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					Assicurazioni Generali
CONSOLIDATED FINANCIAL
HALF-YEARLY REPORT

30 JUNE 2011




                         80
                                th


                         year




 2011
CONSOLIDATED FINANCIAL
HALF-YEARLY REPORT

30 JUNE 2011




               ECPI Ethical Index Euro
               ECPI Ethical Index Global
               FTSE ECPI Italia SRI:
               Leaders Index; Benchmarck Index
                                                                      Registered Office and Central Head Office in Trieste
                                                                      Head Office for Italian Operations in Mogliano Veneto
                                                                      Capital (fully paid in) Euro 1,556,873,283.00
                                                                      Fiscal code and Trieste Companies Register 00079760328
                                                                      Company entered in the Register of Italian Insurance
                                                                      and Reinsurance Companies under no. 100003
                                                                      Parent Company of Generali Group, entered
                                                                      in the Register of Insurance Groups under no. 026




CHAIRMAN                                                Gabriele Galateri di Genola
VICE - CHAIRMEN                                         Vincent Bolloré, Francesco Gaetano Caltagirone, Alberto Nicola Nagel
MANAGING DIRECTOR AND GROUP CEO                         Giovanni Perissinotto (*)
(*) He acts also as General Manager

MANAGING DIRECTOR                                       Sergio Balbinot (*)
(*) He acts also as General Manager


DIRECTORS                                               Cesare Calari / Carlo Carraro / Diego Della Valle
(**) Directors who, together with the Chairman,         Petr Kellner / Angelo Miglietta (**) / Alessandro Pedersoli
Vice-Chairmen and Managing Directors,
form the Executive Committee                            Lorenzo Pellicioli (**) / Reinfried Pohl / Paola Sapienza
                                                        Paolo Scaroni / Francesco Saverio Vinci


GENERAL COUNCIL                                         Giorgio Davide Adler / José Ramón Álvarez Rendueles
Comprising, besides the below listed elective           José Maria Amusátegui de la Cierva / Francesco Maria Attaguile
Members, the Members of the Board of Directors and
the General Managers                                    Claude Bébéar / Kenneth J. Bialkin / Gerardo Broggini
                                                        Giacomo Costa / Maurizio De Tilla / Enrico Filippi
                                                        Carlos Fitz-James Stuart y Martínez de Irujo / Georges Hervet
                                                        Dietrich Karner / Khoon Chen Kuok / Stefano Micossi
                                                        Benedetto Orsini / Arturo Romanin Jacur / Guido Schmidt-Chiari
                                                        Alejandro Valenzuela Del Río / Theo Waigel / Wilhelm Winterstein
BOARD OF AUDITORS                                       Eugenio Colucci, Chairman
                                                        Giuseppe Alessio Vernì / Gaetano Terrin
                                                        Maurizio Dattilo (substitute) / Francesco Fallacara (substitute)


GENERAL MANAGERS                                        Raffaele Agrusti (***), Paolo Vagnone
(***) Chief Financial Officer and Manager in charge
of the preparation of the company’s financial reports

DEPUTY GENERAL MANAGERS                                 Attilio Invernizzi / Manlio Lostuzzi / Aldo Minucci / Valter Trevisani

SECRETARY OF THE BOARD OF DIRECTORS                     Oliviero Edoardo Pessi



CORPORATE BODIES AS OF 5 AUGUST 2011
Finmeccanica – Helicopter AW109




The images published in this book refer to major Companies and works insured by Assicurazioni Generali.
Cover: collage of images provided by Genagricola, Fincantieri, Finmeccanica, Eni, Ferrovie dello Stato, Premuda, Alitalia.
                                                                         BOZZA DEL 04/08/2011 12:12:42




INDEX
MANAGEMENT REPORT
 Group highlights                                                                                    12
 The Generali Group                                                                                  13
 Business environment                                                                                15

Information on operations
  Group highlights at 30 June 2011                                                                    23
  Life segment                                                                                        33
  Non-life segment                                                                                    47
  Financial segment                                                                                   58

 Significant events after 30 June 2011                                                                61
 Outlook for Generali Group                                                                           61
Appendix to the Management report                                                                     63

CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS
Consolidated financial statements
 Balance sheet                                                                                        78
 Income statement                                                                                     81
 Statement of comprehensive income                                                                    83
 Statement of changes in equity                                                                       84
 Statement of cash flow                                                                               87

Notes to the Consolidated statements
 Basis of presentation and accounting principles                                                      91
 Notes on the balance sheet                                                                           93
 Notes to the income statement                                                                       105
 Other information                                                                                   110
 Appendices to the notes                                                                             117

Appendixes
 Change in the consolidation area                                                                    136
 Subsidiaries consolidated line by line                                                              137
 Non-consolidated subsidiaries and associated companies                                              154

Attestation on the condensed consolidated half-yearly financial statements in accordance with
Art. 81-ter of Consob Regulation n. 11971 of 14 May 1999 and following amendments and integrations   169


Independent Auditors’ report                                                                         363




Bozza del 04/08/2011 12:12:42 - DATI NON DEFINITIVI                                                        9
Fincantieri - Shipyard in Monfalcone, Gorizia




MANAGEMENT REPORT
                                                           BOZZA DEL 04/08/2011 19:33:00




INDEX
Group highlights                                                                     12
 Economic highlights                                                                 12
 Financial highlights                                                                12
The Generali Group                                                                   13
 The Generali Group’s profile                                                        13
 Shareholders and stock perfomance                                                   14
 Rating                                                                              14
Business environment                                                                 15
 Macro-economic scenario                                                             15
 Financial markets                                                                   17
 Insurance markets                                                                   19
Group highlights at 30 June 2011                                                     23
 Business performance of the Group                                                   23
 Financial position of the Group                                                     28
Life segment                                                                         33
  Business performance of the life segment                                           33
  Financial position of the life segment                                             44
Non-life segment                                                                     47
 Business performance of the non-life segment                                        47
 Financial position of the non-life segment                                          55
Financial segment                                                                    58
  Business performance of the financial segment                                      58
  Financial position of the financial segment                                        60
Significant events after 30 June 2011                                                61
Outlook for Generali Group                                                           61

Appendix to the management report
 Information on operations                                                           65
 Methodological note on alternative performance measures                             66




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     Group
     Group highlights


     Economic highlights

                                                                                                                                                                           C hange
                                                                                                                                                                                      (*)
           (€ million)                                                                                 30/06/2011                 30/06/2010               C hange    like for like


