali Gestion S.A. Paris - France Generali Finances S.A. 99.833% Generali France S.A. 0.028% Generali Vie S.A. 0.056% 99.917%
Generali Global Private Equity S.A. SICAR Luxembourg - Luxembourg Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 15.733% Generali Lebensversicherung AG 8.652% Generali Versicherung AG 2.300% Central Krankenversicherung Aktiengesellschaft 5.301% AachenMünchener Versicherung AG 1.715% AachenMünchener Lebensversicherung AG 15.877% 49.577%
305 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Group Partner AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%
Generali Grundstücksverwaltungs AG & Co. OHG Munich - Germany Generali Versicherung Aktiengesellschaft 94.900% Generali Lebensversicherung AG 5.100% 100.000%
Generali Habitat SCpI Paris - France Generali Vie S.A. 81.965% 81.965%
Generali Hellas - A.E. Asfaliseon Zimion Athens - Greece Generali Life - Hellenic Insurance Company A.E. 0.781% Assicurazioni Generali S.p.A. 99.219% 100.000%
Generali Holding Vienna AG Vienna - Austria Participatie Maatschappij Graafschap Holland N.V. 29.773% Generali IARD S.A. 2.663% Generali Worldwide Insurance Company Limited 0.082% Transocean Holding Corporation 37.811% Generali Assurances Générales 0.352% Generali Rückversicherung AG 29.319% 100.000%
Generali Horizon S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali IARD S.A. Paris - France Generali Vie S.A. 13.489% Assurance France Generali S.A. 86.511% 100.000%
Generali Immobilien AG Vienna - Austria Generali Versicherung AG 99.999% 99.999%
Generali Immobilier Conseil S.A. Paris - France Generali Vie S.A. 0.160% Generali IARD S.A. 0.040% Assurance France Generali S.A. 99.760% 99.960%
Generali Immobilier Gestion S.A. Paris - France Assurance France Generali S.A. 99.998% Generali Vie S.A. 0.001% 99.999%
Generali Informatique S.A. Paris - France L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.333% Europ Assistance France S.A. 17.800%
306 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali IARD S.A. 41.103% Generali Vie S.A. 40.763% 100.000%
Generali Ingatlan Vagyonkezel? és Szolgáltató Kft. Budapest - Hungary Generali Biztosítási Ügynök és Marketing Kft 4.000% Generali-Providencia Biztosító Rt. 96.000% 100.000%
Generali Insurance (Thailand) Co. Ltd Bangkok - Thailand Generali Asia N.V. 25.000% KAG Holding Company Ltd 50.000% 75.000%
Generali Insurance AD Sofia - Bulgaria Generali Bulgaria Holding AD 99.870% 99.870%
Generali Insurance Life AD Sofia - Bulgaria Generali Bulgaria Holding AD 99.486% 99.486%
Generali International Ltd St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 100.000% 100.000%
Generali Investimenti Alternativi Società di Gestione del Risparmio p.A. Trieste - Italy BSI S.A. 20.000% Generali Asset Management S.p.A. Società di Gestione Risparmio 70.000% 90.000%
Generali Investment Consulting AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%
Generali Investments Limited Navan - Co. Meath - Eire Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Investments Luxembourg S.A Senningerberg - Luxembourg Assicurazioni Generali S.p.A. 40.000% Generali France S.A. 20.000% AMB Generali Holding AG 40.000% 100.000%
Generali Investments S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali IT S.s.r.o. Bratislava - Slovak Republic Generali VIS Informatik GmbH 100.000% 100.000%
307 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali IT-Solutions GmbH Vienna - Austria Generali Holding Vienna AG 75.029% AMB Generali Informatik Services GmbH 24.971% 100.000%
Generali Kent B.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 80.000% 80.000%
Generali le Moncey S.a.r.l. Paris - France Generali Vie S.A. 100.000% 100.000%
Generali Leasing GmbH Vienna - Austria Generali Bank AG 75.000% 75.000%
Generali Lebensversicherung AG Munich - Germany Generali Lloyd Aktiengesellschaft 93.786% Adriatica Participations Financières S.A. 4.795% Generali Beteiligungs-GmbH 1.419% 100.000%
Generali Levensverzekering Maatschappij N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Generali Life - Hellenic Insurance Company A.E. Athens - Greece Generali Hellas - A.E. Asfaliseon Zimion 0.033% Assicurazioni Generali S.p.A. 99.967% 100.000%
Generali Life Assurance (Thailand) Co. Ltd Bangkok - Thailand Generali Asia N.V. 25.000% KAG Holding Company Ltd 50.000% 75.000%
Generali Lloyd Aktiengesellschaft Munich - Germany Genervest S.A. 5.661% AMB Generali Lloyd GmbH 85.146% Redoze Holding N.V. 3.494% Transocean Holding Corporation 5.698% 100.000%
Generali Luxembourg S.A. Luxembourg - Luxembourg Generali Belgium S.A. 99.000% Generali Belgium Invest S.A. 1.000% 100.000%
Generali Monumenten B.V. Amsterdam - Netherlands Generali Real Estate Investments B.V. 100.000% 100.000%
308 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Optima S.a.r.l. Paris - France Mt Tenibre SAS 0.001% Mt Musala SAS 0.001% Generali Vie S.A. 99.999% 100.000%
Generali Osiguranje d.d. Zagreb - Croatia Generali Holding Vienna AG 100.000% 100.000%
Generali PanEurope Limited Dublin - Eire Generali Worldwide Insurance Company Limited 100.000% 100.000%
Generali Pensionskasse AG Vienna - Austria Generali Holding Vienna AG 100.000% 100.000%
Generali Penzijní Fond a.s. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000%
Generali Personenversicherungen AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%
Generali Pilipinas Holding Co. Inc. Makati City - Manila - Philippines Generali Asia N.V. 60.000% 60.000%
Generali Pilipinas Insurance Co. Inc. Makati City - Manila - Philippines Generali Pilipinas Holding Co. Inc. 100.000% 100.000%
Generali Pilipinas Life Assurance Co. Inc. Makati City - Manila - Philippines Generali Pilipinas Holding Co. Inc. 100.000% 100.000%
Generali Poistovna a.s. Bratislava - Slovak Republic Generali Holding Vienna AG 100.000% 100.000%
Generali Pojistovna a.s. Prague - Czech Republic Generali Holding Vienna AG 100.000% 100.000%
Generali Portfolio Management (UK) Ltd London - United Kingdom BSI S.A. 100.000% 100.000%
Generali Powszechne Towarzystwo Emerytalne S.A. Warsaw - Poland Generali Holding Vienna AG 3.436% Generali Towarzystwo Ubezpieczen S.A. 96.564% 100.000%
309 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Properties Asset Management S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Properties S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 52.069% Alleanza Assicurazioni S.p.A. 47.931% 100.000%
Generali Property Investments SGR S.p.A. Trieste - Italy Generali Investments S.p.A. 100.000% 100.000%
Generali Real Estate Fund Sicav Luxembourg - Luxembourg La Estrella S.A. de Seguros y Reaseguros 2.441% Generali Levensverzekering Maatschappij N.V. 4.883% AachenMünchener Lebensversicherung AG 7.813% Banco Vitalicio de España - Compañia Anonima de Seguros 2.441% Generali Vida Companhia de Seguros S.A. 1.172% Generali Lebensversicherung AG 4.883% Generali Belgium S.A. 4.883% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 11.719% Assicurazioni Generali S.p.A. 25.586% Generali Vie S.A. 24.414% Generali Immobilien AG 9.766% 100.000%
Generali Real Estate Investments B.V. Amsterdam - Netherlands Generali Vastgoed B.V. 100.000% 100.000%
Generali Realties Ltd Tel Aviv - Israel Assicurazioni Generali S.p.A. 99.950% 99.950%
Generali Reassurance (Bermuda) Ltd Hamilton - Bermuda Generali U.S. Holdings Inc. 100.000% 100.000%
Generali Reassurance Courtage S.A. Paris - France Generali Vie S.A. 0.003% Generali IARD S.A. 99.992% 99.995%
Generali Reaumur S.A. Paris - France Mt Musala SAS 0.000% Generali Reaumur S.a.r.l. 99.314% 99.314%
