ASSICURAZIONI GENERALI
CONSOLIDATED HALF-YEARLY REPORT
JUNE 30, 2005 174TH year
ASSICURAZIONI GENERALI
CONSOLIDATED HALF-YEARLY REPORT
JUNE 30, 2005 174TH year The pictures contained in this issue refer to offices of Generali Group companies in Far East Registered Office and Central Head Office in Trieste Head Office for Italian Operations in Mogliano Veneto Capital (fully paid in) Euro 1.275.999.458,00 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
DIRECTORS Luigi Arturo Bianchi / Ana Patricia Botin (*) Directors who, together with the Chairman, Gerardo Broggini (*) / Claudio Consolo Vice-Chairman and Managing Directors, Laurent Dassault / Diego Della Valle / Enzo Grilli form the Executive Committee Piergaetano Marchetti (*) / Klaus-Peter Müller / Alberto Nicola Nagel (*) Alessandro Ovi / Alessandro Pedersoli Reinfried Pohl / Vittorio Ripa di Meana
GENERAL COUNCIL Giorgio Davide Adler / José Ramón Álvarez Rendueles Comprising, besides the below listed elective José Maria Amusátegui de la Cierva / Raymond Barre / Claude Bébéar Members, the Members of the Board of Kenneth J. Bialkin / Sabino Cassese / Giacomo Costa Directors and the General Managers Maurizio De Tilla / Dieter Farny / Enrico Filippi Carlos Fitz-James Stuart y Martínez de Irujo / Albert Frère Roberto Gonzales Barrera / Georges Hervet / Dietrich Karner Khoon Chen Kuok / Stefano Micossi / Franca Orsini Bonacossi Paolo Pedrazzoli / 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 MANAGERS Raffaele Agrusti / Sergio Balbinot / Fabio Buscarini / Giovanni Perissinotto
DEPUTY GENERAL MANAGERS Mel Carvill / Aldo Minucci / Vittorio Rispoli (**) (**) Secretary of the Board of Directors
CORPORATE BODIES AS OF SEPTEMBER 29, 2005
TABLE OF CONTENTS
Group highlights ______10 Economic and insurance background ______11 Part A - Information on operations ______14 The first-time adoption of the international accounting standards (IAS/IFRS) within the Generali Group ______14 The Generali Group ______15 Business performance ______16 Asset and financial management ______18 Business segments ______21 Life segment ______21 Non-life segment ______28 Financial segment ______34 Progress of financial business in the different countries______37 Generali shares and shareholders______38 Relations with Group companies ______39 Major events occurred after 30 June 2005 ______40 Conclusions and future prospects______40 Parent Company ______41 Part B - Consolidated financial statements ______47 Consolidated balance sheet ______48 Consolidated profit and loss account ______49 Statements of changes in shareholders’ equity ______50 Segment reporting – consolidated balance sheet ______52 Segment reporting – consolidated profit and loss account ______54 Cash flow statement ______56 Part C - General criteria for drawing up the financial statements and the consolidation area ______61 Part D - Valuation criteria ______64 Part E - Notes on the balance sheet ______78 Part F - Notes on the profit and loss account ______86 Part G - Other informatin ______92 Part H - Consolidation area ______95 Part I - Transition to the international accounting standards IAS/IFRS ______96 Companies included in the consolidated statements ______116 Other affiliated and associated companies ______123 Parent Company balance sheet, profit and loss account______134 Independent Auditor’s report ______140 Companies in which an unquoted shareholding (which is higher than 10%) is held ____ 146
REPORT Group highlights on a consolidated basis
(in million euro) 30.06.2005 30.06.2004 31.12.2004
Gross premiums written 32,872.7 28,143.7 55,754.6 Change (on equivalent terms) (1) 17.2% n.a. (*) n.a. (*) Acquisition and administration costs (2) 4,161.8 4,191.5 8,554.0 Expense ratio 13.5% 15.6% 16.1% Insurance provisions (3) 263,579.3 234,471.2 244,527.4
Life gross premiums written 23,455.9 19,012.3 38,632.6 Change (on equivalent terms) (1) 24.1% n.a. (*) n.a. (*) Acquisition and administration costs 2,058.6 1,960.6 4,355.2 Expense ratio 8.9% 10.4% 11.6% Life insurance provisions (3) 239,123.5 n.a. (*) 221,183.5
Non life gross premiums written 9,416.8 9,131.4 17,122.0 Change (on equivalent terms) (1) 3.0% n.a. (*) n.a. (*) Acquisition and administration costs 2,103.2 2,230.9 4,198.8 Expense ratio 27.4% 27.6% 27.4% Loss ratio 68.6% 68.9% 71.6% Combined ratio 96.0% 96.5% 98.9% Non life insurance provisions 24,455.8 n.a. (*) 23,343.9
Total income of financial segment 666.9 n.a. (*) 1,306.9 Total expenses of financial segment 527.9 n.a. (*) 1,159.0 Asset under management 250,096.9 226,864.1 238,451.7
Investments 295,174.0 259,643.1 271,774.6
Share capital and reserves 11,519.2 9,234.9 9,719.2
Result of the period 1,139.4 881.0 1,665.8
(*) n.a. = Not applicable due to the different accounting principles adopted (1) At equivalent exchange rates and consolidation area compared with the same period last year (2) Excluded acquisition and administration costs related to investment contrats (IFRS 4) and expenses of non-insurance companies (3) Net insurance provisions for policies where the investment risk is borne by the policyholders and those for pension funds amount to 31.620.4 at 30 June 2005
10 Economic and insurance background
In the first half of 2005, the world economy maintained its high levels of growth (+4%), notwithstanding the year-on-year decrease from 2004, a record-setting year of the last two decades. This slowdown was affected by the significant rise in oil prices, which surged between January and June from 35 to 52 dollars a barrel due to the increased energy demand of emerging markets and speculative tension due to uncertainty about its future availability.
Growth in the United States continued its upward trend (+3.6%), largely due to the positive performance of domestic demand and exports. However, expansionary monetary policies – which helped achieve these results – concurrently also produced high budget and balance-of-trade deficits. Despite being currently financed with massive flows of capital from abroad, high deficits can hinder furtherance of the current trend.
While Japan posted moderate economic development, the economy in China – after a slight slowdown between late 2004 and early 2005 due to the monetary authorities raising interest rates – resumed its economic growth at a rate of 9.5%. In Latin America, the GDP benefited from the positive performance of exports and the resulting ramifications for domestic consumption and especially for investments, though curbed by the increase in interest rates. The economies of the countries acceding to the European Union last year continued to grow at a rate of about 4% per year, thanks to a virtuous cycle of exports and investments, promoted by the stability and the new commercial opportunities connected with accession into the EU.
After a sharp acceleration in economic growth in the euro zone (+1.1%) in the first quarter of the year, the situation worsened because of the negative effect of net foreign demand (the continued strength of the euro, despite the depreciation registered during the first half, continued to hamper the competitiveness of European companies) and the slowdown in domestic demand, hindered by rising oil prices. Despite the surge in the first quarter, growth in Germany was only around 0.6% and industrial reshuffling reduced the purchasing power of consumers limiting consumption, while at the same time increased the efficiency of the production system with positive effects on exports, whose demand rose substantially in the emerging economies. The dynamics of the French GDP steadily weakened, after an extended period of liveliness due to the positive performance of domestic demand. The Italian economy is stagnating and showed upward and downward trends, dropping in the first quarter only to rise in the second; investments decreased compared to the past year, while the modest rises in consumption should be viewed in the framework of an increased propensity to save.
For the most part, inflation remained under control in the largest economies, despite the concerns about oil, rising costs of raw materials, and liquidity present in the system after years of expansionary monetary policy. For the euro zone, this
11 Consolidated half-yearly Report 05
is due to demand weakness and imported disinflation thanks to the relative strength of the euro. In the United States, the rise in productivity inevitably brought with it a perspective of increase in labour costs.
In this scenario, the Federal Reserve is gradually rethinking the expansionary monetary policy adopted in recent years: during the past six months, the Fed stepped in several times by repeatedly raising the interest rate, so by the end of June it stood at 3.25%. In Europe, on the other hand, the lack of inflationary pressure and the performance of the economy caused the European Central Bank to keep interest rates steady at 2%.
During the first half of the year, the euro/dollar exchange further decreased to 1.21 by the end of June (1.35 at year-end 2004). In China, monetary authorities made a preliminary modest yet important revaluation of the local currency that was coupled with the announcement that in future, the Yuan will be linked to a basket of currencies and not only to the dollar.
Looking at the securities markets, the first half of 2005 was fairly positive with regard to the European markets, while the performance of the American market was disappointing. The better results attained by the European markets, in a less dazzling economic scenario, were due to the different monetary policy and the effect of the exchange rate. In Asia, the main markets (Japan and Hong Kong) remained virtually unchanged, while the less mature markets (Korea, India, Philippines) posted more activity.
Long-term interest rates in America were less responsive to the increase in the short-term rates made by the Federal Reserve, causing the yield of ten-year bonds to decrease during the half-year from 4.25% at the end of 2004 to 3.91%, with narrower ranger. In Europe, the ten-year rates decreased from 3.68% to 3.12%, while European bonds displayed more volatility: the spread between government bonds and the bonds issued by European companies widened to 95 basis points in May while by the end of June, it bounced back to the values at the start of the year (68 b.p.).
Despite the negative economic performance, in the main areas where the Group is active in the first months of the year, financial assets of households continued to grow, promoting development in the sector of assets under management and, in this perspective, life insurance. The demand for savings continues to shift towards low-risk financial products, especially bonds in the area of common investment funds. Liquidity available to households (directly or through common monetary funds) was high, indicating that investors still feel uncertain about the future, though it is also the result of the particularly low interest rates.
In this perspective, activities in the life insurance segment varied greatly in the different countries, inserting themselves into historically different realms but also affected – to different extent – by changes in legislation, tax law and social security.
12 The demand for linked policies and inflows from the banking segment felt the effects of the positive performance of stock markets. Changes in the tax regulations of life policies underlie the slowdown of new life business on the German market, due to fewer incentives for policies with a higher financial content. The good expansion of Italy’s insurance market contrasted the modest development posted in 2004. Demand was focussed on traditional products and index-linked policies, distributed mostly through banks and post offices, which drove growth; results in the traditional channels improved as well, while financial advisers’ inflows contracted further. In France, the strong increase in inflows was due to the success of new supplementary individual pension products, intended to offset the cuts made in public pensions, and the positive performance of sales of unit-linked policies.
In the non-life business, development was affected by the widespread weakening of the economy and continuing decreases in premium rates, which characterize several areas of industrial risk insurance; this was countered by stability in the third-party liability segment as a result of the need to recover insurance income. Growth in the motor insurance segment was modest, due chiefly to the number of competitors and a reduction in new car registrations.
As regards development in other areas where the Group operates, growth was positive, both in the life and non-life segments, in the Central and Eastern European countries (except for the Czech Republic, where there was a decrease in premiums) and in China, on the wake of the fast-growing pace of the respective economies. In Latin America, there was a healthy increase in premium income in the early months of the year.
Profitability in the insurance sector marked additional progress in the life and non-life segments, owing to improvements in the quality of the portfolio and cost- cutting techniques. The largest insurance companies launched further portfolio reorganization policies by disposing of companies operating in regions or lines of business that are no longer deemed to be of strategic importance. Despite the stiff competition and the decline in premium rates, technical results in the non-life business improved thanks to the reduced frequency and intensity of the natural disasters that marked the half-year.
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Part A - Information on operations
The first-time adoption of the international accounting standards (IAS/IFRS) within the Generali Group
As of the financial year 2005, EU regulation no.1606 of 19 July 2002 requires listed companies in the European Union to apply the international accounting principles IAS/IFRS in preparing consolidated financial statements. The Generali Group believed it appropriate to anticipate adoption of the international accounting principles to the consolidated half-yearly report 2005, in accordance with the CONSOB resolution no.14990 of 14 April 2005 which amended Regolamento Emittenti no.11971/99. In compliance with Legislative Decree no.38 of 28 February 2005, the Parent Company is instead required to continue applying local GAAP to its financial statements.
Adoption of the new accounting method gave the Generali Group the opportunity to reengineer the flow of information within the Group, which made it possible not only to uniformly apply the new accounting principles within the Group, but also to improve the quality and speed of operating and accounting information. Specifically, a streamlined flow of information will gradually and consistently ensure the needs of consolidation, Group controlling, Strategic Planning and integrated Value-Based Management.
Among other things, adoption of the new international principles led to substantial changes to the financial statements presentation as well as classification and evaluation of many Group assets and liabilities and their economic significance.
In general, in its half-yearly report, Generali adopted the new financial statement templates that ISVAP suggested in an initial document distributed for public consultation which, after being definitively approved, shall become the reference template that the national insurance sector will be required to use as from the 2005 consolidated financial statements. In order to comply with the principles contained in IAS 34, applicable for interim financial reports, Generali referred to the best practices of the European insurance sector.
The economic and balance-related data compared in this report take into account the new accounting principles and were recalculated applying the new accounting policies and using reasonable estimates wherever necessary. The comparison is based on prudent decisions and reliably represents the development of operations between the two periods in question.
One of the innovative principles of the new presentation of financial statements for the insurance sector concerns the IAS/IFRS profit and loss account, which does not include a technical and a non-technical insurance section but provides an overview of economic data of all the Group’s segments divided by line of business and entered in special integrating formats through segment reporting, in compliance
14 with IAS 14. The Generali Group identified the following major business segments: life, non-life and financial. The results of each individual segment represent the economic and balance-related situations of the companies belonging to that business segment, perceived as a separate and independent business unit with respect to the other segments. This led to, on the one hand, an elimination of the effects of the transactions between companies belonging to the same segment and, on the other, the incorporation into the results of the segment of the same effects of the transactions made between companies belonging to different segments.
Comments about operating performance in the six-month reference period are based mainly on the new segment information report.
The valuation criteria and key effects of the transition to IAS/IFRS on the Generali Group consolidated financial statements are given in the specific sections of this half-yearly report. The report was prepared using the criteria in effect at the present time. These principles may not be the same as the ones in effect as of 31 December 2005 due to the new directions of the European Commission regarding standardization and due to the new principles or interpretations made by the competent bodies.
The Generali Group
First and foremost, the adoption of the new international accounting standards led to an enlargement of the consolidation area. IAS 27 calls for consolidation line by line of all subsidiaries, regardless of the business carried out, except for companies whose small size makes their contribution immaterial. For example, the subsidiaries performing banking or financing activities - that were previously consolidated under the equity method – were consolidated line by line. As a result, as of 31 December 2004, the consolidation area – including subsidiaries consolidated line by line and associated companies valued at equity –, rose from 198 to 300 companies.
Compared to 31 December 2004, 5 new companies joined the Group consolidation area and 3 companies left. Consequently, there are 295 subsidiaries consolidated line by line compared with 293 at year-end 2004, whilst the equity method was applied to the shareholdings in 7 companies, unchanged on 2004.
The list of subsidiaries consolidated line by line, associated companies valued at equity and non-consolidated subsidiaries – considered immaterial -, are indicated in the tables attached to the notes to the accounts.
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Business performance
In order to ensure correct comparability, all the data of the first half of 2004 were recalculated according to the international accounting standards IAS/IFRS applied to the consolidated 2005 half-yearly report; furthermore, unless otherwise indicated, the changes on the same period of the last year are always expressed on an equivalent consolidation area and, as regards premiums, at equivalent exchange rates.
(in million euro) 30.06.2005
Earned premiums 30.763.2 Net insurance benefits and claims 31,937.6 Income from investments 5,943.3 Net income from financial instruments at fair value through profit or loss 2,774.2 Acquisition and administration costs 4,460.3 Interests and investments management expenses 684.6 Other income and expenses -378.0 Earnings before taxes 2,020.2 Income taxes 631.0 Consolidated result of the period 1,389.2 Minority interests 249.9 Result of the period 1,139.4
The Group result of the period came to 1,139.4 million euros as against 881 million euros in the first half of 2004.
Overall performance of the insurance segments was characterized by an increase in the volume of gross premiums – equal to 32,872.7 million euros – of 17.2%. Premiums in the life segment reached 23,455.9 million euros (+24.1%) and those in the non life segment 9,416.8 million euros (+3%).
The expense ratio amounted to 13.5% (15.6% in the first half of 2004).
In the life segment, the expense ratio (acquisition and administration costs) improved from 10.4% to 8.9% on the first half of 2004. In the non life segment, the combined ratio calculated on a consolidated basis decreased from 96.5% to 96%. Both indices consider that, in compliance with the principle of substance over form required for presentation of financial statements according to IAS/IFRS, the German health insurance business and the French complementary life one were included in the life segment and managed by adopting the criteria of that line of business.
16 The provision index, which does not include the amount of equalisation provisions, no longer allowed by the international accounting standards, remained at the levels of the corresponding period in 2004.
Net commissions for financial services rendered and received, which are recognised respectively as other income and other expenses and included in the financial segment, reached 160 million euros.
If the contribution of financial instruments at fair value through profit or loss is excluded, net income from investments amounted to 5,943.3 million euros. Contributing to this result were dividends and interest worth 4,898.7 million euros, net income from land and buildings (investment properties) for 530.8 million euros, net realised gains on securities for 751.6 million euros and impairment losses – net of the respective reversal – for 237.8 million euros.
The contribution of financial instruments at fair value through profit or loss amounted to 2,774.2 million euros. In this category of financial instruments, net income from financial assets where the risk is borne by the policyholders and pension funds came to 1,897.4 million euros.
Interest and investments management expenses and came to a total of 684.6 million euros. Among interest expenses (365.4 million euros), 183 million euros refer to liabilities linked to financing activities.
As at 30 June 2005 consolidated Group companies employed a total staff of 61,755 – 11,990 of whom worked in Italy and 49,785 abroad – thus showing an increase of 3,421 compared to year-end 2004. This increase was the result of the enlargement of the consolidation area.
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Asset and financial management
Investments
30.06.2005 31.12.2004 (in million euro) Total Impact (%) Total Impact (%)
Land and buildings (investment properties) 10,118.8 3.9 10,322.9 4.3
Investments in subsidiaries, associated companies and joint ventures 909.6 0.4 840.5 0.4
Loans and receivables 41,922.0 16.3 38,434.1 16.2
Held to maturity investments 892.4 0.3 668.4 0.3
Financial assets available for sale 181,022.9 70.2 166,529.2 70.3 Equities and investment fund units 30,015.4 16.6 27,323.9 16.4 Bonds 150,322.4 83.0 138,494.3 83.2 Other financial investments available for sale 685.1 0.4 711.0 0.4
Financial assets at fair value through profit or loss 22,828.2 8.9 20,188.1 8.5 Equities 1,476.2 6.5 1,238.5 6.1 Bonds 12,299.7 53.9 10,954.6 54.3 Investment fund units 3,232.3 14.1 2,449.0 12.1 Other financial investments 5,820.0 25.5 5,546.0 27.5 Total investments 257,693.9 100.0 236,983.2 100.0
Investments back to policies where the investment risk is borne by the policyholders and back to pension funds 37,480.1 34,791.4
Total 295,174.0 271,774.6
In accordance with international accounting standards, land and buildings (self used) for 2,870.7 million euros (2,872 million euros at year-end 2004) were classified as tangible assets, as they do not meet the definition of investments.
18 Total net insurance provisions
Total (in million euro) 30.06.2005 31.12.2004
Non life insurance provisions 24,455.8 23,343.9 Provisions for unearned premiums 4,528.1 3,802.0 Provisions for outstanding claims 19,611.4 19,247.6 Other insurance provisions 316.3 294.3
Life insurance provisions 239,123.5 221,183.5 Mathematical provisions 180,877.6 169,669.7 Provisions for outstanding claims 3,710.8 3,548.2 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 31,620.4 28,996.8 Other insurance provisions 22,914.7 18,968.8
Total 263,579.3 244,527.4
The other insurance provisions of the life segment include deferred policyholders liabilities for 11,054.2 million euros (7,454.3 million euros as at 31 December 2004).
Debt
Adoption of international accounting standards led to substantial changes in the presentation of Generali Group’s financial liabilities. Specifically, the enlargement of the consolidation area to include banks and financial companies, with their own payables to banks and customers, and the different classification of several insurance contracts as financial investment contracts caused a substantial increase which, considering the above reasons, do not lead to any material impact on the Group’s financial leverage.
In order to better understand the nature of the new IAS/IFRS context, consolidated debt was split into two categories that match the operating model currently used by the Group to manage its total debt: - liabilities linked to operating activities, perceived as all financial liabilities with a specific relationship to certain items of the consolidated financial statements. For example, unit-linked policies – reclassified as investment contracts – have a close correlation with the assets covering these contracts where the investment risk is borne by the policyholders; - liabilities linked to financing activities, which includes the remaining subordinate liabilities, bonds issued and other loans. For example, the debts issued as part of the acquisition transaction of a group of companies belong to this category.
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The total debt is as follows:
(in million euro) 30.06.2005 31.12.2004 Change Change (%)
Liabilities linked to operating activities 22,459.6 21,474.4 985.2 4.6 Liabilities linked to financing activities 7,403.6 7,272.6 131.0 1.8 Total 29,863.2 28,747.0 1,116.2 3.9
Shareholders’ equity
Shareholders’ equity amounted to 12,658.6 million euros as against 11,385 million euros at year-end 2004, while minority interests in shareholders’ equity equalled 3,387.9 million euros.
(in million euro) 30.06.2005
Shareholders’ equity 12,658.6 Share capital 1,276.0 Capital reserve 4,993.5 Revenue reserve and other reserves 2,755.9 Own shares -298.1 Reserve for currency translation differences 94.0 Reserve for unrealised gains and losses on investments available for sale 2,697.9 Result of the period 1,139.4
Minority interests: Shareholders’ equity 3,387.9
Total 16,046.5
Shareholders’ equity includes the reserve for unrealised gains and losses on available for sale, which includes the balance between unrealised gains and losses on financial assets of the life segment, net of deferred policyholders liabilities and deferred taxes, as well as the balance between unrealised gains and losses on financial assets of the non life and financial segments, net of deferred taxes.
In addition, shareholders’ equity was reduced by a value of 298.1 million euros, corresponding to the value of the 9,136,462 shares of the Parent Company, held by itself or by other Group companies for a nominal value of 9,136,462 euros, which represent 0.7% of the share capital.
20 Business segments
Life segment
(in million euro) 30.06.2005 31.12.2004
Intangible assets 981.5 874.9 Investments 262,170.8 242,339.3 Cash and cash equivalents 4,032.1 5,040.7 Receivables 4,254.2 3,729.4 Tangible assets 1,144.5 1,163.2 Other assets 9,528.9 9,331.1 Total assets 282,112.0 262,478.6
Subordinated liabilities 1,073.0 1,247.9 Financial liabilities 12,948.4 12,629.7 Insurance provisions 240,757.3 222,340.6 Payables and other provisions 6,213.0 5,486.0 Other liabilities 4,548.3 3,753.7 Total liabilities 265,540.0 245,457.9
(in million euro) 30.06.2005
Earned premiums 23,076.8 Income from subsidiaries, associated companies and joint ventures 121.0 Income from financial instruments and other investments 5,421.4 Net income from financial instruments at fair value through profit or loss 2,636.8 Other income 651.5 Total income 31,907.5
Net insurance benefits and claims 26,767.2 Expenses from subsidiaries, associated companies and joint ventures 103.0 Expenses for financial instruments and other investments 689.8 Acquisition and administration costs 2,092.6 Other expenses 826.9 Total expenses 30,479.5
Earnings before taxes 1,428.0
Income taxes 454.5
Consolidated result of the period 973.5
Minority interests 189.8
Result of the period 783.7
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Insurance business
Gross premiums of the life segment amounted to 23,455.9 million euros (+24.1% compared to the first half of 2004); this amount also includes the German health insurance business for 899.2 million euros and the French complementary life one for 253.3 million euros, both managed using the same criteria as of life business. Gross direct premiums were 23,126.8 million euros (+24.4%), while those of accepted reinsurance came to 329.1 million euros (+3.4%). Premiums ceded amounted to a total of 361.1 million euros.
Gross direct premiums of the life segment represent 71.6% of the total direct insurance portfolio.
On the whole, the expense ratio amounted to 8.9%, compared to 10.4% in the first half of 2004; specifically, the impact of acquisition costs on premiums decreased from 8.2% to 7.2% and that of administration costs decreased from 2.2% to 1.7%. Nearly all the countries where the Generali Group operates carried out a policy based on cost control, leading to an overall reduction in the respective index.
Hereafter in this report, expense and loss ratios are always expressed net of ceded reinsurance.
22 Asset and financial management Investments
30.06.2005 31.12.2004 (in million euro) Total Impact (%) Total Impact (%)
Land and buildings (investment properties) 3,827.8 1.7 3,878.5 1.9
Investments in subsidiaries, associated companies and joint ventures 10,962.9 4.9 11,974.5 5.8
Loans and receivables 29,793.9 13.3 27,549.7 13.3
Held to maturity investments 818.3 0.4 588.9 0.3
Financial assets available for sale 160,370.3 71.3 146,948.3 70.7 Equities and investment fund units 23,785.0 14.8 21,463.5 14.6 Bonds 136,005.4 84.8 124,941.7 85.0 Other financial investments available for sale 579.9 0.4 543.1 0.4
Financial assets at fair value through profit or loss 18,922.1 8.4 16,610.6 8.0 Equities 1,305.8 6.9 1,094.6 6.6 Bonds 10,079.2 53.3 8,732.9 52.6 Investment fund units 2,681.6 14.2 2,128.4 12.8 Other financial investments 4,855.5 25.6 4,654.7 28.0 Total investments 224,695.3 100.0 207,550.5 100.0 Investments back to policies where the investment risk is borne by the policyholders and back to pension funds 37,475.5 34,788.8
Total 262,170.8 242,339.3
In the life segment, the Group continued to invest most heavily in bonds, which represent an average of 85-90% of portfolios. The average duration of assets remained essentially stable at around 8.5 years. The proportion of investments in shares was kept stable at 10% and is made up of high-yield securities. The credit risk on portfolios increased slightly due to the changes in the guidelines, which made it possible to increase the share of investments in A and BBB securities from 15% to 20%.
As at 30 June 2005 investments in the life segment amounted to 224,695.3 million euros (207,550.5 million euros at the end of last year). They increased by 8.3% - 17,144.8 million euros - compared to 31 December 2004.
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Investments back to policies where the investment risk is borne by the policyholders amounted to 37,475.5 million euros (34,788.8 million euros on 31 December 2004). Including the latter, total investments reached 262,170.8 million euros (242,339.3 million euros on 31 December 2004).
Insurance provisions
(in million euro) 30.06.2005 31.12.2004
Life insurance provisions Mathematical provisions 180,885.6 169,535.1 Provisions for outstanding claims 3,609.7 3,375.0 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 31,620.4 28,995.7 Other insurance provisions 22,996.5 18,940.1 Total 239,112.2 220,845.9
Net life insurance provisions amounted to 239,112.2 million euros as against 220,845.9 million euros as at 31 December 2004. Net provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds amounted to 31,620.4 million euros (28,995.7 million euros as at 31 December 2004). Deferred policyholders liabilities included in other provisions came to 11,054.2 million euros (7,454.3 million euros at year-end 2004).
24 Net income from investments
(in million euro) 30.06.2005
Net income from land and buildings (investment properties) 297.5
Net income from investments in subsidiaries, associated companies and joint ventures 28.9
Net income from loans and receivables 674.4
Net income from held to maturity investments 13.4
Net income from financial assets available for sale 4,113.7 Interests and other income 3,464.6 Net realised gains 680.2 Impairment net of reversal -31.1 Total net income from investments not at fair value through profit or loss 5,127.9
Net income from financial assets at fair value through profit or loss 2,636.8 Interests and other net income 710.7 Net unrealised gains 1,812.7 Net realised gains 113.4
Total 7,764.6
Net income from investments not at fair value through profit or loss amounted to 5,127.9 million euros and the greatest proportion of them was generated by bonds.
Net income from financial assets at fair value through profit or loss amounted to 2,636.8 million euros. The portion of financial assets where the investment risk is borne by the policyholders amounted to 1,897.4 million euros, 1,553.7 million euros of which derive from net unrealised gains.
As far as land and buildings (investment properties) are concerned, net realised gains amounted to 177.1 million euros, while impairment losses and depreciation came to 32.3 million euros.
25 Consolidated half-yearly Report 05
Progress of insurance business in the main countries
Gross direct premiums Change (%) Expense ratio (%) (in million euro) 30.06.2005 30.06.2004 30.06.2005 30.06.2005 30.06.2004
Italy 9,039.9 7,875.3 14.8 5.9 5.4 France 4,925.6 4,100.3 20.1 6.3 7.9 Gemany 4,647.4 4,356.2 6.7 16.1 19.3 Spain 536.4 446.0 20.3 4.7 6.0 Austria 386.9 348.5 11.0 18.9 26.2 Switzerland 383.2 400.3 -4.7 20.9 23.2 China 1,870.9 n.m. (*) n.m. (*) n.m. (*) n.m. (*) Israel 404.3 410.4 0.3 17.1 16.6
(*) not material
In Italy, the rise in premiums underwritten by Group Companies in the country can be attributed to the positive performance of business coming through the traditional networks and bank channel. The positive business performance was sustained by strong growth of the individual risks line of business, specifically for recurring single premium policies. An important contribution was made by linked products and, to a lower extent, by Individual Pension Plans.
In France, the growth of the Group exceeded that of the market, with a strong increase in unit-linked products, sustained by the positive trend of financial markets. This result was achieved thanks to significant business generated by all sales channels, witnessing also the successful integration with the newly acquired companies.
In Germany, the increase in Group life premiums income was attributable to positive results obtained by state-contribution pension policies. In the first six months of the year, approximately 100,000 new policies were underwritten, consolidating the Group’s leadership of this market segment. The demand for policies with a high financial content which, as from 1 January of this year no longer receive any tax benefits, by contrast, reported a fall after the sharp rise reported at the end of 2004. The health line of business confirmed its positive growth performance.
In Spain, the individual and collective policy segments both reported brisk growth. In the individual policy line of business, noteworthy was the growth of risk policies and an up-turn in products with a higher financial content, due to impetus imparted by the Cajamar sales channel, which distributes Cajamar Vida products; premium inflows from traditional networks was also positive. The significant increase reported by the collective savings policy line of business was attributable to the underwriting of some important contracts.
In Austria, the development of regular premium policies such as unit- and index- linked contracts should be highlighted, with particular reference to pension
26 contracts offering financial guarantees, generally characterised by higher average premiums and longer policy duration. The positive trend reported for regular premiums was reiterated by growth in single premium policies, thanks to the launch of new products that were well received by clients. The health insurance segment also reported growth.
In Switzerland, premium inflows felt the effects of the on-going run-off in the group pension policies, while recurring premium unit-linked policies reported further growth, a segment in which the Group reaffirmed its position as market leader.
In Eastern Europe, Group turnover hit 123.3 million euros, reporting an increase of 17.9% compared to the first half of 2004. A significant contribution to this result was made by the unit-linked products recently launched in a number of markets and by the excellent performance of the pension fund line of business in Poland. In addition to the positive result reported for the Polish market (+148.8%), noteworthy were the performances of the Slovak Republic (+11.5%) and the Czech Republic (+4%), as well as the positive start-up of operations in Croatia. The expense ratio fell significantly to 24%.
In China, premium inflows benefited from a single premium amounting to approximately 1.9 billion euros, regarding the underwriting of a pension plan for the payment of annuities to 395,000 policyholders. This result placed Generali China Life as the top foreign joint venture operating on the Chinese market. During the first half of 2005, the agreement signed in 2004 in Beijing with the Industrial and Commercial Bank of China came into effect in Canton as well, and the procedure for obtaining authorisation to open a branch in Shanghai was initiated.
In Israel, premium inflows were influenced by a fall in single premiums and by the termination of a major group risk policy plan. The new individual business reported a remarkable increase compared to the first half of 2004, which was also characterised by particularly low sales volumes. Moreover, the average rate of policy cancellation/reduction improved compared to the same period of the previous financial year.
In Latin America, the most significant contributions to total premium inflows, amounting to 156.9 million euros, were made by Mexico and Argentina. In Mexico, the most important input came from underwriting and renewing major group risk policies; positive results were also reported in the disability pensions and pension fund lines of business. In Argentina, overhaul of the portfolio led to the termination of a number of important group policies with a high loss ratio; however, thanks to the underwriting of new policies, premium volumes remained essentially stable.
27 Consolidated half-yearly Report 05
Non life segment
(in million euro) 30.06.2005 31.12.2004
Intangible assets 1,930.6 2,011.4 Investments 41,706.9 40,938.0 Cash and cash equivalents 1,547.8 1,730.4 Receivables 6,300.9 5,548.0 Tangible assets 2,189.8 2,198.0 Other assets 7,273.2 7,145.8 Total assets 60,949.2 59,571.6
Subordinated liabilities 773.6 772.1 Financial liabilities 7,046.6 6,858.3 Insurance provisions 28,416.3 27,432.7 Payables and other provisions 5,480.7 5,151.8 Other liabilities 3,542.1 3,199.0 Total liabilities 45,259.3 43,413.9
(in million euro) 30.06.2005
Earned premiums 7,691.0 Income from subsidiaries, associated companies and joint ventures 267.4 Income from financial instruments and other investments 1,046.7 Net income from financial instruments at fair value through profit or loss 90.8 Other income 699.1 Total income 9,795.0
Net insurance benefits and claims 5,283.1 Expenses from subsidiaries, associated companies and joint ventures 73.5 Expenses for financial instruments and other investments 450.7 Acquisition and administration costs 2,162.4 Other expenses 1,105.6 Total expenses 9,075.3
Earnings before taxes 719.7
Income taxes 138.9
Consolidated result of the period 580.8
Minority interests 15.6
Result of the period 565.2
28 Insurance business
Gross premiums of non life segment amounted to 9,416.8 million euros (+3% compared to the first half of 2004) and gross direct premiums totalled 9,178.1 million euros (+2.8%).
Gross premiums of accepted reinsurance came to 238.7 million euros (+12.9%). On the whole, the contribution of reinsurance operations remained marginal as a consequence of the Group’s declared policy to focus on direct business.
As regards ceded reinsurance, premiums worth 933.1 million euros were ceded. The Group’s net exposure to risk remained stable at previous levels. For its own hedging requirements the Group companies mostly turned to non-proportional reinsurance protection for risk classes characterised by high single exposure with retention levels that vary in relation to the type of risks and size of the portfolios, turning to reliable and financially sound reinsurance companies. Reinsurance protection was also taken up for catastrophe risk mainly connected to natural disasters.
Non life direct gross premiums accounted for 28.4% of total direct business, 41.5% of which are attributable to motor insurance and the remaining 58.5% to non-motor.
The loss ratio – net of ceded reinsurance – amounted to 68.6% (68.9% in the first half of 2004). The expense ratio was 27.4% compared to 27.6% in the first half of 2004, registering a modest increase in acquisition costs (20.3%; 19.4% in June 2004) and a decrease in administration costs (7.1%; 8.2%). The cost control policy by nearly all the countries where the Generali Group operates was carried out in non life business too, leading to an overall reduction in the respective index. The loss ratio confirmed the good levels reached at the end of 2004. The combined ratio improved decreasing from 96.5% reported in the first half of 2004 to 96%.