           Group
                                         (**)
           Gross w ritten premiums                                                                        35,852.9                  38,128.8                -6.0%            -6.3%
           Ex pense ratio                                                                                   16.1%                     14.9%                    1.2
              Acquisition costs / N et premiums                                                             12.7%                     11.8%                  0.9%
              Administration costs / N et premiums                                                           3.4%                      3.1%                  0.3%
                                                       (***)
           Consolidated operating result                                                                   2,408.2                   2,135.9                12.7%
           Result of the period                                                                              805.5                     872.9                 -7.7%

           Life segment
                                                (**)
           Gross life w ritten premiums                                                                   23,842.4                  26,351.1                -9.5%            -9.8%
           N et cash inflow s                                                                              4,818.4                   9,600.7               -49.8%          -50.1%
                                                                                                                                                                                (****)
           APE                                                                                             2,512.6                   2,784.0                -9.8%       -9,4%
           Ex pense ratio - life segment                                                                    11.0%                      9.8%                    1.2
              Acquisition costs / N et premiums                                                              8.7%                      7.9%                  0.9%
              Administration costs / N et premiums                                                           2.3%                      1.9%                  0.3%
           Operating result - life segment                                                                 1,663.3                   1,568.0                 6.1%

           Non-life segment
           Gross non-life w ritten premiums                                                               12,010.5                  11,777.7                 2.0%            1.6%
           Ex pense ratio - non-life segment                                                                27.6%                     27.9%                    -0.3
              Acquisition costs / N et earned premiums                                                      21.7%                     21.9%
              Administration costs / N et earned premiums                                                    5.9%                      6.1%
           Loss ratio - non-life segment                                                                    68.9%                     70.8%                    -2.0
           C ombined ratio - non-life segment                                                               96.5%                     98.8%                    -2.3
           Operating result - non-life segment                                                               798.8                     586.0                36.3%

           Financial segment
           C ost income ratio                                                                               68.5%                     68.4%                    0.1
           Operating result - financial segment                                                              210.5                     202.8                 3.8%

     (*) On equiv alent term s: on equiv alent ex change rates and consolidation area com pared to the sam e period of the prev ious financial y ear.
     (**) T aking into account premium s related to inv estm ent contracts.
     (***) N et of holding ex penses and consolidation adjus tm ents.
     (****) On equiv alent term s: on equiv alent ex change rates, consolidation area and s hare attributable to the Group.


     Financial highlights
                                                                                                                                                                                (1)
           (€ million)                                                                                30/06/2011                31/12/2010                C hange     C hange


           Total inv estments                                                                          375,188.4                 372,073.5                 0.8%
           Asset under management                                                                        91,869.1                  92,980.1                -1.2%           1.4%
                                   (1)
           Insurance prov isions                                                                       349,820.5                 343,583.7                 1.8%
           Shareholders' equity attributable to the Group                                                17,231.4                  17,489.8                -1.5%
           Solv ency I ratio                                                                               134%                      132%                     2.0
     (1)
           On equiv alent term s: on equiv alent ex change rates and consolidation area com pared to the sam e period of the prev ious financial y ear.
     (1)
           Taking into account financial liabilities related to policies of the life segm ent and ex cluding deferred policy holders liabilities.




12                                                                                             Bozza del 04/08/2011 17:19:51 - DATI NON DEFINITIVI
                                                                       BOZZA DEL 03/08/2011 19:22:31




The Generali Group

The Generali Group’ s profile

The Generali Group is a leading international insurance and investment company led by Assicurazioni
Generali S.p.A., founded in Trieste, Italy, in 1831. The Group has always been characterized by a
strong international orientation and is now present in 68 countries: the Group's insurance turnover
exceeds € 73 billion, 29% of which originates in Italy and 71% abroad.

In its core insurance business, the Generali Group is primarily focused on the life segment, in which it
remains the European leader. Its product line in the life segment consists mainly of savings and
protection policies, which account for the majority of the portfolio, alongside unit-linked and
supplementary pension policies.
In the non-life segment, the Group is primarily focused on the retail market, on which it provides
coverage of the entire insurance portfolio.
In addition, Generali is among the world’s major players in the field of assistance, through the Europ
Assistance Group, which provides worldwide services in the motor, travel, health, home and family
segments.
The Group has also expanded its business from insurance to a full line of asset management,
properties and financial services. In detail, the Banca Generali Group is among the leaders of the
Italian personal financial services market, whereas the BSI Group (Banca della Svizzera Italiana),
which was developed from the oldest bank of the Canton of Ticino (1873), aims to provide a full range
of private-banking financial services.




The Group leads the Italian market and has consolidated its position among the world's foremost
insurance groups, achieving increasing importance on the Western European market, its primary area
of operation, where it remains among the top operators in Germany, France, Austria, Spain and
Switzerland. The Group has an important position also in Israel and Argentina.
In addition, the Group has a strong presence on markets with high growth potential. In particular, it is
among the leaders in Central and Eastern Europe through Generali PPF Holding. The Group is also


Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                        13
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     present in India and China; in particular in China it is become leader among the insurance companies
     with foreign equity interests in few years after entering the market.

     Shareholders and stock performance

     At 30 June 2011, outstanding shares, with a nominal value of € 1 each, were 1,556,873,283, of which
     16,130,864 held by the Parent Company and other Group companies. At the same date, the Parent
     Company’s shareholders numbered around 293,000.

     According to the latest available data, the following held equity interests of more than 2% in the
     Company directly or indirectly through nominees, trust companies and subsidiary companies:

                                                                                                   Percentage of
      Shareholders                                                            Number of shares      share capital


       1 GRUPPO MEDIOBANCA                                                        206,095,114           13.238%
       2 BANCA D'ITALIA                                                            69,777,535            4.482%
       3 GRUPPO BLACKROCK                                                          43,915,433            2.821%
       4 GRUPPO B&D HOLDING                                                        37,890,000            2.434%
       5 EFFETI S.p.A.                                                             35,800,587            2.300%
       6 GRUPPO CALTAGIRONE                                                        34,400,000            2.210%
       7 PETR KELLNER                                                              31,448,841            2.020%

      Updated as of 1st July 2011.



     At 30 June 2011 the price quotation for Generali share was € 14.55. Since the beginning of 2011, the
     stock reached a low of € 13.64 on 24 June 2011 and a high of € 16.99 on 8 February 2011.

     Market capitalization at 30 June 2011 was 22,652.6 million, confirming Assicurazioni Generali’s
     position among the major European insurers by market capitalization.