Generali Reaumur S.a.r.l. Paris - France Generali Vie S.A. 100.000% 100.000%
310 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Rückversicherung AG Vienna - Austria Assicurazioni Generali S.p.A. 99.999% 99.999%
Generali Schadeverzekering Maatschappij N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Generali Seminarzentrum gmbh Bernried - Germany Generali Versicherung Aktiengesellschaft 100.000% 100.000%
Generali Servis s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000%
Generali Servizi Amministrativi S.r.l. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali Servizi Informatici S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 34.000% Alleanza Assicurazioni S.p.A. 33.000% Ina Assitalia S.p.A. 33.000% 100.000%
Generali Sigorta A.S. Istanbul - Turkey Generali Kent B.V. 97.365% 97.365%
Generali Strategie France S.A.S. Paris - France Assicurazioni Generali S.p.A. 49.000% Generali France S.A. 51.000% 100.000%
Generali Telefon- und Auftragsservice GmbH Vienna - Austria Generali Bank AG 100.000% 100.000%
Generali Towarzystwo Ubezpieczen S.A. Warsaw - Poland Generali Holding Vienna AG 100.000% 100.000%
Generali U.S. Holdings Inc. Wilmington - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000%
Generali USA Life Reassurance Company Kansas City - U.S.A. Generali U.S. Holdings Inc. 100.000% 100.000%
Generali Vastgoed B.V. Amsterdam - Netherlands Generali Levensverzekering Maatschappij N.V. 100.000% 100.000%
311 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Vermogensbeheer B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Generali Versicherung AG Vienna - Austria Generali Holding Vienna AG 92.186% Generali Rückversicherung AG 7.814% 100.000%
Generali Versicherung Aktiengesellschaft Munich - Germany Generali Lloyd Aktiengesellschaft 24.298% AMB Generali Holding AG 75.702% 100.000%
Generali Verzekeringsgroep N.V. Amsterdam - Netherlands Transocean Holding Corporation 31.167% Participatie Maatschappij Graafschap Holland N.V. 36.457% Assicurazioni Generali S.p.A. 12.768% B.V. Algemene Holding en Financierings Maatschappij 18.166% 98.558%
Generali Vida Companhia de Seguros S.A. Lisbon - Portugal Assicurazioni Generali S.p.A. 99.989% 99.989%
Generali Vie S.A. Paris - France Generali IARD S.A. 1.520% Assurance France Generali S.A. 98.473% 99.993%
Generali VIS Informatik GmbH Vienna - Austria Generali Holding Vienna AG 100.000% 100.000%
Generali Worldwide Insurance Company Limited St. Peter Port - Guernsey Participatie Maatschappij Graafschap Holland N.V. 100.000% Assicurazioni Generali S.p.A. 0.000% 100.000%
Generali Zakrila Health-Insurance AD Sofia - Bulgaria Generali Bulgaria Holding AD 88.675% 88.675%
Generali Zavarovalnica d.d. Lubljana - Slovenia Generali Holding Vienna AG 52.853% Generali Versicherung AG 46.984% 99.837%
Generali Zycie Towarzystwo Ubezpieczen S.A. Warsaw - Poland Generali Holding Vienna AG 100.000% 100.000%
312 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali/AIV Leasing Salzburg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000%
Generali/AIV Leasing St.Pölten GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000%
Generali/AIV Leasing Vorarlberg GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000%
Generali-Providencia Biztosító Rt. Budapest - Hungary Generali Holding Vienna AG 100.000% 100.000%
Generali-Risk Consulting Spzoo Warsaw - Poland Generali Towarzystwo Ubezpieczen S.A. 100.000% 100.000%
Genertel S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Genervest S.A. Bruxelles - Belgium Assicurazioni Generali S.p.A. 64.956% Participatie Maatschappij Graafschap Holland N.V. 35.044% 100.000%
Genirland Limited Limerick - Irlanda Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000%
GENPAR Empreendimentos e Partecipaçoes S.A. Rio de Janeiro - Brazil Transocean do Brasil Participaçoes S.A. 0.007% Transocean Holding Corporation 99.993% 100.000%
Gensegur Agencia de Seguros S.A. Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 100.000% 100.000%
GEPAFI - Generali Participation Financiere S.A. Bruxelles - Belgium Generali Lloyd Aktiengesellschaft 99.998% Flandria Participations Financières S.A. 0.002% 100.000%
Gestas S.A. Boulogne Billancourt - France Icare S.A. 100.000% 100.000%
313 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Gestion de Equipajes S.A. Madrid - Spain Europ Assistance Servicios S.A. 100.000% 100.000%
GFA Caraïbes Fort De France - Martinica Generali IARD S.A. 99.999% Generali France S.A. 0.000% 99.999%
GFA Haiti S.A. Port Au Prince - Haiti Courtage Inter Caraibes 15.000% GFA Caraïbes 15.000% 30.000%
GHV-Split Vermögensverwaltung GmbH Vienna - Austria Generali Rückversicherung AG 67.234% 67.234%
Gilat D.B.S. Ltd Rannana - Israel Migdal Insurance Company Ltd 27.160% 27.160%
GL Zweite Portfolio GmbH & Co. KG Munich - Germany Generali Lebensversicherung AG 100.000% 100.000%
GLL AMB Generali Properties Fund I GmbH & Co. KG Munich - Germany AachenMünchener Lebensversicherung AG 39.856% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 41.029% Generali Lebensversicherung AG 19.115% 100.000%
GLL AMB Generali Properties Fund II GmbH & Co. KG Munich - Germany AachenMünchener Lebensversicherung AG 37.642% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 39.061% Generali Lebensversicherung AG 23.297% 100.000%
GLL GmbH & Co. Messeturm Holding KG Munich - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 28.926% AachenMünchener Lebensversicherung AG 8.264% Generali Versicherung AG 8.264% Assicurazioni Generali S.p.A. 8.264% 53.719%
GLL GmbH & Co. Messeturm KG Frankfurt - Germany GLL GmbH & Co. Messeturm Holding KG 84.900% 84.900%
GLL GmbH & Co. Office KG Munich - Germany AachenMünchener Versicherung AG 9.710% AachenMünchener Lebensversicherung AG 9.710% 19.420%
314 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
GLL GmbH & Co. Retail KG Munich - Germany AachenMünchener Lebensversicherung AG 5.714% Central Krankenversicherung Aktiengesellschaft 8.571% Assicurazioni Generali S.p.A. 6.000% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 5.714% Generali Lebensversicherung AG 2.857% 28.857%
GLL Real Estate Partners GmbH Munich - Germany Flandria Participations Financières S.A. 40.000% 40.000%
Global Car Services S.A. Gennevilliers - France Europ Assistance France S.A. 50.000% 50.000%
Global Investment Planning Limited London - United Kingdom BSI S.A. 100.000% 100.000%
Global Private Equity Holding AG Vienna - Austria Generali Lebensversicherung AG 11.395% Generali Versicherung AG 11.623% 23.017%
Groupe Vervietois d’Assureurs S.A. Verviers - Belgium Generali Belgium Invest S.A. 0.080% Generali Belgium S.A. 99.920% 100.000%
Groupement Technique d’Assurances du Val d’Oise Cergy St. Christophe - France Generali Vie S.A. 45.000% 45.000%
Grundstücksgesellschaft Einkaufszentrum Schloss-Strassen-Center Berlin mbH & Co. Cologne - Germany Generali Lebensversicherung AG 85.106% 85.106%
Grundstücksgesellschaft Stadtlagerhaus Hamburg GbR Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 50.000% Volksfürsorge Deutsche Sachversicherung Aktiengesellschaft 50.000% 100.000%
Gruppo Generali Liquidazione Danni S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Hamagen Insurance Co. Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Hamagen Properties Ltd Tel Aviv - Israel Hamagen Insurance Co. Ltd 100.000% 100.000%
315 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Heracles Immobiliare S.r.l. Trieste - Italy Generali Properties S.p.A. 100.000% 100.000%
Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 100.000% 100.000%