29 Consolidated half-yearly Report 05
Asset and financial management Investments
30.06.2005 31.12.2004 (in million euro) Total Impact (%) Total Impact (%)
Land and buildings (investment properties) 6,273.8 15.0 6,426.9 15.7
Investments in subsidiaries, associated companies and joint ventures 8,236.5 19.7 9,553.6 23.3
Loans and receivables 7,067.1 16.9 6,017.0 14.8
Held to maturity investments 74.0 0.2 79.5 0.2
Financial assets available for sale 18,631.0 44.7 17,819.2 43.5 Equities and investment fund units 5,776.6 31.0 5,503.8 30.9 Bonds 12,753.5 68.5 12,151.1 68.2 Other financial investments available for sale 100.9 0.5 164.3 0.9
Financial assets at fair value through profit or loss 1,424.5 3.4 1,041.8 2.5 Equities 113.5 8.0 78.9 7.6 Bonds 626.0 43.9 496.5 47.7 Investment fund units 507.2 35.6 302.6 29.0 Other financial investments 177.7 12.5 163.8 15.7
Total 41,706.9 100.0 40,938.0 100.0
The Group investment policy for the non life segment focussed on maintaining the weight of the bond component and its duration at around three years. Similarly, the weight of investments in shareholdings and land and buildings (investment properties) was not substantially changed. In this segment, they have significant weight, greater than the one in the life segment. The credit risk on portfolios increased slightly due to the changes in the guidelines, which made it possible to increase the share of investments in A and BBB securities from 15% to 20%.
As at 30 June 2005 investments in the non life segment amounted to 41,706.9 million euros (40,938 million euros at year-end 2004). They increased by 1.9% - 768.9 million euros - compared to 31 December 2004.
30 Insurance provisions
(in million euro) 30.06.2005 31.12.2004
Non life insurance provisions Provisions for unearned premiums 4,531.6 3,850.6 Provisions for outstanding claims 19,727.8 19,517.5 Other insurance provisions 320.1 313.2 Total 24,579.6 23,681.3
Net non life insurance provisions amounted to 24,579.6 million euros as against 23,681.3 million euros as at 31 December 2004. Net income from investments
(in million euro) 30.06.2005
Net income from land and buildings (investment properties) 238.3
Net income from investments in subsidiaries, associated companies and joint ventures 193.9
Net income from loans and receivables 47.6
Net income from held to maturity investments 3.1
Net income from financial assets available for sale 552.8 Interests and other income 405.4 Net realised gains 156.5 Impairment net of reversal -9.1 Total net income from investments not at fair value through profit or loss 1,035.7
Net income from financial assets at fair value through profit or loss 90.8 Interests and other net income 39.4 Net unrealised gains 53.5 Net realised losses -2.1
Total 1,126.5
Net income from investments not at fair value through profit or loss totalled 1,035.7 million euros, the main contribution being made by bonds.
With regard to land and buildings (investment properties), net realised gains amounted to 70.4 million euros, while impairment losses and depreciation came to 87.6 million euros.
31 Consolidated half-yearly Report 05
Progress of insurance business in the main countries
Gross direct premiums Change (%) Loss ratio (%) Expense ratio (%) Combined ratio (%) (in million euro) 30.06.2005 30.06.2004 30.06.2005 30.06.2005 30.06.2004 30.06.2005 30.06.2004 30.06.2005 30.06.2004
Italy 2,731.7 2,703.4 1.0 74.1 75.2 22.8 22.1 96.9 97.3 Gemany 1,852.5 1,875.0 -1.2 62.6 62.6 32.2 33.7 94.8 96.3 France 1,649.0 1,691.8 -2.5 74.9 74.2 24.9 25.9 99.8 100.1 Spain 770.3 684.2 12.6 63.5 67.2 23.9 23.0 87.4 90.2 Austria 704.3 709.2 -0.7 66.9 70.6 29.9 28.5 96.8 99.1 Switzerland 310.8 293.0 5.6 72.8 71.7 20.7 21.3 93.5 93.0 Israel 175.2 179.9 -0.9 68.3 67.6 27.7 28.9 96.0 96.5
In Italy, the modest rise reported is the outcome of two separate trends: a fall in Assitalia premium volumes, due to on-going overhaul of the motor and general third-party liability portfolio, and positive growth of inflows registered by the other Group Companies. The progress of business was larger in the accident and health lines of business, due, in particular, to group policies; the transport and property lines of business improved, while the expansion of the corporate business continued to be constrained by a fall in premium rates due to strong market competition. A reduction in the loss ratio brought about an improved combined ratio.
In Germany, where the activities of the Group are particularly focused on the retail market, premium inflows were affected by the trend registered in the motor line of business, which has the largest share of the overall portfolio. This line of business is experiencing a general reduction of tariffs on the German market due to strong competition. The fall in the motor market was however offset by the positive performance of other lines of business. The combined ratio decreased.
In France, the contraction reported in the corporate sector, following the prudent underwriting policy adopted during a period in which the trend is towards falling premium rates, was offset by a modest rise in the motor and individual risk lines of business. By contrast, medical costs showed a positive performance, following an increase in tariffs introduced in relation to the performance of the existing portfolio and the demand for increased coverage as a result of the recently introduced health service reform.
In Spain, good business development was reported both in the individual policies, where the multi-risk household insurance – in particular – reported an encouraging performance and, likewise, in the corporate sector, in which a number of new important contracts was underwritten. The combined ratio reported further improvement.
In Austria, premium inflows experienced the effect of the drop in the motor line of business, due to the overhaul of the portfolio initiated during previous financial periods and which has not yet been fully concluded. By contrast, the other
32 individual risks segment reported an incremental performance. The combined ratio showed considerable improvement due to a strong fall in the loss ratio.
In Switzerland, premium inflows were driven by growth in the motor business, also due to tariff adjustment, and by the strong development in the accident and health lines of business, supported by targeted sales initiatives and tariff adjustments, too.
In Eastern Europe, Group companies collected premiums worth 304.1 million euros, reporting an increase of 5.9%. The most significant contributions were made by Hungary (+7.4%), the Czech Republic (+10.8%) and Slovenia (+12.8%). The most dynamic lines of business included motor and the individual risks insurance lines. The combined ratio increased, though still positive.
In Israel, the fall in premium volumes reported across the majority of lines of business, primarily due to the negative performance of the first quarter, was offset by recovery in the second quarter of the year. That resulted from both the Group’s decision to terminate a number of important group contracts showing a loss, or not renewable under technically acceptable terms, and tough tariff competition across all lines of business.
In Latin America, overall premium inflows totalled 233.9 million euros. In Mexico, the most significant contributions were made primarily by the bank channel – reporting a particularly dynamic performance in credit coverage policies (motor and household), while the motor business was affected by increased tariff competition. In Argentina, motor insurance increased thanks primarily to individual contracts. In February, the sale of the subsidiary Generali Peru – whose size was not considered of strategic importance – was finalised.
33 Consolidated half-yearly Report 05
Financial segment
(in million euro) 30.06.2005 31.12.2004
Intangible assets 30.3 19.4 Investments 14,429.4 14,236.5 Cash and cash equivalents 822.3 664.9 Receivables 241.6 434.5 Tangible assets 155.4 135.5 Other assets 300.7 290.5 Total assets 15,979.7 15,781.3
Subordinated liabilities 70.6 75.7 Financial liabilities 12,926.7 12,735.3 Payables and other provisions 496.4 593.4 Other liabilities 311.7 245.5 Total liabilities 13,805.4 13,649.9
(in million euro) 30.06.2005
Fee and commission income 300.7 Income from subsidiaries, associated companies and joint ventures 5.9 Other income from financial instruments and other investments 235.0 Net income from financial instruments at fair value through profit or loss 46.6 Other income 127.4 Total income 715.6
Fee and commission expenses 110.7 Expenses from subsidiaries, associated companies and joint ventures 8.2 Other expenses for financial instruments and other investments 148.7 Acquisition and administration costs 210.0 Other expenses 80.7 Total expenses 558.3
Earnings before taxes 157.3
Income taxes 37.6
Consolidated result of the period 119.7
Minority interests 33.7
Result of the period 86.0
34 In the financial segment, net commissions for financial services rendered and received by the companies amounted to 190 million euros. Within the consolidated financial statements, these values are recognised respectively as other income and other expenses.
Asset and financial management Investments
30.06.2005 31.12.2004 (in million euro) Total Impact (%) Total Impact (%)
Land and buildings (investment properties) 17.2 0.1 17.4 0.1
Investments in subsidiaries, associated companies and joint ventures 88.0 0.6 46.7 0.3
Loans and receivables 9,586.6 66.4 9,684.6 68.0
Held to maturity investments 0.0 0.0 0.0 0.0
Financial assets available for sale 2,251.4 15.6 1,949.6 13.7 Equities and investment fund units 453.8 20.2 356.6 18.3 Bonds 1,793.4 79.7 1,589.1 81.5 Other financial investments available for sale 4.2 0.2 3.9 0.2
Financial assets at fair value through profit or loss 2,486.2 17.2 2,538.2 17.8 Equities 56.9 2.3 65.0 2.6 Bonds 1,594.5 64.1 1,725.2 68.0 Investment fund units 43.5 1.7 18.0 0.7 Other financial investments 791.3 31.8 730.0 28.8
Total 14,429.4 100.0 14,236.5 100.0
As at 30 June 2005 investments in the financial segment amounted to 14,429.4 million euros (14,236.5 million euros at year-end 2004).
They increased by 1.4% - 192.9 million euros - compared to 31 December 2004.
35 Consolidated half-yearly Report 05
Net income from investments
(in million euro) 30.06.2005
Net income from land and buildings (investment properties) 0.4
Net income from investments in subsidiaries, associated companies and joint ventures -2.3
Net income from loans and receivables 182.6
Net income from held to maturity investments 0.0
Net income from financial assets available for sale 37.3 Interests and other income 30.2 Net realised gains 7.1 Impairment net of reversal 0.0 Total net income from investments not at fair value through profit or loss 218.0
Net income from financial assets at fair value through profit or loss 46.6 Interests and other net income 27.2 Net unrealised losses -2.3 Net realised gains 21.8
Total 264.6
Net income from investments not at fair value through profit or loss was worth 218 million euros, the most significant contribution of which (186.6 million euros) came from interest on receivables from banks and customers.
36 Progress of financial business in the different countries
Asset management
In the area of asset management, as at 30 June 2005, the assets managed by banks and asset-managing companies amounted to 250,096.9 million euros; most transactions carried out by asset management companies are made on behalf of Group companies.
At the end of the half year, asset management operations targeted at the market benefited from increased interest from savers for asset management products, which have shown good performances partly thanks to the recovery of stock markets and a decrease in long-term interest rates. The bond markets were sustained by an increase in investments by companies, with a low level of actual investments in the industrial market, and by institutional investors.
During the course of the first half of 2005, the Group investment policy focussed on trading on stock markets which, due to the positive trend enjoyed by the stock markets, generated a significant return.
On the bond markets, asset allocation favoured the buying of long-term securities, which tended to increase the duration of life portfolios, while for non-life portfolios preference was accorded to short-term securities.
Common guidelines were established regarding credit risk and new centralised financial risk control systems were introduced.
In Italy, during the first half of 2005, Banca Generali more than doubled its net inflows compared to the corresponding period of 2004, totalling 992 million euros. Banca Generali distributes its products via its own network of 2,087 financial advisers and a further 2,829 advisers from its subsidiary company, Simgenia S.p.A., which includes agents of Group companies who were also authorized to represent Banca Generali. The intensification of brokerage and the exploitation of significant synergies across the Group in distributing financial products enabled assets under management to climb to the figure of 16,731 million euros, reporting an increase of 8.6% compared to 31 December 2004. Significant increases compared to the first half of 2004 were reported in both net interest margin (+38.4%) and intermediation margin (+12.6%); the ratio of administrative expenses to the latter was 74.1% (83.8% as at 30 June 2004). Banca Generali launched a plan of investment in the distribution network with a view to increasing both assets under management and their profitability.
In Switzerland, BSI reaped positive benefits from the favourable trend of financial markets both in terms of inflows and profits. Operating income amounted to 161.7
37 Consolidated half-yearly Report 05
million euros (+44.2%), 90 million euros of which from commissions, while operating costs totalled 111.1 million euros with an impact of 68.7%. Profit generated by BSI corresponded to 41.8 million euros, an increase of 44.2% compared to that reported in the first half of 2004. At the end of June, the BSI group managed assets worth 31.3 billion euros, with an 8.9% rise compared to 31 December 2004. The BSI group has begun an important project to implement the development of more competitive asset management products with higher added value.
Generali shares and shareholders
As at 30 June 2005, share capital amounted to 1,275,999,458 euros, made up of a corresponding number of ordinary shares with a par value of 1 euro each. On the basis of dividend registration for the 2003 financial year, the number of shareholders resulting from the Register of Shareholders was 300,770. The following institutions took a share in the company capital exceeding 2% – either directly or indirectly, through a third party, trustees and subsidiary companies:
Percentage of Number of shares share capital
1 MEDIOBANCA 180,228,722 14.125% 2 BANCA D’ITALIA 57,077,828 4.473% 3 GRUPPO UNICREDIT 45,582,595 3.572% 4 GRUPPO CAPITALIA 38,778,834 3.039% 5 GRUPPO PREMAFIN 30,995,700 2.429%
Figures updated at 22 June 2005
The price of Generali shares increased by 3.2% from 24.98 euros at the end of December 2004 to 25.77 euros at 30 June 2005. At the same date, stock market capitalisation was worth 32,883 million euros.
38 Relations with Group companies
With regard to transactions among related parties, Generali hereby declares that the main intra-group activities, conducted at market prices or cost, were undertaken through relations of reinsurance and co-insurance, administration and management of securities and real estate assets, leasing, loans and guarantees, IT and administrative services, personnel secondment, and claim settlement.
These services are oriented towards guaranteeing the streamlining of operational functions, greater economies in management as a whole, appropriate levels of service and an exploitation of Group-wide synergies.
The most significant economic and financial transactions with Group companies that are not part of the consolidation area are listed below.
(in million euro) 30.06.2005 Subsidiaries Associated companies
Investments 275.5 96.2 Receivables 261.9 31.2 Financial liabilities 9.3 - Payables and other provisions 70.4 1.1 Interests from investments 1.8 -
As for investments, here follows the Group position with subsidiaries: 38.5 million euros was the amount granted by Generali Versicherung AG to Erste Wiener AG; 29 million euros was the loan granted by Migdal Eshkol Finansim B.M. to Mivtach-Simon Insurance Ag. and Migdal Credit Services Ltd.; 27.1 million euros was loaned by La Fédération Continentale S.A. to SCI Cogipar; 21.9 million euros was granted by Aachen Münchener Lebensversicherung AG to Schloß Bensberg Grundstücks-GbR; 18.4 million euros was the total amount granted by Migdal Insurance Company Ltd. to Migdal Holdings & Management of Insurance Agencies Ltd. and Mivtach-Simon Insurance Ag.; 17.6 million euros was the loan received by Foncière Hypersud S.A. from La Fédération Continentale S.A. and Generali Assurances Vie S.A.
Loans to subsidiary companies include the following: 33.6 million euros was the value of bank deposited assets of Cosmos Lebensversicherungs AG held with SKG Bank GmbH; 14.3 million euros was the loan received by Agorà Investimenti S.p.A. from Assicurazioni Generali S.p.A.; 13.6 million euros was the loan granted by Generali Holding Vienna AG to Hypo Holding GmbH; 10.6 million euros the bond issue underwritten by Cosmos Lebensversicherungs AG and issued by SKG Bank GmbH. With regard to sundry receivables from subsidiaries, it is reported that there was a receivable due from BSI S.A. to BSI Generali Bank Ltd. for 253.8 million euros.
39 Consolidated half-yearly Report 05
Finally, in relation to payables and other provisions, it is reported that Ina S.p.A. and Assitalia S.p.A. have a position open with the subsidiary Consorzio Agenzia Generale Ina-Assitalia for an amount corresponding to 49.4 million euros.
Major events occurred after 30 June 2005
After the close of the first half of the year, in July a preliminary agreement was signed with the Delta Group in Serbia, operating in large-scale retailing and financial markets, to acquire a majority interest in Delta Osiguranje, the third insurance company on the Serbian market.
At the end of July, the transfer of 100% of share capital in UniOne Assicurazioni in Italy was completed. The size of the divested company will have no significant impact on the Group’s business and capital structure.
In March 2005, Banco Bilbao Vizcaya Argentaria launched a public exchange offering related to the share capital of Banca Nazionale del Lavoro, in which Generali Group has a 8.563% shareholding, with the subscription period closing on 22 July. Also in July, the Unipol Group, following entering into a shareholders’ agreement with other members, had to call a takeover bid for the purchase of BNL ordinary shares. In this context, after considering the ensuing new and complex corporate set-up and BBVA position following its takeover bid, Generali decided not to adhere to the all-share bid launched by BBVA.
Conclusions and future prospects
In the first half of 2005, the market confirmed the good technical results of the previous financial year. In this context, the Group further improved its technical results thanks to the optimisation of its tariff policy based on a targeted analysis of the countries where the Group operates, the selection of risks, the focussing on business areas characterised by good technical profitability, the more efficient management of outward reinsurance, the curbing of costs and the enhancement of the results of financial operations.
The strategies that have been implemented by the Group should enable the technical profit objectives established in the Business Plan for the year 2005 to be attained, despite the current pressure on premium rates in non-life markets and the drop in interest rates, and therefore in life business margins. Thus – save for exceptional events or significant changes in financial markets – the year-end result is forecast to deliver a further positive outcome compared to that for the 2004 financial year.
40 Parent Company
Interim disclosures and financial statements for the Parent Company were drawn up in accordance with local GAAP, which will likewise be used for preparing the financial statements.
Profits totalled 560.1 million euros, compared to 415.9 million euros in the first half of 2004.
This increase is attributable both to improved technical and financial results.
The underwriting balance, only including technical interest attributable to life lines of business reported a turnaround from a reported loss of 25.3 million euros to profits of 47 million euros.
Non-life net earned premiums amounted to 1,559.6 million euros. Direct premium income in Italy totalled 1,372 million euros, reporting an increase of 3.2%. Direct premium income abroad was worth 125.6 million euros, reporting a rise of 8.9%. Premium income from reinsurance business totalled 373.5 million euros, showing a decrease of 23.2%, primarily ascribable to changes in the reinsurance structure of the Italian Group.
Net earned life premiums amounted to 869.6 million euros. Direct premium income, entirely underwritten abroad, totalled 56.4 million euros (+21.2%). Premium income from reinsurance business was worth 913.8 million euros (-4.4%).
Premiums ceded accounted for 13.6% of total gross premiums.
The expense ratio, net of reinsurance, fell from 23.3% to 22.8%; specifically, acquisition costs showed an impact of 17.5% compared to 18.4% of the first half of 2004, while the impact of administration costs remained substantially unchanged (5.3% compared to 4.9%) despite the slight decrease reported for overall premium income. This index is influenced by holding costs, which take on particular importance owing to the size and complexity of the Group.
In the non-life segment, the loss ratio improved further, dropping to 71.9% compared to the previously reported 74.6% and with a resulting reduction of the combined ratio, which fell from 101.3% to 97.3%. With regard to just direct business underwritten in Italy, the index figure can be reported as essentially stable at 93.8%.
Insurance provisions, net of reinsurance, amounted to 18,683.3 million euros (18,221.8 million euros at 31 December 2004), 6,486.1 million euros of which derive from the non-life segment and 12,197.2 million euros from the life segment.
41 Consolidated half-yearly Report 05
Investments amounted to 31,915.3 million euros (30,910.6 million euros at 31 December 2004).
The total current financial and asset management results totalled 933.6 million euros, 621.7 million euros of which were reported in the technical accounts. Net investment return amounted to 930.9 million euros (742.7 million euros in the first half of 2004); the increase can largely be attributed to the higher volume of dividends paid out by Group companies, in addition to higher interest on deposits received from reinsurers for life reinsurance.
Securities and other financial investments generated profits worth 32.9 million euros, compared to 24.6 million euros in the first half of 2004; value adjustments reported a negative overall balance, amounting to 37.8 million euros, compared to a positive figure of 7.4 million euros in the first half of 2004.
Interest charges on bond issues and loans totalled 145.5 million euros (140.4 million euros in the first half of 2004). Adjustment to the new par of exchange of asset and liability items expressed in currency other than the euro, generated proceeds of 7 million euros (9.6 million euros in the first half of 2004).
Capital gains from the realization of durable assets recorded for the period amounted to 12.2 million euros (20 million euros in the first half of 2004).
Taxes for the period reported a positive balance of 26 million euros, primarily ascribable to benefits from the tax loss resulting from the extension of tax exemption provisions to all dividends paid out by subsidiaries and associated companies.
The headcount in service with the Company fell from 3,439 as at 31 December 2004 to 3,416, 2,672 of which in Italy and 744 abroad.
42 (in million euro) 30.06.2005 30.06.2004 31.12.2004
Earned premiums 2,429.2 2,469.2 4,984.3 Claims, maturities and surrenders (*) -2,084.9 -2,096.4 -4,377.6 Operating costs -560.6 -585.9 -1,182.4 Other technical income and charges -44.1 -35.5 -42.0 Allocated investment return transferred from the non-technical account 307.4 223.3 581.9 Net underwriting result 47.0 -25.3 -35.8 Allocated investment return transferred to techincal accounts 314.3 295.5 458.1 Net technical result 361.3 270.2 422.3 Current financial result (**) 933.6 771.8 1,557.6 minus allocated investment returns transferred to technical accounts -621.7 -518.8 -1,040.0 Other ordinary income and charges -148.6 -183.3 -390.2 Profit from ordinary operations 524.6 339.9 549.7 Profits and losses on the realisation of durable investments 12.2 20.0 186.5 Other extraordinary income and charges -2.7 10.8 176.3 Pre-tax result 534.1 370.7 912.5 Income tax 26.0 45.2 99.6 Operating profit 560.1 415.9 1,012.1
(*) Including changes to life business mathematical reserves and outstanding claims. (**) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments
Venice, 29 September 2005 THE BOARD OF DIRECTORS
43
CONSOLIDATEDRELAZIONE SULLA FINANCIAL STATEMENTSGESTIONE .
· ASSICURAZIONI GENERALI S.p.A. Company
CONSOLIDATED FINANCIAL STATEMENT
Balance sheet
at 30 june 2005
(Amounts in million euro)
47 CONSOLIDATED BALANCE SHEET
ASSETS 30 June 31 December current period previous period
1. INTANGIBLE ASSETS 2,942.4 2,905.7
2. INVESTMENTS 295,174.0 271,774.6
3. CASH AND CASH EQUIVALENTS 6,054.9 6,868.8
4. RECEIVABLES 9,704.8 8,833.6
5. TANGIBLE ASSETS 3,489.7 3,496.7
6. OTHER ASSETS 16,875.2 16,466.9
TOTAL ASSETS 334,241.1 310,346.3
EQUITY AND LIABILITIES 30 June 31 December current period previous period
1. SHAREHOLDERS' EQUITY 16,046.5 14,575.4
2. SUBORDINATED LIABILITIES 1,414.7 1,428.6
3. FINANCIAL LIABILITIES 28,448.4 27,318.4
4. INSURANCE PROVISIONS 268,894.6 249,561.6
5. PAYABLES AND OTHER PROVISIONS 11,092.2 10,352.8
6. OTHER LIABILITIES 8,344.7 7,109.6
TOTAL EQUITY AND LIABILITIES 334,241.1 310,346.3
48 CONSOLIDATED PROFIT AND LOSS ACCOUNT
30 June 30 June current period previous period
1. EARNED PREMIUMS 30,763.2 25,991.4
INCOME FROM SUBSIDIARIES, ASSOCIATED COMPANIES 2. AND JOINT VENTURES 44.8 96.0
3. INCOME FROM FINANCIAL INSTRUMENTS AND OTHER INVESTMENTS 6,586.4 6,206.2
NET INCOME FROM FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR 4. LOSS 2,774.2 1,603.4
5. OTHER INCOME 1,293.9 1,224.7
TOTAL INCOME 41,462.5 35,121.7
6. NET INSURANCE BENEFITS AND CLAIMS 31,937.6 26,290.3
EXPENSES FROM SUBSIDIARIES, ASSOCIATED COMPANIES 7. AND JOINT VENTURES 146.0 31.7
8. EXPENSES FOR FINANCIAL INSTRUMENTS AND OTHER INVESTMENTS 1,224.6 1,385.9
9. ACQUISITION AND ADMINISTRATION COSTS 4,460.3 4,228.9
10. OTHER EXPENSES 1,673.7 1,705.7
TOTAL EXPENSES 39,442.3 33,642.5
EARNINGS BEFORE TAXES 2,020.2 1,479.2
11. INCOME TAXES 631.0 436.8
CONSOLIDATED RESULT OF THE PERIOD 1,389.2 1,042.4
MINORITY INTERESTS 249.9 161.4
RESULT OF THE PERIOD 1,139.4 881.0
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE 0.90 0.70
DILUTED EARNINGS PER SHARE 0.90 0.70
49 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Changes in the Amounts as at amounts as at Changes
31 December 2003 31 December 2003 (1)
SHARE CAPITAL 1,276.0
OTHER EQUITY INSTRUMENTS
CAPITAL RESERVE 4,993.0 0.5
REVENUE RESERVE AND OTHER RESERVES 3,332.8 284.7
RESERVE FOR CURRENCY TRASLATION DIFFERENCES
RESULT OF THE PERIOD
SHAREHOLDERS' EQUITY 9,601.8 0.0 285.2
MINORITY INTERESTS: SHAREHOLDERS' EQUITY 2,611.9 56.6
TOTAL 12,213.7 0.0 341.9
(1) Changes releted to "Revenue reserve and other reserves" refer mainly to increases of reserve for unrealised gains and losses on investments available for sale and to the appropriation of previous year (2) Other movements releted to "Revenue reserve and other reserves" refer mainly to result of the period for 811 milion, net of dividends paid for 420,9 million (3) Changes releted to "Revenue reserve and other reserves" refer mainly to increases of reserve for unrealised gains and losses on investments available for sale and to the appropriation of the 2004 result (4) Other movements releted to "Revenue reserve and other reserves" refer mainly to decreases of the reserve for unrealised gains and losses on investments available for sale. Other movements releted to "Result of the period" refer to the result as at 30 June 2005, net of dividends paid for 548,5 million
50 Other Changes in the Other movements Amounts as at Amounts as at amounts as at Changes movements Amounts as at
(2) 30 June 2004 31 December 2004 31 December 2004 (3) (4) 30 June 2005
1,276.0 1,276.0 1,276.0
0.0 0.0
0 4,993.5 4,993.5 0.0 4,993.5
239.9 2,976.4 3,490.0 2,116.1 -450.4 5,155.7
-11 -11.0 -40.3 134.3 94.0
881.0 1,665.8 -1,117.3 590.9 1,139.4
228.9 10,115.9 11,385.0 0.0 998.8 274.8 12,658.6
45.5 2,714.0 3,190.4 155.1 42.4 3,387.9
274.4 12,829.9 14,575.4 0.0 1,153.9 317.2 16,046.5
51 SEGMENT REPORTING - CONSOLIDATED BALANCE SHEET
LIFE NON LIFE SEGMENT SEGMENT
30 June 31 December 30 June 31 December current period previous period current period previous period
1. INTANGIBLE ASSETS 981.5 874.9 1,930.6 2,011.4
2. INVESTMENTS 262,170.8 242,339.3 41,706.9 40,938.0
3. CASH AND CASH EQUIVALENTS 4,032.1 5,040.7 1,547.8 1,730.4
4. RECEIVABLES 4,254.2 3,729.4 6,300.9 5,548.0
5. TANGIBLE ASSETS 1,144.5 1,163.2 2,189.8 2,198.0
6. OTHER ASSETS 9,528.9 9,331.1 7,273.2 7,145.8
TOTAL ASSETS 282,112.0 262,478.6 60,949.2 59,571.6
2. SUBORDINATED LIABILITIES 1,073.0 1,247.9 773.6 772.1
3. FINANCIAL LIABILITIES 12,948.4 12,629.7 7,046.6 6,858.3
4. INSURANCE PROVISIONS 240,757.3 222,340.6 28,416.3 27,432.7
5. PAYABLES AND OTHER PROVISIONS 6,213.0 5,486.0 5,480.7 5,151.8
6. OTHER LIABILITIES 4,548.3 3,753.7 3,542.1 3,199.0
TOTAL LIABILITIES 265,540.0 245,457.9 45,259.3 43,413.9
1. SHAREHOLDERS' EQUITY
52 FINANCIAL CONSOLIDATION TOTAL SEGMENT ADJUSTMENTS
30 June 31 December 30 June 31 December 30 June 31 December current period previous period current period previous period current period previous period
30.3 19.4 0.0 0.0 2,942.4 2,905.7
14,429.4 14,236.5 -23,133.1 -25,739.2 295,174.0 271,774.6
822.3 664.9 -347.3 -567.2 6,054.9 6,868.8
241.6 434.5 -1,091.8 -878.2 9,704.8 8,833.6
155.4 135.5 0.0 0.0 3,489.7 3,496.7
300.7 290.5 -227.6 -300.5 16,875.2 16,466.9
15,979.7 15,781.3 -24,799.8 -27,485.1 334,241.1 310,346.3
70.6 75.7 -502.4 -667.1 1,414.7 1,428.6
12,926.7 12,735.3 -4,473.3 -4,904.9 28,448.4 27,318.4
0.0 0.0 -279.0 -211.7 268,894.6 249,561.6
496.4 593.4 -1,098.0 -878.4 11,092.2 10,352.8
311.7 245.5 -57.4 -88.7 8,344.7 7,109.6
13,805.4 13,649.9 -6,410.1 -6,750.8 318,194.6 295,770.9
16,046.5 14,575.4
53 SEGMENT REPORTING - CONSOLIDATED PROFIT AND LOSS ACCOUNT
LIFE NON LIFE FINANCIAL SEGMENT SEGMENT SEGMENT
30 June 30 June 30 June current period current period current period
1. EARNED PREMIUMS 23,076.8 7,691.0 0.0
INCOME FROM SUBSIDIARIES, ASSOCIATED COMPANIES 2. AND JOINT VENTURES 121.0 267.4 5.9
INCOME FROM FINANCIAL INSTRUMENTS AND OTHER 3. INVESTMENTS 5,421.4 1,046.7 235.0
NET INCOME FROM FINANCIAL INSTRUMENTS AT FAIR 4. VALUE THROUGH PROFIT OR LOSS 2,636.8 90.8 46.6
5. OTHER INCOME 651.5 699.1 428.1
TOTAL INCOME 31,907.5 9,795.0 715.6
6. NET INSURANCE BENEFITS AND CLAIMS 26,767.2 5,283.1 0.0
EXPENSES FROM SUBSIDIARIES, ASSOCIATED COMPANIES 7. AND JOINT VENTURES 103.0 73.5 8.2
EXPENSES FOR FINANCIAL INSTRUMENTS AND OTHER 8. INVESTMENTS 689.8 450.7 148.7
9. ACQUISITION AND ADMINISTRATION COSTS 2,092.6 2,162.4 210.0
10. OTHER EXPENSES 826.9 1,105.6 191.4
TOTAL EXPENSES 30,479.5 9,075.3 558.3
EARNINGS BEFORE TAXES 1,428.0 719.7 157.3
11. INCOME TAXES 454.5 138.9 37.6
CONSOLIDATED RESULT OF THE PERIOD 973.5 580.8 119.7
MINORITY INTERESTS 189.8 15.6 33.7
RESULT OF THE PERIOD 783.7 565.2 86.0
54 CONSOLIDATION TOTAL ADJUSTMENTS
30 June 30 June current period current period
-4.6 30,763.2
-349.5 44.8
-116.7 6,586.4
0.0 2,774.2
-484.8 1,293.9
-955.6 41,462.5
-112.7 31,937.6
-38.7 146.0
-64.6 1,224.6
-4.7 4,460.3
-450.1 1,673.7
-670.8 39,442.3
-284.8 2,020.2
0.0 631.0
-284.8 1,389.2
10.7 249.9
-295.5 1,139.4
55 CASH FLOW STATEMENT
30 June current period
Result of the period before minority interests 1,389.2 Change in net insurance provisions 15,648.0 Change in deferred acquisition costs -111.3 Change in reinsurance deposits -129.7 Change in receivables and payables arising out of direct insurance and reinsurance operations -558.1 Change in net trading investments -1,884.0 Change in deferred tax assets and liabilities 60.7 Change in other balance sheet positions not included in investing or financing categories 801.5 Gains and losses from disposal of financial instruments and other assets -1,042.9 Other non-cash expenses and revenues -1,229.2 CASH FLOW FROM OPERATING ACTIVITIES 12,944.2
Inflows from disposals of subsidiaries and other consolidated entities 39.3 Outflows from acquisitions of subsidiaries and other consolidated entities -140.8 Inflows from disposals of other financial investments 105,627.8 Outflows from acquisitions of other financial investments -118,293.1 Other investing inflows 1,525.5 Other investing outflows -1,824.5 CASH FLOW FROM INVESTING ACTIVITIES -13,065.8
Inflows from shareholders' equity and minority interests 61.8 Outflows to shareholders' equity and minority interests -478.9 Dividend payment -531.6 Other financing inflows 18.5 Other financing outflows -99.4 CASH FLOW FROM FINANCING ACTIVITIES -1,029.6
Effect of exchange rate changes on cash and cash equivalents 559.5 Cash and cash equivalents at the beginning of the period (*) 6,397.4 Change in cash and cash equivalents -591.7 Cash and cash equivalents at the end of the period (**) 5,805.7
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (6.865,7 milion), liabilities to banks payables on demand (114,5 milion) and bankoverdrafts (353,8 milion) (**) Cash and cash equivalents at the end of the period include cash and cash equivalents (6.054,9 milion), liabilities to banks payables on demand (87,3 milion) and bankoverdrafts (161,9 milion)
56 .
·
NOTES ON THE ACCOUNTS .
· Part C - General criteria for drawing up the financial statements and the consolidation area
The Generali Group’s consolidated half-yearly report as at 30 June 2005 is drawn up in compliance with both the international accounting standards IAS/IFRS, issued by the IASB and approved by the European Union, and art.81 of Regolamento Emittenti no.11971/99, amended by CONSOB with Resolution no.14990 of 14 April 2005. Consequently, the half-yearly report is prepared meeting the requirements of IAS 34 for interim financial statements.
Adopting IAS/IFRS for the first time, the half-yearly report takes also into account the IFRS 1 requirements. The description of the effects of the first transition from the previous GAAP to IAS/IFRS and the reconciliation statements of the balance sheet as at 1 January and 31 December 2004 and those of the profit and loss account at the end of 2004 are included in the section I. The reconciliation statements of the balance sheet and the profit and loss account reported under previous GAAP to the balance sheet and the profit and loss account under IAS/IFRS as at 30 June 2004 are instead shown in the section G.
1 – Balance sheet
This consolidated set of financial statements is made up of a condensed balance sheet, a condensed profit and loss account, a condensed statement showing changes in equity, a condensed cash flow statement and explanatory notes together with a management report. The explanatory notes provide details which assist users in understanding the financial statements.
The statements show comparative figures for the previous period, which are reclassified according to IAS/IFRS. The IAS/IFRS figures as at 30 June 2004 are obtained through a reasonable estimate in order to compare them with those as at 30 June 2005.
The preparation of this set of financial statements is also based on preliminary information provided by ISVAP in its public document distributed on 9 June 2005. It contains all the requirements to be adopted for the consolidated financial statements as at 31 December 2005.
This half-yearly report is drawn up in euros and the amounts are shown in millions, where not otherwise specified.