     Rating

     The current ratings and outlooks assigned to Assicurazioni Generali by the major agencies are
     illustrated below. These views confirm the Group's traditional financial solidity and are a distinctive
     factor in its business success:



      Rating agency                                                                     Rating           Outlook


      A.M.Best                                                                             A+             Stable
      Standard & Poor's                                                                   AA-             Stable
      Fitch                                                                               AA-             Stable
      Moody's                                                                             Aa3             Stable




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                                                                        BOZZA DEL 03/08/2011 19:22:31




Business environment

Macro-economic scenario

In the first half of 2011, the global economy fell slightly compared to the expectations due to a variety
of factors, such as the rise in commodities prices early in the year and the impact of the earthquake in
Japan on global manufacturing activity, particularly on the electronics and automotive industries.
Growth remained robust in emerging economies, while advanced economies registered more moderate
performances, primarily due to the negative impact of the above-mentioned increase in the
commodities prices and the effects of restrictive fiscal policies on domestic demand.

The United States was characterized by a slowing recovery (estimated GDP growth of 2.3%)
compared to the end of 2010 (up 2.9%). After falling to 8.8% in early 2011, the unemployment rate
rose back to 9.2% in June (9.4% as at 31 December 2010). In further detail, the jobs added in the
private sector were not sufficient to offset government job cuts. Exports continued to benefit from the
dollar depreciation. The outlook for the public finances remains uncertain: in 2010 the budget deficit
reached a record of 10.6% of GDP.

In China, economic growth remained strong, with GDP up 9.6%. This strong growth, along with the
rise in the price of oil, caused a sharp rise in inflation (up 6.4%). The economic policy authorities
intervened decisively to contain the expansion of credit with the aim of moderating inflationary
pressures and preventing the formation of speculative bubbles. The government also continued to
implement structural measures aimed at reducing exports and strengthening domestic demand by
expanding public spending.

Latin America continued to enjoy rapid economic growth driven by the rise in commodities prices
and exports towards rapidly growing areas, with China foremost among them. The strong state of
public finances, moderate inflationary pressures and high level of currency reserves allowed these
countries to emerge from the crisis before other major world economies.

In the European Union, the recovery was modest in extent (estimated GDP growth of 2.5%), with a
range of performances: Germany reported strong economic growth (GDP up 4.8% in the first quarter),
while the growth rate remained essentially static in Spain and Italy with a variation of respectively
0.8% and 1% for the quarter. Severe uncertainty continued to characterize Greece, where GDP
contracted 4.8% in the first quarter, Portugal, where GDP declined by 0.7% in the first quarter, and
Ireland: the increase in public spending and the decline in tax revenue due to the deteriorated
economic situation mean that the risk of debt crises remains high. In Greece in particular, the
enormous public debt made it necessitated both a series of measures to contain the public deficit and a
request for aid from the European Union and International Monetary Fund. In July the two
international organisations completed a financial aid package for Greece aimed at preventing the
country’s default and protecting the Euro Area from a potential contagion effect. Portugal and Ireland,
characterized by low economic growth accompanied by rising public deficits, also requested financial
assistance from the International Monetary Fund and European Union. This situation led these
countries to lose their investment grade status as a result of downgrades of their sovereign debt by the
major ratings agencies.
In the case of Italy, growth was significantly slower than the Euro Area average (annual tendential
growth is expected to come to less than 1%). Weak salary increases and a slow recovery of the job

Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                         15
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     market penalised household incomes. Business investments also struggled to develop due to
     uncertainty regarding the economic situation, the persistent financial difficulties experienced by many
     firms and credit market tensions. Slow growth made it difficult to reduce the public debt, which in
     May was up 2.95% compared to the end of 2010, with the ensuing rise in long-term interest rates. In
     addition, in July the spread between Italian government bonds and German Bund widened as a result
     of market tensions, due to concerns arising from the uncertain economic situation of the United States.

     In the countries of Central and Eastern Europe belonging to the European Union, economic growth
     continued at a slightly higher rate than the Euro Area average (2.5% in the Czech Republic and 4.3%
     in Poland, for example), owing in particular to exports, the main driver of growth for most countries in
     the region. With the exception of Poland, domestic demand of the area remained weak, while showing
     a recovery. Growth was hampered by high unemployment and inflation rates, as well as the short-term
     effects of the restrictive measures implemented to slow the expansion of public debt, in addition to the
     persistent difficulties on the credit market, which continues to be characterized by restrictive
     conditions.

     In the Euro Area, the tendential inflation rate reached 2.7% (2.1% at 31 December 2010). The
     increase is primarily attributable to the rise in the price of oil, which for Brent crude reached $112.48 a
     barrel at the end of June ($94.75 at 31 December 2010). Inflation also continued to rise in the United
     States, reaching 3.6% (1.5% at 31 December 2010), primarily due to the weakness of the dollar.

     Central banks adopted differing policies with regard to benchmark interest rates: in response to
     inflation, the ECB raised its rate to 1.5% from 1% at the end of 2010, whereas the Federal Reserve
     adopted a policy of stabilization, keeping the Fed Funds rate between 0.10% and 0.25%.

     With reference to period-end exchange rates(1), it may be remarked that the euro appreciated against
     the Group's other main currencies of operation, with the exception of the Swiss franc and Czech
     koruna.

                                                                                   Exchange rate at the end of the period (currency/€)
       Currency                                                                                 30/06/2011                      31/12/2010


       US dollar                                                                                    1.4499                          1.3416
       Swiss franc                                                                                  1.2208                          1.2505
       Czech koruna                                                                                24.3330                         25.0900
       British pound                                                                                0.9031                          0.8569
       Israeli shekel                                                                               4.9331                          4.7511
       Argentine peso                                                                               5.9502                          5.3287



     With reference to average exchange rates(2), the trend of the euro was different with respect to the
     Group's main currencies of operation. In particular, the Czech koruna, Swiss franc and Israeli shekel
     appreciated against the euro.




     (1)
           Used to convert items of the balance sheet into euro.
     (2)
           Used to convert items of the profit and loss account into euro.

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                                                                      BOZZA DEL 03/08/2011 19:22:31




                                                                            Average exchange rate (currency/€)
 Currency                                                                         30/06/2011                     30/06/2010


 US dollar                                                                            1.4036                        1.3285
 Swiss franc                                                                          1.2702                        1.4361
 Czech koruna                                                                        24.3451                       25.7297
 British pound                                                                        0.8683                        0.8705
 Israeli shekel                                                                       4.9370                        4.9932
 Argentine peso                                                                       5.6817                        5.1389




Financial markets

In the first half of 2011, financial markets were characterized by periods of extreme volatility as a
result of persistent tension surrounding sovereign debt in the Eurozone. Markets were affected by
concerns of a contagion effect of the aforementioned crises in Greece, Portugal and Ireland, which
faced considerable financial difficulties.

