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Assicurazioni Generali Group Assicurazioni Generali Group Unicredit Financials Conference Pedro Martins - Head of IR Stockholm, May 31th, 2007 Agenda 2 The Strategic Plan 2006 - 2008 Expansion in CEE 1Q07 Quarterly results Back up Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Going forward: The ‘06 – ‘08 plan 3 RoEV normalised (%) Targets 2008 2003 – 2005: We delivered on our plans IFRS profit: +50% NBV: 11.9 +10% CAGR 11.2 10.8 Combined Ratio: 9.2 95.5% RoEV = 14.5%* Top-line growth: sustained above- market growth Dividend: ’02 ‘03 ‘04 ‘05 € 0.54 for 2005, ‘05 target (11.9%) delivered with a 2.7 p.p. +100% for 2008 increase in 3 years * Based on 10-year risk free rate of 3.7% Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Generali’s ‘06-’08 Strategic Plan: The pillars 4 Operational improvement The balance among Risk, Return & Growth Enhanced governance Growth & This is the essence of Generali’s innovation ‘06-’08 Strategic Plan Capital optimisation Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Common Country model 5 From complexity and fragmentation… … to simplicity and consolidation Administrative Administrative Administrative Administrative services and services and services and services and procurement procurement procurement procurement IT IT IT IT Claims Claims Claims Management Management Management Claims Management Strategic Strategic Strategic marketing & marketing & marketing & Strategic marketing & product product product product development development development development Client and channel Client and channel Client and channel Client and channel Client and channel Client and channel management, management, management, management, management, management, product product product product product product customisation and customisation and customisation and customisation and customisation and customisation and post sale post sale post sale post sale post sale post sale Company A Company B Company C Brand A Brand B Brand C 1 single brand in specific market situations Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Strategic initiatives taken 6 Capital 9 AMB (Share: Increased to 85.05%) Optimisation: 9 Generali Holding Vienna (Share: Increased to 100%) 9 Generali Schweiz Holding (Share: Increased to 100%) Minorities & 9 Migdal (Share: Increased to 69.8%) Hybrid 9 Euro 4.8 bln of hybrid debt issued Growth and 9 Acquisition of 98.44% of Toro innovations: 9 Four key acquisitions in CEE growth markets: Acquisition of majority shareholding in Delta Osiguranje, Serbia’s largest private insurance company (Life and P&C) Acquisitions Acquisition of 100% of Libertas insurance company (Croatian life insurer) & J.V. Acquisition of 51% of Garant Auto and Garant Life Acquisition of a 86% shareholding in Orel-G Holding, leading insurance player in Bulgaria 9 Strategic expansion in India: JV agreement with Pantaloon Retail, leading retailer and set up of Future Generali JV (Life and P&C) 9 Acquisition of Banca Unione di Credito, with AuM of CHF 4.6 billion (Private financial services provider in Switzerland) Operational 9 Simplification and rationalisation of corporate organisation and business structure in Italy Improvement: Merger of Generali Vita and Assicurazioni Generali S.p.A. Integration of INA and Assitalia under the INA Assitalia brand name 9 Integration of Italian activities of BSI into Banca Generali and IPO of Banca Generali Restructuring 9 Reorganisation of French activities Initiatives 9 Reorganisation of Asset Management activities Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Progress Report on Group Strategic Programs: Overview 7 Completed In progress Target Implemen- Diagnostic Model Pilot tation Program design 1. Asset Management 2. Risk Management Scale-based Programs 3. IT Consolidation (1) 4. Group Treasury 5. Motor Tariff 6. Claims Management Skill-based Programs 7. Operational Excellence 8. Innovation Lab New Project announced in 9. Third age November 06 (1) Started pilot in Italy Unicredit Financials Conference – May 31th, 2007 The Strategic Plan 2006 - 2008 Progress of Toro Group integration projects 8 Integration projects into Generali Group platforms Completed Asset HR Group Benefits from 2007 Management Administration Purchasing Started I. T. Risk Management Holding Benefits from 2007/08 & Underwriting Master Plan Administration Claims Operations started Benefits from 2008/09 Synergies Annual synergies expected at group level Expected 60mln in 2007 within 2007: Euro 60 mln Achieved 22mln Synergies already achieved in March: Euro 22mln Synergies to be re-assessed after the completion of all master plans and after TAR’s decision concerning Nuova Tirrena. Unicredit Financials Conference – May 31th, 2007 Agenda 9 The Strategic Plan 2006 - 2008 Expansion in CEE 1Q07 Quarterly results Back up Unicredit Financials Conference – May 31th, 2007 Expansion in CEE Delivering on our promises 10 Excerpt of our 2006-2008 Strategic Plan presentation (March 2006) Exploiting geographical CEE and Former Soviet Union opportunities Organic growth: Operational – Greater than 20% growth per annum in markets with relative improvement Focus on attractive low penetration (Slovakia, Slovenia, Romania and Croatia) markets Pursuit of M&A based growth China Enhanced Positioning among top foreign governance Continue to build up local JVs and growth of Agency leadership positions Capital Growth & force ( >10,000 individuals) innovation optimisation Strengthening our India P&C license already granted distribution Market entry via green field Access to 6 new cities by ‘08 capabilities operation Established bancassurance Realise Group Joint venture agreement agreements with major advantages signed in May 2006 domestic banks Composite approach Unicredit Financials Conference – May 31th, 2007 Expansion in CEE JV with PPF Group: overview of the proposed deal 11 Generali and PPF have signed a preliminary Joint Venture agreement, to be finalized in the coming weeks, according to which both partners will contribute their insurance related assets in the CEE region to a new Generali PPF Holding. Closing expected in second half 2007 Generali majority shareholder of the Generali PPF Holding with 51% (PPF at 49%) In addition to contribution of assets, Generali will pay € 1.1 billion in cash to achieve 51% of the Generali PPF Holding Long term commitment of the two parties to jointly develop the business in CEE and CIS, through: organic growth, M&A and cooperation with Home Credit (consumer lending/banking arm of PPF) The new JV will become the leading insurer in the CEE region and will constitute a strong growth platform for the high-potential CIS countries Unicredit Financials Conference – May 31th, 2007 Expansion in CEE Summary considerations 12 Strategic rationale Transaction Impact on Generali’s financials Consistent with Generali Relative valuations: Immediately accretive*: strategy Ceska Pojistovna Group: 2.2% on IFRS earnings by High growth markets € 3.6 bn 2008 Right JV partner Generali CEE: € 1.5 bn 2.1% on EV earnings by 2008 Scale and diversification In addition to contribution of benefits assets, Generali will pay 0.6pp on RoEV by 2008 € 1.1 billion in cash to Enhanced pool of 10.3% ROI** by 2009 (incl. achieve 51% of the JV management talent only cost synergies) Time-limited earn out on Material cost and revenue Reduction of ~ € 0.9 bn of performance above hurdle on synergies excess capital acquired JV shares Strategic optionality Expected to be neutral to Call option to Generali in Generali financial strength case of deadlock and ratings material default Put option to PPF in certain cases * initial estimates pending joint business plan ** on EV earnings basis Unicredit Financials Conference – May 31th, 2007 Expansion in CEE The proposed JV will create the #1 geographical footprint in the CEE region 13 with presence in 12 countries Market share Czech Rep Slovakia Life Non-life Life Non-life 32.3% 40.6% 9.2% 12.1% Estonia Russia Latvia Poland Hungary Poland Hungary Lithuania Russia Life Non-life Life Non-life Belarus 2.3% 1.5% 10.1% 20.2% Poland Czech Romania Slovenia Republic Ukraine Romania Slovenia Slovakia Life Non-life Life Non-life Austria Moldova Hungary 3.6% 5.9% 4.2% 2.3% Slovenia Croatia Romania Bosnia-Herz. serbia Bulgaria Bulgaria Croatia Macedonia Life Non-life Life Non-life Albania 9.6% 5.8% 7.0% 1.1% Serbia Russia Serbia Russia Ukraine Kazakhstan Life Non-life Life Non-life Life Non-life Operational in 2007. 17.7% 10.5% 0.2% 0.7% 8.1% 8.6% Coop. with Home Credit Unicredit Financials Conference – May 31th, 2007 Expansion in CEE Attractiveness of JV approach: complementarity for future growth 14 Strengths of Generali CEE Strengths of PPF/CP Group Scale and capabilities (core Life Regional expertise and Non-Life, risk mgmt, asset Dynamic and entrepreneurial mgmt, treasury, IT, reinsurance,…) approach with proven track record Financial resources to support in turn around as well as business growth building Diversified presence in the region Networking and access to Home Credit distribution throughout the Global Asset Management region, especially in Russia Global Leadership in Assistance (Europe Assistance) To create a solid and aggressive platform for growth for CEE and Russia Growth Organic + M&A + cooperation with Home Credit Profitability Best-in-class technical and commercial capabilities + scale effect + Generali Group core
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