This half-yearly report is subject to a limited review.
61 Consolidated half-yearly Report 05
2 – Consolidation area
The consolidated half-yearly report includes the Parent Company’s figures and those of its subsidiaries directly or indirectly controlled. The new IAS 27 definition of control leads to an enlargement of the consolidation area, mainly due to the inclusion of both companies operating in sectors dissimilar to that of the Parent Company and the special purpose entities satisfying the requisites of effective control. A detailed list of the consolidated companies is contained in attachment 1 whereas the changes in the consolidation area occurred during the half-year 2005 are shown in the section H.
3 – Consolidation methods
Investments in subsidiaries are consolidated line by line whereas investments in associated companies are accounted for using the equity method. The balance sheet items of the financial statements expressed in foreign currencies are translated into euros through the exchange rates at the end of the period. The profit and loss account items are instead translated through the average exchange rates of the period. The exchange rate differences arising from the translation are accounted for in equity in an appropriate reserve and recognised in the profit and loss account only at the time of the disposal of the investments.
The exchange rates at the end of the period and the average exchange rates of the period, used for the translation of the foreign currencies into euros and relevant for the Generali Group, are shown below.
Currency 30.06.2005 Exchange rate at the end of the period (in euro)
US dollar 1.2107 Swiss franc 1.5510 Israeli shekel 5.5448 Argentine peso 3.5012
Currency 30.06.2005 Average exchange rate (in euro)
US dollar 1.2855 Swiss franc 1.5466 Israeli shekel 5.6340 Argentine peso 3.7431
62 3.1 Consolidation line by line method
The subsidiaries are consolidated line by line as well as the special purpose entities where the requisites of effective control are applicable.
Control is presumed to exist when the Parent Company owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity or, in any event, when it has the power to govern the financial and operating policies of an investee (potential voting rights).
The consolidation of a subsidiary ceases commencing from the date when the Parent Company loses control.
In preparing the consolidated financial statements: - the financial statements of the Parent Company and its subsidiaries are consolidated line by line, - the carrying amount of the Parent Company’s investment in each subsidiary and the Parent Company’s portion of equity of each subsidiary are eliminated at the date of acquisition, - minority shareholders’ interests are shown as separate items, and - intragroup balances are eliminated in full.
3.2 Consolidation using the equity method
IAS 28 defines an associate as an entity over which the investor has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. If an investor holds, directly or indirectly through subsidiaries, 20% or more of the voting power of the investee, it is presumed that the investor has significant influence.
Under the equity method, the investment in an associate is initially recognised at cost (including goodwill) and the carrying amount is increased or reduced to recognise the change in the investor’s share of the equity of the investee after the date of acquisition. The investor’s share of the profit or loss of the investee, net of the dividends, is recognised in its profit and loss account.
63 Consolidated half-yearly Report 05
Part D - Valuation criteria
The accounting standards adopted in preparing the half-yearly report and the contents of the items in the new financial statements are summarised in this section. These principles together with any amendments due to changes in regulations or interpretations will be applied by the Generali Group for the 2005 financial statements.
The accounting standards adopted in drawing up the half-yearly report are consistent with those applied for the comparative figures as at 31 December and 30 June 2004.
1 – Balance sheet
Assets 1.1 Intangible assets
In accordance with IAS 38, an intangible asset is recognised if, and only if, it is identifiable and controllable, it is probable that the expected future economic benefits attributable to the asset will flow to the entity and the cost of the asset can be measured reliably.
This category includes goodwill and other intangible assets, such as purchased goodwill, software and purchased insurance portfolio. 1.1.1 Goodwill
Goodwill is the excess of the cost of the business combination over the acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities. The cost of the business combination is the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquiree and includes any costs directly attributable to the business combination. Should the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities exceed the cost of the business combination, the excess is immediately recognised in the profit and loss account.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. The goodwill existing at the date of transition to IAS/IFRS is no longer amortised from 1 January 2004. It is at least annually tested in order to identify any impairment losses.
The purpose of the impairment test on goodwill is to identify the existence of any
64 impairment losses on the carrying amount recognised as intangible asset. Cash- generating units to which the goodwill is allocated are identified and tested for impairment. The impairment loss is equal to the difference, if negative, between the carrying amount and the recoverable amount. The latter is the higher of the fair value of the cash-generating units and their value in use, that is the present value of the future cash flows expected to be derived from the cash-generating units. Should any previous impairment losses no longer exist, they cannot be reversed. 1.1.2 Other intangible assets
The intangible assets with finite useful life are measured at cost less any accumulated amortisation and impairment losses. The amortisation is based on the useful life and begins when the asset is available for use. Other intangible assets with indefinite useful life are not amortised but periodically tested for impairment.
In particular, the purchased software expenses are capitalised on the basis of the cost for purchase and usage. The costs related to their development and maintenance are charged to the profit and loss account of the period in which they incurred. The costs directly attributed to producing well identified software under the Group’s control, which will generate probable future economic benefits, are capitalised and recognised as intangible assets.
1.2 Investments 1.2.1 Land and buildings (investment properties)
In accordance with IAS 40, this item includes land and buildings held to earn rentals or for capital appreciation or both. Land and buildings for own activities and property inventories are instead classified as tangible assets.
The Generali Group applies the cost model (IAS 40), adopting the depreciation criteria defined in IAS 16. The cost of the investment properties comprises purchase price and any directly attributable expenditure. The depreciation is based on specific economic/technical rates determined locally according to the residual value over the useful economic life of each individual component of the investments.
Land and buildings (investment properties) are measured at cost less any accumulated depreciation and impairment losses. Land and agricultural properties, assets in progress and payments on account are not depreciated but periodically tested for impairment losses. Cost of the day-to-day servicing are charged to the profit and loss account. Costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are directly charged to the assets to which
65 Consolidated half-yearly Report 05
they refer and depreciated according to the residual value over the investments’ useful economic life. 1.2.2 Investments in subsidiaries, associated companies and joint ventures
This item includes investments in subsidiaries and associated companies valued at equity or at cost. Both investments in non-consolidated subsidiaries and associated companies at cost and those in associated companies valued at equity belong to this category. A list of such investments is shown in attachment 2. 1.2.3 Loans and receivables
This category comprises non-derivative financial assets with fixed or determinable payments, not quoted in an active market. It does not include financial assets held for trading and those designated as at fair value through profit or loss or as available for sale upon initial recognition. In particular, the Generali Group accounts for as loans and receivables some unquoted bonds, mortgage loans, policy loans, term deposits with credit institutions, deposits under reinsurance business accepted, repurchase agreements (REPO), receivables from banks or customers accounted for by companies of the financial segment and the mandatory deposit reserve with the central bank. The company’s trade receivables are instead classified as receivables in the balance sheet. Loans and receivables are measured at amortised cost using the effective interest rate method and considering any discounts or premiums obtained at the time of the acquisition which are accounted for over the remaining term to maturity. Gains or losses are recognised in the profit and loss account when the financial assets are derecognised or impaired as well as through the amortisation process. 1.2.4 Held to maturity investments
This category comprises the non-derivative financial assets with fixed or determinable payments and fixed maturity that a company has the positive intention and ability to hold to maturity, other than loans and receivables and those designated as at fair value through profit or loss or as available for sale. The intent and ability to hold held to maturity investments to maturity must be demonstrated when initially acquired and at each balance sheet date. In the case of an early disposal (significant and not due to particular events), any remaining investments must be reclassified as available for sale. Held to maturity investments are measured at amortised cost.
The Generali Group limits the accounting of investments in this category.
66 1.2.5 Available for sale financial assets
Available for sale financial assets are non-derivative financial assets designated as available for sale or not otherwise classified.
The unrealised gains and losses on available for sale financial assets are recognised in equity in a specific reserve until they are sold or determined to be impaired. At this time the cumulative gains or losses previously recognised in equity are accounted for in the profit and loss account. Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. It is therefore presumed that the company is a going concern without any need to liquidate or undertake transactions on adverse terms. In the case of financial assets traded in an active and liquid market, the fair value is their quoted market price. When it is not available, the fair value is determined either on the basis of the current market value of other financial instruments that are substantially the same or applying appropriate financial techniques (DCF – discounted cash flows analysis). When the fair value cannot be reliably determined, the financial assets are measured at cost.
This category includes quoted and unquoted equities, investment fund units not held for trading, nor designated as financial assets at fair value through profit or loss and bonds, mainly quoted, designated as available for sale. 1.2.6 Financial assets at fair value through profit or loss
This category comprises financial assets held for trading, i.e. acquired mainly to be sold in a short term, and financial assets that upon initial recognition are designated as at fair value through profit or loss.
Both bonds and equities, mainly quoted, and all derivatives, unless designated as hedging instruments, are included in this category.
Financial assets at fair value through profit or loss take also account of investments back to policies where the investment risk is borne by the policyholders and back to pension funds.
Hybrid instruments, whose embedded derivatives cannot be separated from the host contracts, are classified as financial assets at fair value through profit or loss, too.
The financial assets at fair value through profit or loss are measured at fair value and their unrealised gains and losses at the end of the period are immediately accounted for in the profit and loss account.
67 Consolidated half-yearly Report 05
1.3 Cash and cash equivalents
Cash in hand and equivalent assets, cash and balances with banks payable on demand and with central banks are accounted for in this item.
1.4 Receivables
This item includes receivables arising out of direct insurance and reinsurance operations and other receivables. 1.4.1 Receivables arising out of direct insurance and reinsurance operations
Receivables on premiums written in course of collection and receivables from intermediates, co-insurers and reinsurers are included in this item. They are accounted for at their carrying amounts and then at their presumed recoverable amounts. 1.4.2 Other receivables
The item includes all other receivables that do not have an insurance or tax nature. They are accounted for at their carrying amounts and then at their presumed recoverable amounts.
1.5 Tangible assets
This item comprises land and buildings used for own activities and other tangible assets. 1.5.1 Land and buildings (self used)
In conformity with IAS 16, land and buildings held for use in the production or supply of goods or services or for administrative purposes are accounted for as tangible assets. As to keep on the previously applied principles, the Generali Group applies the cost model in the valuation of land and buildings (self used). Please therefore refer to the description of land and buildings (investment properties). 1.5.2 Other tangible assets
Property, plant and equipment are classified in this item. They are measured at cost less any accumulated depreciation and impairment. They are systematically depreciated on the basis of economic/technical rates determined according to their residual value over their useful economic life.
68 1.6. Other assets
Amounts ceded to reinsurers from insurance provisions, deferred acquisition costs, tax receivables, deferred tax assets, non-current assets or disposal groups classified as held for sale and other assets are classified in this item. 1.6.1 Amounts ceded to reinsurers from insurance provisions
The item comprises amounts ceded to reinsurers from insurance provisions that fall under IFRS 4 scope. They are accounted for according to the accounting principles applied to insurance contracts. 1.6.2 Deferred acquisition costs
In accordance with IFRS 4, the item includes acquisition commissions and other expenses directly or indirectly attributable to the acquisition or renewal contracts and deferrable over the term of the contracts according to previous accounting policies. 1.6.3 Tax receivables
Receivables related to current income taxes (IAS 12) are classified in this item. They are accounted for according to the tax laws in force in each country. 1.6.4 Deferred tax assets
Deferred tax assets are recognised – except the cases provided for in par.24 of IAS 12 – for all deductible temporary differences to the extent that it is probable that taxable income will be available, against which the deductible temporary differences can be utilised.
In the case of carryforward of unused tax losses and unused tax credits, deferred tax assets are recognised to the extent that it is probable that future taxable income will be available, against which the abovementioned unused tax losses or unused tax credits can be utilised.
Deferred tax assets are measured at the tax rates that are expected to apply to the period when the asset is realised, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. 1.6.5 Non-current assets or disposal groups classified as held for sale
This item comprises non-current assets or disposal groups classified as held for sale (IFRS 5). They are measured at the lower of their carrying amount and fair value less costs to sell.
69 Consolidated half-yearly Report 05
1.6.6 Other assets
The item mainly includes the accrued income and prepayments, in particular the accrued interest from bonds.
Liabilities 1.1 Shareholders’ equity 1.1.1 Share capital
The ordinary shares are recognised as share capital and their value equals the nominal value. 1.1.2 Capital reserve
The item includes the overprice reserve for issue of shares of the company that consolidates. 1.1.3 Revenue reserve and other reserves
The item comprises retained earnings adjusted for the effect due to changes arising from the first-time application of IAS/IFRS, reserves for share based payments, equalisation and catastrophe provisions not recognised as insurance provisions according to IFRS 4, legal and statutory reserves as well as reserves from consolidation process. 1.1.4 Own shares
As provided by IAS 32, the item includes equity instruments held by the company which issues consolidated financial statements or by its subsidiaries included in the line by line consolidation. 1.1.5 Reserve for currency translation differences
The item comprises the exchange differences to be recognised in equity (IAS 21), which derive from accounting for transactions in foreign currencies and from translating the financial statements of foreign companies. 1.1.6 Reserve for unrealised gains and losses on available for sale financial assets
The item includes gains or losses arising from changes in the fair value of available for sale financial assets, as previously described. The amounts are accounted for less the related deferred taxes and deferred policyholders liabilities.
70 1.2 Minority interests: Shareholders’ equity
The item comprises equity instruments of minority interests. In particular, it includes the reserve for unrealised gains and losses on available for sale investments referable to minority interests.
1.3 Subordinated liabilities
The item comprises liabilities which, in the case of bankruptcy, are to be repaid only after the claims of all other creditors have been met. These liabilities are measured at amortised cost.
1.4 Financial liabilities
Financial liabilities at fair value through profit or loss and financial liabilities at amortised cost are included in this item. 1.4.1 Financial liabilities at fair value through profit or loss
This item refers to financial liabilities at fair value through profit or loss (IAS 39). In particular, it includes the financial liabilities related to investment contracts where the investment risk is borne by the policyholders as well as derivative liabilities. 1.4.2 Financial liabilities at amortised cost
The item comprises the financial liabilities not at fair value through profit or loss (IAS 39). In particular, it includes liabilities to banks or customers, deposits received from reinsurers, bonds subscribed, other loans and financial liabilities at amortised cost related to investment contracts that do not fall under IFRS 4 scope.
1.5 Insurance provisions
This item comprises liabilities related to insurance contracts and investment contracts with discretionary participation features that fall under IFRS 4 scope. 1.5.1 Life insurance provisions
In accordance with IFRS 4, policies of the life segment are classified as insurance or investment contracts according to the significance of the insurance risk. Insurance contracts and investment contracts with discretionary participation features are accounted for according to IFRS 4, which requires to keep on the local GAAP of each country for the recognition and the accounting of insurance
71 Consolidated half-yearly Report 05
provisions. Liabilities related to insurance contracts and investment contracts with discretionary participation features are determined analytically for each kind of contract on the basis of appropriate actuarial assumptions. They meet all the existing commitments based on best estimates. These actuarial assumptions take into consideration the most recent demographic tables of each country where the risk is underwritten, aspects of mortality, morbidity, determination of risk-free rates, expenses and inflation. The tax charge is based on laws in force. Among life insurance provisions, the additional provisions to the mathematical ones, already foreseen by the local regulation in case of adverse changes in the interest rates or mortality, are classified as provisions for liability adequacy test according to IFRS 4 requirements. It aims at verifying that the insurance provisions are adequate to cover the future cash flows coming from the insurance contracts, based on best estimates. The introduction of the shadow accounting allows adjustments of the insurance provisions – through the recognition of the deferred policyholders liabilities – to IAS/IFRS value of the those items, which the participation on profit is based on. In particular, this practice enables mitigation of the assets and liabilities mismatch, by recognising the share of unrealised gains and losses attributable to the policyholders. Investment contracts without discretionary participation features (linked products without a guaranteed return and pure capitalisation policies) are subject to the unbundling of the main components. IAS 39 is then applied to the deposit component, IAS 18 to the service component and IFRS 4 to any risk component in the contract. 1.5.2 Non life insurance provisions
The local GAAP for each country is applied to the non life insurance provisions, since all the existing policies fall under IFRS 4 scope. In conformity with the international standard, no provisions for future claims arising from future contracts are recognised, in line with the derecognition of the equalisation and catastrophe provisions and some additional components of the unearned premiums provisions, carried out on the date of the first-time application. The provisions for unearned premiums is made up of the pro-rata temporis provision, which includes the amounts of gross premiums written allocated to following financial periods, and the provision for unexpired risks. The latter, which provides for claims and expenses in excess of the related unearned premiums, meets the requirements of the liability adequacy test for insurance provisions (IFRS 4).
1.6 Payables and other provisions 1.6.1 Other provisions
The allocations to other provisions are recognised when a company has a present obligation (legal or constructive) as a result of a past event and it is probable that
72 the resources will be required to settle the obligation and their amount can be reliably estimated (IAS 37). 1.6.2 Payables
The item includes payables arising out of insurance and reinsurance operations as well as provision for defined benefit plans, such as termination benefit liabilities and other long-term employee benefits (including the Italian provision for trattamento di fine rapporto), measured according to the project unit credit method (IAS 19). In conformity with this approach, the defined benefit liability is influenced by many variables, such as mortality, employee turnover, salary trends, expected inflation, expected rate of return on investments, etc. The liability recognised in the balance sheet represents the net total of the present value of the defined benefit obligation less the fair value of plan assets (if any), adjusted for any actuarial gains and losses and any past service costs not recognised. The rate used to discount future cash flows is determined by reference to market yields at the balance sheet date on high-quality corporate bonds. The actuarial assumptions are periodically tested to confirm their consistency. The actuarial gains and losses incurred are recognised as income or expense to the extent that exceeds the greater of 10% of the present value of the defined benefit obligation at the end of the previous reporting period and 10% of any plan assets at that date. The portion of actuarial gains and losses are amortised over the expected average remaining working lives of the employees participating in the plan.
1.7 Other liabilities
This item comprises liabilities not elsewhere accounted for. In particular, it includes tax payables, deferred tax liabilities and liabilities directly associated with non-current assets classified as held for sale. The deferred tax liabilities are recognised for all taxable temporary differences, except the cases provided for in par.15 of IAS 12.
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2 – Profit and loss account
Income 2.1 Earned premiums
The item includes gross earned premiums on insurance contracts and investment contracts with discretionary participation features less earned premiums ceded.
2.2 Income from subsidiaries, associated companies and joint ventures
The item comprises income from investments in subsidiaries, associated companies and joint ventures, investments which are accounted for in the corresponding items of the balance sheet.
2.3 Income from financial instruments and other investments
The item includes income from financial instruments not at fair value through profit or loss and from land and buildings (investment properties). In particular, interests from financial instruments measured using the effective interest method, other income from investments, including dividends and income from properties used by third parties, realised gains from financial assets, financial liabilities and investment properties and reversals of impairment on them.
2.4 Net income from financial instruments at fair value through profit or loss
The item comprises realised gains and losses, interests, dividends and unrealised gains and losses on financial assets and liabilities at fair value through profit or loss.
2.5 Other income
The item includes fee and commission income from financial services activities and income from land and buildings (self used) and other assets. It also comprises other insurance income as well as gains on foreign currency (IAS 21), realised gains and reversals of impairment on tangible assets and other assets.
74 Expenses 2.1 Net insurance benefits and claims
The item includes the amounts paid in respect of claims occurred during the period, maturities and surrenders as well as the amounts of changes in insurance provisions that fall under IFRS 4 scope, net of recoveries and reinsurance. It also comprises changes in provision for deferred policyholders liabilities with impact on profit and loss account.
2.2 Expenses from subsidiaries, associated companies and joint ventures
The item includes expenses from investments in subsidiaries, associated companies and joint ventures, investments which are accounted for in the corresponding items of the balance sheet.
2.3 Expenses for financial instruments and other investments
The item comprises expenses from financial instruments not at fair value through profit or loss and from land and buildings (investment properties). In particular, interest expenses measured using the effective interest method, expenses on land and buildings (investment properties) such as general property expenses and maintenance and repair expenses not recognised in the carrying amount of investment properties, realised losses from financial assets, financial liabilities and land and buildings (investment properties), depreciations and impairment on them. Administration expenses are also included. They refer to general expenses and personnel expenses for the management of financial instruments, land and buildings (investment properties) and investments in subsidiaries, associated companies and joint ventures.
2.4 Acquisition and administration costs
The item comprises commissions and other acquisition costs and administration costs related to investment contracts that fall under IFRS 4 scope and those without discretionary participation features. It also includes administration expenses related to non-insurance companies.
2.5 Other expenses
The item includes fee and commission expenses from financial services activities, other insurance contracts, allocation to provisions, losses on foreign currency (IAS 21), realised losses, impairment, depreciation of tangible assets (e.g. land and buildings for own activities), not elsewhere allocated, and amortisation of intangible assets.
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3 – Other information 3.1 Share based payments
The stock option plans granted by the Board are share based payments to compensate officers and employees. The fair value of the share options granted is estimated at the grant date. It is based on the option pricing model that takes into account, at the grant date, factors such as the exercise price and the life of the options, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares and the risk-free interest rate as well as the specific characteristics of the plan itself. Another factor common to share options is the possibility of early exercise of them. The pricing model estimates separately the option value and the probability that the market conditions are satisfied. Therefore, the fair value of equity instruments granted reflects market conditions. The cost is charged to the profit and loss account and, as counterpart, to equity during the vesting period.
3.2 Derivatives’ accounting
Derivatives are financial instruments or other contracts whose characteristics are the following: 1. their value changes in response to the change in an interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other pre-defined underlying variables; 2. they require no initial net investment or an initial net investment that is smaller than one which would be required for other types of contracts that would be expected to have a similar response to changes in market factors; 3. they are settled at a future date.
As far as the hedge accounting is concerned, IAS 39 sets out complex accounting rules which also influence the measurement of hedged assets/liabilities. The adoption of hedge accounting seems complex because of the new accounting treatment and the uncertainty on some aspects of the macro hedge. Adopting the international accounting standards, the Generali Group accounts for all derivatives at fair value through profit or loss. In the current accounting platform, this approach seems to be the most appropriate to achieve a true and fair view of the Group’s financial statements.
3.3 Impairment losses
Whether there is any indication that an asset may be impaired, tangible and intangible assets are subject to impairment test according to IAS 36 requirements. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The latter is the higher of its fair value less costs to sell (i.e.
76 the amount obtainable from the sale of an asset in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal) and its value in use (i.e. the present value of the future cash flows expected to be derived from an asset). The impairment loss is charged to the profit and loss account and it represents the new reference for the estimate of future depreciation/amortisation. Whether there is any indication that an impairment loss recognised for an asset in prior years may no longer exist, the carrying amount of the asset is increased to its recoverable amount. The increased carrying amount of the asset due to the reversal of impairment loss cannot exceed the carrying amount that would be determined if no impairment loss had been recognised for the asset in prior years.
As far as the financial assets (except investments at fair value through profit or loss) are concerned, IAS 39 is applied whether there is any objective evidence that they are impaired. Evidence of impairment includes, for example, significant financial difficulties of the issuer, default or delinquency in interest or principal payments, the probability that the borrower will enter bankruptcy or other financial reorganisation and the disappearance of an active market for that financial asset. A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also considered as an objective evidence of impairment.
If there is objective evidence of impairment on financial assets at amortised cost, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If there is objective evidence of impairment on available for sale financial assets, the amount of the loss is measured as the difference between the acquisition cost (net of any principal repayment and amortisation) and the current fair value.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related to events occurring after the impairment was recognised, the previously recognised impairment loss can be reversed. In any case, the reversal of impairment on equities and investment fund units is not allowed by IAS 39.
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Part E - Notes on the balance sheet
Balance sheet - Assets
1 – Intangible assets
(in million euro) 30.06.2005 31.12.2004
Goodwill 2,083.7 2,080.9 Purchased goodwill 422.4 423.7 Software 416.7 379.3 Purchased insurance portfolios 16.6 13.4 Other intangible assets 3.0 8.4 Total 2,942.4 2,905.7
2 – Investments
(in million euro) 30.06.2005 31.12.2004
Land and buildings (investiment properties) 10,118.8 10,322.9 Investments in subsidiaries, associated companies and joint ventures 909.6 840.5 Loans and receivables 41,922.0 38,434.1 Held to maturity investments 892.4 668.4 Available for sale financial assets 181,022.9 166,529.2 Financial assets at fair value through profit or loss 60,308.3 54,979.5 Total 295,174.0 271,774.6
78 2.1 Loans and receivables
(in million euro) 30.06.2005 31.12.2004
Loans 37,607.3 34,359.8 Unquoted bonds 14,485.9 11,728.5 Deposits under reinsurance business accepted 564.7 300.3 Other loans and receivables 22,556.7 22,331.0 Mortgage loans 9,633.4 10,334.8 Policy loans 2,762.9 2,539.7 Term deposits with credit institutions 4,721.1 4,096.0 Other loans 5,439.3 5,360.5
Receivables from banks or customers 4,314.7 4,074.3 Receivables from banks 3,750.2 3,725.4 Receivables from customers 564.5 348.9
Total 41,922.0 38,434.1
2.2 Held to maturity investments
(in million euro) 30.06.2005 31.12.2004
Quoted bonds 875.0 655.0 Other financial investments held to maturity 17.4 13.4 Total 892.4 668.4
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2.3 Available for sale financial assets
(in million euro) 30.06.2005 31.12.2004
Unquoted equities at cost 102.7 263.4 Equities at fair value 21,882.4 19,453.2 Quoted 20,826.5 17,954.2 Unquoted 1,055.9 1,499.0 Bonds 150,322.4 138,494.3 Quoted 129,351.3 114,216.5 Unquoted 20,971.1 24,277.8 Investment fund units 8,030.2 7,607.3 Other available for sale financial investments 685.2 711.0 Total 181,022.9 166,529.2
2.4 Financial assets at fair value through profit or loss
(in million euro) 30.06.2005 31.12.2004
Equities 1,476.2 1,238.5 Quoted 1,475.9 1,233.7 Unquoted 0.3 4.8 Bonds 12,299.7 10,954.6 Quoted 10,207.2 9,073.4 Unquoted 2,092.5 1,881.2 Investment fund units 3,232.3 2,449.0 Investments back to policies where the investment risk is borne by the policyholders and back to pension funds 37,480.1 34,791.4 Other financial investments 5,820.0 5,546.0 Total 60,308.3 54,979.5
80 Financial assets Total financial assets Financial assets designated as at fair value at fair value held for trading through profit or loss through profit or loss (in million euro) 30.06.2005 31.12.2004 30.06.2005 31.12.2004 30.06.2005 31.12.2004
Equities 569.7 1,104.2 906.5 134.3 1,476.2 1,238.5 Bonds 3,090.6 3,812.6 9,209.1 7,142.0 12,299.7 10,954.6 Investment fund units 40.5 154.8 3,191.8 2,294.2 3,232.3 2,449.0 Investments back to policies where the investment risk is borne by the policyholders and back to pension funds 0.0 0.0 37,480.1 34,791.4 37,480.1 34,791.4 Other financial investments 816.0 996.1 5,004.0 4,549.9 5,820.0 5,546.0 Total 4,516.8 6,067.7 55,791.5 48,911.8 60,308.3 54,979.5
Policies where the investments risk is borne by the policyholders Pension funds Total (in million euro) 30.06.2005 31.12.2004 30.06.2005 31.12.2004 30.06.2005 31.12.2004
Assets 37,090.3 34,463.6 389.8 327.8 37,480.1 34,791.4 Intragroup assets 0.0 0.0 0.0 0.0 0.0 0.0 Total 37,090.3 34,463.6 389.8 327.8 37,480.1 34,791.4
Financial liabilities 5,630.7 5,624.9 0.0 0.0 5,630.7 5,624.9 Insurance provisions 31,458.4 28,837.3 162.0 161.0 31,620.4 28,998.3 Intragroup liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Total 37,089.1 34,462.2 162.0 161.0 37,251.1 34,623.2
4 – Receivables
(in million euro) 30.06.2005 31.12.2004
Receivables arising out of direct insurance operations 6,774.0 5,916.6 Receivables arising out of reinsurance operations 1,124.0 1,019.6 Other receivables 1,806.8 1,897.4 Total 9,704.8 8,833.6
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5 – Tangible assets
(in million euro) 30.06.2005 31.12.2004
Land and buildings (self used) 2,870.7 2,872.0 Other tangible assets 619.0 624.7 Total 3,489.7 3,496.7
6 – Other assets
(in million euro) 30.06.2005 31.12.2004
Amounts ceded to reinsurers from insurance provisions 5,315.4 5,034.2 Deferred acquisition costs 863.0 751.7 Tax receivables 1,898.1 2,204.9 Deferred tax assets 3,567.7 3,349.8 Non-current assets or disposal groups classified as held for sale 463.5 0.0 Other assets 4,767.5 5,126.3 Total 16,875.2 16,466.9
Non-current assets or disposal groups classified as held for sale refer to investments in UniOne Assicurazioni and UniOne Vita, both disposed of in July 2005.
82 Balance Sheet - Equity and liabilities
1 – Shareholders’ equity
(in million euro) 30.06.2005 31.12.2004
Shareholders’ equity 12,658.6 11,385.0 Share capital 1,276.0 1,276.0 Capital reserve 4,993.5 4,993.5 Revenue reserve and other reserves 2,755.9 1,647.0 Own shares -298.1 -295.0 Reserve for currency translation differences 94.0 -40.3 Reserve for unrealised gains and losses on available for sale investments 2,697.9 2,138.0 Result of the period 1,139.4 1,665.8
Minority interests: Shareholders’ equity 3,387.9 3,190.4
Total 16,046.5 14,575.4
3 – Financial liabilities
(in million euro) 30.06.2005 31.12.2004
Financial liabilities at fair value through profit or loss 8,855.2 8,571.4 Financial liabilities at amortised cost 19,593.2 18,747.0 Total 28,448.4 27,318.4
3.1 Financial liabilities at fair value through profit or loss
Financial liabilities Financial liabilities as at fair value held for trading through profit or loss Total (in milioni di euro) 30.06.2005 31.12.2004 30.06.2005 31.12.2004 30.06.2005 31.12.2004
Financial liabilities related to investment contracts issued by insurance companies: 0.0 0.0 5,906.3 5,857.4 5,906.3 5,857.4 Investment contracts where the investment risk is borne by the policyholders 0.0 0.0 5,630.7 5,624.9 5,630.7 5,624.9 Other investment contracts 0.0 0.0 275.6 232.5 275.6 232.5 Other financial liabilities 54.0 37.3 2,894.9 2,676.7 2,948.9 2,714.0 Total 54.0 37.3 8,801.2 8,534.1 8,855.2 8,571.4
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3.2 Financial liabilities at amortised cost
(in million euro) 30.06.2005 31.12.2004
Loans and bonds 8,335.0 8,480.4 Deposits received from reinsurers 1,023.9 994.4 Bonds 5,015.6 4,682.1 Other loans 1,934.5 2,452.9 Financial liabilities related to investment contracts issued by insurance companies 361.0 351.0
Liabilities to banks or customers 11,258.2 10,266.6 Liabilities to banks 719.7 807.9 Liabilities to customers 10,538.5 9,458.7
Total 19,593.2 18,747.0
The main changes in bonds refer to an increase due to the issue of a first tranche of a senior bond by Generali Finance B.V. for a par value of 500 million euros (due in 2015) in the EMTN plan and to a 122.5 million euro decrease (par value of 190 million Swiss francs) due at the redemption of the loan issued by Generali (Schweiz) Holding AG.
84 4 – Insurance provisions
Direct insurance Accepted reinsurance Total (in million euro) 30.06.2005 31.12.2004 30.06.2005 31.12.2004 30.06.2005 31.12.2004
Non life insurance provisions (*) Provisions for unearned premiums 5,038.5 4,235.2 103.0 69.2 5,141.5 4,304.4 Provisions for outstanding claims 21,320.9 21,254.0 1,484.4 1,212.5 22,805.3 22,466.5 Provisions for liability adequacy test 0.2 0.1 0.0 0.0 0.2 0.1 Other insurance provisions 314.9 293.8 8.9 8.3 323.8 302.1
Life insurance provisions (*) Mathematical provisions 181,388.0 170,129.1 345.6 383.2 181,733.6 170,512.4 Provisions for outstanding claims 3,744.9 3,390.3 453.9 547.7 4,198.8 3,938.0 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 31,564.4 28,718.9 65.3 286.7 31,629.7 29,005.6 Provisions for liability adequacy test 467.3 492.3 0.0 0.0 467.3 492.3 Deferred policyholders liabilities 11,054.2 7,454.3 11,054.2 7,454.3 Other insurance provisions 11,511.1 11,062.0 29.1 24.0 11,540.2 11,085.9
Total 266,404.4 247,030.0 2,490.2 2,531.6 268,894.6 249,561.6
(*) After elimination intragroup transactions between segments
6 – Other liabilities
(in million euro) 30.06.2005 31.12.2004
Tax payables 839.8 727.0 Deferred tax liabilities 5,276.6 4,509.9 Liabilities directly associated with non-current assets classified as held for sale 410.6 0.0 Other liabilities 1,817.7 1,872.7 Total 8,344.7 7,109.6
As already mentioned for the corresponding assets, the liabilities directly associated with non-current assets classified as held for sale refer to UniOne Assicurazioni and UniOne Vita, both disposed of in July 2005.