On bond markets, the performance of government bonds reflected the tensions described in the
Eurozone, with a considerable widening of spreads between peripheral nations and German Bunds:
Portugal's spread rose from 368 bps at the end of 2010 to 787 bps as at 30 June 2011, Ireland's from
608 bps to 867 bps and Greece's from 950 bps to 1,331 bps. Increases were concentrated in the second
quarter in particular. Italy's spread remained stable at 185 bps at 30 June 2011. As anticipated,
however, the trend of the spread in July was extremely volatile, showing a significant enlargement
determined by the credit market tensions.

      LONG-TERM INTEREST RATE IN 2011
                                                                      European 10-year rate          USA 10-year rate


4,0



3,0




2,0




The yield on ten-year German government bonds, which is the European benchmark rate, rose from
2.96% at the end of 2010 to 3.03% at 30 June 2011. This trend reflects in particular the contraction
witnessed in the second quarter of the year (-32 bps). Yields on ten-year U.S. government bonds fell
from 3.29% in December 2010 to 3.16%.

The European two-year benchmark rate rose from 0.86% at the end of 2010 to 1.61%. The rate curve
thus flattened in the second quarter, reflecting the situation of uncertainty on the financial markets.
The U.S. two-year benchmark rate declined from 0.59% to 0.46%.




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                           17
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            SHORT TERM INTEREST RATE IN 2011
                                                                            European 2-year rate       USA 2-year rate




      1,8
      1,5
      1,2
      0,9
      0,6
      0,3
       0




     Corporate bonds performed well. The spread on investment-grade securities decreased from 144 bps at
     the end of 2010 to 133 bps at 30 June 2011, as did the spread on the high-yield segment, which fell
     from 494 bps to 475 bps.


             STOCK MARKETS IN 2011                                                                 EUROSTOXX
                                                                                                   FTSE MIB
                                                                                                   S&P 500
      120



      110



      100



       90




     Equity markets registered essentially positive performances during the half-year due to the results
     achieved in the first quarter. The Eurostoxx was up 1.38%. Especially strong performances were
     reported by Frankfurt's DAX (up 6.68%), Madrid's Ibex (up 5.08%) and the Parisian CAC (up 3.41%).
     Milan's FtseMib remained essentially unchanged (up 0.07%).
     The sectors of the market that yielded the strongest performances were healthcare (up 16.86%),
     automobiles (up 9.79%) and insurance (up 9.25%). By contrast, the banking industry reported a
     decline (down 0.34%), concentrated in particular in the second quarter of the year (-6.85%).
     The second quarter was then characterised by a certain degree of volatility highlighting a general
     deterioration compared to the first quarter (Eurostoxx -1.72%, Ibex -2.05% and FtseMib -7.09%), with
     the exception of the DAX (up 4.76%).
     In the United States, equity indices were affected by the economic slowdown that characterised the
     half-year, showing more moderate growth: the S&P 500 was up by 4.99% (9.68% at 31 December
     2010) and the NASDAQ by 4.15% (4.43% at the end of 2010).




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                                                                           BOZZA DEL 04/08/2011 17:20:43




Insurance
Insurance markets

The main insurance markets on which the Generali Group operates reported a considerable diversity
of performance in terms of written premiums by geographical area and business segment.

The life segment registered a slowdown compared to the strong growth achieved in 2010. In Italy,
despite a decline compared to the exceptional results reported in 2010, written premiums reported in
the first half of the year raised premium volumes to pre-crisis levels. The decline in written premiums
was consistent across all product types, but was weighed down by the decline in sales of insurance
products through the banking channel.
The decrease in written premiums reported in France in the first half of the year was driven by the
uncertainty created by the possible change in the tax treatment of savings products and the financial
market situation.
In Germany, the low level of market interest rates has reduced the commercial appeal of traditional
products.
The life segment also slowed in major Central and Eastern European countries in the first half of 2011,
with the exception of the Czech Republic, which remained at the high rates seen in 2010.

In the non-life segment, written premiums were influenced by economic growth conditions. The
Motor line recovered in Italy due to the tariff increases aimed at restoring technical balance. By
contrast, written premiums in other lines of business were affected by the weakness of the economic
recovery, which has a negative influence on the propensity to purchase insurance.
Growth was also reported in France, where written premiums in the first part of the year was driven by
a substantial tariff increase, especially for the Motor line, and a rise in the cost of health services in the
Health line.
In Germany, the strong performance of the manufacturing industry fostered written premiums in the
Property, Accident and other material damages to properties, while the attenuation of the tariff tension
- which had characterized the recent periods - has contributed to the growth in the Motor line.
Written premiums continued to decline in Central and Eastern Europe, albeit to a more moderate
extent, conditioned by the performance of the Motor line. Poland performed against the trend in the
area, supported by a more solid national economy with lesser dependence on foreign demand.




Bozza del 04/08/2011 17:20:43 - DATI NON DEFINITIVI                                                              19
Genagricola - Farm




Information on operations
.




    ·
                                                                          BOZZA DEL 03/08/2011 19:22:31




Group highlights at 30 June 2011



                                        - Result of the period: € 805.5 million (-7.7%)
                                        - Operating result: € 2,408.2 million (+12.7%)
                                        - Gross written premiums: € 35,852.9 million (-6.0%)
                                        - Shareholders’ equity: € 17,231.4 million (-1.5%)



Business performance of the Group

Group’ s result

The result of the period attributable to the Group amounted to € 805.5 million, down 7.7%
compared to € 872.9 million at 30 June 2010. This result was affected by higher net imparirment
losses caused by the tensions that have characterized the financial markets, also as a result of the
increased sovereign risk in some peripheral countries of the Eurozone. The result benefits, however,
both from the growth in the non-life segment, driven by improved technical margins, and the good
operating performance for the life segment, which posted the best half-year results of the last four
years. The financial segment confirmed its positive contribution posting a higher operating result
compared to that recorded in June 2010.
In particular, it should be noted that, following the recent proposal for the restructuring of the country's
sovereign debt of Greece, the Group has decided to write-down the government bonds issued by
Greece expiring by 2020, representing more than 70% of its exposure to bonds of the country. The
impairment loss, determined on the basis of market prices at 30 June 2011, amounted to € 1,001.8
million, mainly concentrated in the life segment, with an impact on the earning before taxes amounted
to € 195.4 million and on the Group net result amounted to 139.9 million.
The Group has also written-down its participation in Telco, an holding company which holds 22.4% of
Telecom Italia, for an amount of € 315.1 million determined on the basis of an intrinsic value of
Telecom Italia of € 1.8 per share, which had an impact on the earning before taxes amounted to € 97.9
million and on the Group net result of € 143.3 million, also taking into account the tax non-
deductibility of the impairment.
Lastly, the result was affected by the increased fiscal pressure in the main countries where the Group
operates, in particular in Italy due to the recently adopted fiscal measures. The tax rate was 31% (29%
at 30 June 2010).