Hotel und Seniorenresidenz Rosenpark GmbH Marburg - Germany AachenMünchener Lebensversicherung AG 25.000% 25.000%
Hypo Holding GmbH Linz - Austria Generali Holding Vienna AG 25.000% 25.000%
Iavipe S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%
Icare Allemagne S.A. Munich - Germany Icare S.A. 100.000% 100.000%
Icare Assurance S.A. Boulogne Billancourt - France Icare S.A. 100.000% 100.000%
Icare Belgique S.A. Bruxelles - Belgium Icare S.A. 100.000% 100.000%
Icare S.A. Boulogne Billancourt - France Europ Assistance Holding S.A. 100.000% 100.000%
Icare Servicios S.A. Barcelona - Spain Icare S.A. 100.000% 100.000%
Icare Servizi S.p.A. Rome - Italy Icare S.A. 100.000% 100.000%
ID Innovative Datenverarbeitung GmbH Kevelaer - Germany PSC Insurance-Consulting GmbH 30.000% 30.000%
IG BAU Mitglieder-Service GmbH Frankfurt - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 33.333% 33.333%
316 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
IG BCE Mitglieder-Service GmbH Hannover - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 33.333% 33.333%
Ihud Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000%
Ihud Peltours Diamonds Insurance Agency (2002) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 50.000% Ihud Insurance Agencies Ltd 50.000% 100.000%
Ihud-David Berman Insurance Agencies Ltd Gerusalemme - Israele Ihud Insurance Agencies Ltd 100.000% 100.000%
Il Gelso - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000%
Il Pino S.r.l. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%
Il Tiglio - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000%
Immobiliare Commerciale XX S.r.l. Turin - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000%
Immobiliare Commerciale XXII S.r.l. Turin - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000%
Immobiliare Commerciale XXVI S.r.l. Turin - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000%
Immobiliare Confagricoltura Bologna S.r.l. Bologna - Italy Genagricola - Generali Agricoltura S.p.A. 11.143% 11.143%
Immobiliare Diciannove S.p.A. Trieste - Italy Generali Properties S.p.A. 100.000% 100.000%
Immobilière Odeon S.A. Lugano - Switzerland Generali Assurances Générales 100.000% 100.000%
317 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Immobilière St-Honoré les Feuillans Paris - France SCI du Coq 99.975% Generali Vie S.A. 0.007% Generali IARD S.A. 0.004% Cofifo S.A. 0.004% 99.989%
Ina Assitalia S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
Inf - Società Agricola S.p.A. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%
Infoparc S.A. Paris - France Icare S.A. 100.000% 100.000%
Initium S.r.l. Rome - Italy Generali Properties S.p.A. 49.000% 49.000%
Iniziative Sviluppo Immobiliare ISIM S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000%
Instituto del Seguro de Misiones S.A. Posadas - Misiones - Argentina Caja de Ahorro y Seguro S.A. 5.000% Caja de Seguros S.A. 94.952% 99.952%
Intercom a.s. Brno - Czech Republic Generali Immobilien AG 100.000% 100.000%
International Inheritance Planning Limited Auckland - New Zealand BSI S.A. 100.000% 100.000%
Interunfall/AIV-Leasing Salzburg GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000%
Interunfall/AIV-Leasing Voarlberg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000%
Intesa Life Limited Dublin - Eire Intesa Vita S.p.A. 100.000% 100.000%
318 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Intesa Previdenza SIM S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 21.471% 21.471%
Intesa Vita S.p.A. Milan - Italy Alleanza Assicurazioni S.p.A. 50.000% 50.000%
Intouch S.r.l. Milan - Italy Europ Assistance Service S.p.A. 55.000% 55.000%
Ippocastano - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000%
ITAL-TBS S.p.A. Tecnologie Biomediche e Scientifiche Trieste - Italy Europ Assistance Service S.p.A. 0.598% Generali Worldwide Insurance Company Limited 4.830% Participatie Maatschappij Graafschap Holland N.V. 14.474% 19.902%
IV Verwaltungsgesellschaft für Versicherungen mbH Munich - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
IWF Holding Company Ltd Bangkok - Thailand Generali Asia N.V. 100.000% 100.000%
IXIA N.V. Herent - Belgium Generali Belgium S.A. 96.000% Generali Belgium Invest S.A. 4.000% 100.000%
Jupiter 12 S.r.l. Rome - Italy Fata Assicurazioni Danni S.p.A. 100.000% 100.000%
KAG Holding Company Ltd Bangkok - Thailand IWF Holding Company Ltd 100.000% 100.000%
Karden Financial Instruments 2001 Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Kleylein & Cie Actuarial Services GmbH Frankfurt - Germany Generali Lebensversicherung AG 60.000% 60.000%
La Caja Aseguradora de Riesgos del Trabajo ART S.A. Buenos Aires - Argentina Caja de Seguros S.A. 50.000% 50.000%
319 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
La Caja de Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 5.000% Caja de Seguros S.A. 95.000% 100.000%
La Estrella S.A. de Seguros y Reaseguros Madrid - Spain Generali España Holding de Entidades de Seguros S.A. 99.828% 99.828%
La Estrella Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Seguros S.A. 50.000% 50.000%
La Nacional Compañia Inmobiliaria (Lancia) C.A. Guayaquil - Ecuador Generali Ecuador Compañía de Seguros S.A. 100.000% 100.000%
La Venezia Assicurazioni S.p.A. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100.000% 100.000%
LawCall Marketing Pty Ltd Randburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000%
Lead Equities Mittelstandsfinanzierungs AG Vienna - Austria Generali Versicherung AG 14.286% 14.286%
Leadair Unijet S.A. Le Bourget - France Generali Vie S.A. 15.000% 15.000%
Legal Assistance Multauto, S.A. Madrid - Spain Europ Assistance España S.A. de Seguros y Reaseguros 100.000% 100.000%
Leibowitz Streichman Consultants (1998) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 100.000% 100.000%
L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature Paris - France Generali IARD S.A. 50.073% Assurance France Generali S.A. 49.902% 99.976%
Leumi Insurance Services (U.K.) Ltd London - United Kingdom Ihud Insurance Agencies Ltd 49.000% Migdal Holdings & Management of Insurance Agencies Ltd 51.000% 100.000%
Lippmann Deelnemingen B.V. Rotterdam - Netherlands A.P. de Assurantiepartners Amsterdam B.V. 33.317% 33.317%
320 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Lloyd Immobilien GmbH Munich - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
Lombard Bank Malta plc Valletta - Malta BSI S.A. 26.570% 26.570%
Lordship Consultadoria e Servicos SA Funchal (Madeira) - Portugal BSI S.A. 100.000% 100.000%
Luganova SA Lugano - Switzerland BSI S.A. 100.000% 100.000%
M.O.F. Immobilien AG Vienna - Austria Generali Immobilien AG 20.000% 20.000%
Maestro Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Maghrebia S.A. Tunisi - Tunisia Ina Assitalia S.p.A. 44.169% 44.169%
MAKB s.r.o. Bratislava - Slovak Republic Generali Immobilien AG 100.000% 100.000%
MAS Versicherungmakler GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
Medical and Dental Centre Zakrila EOOD Sofia - Bulgaria Generali Zakrila Health-Insurance AD 100.000% 100.000%
Medwell Internet Services GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
Metis - Soc. di Fornitura di Lavoro Temporaneo p.A. Milan - Italy Assicurazioni Generali S.p.A. 13.641% 13.641% Migdal (Merkazit) Trust Fund Management Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Migdal Alumim Investment House Ltd Tel Aviv - Israel The Central Stock Exchange Services (NE) Ltd 100.000% 100.000%