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Part F - Notes on the profit and loss account
1 – Earned premiums
(in million euro) 30.06.2005 Gross amount Reinsurers’ share Net amount
Non life earned premiums (*) 8,535.7 -866.1 7,669.6 Premiums written 9,416.8 -933.1 8,483.7 Change in the provisions for unearned premiums -881.1 67.0 -814.1
Life earned premiums (*) 23,455.9 -361.1 23,094.8
Total 31,991.6 -1,227.2 30,764.4
(*) After elimination intragroup transactions between segments
2 – Income and expenses from subsidiaries, associated companies and joint ventures
(in million euro) 30.06.2005
Dividends and other income from investments in subsidiaries, associated companies and joint ventures 21.0 Realised gains from subsidiaries, associated companies and joint ventures 23.8 Reversal of impairment on investments in subsidiaries, associated companies and joint ventures 0.0
Expenses from subsidiaries, associated companies and joint ventures -0.1 Realised losses on investments in subsidiaries, associated companies and joint ventures -114.1 Impairment on investments in subsidiaries, associated companies and joint ventures -31.8
Total -101.2
86 3 – Income from financial instruments and other investments
(in million euro) 30.06.2005
Interests and other investment income 5,275.4 Income from land and buildings (investment properties) 397.8 Income from loans and receivables 844.2 Income from held to maturity investments 16.8 Interests and other income from available for sale financial assets 3,899.1 Interest from other assets 117.5
Reversal of impairment 34.2 Reversal of impairment on land and buildings (investment properties) 5.6 Reversal of impairment on loans and receivables 28.6 Reversal of impairment on held to maturity investments 0.0 Reversal of impairment on available for sale financial assets 0.0
Realised gains 1,276.8 Realised gains from land and buildings (investment properties) 258.1 Realised gains from loans and receivables 1.4 Realised gains from held to maturity investments 0.5 Realised gains from available for sale financial assets 1,014.8 Realised gains from subordinated liabilities and financial liabilities at amortised cost 2.0
Total 6,586.4
4 – Net income from financial assets at fair value through profit or loss
(in million euro) 30.06.2005
Interests and other net income 777.3 Unrealised gains 2,517.9 Realised gains 221.2 Unrealised losses -654.0 Realised losses -88.2 Total 2,774.2
Net income from financial investments held for trading 556.8
Net income from financial investments designated as at fair value through profit or loss 2,217.4
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5 – Other income
(in million euro) 30.06.2005
Fee and commission income and income from financial services activities 362.5 Fee and commission income from banking activity 155.8 Fee and commission income from asset management activity 131.8 Fee and commission income related to investment contracts 74.9
Other income 931.4 Income from land and buildings (self used) and other assets 45.8 Gains on foreign currencies 287.5 Recovery of charges 35.3 Reversal of other provisions 24.0 Other income 538.8
Total 1,293.9
6 – Net insurance benefits and claims
(in million euro) 30.06.2005 Gross amount Reinsurers’ share Net amount
Non life net insurance benefits and claims (*) 5,683.1 -420.3 5,262.8 Claims paid 5,372.5 -615.4 4,757.1 Change in the provisions for outstanding claims 266.0 191.3 457.3 Change in claims paid to be recovered 30.2 -0.2 30.0 Change in other insurance provisions 14.4 4.0 18.4
Life net insurance benefits and claims (*) 26,946.5 -271.7 26,674.8 Claims paid 12,390.2 -147.4 12,242.8 Change in the provisions for outstanding claims 372.0 -65.9 306.1 Change in the mathematical provisions 10,832.1 -28.2 10,803.9 Change in other insurance provisions 943.8 -28.8 915.0 Change in provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 2,408.4 -1.4 2,407.0
Total 32,629.6 -692.0 31,937.6
(*) After elimination intragroup transactions between segments
88 8 – Expenses for financial instruments and other investments
(in million euro) 30.06.2005
Interest expenses 365.4 Interest expenses on subordinated liabilities 28.5 Interest expenses on loans, bonds and other liabilities 274.7 Interest expenses on deposits received from reinsurers 16.7 Other interest expenses 45.5
Impairment losses 354.7 Depreciation of land and buildings (investment properties) 58.1 Impairment on land and buildings (investment properties) 62.0 Impairment on loans and receivables 194.4 Impairment on held to maturity investments 0.0 Impairment on available for sale financial assets 40.2
Realised losses 185.3 Realised losses on land and buildings (investment properties) 10.6 Realised losses on loans and receivables 2.9 Realised losses on held to maturity investments 0.8 Realised losses on available for sale financial assets 171.0 Realised losses on subordinated liabilities and financial liabilities at amortised cost 0.0
Other expenses 319.2 Expenses for land and buildings (investment properties) 86.0 Expenses for other investments 233.2
Total 1,224.6
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9 – Acquisition and administration costs
(in million euro) 30.06.2005 Life (*) Non life (*) Financial (*)
Acquisition costs and other commissions 1,557.2 1,683.1 11.3 Acquisition commissions on insurance contracts 1,216.3 1,198.8 0.0 Other acquisition costs on insurance contracts 439.7 527.7 0.0 Change in deferred acquisition costs -27.3 -83.9 0.0 Acquisition commissions on investment contracts 0.0 19.6 11.3
Commissions and profit commissions from reinsurers -152.7 -41.9 0.0
Collecting commissions 81.2 62.8 0.0
Administration costs 601.8 408.1 198.8 Administration costs on investment contracts 0.3 7.8 0.0 Other administration costs 601.5 400.3 198.8
Total 2,159.0 2,091.2 210.1
(*) After elimination intragroup transactions between segments
10 – Other expenses
(in million euro) 30.06.2005
Impairment of goodwill and purchased goodwill 0.0
Other expenses 1,673.7 Fee and commission expenses from banking activity 79.0 Fee and commission expenses from asset management activity 54.0
Depreciation of land and buildings (self used) and other assets 47.3 Expenses for land and buildings (self used) and other assets 208.2
Taxes other than income taxes 44.9 Amortisation and impairments of intangible assets 48.9 Losses on foreign currencies 163.5 Allocation to other provisions 142.1 Other expenses 885.8
Total 1,673.7
90 11 – Incombe taxes
(in million euro) 30.06.2005
Income taxes 570.3 Deferred taxes 60.7 Total 631.0
91 Consolidated half-yearly Report 05
Part G - Other information
1 – Information on employees
30.06.2005
Managers 2,329 Employees 44,571 Sales attendant 14,765 Others 110 Total 61,775
2 – Earnings per share
30.06.2005
Result of the period (in milion euro) 1,139.4 Weighted average number of ordinary shares outstanding 1,266,938,996 Basic earnings per share (in euro) 0.90
Basic earnings per share are calculated by dividing the result of the period by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares outstanding is adjusted for the Parent Company’s average number of shares owned by itself or by other Group companies during the period.
30.06.2005
Result of the period (in milion euro) 1,139.4 Weighted average number of ordinary shares outstanding 1,266,938,996 Adjustment for stock option (number) 793,989 Weighted average number of ordinary shares outstanding for diluted earnings per share 1,267,732,985 Diluted earnings per share (in euro) 0.90
Diluted earnings per share reflect the dilution effect of potential ordinary shares. To calculate them, the weighted average number of shares outstanding includes 793,989 dilutive potential ordinary shares, deriving from options granted as at 13 May 2003 in “2001-2003 stock option plan” for managers and employees of the Parent Company and the Group companies.
92 3 – Reconciliation statements at the closing date of the interim report for the same period of the immediately preceding financial year (30/06/2004)
The reconciliation statements of interim reports required by IFRS 1, par. 45 (a) are shown in the tables below. The related comments are included in the section about the transition to the international accounting standards IAS/IFRS.
3.1 Reconciliation statement of the balance sheet at the closing date of the interim report for the same period of the immediately preceding financial year (30/06/2004)
(in million euro) IAS/IFRS Local GAAP Change Change (%)
1. Intangible assets 2,921.7 2,834.7 87.0 3.1 2. Investments 259,643.1 240,821.6 18,821.5 7.8 3. Cash and cash equivalents 6,944.6 3,993.4 2,951.2 73.9 4. Receivables 8,608.5 8,949.8 -341.3 -3.8 5. Tangible assets 3,472.4 2,352.2 1,120.2 47.6 6. Other assets 15,325.9 13,681.3 1,644.6 12.0 Total assets 296,916.2 272,633.0 24,283.2 8.9
1. Shareholders’ equity 12,829.9 11,183.1 1,646.8 14.7 2. Subordinated liabilities 1,422.0 1,354.8 67.2 5.0 3. Financial liabilities 27,004.6 7,220.3 19,784.3 274.0 4. Insurance porvisions 239,383.6 241,000.8 -1,617.2 -0.7 5. Payables and other provisions 10,036.0 8,693.5 1,342.5 15.4 6. Other liabilities 6,240.1 3,180.5 3,059.6 96.2 Total equity and liabilities 296,916.2 272,633.0 24,283.2 8.9
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3.2 Reconciliation statement of the profit and loss account for the same period of the immediately preceding financial year (30/06/2004)
(in million euro) IAS/IFRS Local GAAP Change Change (%)
1. Earned premiums 25,991.4 26,379.4 -388.0 -1.5 2. Income from subsidiaries, associated companies and joint ventures 96.0 158.2 -62.2 -39.3 3. Income from financial instruments and other investments 6,206.2 6,911.6 -705.4 -10.2 4. Net income from financial instruments at fair value through profit or loss 1,603.4 859.2 744.2 86.6 5. Other income 1,224.7 500.4 724.3 144.7 Total income 35,121.7 34,808.8 312.9 0.9
6. Net insurance benefits and claims 26,290.3 26,627.4 -337.1 -1.3 7. Expenses from subsidiaries, associated companies and joint ventures 31.7 25.9 5.8 22.5 8. Expenses for financial instruments and other investments 1,385.9 1,364.3 21.6 1.6 9. Acquisition and administration costs 4,228.9 4,237.0 -8.1 -0.2 10. Other expenses 1,705.7 1,117.6 588.1 52.6 Total expenses 33,642.5 33,372.2 270.3 0.8
Earnings before taxes 1,479.2 1,436.7 42.5 3.0
11. Income taxes 436.8 463.0 -26.2 -5.7
Consolidated result of the period 1,042.4 973.7 68.7 7.1
Minority interests 161.4 231.3 -69.9 -30.2
Result of the period 881.0 742.4 138.6 18.7
94 Part H - Consolidation area
The Generali Group’s consolidation area is defined in compliance with the international accounting standards. It includes all subsidiaries and associated companies, only excluded those considered non-material, in accordance with the IAS/IFRS framework.
1 – Description of the changes in the consolidation area
This section illustrates the main changes in the consolidation area as compared to the previous financial statements. The companies belonging to the Generali Group are also listed below.
Newly consolidated
As a result of acquisition: 1. Generali Beleggingsfonden N.V., Amsterdam
Newly funded: 1. AM Generali Aktien Euroland, Colonia 2. CEE Liquid, Vienna 3. GIE Achat Logistique Groupe Interés Económico, Parigi 4. Volksfürsorge 2.Immobilien AG & Co. KG, Amburgo
Company disposed of/wound up
1. Generali Reaumur S.a.r.l., Parigi 2. Holdux Beteiligungsgesellschaft, Basilea 3. Aachener und Münchener Lebensversicherung Aktiengesellschaft & Co. Immobilienfonds oHG, Colonia
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Part I - Transition to the international accounting standards IAS/IFRS
The transition from the previous local GAAP to the international accounting standards IAS/IFRS (International Accounting Standards/International Financial Reporting Standards) impacts on financial position, performance and changes in financial position. In compliance with IFRS 1 information on the transition’s effects on consolidated financial statements of the Generali Group are provided in this section.
1 – Reference regulatory framework 1.1 EC Regulations
Regulation (EC) no.1606 of 19 July 2002 requires publicly traded European companies to prepare their consolidated financial statements in conformity with the international accounting standards IAS/IFRS for the financial year starting on or after 1 January 2005. It aims to build an European integrated capital market which operates effectively, smoothly and efficiently. It is therefore key to achieve convergence of the accounting that are transparent, globally understandable and subject to adequate supervision by the competent authorities. International accounting standards IAS/IFRS are issued by the IASB (International Accounting Standard Board), a private institution whose purpose is to develop a single set of international accounting standards based upon best accounting doctrines and international best practices in order to achieve the harmonization of the accounting standards for the preparation of financial statements and reporting. The adoption of the international accounting standards, called IAS or IFRS, if issued after July 2002, and SIC (Standing Interpretation Committee) and IFRIC (International Financial Reporting Committee) interpretations must be endorsed by the European Commission (EC) and then publish in the Official Journal of the European Communities (OJEC). The endorsement mechanism aims at ensuring the IAS/IFRS compliance with a true and fair presentation of the financial position, performance and changes in financial position as well as with the contribution to the European public good and the qualitative characteristics of understandability, relevance, reliability and comparability.
Regulation (EC) no.1725 of 29 September 2003 enacts the article 6 of Regulation (EC) no.1606/02, thus endorsing a first set of standards, some of which later amended and published again in the OJEC. The adoption of the international accounting standards is ended for 2005 financial statements through the issue of Regulation (EC) no.707 of 6 April
96 2004, Regulation (EC) no.2086 of 19 November 2004, Regulations (EC) no.2236, 2237 and 2238 of 29 December 2004 and Regulation (EC) no.211 of 4 February 2005. Regulation (EC) no.2086/04 endorses a carved-out version of IAS 39 concerning the financial instruments’ recognition and measurement. The carved-out sections as compared to the document approved by the IASB regard the adoption of the fair value option to financial liabilities and some aspects of the macro hedge, still under discussion. Last June the IASB put forward a new fair value option proposal, endorsement of which is still in progress.
1.2 Italian regulations
Regulation (EC) no.1606/02 entitles EU member states to permit or require the adoption of the international accounting standards for financial statements of listed companies and for the financial statements and/or consolidated financial statements of non-listed companies. In Italy, the aforementioned Regulation is implemented through Legislative Decree no.38 of 28 February 2005, in compliance with Enabling Act no.306 of 31 October 2003. Legislative Decree 38/05 extends the obligation to adopt the international accounting standards for the preparation of financial statements of companies whose financial instruments are admitted on regulated markets, publicly traded companies, banks and other financial institutions beginning from 2006. However, it allows an earlier adoption of the standards from 2005. Insurance companies are instead obliged to apply the national accounting principles to their financial statements. Listed insurance companies that do not produce consolidated financial statements are the sole exception, they are obliged to adopt the international accounting standards for their financial statements beginning from 2006. Companies other than those abovementioned and those whose size prevent them from presenting condensed financial statements can adopt the international accounting standards for their consolidated and non-consolidated financial statements beginning from 2005. This Legislative Decree also empowers ISVAP to issue supplementary requirements on financial statements, chart of accounts and sanctioning powers in compliance with the international accounting standards. In its report the supervisory authority has decided not to alter the accounting principles to be adopted by companies for their consolidated half-yearly report as at 30 June 2005 and it has prepared a public document on information to be given by companies in their consolidated financial statements as at 31 December 2005. This document is currently undergoing approval.
In compliance with the CESR (Committee of European Securities Regulators) Recommendation of 30 December 2003, providing guidelines for the implementation of IAS/IFRS to companies listed on EU regulated markets, CONSOB’s resolution no.14990 of 14 April 2005 amends the Regolamento Emittenti no.11971/99. In particular, article 81 bis allows listed companies to
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continue applying local GAAP for their 2005 consolidated half-yearly report and to provide appropriate reconciliation statements. The Generali Group does not apply this option. That means, the half-yearly report is prepared in conformity with the international accounting standard for interim reports (IAS 34), endorsed according to art. 6 of Regulation (EC) no.1606/2002.
2 – Main changes from the adoption of IAS/IFRS
The adoption of the international accounting standards causes substantial changes in respect to the national accounting standards. They have an impact not only on financial reporting but also on business decisions. Indeed, the transition to IAS/IFRS affects the Group’s strategies as well as its business organisation and corporate communication policies. The main IAS/IFRS innovations in terms of financial statements and, in particular, the major issues for the Generali Group are illustrated in the following sections.
2.1 Consolidation area
The adoption of the new international accounting standards has led to an enlargement of the consolidation area. IAS 27 requires, in fact, the consolidation of all subsidiaries regardless of their activities whereas Legislative Decree no.173 of 26 May 1997 prohibits the consolidation of companies operating in sectors dissimilar to that of the Parent Company if their inclusion might prejudice the true and fair presentation of the financial statements. In particular, subsidiaries operating in banking or financing activities have been consolidated line by line. Some of them (Banca Generali, Banca della Svizzera Italiana and Badenia) were consolidated under the equity method according to the previous accounting standards. The consolidation area including subsidiaries consolidated line by line and associated companies valued at equity increases from 198 to 300 companies.
2.2 Financial statements and notes
A significant change concerns the new presentation of financial statements under IAS 1. One of the major innovations is the IAS/IFRS profit and loss account, which is not made up of an insurance technical and a non-technical section but provides an overview of Group’s data according to the segment reporting required by IAS 14. The Generali Group identifies the following major business segments: life, non-life and financial. Notes on financial statements are also enriched with more quantitative and qualitative information if compared with those according to the previous standards.
98 2.2.1 Goodwill
IFRS 3 about business combinations agreed on or after 31 March 2004 prohibits the amortisation of goodwill and requires the goodwill to be tested for impairment annually in accordance with IAS 36. The purpose of the impairment test is to identify the existence of any impairment losses on goodwill. Cash-generating units to which the goodwill is allocated are identified and tested for impairment. The impairment loss is equal to the difference, if negative, between the carrying amount of the goodwill and its recoverable amount. The latter is the higher of the fair value of the cash-generating units and their value in use, that is the present value of the future cash flows expected to be derived from the cash-generating units. As permitted by IFRS 3, Generali Group does not amortise the goodwill from 1 January 2004, derecognising the accumulated amortisation and testing the goodwill for impairment in compliance with IAS 36. 2.2.2 Insurance contracts
IFRS 4 temporarily requires to measure insurance contracts, i.e. contracts characterised by a significant insurance risk, according to local GAAP used until 2004. Investment contracts without discretionary participation features and/or embedded derivatives which are insurance contracts are instead considered as financial instruments falling under IAS 39 scope, notwithstanding their reporting in the financial statements under the life segment. Adopting the principle of substance over form required by IAS/IFRS in the framework, the Group classifies health and accidents policies managed with life segment criteria under life insurance. Finally, equalisation and catastrophe provisions of the non life segment are no longer allowed and therefore derecognised. 2.2.3 Financial investments
IAS 39 classifies financial investments as: 1. held to maturity investments, including bonds with fixed or determinable payments and fixed maturity that an entity has the positive intent and ability to hold to maturity; 2. loans and receivables, including unquoted bonds as well as loans and receivables; 3. financial assets at fair value through profit or loss, including financial assets held for trading and financial assets designated by the company as at fair value through profit or loss upon initial recognition (fair value option); 4. available for sale financial assets, including financial assets not classified under the previous categories. The investments’ classification according to the local GAAP is instead based upon a functional criterion, “taking into consideration their durable or non-
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durable destination allocation in the portfolio management strategy”.1 In particular, assets are considered as durable when they are kept as permanent investments in accordance with the financial position and performance of the company whereas investments where the risk is borne by the policyholders are accounted for under a specific category of the insurance financial statements. IAS/IFRS integrate or replace this functional criterion with a classification method based upon the nature of the investment or upon the company’s valuation criteria. Since the designation can only be applied to assets at fair value, IAS/IFRS favour the fair value accounting of investments. IAS/IFRS valuation criteria thus introduce significant differences compared with the local GAAP based on the cost less any impairment losses or on the lower amount between the cost and the fair value. The fair value2 is the most appropriate model to represent faithfully the financial position of a company whereas the cost, considered as the most suitable model at a local level, is an exception to be applied only to a limited set of financial instruments. The fair value is used to measure financial assets at fair value through profit or loss and available for sale financial assets. In particular, available for sale financial assets, which prevail in the Generali Group, including strategic equities (investments in which a significant interest is held), and financial assets at fair value through profit or loss are both measured at fair value. The positive and negative differences between the amortised cost and the fair value of available for sale financial assets are accounted for in an appropriate equity reserve (in the case of an impairment loss in the profit and loss account) whereas those of financial assets at fair value through profit or loss are accounted for in the profit and loss account at all events. Unrealised gains and losses on available for sale financial assets accounted for in the equity are recognised in the profit and loss account upon disposal of the investments. The other two remaining categories of investments (held to maturity investments and loans and receivables) are instead measured at amortised cost. As already mentioned, this is an exception: they are supposed to be held to maturity and their fair value is not so representative in the financial statements. It is also worth mentioning that the amortised cost method adopted by IAS/IFRS differs from the cost defined in accordance with the local GAAP; it is in fact aimed at reflecting the effective interest rate of investments calculated through financial methods. Significant changes stem from the derivatives’ accounting too. According to IAS/IFRS, these financial instruments are always measured at fair value, regardless of their purpose (hedging or trading). As far as hedge accounting is concerned, it influences the recognition of hedged assets and liabilities. The adoption of hedge accounting is so complex to have been criticised at EU level
1 ISVAP Regulation 893/98. 2 The fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. It corresponds to the market price of the financial asset quoted on an active market whereas it is calculated using a valuation technique if the financial asset is not quoted on an active market.
100 and to have led to the temporary non-endorsement of IAS 39 with regard to some aspects of this issue. According to the local GAAP, hedging derivatives are instead measured with the same valuation criteria of the hedged items, therefore also at cost. This method is forbidden by IAS/IFRS. Implementing the international accounting standards, the Generali Group has chosen to account for derivatives at fair value through profit or loss regardless of their purpose. It is evident that the fair value measurement leads to greater volatility of the shareholders’ equity and the result of the period as compared to the local GAAP, volatility mostly due to the mismatch between insurance assets and liabilities. Investments back to insurance provisions are in fact measured at fair value whereas the insurance liabilities are still calculated according to the previous standards, generally based on the cost method. In order to reduce the abovementioned volatility and mismatch, the Generali Group has developed complex accounting solutions in line with the IAS/IFRS. First and foremost, the shadow accounting practice defined in paragraph 30 of IFRS 4 has been analysed and internally developed. The amount of deferred policyholders liabilities of life contracts characterised by the mismatch has been calculated on the basis of the related assets, classified as available for sale financial assets or financial assets at fair value through profit or loss. The difference arising from the joint valuation of investments and deferred policyholders liabilities, net of deferred taxes, is accounted for in equity or profit and loss account respectively. The change in the life insurance provisions basically represents, compared to the Italian standards, the unrealised gains and losses on investments that will be recognised to the policyholders only upon their disposal. The Generali Group has also applied the fair value option mainly to investments back to insurance provisions where the investment risk is borne by the policyholders. Thus, the valuation consistency of assets and liabilities mostly related to index and unit-linked contracts is ensured. 2.2.4 Financial liabilities
The enlargement of the consolidation area also to banks and other financial institutions, which are consolidated line by line, as well as the classification of some insurance contracts as investment contracts cause an increase of the financial liabilities that has no significant effects on the Group’s leverage. 2.2.5 Employee benefits
IAS 19 classifies post-employment benefits as defined contribution plans, under which the entity pays fixed contributions recognised in the period as contributions payable in exchange for services rendered by employees and defined benefit plans, under which the amount payable after the completion of the employment is measured on a discounted basis and according to actuarial assumptions. As far as the accounting treatment of defined benefit plans is concerned, it may lead to an earlier recognition of the liabilities due to employees compared to the national standards.
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2.2.6 Own shares
In compliance with IAS 32 own shares are deducted from equity whereas the local GAAP requires their accounting in the balance sheet as assets.
3 – The transition to IAS/IFRS within the Generali Group
IFRS 1, concerning the first-time adoption of IAS/IFRS, defines the requirements for the transition to the new standards. Its objective is to ensure both first IFRS financial statements and interim financial reports, presented under IAS 34, for part of the period covered by those financial statements contain high quality information that: a) is transparent for users and comparable over all periods presented; b) provides a suitable starting point for accounting under IAS/IFRS.
The starting point for accounting under IAS/IFRS is an opening balance sheet as at the date of transition to IAS, i.e. as at 1 January 2004 for the Generali Group. In particular, IFRS 1 requires that in its opening balance sheet the entity: a) recognises all assets and liabilities whose recognition is required by IAS/IFRS; b) does not recognise items as assets or liabilities if IAS/IFRS do not permit such recognition (even when accounted for according to the previous standards); c) reclassifies items recognised under previous GAAP as assets, liabilities or component of equity but are a different type of assets, liabilities or component of equity under IAS/IFRS; d) recognises the adjustments from the first-time adoption of IAS/IFRS in equity.
At the first-time adoption of IAS/IFRS the accounting policies requires the entity to prepare its financial statements as if it had always adopted the new international accounting standards (retrospective application). However, IFRS 1 establishes some exemptions, permitting or, in some cases, even requiring a different transitional treatment. In conformity with the framework of the international accounting standards, the retrospective application of IAS/IFRS should consider the balance between benefit and cost (i.e. information is provided at a cost that does not exceed the benefit for users) and it is not applicable if the amount of adjustments related to the previous periods cannot be reasonably determined.
As already mentioned, IFRS 1 permits some exemptions for a first-time adopter that facilitate the transition to the new standards without compromising the consistency of the financial statements. In its first-time adoption of IAS/IFRS the Generali Group elects to use the main following exemptions:
- business combinations: the exemption allows not to apply IAS/IFRS to business combinations occurred before the date of the first application. That means that it is possible to account
102 for the goodwill previously recognised according to local GAAP, unless the transitional accounting recognises assets or liabilities not allowed by the international accounting standards. This is not the case of the Generali Group;
- fair value or revaluation as deemed cost: IFRS 1 allows to measure any tangible assets at the date of transition to IAS/IFRS at their fair value as deemed cost and to use a previous GAAP revaluation of an item of property, plant and equipment at, or before, the date of transition to IFRSs as deemed cost. The latter option is applicable only if the revaluation is, at the date of revaluation, broadly comparable to fair value or cost or depreciated cost under IAS adjusted to reflect, for example, changes in specific price index. The Generali Group applies the former option for some agricultural properties and land and building used for own activities because of difficulties in measuring them at amortised cost. Furthermore, as far as properties previously subject to write-up based on specific laws are concerned, they are so accounted for in compliance with IFRS 1.
- employee benefits: adopting IAS 19 for the first time, IFRS 1 allows to recognise all cumulative actuarial gains and losses of defined benefit plans, even if the corridor approach for later actuarial differences can be applied. This method requires the recognition of actuarial gains and losses and their amortisation during the remaining working lives of the participating employees, only for the extent exceeding the greater of 10% of the present value of defined benefit obligation at the end of the previous reporting period and 10% of the fair value of any plan assets at that date. In compliance with IFRS 1, the Generali Group applies this exemption to all defined benefit plans.
- cumulative translation differences: IFRS 1 allows not to apply IAS 21 to cumulative translation differences that arose before the date of transition. Consequently, in the opening balance sheet as at 1 January 2004 the cumulative translation differences for foreign companies are deemed to be zero and the gain or loss on a subsequent disposal of any foreign companies exclude translation differences.
Finally, the Generali Group applies IAS 32 – Financial instruments: disclosure and presentation, IAS 39 – Financial instruments: recognition and measurement and IFRS 4 – Insurance contracts as of 1 January 2004. Considering their significant impact on financial statements, the Generali Group rejects the exemption about the application of the abovementioned standards for the 2004 financial statements. This decision has caused a remarkable planning effort not only for the complex application of the standards but also for the uncertainty on their definition and subsequent endorsement. Adopting IAS 39 for the first time, the allocation of assets to the four aforesaid categories has been re-examined.
A detailed description of the new accounting standards is contained in the chapter on the half-yearly report drawing up criteria.
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4 – Reconciliation statements at the date of transition to IAS/IFRS and at the closing date of the last financial statements under previous GAAP
In compliance with IFRS 1 criteria and the art. 81 of the Regolamento Emittenti no.11971/99, the following information is provided to illustrate the impact of the transition to IAS/IFRS on the company’s financial position and performance, on its changes in financial position and cash flows: a) reconciliation statements of the balance sheet - at the date of transition to IAS/IFRS (01/01/2004), and - at the closing date of the last financial statements under previous GAAP (31/12/2004); b) reconciliation statements of the profit and loss account -reported under previous GAAP for the last financial statements (31/12/2004).
Reconciliation statements at the closing date of the interim report for the same period of the previous financial year (30/06/2004), as required by par.45 a) of IFRS 1 on interim reports, are presented in the section on other information.
The data included in the IFRS reconciliation statements shall be used for the preparation of comparative figures for the first IFRS consolidated financial statements as of 31 December 2005. They might be altered, should any addition or amendment be made to the international accounting standards currently in force or to their interpretation, with a possible retrospective effect, before the publication of the 2005 financial statements.
104 4.1 Reconciliation statements of the balance sheet 4.1.1 At the date of transition to IAS/IFRS (01/01/2004)
(in million euro) IAS/IFRS Local GAAP Change Change (%)
1. Intangible assets 2,955.4 2,949.3 6.1 0.2 2. Investments 245,576.0 228,112.0 17,464.0 7.7 3. Cash and cash equivalents 6,389.3 3,871.1 2,518.2 65.1 4. Receivables 8,872.6 8,598.9 273.7 3.2 5. Tangible assets 3,369.8 2,385.9 983.9 41.2 6. Other assets 14,007.4 13,894.2 113.2 0.8 Total assets 281,170.5 259,811.3 21,359.2 8.2
1. Shareholders' equity 12,133.3 10,767.0 1,366.3 12.7 2. Subordinated liabilities 1,429.9 1,357.5 72.4 5.3 3. Financial liabilities 27,041.0 7,223.6 19,817.4 274.3 4. Insurance porvisions 224,115.5 229,208.3 -5,092.8 -2.2 5. Payables and other provisions 10,356.6 7,980.3 2,376.3 29.8 6. Other liabilities 6,094.2 3,274.6 2,819.6 86.1 Total equity and liabilities 281,170.5 259,811.3 21,359.2 8.2
4.1.2 At the closing date of the last financial statements under previous GAAP (31/12/2004)
(in million euro) IAS/IFRS Local GAAP Change Change (%)
1. Intangible assets 2,905.7 2,750.2 155.5 5.7 2. Investments 271,774.6 250,289.8 21,484.8 8.6 3. Cash and cash equivalents 6,868.8 3,884.0 2,984.8 76.8 4. Receivables 8,833.6 8,188.9 644.7 7.9 5. Tangible assets 3,496.7 2,246.5 1,250.2 55.7 6. Other assets 16,466.9 13,958.8 2,508.2 18.0 Total assets 310,346.3 281,318.2 29,028.2 10.3
1. Shareholders' equity 14,575.4 11,824.9 2,750.5 23.3 2. Subordinated liabilities 1,428.6 1,349.4 79.1 5.9 3. Financial liabilities 27,318.4 7,010.6 20,307.7 289.7 4. Insurance porvisions 249,561.6 249,222.2 339.4 0.1 5. Payables and other provisions 10,352.8 8,634.7 1,718.1 19.9 6. Other liabilities 7,109.6 3,276.2 3,833.3 117.0 Total equity and liabilities 310,346.3 281,318.2 29,028.2 10.3
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4.2 Reconciliation statements of the profit and loss account 4.2.1 Reported under previous GAAP for the last financial statements (31/12/2004)
(in million euro) IAS/IFRS Local GAAP Change Change (%)
1. Earned premiums 53,049.9 53,717.8 -667.9 -1.2 2. Income from subsidiaries, associated companies and joint ventures 219.1 512.0 -293.0 -57.2 3. Income from financial instruments and other investments 12,219.8 13,433.6 -1,213.8 -9.0 4. Net income from financial instruments at fair value through profit or loss 3,371.3 1,811.0 1,560.2 86.2 5. Other income 2,228.0 1,335.4 892.6 66.8 Total income 71,088.0 70,809.8 278.2 0.4
6. Net insurance benefits and claims 53,376.7 54,068.0 -691.2 -1.3 7. Expenses from subsidiaries, associated companies and joint ventures 64.6 125.8 -61.1 -48.6 8. Expenses for financial instruments and other investments 2,787.2 2,447.2 340.0 13.9 9. Acquisition and administration costs 9,157.1 8,704.3 452.8 5.2 10. Other expenses 2,607.2 2,895.6 -288.4 -10.0 Total expenses 67,992.8 68,240.8 -248.0 -0.4
Earnings before taxes 3,095.2 2,569.0 526.2 20.5
11. Income taxes 984.5 816.4 168.1 20.6
Consolidated result of the period 2,110.7 1,752.6 358.0 20.4
Minority interests 444.8 438.0 6.8 1.6
Result of the period 1,665.8 1,314.6 351.2 26.7
5 – Notes on the reclassification of data under previous GAAP
The local GAAP data presented in the above reconciliation statements are taken from consolidated financial statements as at 31 December 2003 and 31 December 2004, shown according to the local GAAP scheme, by unifying certain items and reclassifying as following.
106 5.1 Balance sheet
The amount of intangible assets is reduced as compared to that in local GAAP schemes (item B) due to the reclassification of acquisition commissions to be amortised under other assets.
The amount of investments (items C and D of the local GAAP scheme) is reduced due to the reclassification of land and buildings (self used) under tangible assets.
The amount of receivables (item E of the local GAAP scheme) is reduced due to the reclassification of tax receivables and deferred tax assets under other assets.
The amount of tangible assets (item F.I of the local GAAP scheme) and other assets according to the new classification (items D.bis, F.III, F.IV and G of the local GAAP scheme) are increased due to the abovementioned reclassifications.
The amount of financial liabilities, including items G.III, G.IV, G.V and G.VI, is increased due to the reclassification of derivatives (item G.IX) and the inclusion of deposits received from reinsurers (item F).
The amount of payables and other provisions, including items E, G.I, G.II, G.VII and G.VIII of the local GAAP scheme, is reduced due to the reclassification of tax payables and deferred tax liabilities under other liabilities.
The amount of other liabilities includes items G.IX and H of the local GAAP scheme and is increased due to the aforesaid reclassifications.
5.2 Profit and loss account
The amount of income from subsidiaries, associated companies and joint ventures includes realised gains from consolidated subsidiaries under item III.9 of the local GAAP scheme. It also includes realised gains and interest from non consolidated subsidiaries under item III.3 of the local GAAP scheme.
The amount of income from financial instruments and other investments includes items III.3 and III.9 of the local GAAP scheme net of income from subsidiaries, associated companies and joint ventures and net of some extraordinary income not linked to financial activities and reclassified as other income.
The amount of net income from financial assets at fair value through profit or loss includes items II.3 and II.9 of the local GAAP scheme.
The amount of other income includes item III.6 of the local GAAP scheme as well as non financial extraordinary income classified under item III.9.
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The amount of insurance benefits and claims and changes in mathematical provisions includes items I.3, I.4, I.5, I.8, II.5, II.6 and II.7 of the local GAAP scheme.
The amount of expenses from subsidiaries, associated companies and joint ventures includes realised losses from consolidated subsidiaries under item III.10 of the local GAAP scheme. It also includes realised losses on investments and interest expenses from non consolidated subsidiaries under item III.4 of the local GAAP scheme.
The amount of acquisition and administration costs includes items I.6 and II.8 of the local GAAP scheme.
The amount of other expenses includes item III.7 of the local GAAP scheme as well as non financial extraordinary expenses classified under item III.10 of the local GAAP scheme and some other net insurance charges under items I.7 and II.10.
6 – Comments on the main impacts from the first-time adoption of IAS/IFRS
This section provides comments on the main impacts from the first-time adoption of IAS/IFRS on the balance sheet and profit and loss account together with the main adjustments on the cash flow statement.
6.1 Reconciliation statements of the balance sheet 6.1.1 Assets
1. Intangible assets
The increase of this item is due to a higher amount of goodwill than that under previous GAAP. As previously mentioned, goodwill is not subject to amortisation anymore but tested for impairment annually. Adopting IAS 38, there is a positive effect due to the capitalisation of some items previously not accounted for (self developed software) and to other intangible assets (advertising expenditure), which cannot be capitalised under IAS/IFRS.
2. Investments
This category includes land and buildings (investment properties), non consolidated subsidiaries and other financial instruments. The significant increase (21,484.8 million euros at the end of 2004) is mainly due to the measurement at fair value of financial assets that, in compliance with IAS
108 39, are classified as available for sale and as at fair value through profit or loss, including derivatives. Furthermore, the consolidation of banks and other financial institutions leads to both an increase of investments and to a significant reduction of investments in companies previously valued at equity.
3. Cash and cash equivalents
The significant increase in cash and cash equivalents (2,984.8 million euros at the end of 2004), is due to the definition of cash equivalents under IAS 7. Differently from previous accounting standards, cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The inclusion of banks and credit institutions into the consolidation area also causes an increase of this item.
4. Receivables
The slight increase of the item is due to the contribution of new subsidiaries consolidated line by line.
5. Tangible assets
As already mentioned, the increase of the item is mainly due to the increase in the amount of self used properties because of the enlargement of the consolidation area. The inclusion of new real estate and agricultural companies also increases the amount of lands and of other tangible assets.
6. Other assets
This item includes deferred tax assets, significantly increased as compared to the previous GAAP. This increase is mainly due to the accounting for of new deferred tax assets on adjustments upon the first-time adoption of IAS/IFRS and to the fact that the deferred tax assets are recognised even if the recoverable amount is probable and not reasonably certain, as stated by previous GAAP. The recognition of deferred tax assets is based upon the future tax rate expected for the time when the asset is realised, in compliance with the tax laws currently in force or in force at the closing date of the financial statements. The Group applies the tax rates that are currently in force in each country of the consolidated subsidiaries. 6.1.2 Equity and liabilities
1. Shareholders’ equity
If compared to previous GAAP, the most significant increase in equity is due to the application of IAS 39 valuation criteria for available for sale financial assets,
109 Consolidated half-yearly Report 05
namely the Generali Group’s main category. Changes in these financial instruments net of deferred policyholders liabilities and deferred taxes are recognised in equity in a specific reserve until gains or losses are realised or the instrument is impaired. The reserve for unrealised gains and losses on available for sale financial assets at the end of 2004 leads to an increase of 2,138 million euros in the Group’s equity.