Taking into account also other net gains and losses recognized directly through equity, total
comprehensive income attributable to the Group amounted to € 466.3 million (€ 1,063.9 million in
the same period of the previous year).
The decrease is attributable for € 624.6 million to the reduction of the half-year change of the reserve
for currency translation differences arising from the translation of the subsidiaries' financial statements
denominated in foreign currencies, due to the depreciation of the euro against the main currencies used
by the Group in its operations recorded in the first half of 2010, and for € 74.6 millions to the positive
change of the trend in net gains on available for sale financial assets.



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     Gross written premiums development


                                                                                                                                                                                   Change
       (€ million)                                                                                      30/06/2011                  30/06/2010        Change                 like for like(*)

       Gross written premiums(**)                                                                          35,852.9                    38,128.8           -6.0%                      -6.3%
       Life gross written premiums(**)                                                                     23,842.4                    26,351.1           -9.5%                      -9.8%
       Non-life gross written premiums                                                                     12,010.5                    11,777.7           2.0%                        1.6%

     (*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.
     (**) Taking into account premiums related to investment contracts, which amount at € 1,529.6 million (€ 2,742.0 million at 30 June 2010).



     Total written premiums gross of reinsurance — which also include premiums related to investment
     contracts — amounted to € 35,852.9 million (down 6.0% compared to 30 June 2010; down 6.3% on
     equivalent terms).
     While non-life gross written premiums increased, the decline is entirely attributable to the life
     segment, whose written premiums amounted to € 23,842.4 million, down by 9.5% (down 9.8% on
     equivalent terms), as a result of the 23.5% decrease in single premiums from savings and linked
     policies, which in the first half of 2010 had shown a high concentration of written premiums during
     the entire year. By contrast, annual written premiums for the whole portfolio increased (up 4.5%; up
     3.8% on equivalent terms). The second quarter of 2011, though still decreasing by 5.1% on equivalent
     terms compared to the same period of the previous year, showed a recovery compared to the drop by
     13.8% recorded for the first quarter of the year.
     As mentioned above, non-life written premiums, which amounted to € 12,010.5 million, increased by
     2.0% (up 1.6% on equivalent terms), thus confirming the recovery signs seen starting from the second
     half of 2010. This performance was mostly influenced by the improvement of the Motor line, which in
     2010 had been negatively impacted by strong tariff competition and the decrease in the number of
     vehicle registrations. The Personal, as well as the Accident and Health lines also contributed to the
     development, whereas the Commercial/Industrial line continued to suffer from the economic situation
     of important countries where the Group operates.


                GROUP LIFE WRITTEN PREMIUMS at 30.06.2011                                                              GROUP NON LIFE WRITTEN PREMIUMS at 30.06.2011


                     12,3%                                                                                                  14,2%
                                                                                                                                                  42,1%
                                                    61,6%
       9,0%                                                             Savings and Protection                                                                    Motor
                                                                                                                                                                  Personal
                                                                        Unit/ Index linked
                                                                                                                                                                  Commercial/Industrial
                                                                        Health
                                                                                                              21,9%
                                                                                                                                                                  Accident/Health
                                                                        Group
      17,1%


                                                                                                                                      21,8%



     Operating result

     Up 12.7%, the operating result of the Group amounted to € 2,408.2 million, compared to €
     2,135.9 million at 30 June 2010, thanks to the positive performance of all segments of operations. In
     particular, the operating result of the life segment posted its best half-year performance in the last four


24                                                                                               Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                       BOZZA DEL 03/08/2011 19:22:31




years, the non-life segment benefited from the improvement in technical margins and the financial
segment contribution also increased thanks to international development programs implemented by the
Group.
The decline in net investment result was mainly due to the performance of net income from financial
instruments at fair value through profit or loss, which reflected the negative trend in bond markets, as
well as the significant increase in impairment losses. The latter are attributable to € 1,083.1 million
impairment losses of Greek government bonds and of the investment in Telco.
Taking into account the lower policyholder interests’ share on operating income from investment of
the life segment, the net impact on the operating result of the aforementioned impairment losses
amounted to € 59.6 million, of which € 53.4 million related to the impairment of the Greek bonds and
€ 6.2 million to the investment in Telco.


 (€ million)                                              30/06/2011        30/06/2010           Change


Group operating result                                       2,672.6           2,356.8            13.4%
 Italy                                                        995.6             931.8              6.9%
 France                                                       454.3             344.0             32.0%
 Germany                                                      321.1             364.4            -11.9%
 Central and Eastern Europe                                   255.7             215.8             18.5%
 Rest of Europe                                               477.6             370.5             28.9%
    of which Spain                                            131.4             112.1             17.2%
    of which Austria                                            84.3              91.1            -7.4%
    of which Switzerland                                      174.7             146.0             19.7%
 Rest of World                                                168.2             130.2             29.2%
Holding expenses                                              -146.6            -138.1             6.2%
Consolidation adjustment                                      -117.9             -82.8            42.3%
Total Group operating result                                 2,408.2           2,135.9            12.7%



With reference to the operating performance of the main countries, Italy confirmed its positive
contribution which growth is attributable to non-life segment benefitting from a recovery in technical
margins. Operating result in France rose significantly, mainly thanks to life segment. The operating
performance in Germany, instead, was slightly down resulting from a decline in the net investment
result of the life segment, affected by the interest rate trend of the country. Operating results in
Central and Eastern Europe remained positive, particularly in the non-life segment. The operating
result also improved for the Rest of Europe, specifically in Spain and Switzerland.
Finally, the operating result was positive in the Rest of the World, in particular in Latin America,
driven by the results in Argentina and Mexico.

Non-operating result

The non-operating result of the Group went from € -730.4 million at 30 June 2010 to € -957.4
million due to the negative net investment result.