321 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Migdal Asset and Securities Management Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Migdal Business Underwriting Promotion Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Migdal Capital Markets (1965) Ltd Tel Aviv - Israel Migdal Investments Management 2001 Ltd 50.000% 50.000%
Migdal Credit Services Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000%
Migdal Eshkol Finansim B.M. Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Migdal Financial Services Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000%
Migdal Forex Matach Services Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 50.010% The Central Stock Exchange Services (NE) Ltd 8.911% 58.921%
Migdal Global Asset Management Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Migdal Holdings & Management of Insurance Agencies Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Migdal Insurance and Financial Holding Ltd Tel Aviv - Israel Participatie Maatschappij Transhol B.V. 25.961% Assicurazioni Generali S.p.A. 0.983% Participatie Maatschappij Graafschap Holland N.V. 42.846% 69.789%
Migdal Insurance Company Ltd Tel Aviv - Israel Migdal Insurance and Financial Holding Ltd 100.000% 100.000%
Migdal Investments Management 2001 Ltd Tel Aviv - Israel Migdal Insurance and Financial Holding Ltd 100.000% 100.000%
Migdal Leasing Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000%
322 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Migdal Management of Provident Funds Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Migdal P.E.Ltd Tel Aviv - Israel Migdal Investments Management 2001 Ltd 100.000% 100.000%
Migdal Platinum Provident Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Migdal Real Estate Holdings Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Mivtach Gonen Pension Insurance Life Assurance Agency (2002) Ltd Haifa - Israel Mivtach-Simon Insurance Agencies Ltd 75.000% 75.000%
Mivtach Granot Assurance Agency (2000) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 40.000% 40.000%
Mivtach Rom Insurance Agency Limited Partnership Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 64.000% 64.000%
Mivtach Simon Rubinstein Mor (Insurance Agency) 2000 Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 64.000% 64.000%
Mivtach-Peltours Insurance Agency (2002) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 50.000% Peltours Insurance Agencies Ltd 50.000% 100.000%
Mivtach-Simon Agencies Management Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 100.000% 100.000%
Mivtach-Simon Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000%
MLV Beteiligungverwaltungsgesellschaft mbH Munich - Germany Generali Holding Vienna AG 100.000% 100.000%
MRI Criticare Medical Rescue (Pty) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000%
323 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Mt Musala SAS Paris - France Generali Vie S.A. 100.000% 100.000%
Mt Tenibre SAS Paris - France Generali Vie S.A. 100.000% 100.000%
Municipalit Insurance Agency (2000) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 50.000% 50.000%
NAG Nederlandse Assuradeuren Groep N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Natalia S.r.l. Trieste - Italy Agricola San Giorgio S.p.A. 100.000% 100.000%
Nederlands Algemeen Verzekeringskantoor B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
Nichsei Carmel B.M. Tel Aviv - Israel Migdal Eshkol Finansim B.M. 15.300% 15.300%
Nord Est Investment Partners S.A. Luxembourg - Luxembourg Assicurazioni Generali S.p.A. 32.152% 32.152%
Nordic Assistance A/S Copenhagen - Denmark Europ Assistance Holding S.A. 100.000% 100.000%
Nordic Claims Handling AB Stockholm - Sweden Europ Assistance Holding S.A. 100.000% 100.000%
Nordic International Assistance AB Stockholm - Sweden Europ Assistance Holding S.A. 100.000% 100.000%
Noreco Société Nouvelle de Recouvrements et de Contentieux S.A. Paris - France Generali IARD S.A. 0.025% Européenne de Protection Juridique S.A. 0.025% Generali France S.A. 99.800% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.025% Generali Vie S.A. 0.050% 99.925%
324 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Nuova Tirrena S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 3.917% Toro Assicurazioni S.p.A. 92.125% Ina Assitalia S.p.A. 3.957% 100.000%
NV Schadeverzekering Maatschappij De Nederlanden van Nu Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000%
OFIBA S.A. Paris - France Generali IARD S.A. 99.920% 99.920%
OGEPA S.A. Paris - France Generali IARD S.A. 99.960% 99.960%
OJH S.A. Levallois-Perret - France Generali France S.A. 0.000% Generali Vie S.A. 100.000% 100.000%
Outputcenter s.r.o. Bratislava - Slovak Republic Generali Immobilien AG 100.000% 100.000%
OVB Holding AG Cologne - Germany Generali Holding Vienna AG 0.264% Generali Poistovna a.s. 0.140% Generali Pojistovna a.s. 0.561% Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 10.736% 11.701%
Ovocny Liegenschaftsverwaltung GmbH Vienna - Austria MLV Beteiligungverwaltungsgesellschaft mbH 100.000% 100.000%
Participatie Maatschappij Graafschap Holland N.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 100.000% 100.000%
Participatie Maatschappij Transhol B.V. Amsterdam - Netherlands Transocean Holding Corporation 100.000% 100.000%
Partner Service Consulting und Vermögensberatung GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
PCS Praha Center Spol.s.r.o. Prague - Czech Republic CA Global Property Internationale Immobilien AG 100.000% 100.000%
325 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Pel - Hamagen House Ltd Tel Aviv - Israel Hamagen Properties Ltd 100.000% 100.000%
Peltours Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 73.270% 73.270%
Pension Fund Management Co. Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 70.000% 70.000%
Pensiones Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Participatie Maatschappij Graafschap Holland N.V. 24.500% Flandria Participations Financières S.A. 24.500% 49.000%
PENSOR Pensionsfonds AG Hamburg - Germany Volksfürsorge Holding Aktiengesellschaft 100.000% 100.000%
Perseo S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 24.600% 24.600%
Phone Business Service S.r.l. Milan - Italy Europ Assistance Service S.p.A. 100.000% 100.000%
Ponte Alta - Comercio e Consultoria, Lda Funchal (Madeira) - Portugal Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 100.000% 100.000%
Prime Luxembourg Investment Management S.A. Luxembourg - Luxembourg Generali Asset Management S.p.A. Società di Gestione Risparmio 99.000% Assicurazioni Generali S.p.A. 1.000% 100.000%
Prime USA Inc. New York - U.S.A. Generali Asset Management S.p.A. Società di Gestione Risparmio 100.000% 100.000%
Primeira Cruz - Comercio e Consultoria, Lda Funchal (Madeira) - Portugal Ponte Alta - Comercio e Consultoria, Lda 60.000% 60.000%
Protos - Società di Controlli Tecnici e Finanziari S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 19.579% 19.579%
Protos Società Organismo di Attestazione S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 10.588% 10.588%
326 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Prudence Creole Saint-Denis - Reunion Generali IARD S.A. 93.064% Generali France S.A. 0.015% 93.079%
Prudence Vie La Plaine Saint-Denis - Francia Generali Vie S.A. 99.987% 99.987%
Prunus S.p.A. Trieste - Italy Generali Properties S.p.A. 100.000% 100.000%
PSC Insurance-Consulting GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
Rav Ofek Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 25.000% 25.000%
Redoze Holding N.V. Amsterdam - Netherlands Generali Worldwide Insurance Company Limited 50.010% Assicurazioni Generali S.p.A. 6.023% Transocean Holding Corporation 43.967% 100.000%