At the first-time adoption of the new accounting standards, equalisation and catastrophe provisions are derecognised, since they do not comply with IFRS 4 requirements. This derecognition causes a 792 million euros increase in the Group’s equity at the end of 2004.
The equity’s decrease is due to own shares, which are directly recognised in equity under IAS/IFRS whereas they were accounted for as assets according to the previous GAAP. The reduction in the Group’s equity at the end of 2004 totals 295 million euros.
In compliance with IAS 19, the present value of a defined benefit obligation results, in some cases, in an earlier recognition of the liability as compared to the local GAAP. That causes a decrease of 411 million euros at the end of 2004 in the Group’s equity.
A further 220 million euros drop at the end of 2004 is due to the recognition of deferred tax liabilities as required by IAS 12. Differently from the national GAAP, all taxable temporary differences (except some specific cases) are recognised as deferred tax liabilities.
2. Subordinated liabilities
The item is basically unchanged.
3. Financial liabilities
The increase in the financial liabilities (20,307.7 million euros at the end of 2004) is due to the inclusion of those life contracts, legally insurance contracts but not falling under IFRS 4 scope since they are not characterised by a significant insurance risk and they do not have a component of discretionary participation features (6,208.4 million euros). Another key reason for the increase is the inclusion of liabilities to banks or customers among financial liabilities at amortised cost (10,266.5 million euros), which derive from financial institutions.
4. Insurance provisions
Insurance provisions decrease in consequence of the different classification of insurance contracts and the derecognition of the equalisation and catastrophe provisions.
However, they increase (7,454.3 million euros at the end of 2004) for deferred policyholders liabilities in conformity with shadow accounting. As already
110 mentioned, shadow accounting practice implies to attribute to the policyholder part of the economic effects of the new IAS/IFRS value of those items, which the profit participation is based on.
5. Payables and other provisions
The increase is basically due to the new accounting of post-employment benefits according to IAS 19, which distinguishes between defined contribution plans and defined benefit plans. In particular, differently from the previous standards, defined benefit plans – under which the actuarial risk and investment risk fall, in substance, on the entity – are accounted for according to actuarial criteria. The latter usually generate a higher value if compared to previous GAAP.
6. Other liabilities
The increase is mainly due to the rise in deferred tax liabilities. It comes from the accounting of new deferred tax liabilities on adjustments upon the first-time adoption of IAS/IFRS and from the fact that the deferred tax liabilities are always recognised – under previous GAAP, they were not recognised if the liability was improbable. The recognition of deferred tax liabilities is based upon the future tax rate expected for the time when the liability is realised, in compliance with the tax laws currently in force or in force at the closing date of the financial statements. The Group applies the tax rates that are currently in force in each country of the consolidated subsidiaries.
6.2 Reconciliation statements of the profit and loss account 6.2.1 Income
1. Earned premiums
Earned premiums are slightly reduced (667.9 million euros), since those contracts that do not meet IFRS 4 requirements are classified as investment contracts and accounted for in accordance with IAS 39.
2. Income from subsidiaries, associated companies and joint ventures
The enlargement of the consolidation area results not only in a decrease of the investments but also in the related income, such as dividends, realised gains and reversal of impairment.
3. Income from financial instruments and other investments and 4. Net income from financial instruments at fair value through profit or loss
The changes in these categories are closely related and therefore together commented because of difficulties in splitting the data under local GAAP. Said changes are also
111 Consolidated half-yearly Report 05
closely related to IAS 39 classification and valuation criteria. The positive net effect basically derives from the different recognition of some net unrealised gains.
5. Other income
The increase in other income is linked to the enlargement of the consolidation area, since fee and commission income from banking and asset management activities are included in this item. 6.2.2 Expenses
6. Net insurance benefits and claims
As for earned premiums, net insurance benefits and claims are reduced owing to the exclusion of contracts classified as investment contracts from IFRS 4 scope and to the derecognition of the changes in equalisation and catastrophic provisions leading to a positive effect on the result of the period (65.3 million euros).
7. Expenses from subsidiaries, associated companies and joint ventures
As already mentioned in the related income section, the enlargement of the consolidation area also implies less expenses from non consolidated companies.
8. Expenses for financial instruments and other investments
The increase of such expenses is due to a rise in interest expenses because of the greater amount of financial liabilities (as already explained) and of IAS 39 stricter rules on the recognition of impairment losses on financial instruments.
9. Acquisition and administration costs
The increase in acquisition and administration costs is due to the inclusion of acquisition and administration costs related to non insurance companies of the new consolidation area.
10. Other expenses
The decrease in other expenses is due to the derecognition of the goodwill amortisation – recognised according to previous GAAP – leading to a 114.6 million euro increase in 2004, and to the reclassification of extraordinary expenses not allowed under IAS/IFRS.
11. Income taxes
The significant increase in income taxes is mainly due to the accounting for of the deferred tax liabilities on the higher result of the period calculated according to IAS/IFRS. The impact of income taxes on the result is relatively unchanged.
112 6.3 Main adjustments on the cash flow statement
The cash flow statement (IAS 7) represents the cash flows during the period. These data assess the Group’s ability to generate cash and cash equivalents. Cash is defined as cash on hand and demand deposits whereas cash equivalents as short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Differently from the previous national standards, the cash flow statement separately reports cash flows classified by operating, investing and financing activities. Cash flows from operating activities are mainly derived from the principal revenue-producing activities and reported using the indirect method, whereby profit or loss is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows. Cash flows from investing activities represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Cash flows from financing activities refer to the changes in the size and composition of the contributed equity and borrowings of the entity.
113
COMPANIES INCLUDED IN THE CONSOLIDATED STATEMENTS OTHER AFFILIATED AND ASSOCIATED COMPANIES Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
Assicurazioni Generali S.p.A. Italy G 1 100,00% Agricola San Giorgio S.p.A. Italy G 11 100,00% 100,00% 50,21% 100,00% Alleanza Assicurazioni S.p.A. Italy G 1 45,87% 4,37% 50,24% 50,21% 100,00% Assitalia - Le Assicurazioni d’Italia S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Banca BSI Italia S.p.A. Italy G 7 100,00% 100,00% 100,00% 100,00% Banca Generali S.p.A. Italy G 7 67,61% 7,09% 74,70% 72,15% 100,00% Europ Assistance Italia S.p.A. Italy G 1 26,05% 61,03% 87,08% 87,01% 100,00% Europ Assistance Service S.p.A. Italy G 11 100,00% 100,00% 87,01% 100,00% Europ Assistance Trade S.p.A. Italy G 11 100,00% 100,00% 87,01% 100,00% Europ Assistance Warranty S.p.A. Italy G 1 100,00% 100,00% 87,01% 100,00% Fata-Fondo Assicurativo tra Agricoltori S.p.A. Italy G 1 99,88% 99,88% 99,88% 100,00% Finagen S.p.A. Italy G 11 100,00% 100,00% 50,26% 100,00% Fondi Alleanza Società di Gestione Risparmio S.p.A. Italy G 11 100,00% 100,00% 50,21% 100,00% Genagricola - Generali Agricoltura S.p.A. Italy G 11 100,00% 100,00% 100,00% 100,00% Generali Asset Management S.p.A. Società di Gestione Risparmio Italy G 8 100,00% 100,00% 100,00% 100,00% Generali Properties Asset Management S.p.A. Italy G 11 100,00% 100,00% 100,00% 100,00% Generali Properties S.p.A. Italy G 10 52,07% 47,93% 100,00% 76,14% 100,00% Generali Servizi S.r.l. Italy G 11 100,00% 100,00% 100,00% 100,00% Generali Vita S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Genertel S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Gruppo Generali Liquidazione Danni S.p.A. Italy G 11 100,00% 100,00% 100,00% 100,00% Gruppo Generali Servizi S.r.l. Italy G 11 34,00% 66,00% 100,00% 83,57% 100,00% Il Pino S.r.l. Italy G 11 100,00% 100,00% 100,00% 100,00% Immobiliare Diciannove S.p.A. Italy G 10 100,00% 100,00% 76,14% 100,00% Ina Vita S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Inf - Societa’ Agricola S.p.A. Italy G 11 100,00% 100,00% 100,00% 100,00% Intesa Vita S.p.A. Italy G 1 50,00% 50,00% 25,11% 55,56% 100,00% La Venezia Assicurazioni S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Natalia S.r.l. Italy G 11 100,00% 100,00% 50,21% 100,00% Prunus S.p.A. Italy G 10 100,00% 100,00% 76,14% 100,00% Risparmio Assicurazioni S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% UMS Generali Marine S.p.A. Italy G 1 97,10% 97,10% 97,10% 100,00% Uni One Assicurazioni S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% Uni One Vita S.p.A. Italy G 1 100,00% 100,00% 100,00% 100,00% AAAOT/AMA (AMV) Verw.: AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% AachenMünchener Lebensversicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% AachenMünchener Versicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% AAREC (Diverse) Verw.:AMGI Germany G 11 100,00% 100,00% 70,91% 100,00% ADMET/AC (AdvoCard) Verw.: AMGI Germany G 11 100,00% 100,00% 70,79% 100,00% ADRET (AdvoCard) Verw.:AMGI Germany G 11 100,00% 100,00% 70,79% 100,00% AdvoCard Rechtsschutzversicherung AG Germany G 2 100,00% 100,00% 70,79% 100,00% ALAOT (AML) Verw.:AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% ALLWO Allgemeine Wohnungsvermögens- Aktiengesellschaft Germany G 10 100,00% 100,00% 69,57% 100,00% AM Aachener und Münchener Holding für Beteiligungen GmbH Germany G 4 100,00% 100,00% 69,57% 100,00% AM Erste Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% AM Generali Aktien Euroland Germany G 11 61,35% 61,35% 42,68% 100,00% AM Generali Aktien Global Germany G 11 74,88% 74,88% 52,09% 100,00% AM Generali Bond Europa Plus Germany G 11 90,47% 90,47% 62,94% 100,00% AM Generali Bond Global Germany G 11 97,48% 97,48% 67,82% 100,00%
116 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
AM Life USD Corporate Bond Fund (AMB Ireland Capital Fund) Germany G 11 100,00% 100,00% 69,57% 100,00% AM Vers Erste Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% AMB Generali Asset Managers Kapitalanlagegesellschaft mbH Germany G 11 100,00% 100,00% 69,57% 100,00% AMB Generali Holding AG Germany G 4 0,88% 70,00% 70,88% 69,57% 100,00% AMB Generali Informatik Services GmbH Germany G 11 100,00% 100,00% 69,57% 100,00% AMB Generali Lloyd GmbH Germany G 4 11,41% 88,59% 100,00% 73,04% 100,00% AMB Generali Pensionskasse AG Germany G 2 100,00% 100,00% 69,57% 100,00% AMCO Beteiligungs-GmbH Germany G 4 100,00% 100,00% 69,57% 100,00% AMEP-Cofonds (AMB) Verw: CO Germany G 11 100,00% 100,00% 69,57% 100,00% AMLE-Cofonds (AML) Verw: CO Germany G 11 100,00% 100,00% 69,57% 100,00% AVAOT (AMV) Verw.: AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% BARET (Badenia) Verw.: AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% CEAOT/CWF (Central) Verw.:AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% CENTRAL Erste Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% Central Krankenversicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% CENTRAL Zweite Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% CLAOT (CL) Verw.: AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% Cosmos Lebensversicherungs AG Germany G 2 100,00% 100,00% 69,57% 100,00% Cosmos Versicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% DBB Vermögensverwaltung GmbH & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% Deutsche Bausparkasse Badenia AG Germany G 7 100,00% 100,00% 69,57% 100,00% Dialog Lebensversicherungs-AG Germany G 2 100,00% 100,00% 77,04% 100,00% ELCOFONDS (GEL) Verw: CO Germany G 11 100,00% 100,00% 77,37% 100,00% ENVIVAS Krankenversicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% Europ Assistance Versicherungs-AG Germany G 2 100,00% 100,00% 94,18% 100,00% GELECO (GEL) Verw.: CO Germany G 11 100,00% 100,00% 77,37% 100,00% Generali Asset Management Support GmbH Germany G 9 100,00% 100,00% 100,00% 100,00% Generali Asset Management-Verbund Generali Beteiligung und w.Service OHG Germany G 9 100,00% 100,00% 100,00% 100,00% Generali Beteiligungs-GmbH Germany G 4 100,00% 100,00% 100,00% 100,00% Generali Group Services & Support GmbH Germany G 9 100,00% 100,00% 100,00% 100,00% Generali Lebensversicherung AG Germany G 2 100,00% 100,00% 77,37% 100,00% Generali Lloyd Aktiengesellschaft Germany G 4 100,00% 100,00% 77,04% 100,00% Generali Lloyd Sonnenstraße GbR Germany G 10 100,00% 100,00% 71,69% 100,00% Generali Versicherung AG (D) Germany G 2 100,00% 100,00% 71,39% 100,00% GESACO (GEV) Verw.: CO Germany G 11 100,00% 100,00% 71,39% 100,00% GLHMO (GenLoy) Verw.:AMGI Germany G 11 100,00% 100,00% 77,04% 100,00% GLI-Fonds OIK Germany G 11 64,96% 64,96% 49,27% 100,00% GLLAE (GEL) Verw.:AMGI Germany G 11 100,00% 100,00% 77,37% 100,00% GLLAOT(GEL) Verw.:AMGI Germany G 11 100,00% 100,00% 77,37% 100,00% GLL-Cofonds (GEL) Verw: CO Germany G 11 100,00% 100,00% 77,37% 100,00% GLVMO (GEV) Verw.:AMGI Germany G 11 100,00% 100,00% 71,39% 100,00% Grundstücksgesellschaft Einkaufszentrum Schloss-Strassen-Center Berlin mbH & Co. KG Germany G 10 85,11% 85,11% 65,85% 100,00% Grundstücksgesellschaft Stadtlagerhaus Hamburg GbR Germany G 10 100,00% 100,00% 69,57% 100,00% NABUCO I (Badenia) Verw: CO Germany G 11 100,00% 100,00% 69,57% 100,00% SAARCO (GEV) Verw: CO Germany G 11 100,00% 100,00% 71,39% 100,00% Thuringia Generali 1.Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 77,37% 100,00% Thuringia Generali 2.Immoblien AG & Co. KG Germany G 10 100,00% 100,00% 77,37% 100,00% TUAOT (GEV) Verw.: AMGI Germany G 11 100,00% 100,00% 71,39% 100,00%
117 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
VA Vermögens- und Anlageberatungsgesellschaft mbH & Co. Immobilienfonds KG Germany G 10 100,00% 100,00% 69,57% 100,00% VDL USD Corporate Bond Fund (AMB Ireland Capital Fund) Germany G 11 100,00% 100,00% 69,57% 100,00% VLAOT (VDL) Verw.:AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% VOCO-Fonds Germany G 11 100,00% 100,00% 69,57% 100,00% VOCO-Fonds II Germany G 11 100,00% 100,00% 69,57% 100,00% VOCO-Fonds III Germany G 11 100,00% 100,00% 69,57% 100,00% Vofü Fonds I Hamburgische Grundbesitz und Anlage GmbH & Co.KG Germany G 10 59,29% 59,29% 41,25% 100,00% Volksfürsorge 1.Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% Volksfürsorge 2.Immobilien AG & Co. KG Germany G 10 100,00% 100,00% 69,57% 100,00% Volksfürsorge Beteiligungen KG Germany G 4 100,00% 100,00% 69,57% 100,00% Volksfürsorge Deutsche Lebensversicherung AGGermany G 2 100,00% 100,00% 69,57% 100,00% Volksfürsorge Deutsche Sachversicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% Volksfürsorge Holding AG Germany G 4 100,00% 100,00% 69,57% 100,00% Volksfürsorge Krankenversicherung AG Germany G 2 100,00% 100,00% 69,57% 100,00% Volksfürsorge Pensionsfonds AG Germany G 2 100,00% 100,00% 69,57% 100,00% VSMOB (VDS) Verw.:AMGI Germany G 11 100,00% 100,00% 69,57% 100,00% ZR Beteiligungsgesellschaft mbH & Co. Immobilienfonds KG Germany G 10 100,00% 100,00% 69,57% 100,00% AM Prudence S.A. France G 2 99,99% 99,99% 69,56% 100,00% Assurance France Generali S.A. France G 9 100,00% 100,00% 99,98% 100,00% Europ Assistance France S.A. France G 2 100,00% 100,00% 99,89% 100,00% Europ Assistance Holding S.A. France G 2 99,96% 99,96% 99,89% 100,00% Européenne de Protection Juridique S.A. France G 2 100,00% 100,00% 99,98% 100,00% Expert & Finance S.A. France G 11 90,30% 90,30% 90,24% 100,00% Fonciére Burho S.A. France G 10 100,00% 100,00% 99,93% 100,00% Generali Assurances IARD S.A. France G 2 99,41% 99,41% 99,38% 100,00% Generali Assurances Vie S.A. France G 2 100,00% 100,00% 99,98% 100,00% Generali Belle Feuille S.a.r.l. France G 10 100,00% 100,00% 99,93% 100,00% Generali Finances S.A. France G 9 100,00% 100,00% 99,97% 100,00% Generali France S.A. France G 4 67,29% 32,69% 99,98% 99,98% 100,00% Generali Gestion S.A. France G 11 99,92% 99,92% 99,89% 100,00% Generali Habitat SCpI France G 10 80,83% 80,83% 80,78% 100,00% Generali Optima S.a.r.l. France G 10 100,00% 100,00% 99,93% 100,00% Generali Reaumur S.A. France G 10 99,31% 99,31% 99,24% 100,00% GFA Caraïbes France G 2 100,00% 100,00% 99,38% 100,00% GIE Achat Logistique Groupe Interés Económico France G 11 100,00% 100,00% 99,97% 100,00% GPA-IARD S.A. France G 2 100,00% 100,00% 99,98% 100,00% GPA-Vie S.A. France G 2 100,00% 100,00% 99,98% 100,00% Guardian Vie S.A. France G 2 100,00% 100,00% 99,93% 100,00% Icare Assurance S.A. France G 2 100,00% 100,00% 95,42% 100,00% Icare S.A. France G 4 95,53% 95,53% 95,42% 100,00% Icare Services S.A. France G 11 100,00% 100,00% 95,42% 100,00% Immobilière St-Honoré les Feuillans France G 10 99,99% 99,99% 99,97% 100,00% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. France G 2 99,98% 99,98% 99,93% 100,00% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature France G 2 99,98% 99,98% 99,66% 100,00% Mt Musala SAS France G 10 100,00% 100,00% 99,93% 100,00% Mt Tenibre SAS France G 10 100,00% 100,00% 99,93% 100,00%
118 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
Prudence Creole France G 2 92,90% 92,90% 92,33% 100,00% Prudence Vie France G 2 99,99% 99,99% 99,92% 100,00% Rocher Pierre SCpI France G 10 48,52% 48,52% 48,49% 100,00% SAS 2 ISO France G 10 100,00% 100,00% 99,98% 100,00% SCI Continent Pierre France G 10 99,90% 99,90% 99,51% 100,00% SCI Continent Pyramides France G 10 100,00% 100,00% 99,38% 100,00% SCI Continent Wagram France G 10 100,00% 100,00% 99,38% 100,00% SCI des 48 et 50 BD des Batignolles France G 10 100,00% 100,00% 99,39% 100,00% SCI des 5 et 7 Rue Drouot France G 10 100,00% 100,00% 99,93% 100,00% SCI des 52&52 bis bd St. Jacques et 6 Rue Leclerc France G 10 100,00% 100,00% 99,93% 100,00% SCI du 174 Rue de Rivoli France G 10 100,00% 100,00% 99,93% 100,00% SCI du 2/4 BD Haussmann France G 10 100,00% 100,00% 99,98% 100,00% SCI du 24 Rue de Mogador a Paris (9eme) France G 10 100,00% 100,00% 99,98% 100,00% SCI du 26/28 rue Jacques Dulud a Neuilly sur Seine France G 10 100,00% 100,00% 99,93% 100,00% SCI du 29 Rue de Poissoniers France G 10 100,00% 100,00% 99,98% 100,00% SCI du 54 Avenue Hoche France G 10 100,00% 100,00% 99,96% 100,00% SCI du Coq France G 10 100,00% 100,00% 99,98% 100,00% SCI Espace Seine-Generali France G 10 100,00% 100,00% 99,95% 100,00% SCI Generali Daumesnil France G 10 100,00% 100,00% 99,98% 100,00% SCI Generali Le Franklin France G 10 100,00% 100,00% 99,93% 100,00% SCI Generali Le Jade France G 10 100,00% 100,00% 99,95% 100,00% SCI Generali Le Mondial France G 10 100,00% 100,00% 99,93% 100,00% SCI GPA Pierre France G 10 100,00% 100,00% 99,98% 100,00% SCI Haussmann 50-Generali France G 10 100,00% 100,00% 99,98% 100,00% SCI Lagny 68-70-Generali France G 10 100,00% 100,00% 99,93% 100,00% SCI Lagny Cuvier-Generali France G 10 100,00% 100,00% 99,97% 100,00% SCI Landy-Novatis France G 10 100,00% 100,00% 99,93% 100,00% SCI Landy-Wilo France G 10 100,00% 100,00% 99,98% 100,00% Suresnes Immobilier S.A. France G 10 100,00% 100,00% 99,93% 100,00% Akzent Miteigentumsspezialfonds in Wertpapieren Austria G 11 98,67% 98,67% 92,81% 100,00% Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG Austria G 10 100,00% 100,00% 94,14% 100,00% CEE Liquid Austria G 11 100,00% 100,00% 94,09% 100,00% Europäische Reiseversicherungs AG Austria G 2 74,99% 74,99% 70,23% 100,00% GB - Miteigentumsspezialfonds in Wertpapieren Austria G 11 100,00% 100,00% 94,13% 100,00% GEN4A Spezialfonds Austria G 11 100,00% 100,00% 94,14% 100,00% Generali Bank AG Austria G 7 100,00% 100,00% 93,75% 100,00% Generali Holding Vienna AG Austria G 4 93,79% 93,79% 93,65% 100,00% Generali Immobilien AG Austria G 10 100,00% 100,00% 94,14% 100,00% Generali Leasing GmbH Austria G 11 75,00% 75,00% 70,31% 100,00% Generali Rückversicherung AG Austria G 5 100,00% 100,00% 100,00% 100,00% Generali Versicherung AG (A) Austria G 2 100,00% 100,00% 94,14% 100,00% Generali VIS Informatik GmbH Austria G 11 100,00% 100,00% 93,65% 100,00% GLStock-Fonds Austria G 11 100,00% 100,00% 94,14% 100,00% GSStock-Fonds Austria G 11 100,00% 100,00% 94,14% 100,00% IUB - Miteigentumsspezialfonds in Wertpapieren Austria G 11 100,00% 100,00% 94,14% 100,00% Mondomix Miteigentumsfonds in Wertpapieren Austria G 11 99,23% 99,23% 93,42% 100,00% Banco Vitalicio de España - Compañia Anonima de Seguros Spain G 2 98,77% 98,77% 98,75% 100,00%
119 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
Cajamar Vida S.A. de Seguros y Reaseguros Spain G 2 50,00% 50,00% 50,00% 100,00% Europ Assistance España S.A. de Seguros y Reaseguros Spain G 2 100,00% 100,00% 99,84% 100,00% Generali España Holding de Entidades de Seguros S.A. Spain G 4 100,00% 100,00% 100,00% 100,00% Grupo Generali España Agrupación de Interés Económico Spain G 11 100,00% 100,00% 99,12% 100,00% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales Spain G 10 100,00% 100,00% 99,83% 100,00% La Estrella S.A. de Seguros y Reaseguros Spain G 2 99,83% 99,83% 99,83% 100,00% Vitalicio Torre Cerdà S.l. Spain G 10 100,00% 100,00% 98,75% 100,00% Europ Assistance Holdings Ltd United Kingdom G 4 100,00% 100,00% 99,89% 100,00% Europ Assistance Insurance Limited United Kingdom G 2 100,00% 100,00% 99,89% 100,00% Adriatica Participations Financières S.A. Belgium G 4 100,00% 100,00% 77,05% 100,00% Europ Assistance Belgium S.A. Belgium G 2 100,00% 100,00% 99,89% 100,00% Flandria Participations Financières S.A. Belgium G 4 100,00% 100,00% 100,00% 100,00% Genass-Invest S.A. Belgium G 4 100,00% 100,00% 97,40% 100,00% Generali Belgium Invest S.A. Belgium G 10 100,00% 100,00% 99,66% 100,00% Generali Belgium S.A. Belgium G 2 32,29% 67,51% 99,80% 99,66% 100,00% Genervest S.A. Belgium G 4 64,96% 35,04% 100,00% 100,00% 100,00% GEPAFI - Generali Participation Financiere S.A. Belgium G 4 100,00% 100,00% 77,04% 100,00% B.V. Algemene Holding en Financierings Maatschappij Netherlands G 4 100,00% 100,00% 93,65% 100,00% Beleggingsmaatschappij de Grachten B.V. Netherlands G 4 100,00% 100,00% 97,40% 100,00% Beleggingsmaatschappij Nedasinvest B.V. Netherlands G 4 100,00% 100,00% 97,40% 100,00% Generali Asia N.V. Netherlands G 4 60,00% 60,00% 60,00% 100,00% Generali Beleggingsfonden N.V. Netherlands G 9 100,00% 100,00% 97,40% 100,00% Generali Finance B.V. Netherlands G 4 100,00% 100,00% 100,00% 100,00% Generali Hypotheken B.V. Netherlands G 11 100,00% 100,00% 97,40% 100,00% Generali Kent B.V. Netherlands G 4 80,00% 80,00% 80,00% 100,00% Generali Levensverzekering Maatschappij N.V. Netherlands G 2 100,00% 100,00% 97,40% 100,00% Generali Real Estate Investments B.V. Netherlands G 10 100,00% 100,00% 97,40% 100,00% Generali Schadeverzekering Maatschappij N.V. Netherlands G 2 100,00% 100,00% 97,40% 100,00% Generali Vastgoed B.V. Netherlands G 10 100,00% 100,00% 97,40% 100,00% Generali Verzekeringsgroep N.V. Netherlands G 4 12,77% 85,78% 98,55% 97,40% 100,00% Participatie Maatschappij Graafschap Holland N.V. Netherlands G 4 100,00% 100,00% 100,00% 100,00% Participatie Maatschappij Transhol B.V. Netherlands G 4 100,00% 100,00% 100,00% 100,00% Redoze Holding N.V. Netherlands G 4 6,02% 93,98% 100,00% 100,00% 100,00% Alleanza Investment Public Limited Company Eire G 9 99,98% 99,98% 50,22% 100,00% Generali Investment Management (Ireland) Limited Eire G 4 100,00% 100,00% 100,00% 100,00% Generali PanEurope Limited Eire G 2 100,00% 100,00% 100,00% 100,00% Genirland Limited Eire G 9 100,00% 100,00% 100,00% 100,00% Generali Hellas - A.E. Asfaliseon Zimion Greece G 2 99,22% 0,78% 100,00% 100,00% 100,00% Generali Life - Hellenic Insurance Company A.E. Greece G 2 99,97% 0,03% 100,00% 100,00% 100,00% Europ Assistance Société d’Assistance S.A. Luxembourg G 2 51,00% 51,00% 50,95% 100,00% Generali Luxembourg S.A. Luxembourg G 2 100,00% 100,00% 99,66% 100,00% Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. Portugal G 2 53,00% 53,00% 52,94% 100,00% Generali Vida Companhia de Seguros S.A. Portugal G 2 99,99% 99,99% 99,99% 100,00% Palinuro Consultadoria e Marketing Lda Portugal G 9 100,00% 100,00% 100,00% 100,00% Europai Utazasi Biztosito Rt. Hungary G 2 74,00% 74,00% 66,25% 100,00%
120 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
Generali Befektetési és Tanácsadó Kft. Hungary G 4 100,00% 100,00% 93,65% 100,00% Generali Epitö és Tervezö Kft. Hungary G 10 100,00% 100,00% 94,02% 100,00% Generali-Providencia Biztosító Rt. Hungary G 2 100,00% 100,00% 93,65% 100,00% Generali Towarzystwo Ubezpieczen S.A. Poland G 2 100,00% 100,00% 93,65% 100,00% Generali Zycie Towarzystwo Ubezpieczen S.A. Poland G 2 100,00% 100,00% 93,65% 100,00% Generali Pojistovna a.s. Czech Republic G 2 100,00% 100,00% 93,65% 100,00% Generali Poistovna a.s. Slovak Republic G 2 100,00% 100,00% 93,65% 100,00% Generali Zavarovalnica d.d. Slovenia G 2 99,81% 99,81% 93,70% 100,00% BSI SAM International Private Banking Monaco G 7 100,00% 100,00% 100,00% 100,00% Albula Verwaltungs- und Beteiligungs AG Switzerland G 4 84,03% 15,97% 100,00% 94,14% 100,00% BSI S.A. Switzerland G 7 100,00% 100,00% 100,00% 100,00% Europ Assistance (Suisse) Assurances S.A. Switzerland G 3 100,00% 100,00% 75,55% 100,00% Europ Assistance (Suisse) Holding S.A. Switzerland G 4 76,00% 76,00% 75,55% 100,00% Fortuna Investment AG Switzerland G 11 100,00% 100,00% 63,39% 100,00% Fortuna Rechtsschutz-Versicherung- Gesellschaft AG Switzerland G 3 100,00% 100,00% 63,39% 100,00% Generali (Schweiz) Holding A.G. Switzerland G 4 19,87% 44,11% 63,98% 63,39% 100,00% Generali Assurances Générales Switzerland G 3 99,92% 99,92% 63,34% 100,00% Generali Personenversicherungen AG Switzerland G 3 100,00% 100,00% 63,39% 100,00% BSI (Channel Island) Ltd Guernsey G 7 100,00% 100,00% 100,00% 100,00% Generali International Ltd Guernsey G 3 100,00% 100,00% 100,00% 100,00% Generali Worldwide Insurance Company Limited Guernsey G 3 100,00% 100,00% 100,00% 100,00% Fortuna Lebens-Versicherung AG Liechtenstein G 3 100,00% 100,00% 63,39% 100,00% Generali Asigurari S.A. Romania G 3 83,44% 83,44% 78,13% 100,00% Generali Sigorta A.S. Turkey G 3 97,37% 97,37% 77,89% 100,00% Generali Osiguranje d.d. Croatia G 3 100,00% 100,00% 93,65% 100,00% Generali Zivotno Osiguranje d.d. Croatia G 3 100,00% 100,00% 93,65% 100,00% Generali U.S. Holdings Inc. U.S.A. G 4 100,00% 100,00% 100,00% 100,00% Generali USA Life Reassurance Company U.S.A. G 6 100,00% 100,00% 100,00% 100,00% Transocean Holding Corporation U.S.A. G 4 100,00% 100,00% 100,00% 100,00% Caja de Ahorro y Seguro S.A. Argentina G 4 47,50% 47,50% 47,50% 100,00% Caja de Seguros S.A. Argentina G 3 99,00% 99,00% 47,02% 100,00% Generali Corporate Compañia Argentina de Seguros S.A. Argentina G 3 100,00% 100,00% 100,00% 100,00% La Caja de Seguros de Retiro S.A. Argentina G 3 100,00% 100,00% 47,05% 100,00% Generali do Brasil Companhia Nacional de Seguros Brazil G 3 1,82% 98,10% 99,92% 99,92% 100,00% GENPAR Empreendimentos e Partecipaçoes S.A. Brazil G 4 100,00% 100,00% 100,00% 100,00% Transocean do Brasil Participaçoes S.A. Brazil G 4 99,99% 0,01% 100,00% 100,00% 100,00% Generali Colombia - Seguros Generales S.A. Colombia G 3 81,83% 4,44% 86,27% 86,28% 100,00% Generali Colombia Vida - Compañia de Seguros S.A. Colombia G 3 15,38% 84,43% 99,81% 90,44% 100,00% Generali Ecuador Compañía de Seguros S.A. Ecuador G 3 51,74% 51,74% 51,74% 100,00% Hamagen Insurance Co. Ltd Israel G 3 100,00% 100,00% 59,89% 100,00% Migdal Capital Markets (1965) Ltd Israel G 9 100,00% 100,00% 59,89% 100,00% Migdal Eshkol Finansim B.M. Israel G 9 100,00% 100,00% 59,89% 100,00% Migdal Insurance and Financial Holding Ltd Israel G 4 0,99% 58,90% 59,89% 59,89% 100,00% Migdal Insurance Company Ltd Israel G 3 100,00% 100,00% 59,89% 100,00% Migdal Investments Management 2001 Ltd Israel G 9 100,00% 100,00% 59,89% 100,00% The Central Stock Exchange Services (NE) Ltd Israel G 11 100,00% 100,00% 59,89% 100,00% Aseguradora General S.A. Guatemala G 3 51,00% 51,00% 51,00% 100,00% Pensiones Banorte Generali S.A. de C.V. México G 3 49,00% 49,00% 49,00% 100,00%
121 Companies included in the consolidated statements
Shareholding % Votes exercisable Equity at shareholdings’ Companies Country Method Activity Direct Indirect Total ratio general meeting % Consolidation % (1) (2) (3) (4)
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte México G 3 49,00% 49,00% 49,00% 100,00% Solida Banorte Generali S.A. de C.V. Afore México G 3 49,00% 49,00% 49,00% 100,00% BSI Overseas (Bahamas) Ltd Bahamas G 7 100,00% 100,00% 100,00% 100,00% Generali Pilipinas Life Assurance Co. Inc. Philippines G 3 100,00% 100,00% 36,00% 100,00% Generali Pilipinas Insurance Co. Inc. Philippines G 3 100,00% 100,00% 36,00% 100,00% Generali Pilipinas Holding Co. Inc. Philippines G 4 60,00% 60,00% 36,00% 100,00% Generali Insurance (Thailand) Co. Ltd Thailand G 3 75,00% 75,00% 32,43% 100,00% Generali Life Assurance (Thailand) Co. Ltd Thailand G 3 75,00% 75,00% 32,43% 100,00% IWF Holding Company Ltd Thailand G 4 58,10% 58,10% 34,86% 100,00% 100,00% KAG Holding Company Ltd Thailand G 4 100,00% 100,00% 34,86% 100,00% Generali China Life Insurance Co. Ltd People’s Republic of China G 3 50,00% 50,00% 50,00% 100,00% Generali Reassurance (Bermuda) Ltd Bermuda G 6 100,00% 100,00% 100,00% 100,00%