More specifically, the non-operating result from investments was characterized by lower realized
gains, which went from € 146.3 million at 30 June 2010 to € -10.6 million, affected by the
performance of the financial markets, as well as by lower gains on foreign currencies included in the
net non-operating income from financial instruments at fair value through profit or loss item which
went from € 90.8 million at 30 June 2010 to € 2.2 million. Finally, net impairment losses on other
financial instruments went from € -333.2 million at 30 June 2010 to € -478.8 million due to the

Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                        25
             MANAGEMENT REPORT
     BOZZA


     aforementioned net impairment losses recorded in the first half of the year. In particular the latter have
     been determined for € 233.8 million by the aforementioned impairment of Greek bonds (€ 142.0
     million) and the investment in Telco (€ 91.8 million). These net impairment losses have been
     classified as non-operating because recognized either on life segment investments whose write-downs
     did not affect the statutory reserves to the extent they were not included in the deferred policyholders
     liability, or on non life segment investments and those on shareholders’fund.

     Net other non-operating expenses, which include net non-recurring income and the amortization of the
     value of portfolios acquired directly or by obtaining control of insurance or financial companies,
     decreased to € -140.7 million (€ -250.9 million at 30 June 2010), of which € 96.2 million related to the
     amortization of the value of acquired portfolios (€ 97.0 million at 30 June 2010). In detail, the
     decrease was particularly due to lower risk provisions.

     Non-operating holding expenses amounted to € -329.6 million. The decrease (down 14.0%) was
     entirely attributable to the reduction in interest expense on liabilities linked to financing activities.




26                                                    Bozza del 05/08/2011 10:49:17 - DATI NON DEFINITIVI
                                                                                                                                            BOZZA DEL 03/08/2011 19:22:31




From operating result to Group result



  (€ million)                                                                                                    30.06.2011                         30.06.2010   Variazione

  Earnings before taxes                                                                                              1,450.8                           1,405.6        3.2%

  Income taxes (*)                                                                                                    -481.1                            -405.4       18.7%

  Earnings after taxes                                                                                                 969.7                           1,000.1       -3.0%

  Profit or loss from discontinued operations                                                                            -1.1                             16.9     -106.5%

  Consolidated result of the period                                                                                    968.6                           1,017.1       -4.8%

     Result of the period attributable to the Group                                                                    805.5                            872.9        -7.7%
     Result of the period attributable to minority interests                                                           163.1                             144.2       13.1%

  Consolidated operating result                                                                                      2,408.2                           2,135.9      12.7%
     Net earned premiums                                                                                            32,072.0                          33,173.9       -3.3%
     Net insurance benefits and claims                                                                             -29,289.0                         -33,060.4      -11.4%
     Acquisition and administration costs                                                                           -5,835.4                          -5,747.8        1.5%
     Net fee and commission income and net income from financial service
     activities                                                                                                        477.5                            432.5        10.4%
     Net operating income from financial instruments at fair value through profit
     or loss                                                                                                          -353.2                           1,454.5     -124.3%
     Net operating income from other financial instruments                                                           5,682.9                           6,233.0       -8.8%
         Interest income and other income                                                                            6,495.8                           6,172.2        5.2%
         Net operating realized gains on other financial instruments and land
         and buildings (investment properties)                                                                       1,008.3                            924.6         9.1%
         Net operating impairment losses on other financial instruments and
         land and buildings (investment properties)                                                                 -1,225.0                            -321.3     281.3%
         Interest expense on liabilities linked to operating activities                                               -292.7                            -247.6       18.2%
         Other expenses from other financial instruments and land and buildings                                       -303.5                            -295.0        2.9%
     Operating holding expenses                                                                                       -146.6                            -138.1        6.2%
     Net other operating expenses (*)                                                                                 -200.1                            -211.6       -5.4%

  Consolidated non-operating result                                                                                   -957.4                            -730.4      31.1%
    Net non-operating income from financial instruments at fair value through
    profit or loss                                                                                                        2.2                             90.8      -97.5%
     Net non-operating income from other financial instruments (**)                                                   -489.4                            -186.9     161.8%
       Net non-operating realized gains on other financial instruments and
       land and buildings (investment properties)                                                                       -10.6                           146.3      -107.2%
       Net non-operating impairment losses on other financial instruments
       and land and buildings (investment properties)                                                                 -478.8                            -333.2       43.7%
     Non-operating holding expenses                                                                                   -329.6                            -383.3      -14.0%
         Interest expenses on financial debt                                                                          -318.6                            -371.0      -14.1%
         Other non-operating holding expenses                                                                           -11.0                            -12.3      -10.9%
     Net other non-operating expenses (***)                                                                           -140.7                            -250.9      -43.9%

(*) The amount is net of operating taxes for € 28.6 million and of non-recurring taxes shared with the policyholders in Germany for € 19 million.
(**) The amount is gross of interest expense on liabilities linked to financing activities.
(***) The amount is net of the share attributable to the policyholders in Germany and Austria.




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                                                                           27
                       MANAGEMENT REPORT
     BOZZA



     Financial position of the Group

     Investments


                                                                                                                   30/06/2011                                           31/12/2010
                                                                                                                   Total                                                Total
       (€ million)                                                                                          book value                    % of total             book value                % of total

       Equity instruments (*)                                                                                 25,947.4                           8.0               27,298.3                      8.5
            Available for sale financial assets                                                               19,060.3                           5.9               20,517.8                      6.4
            Financial assets at fair value through profit or loss                                               6,887.1                          2.1                6,780.5                      2.1
                                       (**)
       Fixed income instruments                                                                              258,730.2                         79.8               254,835.5                     79.2
              Bonds                                                                                          228,145.6                         70.4               225,986.3                     70.2
              Other fixed income instruments (**)                                                             30,584.6                           9.4               28,849.2                      9.0
            Held to maturity investments                                                                        4,179.2                          1.3                4,544.9                      1.4
            Loans                                                                                             69,300.2                         21.4                69,706.4                     21.7
            Available for sale financial assets                                                              171,440.3                         52.9               165,721.2                     51.5
            Financial assets at fair value through profit or loss                                             13,810.5                           4.3               14,863.0                      4.6
                                                                (***)
            Land and buildings (investment properties)                                                        16,207.5                           5.0               15,645.0                      4.9

       Other investments                                                                                      11,220.5                           3.5               11,850.4                      3.7

            Investments in subsidiaries, associated companies and joint ventures                                2,217.3                          0.7                2,439.2                      0.8
            Derivatives(****)                                                                                     492.8                          0.2                    284.9                    0.1
            Receivables from banks or customers                                                                 6,958.5                          2.1                7,476.4                      2.3
         Other investments                                                                                      1,551.9                          0.5                1,650.0                      0.5
       Cash and cash equivalents(*****)                                                                       12,149.7                           3.7               12,100.2                      3.8

       Total(******)                                                                                         324,255.3                        100.0               321,729.4                   100.0

       Investments back to unit and index-linked policies                                                     50,933.1                                             50,344.0

       Total investments                                                                                     375,188.4                                            372,073.5

     (*) Investment fund units amounted to € 4,138.9 milion (€ 4,213.9 milion at 31 December 2010).
     (**) Investment fund units amounted to € 9,515.9 milion (€ 9,439.8 milion at 31 December 2010).
     (***) Investment fund units amounted to € 2,418.6 milion (€ 2,412.3 milion at 31 December 2010).
     (****) Taking into account derivative instruments booked as liabilities which amount to € 1,398.7 milion (€ 1,712.5 milion at 31 December 2010).
     (*****) Taking into account Reverse REPO which amount to € 652.0 milion (€ 2,557.5 milion at 31 December 2010) and REPO which amount to € 1,716.1 milion (€ 1,447.7 milion at 31 December
     2010).
     (******) Taking into account derivative instruments booked as liabilities and REPO.