Reshef Insurance Agencies 2004 Ltd Tel Aviv - Israel Sagi Yogev Life Assurance Agency (1988) Ltd 50.000% 50.000%
Ringstrassen-Galerien-Betriebsgesellschaft mbH Vienna - Austria Erste Wiener Hotel AG 50.000% 50.000%
Risk-Aktiv Consulting GmbH Vienna - Austria Generali Versicherung AG 100.000% 100.000%
Risk-Aktiv Versicherungsservice GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100.000% 100.000%
Risparmio Assicurazioni S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 99.996% 99.996%
Risque et Sérénité S.A. Paris - France Assurance France Generali S.A. 30.616% Generali Vie S.A. 16.361% 46.977%
327 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Ritenere S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 99.167% Caja de Seguros S.A. 0.833% 100.000%
Rocher Pierre SCpI Paris - France Generali Vie S.A. 48.520% 48.520%
S. Alessandro Fiduciaria S.p.A. Milan - Italy Banca Generali S.p.A. 100.000% 100.000%
S.A. Saint-Christoly Bordeaux Paris - France Generali IARD S.A. 50.000% 50.000%
S.A.I. des Trois Collines de Mougins Nice - France Generali IARD S.A. 33.306% Generali Vie S.A. 14.959% 48.264%
S.C. Aqua Mures S.r.l. Sannicolau Mare - Romania Casaletto S.r.l. - Società Unipersonale 1.000% Genagricola - Generali Agricoltura S.p.A. 99.000% 100.000%
S.C. Genagricola Romania S.r.l. Sannicolau Mare - Romania Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%
S.C. La Quercia S.r.l. Timisora-Sannicolau Mare - Romania Inf - Società Agricola S.p.A. 100.000% 100.000%
S.C. San Pietro Romania S.r.l. Sannicolau Mare - Romania Agricola San Giorgio S.p.A. 100.000% 100.000%
Sagi Yogev Life Assurance Agency (1988) Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000%
Sara Assicurazioni S.p.A. Rome - Italy Ina Assitalia S.p.A. 7.000% Assicurazioni Generali S.p.A. 7.000% 14.000%
Sarl Parcolog Lille Henin Beaumont 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000%
328 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SAS 2 ISO Paris - France Generali Vie S.A. 100.000% 100.000%
Saxon Land B.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 50.000% 50.000%
SBI Software Beratungs-Institut AG Reinach - Switzerland Generali Personenversicherungen AG 12.000% 12.000%
SC Generali Logistique (Generali Logistique) Paris - France Generali Vie S.A. 99.000% Prudence Vie 1.000% 100.000%
SC Progador (SCI) Paris - France Generali Vie S.A. 99.630% Generali IARD S.A. 0.370% 100.000%
SCEA de Foncaude Paris - France Generali Vie S.A. 99.999% Generali IARD S.A. 0.001% 100.000%
Schloss Bensberg Management GmbH Bensberg - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%
Schloss-Strassen-Center Berlin Verwaltungsgesellschaft mbH Cologne - Germany AMB Generali Immobilien GmbH 85.200% 85.200%
SCI 3 Londres-70 St Lazare Paris - France Generali IARD S.A. 100.000% 100.000%
SCI Avenue de France Generali Paris - France Generali IARD S.A. 0.100% Generali Vie S.A. 99.900% 100.000%
SCI Beaune Logistique 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000%
SCI Cogipar Paris - France Generali Vie S.A. 100.000% 100.000%
329 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI Continent Pierre Paris - France SCI Continent Wagram 60.634% Generali IARD S.A. 1.115% Generali Vie S.A. 38.154% 99.903%
SCI Continent Pyramides Paris - France Generali IARD S.A. 67.877% SCI Continent Wagram 32.123% 100.000%
SCI Continent Wagram Paris - France Generali IARD S.A. 100.000% 100.000%
SCI des 48 et 50 BD des Batignolles Paris - France Generali IARD S.A. 100.000% 100.000%
SCI des 5 et 7 Rue Drouot Paris - France Generali Vie S.A. 100.000% 100.000%
SCI des 52&52 bis bd St. Jacques et 6 Rue Leclerc Paris - France Generali Vie S.A. 100.000% 100.000%
SCI du 13 Rue de Londres Paris - France Generali IARD S.A. 100.000% 100.000%
SCI du 130 BD Bineau Paris - France Generali Vie S.A. 0.500% Generali IARD S.A. 99.500% 100.000%
SCI du 174 Rue de Rivoli Paris - France Generali Vie S.A. 100.000% 100.000%
SCI du 2/4 BD Haussmann Paris - France Generali Vie S.A. 99.950% Generali IARD S.A. 0.050% 100.000%
SCI du 24 Rue de Mogador a Paris (9eme) Paris - France Generali Vie S.A. 100.000% 100.000%
SCI du 26/28 rue Jacques Dulud a Neuilly sur Seine Paris - France Generali Vie S.A. 100.000% 100.000%
330 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI du 29 Rue de Poissoniers Paris - France Generali Vie S.A. 0.007% SCI du Coq 99.993% 100.000%
SCI du 54 Avenue Hoche Paris - France Generali Vie S.A. 100.000% 100.000%
SCI du Chateau La France Paris - France Generali Vie S.A. 100.000% 100.000%
SCI du Coq Paris - France Generali Vie S.A. 99.189% Generali IARD S.A. 0.811% 100.000%
SCI Espace Seine-Generali Paris - France Generali Vie S.A. 100.000% 100.000%
SCI Font Romeu Neige et Soleil Paris - France Generali IARD S.A. 100.000% 100.000%
SCI France Mornay Lyon Paris - France Generali Vie S.A. 100.000% 100.000%
SCI France Mornay Toulouse Paris - France Generali Vie S.A. 100.000% 100.000%
SCI Generali Daumesnil Paris - France Generali IARD S.A. 45.000% SCI GPA Pierre 55.000% 100.000%
SCI Generali Le Franklin Paris - France Mt Musala SAS 0.435% Generali Vie S.A. 99.565% 100.000%
SCI Generali Le Jade Paris - France Generali Vie S.A. 100.000% 100.000%
SCI Generali Le Mondial Paris - France Generali Vie S.A. 99.999% Mt Musala SAS 0.001% 100.000%
331 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI Generali Pierre-Grenier Paris - France Generali IARD S.A. 99.997% Generali Vie S.A. 0.003% 100.000%
SCI Generalli Asnieres Paris - France Generali Vie S.A. 0.004% Generali IARD S.A. 99.996% 100.000%
SCI GPA Commerce 1 Paris - France Generali IARD S.A. 100.000% 100.000%
SCI GPA Commerce 2 Paris - France Generali IARD S.A. 100.000% 100.000%
SCI GPA Pierre Paris - France Generali IARD S.A. 1.200% Generali Vie S.A. 98.800% 100.000%
SCI Haussmann 50-Generali Paris - France SCI du Coq 0.005% Generali Vie S.A. 99.995% 100.000%
SCI Immovie Paris - France Generali Vie S.A. 99.983% Generali IARD S.A. 0.017% 100.000%
SCI Lagny 68-70-Generali Paris - France Generali Vie S.A. 100.000% 100.000%
SCI Lagny Cuvier-Generali Paris - France Generali IARD S.A. 0.100% Generali Vie S.A. 99.900% 100.000%
SCI Landy-Novatis Paris - France Generali Vie S.A. 100.000% 100.000%
SCI Landy-Wilo Paris - France Generali Vie S.A. 99.900% Generali IARD S.A. 0.100% 100.000%
332 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI Les 3 Collines Le Ferandou Paris - France Generali Vie S.A. 15.000% Generali IARD S.A. 33.300% 48.300% SCI Les Serres Le Touquet Paris - France Generali Vie S.A. 24.000% Generali IARD S.A. 76.000% 100.000%
SCI Montrose Parc Paris - France Generali IARD S.A. 27.500% Generali Vie S.A. 42.500% 70.000%
SCI Parcolog Lille Henin Beaumont 2 Paris - France SC Generali Logistique (Generali Logistique) 0.010% Sarl Parcolog Lille Henin Beaumont 1 99.990% 100.000%
SCI Res Bois des Roches Paris - France Generali Vie S.A. 100.000% 100.000%
SCI St Marc Paris - France Bourbon Courtage S.A. 1.000% Prudence Creole 99.000% 100.000%
SCI Viroflay 10-12 Libération Paris - France Generali Vie S.A. 100.000% 100.000%
Secontip S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 19.330% 19.330%
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte Monterrey - N.L. - Mexico Participatie Maatschappij Graafschap Holland N.V. 21.847% Flandria Participations Financières S.A. 21.847% Transocean Holding Corporation 5.307% 49.000%
Sementi Dom Dotto S.p.A. Mortegliano - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%