(1) Consolidation method: fully consolidation method=G; proportionate method=P; fully consolidated companies where the control exists but the group shareholdings own half or less of the voting power of an entity=U (2) 1=italian insurance companies; 2=other EU insurance companies; 3=non EU insurance companies; 4=insurance holding companies; 5=EU reinsurance companies; 6=non EU reinsurance companies; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other companies (3) Net group participation percentage (4) percentage of votes exercisable at shareholdings' general meeting if different from the direct or indirect shareholding participation percentage
122 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Agorà Investimenti S.p.A. Italy 9 b 42,86% 42,86% 42,86% 11.444 Assitimm S.r.l. Italy 10 a 1,00% 99,00% 100,00% 76,38% 10 BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. Italy 11 a 100,00% 100,00% 72,15% 19.636 Casaletto S.r.l. - Società Unipersonale Italy 11 a 100,00% 100,00% 100,00% 1.976 CityLife S.r.l. Italy 10 b 26,67% 26,67% 20,30% 1.308 Consorzio Agenzia Generale INA-AssItalia di Roma in gestione diretta Italy 11 a 100,00% 100,00% 100,00% 0 Continuum S.r.l. Italy 10 b 40,00% 40,00% 30,45% 5.560 Datel S.r.l. Italy 11 a 100,00% 100,00% 93,37% 60 Dolphin Investments S.A.p.A. Italy 9 b 23,34% 23,34% 23,34% 0 Editoriale Generali S.r.l. Italy 11 a 100,00% 100,00% 100,00% 52 Enofila S.r.l. Italy 11 a 100,00% 100,00% 100,00% 2.972 Ente Teatrale Italiano Italy 11 b 33,33% 33,33% 33,33% 0 EOS Servizi Fiduciari S.p.A. Italy 11 a 100,00% 100,00% 100,00% 533 EU-RA Europe Rating S.p.A. Italy 9 b 20,00% 20,00% 14,43% 100 Europ Assistance Vai S.r.l. Italy 11 a 98,89% 98,89% 86,04% 1.348 Foot.Pro S.r.l. Italy 11 b 45,00% 45,00% 45,00% 0 GEA - Gestioni Assicurative S.r.l. Italy 11 a 10,87% 89,13% 100,00% 100,00% 122 Generali Horizon S.p.A. Italy 9 a 100,00% 100,00% 100,00% 15.520 Generali Investimenti Alternativi Società di Gestione del Risparmio p.A. Italy 8 a 90,00% 90,00% 90,00% 4.201 Heracles Immobiliare S.r.l. Italy 10 a 100,00% 100,00% 76,14% 22.219 Icare Servizi S.p.A. Italy 11 a 100,00% 100,00% 95,42% 11 Initium S.r.l. Italy 10 b 49,00% 49,00% 37,31% 6.814 Intesa Previdenza SIM S.p.A. Italy 1 b 45,00% 45,00% 45,00% 3.947 Intouch S.r.l. Italy 11 a 55,00% 55,00% 47,86% 2.232 RITA Rete Italiana Assicurativa di Telecomunicazioni S.r.l Italy 11 b 12,42% 4,57% 16,99% 15,58% 966 S. Alessandro Fiduciaria S.p.A. Italy 11 a 100,00% 100,00% 100,00% 0 Sementi Dom Dotto S.p.A. Italy 11 a 100,00% 100,00% 100,00% 683 Sementi Ross S.r.l. Italy 11 a 100,00% 100,00% 100,00% 0 Servizi Tecnologici Avanzati S.p.A. Italy 11 b 25,00% 25,00% 25,00% 0 SIA - Società di Ingegneria delle Assicurazioni Italy 11 a 48,00% 52,00% 100,00% 100,00% 362 SIMGENIA S.p.A. Società di Intermediazione Mobiliare Italy 11 a 100,00% 100,00% 72,15% 5.259 Sogeda Finanziaria S.r.l. Italy 11 a 100,00% 100,00% 100,00% 27 Solaris S.r.l. Italy 10 b 40,00% 40,00% 30,45% 6.722 Torcello S.r.l. Italy 11 a 100,00% 100,00% 100,00% 12 Uni One Servizi S.r.l. Italy 11 a 100,00% 100,00% 100,00% 0 Aachener und Münchener Finanzdienstleistung GmbH Germany 11 a 100,00% 100,00% 69,57% 54 ALSTER FINANZ-Beratung für betriebliche Altersversorgung GmbH Germany 11 a 100,00% 100,00% 69,57% 54 AM Gesellschaft für betriebliche Altersversorgung mbH Germany 11 a 100,00% 100,00% 69,57% 60 AM Gesellschaft für Verkaufsförderung mbH Germany 11 a 100,00% 100,00% 51,48% 0 AM RE Verwaltungs GmbH Germany 9 a 100,00% 100,00% 69,57% 25 AM Versicherungsvermittlung GmbH Germany 11 a 100,00% 100,00% 69,57% 25 AMB Generali Immobilien GmbH Germany 11 a 100,00% 100,00% 69,57% 640 AMB Generali Pensionsfonds AG Germany 2 a 100,00% 100,00% 77,04% 4.035 AMB Generali Private Equity GmbH Germany 9 a 100,00% 100,00% 70,82% 58.925
123 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
AMPAS Aachener und Münchener Partner- Service GmbH Germany 11 a 100,00% 100,00% 69,57% 4.715 ARCADIUM Konzeption & Management für aktives Wohnen GmbH Germany 11 a 100,00% 100,00% 69,57% 7.127 ATLAS Dienstleistungen für Vermögensberatung GmbH Germany 11 a 74,00% 74,00% 51,48% 3.502 BBG Beteiligungsgesellschaft m.b.H. Germany 9 a 100,00% 100,00% 77,04% 80 Central Fixed Assets GmbH Germany 9 a 100,00% 100,00% 69,57% 25 COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte mbH Germany 11 b 50,00% 50,00% 34,78% 1.925 Cosmos Finanzservice GmbH Germany 11 a 100,00% 100,00% 69,57% 779 Cosmos Fixed Assets GmbH Germany 9 a 100,00% 100,00% 69,57% 25 DBS Eigenheimbau G.m.b.H. Germany 10 a 100,00% 100,00% 69,57% 0 Deutsche Vermögensberatung Aktiengesellschaft DVAG Germany 11 b 50,00% 50,00% 34,78% 105.054 Deutscher Lloyd GmbH Germany 11 a 100,00% 100,00% 77,04% 133 EA Service GmbH Germany 11 a 100,00% 100,00% 94,18% 250 Euregio Service Residenzen Management GmbH Germany 11 a 100,00% 100,00% 69,57% 0 FVD Gesellschaft für Finanzplanung und Vorsorgemanagement Deutschland mbH Germany 11 a 100,00% 100,00% 69,57% 1.014 G. & G. Lüder Versicherungsmakler GmbH Germany 11 b 50,00% 50,00% 35,69% 1.100 Generali Employee Benefits Gesellschaft mbH Germany 11 a 100,00% 100,00% 69,57% 308 Generali Finanz Service GmbH Germany 11 a 100,00% 100,00% 77,04% 8 Generali Seminarzentrum GmbH Germany 11 a 100,00% 100,00% 71,39% 36 GLL Real Estate Partners GmbH Germany 10 b 49,50% 49,50% 49,50% 40,00% 495 Hotel Fürst Leopold Management GmbH Germany 11 a 100,00% 100,00% 69,57% 0 Hotel Magistralen Carré Management GmbH Germany 11 a 100,00% 100,00% 69,57% 0 Hotel und Seniorenresidenz Rosenpark GmbH Germany 11 b 25,00% 25,00% 17,39% 128 Icare Allemagne S.A. Germany 11 a 100,00% 100,00% 95,42% 25 ID Innovative Datenverarbeitung GmbH Germany 11 b 30,00% 30,00% 18,83% 0 IG BAU Mitglieder-Service GmbH Germany 11 b 33,33% 33,33% 23,19% 27 IG BCE Mitglieder-Service GmbH Germany 11 b 33,33% 33,33% 23,19% 32 IV Verwaltungsgesellschaft für Versicherungen m.b.H. Germany 11 a 100,00% 100,00% 77,04% 26 Kleylein & Cie Actuarial Services GmbH Germany 11 a 60,00% 60,00% 46,42% 102 Lloyd Immobilien G.m.b.H. Germany 10 a 100,00% 100,00% 77,04% 1.059 Main Plaza Management GmbH Germany 10 a 100,00% 100,00% 69,57% 0 MLV Beteiligungverwaltungsgesellschaft mbH Germany 9 a 100,00% 100,00% 93,65% 51 OM Beteiligungsgesellschaft mbH Germany 9 a 100,00% 100,00% 69,57% 0 OM Beteiligungsgesellschaft mbH & Co Immobilienfonds KG Germany 10 a 100,00% 100,00% 69,57% 0 Schloß Bensberg Grundstücks-GbR Germany 10 a 100,00% 100,00% 65,39% 2.837 Schloss Bensberg Management GmbH Germany 10 a 100,00% 100,00% 69,57% 0 Schloss-Strassen-Center Berlin Verwaltungsgesellschaft mbH Germany 10 a 85,20% 85,20% 59,27% 0 SiMa GmbH Sicherungsmanagement für flexible Arbeitszeitmodelle Germany 11 a 51,00% 51,00% 35,48% 460 SKG Bank GmbH Germany 7 b 49,90% 49,90% 34,72% 6.427 Treuhandgesellschaft des Deutschen Wertpapierbesitzes mbH Germany 11 b 20,00% 20,00% 13,91% 5 ver.di Service GmbH Germany 11 b 33,33% 33,33% 23,19% 35 Versicherungsmakler und Beteiligungsverwaltungs GmbH Germany 11 b 26,00% 26,00% 18,09% 4.011
124 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Versicherungs-Planer-Vermittlungs G.m.b.H. Germany 11 a 100,00% 100,00% 77,37% 26 VGI-Vertriebsgesellschaft für Immobilien mbH Germany 11 a 51,00% 51,00% 35,48% 0 VISENIO GmbH Germany 11 a 100,00% 100,00% 69,57% 0 Volksfürsorge 3.Immobilien AG & Co. KG Germany 10 a 100,00% 100,00% 69,57% 0 Volksfürsorge 4.Immobilien AG & Co. KG Germany 10 a 100,00% 100,00% 69,57% 0 Volksfürsorge Fixed Assets GmbH Germany 11 a 100,00% 100,00% 69,57% 104 Volksfürsorge Pensionskasse AG Germany 2 a 100,00% 100,00% 69,57% 16.532 VOV Vervaltungsorganisat.für Vermögensch. Vers.für Mit.Org.Jur.Pers. GmbH Germany 11 b 30,00% 30,00% 21,14% 599 VTG Grundstücksgesellschaft Halle-Neustadt Zentrum mbH Germany 11 a 100,00% 100,00% 69,57% 871 Walter Sohn G.m.b.H. Germany 11 a 100,00% 100,00% 77,04% 205 Zweite AM RE Verwaltungs GmbH Germany 9 a 100,00% 100,00% 69,57% 25 Arche SA France 10 a 79,31% 79,31% 79,29% 0 Bourbon Courtage S.A. France 11 a 100,00% 100,00% 92,34% 127 Cerep Daumesnil S.a.r.l. France 10 b 45,00% 45,00% 44,99% 0 Cofifo S.A. France 9 a 100,00% 100,00% 99,98% 4.659 Cofitem Cofimur France 11 b 21,50% 21,50% 21,49% 0 Courtage Inter Caraibes France 11 a 99,76% 99,76% 99,15% 38 Diffusion Assurance Conseil S.a r.l. France 11 a 99,91% 99,91% 99,56% 64 E1 S.A. France 11 a 100,00% 100,00% 99,89% 37 E2 S.A. France 11 a 99,98% 99,98% 99,87% 37 E3 S.A. France 11 a 100,00% 100,00% 99,89% 5 E4 S.A. France 11 a 100,00% 100,00% 99,89% 0 Efidis S.A. France 11 b 39,06% 39,06% 27,17% 12.850 Eur Ass Clearing Center (GIE) France 11 a 100,00% 100,00% 100,00% 0 Eur Ass Sys information (EASI) France 11 a 100,00% 100,00% 100,00% 0 Europ Assistance Océanie S.A. France 11 a 74,88% 74,88% 74,79% 286 Financiere Centuria S.A. France 9 b 33,00% 33,00% 32,99% 0 Foncière Hypersud S.A. France 10 a 48,95% 48,95% 48,92% 73.500 France Assurances S.A. France 11 a 100,00% 100,00% 99,93% 8.040 Frequence Plus Service Europ Assistance S.A. France 11 a 51,00% 51,00% 50,95% 510 Generali 1 S.A. France 11 a 100,00% 100,00% 99,98% 39 Generali 3 S.A. France 11 a 100,00% 100,00% 99,38% 39 Generali 4 S.A. France 11 a 99,97% 99,97% 99,36% 39 Generali Carnot S.a.r.l. France 10 a 100,00% 100,00% 99,93% 2.009 Generali France, Trieste et Venise et Cie. Soc.en Nom.Coll. France 10 a 100,00% 100,00% 99,97% 0 Generali Gerance S.A. France 11 a 99,67% 99,67% 99,61% 241 Generali Immobilier Conseil S.A. France 10 a 99,96% 99,96% 99,94% 38 Generali Immobilier Gestion S.A. France 10 a 99,88% 99,88% 99,86% 3.750 Generali Informatique S.A. France 11 a 100,00% 100,00% 99,72% 2.287 Generali Reassurance Courtage S.A. France 11 a 99,99% 99,99% 99,38% 3.183 Generali Strategie France S.A.S. France 11 a 49,00% 51,00% 100,00% 99,99% 2.000 Gestas S.A. France 11 a 100,00% 100,00% 95,42% 152 GIE Generali Gestion Santè France 11 a 100,00% 100,00% 100,00% 0 GIE Groupe Zurich Agencies France 11 a 100,00% 100,00% 100,00% 0 GIE Le Restaurant Haussmann France 11 a 100,00% 100,00% 100,00% 0 GIE Rèseau Generali France France 11 a 100,00% 100,00% 100,00% 0 GIE Rèunion aèrienne France 11 a 24,93% 24,93% 24,93% 0 GIE Rèunion spatiale France 11 a 25,17% 25,17% 25,17% 0 Global Car Services S.A. France 11 b 50,00% 50,00% 49,94% 0 Groupement Technique d’Assurances
125 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4) du Val d’Oise France 11 b 45,00% 45,00% 44,97% 726 Guardian Finance S.A. France 9 a 100,00% 100,00% 99,93% 1.047 Infoparc S.A. France 11 a 100,00% 100,00% 95,42% 1.677 Noreco Société Nouvelle de Recouvrements et de Contentieux S.A. France 11 a 99,93% 99,93% 99,90% 440 OFIBA S.A. France 11 a 99,92% 99,92% 99,31% 41 OGEPA S.A. France 11 a 99,92% 99,92% 99,31% 38 OJH S.A. France 11 a 100,00% 100,00% 99,93% 0 Parlook S.A. France 11 a 100,00% 100,00% 100,00% 0 Risque et Sérénité S.A. France 9 b 48,36% 48,36% 48,35% 1.273 S.A. Saint-Christoly Bordeaux France 10 b 50,00% 50,00% 49,70% 152 S.A.I. des Trois Collines de Mougins France 10 b 48,26% 48,26% 48,06% 195 SC Progador (SCI) France 10 a 100,00% 100,00% 99,97% 9.639 SCEA de Foncaude France 10 a 100,00% 100,00% 99,65% 1.841 SCI 3 Londres-70 St Lazare France 10 a 100,00% 100,00% 99,38% 152 SCI Avenue de France Generali France 10 a 100,00% 100,00% 99,68% 153 SCI Cogipar France 10 a 100,00% 100,00% 99,93% 5.881 SCI Continent Asnieres France 10 a 100,00% 100,00% 99,38% 4.116 SCI Domaine du Mesnil France 10 a 100,00% 100,00% 100,00% 0 SCI du 13 Rue de Londres France 10 a 100,00% 100,00% 99,38% 152 SCI du 130 BD Bineau France 10 a 100,00% 100,00% 99,68% 7.240 SCI du Chateau La France France 10 a 100,00% 100,00% 99,95% 4.542 SCI Font Romeu Neige et Soleil France 10 a 100,00% 100,00% 99,68% 15 SCI France Mornay Lyon France 10 a 100,00% 100,00% 99,93% 3.067 SCI France Mornay Toulouse France 10 a 100,00% 100,00% 99,93% 4.574 SCI Immovie France 10 a 100,00% 100,00% 99,58% 807 SCI La Havraise Immobiliere France 10 a 49,00% 49,00% 49,00% 0 SCI Les 3 Collines Le Ferandou France 10 a 100,00% 100,00% 99,85% 142 SCI Les Collines du Capitou France 10 a 64,00% 64,00% 64,00% 0 SCI Les Serres Le Touquet France 10 a 100,00% 100,00% 99,76% 2 SCI Montrose Parc France 10 a 100,00% 100,00% 99,76% 2.983 SCI Norim France 10 a 100,00% 100,00% 100,00% 0 SCI Pierre-Grenier France 10 a 100,00% 100,00% 99,38% 5.336 SCI Res Bois des Roches France 10 a 100,00% 100,00% 99,93% 37.988 SCI Viroflay 10-12 Libération France 10 a 100,00% 100,00% 99,95% 3 SNC Domaine Pont de L’Arche France 10 a 100,00% 100,00% 99,65% 107 Société Anonyme Immobilière des 154-156 Bd de la Gare France 10 a 100,00% 100,00% 99,98% 4.964 Société de Transactions Immobilières de la Rue de Londres -SOTRIMLO- S.A. France 10 a 99,92% 99,92% 99,42% 26 Sorgho S.A. France 11 b 20,00% 20,00% 19,94% 0 Texeurop S.A. France 11 a 59,99% 59,99% 59,93% 0 Trieste Courtage S.A. France 11 a 99,98% 99,98% 99,96% 73 Allgemeine Immobilien-Verwaltungs- Gesellschaft mbH Austria 10 a 37,50% 62,50% 100,00% 96,03% 2.090 AVS Privatkunden Versicherungservice GmbH Austria 11 b 49,00% 49,00% 34,41% 0 BONUS-Mitarbeitervorsorgekassen AG Austria 11 b 50,00% 50,00% 46,82% 1.500 Car Care Consult Versicherungsmakler GmbH Austria 11 a 100,00% 100,00% 94,14% 0 Care Consult Versicherungsmaker GmbH Austria 11 a 100,00% 100,00% 70,23% 2.335 Dr.jur. Johann Röger Gesellschaft mbH & Co Austria 11 a 100,00% 100,00% 94,14% 0 Drei Banken-Generali Investment Ges.m.b.H. Austria 11 b 48,57% 48,57% 45,49% 1.097 Drei-Banken Versicherungs-Aktiengesellschaft Austria 2 b 20,00% 20,00% 18,73% 3.446 Erste Wiener Hotel AG Austria 10 a 99,93% 99,93% 94,08% 25.695
126 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Europ Assistance Gesellschaft mbH Austria 11 a 100,00% 100,00% 98,33% 420 FM1 Future Management Versicherungsservice GmbH Austria 11 a 100,00% 100,00% 94,14% 0 Generali 3Banken Holding AG Austria 9 b 49,30% 49,30% 46,41% 55.146 Generali Betriebsrestaurazion Gesellschaft m.b.H. Austria 11 a 100,00% 100,00% 94,14% 484 Generali Capital Management GmbH Austria 10 a 100,00% 100,00% 87,63% 272 Generali IT Informatikservice GmbH Austria 11 a 66,67% 66,67% 62,76% 0 Generali IT-Solutions GmbH Austria 11 a 100,00% 100,00% 87,63% 15.841 Generali Pensionskasse AG Austria 2 a 100,00% 100,00% 93,65% 1.270 Generali Telefon- und Auftragsservice GmbH Austria 11 a 100,00% 100,00% 93,75% 35 Generali/AIV Leasing Salzburg GmbH Austria 11 a 100,00% 100,00% 94,14% 2.184 Generali/AIV Leasing St.Pölten GmbH Austria 11 a 100,00% 100,00% 94,14% 2.351 Generali/AIV Leasing Vorarlberg GmbH Austria 11 a 100,00% 100,00% 94,14% 3.020 Global Private Equity Holding AG Austria 9 b 23,02% 23,02% 19,76% 1.010 Hypo Holding GmbH Austria 9 b 25,00% 25,00% 23,41% 70.771 Interunfall/AIV-Leasing Salzburg G.m.b.H. Austria 11 a 100,00% 100,00% 94,14% 3.385 Interunfall/AIV-Leasing Voarlberg G.m.b.H. Austria 11 a 100,00% 100,00% 94,14% 2.751 MAS Versicherungmakler GmbH Austria 11 a 100,00% 100,00% 94,14% 0 Medwell Services AG Austria 11 a 99,57% 99,57% 93,74% 0 Partner Service Consulting und Vermögensberatung GmbH Austria 11 a 100,00% 100,00% 94,14% 0 Risk-Aktiv Consulting GmbH Austria 11 a 100,00% 100,00% 94,14% 8.770 Röger Gesellschaft mbH Austria 11 a 100,00% 100,00% 94,14% 0 SK Versicherung AG Austria 2 b 39,66% 39,66% 37,23% 2.354 TTC - Training Center Unternehmensberatung GmbH Austria 11 a 100,00% 100,00% 70,23% 204 Europ Assistance Servicios S.A. Spain 11 a 100,00% 100,00% 99,84% 301 Europ Assistance Travel S.A. Spain 11 a 99,90% 99,90% 99,74% 0 Gensegur Agencia de Seguros S.A. Spain 11 a 100,00% 100,00% 99,83% 60 Gestion de Equipajes S.A. Spain 11 a 100,00% 100,00% 99,84% 0 Icare Servicios S.A. Spain 11 a 100,00% 100,00% 95,42% 11 Legal Assistance, Servicios Juridicos Integrales, S.A. Spain 11 a 100,00% 100,00% 99,84% 21 Multauto, Ayudas Multiples al Automovilista, S.A. Spain 11 a 100,00% 100,00% 99,84% 3.867 Europ Assistance Limited United Kingdom 11 a 100,00% 100,00% 99,89% 15 Generali Portfolio Management (UK) Ltd United Kingdom 11 a 100,00% 100,00% 100,00% 770 Global Investment Planning Limited United Kingdom 11 a 100,00% 100,00% 100,00% 0 Harris & Dixon Insurance Holdings Limited United Kingdom 4 a 100,00% 100,00% 100,00% 0 Leumi Insurance Services (U.K.) Ltd United Kingdom 11 a 100,00% 100,00% 59,89% 0 Société Robert Malatier Ltd United Kingdom 2 b 24,93% 24,93% 24,78% 406 Tenax Capital Limited United Kingdom 9 b 74,50% 74,50% 74,50% 49,00% 0 B.V.B.A. Verzekeringskantoor Soenen Belgium 11 a 99,80% 99,80% 99,46% 2.001 Europ Assistance Services S.A. Belgium 11 a 100,00% 100,00% 99,85% 344 Groupe Vervietois d’Assureurs S.A. Belgium 11 a 100,00% 100,00% 99,66% 263 Icare Belgique S.A. Belgium 11 a 100,00% 100,00% 95,42% 6 IXIA N.V. Belgium 11 a 100,00% 100,00% 99,66% 575 A.P. de Assurantiepartners Amsterdam B.V. Netherlands 11 a 100,00% 100,00% 97,40% 0 ANAC All-finance Nederland Advies Combinatie B.V. Netherlands 11 b 50,00% 50,00% 48,70% 0 Assurantiekantoor Kerkhof B.V. Netherlands 11 a 100,00% 100,00% 97,40% 0 Europ Assistance Nederland BV Netherlands 11 a 100,00% 100,00% 99,15% 2.536 Famfox Amsterdam lnvestments B.V. Netherlands 4 b 40,75% 40,75% 40,75% 10
127 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Generali Monumenten B.V. Netherlands 10 a 100,00% 100,00% 97,40% 46 Generali Vermogensbeheer B.V. Netherlands 11 a 100,00% 100,00% 97,40% 18 Innova Verzekeringen B.V. Netherlands 11 a 100,00% 100,00% 97,40% 334 Lippmann Deelnemingen B.V. Netherlands 11 b 33,32% 33,32% 32,45% 0 NAG Nederlandse Assuradeuren Groep N.V. Netherlands 11 a 100,00% 100,00% 97,40% 1.974 Nederlands Algemeen Verzekeringskantoor B.V. Netherlands 11 a 100,00% 100,00% 97,40% 18 Saxon Land B.V. Netherlands 10 b 50,00% 50,00% 50,00% 5.286 Derwentdale Company Ltd Eire 9 a 100,00% 100,00% 69,57% 3 Europ Assistance (Ireland) Ltd Eire 11 a 100,00% 100,00% 99,89% 0 BSI Art Collection S.A. Luxembourg 9 a 99,00% 99,00% 99,00% 611 Generali Asset Managers Luxembourg S.A. Luxembourg 11 a 39,99% 60,01% 100,00% 87,83% 199 Nord Est Investment Partners S.A. Luxembourg 9 b 31,57% 31,57% 31,57% 5.724 Prime Luxembourg Investment Management S.A. Luxembourg 11 a 1,00% 99,00% 100,00% 100,00% 165 Selesta S.A. Luxembourg 11 a 99,00% 99,00% 99,00% 0 Europ Assistance - Serviços de Assistencia Personalizados S.A. Portugal 11 a 99,90% 99,90% 52,89% 250 Lordship Consultadoria e Servicos SA Portugal 11 a 100,00% 100,00% 100,00% 50 Ponte Alta - Comercio e Consultoria, Lda Portugal 11 a 100,00% 100,00% 52,94% 399 Primeira Cruz - Comercio e Consultoria, Lda Portugal 11 a 60,00% 60,00% 31,77% 0 Nordic Assistance A/S Denmark 11 a 100,00% 100,00% 99,89% 836 Elsõ Hazai Pénztárszervezõ Rt. Hungary 2 a 100,00% 100,00% 93,65% 569 Europ Assistance Kft Hungary 11 a 100,00% 100,00% 98,27% 90 Európai Utazásbiztosítás-közvetítöi Kft. Hungary 11 a 100,00% 100,00% 66,25% 17 Generali Alapkezelõ Rt. Hungary 11 a 100,00% 100,00% 93,65% 2.042 Generali Ingatlan Vagyonkezelo´´ és Szolgáltató Kft. Hungary 10 a 100,00% 100,00% 93,65% 4.858 Otek-Gordius Kft Hungary 11 a 100,00% 100,00% 93,65% 2.401 Europ Assistance Polska Sp.zo.o. Poland 11 a 100,00% 100,00% 99,89% 1 Generali Finance spółka z ograniczoną odpowiedzialnością Poland 11 a 100,00% 100,00% 93,65% 0 Generali Powszechne Towarzystwo Emerytalne S.A. Poland 2 a 100,00% 100,00% 93,65% 36.606 Generali-Risk Consulting Spzoo Poland 11 a 100,00% 100,00% 93,65% 198 Anglicka Business Center Spol.s.r.o. Czech Republic 10 a 100,00% 100,00% 93,65% 8.614 Europ Assistance s.r.o. Czech Republic 11 a 100,00% 100,00% 99,89% 185 Generali Penzijní Fond a.s. Czech Republic 2 a 100,00% 100,00% 93,65% 1.575 Generali Servis s.r.o. Czech Republic 11 a 100,00% 100,00% 93,65% 4 Team Trackers s.r.o. Czech Republic 11 a 100,00% 100,00% 50,95% 0 Nordic International Assistance AB Sweden 11 a 100,00% 100,00% 99,89% 1.190 Nordic Claims Handling AB Sweden 11 a 100,00% 100,00% 99,89% 174 Generali IT S.s.r.o. Slovak Republic 11 a 100,00% 100,00% 93,65% 132 VUB Generali dôchodková správcovská spolocˇnost’, a.s. Slovak Republic 2 b 50,00% 50,00% 46,82% 3.321 CGPM, Compagnie de Gestion Privée Monegasque SAM Monaco 11 b 20,00% 20,00% 20,00% 0 Aldon AG Switzerland 11 a 100,00% 100,00% 100,00% 64 Autolinee Regionali Luganesi S.A. Switzerland 11 b 23,54% 23,54% 23,54% 0 BSI Laran S.A. Switzerland 9 a 100,00% 100,00% 100,00% 64 BSI Werthein Merchant House S.A. Switzerland 11 b 50,00% 50,00% 50,00% 97 B-Source S.A. Switzerland 11 a 100,00% 100,00% 100,00% 10.324 Calas S.A. Switzerland 11 a 100,00% 100,00% 100,00% 64 Europ Assistance (Suisse) S.A. Switzerland 11 a 100,00% 100,00% 75,55% 129 Finmo S.A. Switzerland 11 a 100,00% 100,00% 100,00% 32
128 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Foot.Pro S.A. Switzerland 11 a 100,00% 100,00% 100,00% 161 Funicolare Lugano-Paradiso-S.Salvatore S.A. Switzerland 11 b 31,08% 31,08% 31,08% 0 Ganos S.A. Switzerland 11 a 100,00% 100,00% 100,00% 64 Generali Group Partner AG Switzerland 11 a 100,00% 100,00% 63,39% 64 Generali Investment Consulting AG Switzerland 11 a 100,00% 100,00% 63,39% 67 Iavipe S.A. Switzerland 10 a 100,00% 100,00% 100,00% 774 Immobilière Odeon S.A. Switzerland 10 a 100,00% 100,00% 63,34% 3.740 SIL Società Immobiliare Lugano S.A. Switzerland 10 b 44,20% 44,20% 44,20% 27,55% 0 Soc. de Promotion et d’Etude Switzerland 11 a 100,00% 100,00% 100,00% 58 Thalìa S.A. Switzerland 9 a 100,00% 100,00% 100,00% 724 Citadel Ins. Co. PLC Malta 2 b 21,00% 21,00% 21,00% 978 Fortuna Investment AG, Vaduz Liechtenstein 11 a 100,00% 100,00% 63,39% 645 Assicurazioni Generali (Insurance Managers) Ltd Guernsey 11 a 99,94% 99,94% 99,94% 30 BSI Administrators (Channel Islands) Ltd Guernsey 11 a 100,00% 100,00% 100,00% 0 BSI Corporate Service (Guernsey) Ltd. Guernsey 11 a 100,00% 100,00% 100,00% 0 BSI Generali Bank (Channel Islands) Limited Guernsey 9 a 100,00% 100,00% 100,00% 15.074 BSI Generali Capital Markets (CI) Ltd. Guernsey 4 a 100,00% 100,00% 100,00% 0 BSI Nominees (Guernsey) Ltd Guernsey 11 a 100,00% 100,00% 100,00% 0 BSI Trust Corp. (Channel Island) Ltd Guernsey 11 a 100,00% 100,00% 100,00% 1.421 BSI Trust Corporation (Guernsey) Ltd Guernsey 11 a 100,00% 100,00% 100,00% 0 City Nominees Limited Guernsey 11 a 100,00% 100,00% 100,00% 0 Generali Portfolio Management Ltd Guernsey 11 a 100,00% 100,00% 100,00% 148 Europ Assistance CEI OOO Russia 11 a 100,00% 100,00% 99,89% 0 Europ Assistance Vostok OOO Russia 11 a 51,00% 51,00% 50,95% 0 S.C. Aqua Mures S.r.l. Russia 11 a 100,00% 100,00% 100,00% 0 S.C. Genagricola Romania S.r.l. Romania 11 a 100,00% 100,00% 100,00% 113 S.C. San Pietro Romania S.r.l. Romania 11 a 100,00% 100,00% 50,21% 103 BMA Financial Services, Inc. U.S.A. 11 a 100,00% 100,00% 100,00% 548 Genamerica Management Corporation U.S.A. 11 a 100,00% 100,00% 100,00% 9 General Securities Corporation of North America U.S.A. 9 a 100,00% 100,00% 100,00% 1.477 Generali Claims Solutions LLC U.S.A. 11 a 100,00% 100,00% 100,00% 0 Generali Consulting Solutions LLC U.S.A. 11 a 100,00% 100,00% 100,00% 129 Prime USA Inc. U.S.A. 11 a 100,00% 100,00% 100,00% 1.170 Worldwide Assistance Services Inc. U.S.A. 3 a 100,00% 100,00% 99,89% 1.949 Europ Assistance Argentina S.A. Argentina 11 a 100,00% 100,00% 50,93% 194 Instituto del Seguro de Misiones S.A. Argentina 3 a 99,95% 99,95% 47,03% 1.492 La Caja Aseguradora de Riesgos del Trabajo ART S.A. Argentina 3 b 50,00% 50,00% 23,51% 6.779 Ritenere S.A. Argentina 11 a 100,00% 100,00% 47,50% 3 BSI Serviços Ltda Brazil 11 a 100,00% 100,00% 100,00% 0 Worldwide Assistance Servicos de Assistencia Personalizados S.A. Brazil 11 a 100,00% 100,00% 31,77% 0 BSI Servicios Internationales S.A. Cile 11 a 100,00% 100,00% 100,00% 0 Europ Assistance SA (Chile) Cile 11 a 51,00% 51,00% 38,97% 109 La Nacional Compañia Inmobiliaria (Lancia) C.A. Ecuador 10 a 100,00% 100,00% 51,74% 0 Comercial Banorte Generali S.A. de C.V. México 11 a 100,00% 100,00% 49,00% 575 Europ Assistance de México S.A. México 11 b 49,00% 49,00% 48,95% 0 Servicios Banorte Generali S.A. de C.V. México 11 a 100,00% 100,00% 49,00% 215 BSI Servicios S.A. Uruguay 11 a 100,00% 100,00% 100,00% 0 BSI Trust Corp. (Bahamas) Ltd Bahamas 11 a 100,00% 100,00% 100,00% 0 Access Health Africa (Proprietary) Limited South Africa 11 a 100,00% 100,00% 56,94% 0 Care Assist Pty Ltd South Africa 11 a 100,00% 100,00% 56,94% 0
129 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Europ Assistance Worldwide Services (South Africa) Ltd South Africa 3 a 57,00% 57,00% 56,94% 240 LawCall Marketing Pty Ltd South Africa 11 a 100,00% 100,00% 56,94% 0 MRI Criticare Medical Rescue (Pty) Limited South Africa 11 a 100,00% 100,00% 56,94% 0 Anglo-Saxon Real Estate Agency (Israel 1992) Ltd Israel 11 b 49,00% 49,00% 29,34% 0 Avgad Yahalom Management and Services Ltd Israel 10 b 47,45% 47,45% 28,42% 47,00% 0 CSC (1983) Management and Trusteeship Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Data Car Israel Ltd Israel 11 b 50,00% 50,00% 29,94% 43 Europ Assistance Israel Ltd Israel 11 a 100,00% 100,00% 79,89% 348 Fredi & Ilan Beck Insurance Brokerage Ltd Israel 11 b 30,00% 30,00% 17,97% 0 Generali Realties Ltd Israel 10 a 99,95% 99,95% 99,95% 0 Gilat D.B.S. Ltd Israel 11 b 27,16% 27,16% 16,27% 0 Hamagen Properties Ltd Israel 10 a 100,00% 100,00% 59,89% 0 Ihud Insurance Agencies Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Ihud Peltours Diamonds Insurance Agency (2002) Ltd Israel 11 a 100,00% 100,00% 51,88% 0 Ihud-David Berman Insurance Agencies Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Karden Financial Instruments 2001 Ltd Israel 9 a 100,00% 100,00% 59,89% 4 Leibowitz Streichman Consultants (1998) Ltd Israel 11 a 100,00% 100,00% 43,88% 0 Maestro Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Migdal (Merkazit) Trust Fund Management Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Migdal Alumim Investment House Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Migdal Asset and Securities Management Ltd Israel 9 a 100,00% 100,00% 59,89% 946 Migdal Business Underwriting Promotion Ltd Israel 9 a 100,00% 100,00% 59,89% 1.179 Migdal Credit Services Ltd Israel 11 a 100,00% 100,00% 59,89% 2.148 Migdal Financial Services Ltd Israel 11 a 100,00% 100,00% 59,89% 270 Migdal Forex Matach Services Ltd Israel 11 a 58,92% 58,92% 35,29% 0 Migdal Global Asset Management Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Migdal Holdings & Management of Insurance Agencies Ltd Israel 4 a 100,00% 100,00% 59,89% 2.084 Migdal Leasing Ltd Israel 11 a 100,00% 100,00% 59,89% 2.129 Migdal Management of Provident Funds Ltd Israel 3 a 100,00% 100,00% 59,89% 240 Migdal P.E. Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Migdal Platinum Provident Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Migdal Real Estate Holdings Ltd Israel 10 a 100,00% 100,00% 59,89% 0 Mivtach Gonen Pension Insurance Life Assurance Agency (2002) Ltd. Israel 11 a 75,00% 75,00% 44,92% 0 Mivtach Granot Assurance Agency (2000) Ltd Israel 11 b 40,00% 40,00% 23,95% 0 Mivtach Rom Insurance Agency Limited Partnership Israel 11 a 64,00% 64,00% 38,33% 0 Mivtach Simon Rubinstein Mor (Insurance Agency) 2000 Ltd Israel 11 a 64,00% 64,00% 38,33% 0 Mivtach-Peltours Insurance Agency (2002) Ltd Israel 11 a 100,00% 100,00% 51,88% 0 Mivtach-Simon Agencies Management Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Mivtach-Simon Insurance Agencies Ltd Israel 9 a 100,00% 100,00% 59,89% 0 Municipalit Insurance Agency (2000) Ltd Israel 11 b 50,00% 50,00% 21,94% 0 Pel - Hamagen House Ltd Israel 10 a 100,00% 100,00% 59,89% 0 Peltours Insurance Agencies Ltd Israel 11 a 73,27% 73,27% 43,88% 0 Pension Fund Management Co. Ltd Israel 3 a 70,00% 70,00% 41,92% 0 Rav Ofek Ltd Israel 11 b 25,00% 25,00% 14,97% 0 Reshef Insurance Agencies 2004 Ltd Israel 11 a 50,00% 50,00% 29,94% 0 Sagi Yogev Life Assurance Agency (1988) Ltd Israel 11 a 100,00% 100,00% 59,89% 0
130 Other affiliated and associated companies
Shareholding % Votes exercisable Equity at shareholdings’ Book value Companies Country Activity Type Direct Indirect Total ratio general meeting % (in thousand euro) (1) (2) (3) (4)
Shaham Insurance Agencies (1997) Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Shamgad Claims Management Co. Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Te’utza Tsua Ve Sherut Ltd Israel 3 a 100,00% 100,00% 59,89% 0 TIP - Planning and Pension Consulting Ltd Israel 11 a 100,00% 100,00% 59,89% 0 Tvuna Life Assurance Agency (1988) Ltd Israel 11 b 33,33% 33,33% 19,96% 0 Yeud Life Assurance Agency (1999) Ltd Israel 11 a 75,00% 75,00% 44,92% 0 Yosef Fridman Insurance Agency (1986) Ltd Israel 11 b 33,33% 33,33% 19,96% 0 Carthage Assistance Services S.A. Tunisia 11 b 49,01% 49,01% 48,96% 271 Europ Assistance Medical Services Internationals S.A. Tunisia 11 b 44,00% 44,00% 43,95% 31 Maghrebia S.A. Tunisia 3 b 44,17% 44,17% 44,17% 2.762 Société d’Assistance et de Transport Médical S.A. - Tunisie Assistance Tunisia 11 b 33,00% 33,00% 32,96% 268 GFA Haiti S.A. Haiti 3 b 30,00% 30,00% 29,78% 4 Emergency Assistance Japan Co., Ltd Japan 3 a 60,00% 60,00% 59,93% 0 Europ Assistance (Taiwan) Ltd Taiwan 11 a 100,00% 100,00% 99,89% 0 Europ Assistance Worldwide Services Pte Ltd Singapore 11 a 100,00% 100,00% 99,89% 112 Worldwide Assistance (Singapore) Pte Ltd Singapore 11 a 100,00% 100,00% 99,89% 0 International Inheritance Planning Limited New Zealand 9 a 100,00% 100,00% 100,00% 0 BSI-Generali Asia Limited Hong Kong 9 a 10,00% 90,00% 100,00% 100,00% 53
(1) 1=italian insurance companies; 2=other EU insurance companies; 3=non EU insurance companies; 4=insurance holding companies; 5=EU reinsurance companies; 6=non EU reinsurance companies; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other companies (2) a= affiliated companies (IAS 27); b=associated companies (IAS 28); c=joint venture companies (IAS 28) (3) net group participation percentage (4) percentage of votes exercisable at shareholdings' general meeting if different from the direct or indirect shareholding participation percentage
131
PARENT COMPANY BALANCE SHEET
PARENT COMPANY PROFIT AND LOSS ACCOUNT COMPANY: Assicurazioni Generali S.p.A.