     Return on investments(3)

                                                                             Current return                   Harvesting rate                     P&L return               Comprehensive return
                                                                         30/06/2011      30/06/2010       30/06/2011      30/06/2010        30/06/2011     30/06/2010     30/06/2011    30/06/2010


       Fixed income instruments                                                2.1%            2.1%            -0.3%             0.4%             1.9%          2.5%            1.2%         2.4%
       Equities and equity-like investments                                    2.2%            2.1%            -0.4%            -0.8%             1.8%          1.4%            0.5%         -4.0%
       Real estate investments                                                 3.8%            3.7%             0.3%             0.2%             2.7%          2.7%            2.9%         2.6%
       Other investments                                                       1.1%            0.8%            -0.9%            -0.6%             0.2%          0.2%            0.2%         0.2%
       Total investments                                                       2.1%            2.1%            -0.3%             0.2%             1.8%          2.3%            1.1%         1.8%



     At 30 June 2011, total investments amounted to € 375,188.4 million (up 0.8%). In detail, both
     investments other than investments back to unit and index-linked policies, amounting at € 324,255.3
     million (up 0.8%), and the latter, amounting at € 50,933.1 million (up 1.2%), posted an increase.
     (3)
           The return on investments is calculated on a half-yearly basis.

28                                                                                               Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                               BOZZA DEL 03/08/2011 19:22:31




In a financial markets scenario influenced by the crisis that affects the bonds of the peripheral
countries of the Eurozone and by expectations of a gradual rise in interest rates during 2011, the Group
continued its investment strategy which privileged investments aimed at supporting the insurance
portfolios' current return by selecting equities with adequate fundamentals and both government and
corporate fixed income instruments of solid issuers. With regard to real estate investments, we pursued
our strategy of gradually increasing their weight in the life segment, while at the same time reducing
their weight in the non-life segment.
With reference to the composition of investment, the percentage weight of equities decreased
compared to 31 December 2010, going from 8.5% to 8.0%, while the weight of fixed income
instruments increased to 79.8% (79.2% at 31 December 2010). The weight of real estate investments,
instead, remained stable at 5.0%.

The composition of the bond portfolio showed a slight reduction in the weight of corporate bonds at
43.2% (44.1% at 31 December 2010) in favour of government bonds, which stood at 56.8% (55.9% at
31 December 2010), while the average duration of the portfolio, amounting to 6.2 years, remained
stable at approximately the same levels recorded at the end of the first quarter of the current year.
Specifically, as a result of the crisis that is affecting the sovereign debt of some peripheral countries in
the Eurozone and expectations for a rise in interest rates, the investment activities in government
bonds during the second quarter was carried out through a careful assessment of the underlying
sovereign risk, and, with reference to corporate bonds, by selecting issuers with solid valuation
ensuring an adequate coupons’ return.
The mentioned selection of fixed income instruments in both the government and corporate bond
portfolios allowed the Group to maintain an adequate current return(4) for its portfolios of 2.1% on a
half-yearly basis, stable compared to the same period of the previous year. The contribution to the
result of the period of the realized and unrealized gains or losses through profit or loss (harvesting
rate) (5), recorded instead a decline compared to the same period of the previous year amounting to
-0.3% on a half-yearly basis (0.4% at 30 June 2010), due to the decrease in value of government bonds
reflecting interest rates trends, which led to lower realized gains and higher net impairment losses,
particularly on Greek government bonds.
Finally, again due to the lower value of the bonds portfolio, recognized in particular through equity,
                            6
the comprehensive return( ) of fixed income instruments, which includes gains and losses of the period
recognized through profit or loss and equity, was down from 2.4% to 1.2% on a half-yearly basis.

During the last quarter, the equity portfolio was characterized by a significant trading activity that led
to increasing capital gains than in the first half of 2010. The contribution to the Group's result for the
period of the current return, calculated on the basis of financial statement figures increased slightly,
amounting to 2.2.% on a half-yearly basis (2.1% at 30 June 2010). The impact of realized and
unrealized gains or losses through profit or loss (harvesting rate) also improved slightly: its weight
decreased to -0.4% on a half-yearly basis, compared to -0.8% at 30 June 2010, due to the Group’s
higher realized gains and the decline in impairment losses recorded during the period.



(4)
    Further information on the principles and procedures used to calculate the operating result is described in the
appendix to this report.
(5)
    The harvesting rate is calculated on the basis of realized or unrealized gains or losses through profit or loss
other than the current income. Further information is given in the appendix to the report.
(6)
    Comprehensive return is calculated on the basis of current income plus unrealized gains or losses for the
period recognized through profit or loss or equity. Further information is given in the appendix to the report.

Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                   29
                    MANAGEMENT REPORT
     BOZZA


     Finally, comprehensive return, which includes value changes in the period recognized through profit
     or loss and equity, rose from -4.0% to 0.5% on a half-yearly basis, reflecting in particular the increase
     in the value of the equity portfolio recognized through equity due to the recovery in share prices in the
     first half of 2011 compared to the decline recorded in the same period of the prior year.


     Real estate investments went from € 15,645.0 million at 31 December 2010 to € 16,207.5 million,
     maintaining the same weight calculated on the basis of financial statement figures (5.0%). The
     contribution of real estate investments to the result of the period was positive, thanks to the increase in
     current return of 3.8% on a half-yearly basis (3.7% at 30 June 2010) and to the return arising from net
     realized gains, net of depreciations and impairment losses for the period (harvesting rate), which
     amounted to 0.3% (0.2% at 30 June 2010).

     The item other investment recorded a decline amounting to € 11,220.5 million (11,850.4 at 31
     December 2010). The current return improved from 0.8% on half-yearly basis to 1.1%, while the
     result of the period of the realized and unrealized gains or losses through profit or loss (harvesting
     rate) decreased, amounting at -0.9% on half-yearly basis (-0.6% at 30 June 2010) mainly due to the
     impariment loss on the investment in Telco.


