generali group 3q 2005 results november 10th, 2005
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Generali Group
3Q 2005 Results
November 10th, 2005
Assicurazioni Generali 3Q05 results
23Q05 Consolidated Key Numbers
13.411.4
96.399.2
Shareholders Equity (Euro bln)
Life expense ratio (%)
12.6 13.0
28.1 33.0
P&C
Life
Gross Premiums (Euro bln)
3Q053Q04
40.7
FY04
3Q053Q04
Combined ratio (%)
3Q053Q04
3Q05
9.210.6
46.0
(1) On homogeneous basis
1,5761,203
Net Profit (Euro mln)
3Q04 3Q05
+17.2%13.2%(1) +17.2%31.0% +17.2%17.8%
+17.2%-1.4 p.p. +17.2%-2.9 p.p.
Assicurazioni Generali 3Q05 results
3Total Gross Written Premiums
Total Gross Written Premiums
(1)
100.0%13.2%46,020Total
8.2%141.5%3,732Rest of World
2.8%22.7%1,298Rest of Europe
1.3%4.1%604Eastern Europe
2.2%2.4%993Switzerland
3.4%3.2%1,584Austria
3.6%7.7%1,636Spain
20.9%8.7%9,634France
21.3%4.5%9,815Germany
36.3%9.5%16,724Italy
weight on consolidated
YoY increaseGWPCountry
(1) On homogeneous basis
100.0%17.6%32,965
9.3%215.8%3,034
1.9%16.7%640
0.5%3.5%155
1.7%-1.1%568
1.7%11.9%567
1.7%0.9%573
21.7%12.0%7,146
22.2%6.6%7,318
39.3%12.2%12,966
(1)
weight on consolidated
YoY increaseGWP
100.0%3.3%13,054
5.4%17.3%698
5.0%29.3%658
3.4%4.3%449
3.3%7.4%425
7.8%-1.1%1,018
8.1%11.8%1,063
19.1%0.3%2,488
19.1%-1.0%2,497
28.8%1.2%3,758
(1)
weight on consolidated
YoY increaseGWP
Gross Life Written Premiums Gross P&C Written Premiums
Euro mln Euro mln Euro mln
Assicurazioni Generali 3Q05 results
4Life New Production(*)
8,092 9,374
7,47710,575
Total new production(*)
(Euro mln)
3Q04 3Q05
+17 27.4%27.4% -45.7%
15.8%24.0%13.1%
Generali Italian business growth rates (%)
Generali international business growth rates (%)
Agents Bank FAsTotal Italian
new business15,659
19,949
Italy
International
(*) Italian measure
• Total international new business: +41.4%
• France: +12.6%
• Germany:
- Total new business: -10.2% (market: -11.2%)
- Regular premiums: -16.3% (market: -35.4%)
(**)
(**) Regular premiums new production up 23.7%
Assicurazioni Generali 3Q05 results
5Profit & Loss Account
(*)
30.09.04 30.09.05 Change (%)
Total Revenues, of which: 51,456.9 59,529.3 15.7%
Net earned premiums 39,271.5 43,882.7 11.7%
Income from financial instruments & other investments
8,378.5 9,441.7 12.7%
Net income from financial instruments at fair value thr. P&L 2,230.5 4,491.5 101.4%Other income 1,576.3 1,713.4 8.7%
Total Costs, of which: 49,239.7 56,559.2 14.9%
Claims incurred 38,027.0 45,919.9 20.8%Charges from financial instruments & other investments
2,237.1 1,850.5 -17.3%
Operating expenses 6,284.0 6,484.7 3.2%Other charges 2,691.7 2,304.1 -14.4%
Pretax profit 2,217.2 2,970.1 34.0%
Income taxes 710.7 1,017.0 43.1%Minority interests 303.1 376.9 24.3%
Net Profit 1,203.4 1,576.3 31.0%
Euro mln
Assicurazioni Generali 3Q05 results
6Investment result(*)
9,439
7,032
8,607
1,311
479721
1,116
263
Composition of 3Q05 investment result
Interest ÷nds
Net realestaterevenues
Net realisedgains on Financialinvestments
Net writedowns
Investmentresult beforeadmin. expenses
Investmentadmin.expenses
Net investmentincome
Tot. net inc.from fair value through P&L(**)
(**) Excluding assets covering Unit Linked reserves
( )( )
(*) Before policyholder participation
Assicurazioni Generali 3Q05 results
7P&L: 3Q05 Results Segmental Analysis
LIFE P&C FINANCIALS CONS ADJ.