BALANCE At June 30 At June 30 At December 31 ASSETS of current of previous of previous year year year
A. Subscribed capital unpaid 1 0 75 0 149 0
B. Intangible assets
1. Acquisition commissions to be amortised 2 0 76 0 150 0
2. Other intangible assets 3 70,289 77 61,205 151 68,106
Total 4 70,289 78 61,205 152 68,106
C. Investiments
I - Lands and buildings 5 502,667 79 361,295 153 491,812 II - Investments in affiliated companies and other shareholdings
1. Equities 6 15,588,324 80 15,458,488 154 15,711,468
2. Debt securities 7 12,965 81 5,719 155 5,667
3. Loans 8 15,462 82 36,282 156 15,671
Total investments in affiliated companies and other shareholdings 9 15,616,751 83 15,500,489 157 15,732,806
III - Other financial investments
1. Equities 10 966,499 84 800,475 158 846,156
2. Shares in common investment funds 11 94,822 85 70,002 159 89,950
3. Debt securities and other fixed-income securities 12 2,919,026 86 2,289,143 160 2,557,479
4. Loans 13 41,557 87 47,731 161 42,412
5. Other 14 304,615 88 132,344 162 58,075
Total other financial investments 15 4,326,519 89 3,339,695 163 3,594,072
IV - Deposits with ceding companies 16 11,469,314 90 10,663,641 164 11,091,921
Total 17 31,915,251 91 29,865,120 165 30,910,611
D. Investments for the benefit of life-assurance policyholders who bear the investment risk and relating to the administration of pension funds I Investments for the benefit of life-assurance policyholders who bear the investment risk 18 162,563 92 220,026 166 151,360
II Investment relating to the administration of pension funds 19 0 93 0 167 0
Total 20 162,563 94 220,026 168 151,360
D.bis Reinsurance amounts of technical provisions
I - Provisions for non-life insurance business 21 1,147,737 95 1,055,428 169 995,070
II - Provisions for life insurance business (excl. provisions indicated at point III) 22 179,583 96 172,058 4E+05 167,412
III - Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 23 0 97 0 171 0
Total 24 1,327,320 98 1,227,486 172 1,162,482
E. Debtors
I - Debtors arising out of direct insurance operations 25 866,728 99 719,794 173 912,274
II - Debtor arising out of reinsurance operations 26 471,469 100 680,266 174 354,619
III - Other debtors 27 519,814 101 531,128 175 595,860
Total 28 1,858,011 102 1,931,188 176 1,862,753
F. Other assets
I - Tangible assets and stocks 29 2,808 103 3,202 177 2,325
II - Cash at bank and in hand 30 269,924 104 564,189 178 416,596
III - Own shares 31 9,999 105 9,144 179 9,999
IV - Other 32 120,371 106 178,883 180 374,618
Total 33 403,102 107 755,418 181 803,538
G. Prepayments and accrued income 34 73,645 108 66,356 182 62,544
TOTAL ASSETS 35 35,810,181 109 34,126,799 183 35,021,394
134 Company code 0 1 4
SHEET (Amounts in thousand euro) At June 30 At June 30 At December 31 LIABILITIES of current of previous of previous year year year A. Shareholders' funds
I- Subscribed capital or equivalent funds 36 1,275,999 110 1,275,999 184 1,275,999
II - Share premium account 37 3,609,955 111 3,609,955 185 3,609,955
III - Legal reserve 38 289,302 112 289,302 186 289,302
IV - Other reserve 39 2,847,385 113 2,388,517 187 2,388,517
V - Profit or loss brought forward 40 0 114 0 188 0
VI - Profit or loss for the period 41 560,113 115 415,919 189 1,012,112
Total 42 8,582,754 116 7,979,692 190 8,575,885
B. Subordinated liabilities 43 750,000 117 750,000 191 750,000 C. Technical provisions I- non-life insurance business
1. Provision for unearned premiums 44 1,461,905 118 1,368,906 192 1,404,933
2. Provision for outstanding claims 45 6,157,999 119 5,890,578 193 5,899,292
3. Other provisions 46 5,918 120 5,792 194 5,550
4. Equalisation provision 47 8,013 121 7,274 195 5,605
Total provisions for non-life insurance business 48 7,633,835 122 7,272,550 196 7,315,380 II - life insurance business
1. Mathematical provision 49 11,780,596 123 11,443,710 197 11,544,145
2. Provision for outstanding claims 50 351,959 124 284,152 198 320,177
3. Other provisions 51 82,498 125 102,739 199 84,902
Total provisions for life insurance business 52 12,215,053 126 11,830,601 200 11,949,224
Total 53 19,848,888 127 19,103,151 201 19,264,604 D. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds I- Provisions relating to contracts linked to investments funds and market index 54 161,760 128 194,930 202 149,814
II - Provisions relating to the administration of pension funds 55 0 129 0 203 0
Total 56 161,760 130 194,930 204 149,814
E. Provisions for other risks and charges 57 68,558 131 221,449 205 68,558
F. Deposits received from reinsurers 58 87,526 132 66,328 206 43,391 G. Creditors
I- Creditors arising out of direct insurance operations 59 90,316 133 102,056 207 101,613
II - Creditors arising out of reinsurance operations 60 536,488 134 306,887 208 207,674
III - Debenture loans 61 2,500,000 135 2,500,000 209 2,500,000
IV - Amounts owed to credit institutions 62 59,943 136 55,767 210 55,091
V- Other financial liabilities 63 2,592,108 137 2,351,030 211 2,541,010
VI - Provisions for severance pay 64 20,447 138 20,053 212 21,959
VII - Other liabilities 65 151,469 139 216,806 213 498,496
Total 66 5,950,771 140 5,552,599 214 5,925,843
H. Accruals and deferred income 67 359,924 141 258,650 215 243,299
TOTAL LIABILITIES 68 35,810,181 142 34,126,799 216 35,021,394
GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS
I. Guarantees issued 69 3,182,066 143 2,615,347 217 2,692,032
II. Guarantees received or issued by third parties in the interest of the Company 70 567,496 144 463,187 218 627,677
III. Commitments 71 1,260,450 145 1,143,458 219 746,464
IV. Assets belonging to pension funds managed in the name and in the interest of third parties 72 0 146 0 220 0
V. Other evidence accounts 73 6,774,970 147 5,910,312 221 6,135,337
TOTAL EVIDENCE ACCOUNTS 74 11,784,982 148 10,132,304 222 10,201,510
135 COMPANY: Assicurazioni Generali S.p.A.
PROFIT AND At June 30At June 30 At December 31 of current of previous of previous year year year I. TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS
1. Earned premiums, net of reinsurance 1 1,562,385 57 1,550,030 113 3,254,027
2. (+) QAllocated investment return transferred from the non-technical account (item III. 6) 2 182,757 58 201,059 114 431,265
3. Other technical income, net of reinsurance 3 27,335 59 8,361 115 40,421
4. Claims incurred, net of recoveries and reinsurance 4 1,121,616 60 1,152,413 116 2,474,622
5. Change in other technical provisions, net of reinsurance 5 369 61 345 117 103
6. Premium refunds and profit sharing, net of reinsurance 6 108 62 1,852 118 2,572
7. Operating expenses a) Acquisition costs net of reinsurance commissions and profit sharing 7 229,262 63 256,017 119 514,453
b) Administrative expenses 8 173,443 64 167,851 120 345,149
Total 9 402,705 65 423,868 121 859,602
8. Other technical charges, net of reinsurance 10 71,347 66 43,843 122 82,403
9. Change in the equalisation provision 11 2,408 67 2,503 123 833
10. Balance on the technical account for non-life business 12 173,924 68 134,626 124 305,578
II. TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS
1. Premiums written, net of reinsurance 13 872,509 69 923,066 125 1,734,296
2. Investment income
a) Income from investments 14 655,011 70 495,121 126 932,959
b) Value writte-ubs on investments 15 344 71 136 127 904
c) Realised gaims on investments 16 9,354 72 8,207 128 9,514
Total 17 664,709 73 503,464 129 943,377
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 18 15,392 74 15,442 130 21,391
4. Other technical income, net of reinsurance 19 0 75 0 131 0
5. Claims incurred, net of reinsurance 20 751,729 76 658,683 132 1,411,106
6. Change in mathematical and other technical provisions, net of reinsurance a) Mathematical provision, unearned premium provision for supplementary coverage and other provisions 21 190,513 77 266,029 133 513,762 b) Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 22 7,919 78 -982 134 -38,473
Total 26 198,432 82 265,047 138 475,289
7. Premium refunds and profit-sharing, net of reinsurance 24 15,921 80 19,459 136 17,140
8. Operating expenses a) Acquisition costs net of reinsurance commissions and profit sharing 25 144,960 81 148,867 137 296,269
b) Administrative expenses 26 12,975 82 13,185 138 26,477
Total 27 157,935 83 162,052 139 322,746
136 Company code 0 1 4
LOSS ACCOUNT (Amounts in thousand euro) At June 30 At June 30 At December 31 of current of previous of previous year year year
9. Investment charges
a) Investment management charges, including interest 28 16,800 84 10,821 140 25,945
b) Writte-downs on investments 29 484 85 25,241 141 32,616
c) Realised losses on investments 30 537 86 142 142 678
Total 31 17,821 87 36,204 143 59,239
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 32 7,671 88 10,646 144 1,874
11. Other technical charges, net of reinsurance 33 0 89 0 145 18
12. (-) Allocated investment return transferred to the non-technical account (item III.4) 34 215,679 90 154,346 146 294,913
13. Balance on the technical account for life business 35 187,422 91 135,535 147 116,739
III. NON TECHNICAL ACCOUNT
1. Balance on the technical account for non-life business (item I. 10) 36 173,924 92 134,626 148 305,578
2. Balance on the technical account for life business (item II. 13) 37 187,422 93 135,535 149 116,739
3. Non-life investment income
a) Income from investments 38 311,137 94 273,563 150 425,024
b) Value writte-ubs on investments 39 54,424 95 49,977 151 303,292
c) Realised gaims on investments 40 33,074 96 28,505 152 47,629
Total 41 398,635 97 352,045 153 775,945
4. (+) Allocated investment return transferred from the life technical account (item II. 12) 42 215,679 98 154,346 154 294,913
5. Investment charges for non-life business
a) Investment management charges, including interest 43 18,479 99 15,187 155 32,188
b) Writte-downs on investments 44 92,093 100 25,119 156 58,324
c) Realised losses on investments 45 9,041 101 11,959 157 31,476
Total 46 119,613 102 52,265 158 121,988
6. (-) Allocated investment return transferred to the non-life technical account (item I. 2) 47 182,757 103 201,059 159 431,265
7. Other income 48 127,341 104 126,576 160 253,061
8. Other charges 49 275,962 105 309,863 161 643,271
9. Result from ordinary activity 50 524,669 106 339,941 162 549,712
10. Extraordinary income 51 28,155 107 48,231 163 487,189
11. Extraordinary charges 52 18,668 108 17,454 164 124,402
12. Extraordinary profit or loss 53 9,487 109 30,777 165 362,787
13. Result before taxation 54 534,156 110 370,718 166 912,499
14. Income taxes 55 -25,957 111 -45,201 167 -99,613
15. Profit (loss) for the year 56 560,113 112 415,919 168 1,012,112
137 . INDEPENDENT AUDITOR’S REPORT .
140 141 142 .
143
COMPANIES IN WHICH AN UNQUOTED SHAREHOLDING (WHICH IS HIGHER THAN 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 Hypotheken B.V. 1,250% Nederlands Algemeen Verzekeringskantoor B.V. 98,750% 100,000%
Aachener und Münchener Finanzdienstleistung GmbH Aachen - Germany AMB Generali Holding AG 100,000% 100,000% 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 Flandria Participations Financières S.A. 0,002% GEPAFI - Generali Participation Financiere S.A. 99,998% 100,000%
AdvoCard Rechtsschutzversicherung AG Hamburg - Germany AachenMünchener Versicherung AG 29,290% Volksfürsorge Deutsche Sachversicherung AG 43,539% Generali Versicherung AG (D) 14,249% Generali Lloyd Aktiengesellschaft 12,921% 100,000%
Afianzadora General S.A. Guatemala - Guatemala Aseguradora General S.A. 10,625% 10,625%
African Development Insurance Co. Lagos - Nigeria Assicurazioni Generali S.p.A. 12,500% 12,500%
Agorà Investimenti S.p.A. Conegliano - Italy Assicurazioni Generali S.p.A. 42,857% 42,857%
Agricola San Giorgio S.p.A. Trieste - Italy Alleanza Assicurazioni S.p.A. 100,000% 100,000%
Albula Verwaltungs- und Beteiligungs AG Chur - Switzerland Assicurazioni Generali S.p.A. 84,028% Generali Assurances Générales 15,972% 100,000%
146 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Aldon AG Zug - Switzerland BSI S.A. 100,000% 100,000%
Alleanza Investment Public Limited Company Dublin - Eire Generali Investment Management (Ireland) Limited 0,025% La Venezia Assicurazioni S.p.A. 0,025% Agricola San Giorgio S.p.A. 0,025% Alleanza Assicurazioni S.p.A. 99,850% Finagen S.p.A. 0,025% Intesa Vita S.p.A. 0,025% 99,975%
Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG Vienna - Austria Generali Versicherung AG (A) 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 Volksfürsorge Deutsche Lebensversicherung AG 53,143% AachenMünchener Lebensversicherung AG 46,857% 100,000%
ALSTER FINANZ-Beratung für betriebliche Altersversorgung GmbH Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
AM Aachener und Münchener Holding für Beteiligungen GmbH Aachen - Germany AMB Generali Holding AG 86,768% AachenMünchener Versicherung AG 13,232% 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 AMB Generali Holding AG 99,988% 99,988%
147 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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%
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 Holding AG Aachen - Germany Generali Vita S.p.A. 0,591% Assicurazioni Generali S.p.A. 0,878% Generali Levensverzekering Maatschappij N.V. 0,931% Generali Beteiligungs-GmbH 55,289% Generali Personenversicherungen AG 0,745% La Estrella S.A. de Seguros y Reaseguros 0,931% Alleanza Assicurazioni S.p.A. 1,863% Participatie Maatschappij Graafschap Holland N.V. 1,989% Generali Investment Management (Ireland) Limited 0,542% Generali España Holding de Entidades de Seguros S.A. 0,745% Generali Worldwide Insurance Company Limited 2,967% Redoze Holding N.V. 0,892% Generali Assurances Générales 0,186% Vitalicio Torre Cerdà S.l. 1,397% Generali Belgium S.A. 0,931% 70,880%
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 Assicurazioni Generali S.p.A. 11,406% AMB Generali Holding AG 88,594% 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%
148 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
AMB Generali Private Equity GmbH Cologne - Germany Generali Lebensversicherung AG 16,000% Volksfürsorge Deutsche Lebensversicherung AG 45,000% AachenMünchener Versicherung AG 5,000% AachenMünchener Lebensversicherung AG 34,000% 100,000%
AMCO Beteiligungs-GmbH Saarbruecken - Germany AMB Generali Holding AG 100,000% 100,000%
AMPAS Aachener und Münchener 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. 50,000% 50,000%
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%
ARCADIUM Konzeption & Management für aktives Wohnen GmbH Aachen - Germany AachenMünchener Lebensversicherung AG 100,000% 100,000%
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%
Assitalia - Le Assicurazioni d’Italia S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Assitimm S.r.l. Rome - Italy Assicurazioni Generali S.p.A. 1,000% Generali Properties S.p.A. 99,000% 100,000%
149 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Assurance France Generali S.A. Paris - France Generali France S.A. 100,000% Generali Assurances Vie S.A. 0,000% Generali Assurances IARD S.A. 0,000% GPA-IARD S.A. 0,000% GPA-Vie S.A. 0,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,000% 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%
Athena Private Equity S.A. Luxembourg - Luxembourg Banca Generali S.p.A. 4,659% Assicurazioni Generali S.p.A. 5,823% 10,482%
Atlantis Dairy Products Inc. Los Angeles - U.S.A. GPA-IARD S.A. 15,211% 15,211%
ATLAS Dienstleistungen für Vermögensberatung GmbH Frankfurt - Germany AachenMünchener Lebensversicherung AG 74,000% 74,000%
Autolinee Regionali Luganesi S.A. Viganello (CH) - Switzerland BSI S.A. 23,544% 23,544%
Avgad Yahalom Management and Services Ltd Ramat Gan - Israel Migdal Real Estate Holdings Ltd 47,000% 47,000%
AVS Privatkunden Versicherungservice GmbH Vienna - Austria Care Consult Versicherungsmaker GmbH 49,000% 49,000%
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 (A) 15,000% 15,000%
150 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Banca BSI Italia S.p.A. Milan - Italy BSI S.A. 100,000% 100,000%
Banca Generali S.p.A. Trieste - Italy Ina Vita S.p.A. 1,944% Alleanza Assicurazioni S.p.A. 5,054% Assicurazioni Generali S.p.A. 66,797% Banca Generali S.p.A. 1,205% 75,000%
Banco Vitalicio de España - Compañia Anonima de Seguros Barcelona - Spain Generali España Holding de Entidades de Seguros S.A. 89,270% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 9,501% 98,771%
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%
Belgica Insurance Holding S.A. Bruxelles - Belgium Participatie Maatschappij Graafschap Holland N.V. 100,000% Generali Belgium S.A. 0,000% 100,000%
BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. Trieste - Italy Banca Generali S.p.A. 100,000% 100,000%
BMA Financial Services, Inc. Kansas City - U.S.A. Transocean Holding Corporation 100,000% 100,000%
Bonus Pensionskassen AG Vienna - Austria Generali Holding Vienna AG 12,500% 12,500%
BONUS-Mitarbeitervorsorgekassen AG Vienna - Austria Generali Holding Vienna AG 50,000% 50,000%
Bourbon Courtage S.A. Sainte Clotilde - France Prudence Creole 99,759% GPA-Vie S.A. 0,120% Generali Assurances IARD S.A. 0,120% 100,000%
151 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
BSI (Channel Island) Ltd St. Peter Port - Guernsey BSI S.A. 100,000% 100,000%
BSI Administrators (Channel Islands) Ltd St. Peter Port - Guernsey BSI Trust Corp. (Channel Island) Ltd 100,000% 100,000%
BSI Art Collection S.A. Luxembourg - Luxembourg FP Private Investment Ltd 1,000% BSI S.A. 99,000% 100,000%
BSI Corporate Service (Guernsey) Ltd. St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 100,000% 100,000%
BSI Generali Bank (Channel Islands) Limited St. Peter Port - Guernsey BSI S.A. 100,000% 100,000%
BSI Generali Capital Markets (CI) Ltd. St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 100,000% 100,000%
BSI Laran S.A. Lugano - Switzerland BSI S.A. 100,000% 100,000%
BSI Nominees (Guernsey) Ltd St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 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%
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%
152 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
BSI Serviços Ltda São Paulo - Brazil BSI S.A. 100,000% 100,000%
BSI Trust Corp. (Bahamas) Ltd Nassau - Bahamas BSI Overseas (Bahamas) Ltd 100,000% 100,000%
BSI Trust Corp. (Channel Island) Ltd St. Peter Port - Guernsey BSI S.A. 100,000% 100,000%
BSI Trust Corporation (Guernsey) Ltd St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 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 BSI S.A. 90,000% Assicurazioni Generali S.p.A. 10,000% 100,000%
B-Source S.A. Manno - Switzerland BSI S.A. 100,000% 100,000%
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%
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%
153 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Care Consult Versicherungsmaker GmbH Vienna - Austria Europäische Reiseversicherungs AG 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 Assitalia - Le Assicurazioni d’Italia S.p.A. 12,955% Assicurazioni Generali S.p.A. 6,478% 19,433%
CENTRAL Erste Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung AG 100,000% 100,000%
Central Fixed Assets GmbH Cologne - Germany Central Krankenversicherung AG 100,000% 100,000%
Central Krankenversicherung AG Cologne - Germany Volksfürsorge Beteiligungen KG 45,904% AMB Generali Holding AG 54,096% 100,000%
CENTRAL Zweite Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung AG 100,000% 100,000%
Cerep Daumesnil S.a.r.l. Paris - France GPA-IARD S.A. 45,000% 45,000%
Cestar S.r.l. Pero - Italy Assitalia - Le Assicurazioni d’Italia S.p.A. 6,242% Genertel S.p.A. 0,001% Assicurazioni Generali S.p.A. 6,764% Uni One Assicurazioni S.p.A. 1,299% Fata-Fondo Assicurativo tra Agricoltori S.p.A. 0,729% Risparmio Assicurazioni S.p.A. 0,074% 15,108%
154 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
CGPM, Compagnie de Gestion Privée Monegasque SAM Montecarlo - Monaco BSI SAM International Private Banking 20,000% 20,000%
Citadel Ins. Co. PLC Floriana - Malta Assitalia - Le Assicurazioni d’Italia S.p.A. 21,000% 21,000%
City Nominees Limited St. Peter Port - Guernsey BSI Generali Bank (Channel Islands) Limited 100,000% 100,000%
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%
Cofifo S.A. Paris - France GPA-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% GPA-IARD S.A. 0,516% GPA-Vie S.A. 3,784% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 9,459% Generali Assurances Vie S.A. 7,395% 21,498%
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 AG 9,400% Volksfürsorge Deutsche Lebensversicherung AG 40,600% 50,000%
Consorzio Agenzia Generale INA-Assitalia di Roma in gestione diretta Rome - Italy Ina Vita S.p.A. 50,500% Assitalia - Le Assicurazioni d’Italia S.p.A. 49,500% 100,000%
Continuum S.r.l. Rome - Italy Generali Properties S.p.A. 40,000% 40,000%
155 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Cosmos Finanzservice GmbH Saarbruecken - Germany Cosmos Versicherung AG 100,000% 100,000%
Cosmos Fixed Assets GmbH Saarbruecken - Germany Cosmos Lebensversicherungs AG 100,000% 100,000%
Cosmos Lebensversicherungs AG Saarbruecken - Germany AMB Generali Holding AG 100,000% 100,000%
Cosmos Versicherung AG 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%
Data Car Israel Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 50,000% 50,000%
Datel S.r.l. Milan - Italy Gruppo Generali Liquidazione Danni S.p.A. 49,000% Europ Assistance Italia S.p.A. 51,000% 100,000%
DBB Vermögensverwaltung GmbH & Co. KG Karlsruhe - Germany Deutsche Bausparkasse Badenia AG 100,000% 100,000%
DBS Eigenheimbau G.m.b.H. Darmstadt - Germany Deutsche Bausparkasse Badenia AG 100,000% 100,000%
DCM GmbH & Co. Renditefonds 16 KG Munich - Germany Generali Lebensversicherung AG 50,838% 50,838%
Derwentdale Company Ltd Dublin - Eire Volksfürsorge Holding AG 50,000% Volksfürsorge Deutsche Sachversicherung AG 50,000% 100,000%
Deutsche Bausparkasse Badenia AG Karlsruhe - Germany Volksfürsorge Deutsche Lebensversicherung AG 31,304% AMB Generali Holding AG 68,696% 100,000%
156 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Deutsche Vermögensberatung Aktiengesellschaft DVAG Frankfurt - Germany AMB Generali Holding AG 50,000% 50,000%
Deutscher Lloyd GmbH Berlino - Germany Generali Lloyd Aktiengesellschaft 100,000% 100,000%
Dialog Lebensversicherungs-AG 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%
Dolphin Investments S.A.p.A. Trieste - Italy Generali Horizon S.p.A. 23,337% 23,337%
Dr.jur. Johann Röger Gesellschaft mbH & Co Bregenz - Austria Risk-Aktiv Consulting GmbH 100,000% 100,000%
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%
E1 S.A. Gennevilliers - France Europ Assistance Holding S.A. 100,000% 100,000%
E2 S.A. Gennevilliers - France Europ Assistance France S.A. 99,984% 99,984%
E3 S.A. Gennevilliers - France Europ Assistance Holding S.A. 100,000% 100,000%
E4 S.A Gennevilliers - France E1 S.A. 100,000% 100,000%
EA Service GmbH Munich - Germany Europ Assistance Versicherungs-AG 100,000% 100,000%
157 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Editorial Española de Seguros S.A. Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 19,000% 19,000%
Editoriale Generali S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Efidis S.A. Cachan - France AM Prudence S.A. 0,000% AMB Generali Holding AG 39,058% 39,058%
Elsõ Hazai Pénztárszervezõ Rt. Budapest - Hungary Otek-Gordius Kft 26,000% Generali-Providencia Biztosító Rt. 74,000% 100,000%
Emergency Assistance Japan Co., Ltd Tokyo - Japan Europ Assistance Worldwide Services Pte Ltd 60,000% 60,000%
Engel & Völkers Beteiligungen AG Hamburg - Germany AMB Generali Holding AG 13,000% 13,000%
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%
EOS Servizi Fiduciari S.p.A. Milan - Italy BSI S.A. 100,000% 100,000%
Erste Wiener Hotel AG Vienna - Austria Generali Immobilien AG 99,932% 99,932%
EU-RA Europe Rating S.p.A. Trieste - Italy Banca Generali S.p.A. 20,000% 20,000%
Euregio Service Residenzen Management GmbH Aachen - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 100,000% 100,000%
158 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 A.G. 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 Ponte Alta - Comercio e Consultoria, Lda 66,000% Caja de Seguros S.A. 34,000% 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%
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%
159 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance France S.A. Gennevilliers - France Europ Assistance Holding S.A. 99,997% 99,997%
Europ Assistance Gesellschaft mbH Vienna - Austria Europ Assistance Holding S.A. 75,000% Generali Holding Vienna AG 25,000% 100,000%
Europ Assistance Holding S.A. Paris - France Generali Assurances IARD S.A. 8,173% Generali Assurances Vie S.A. 11,921% Generali France S.A. 59,604% GPA-IARD S.A. 15,265% Participatie Maatschappij Graafschap Holland N.V. 5,000% 99,964%
Europ Assistance Holdings Ltd Haywards Heath (W.Sussex) - United Kingdom 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 Europ Assistance Holding S.A. 50,000% Migdal Insurance Company Ltd 50,000% 100,000%
Europ Assistance Italia S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 26,050% Europ Assistance Holding S.A. 61,025% 87,075%
Europ Assistance Kft Budapest - Hungary Generali-Providencia Biztosító Rt. 26,000% Europ Assistance Holding S.A. 74,000% 100,000%
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 BV Arnhem - Netherlands Generali Schadeverzekering Maatschappij N.V. 30,000% Europ Assistance Holding S.A. 70,000% 100,000%
160 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance Océanie S.A. Papeete - Tahiti - French Polynesia Europ Assistance Holding S.A. 74,875% 74,875%
Europ Assistance Polska Sp.zo.o. Warsaw - Poland 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%
Europ Assistance Trade S.p.A. Milan - Italy Europ Assistance Italia S.p.A. 91,500% Europ Assistance Service S.p.A. 8,500% 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 Service S.p.A. 49,889% Europ Assistance Trade S.p.A. 49,000% 98,889%
Europ Assistance Versicherungs-AG Munich - Germany Generali Lloyd Aktiengesellschaft 25,000% Europ Assistance Holding S.A. 75,000% 100,000%
161 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Europ Assistance Vostok OOO Moscow - Russia Europ Assistance CEI OOO 51,000% 51,000%
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-Providencia Biztosító Rt. 28,000% Europäische Reiseversicherungs AG 13,000% Generali Befektetési és Tanácsadó Kft. 33,000% 74,000% Europäische Reiseversicherungs AG Vienna - Austria Generali Holding Vienna AG 74,990% 74,990%
Européenne de Protection Juridique S.A. Paris - France Generali Assurances IARD S.A. 0,003% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,003% GPA-IARD S.A. 0,003% Assurance France Generali S.A. 99,986% Generali Assurances Vie S.A. 0,003% 100,000%
Expert & Finance S.A. Lyons - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 90,300% 90,300%
Famfox Amsterdam lnvestments B.V. Amsterdam - Netherlands Generali Worldwide Insurance Company Limited 40,750% 40,750%
Fata-Fondo Assicurativo tra Agricoltori S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 99,880% 99,880%
Fin. Priv. S.r.l. Milan - Italy Assicurazioni Generali S.p.A. 14,285% 14,285%
162 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Finagen S.p.A. Venice - Italy Alleanza Assicurazioni S.p.A. 98,000% Alleanza Investment Public Limited Company 1,900% Generali Investment Management (Ireland) Limited 0,100% 100,000%
Financiere Centuria S.A. Paris - France Generali France S.A. 33,000% 33,000%
Finmo S.A. Zug - Switzerland BSI S.A. 100,000% 100,000%
Flandria Participations Financières S.A. Bruxelles - Belgium Assicurazioni Generali S.p.A. 100,000% Generali Belgium S.A. 0,000% 100,000%
FM1 Future Management Versicherungsservice GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100,000% 100,000%
Fonciére Burho S.A. Paris - France Generali Assurances Vie S.A. 0,001% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,997% GPA-Vie S.A. 0,001% Generali France S.A. 0,001% 99,999%
Foncière Hypersud S.A. Issy Les Moulineaux - France Generali Assurances Vie S.A. 24,459% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 24,486% 48,946%
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%
Foot.Pro S.r.l. Ravenna - Italy Foot.Pro S.A. 45,000% 45,000%
Fortuna Investment AG Adliswil - Switzerland Generali (Schweiz) Holding A.G. 100,000% 100,000%
Fortuna Investment AG, Vaduz Vaduz - Liechtenstein Generali (Schweiz) Holding A.G. 100,000% 100,000%
163 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Fortuna Lebens-Versicherung AG Vaduz - Liechtenstein Generali (Schweiz) Holding A.G. 100,000% 100,000%
Fortuna Rechtsschutz-Versicherung-Gesellschaft AG Adliswil - Switzerland Generali (Schweiz) Holding A.G. 100,000% 100,000%
France Assurances S.A. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,996% 99,996%
Fredi & Ilan Beck Insurance Brokerage Ltd Haifa - Israele Migdal Holdings & Management of Insurance Agencies Ltd 30,000% 30,000%
Frequence Plus Service Europ Assistance S.A. Ivry Sur Seine - France Europ Assistance Holding S.A. 51,000% 51,000%
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%
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 AG (D) 50,000% 50,000%
Ganos S.A. Zug - Switzerland BSI S.A. 100,000% 100,000%
GEA - Gestioni Assicurative S.r.l. Rome - Italy Assitalia - Le Assicurazioni d’Italia S.p.A. 39,126% Assicurazioni Generali S.p.A. 10,874% Ina Vita S.p.A. 50,000% 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%
164 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 A.G. Adliswil - Switzerland Redoze Holding N.V. 32,441% Assicurazioni Generali S.p.A. 18,376% Generali (Schweiz) Holding A.G. 7,504% Albula Verwaltungs- und Beteiligungs AG 8,172% Generali Assurances Générales 0,194% 66,686%
Generali 1 S.A. Paris - France Generali France S.A. 100,000% 100,000%
Generali 3 S.A. Paris - France Generali Assurances IARD S.A. 100,000% 100,000%
Generali 3Banken Holding AG Vienna - Austria Generali Versicherung AG (A) 49,300% 49,300%
Generali 4 S.A. Paris - France Generali Assurances IARD S.A. 99,846% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,026% Generali France S.A. 0,026% GPA-IARD S.A. 0,026% Generali Assurances Vie S.A. 0,026% GPA-Vie S.A. 0,026% 99,974%
Generali Alapkezelõ Rt. Budapest - Hungary Generali-Providencia Biztosító Rt. 74,000% Generali Holding Vienna AG 26,000% 100,000%
Generali Asia N.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 60,000% 60,000%
165 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Asigurari S.A. Bucarest - Romania Generali Holding Vienna AG 83,435% 83,435%
Generali Asset Management S.p.A. Società di Gestione Risparmio Trieste - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Asset Management Support GmbH Cologne - Germany Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Asset Management-Verbund Generali Beteiligung und w.Service OHG Cologne - Germany Generali Asset Management Support GmbH 0,013% Generali Group Services & Support GmbH 0,013% Generali Beteiligungs-GmbH 99,973% 100,000%
Generali Asset Managers Luxembourg S.A. Luxembourg - Luxembourg Generali France S.A. 20,020% AMB Generali Holding AG 39,990% Assicurazioni Generali S.p.A. 39,990% 100,000%
Generali Assurances Générales Geneve - Switzerland Generali (Schweiz) Holding A.G. 99,923% 99,923%
Generali Assurances IARD S.A. Paris - France Generali Assurances Vie S.A. 15,086% Assurance France Generali S.A. 84,322% 99,408%
Generali Assurances Vie S.A. Paris - France Participatie Maatschappij Graafschap Holland N.V. 0,000% Assurance France Generali S.A. 99,998% Flandria Participations Financières S.A. 0,000% 99,999%
Generali Bank AG Vienna - Austria Generali Holding Vienna AG 78,571% Generali Versicherung AG (A) 21,429% 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%
166 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Belgium Invest S.A. Bruxelles - Belgium Generali Belgium S.A. 99,997% IXIA N.V. 0,003% 100,000%
Generali Belgium S.A. Bruxelles - Belgium Genervest S.A. 33,170% Flandria Participations Financières S.A. 3,802% Participatie Maatschappij Graafschap Holland N.V. 25,189% Assicurazioni Generali S.p.A. 32,294% Genass-Invest S.A. 5,345% 99,799%
Generali Belle Feuille S.a.r.l. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,997% Mt Musala SAS 0,003% 100,000%
Generali Beteiligungs-GmbH Munich - Germany Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Betriebsrestaurazion Gesellschaft m.b.H. Vienna - Austria Generali Versicherung AG (A) 100,000% 100,000%
Generali Capital Management GmbH Vienna - Austria Generali Holding Vienna AG 75,007% AMB Generali Holding AG 24,993% 100,000%
Generali Carnot S.a.r.l. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
Generali China Life 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%
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 Transocean Holding Corporation 16,156% Generali Colombia - Seguros Generales S.A. 68,281% Assicurazioni Generali S.p.A. 15,375% 99,813%