Sementi Ross S.r.l. Muggia - Italy Sementi Dom Dotto S.p.A. 100.000% 100.000%
Servicios Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% Solida Banorte Generali S.A. de C.V. Afore 34.000% Pensiones Banorte Generali S.A. de C.V. 33.000% 100.000%
333 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Servizi Tecnologici Avanzati S.p.A. Bologna - Italy Assicurazioni Generali S.p.A. 25.000% 25.000%
Shaham Insurance Agencies (1997) Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000%
Shamgad Claims Management Co. Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
SIL Società Immobiliare Lugano S.A. Lugano - Switzerland BSI S.A. 27.545% 27.545%
SIMGENIA S.p.A. Società di Intermediazione Mobiliare Trieste - Italy Banca Generali S.p.A. 100.000% 100.000%
Simulware S.r.l. Trieste - Italy Generali Horizon S.p.A. 10.001% 10.001%
SK Versicherung AG Vienna - Austria Generali Versicherung AG 19.228% Generali Holding Vienna AG 20.430% 39.658%
SNC Domaine Pont de L’Arche Paris - France Generali IARD S.A. 35.000% Generali Vie S.A. 35.000% 70.000%
SO.FI.GE.A. Società Finanziaria Gestioni Assicurative a r.l. Rome - Italy Augusta Assicurazioni S.p.A. 0.557% Ina Assitalia S.p.A. 5.557% Fata Assicurazioni Danni S.p.A. 0.137% Assicurazioni Generali S.p.A. 6.860% Toro Assicurazioni S.p.A. 3.182% 16.294%
Società Finanziaria di Banche Romagnole S.p.A. Ravenna - Italy Assicurazioni Generali S.p.A. 5.112% Genertel S.p.A. 8.388% 13.500%
Société Anonyme Immobilière des 154-156 Bd de la Gare Paris - France Generali Vie S.A. 100.000% 100.000%
Société d’Assistance et de Transport Médical S.A. - Tunisie Assistance Tunisi - Tunisia Europ Assistance Holding S.A. 33.000% 33.000%
334 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Société de Transactions Immobilières de la Rue de Londres -SOTRIMLO- S.A. Paris - France Generali IARD S.A. 89.840% Generali Vie S.A. 10.040% Generali France S.A. 0.040% 99.920%
Société Robert Malatier Ltd London - United Kingdom Generali IARD S.A. 24.931% 24.931%
Solaris S.r.l. Milan - Italy Generali Properties S.p.A. 40.000% 40.000%
Solida Banorte Generali S.A. de C.V. Afore Monterrey - N.L. - Mexico Flandria Participations Financières S.A. 24.500% Participatie Maatschappij Graafschap Holland N.V. 24.500% 49.000%
Sorgho S.A. Meudon de la Foret - France Generali Vie S.A. 10.000% Generali IARD S.A. 10.000% 20.000%
Sté Financiere Tour Boieldieu S.A. Puteaux - France Generali Vie S.A. 11.754% Generali IARD S.A. 0.843% 12.597%
Sté Manuscrits des Assureurs Francais S.A. Paris - France Generali Vie S.A. 6.667% Generali IARD S.A. 6.667% 13.333%
Suresnes Immobilier S.A. Paris - France Generali Vie S.A. 100.000% 100.000%
Symphony International Holdings Ltd Rod Town (Tortola) - The British Virgin Islands Assicurazioni Generali S.p.A. 17.757% 17.757%
T Assicura S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000%
Tarabulus s.r.o. Prague - Czech Republic Generali Immobilien AG 100.000% 100.000%
Tartini S.à.r.l. Luxembourg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000%
335 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Team Trackers s.r.o. Prague - Czech Republic Team Trakers S.A. 100.000% 100.000%
Team Trakers S.A. Ivry Sur Seine - France Europ Assistance Holding S.A. 50.997% 50.997%
Tenax Capital Limited London - United Kingdom Genirland Limited 49.000% 49.000%
Te’utza Tsua Ve Sherut Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%
Thalìa S.A. Lugano - Switzerland Generali Asset Management S.p.A. Società di Gestione Risparmio 49.000% BSI S.A. 51.000% 100.000%
The Central Stock Exchange Services (NE) Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000%
Thuringia Generali 1.Immobilien AG & Co. KG Munich - Germany Generali Lebensversicherung AG 100.000% 100.000%
Thuringia Generali 2.Immoblien AG & Co. KG Munich - Germany Generali Lebensversicherung AG 100.000% 100.000%
Thuringia Versicherungsvermittlungs-GmbH & Co. KG Munich - Germany IV Verwaltungsgesellschaft für Versicherungen mbH 79.997% 79.997%
Tiberina S.r.l. Unipersonale Rome - Italy Ina Assitalia S.p.A. 100.000% 100.000%
TIP - Planning and Pension Consulting Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 100.000% 100.000%
Together Internet Services GmbH Vienna - Austria Generali Versicherung AG 24.990% 24.990%
Together Stille Gesellschaft Vienna - Austria Generali Versicherung AG 34.043% 34.043%
336 Companies. in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Torcello S.r.l. Mogliano Veneto - Italy La Venezia Assicurazioni S.p.A. 100.000% 100.000%
Toro Assicurazioni S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 98.437% 98.437%
Toro Targa Assicurazioni S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 99.111% Augusta Assicurazioni S.p.A. 0.889% 100.000%
Tradición Seguros S.A. Buenos Aires - Argentina Caja de Seguros S.A. 3.100% Caja de Ahorro y Seguro S.A. 96.900% 100.000%
Transocean do Brasil Participaçoes S.A. Rio de Janeiro - Brazil Transocean Holding Corporation 0.011% Assicurazioni Generali S.p.A. 99.989% 100.000%
Transocean Holding Corporation New York - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000%
Treuhandgesellschaft des Deutschen Wertpapierbesitzes mbH Düsseldorf - Germany AMB Generali Holding AG 20.000% 20.000%
Trieste Courtage S.A. Paris - France Generali Vie S.A. 0.019% Assurance France Generali S.A. 99.962% 99.981%
TTC - Training Center Unternehmensberatung GmbH Vienna - Austria Europäische Reiseversicherungs AG 100.000% 100.000%
Tvuna Life Assurance Agency (1988) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 33.333% 33.333%
U.C.I. Ufficio Centrale Italiano Soc.Cons. a r.l. Milan - Italy Generali Belgium S.A. 0.000% Assicurazioni Generali S.p.A. 5.925% Augusta Assicurazioni S.p.A. 0.423% Ina Assitalia S.p.A. 6.188% Nuova Tirrena S.p.A. 3.559% Fata Assicurazioni Danni S.p.A. 0.974%
337 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Risparmio Assicurazioni S.p.A. 0.074% Toro Assicurazioni S.p.A. 2.831% Toro Targa Assicurazioni S.p.A. 0.001% Genertel S.p.A. 0.001% 19.977%
UMS Immobilare Genova S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 99.899% 99.899%
Venice S.p.A. Vicenza - Italy Assicurazioni Generali S.p.A. 10.309% 10.309% ver.di Service GmbH Stuttgart - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 33.333% 33.333%
Versicherungsmakler und Beteiligungsverwaltungs GmbH Hamburg - Germany Volksfürsorge Deutsche Sachversicherung Aktiengesellschaft 26.000% 26.000%
Versicherungs-Planer-Vermittlungs GmbH Munich - Germany Generali Lebensversicherung AG 100.000% 100.000%
VGI-Vertriebsgesellschaft für Immobilien mbH Hannover - Germany ALLWO Allgemeine Wohnungsvermögens-Aktiengesellschaft 51.000% 51.000%
Vitalicio Torre Cerdà S.l. Barcelona - Spain Banco Vitalicio de España - Compañia Anonima de Seguros 90.662% Grupo Generali España Agrupación de Interés Económico 9.338% 100.000%
Vofü Fonds I Hamburgische Grundbesitz und Anlage GmbH & Co.KG Hamburg - Germany Volksfürsorge Holding Aktiengesellschaft 59.287% 59.287%
Volksfürsorge 1.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge 2.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge 3.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge 4.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
338 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Volksfürsorge 5.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge 6.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge 7.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft Hamburg - Germany Volksfürsorge Holding Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Deutsche Sachversicherung Aktiengesellschaft Hamburg - Germany Volksfürsorge Holding Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Fixed Assets GmbH Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Holding Aktiengesellschaft Hamburg - Germany AMB Generali Holding AG 100.000% 100.000%