Total Revenues, of which: 45,267.7 14,404.3 1,112.1 -1,254.8 59,529.3
Net earned premiums 32,416.0 11,465.0 1.7 43,882.7Income from financial instruments & other investments
7,828.1 1,800.0 373.4 -559.7 9,441.7
Net income from financial instruments at fair value thr. P&L
4,224.5 187.2 79.8 0.0 4,491.5
Other income 799.1 952.1 658.9 -696.8 1,713.4
Total Costs, of which: 43,271.2 13,329.3 874.8 -916.1 56,559.3
Claims incurred 38,038.5 7,999.3 -117.9 45,919.9Charges from financial instruments & other investments
1,087.0 665.5 254.3 -156.4 1,850.5
Operating expenses 3,031.5 3,121.2 323.8 8.2 6,484.7Other charges 1,114.2 1,543.2 296.6 -649.9 2,304.1
Pretax profit 1,996.5 1,075.1 237.3 -338.7 2,970.1
Income taxes 647.6 302.8 66.6 0.0 1,017.0Minority interests 295.9 23.6 43.7 13.6 376.9
Net Profit 1,052.9 748.7 127.0 -352.4 1,576.3
TOTALEuro mln
Assicurazioni Generali 3Q05 results
8Combined Ratio by Country
ITA GER FRA SPA AUT SWI CONSOLIDATED
Loss Ratio3Q05 74.4% 63.0% 73.5% 63.0% 66.8% 72.6% 69.7%
3Q04 77.0% 64.9% 74.2% 66.4% 72.5% 72.3% 69.9%
Expense Ratio
Combined Ratio
3Q05 22.2% 32.8% 25.0% 24.6% 27.8% 23.6% 26.6%
3Q04 22.1% 34.5% 26.0% 23.5% 28.6% 22.9% 29.3%
3Q05 96.6% 95.8% 98.5% 87.6% 94.6% 96.2% 96.3%
3Q04 99.1% 99.4% 100.2% 89.9% 101.1% 95.2% 99.2%
ITA GER FRA SPA AUT SWI CONSOLIDATED
Loss Ratio3Q05 74.4% 63.0% 73.5% 63.0% 66.8% 72.6% 69.7%
3Q04 77.0% 64.9% 74.2% 66.4% 72.5% 72.3% 69.9%
Expense Ratio
Combined Ratio
3Q05 22.2% 32.8% 25.0% 24.6% 27.8% 23.6% 26.6%
3Q04 22.1% 34.5% 26.0% 23.5% 28.6% 22.9% 29.3%
3Q05 96.6% 95.8% 98.5% 87.6% 94.6% 96.2% 96.3%
3Q04 99.1% 99.4% 100.2% 89.9% 101.1% 95.2% 99.2%
Assicurazioni Generali 3Q05 results
9Life Expense Ratio by Country
ITA GER FRA SPA AUT SWI CONSOLIDATED
Total Expense Ratio
3Q05 6.0% 15.7% 6.0% 6.4% 20.5% 20.9% 9.2%
3Q04 6.0% 19.1% 7.4% 6.0% 27.5% 24.5% 10.6%
ITA GER FRA SPA AUT SWI CONSOLIDATED
Total Expense Ratio
3Q05 6.0% 15.7% 6.0% 6.4% 20.5% 20.9% 9.2%
3Q04 6.0% 19.1% 7.4% 6.0% 27.5% 24.5% 10.6%
Assicurazioni Generali 3Q05 results
10Consolidated Balance Sheet
FY04 3Q05
€ blnIFRS IFRS
Shareholders Equity (Group share) 11.4 13.4
Minorities interests 3.2 3.5Shareholders Equity 14.6 16.9
Subordinated and financial liabilities 28.7 28.0
Technical reserves 249.6 275.3
Other debts and allowances 10.3 11.0
Other liabilities 7.1 8.3
Total Liabilities and Shareholders Equity
310.3 339.5
FY04 3Q05
€ blnIFRS IFRS
Intangible assets 2.9 2.9
Investments and cash 278.6 307.5
Other credits 8.8 9.0
Tangible assets 3.5 3.5
Other assets (*) 16.5 16.5
Total Assets 310.3 339.5
(*) including reinsurance amounts of technical reserves
Assets Liabilities
Assicurazioni Generali 3Q05 results
11Assets Under Management
265.5
39.3
28.1
Unit Linked
“Own Investments” (2)
Third parties AUM
Real Estate5.0%
Held to maturity
0.4%Fin. instr. at fair value thr.
P&L8.6%
Group participations
0.3%
Loans15.5%
Available for sale
70.2%
Other3.6%
Fixed Income79.7% Real Estate
5.3%
Equity11.4%
Total € 332.9 bln
(2) “Own Investments” include real estate for own use. Without this asset class “Own Investments” would amount to € 262.6 bln.(1) Including real estate mutual funds
(1)265.5
39.3
28.1
Unit Linked
“Own Investments” (2)
Third parties AUM
Real Estate5.0%
Held to maturity
0.4%Fin. instr. at fair value thr.
P&L8.6%
Group participations
0.3%
Loans15.5%
Available for sale
70.2%
Other3.6%
Fixed Income79.7% Real Estate
5.3%
Equity11.4%
Total € 332.9 bln
(2) “Own Investments” include real estate for own use. Without this asset class “Own Investments” would amount to € 262.6 bln.(1) Including real estate mutual funds
(1)
Assicurazioni Generali 3Q05 results
12
Certain of the statements contained herein are statements of future expectations and other forward-looking statements.
These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties.
The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including , among other things, general economic and sector conditions.
Neither Assicurazioni Generali SpA nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document.
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