167 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 Assicurazioni Generali S.p.A. 1,817% GENPAR Empreendimentos e Partecipaçoes S.A. 25,575% Transocean do Brasil Participaçoes S.A. 72,528% 99,920%
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. 25,000% Generali Versicherung AG (A) 75,000% 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 Participatie Maatschappij Graafschap Holland N.V. 100,000% 100,000%
Generali Finance spółka z ograniczoną odpowiedzialnością Warsaw - Poland Generali Powszechne Towarzystwo Emerytalne S.A. 100,000% 100,000%
Generali Finances S.A. Paris - France GPA-Vie S.A. 0,002% Generali Belgium S.A. 0,002% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,004% Generali Assurances IARD S.A. 0,002% Generali Assurances Vie S.A. 0,002% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0,002% Assurance France Generali S.A. 99,980% Europ Assistance Holding S.A. 0,002% 99,996%
Generali Finanz Service GmbH Unterföhring - Germany Generali Lloyd Aktiengesellschaft 100,000% 100,000%
168 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali France S.A. Paris - France Generali France S.A. 0,006% Participatie Maatschappij Graafschap Holland N.V. 32,685% Assicurazioni Generali S.p.A. 67,285% 99,976%
Generali France, Trieste et Venise et Cie. Soc.en Nom.Coll. Paris - France Generali Assurances Vie S.A. 80,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 20,000% 100,000%
Generali Gerance S.A. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 66,467% Generali Assurances Vie S.A. 33,200% 99,667%
Generali Gestion S.A. Paris - France Generali France S.A. 0,028% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,028% Generali Assurances Vie S.A. 0,028% Generali Finances S.A. 99,833% 99,917%
Generali Group Partner AG Adliswil - Switzerland Generali (Schweiz) Holding A.G. 100,000% 100,000%
Generali Group Services & Support GmbH Cologne - Germany Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Habitat SCpI Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 80,832% 80,832%
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 Transocean Holding Corporation 35,292% Generali Assurances IARD S.A. 2,649% Generali Worldwide Insurance Company Limited 0,082% Generali Rückversicherung AG 27,144% Participatie Maatschappij Graafschap Holland N.V. 27,789% Generali Assurances Générales 0,350% Generali Holding Vienna AG 0,518% 93,824%
Generali Horizon S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
169 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Hypotheken B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100,000% 100,000%
Generali Immobilien AG Vienna - Austria Generali Versicherung AG (A) 99,999% 99,999%
Generali Immobilier Conseil S.A. Paris - France GPA-Vie S.A. 0,040% Assurance France Generali S.A. 99,760% Generali Assurances Vie S.A. 0,040% Generali Assurances IARD S.A. 0,040% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,080% 99,960%
Generali Immobilier Gestion S.A. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,040% GPA-Vie S.A. 0,040% Generali Assurances Vie S.A. 0,040% Assurance France Generali S.A. 99,760% 99,880%
Generali Informatique S.A. Paris - France Generali Assurances Vie S.A. 40,763% Europ Assistance France S.A. 17,800% Generali Assurances IARD S.A. 41,103% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0,333% 100,000%
Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. Budapest - Hungary Generali-Providencia Biztosító Rt. 96,000% Otek-Gordius Kft 4,000% 100,000%
Generali Insurance (Thailand) Co. Ltd Bangkok - Thailand Generali Asia N.V. 25,000% KAG Holding Company Ltd 50,000% 75,000%
Generali 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 A.G. 100,000% 100,000%
170 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Investment Management (Ireland) Limited Dublin - Eire Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali IT Informatikservice G.m.b.H. Vienna - Austria Risk-Aktiv Consulting GmbH 66,667% 66,667%
Generali IT S.s.r.o. Bratislava - Slovak Republic Generali VIS Informatik GmbH 100,000% 100,000%
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 Leasing GmbH Vienna - Austria Generali Bank AG 75,000% 75,000%
Generali Lebensversicherung AG Munich - Germany Generali Asset Management-Verbund Generali Beteiligung und w.Service OHG 1,419% Generali Lloyd Aktiengesellschaft 93,786% Adriatica Participations Financières S.A. 4,795% 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 Assicurazioni Generali S.p.A. 99,967% Generali Hellas - A.E. Asfaliseon Zimion 0,033% 100,000%
Generali Life Assurance (Thailand) Co. Ltd Bangkok - Thailand KAG Holding Company Ltd 50,000% Generali Asia N.V. 25,000% 75,000%
Generali Lloyd Aktiengesellschaft Munich - Germany AMB Generali Lloyd GmbH 85,146% Transocean Holding Corporation 5,698% Genervest S.A. 5,661% Redoze Holding N.V. 3,494% 100,000%
171 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Lloyd Sonnenstraße GbR Munich - Germany Generali Lebensversicherung AG 5,100% Generali Versicherung AG (D) 94,900% 100,000%
Generali Luxembourg S.A. Luxembourg - Luxembourg Generali Belgium Invest S.A. 1,000% Generali Belgium S.A. 99,000% 100,000%
Generali Monumenten B.V. Amsterdam - Netherlands Generali Real Estate Investments B.V. 100,000% 100,000%
Generali Optima S.a.r.l. Paris - France Mt Musala SAS 0,001% Mt Tenibre SAS 0,001% La Fédération Continentale Compagnie d’Assurances Sur la 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 Holding Vienna AG 100,000% 100,000%
Generali Personenversicherungen AG Adliswil - Switzerland Generali (Schweiz) Holding A.G. 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%
172 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 Generali Worldwide Insurance Company Limited 100,000% 100,000%
Generali Portfolio Management Ltd St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 100,000% 100,000%
Generali Powszechne Towarzystwo Emerytalne S.A. Warsaw - Poland Generali Towarzystwo Ubezpieczen S.A. 96,564% Generali Holding Vienna AG 3,436% 100,000%
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 Alleanza Assicurazioni S.p.A. 47,931% Assicurazioni Generali S.p.A. 52,069% 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 GPA-IARD S.A. 0,003% Generali Assurances Vie S.A. 0,003% Generali Assurances IARD S.A. 99,987% 99,992%
Generali Reaumur S.A. Paris - France Mt Musala SAS 0,000% Generali Reaumur S.a.r.l. 99,314% 99,314%
173 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Reaumur S.a.r.l. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
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 Munich - Germany Generali Versicherung AG (D) 100,000% 100,000%
Generali Servis s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100,000% 100,000%
Generali Servizi S.r.l. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Sigorta A.S. Istanbul - Turkey Generali Kent B.V. 97,365% 97,365%
Generali Strategie France S.A.S. Paris - France Generali France S.A. 51,000% Assicurazioni Generali S.p.A. 49,000% 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%
174 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 (A) Vienna - Austria Generali Rückversicherung AG 7,814% Generali Holding Vienna AG 92,186% 100,000%
Generali Versicherung AG (D) 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% B.V. Algemene Holding en Financierings Maatschappij 18,166% Assicurazioni Generali S.p.A. 12,768% Participatie Maatschappij Graafschap Holland N.V. 36,457% 98,558%
Generali Vida Companhia de Seguros S.A. Lisbon - Portugal Assicurazioni Generali S.p.A. 99,989% 99,989%
Generali VIS Informatik GmbH Vienna - Austria Generali Holding Vienna AG 100,000% 100,000%
Generali Vita S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Generali Worldwide Insurance Company Limited St. Peter Port - Guernsey Assicurazioni Generali S.p.A. 0,000% Participatie Maatschappij Graafschap Holland N.V. 100,000% 100,000%
Generali Zavarovalnica d.d. Lubljana - Slovenia Generali Versicherung AG (A) 46,976% Generali Holding Vienna AG 52,835% 99,812%
Generali Zivotno Osiguranje d.d. Zagreb - Croatia Generali Holding Vienna AG 100,000% 100,000%
Generali Zycie Towarzystwo Ubezpieczen S.A. Warsaw - Poland Generali Holding Vienna AG 100,000% 100,000%
175 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali/AIV Leasing Salzburg GmbH Vienna - Austria Generali Versicherung AG (A) 9,998% Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG 90,002% 100,000%
Generali/AIV Leasing St.Pölten GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG 90,002% Generali Versicherung AG (A) 9,998% 100,000%
Generali/AIV Leasing Vorarlberg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG 90,002% Generali Versicherung AG (A) 9,998% 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 - Eire 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 Flandria Participations Financières S.A. 0,002% Generali Lloyd Aktiengesellschaft 99,998% 100,000%
Gestas S.A. Boulogne Billancourt - France Icare S.A. 100,000% 100,000%
176 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 France S.A. 0,000% Generali Assurances IARD S.A. 99,999% 99,999%
GFA Haiti S.A. Port au Prince - Haiti GFA Caraïbes 15,000% Courtage Inter Caraibes 15,000% 30,000%
Gilat D.B.S. Ltd Rannana - Israel Migdal Insurance Company Ltd 27,160% 27,160%
GLL GmbH & Co. Messeturm Holding KG Munich - Germany Generali Vita S.p.A. 8,264% Generali Versicherung AG (A) 8,264% Volksfürsorge Deutsche Lebensversicherung AG 28,926% AachenMünchener Lebensversicherung AG 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 Assicurazioni Generali S.p.A. 9,875% AachenMünchener Versicherung AG 8,887% AachenMünchener Lebensversicherung AG 8,887% 27,649%
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 Versicherung AG (A) 11,623% Generali Lebensversicherung AG 11,395% 23,017%
177 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
GPA-IARD S.A. Paris - France Assurance France Generali S.A. 100,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,000% 100,000%
GPA-Vie S.A. Paris - France Assurance France Generali S.A. 100,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,000% 100,000%
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 La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 45,000% 45,000%
Grundstücksgesellschaft Einkaufszentrum Schloss-Strassen-Center Berlin mbH & Co. KG Cologne - Germany Generali Lebensversicherung AG 85,106% 85,106%
Grundstücksgesellschaft Stadtlagerhaus Hamburg GbR Hamburg - Germany Volksfürsorge Deutsche Sachversicherung AG 50,000% Volksfürsorge Deutsche Lebensversicherung AG 50,000% 100,000%
Gruppo Generali Liquidazione Danni S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Gruppo Generali Servizi S.r.l. Trieste - Italy Ina Vita S.p.A. 33,000% Assicurazioni Generali S.p.A. 34,000% Alleanza Assicurazioni S.p.A. 33,000% 100,000%
Guardian Finance S.A. Rueil Malmaison - Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
Guardian Vie S.A. Rueil Malmaison - Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.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%
178 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Harris & Dixon Insurance Holdings Limited London - United Kingdom Assicurazioni Generali S.p.A. 100,000% 100,000%
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 Fürst Leopold Management GmbH Dassau - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 100,000% 100,000%
Hotel Magistralen Carré Management GmbH Seeshaupt - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 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 Services S.A. 13,711% Icare S.A. 86,289% 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. 95,526% 95,526%
Icare Services S.A. Boulogne Billancourt - France Icare S.A. 100,000% 100,000%
179 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 Generali IT Informatikservice G.m.b.H. 30,000% 30,000%
IG BAU Mitglieder-Service GmbH Frankfurt - Germany Volksfürsorge Deutsche Lebensversicherung AG 33,333% 33,333%
IG BCE Mitglieder-Service GmbH Hannover - Germany Volksfürsorge Deutsche Lebensversicherung AG 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 Jerusalem - Israel Ihud Insurance Agencies Ltd 100,000% 100,000%
Il Pino S.r.l. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100,000% 100,000%
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%
Immobilière St-Honoré les Feuillans Paris - France Cofifo S.A. 0,004% GPA-IARD S.A. 0,004% GPA-Vie S.A. 0,007% SCI du Coq 99,975% 99,989%
180 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Ina Vita 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%
Innova Verzekeringen B.V. Nieuw-Vennep - Netherlands Generali Verzekeringsgroep N.V. 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%
International Inheritance Planning Limited Auckland - New Zealand BSI S.A. 100,000% 100,000%
Interunfall/AIV-Leasing Salzburg G.m.b.H. Vienna - Austria Generali Versicherung AG (A) 9,998% Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG 90,002% 100,000%
Interunfall/AIV-Leasing Voarlberg G.m.b.H. Vienna - Austria Generali Versicherung AG (A) 9,998% Allgemeine Immobilien-Verwaltungs G.m.b.H. & Co. KG 90,002% 100,000%
Intesa Previdenza SIM S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 45,000% 45,000%
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%
181 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
ITAL-TBS S.p.A. Tecnologie Biomediche e Scientifiche Trieste - Italy Participatie Maatschappij Graafschap Holland N.V. 14,110% Europ Assistance Service S.p.A. 0,583% 14,693%
IV Verwaltungsgesellschaft für Versicherungen m.b.H. 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 Invest S.A. 4,000% Generali Belgium S.A. 96,000% 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%
La Caja de Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Seguros S.A. 95,000% Caja de Ahorro y Seguro S.A. 5,000% 100,000%
La Estrella S.A. de Seguros y Reaseguros Madrid - Spain Generali España Holding de Entidades de Seguros S.A. 99,826% 99,826%
La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. Paris - France GPA-Vie S.A. 23,935% Assurance France Generali S.A. 71,698% Generali Assurances IARD S.A. 4,346% 99,980%
La Nacional Compañia Inmobiliaria (Lancia) C.A. Guayaquil - Ecuador Generali Ecuador Compañía de Seguros S.A. 100,000% 100,000%
182 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 (A) 17,498% 17,498%
Leadair Unijet S.A. Le Bourget - Francia La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 15,000% 15,000%
Legal Assistance, Servicios Juridicos Integrales, 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 Assurances IARD S.A. 50,073% Assurance France Generali S.A. 49,902% 99,976%
Leumi Insurance Services (U.K.) Ltd London - United Kingdom Migdal Holdings & Management of Insurance Agencies Ltd 51,000% Ihud Insurance Agencies Ltd 49,000% 100,000%
Lingotto S.p.A. Torino - Italy Assicurazioni Generali S.p.A. 17,120% 17,120%
Lippmann Deelnemingen B.V. Rotterdam - Netherlands A.P. de Assurantiepartners Amsterdam B.V. 33,317% 33,317%
Lloyd Immobilien G.m.b.H. Munich - Germany Generali Lloyd Aktiengesellschaft 100,000% 100,000%
Lordship Consultadoria e Servicos SA Funchal (Madeira) - Portugal BSI S.A. 100,000% 100,000%
Maestro Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100,000% 100,000%
183 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Maghrebia S.A. Tunisi - Tunisia Assitalia - Le Assicurazioni d’Italia S.p.A. 44,169% 44,169%
Main Plaza Management GmbH Frankfurt - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 100,000% 100,000%
MAS Versicherungmakler GmbH Vienna - Austria Risk-Aktiv Consulting GmbH 100,000% 100,000%
Medwell Services AG Vienna - Austria Risk-Aktiv Consulting GmbH 99,572% 99,572%
Metis - Soc. di Fornitura di Lavoro Temporaneo p.A. Milan - Italy Assicurazioni Generali S.p.A. 12,500% 12,500%
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%
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 100,000% 100,000%
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%
184 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Migdal Forex Matach Services Ltd Tel Aviv - Israel The Central Stock Exchange Services (NE) Ltd 8,911% Migdal Capital Markets (1965) Ltd 50,010% 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 Graafschap Holland N.V. 32,899% Assicurazioni Generali S.p.A. 0,985% Participatie Maatschappij Transhol B.V. 26,003% 59,887%
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%
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%
185 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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 Peltours Insurance Agencies Ltd 50,000% Mivtach-Simon 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%
Mt Musala SAS Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
Mt Tenibre SAS Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
Multauto, Ayudas Multiples al Automovilista, S.A. Madrid - Spain Europ Assistance España S.A. de Seguros y Reaseguros 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%
186 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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. 31,570% 31,570%
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 Assurances Vie S.A. 0,025% Generali France S.A. 99,800% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,025% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0,025% Européenne de Protection Juridique S.A. 0,025% Generali Assurances IARD S.A. 0,025% 99,925%
OFIBA S.A. Paris - France Generali Assurances IARD S.A. 99,920% 99,920%
OGEPA S.A. Paris - France Generali Assurances IARD S.A. 99,920% 99,920%
OJH S.A. Levallois-Perret - France Generali France S.A. 0,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,997% 99,998%
OM Beteiligungsgesellschaft mbH & Co Immobilienfonds KG Bensheim - Germany VTG Grundstücksgesellschaft Halle-Neustadt Zentrum mbH 100,000% 100,000%
187 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
OM Beteiligungsgesellschaft mbH Bensheim - Germany VTG Grundstücksgesellschaft Halle-Neustadt Zentrum mbH 100,000% 100,000%
Otek-Gordius Kft Budapest - Hungary Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. 1,658% Generali-Providencia Biztosító Rt. 98,342% 100,000%
OVB Holding AG Cologne - Germany Volksfürsorge Deutsche Lebensversicherung AG 12,363% 12,363%
Palinuro Consultadoria e Marketing Lda Funchal (Madeira) - Portugal Participatie Maatschappij Graafschap Holland N.V. 100,000% 100,000%
Parlook S.A. Nevers - France BSI S.A. 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%
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%
Phone Business Service S.r.l. Milan - Italy Europ Assistance Italia S.p.A. 80,000% Europ Assistance Service S.p.A. 20,000% 100,000%
188 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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%
Prudence Creole Saint-Denis - Reunion Generali Assurances IARD S.A. 92,882% Generali France S.A. 0,015% 92,897%
Prudence Vie La Plaine Saint-Denis - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,987% 99,987%
Prunus S.p.A. Trieste - Italy Generali Properties S.p.A. 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 Transocean Holding Corporation 43,967% Generali Worldwide Insurance Company Limited 50,010% Assicurazioni Generali S.p.A. 6,023% 100,000%
Reshef Insurance Agencies 2004 Ltd Tel Aviv - Israel Sagi Yogev Life Assurance Agency (1988) Ltd 50,000% 50,000%
189 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Risk-Aktiv Consulting GmbH Vienna - Austria Generali Versicherung AG (A) 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 Generali Assurances Vie S.A. 17,741% Assurance France Generali S.A. 30,616% 48,357%
RITA S.r.l. Rete Italiana Teleinformatica Assicurativa Milan - Italy UMS Generali Marine S.p.A. 0,332% Fata-Fondo Assicurativo tra Agricoltori S.p.A. 1,359% Alleanza Assicurazioni S.p.A. 2,816% Assicurazioni Generali S.p.A. 12,422% La Venezia Assicurazioni S.p.A. 0,022% Genertel S.p.A. 0,042% 16,992%
Ritenere S.A. Buenos Aires - Argentina Caja de Seguros S.A. 0,833% Caja de Ahorro y Seguro S.A. 99,167% 100,000%
Rocher Pierre SCpI Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 48,520% 48,520%
Röger Gesellschaft mbH Bregenz - Austria Risk-Aktiv Consulting GmbH 100,000% 100,000%
S. Alessandro Fiduciaria S.p.A. Milan - Italy BSI S.A. 100,000% 100,000%
S.A. Saint-Christoly Bordeaux Paris - France GPA-IARD S.A. 1,200% Generali Assurances IARD S.A. 48,800% 50,000%
S.A.I. des Trois Collines de Mougins Nice - France GPA-IARD S.A. 1,653% Generali Assurances Vie S.A. 4,959% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 10,000% Generali Assurances IARD S.A. 31,653% 48,264%
190 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
S.C. Aqua Mures S.r.l. Sannicolau Mare - Romania Genagricola - Generali Agricoltura S.p.A. 99,000% Casaletto S.r.l. - Società Unipersonale 1,000% 100,000%
S.C. Genagricola Romania S.r.l. Sannicolau Mare - Romania Genagricola - Generali Agricoltura S.p.A. 100,000% 100,000%
S.C. 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 Assitalia - Le Assicurazioni d’Italia S.p.A. 7,000% Assicurazioni Generali S.p.A. 7,000% 14,000%
SAS 2 ISO Paris - France Generali Assurances 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%
Schloß Bensberg Grundstücks-GbR Aachen - Germany AachenMünchener Lebensversicherung AG 94,000% ARCADIUM Konzeption & Management für aktives Wohnen GmbH 6,000% 100,000%
Schloss Bensberg Management GmbH Bensberg - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 100,000% 100,000%
Schloss-Strassen-Center Berlin Verwaltungsgesellschaft mbH Cologne - Germany AMB Generali Immobilien GmbH 85,200% 85,200%
SCI Cogipar Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,990% Generali Assurances Vie S.A. 0,010% 100,000%
191 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI Continent Pierre Paris - France Generali Assurances IARD S.A. 1,115% SCI Continent Wagram 60,634% Generali Assurances Vie S.A. 38,154% 99,903%
SCI Continent Pyramides Paris - France Generali Assurances IARD S.A. 67,877% SCI Continent Wagram 32,123% 100,000%
SCI Continent Wagram Paris - France Generali Assurances IARD S.A. 100,000% 100,000%
SCI des 48 et 50 BD des Batignolles Paris - France GPA-IARD S.A. 0,500% Generali Assurances IARD S.A. 99,500% 100,000%
SCI des 5 et 7 Rue Drouot Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% Fonciére Burho S.A. 0,000% 100,000%
SCI des 52&52 bis bd St. Jacques et 6 Rue Leclerc Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,999% Fonciére Burho S.A. 0,001% 100,000%
SCI du 174 Rue de Rivoli Paris - France Fonciére Burho S.A. 0,001% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,999% 100,000%
SCI du 2/4 BD Haussmann Paris - France Generali Assurances IARD S.A. 0,050% Generali Assurances Vie S.A. 99,950% 100,000%
SCI du 24 Rue de Mogador a Paris (9eme) Paris - France Generali Assurances Vie S.A. 99,500% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,500% 100,000%
SCI du 26/28 rue Jacques Dulud a Neuilly sur Seine Paris - France Fonciére Burho S.A. 0,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
SCI du 29 Rue de Poissoniers Paris - France GPA-Vie S.A. 0,007% SCI du Coq 99,993% 100,000%
192 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI du 54 Avenue Hoche Paris - France Generali Assurances Vie S.A. 75,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 25,000% 100,000%
SCI du Coq Paris - France GPA-IARD S.A. 0,811% GPA-Vie S.A. 99,189% 100,000%
SCI Espace Seine-Generali Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 50,000% Generali Assurances Vie S.A. 50,000% 100,000%
SCI Generali Daumesnil Paris - France GPA-IARD S.A. 45,000% SCI GPA Pierre 55,000% 100,000%
SCI Generali Le Franklin Paris - France Mt Musala SAS 0,435% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,565% 100,000%
SCI Generali Le Jade Paris - France Generali Assurances Vie S.A. 50,000% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 50,000% 100,000%
SCI Generali Le Mondial Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,999% Mt Musala SAS 0,001% 100,000%
SCI GPA Pierre Paris - France GPA-IARD S.A. 1,200% GPA-Vie S.A. 98,800% 100,000%
SCI Haussmann 50-Generali Paris - France GPA-Vie S.A. 99,995% SCI du Coq 0,005% 100,000%
SCI Lagny 68-70-Generali Paris - France Fonciére Burho S.A. 0,100% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,900% 100,000%
SCI Lagny Cuvier-Generali Paris - France Generali Assurances IARD S.A. 0,100% Generali Assurances Vie S.A. 99,900% 100,000%
193 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SCI Landy-Novatis Paris - France Fonciére Burho S.A. 0,100% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 99,900% 100,000%
SCI Landy-Wilo Paris - France GPA-Vie S.A. 99,900% GPA-IARD S.A. 0,100% 100,000%
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte Monterrey - N.L. - Mexico Participatie Maatschappij Graafschap Holland N.V. 21,847% Transocean Holding Corporation 5,307% Flandria Participations Financières S.A. 21,847% 49,000%
Selesta S.A. Luxembourg - Luxembourg B-Source S.A. 99,000% 99,000%
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 Solida Banorte Generali S.A. de C.V. Afore 34,000% Pensiones Banorte Generali S.A. de C.V. 33,000% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33,000% 100,000%
Servizi Tecnologici Avanzati S.p.A. Bologna - Italy Assicurazioni Generali S.p.A. 25,000% 25,000%
SFZ Assekuranz- und Finanzsevice-Vermittlungsgesellschaft mbH Hamburg - Germany Volksfürsorge Holding AG 100,000% 100,000%
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%
SIA - Società di Ingegneria delle Assicurazioni Milan - Italy Assitalia - Le Assicurazioni d’Italia S.p.A. 52,000% Assicurazioni Generali S.p.A. 48,000% 100,000%
194 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
SIL Società Immobiliare Lugano S.A. Lugano - Switzerland BSI S.A. 27,545% 27,545%
SiMa GmbH Sicherungsmanagement für flexible Arbeitszeitmodelle Berlin - Germany AMB Generali Holding AG 51,000% 51,000%
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 Holding Vienna AG 20,430% Generali Versicherung AG (A) 19,228% 39,658%
SKG Bank GmbH Saarbruecken - Germany Cosmos Versicherung AG 49,902% 49,902%
SO.FI.GE.A. Società Finanziaria Gestioni Assicurative a r.l. Rome - Italy Assicurazioni Generali S.p.A. 6,860% Fata-Fondo Assicurativo tra Agricoltori S.p.A. 0,137% Assitalia - Le Assicurazioni d’Italia S.p.A. 5,557% 12,555%
Soc. de Promotion et d’Etude Geneve - Switzerland BSI S.A. 100,000% 100,000%
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 GPA-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%
Société de Transactions Immobilières de la Rue de Londres -SOTRIMLO- S.A. Paris - France Generali Assurances IARD S.A. 79,840% GPA-Vie S.A. 10,000% GPA-IARD S.A. 10,000%
195 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Generali Assurances Vie S.A. 0,040% Generali France S.A. 0,040% 99,920%
Société Robert Malatier Ltd London - United Kingdom Generali Assurances IARD S.A. 24,931% 24,931%
Sogeda Finanziaria S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
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 Assurances IARD S.A. 10,000% Generali Assurances Vie S.A. 10,000% 20,000%
Sté Financiere Tour Boieldieu S.A. Puteaux - Francia Generali Assurances Vie S.A. 1,267% La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 0,616% GPA-Vie S.A. 9,872% Generali Assurances IARD S.A. 0,843% 12,597%
Sté Manuscrits des Assureurs Francais S.A. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 4,000% GPA-Vie S.A. 2,667% Generali Assurances IARD S.A. 6,667% 13,333%
Suresnes Immobilier S.A. Paris - France La Fédération Continentale Compagnie d’Assurances Sur la Vie S.A. 100,000% 100,000%
Tamburi & Associati S.p.A. Milan - Italy BSI S.A. 15,000% 15,000%
Team Trackers s.r.o. Prague - Czech Republic Frequence Plus Service Europ Assistance S.A. 100,000% 100,000%
196 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
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%
Texeurop S.A. Paris - France Europ Assistance France S.A. 59,993% 59,993%
Thalìa S.A. Lugano - Switzerland BSI S.A. 51,000% Generali Asset Management S.p.A. Società di Gestione Risparmio 49,000% 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 m.b.H. 16,667% 16,667%
TIP - Planning and Pension Consulting Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 100,000% 100,000%
Torcello S.r.l. Mogliano Veneto - Italy La Venezia Assicurazioni S.p.A. 100,000% 100,000%
Transocean do Brasil Participaçoes S.A. Rio de Janeiro - Brazil Assicurazioni Generali S.p.A. 99,989% Transocean Holding Corporation 0,011% 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%
197 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Trieste Courtage S.A. Paris - France GPA-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 Uni One Assicurazioni S.p.A. 0,938% Assitalia - Le Assicurazioni d’Italia S.p.A. 6,188% Fata-Fondo Assicurativo tra Agricoltori S.p.A. 0,974% Generali Belgium S.A. 0,000% Assicurazioni Generali S.p.A. 5,925% Risparmio Assicurazioni S.p.A. 0,074% Genertel S.p.A. 0,001% 14,100%
UMS Generali Marine S.p.A. Genoa - Italy Assicurazioni Generali S.p.A. 97,105% 97,105%
Uni One Assicurazioni S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100,000% 100,000%
Uni One Servizi S.r.l. Rome - Italy Uni One Assicurazioni S.p.A. 100,000% 100,000%
Uni One Vita S.p.A. Rome - Italy Uni One Assicurazioni S.p.A. 100,000% 100,000%
Unicapital & Co. S.c.p.A Luxembourg - Luxembourg Participatie Maatschappij Graafschap Holland N.V. 24,500% 24,500%
VA Vermögens- und Anlageberatungsgesellschaft mbH & Co. Immobilienfonds KG Bensheim - Germany AachenMünchener Lebensversicherung AG 100,000% 100,000% ver.di Service GmbH Stuttgart - Germany Volksfürsorge Deutsche Lebensversicherung AG 33,333% 33,333%
Versicherungsmakler und Beteiligungsverwaltungs GmbH Hamburg - Germany Volksfürsorge Deutsche Sachversicherung AG 26,000% 26,000%
198 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Versicherungs-Planer-Vermittlungs G.m.b.H. Munich - Germany Generali Lebensversicherung AG 100,000% 100,000%
VGI-Vertriebsgesellschaft für Immobilien mbH Hannover - Germany ALLWO Allgemeine Wohnungsvermögens-Aktiengesellschaft 51,000% 51,000%
VISENIO GmbH Bergisch Gladbach - Germany ARCADIUM Konzeption & Management für aktives Wohnen GmbH 100,000% 100,000%
Vitalicio Torre Cerdà S.l. Barcelona - Spain Banco Vitalicio de España - Compañia Anonima de Seguros 100,000% 100,000%
Vofü Fonds I Hamburgische Grundbesitz und Anlage GmbH & Co.KG Hamburg - Germany Volksfürsorge Holding AG 59,287% 59,287%
Volksfürsorge 1.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
Volksfürsorge 2.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
Volksfürsorge 3.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
Volksfürsorge 4.Immobilien AG & Co. KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
Volksfürsorge Beteiligungen KG Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
Volksfürsorge Deutsche Lebensversicherung AG Hamburg - Germany Volksfürsorge Holding AG 100,000% 100,000%
Volksfürsorge Deutsche Sachversicherung AG Hamburg - Germany Volksfürsorge Holding AG 100,000% 100,000%
Volksfürsorge Fixed Assets GmbH Hamburg - Germany Volksfürsorge Deutsche Lebensversicherung AG 100,000% 100,000%
199 Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
Volksfürsorge Holding AG Hamburg - Germany AMB Generali Holding AG 14,285% AM Aachener und Münchener Holding für Beteiligungen GmbH 85,715% 100,000%
Volksfürsorge Krankenversicherung AG Hamburg - Germany Central Krankenversicherung AG 49,998% Volksfürsorge Deutsche Sachversicherung AG 50,003% 100,000%
Volksfürsorge Pensionsfonds AG Hamburg - Germany Volksfürsorge Holding AG 100,000% 100,000%
Volksfürsorge Pensionskasse AG Hamburg - Germany Volksfürsorge Holding AG 100,000% 100,000%
VOV Vervaltungsorganisat.für Vermögensch.Vers.für Mit.Org.Jur.Pers. GmbH Cologne - Germany Generali Versicherung AG (D) 15,000% AachenMünchener Versicherung AG 15,000% 30,000%
VTG Grundstücksgesellschaft Halle-Neustadt Zentrum mbH Halle - Germany AachenMünchener Lebensversicherung AG 100,000% 100,000%
VUB Generali dôchodková správcovská spoloc˘nost’, a.s. Bratislava - Slovak Republic Generali Poistovna a.s. 50,000% 50,000%
Walter Sohn G.m.b.H. Munich - Germany Generali Lloyd Aktiengesellschaft 100,000% 100,000%
Worldwide Assistance (Singapore) Pte Ltd Singapore - Singapore Europ Assistance Worldwide Services Pte Ltd 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%
200 Companies. in which an unquoted Shareholding (which is higher than 10%) is held
Companies Head office Shareholding
ZR Beteiligungsgesellschaft mbH & Co. Immobilienfonds KG Aachen - Germany AachenMünchener Lebensversicherung AG 100,000% 100,000%
Zweite AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Versicherung AG 100,000% 100,000%
201 Co-ordination: Corporate Communication/ Central Personnel Dept. – General Services
Graphic design: Sintesi in Comunicazione
Photos: Phodio Tech Studio
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