Volksfürsorge Krankenversicherung AG Hamburg - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Pensionskasse AG Hamburg - Germany Volksfürsorge Holding Aktiengesellschaft 100.000% 100.000%
Volksfürsorge Pensionsmanagement GmbH Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung Aktiengesellschaft 100.000% 100.000%
VOV Vervaltungsorganisat.für Vermögensch.Vers.für Mit.Org.Jur.Pers. GmbH Cologne - Germany AachenMünchener Versicherung AG 15.000% Generali Versicherung Aktiengesellschaft 15.000% 30.000%
VUB Generali dôchodková správcovská spoloc˘nost’, a.s. Bratislava - Slovak Republic Generali Poistovna a.s. 50.000% 50.000%
Walter Sohn GmbH Munich - Germany Generali Lloyd Aktiengesellschaft 100.000% 100.000%
339. Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Walter Sohn GmbH & Co. KG Hamburg - Germany Generali Lloyd Aktiengesellschaft 7.692% Walter Sohn GmbH 92.308% 100.000%
Worldwide Assistance (Singapore) Pte Ltd Singapore - Singapore Europ Assistance Worldwide Services Pte Ltd 100.000% 100.000%
Worldwide Assistance Canada Inc. Toronto - Canada Europ Assistance Holding S.A. 100.000% 100.000%
Worldwide Assistance Services Inc. Washington - U.S.A. Europ Assistance Holding S.A. 100.000% 100.000%
Worldwide Assistance Servicos de Assistencia Personalizados S.A. Rio de Janeiro - Brazil Primeira Cruz - Comercio e Consultoria, Lda 100.000% 100.000%
Yeud Life Assurance Agency (1999) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 75.000% 75.000%
Yosef Fridman Insurance Agency (1986) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 33.333% 33.333%
Zweite AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%
340 . . BOARD OF AUDITORS’ REPORT . Report of the board of Auditors to the shareholders meeting approving the accounts for the year ended 31 december 2006
Dear Shareholders:
In compliance with Legislative Decree 58/1998 (Consolidated Financial Law - TUF) and specifically Articles 149 and 153 thereof, and in accordance with the code of conduct recommended by Italian National Councils of Certified Public Accountants and Bookkeepers, taking account of CONSOB communication of 6 April 2001, the Board of Auditors herewith reports on the oversight activities it conducted in the course of 2006. Numerous extraordinary transactions were carried out in 2006 to fulfil the objectives of the 2006-2008 Strategic Plan approved by the company’s Board of Directors on 5 March 2006, which defines important initiatives aimed at expansion in Italy and abroad and the reorganisation of operations. The most significant transactions completed in the year under review were the acquisition of the Toro Group and the merger of Generali Vita into Assicurazioni Generali. Also in 2006, the transport insurance business of the subsidiary UMS Generali Marine, and Assitalia’s general liability line for corporate customers were transferred to the Parent Company. Lastly, SIA, a company specialising in damage prevention and risk analysis, was also merged into the Parent Company. The method of accounting for technical items relating to indirect work was also changed starting in 2006; such items are no longer deferred to the following year. This change was possible thanks to the agreements established with ceding companies, which require that the information regarding the agreements be received in time to allow preparation of the financial statements. As a result, the financial statements include both reinsurance operations attributable to 2006 and the effect of the deferment of reinsurance arrangements from last year. This change had a favourable impact of € 107.1 million on the company’s results. During the financial year, the Board: - held 12 meetings; - attended the Shareholders’ Meeting, the 9 meetings of the Board of Directors and the 2 meetings of the Executive Committee, checking that resolutions and actions were in compliance with the law and the corporate Articles of Association; -requested and received from the Directors, during the Board of Directors’ meetings and managers of the Company, information on the activities carried out and on the main economic and financial transactions effected by the Company and its main subsidiaries, acknowledging that none of these were deemed manifestly imprudent or reckless, potentially in conflict of interest, in violation of shareholders’ resolutions or such as to jeopardize the integrity of the company’s assets; - exchanged information with the auditing firm PricewaterhouseCoopers, the latter never notifying the Board of events, circumstances, or irregularities
345 Parent Company Statements 06 BOARD OF AUDITOR’S REPORT
requiring its attention; - continued to apprise and verify the adequacy of the administrative and accounting systems and its reliability in correctly portraying corporate developments, by obtaining information from the persons responsible for the respective functions, examining Company documents and records, and analysing the results of the Auditing Firm; - systematically monitored the activity of the Internal Audit Department, with regular meetings with the head of that Department; attended all the meetings of the Internal Control Committee at which documents prepared by the Internal Audit Department and the Internal Control Committee were discussed; -regularly received from the Company its Quarterly Reports on complaints filled by the Internal Auditor, pursuant to ISVAP (Italy’s supervisory body for private insurance) circular 518/D of 21 November 2003. The reports revealed no particular problems or organisational shortcomings, and the Board accordingly made no remarks thereon. The Board further verified that the Company transmitted both the reports and the Board’s observations to ISVAP within the required terms; - continued to monitor changes in the organisation of the Company and of the Group in Italy affecting insurance, information technology and services, outsourced to specialised Group companies. Specifically, the integration and centralisation process of claim settlement departments, call center management and administrative services was completed; - ensured that the preparation and structure of the financial statements complied with regulations and the Articles of Association; - confirmed that the measurement criteria outlined in Part B of the Notes to the Accounts were consistent with those used in preparing the 2005 Financial Statements and that they are in accordance with the laws in force; - confirmed that the Company, having elected to apply the provisions of Law No. 266 of 23 December 2005, revalued the tax base of properties and paid the related substitute tax. The balance was recorded in the extraordinary reserve and is subject to a suspended tax regime; - verified that, pursuant to Article 114, paragraph 2, and Articles 184-187 quinquies of Legislative Decree 58/98, the company had provided subsidiaries with adequate instructions in order to obtain, in a timely manner, the information necessary to fulfil its disclosure obligations according to law, in particular those regarding market abuse; - in 2006, the company exercised the option to participate in the national consolidated tax system for the subsidiary Fata Assicurazioni and formalised the required relationships; - confirmed that, in 2006, in addition to normal financial and trade transactions, numerous infra-group transactions involving the provision of services were completed. Such transactions, which were based on objectives of rationalisation and cost effectiveness, were governed by agreements between the parties. Normal reinsurance and coinsurance relationships continued between Group companies. Such relationships are governed by normal market conditions. In accordance with CONSOB Notice No. 6064293 of 28 July 2006,
346 details on the effects of transactions with related parties on the financial statements (€ 1,078.7 million) classified according to the criteria set out in IAS 24 are provided in Part C of the Notes to the Accounts; - that the asset management company Generali Investments Italy S.p.A. – in relation to its appointment pursuant to Article 24 of Legislative Decree 58/98 to manage the company’s portfolio of financial resources and instruments – operated in accordance with the conditions and within the limits established by that convention and in conformity with laws and the principles of correct administration; - verified – in fulfilling the requirements set out in ISVAP’s Circular Letter No. 176 of 27/04/1992 regarding the assessment of assets held to back insurance provisions – that such assets are completely available and free from constraints and encumbrances and that the company has fulfilled the eligibility requirements and complied with the investment limits prescribed by law; - attests that the Company satisfied the obligations of Law 197/91 and the provisions of the Bank of Italy and the Italian Foreign Exchange Office on money laundering and as regards staff training; - confirmed that the Company has complied with the privacy obligations set out in Legislative Decree 196/2003 regarding the processing of personal information and, in March 2006, prepared the Programmatic Document on Security. The Company also continued to pursue the full performance of all obligations imposed by such Decree on data controllers, mainly as regards updating and personnel training; - verified that pursuant to Article 5 of ISVAP regulation 893 of 18 June 1998 on the classification and measurement of securities portfolios, the classification of securities as financial fixed assets at 31 December 2006 and transactions in those securities were in compliance with the guidelines laid down in specific regulations of the Board of Directors; - verified that transactions in derivative financial instruments effected by the Company in 2006 and set out in detail in the Notes to the Accounts were effected in compliance with the directives issued by the Board of Directors in its resolutions of 13 November 2003 and 9 September 2004 and that the Company regularly made its periodic communications to ISVAP; - attests that the Company completed implementation of the Organisational and Operational Model for the prevention of crime envisaged by Legislative Decree 231 of 8 June 2001, on the administrative liability of companies for crimes perpetrated by their employees and collaborators and, through a specific Supervisory Body set up for this purpose, carried out inspections bearing of the corporate process and procedures used to assess the maintenance of crime prevention measures for the purposes of that Decree. The Board of Auditors received information by means of notices provided to the Board of Directors and by attending Internal Control Committee meetings; - since October 1999, the Company has adhered to the Corporate Governance Code for Listed Companies issued by Borsa Italiana S.p.A and amended on 14 March 2006; the Company also prepared its annual report on its system of Corporate Governance; - the Board informs Shareholders that, with regard to points 5, 6, 7, and 8 of
347 Parent Company Statements 06 BOARD OF AUDITOR’S REPORT
the above-mentioned CONSOB communication of 6 April 2001: no complaints under Article 2408 of the Italian Civil Code were presented; no petitions were presented; the following additional assignments were conferred upon the Auditing Firm concerning: 1. auditing the annual report on insurance funds following the merger of Generali Vita S.p.A. for a cost totalling € 5,010 net of expenses and VAT; 2. performing auditing activities relating to the submission of comfort letters on the issue of hybrid debt instruments called Perpetual Fixed/Floating Rate Notes for a cost totalling € 32,000 net of expenses and VAT; 3. reviewing alternate performance indicators regarding the consolidated operating result for a cost totalling € 10,000 net of expenses and VAT; 4. acting as auditor for the financial statements and consolidated financial statements for the 2006-2011 period following the merger of Generali Vita S.p.A. The additional cost, net of expenses and VAT, amounts to € 214,952 for 2006 and € 295,351 for each year from 2007 to 2011. Furthermore, since the transaction was structured as a transfer of assets following the merger, at aggregated level it resulted in no additional costs for 2006 and savings of € 23,774 a year from 2007 to 2011. no appointments were made to parties bound by relations with the audit firm; - during the year, the Board of Auditors expressed the following opinions: favourable concerning the proposal presented at the Extraordinary General Meeting of 29 April 2006 to increase the share capital reserved for the stock option plan for the company Chairman and Managing Directors and the stock granting plan for the employees of the Company and its subsidiaries; favourable concerning the proposal presented at the General Meeting held on 29 April 2006 to appoint PricewaterhouseCoopers S.p.A. to audit Company’s financial statements and the Group’s consolidated financial statements for the 2006-2011 period; favourable concerning the appointment of the audit firm with the additional tasks listed above; favourable concerning the proposal presented at the General Meeting held on 29 April 2006 to buy-back and dispose of own shares; favourable concerning the proposal to issue a bond up to € 750 million; confirming that the net capital existed in relation to the decision of the Board of Directors to carry out the merger of subsidiaries Generali Vita S.p.A. and SIA S.p.A.; favourable concerning the proposals presented at the meeting of the Board of Directors on 7 September 2006 to obtain a bridge loan amounting to € 2,500 million for the acquisition of the Toro Group; confirming that the criteria approved by the Board of Directors for verifying the fulfilment of the Directors’ independence requirements have been correctly applied; In the course of its oversight activities, as described above, no significant events or situations emerged requiring reporting to the competent Control Bodies or mention in this Report.
348 In light of the foregoing, the Board of Auditors considers that the Accounts for 2006, as presented to you by the Board of Directors can be approved by the Shareholders. The Board furthermore expresses its favourable opinion on the Board of Directors’ proposed allocation of the profit for the year, amounting to € 1,213,643,975.
Trieste, 21 March 2007 THE BOARD OF AUDITORS OF ASSICURAZIONI GENERALI
349 . INDEPENDENT AUDITOR’S REPORT AND ACTUARY’S REPORT . 353 354 355 . 159 Editing: Accounting and Financial Statements Department Group Italy - GSA/ Corporate Social Responsibility
Co-ordination: Group Communication and Corporate Affairs Dept./ Human Resources Dept. – General Services
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