      (€ million)                                                                                30/06/2011       31/12/2010         Change


      Total investments excluded linked investments                                               324,255.3        321,729.4           0.8%
         Italy                                                                                     87,852.6         87,631.7           0.3%
         France                                                                                    72,988.4         72,343.0           0.9%
         Germany                                                                                   83,632.5         82,238.3           1.7%
         Central and Eastern Europe                                                                 9,633.7          9,441.3           2.0%
         Rest of Europe                                                                            46,605.9         46,170.5           0.9%
              of which Spain                                                                        9,252.7          9,430.1          -1.9%
              of which Austria                                                                     10,053.7          9,814.4           2.4%
              of which Switzerland                                                                 18,065.5         17,703.4           2.0%
         Rest of World                                                                             23,542.3         23,904.6          -1.5%



     Shareholders’               equity


      (€ million)                                                                                    30/06/2011       31/12/2010         Change

      Shareholders' equity attributable to the Group                                                   17,231.4         17,489.8          -1.5%
         Share capital and reserves                                                                    16,957.8         15,972.3
         Reserve for unrealized gains and losses on available for sale financial assets                  -531.9            -184.4
         Result of the period                                                                             805.5          1,701.9
      Shareholders' equity attributable to minority interests                                           2,607.2          2,574.7              1.3%
      Total                                                                                            19,838.6         20,064.5          -1.1%



     The shareholders’ equity attributable to the Group amounted to €17,231.4 million (€17,489.8 million
     at 31 December 2011). The decrease (-1.5%) was due to the dividend payment of €698.8 million
     distribuited by the Parent Company for 2010 and to the negative performance of the reserve for
     unrealized gains and losses on available for sale financial assets, partially offset by the profit for the
     first half of the year.



30                                                                                        Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                       BOZZA DEL 03/08/2011 19:22:31




In detail, the reserve for unrealized gains and losses on available for sale financial assets, i.e. the
balance between unrealized gains and losse on financial assets, net of life deferred policyholder
liabilities and deferred taxes, went from €-184.4 million at 31 December 2010 to €-531.9 million. The
change for the period, amounted to €-347.6 million, was due for €-248.7 million to the negative
performance of the fixed income investments with reference both to the government portfolio
(€-204.6 million) and to the corporate component (€-44.1 million) and to the negative change of the
equity portfolio for €-98.8 million.

Group solvency

The Group's solvency I ratio, which represents the ratio of the available margin and the regulatory
margin, confirms the Group's financial solidity. The ratio amounted to 134% at 30 June 2011 (132% at
31 December 2010), with an estimated excess capital of € 5.8 billion (€ 5.4 billion at 31 December
2010).

Insurance provisions


  (€ million)                                                             30/06/2011         31/12/2010        Change

  Insurance provisions - life segment (*)                                  311,904.6          308,986.3          0.9%
  Net insurance provisions and financial liabilities:                      318,637.9          313,347.9          1.7%
     traditional                                                           267,571.6          262,892.6          1.8%
     linked                                                                 51,066.3           50,455.3          1.2%
  Deferred policyholders liabilities                                        -6,733.2           -4,361.6         54.4%
  Insurance provisions - non-life segment (*)                               31,182.6           30,235.8          3.1%
  Provisions for unearned premiums                                           6,193.4            5,450.4         13.6%
  Provisions for outstanding claims                                         24,621.8           24,413.7          0.9%
  Other insurance provisions                                                  367.4              371.7          -1.2%
  Insurance provisions                                                     343,087.2          339,222.2          1.1%

(*) After the elimination of intra-group transactions between segments.



Insurance provisions, which include life and non-life insurance provisions as well as financial
liabilities related to policies of the life segment, went from € 339,222.2 million at 31 December 2010
to € 343,087.2 million (up 1.1%).
Life insurance provisions and financial liabilities related to investment contracts excluding deferred
policyholders liabilities went from € 313,347.9 million at 31 December 2010 to € 318,637.9 million
(up 1.7%), thanks to the increase in both the traditional provisions and in those related to unit-and
index-linked contracts.
Following essentially the decline in the value of government bonds of countries with high public
sector debt, the deferred policyholders liabilities amounted to €-6,733.2 million (€-4,361.6 million at
31 December 2010).




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                     31
                       MANAGEMENT REPORT
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         (€ million)                                                                                                        30/06/2011                            31/12/2010                  Change

         Insurance provisions(*)                                                                                              349,820.5                            343,583.7                        1.8%
            of which Italy                                                                                                     95,736.6                              95,219.5                       0.5%
            of which France                                                                                                    89,740.9                              87,207.5                       2.9%
            of which Germany                                                                                                   91,144.9                              88,823.0                       2.6%
            of which Central and Eastern Europe                                                                                  9,234.2                              8,916.0                       3.6%

     (*) After the elimination of intra-group transactions between segments, excluding deferred policyholders liabilities, including financial liabilities related to investment contracts.




     Debt

     In accordance with the IAS/IFRS managerial model adopted by the Generali Group, consolidated
     liabilities were split into two categories:
     -        liabilities linked to consolidated operating activities, which are all financial liabilities related to
              specific consolidated balance sheet items. This category also includes liabilities related to
              investment contracts issued by insurance companies;
     -        liabilities linked to financing activities include other consolidated financial liabilities, as several
              subordinated liabilities, bonds issued and loans received. For instance, liabilities arising from
              transactions carried out to acquire controlling shareholdings belong to this category.


     Total liabilities were as follows:

         (€ million)                                                                                                        30/06/2011                           31/12/2010                   Change


         Liabilities linked to operating activities                                                                            42,346.5                             41,631.0                       1.7%
         Liabilities linked to financing activities                                                                            12,425.0                             12,272.7                       1.2%
            Subordinated liabilities                                                                                            6,438.7                               6,492.9                      -0.8%
            Other non subordinated liabilities linked to financing activities                                                   5,986.4                               5,779.8                      3.6%
         Total                                                                                                                 54,771.5                             53,903.8                       1.6%



     The weighted average rate of liabilities linked to financing activities was 5.39% at 30 June 2011,
     essentially stable compared to 31 December 2010 (5.36%), with an average duration of 6.25 (6.87 at
     31 December 2010).
     With reference to the foreseen refinancing plan of the debt set to mature in the coming years, the
     Group has undertaken specific derivatives transactions aimed at hedging interest-rate risk.

     The related interest expense is broken down as follows:

         (€ million)                                                                                                        30/06/2011                           30/06/2010                   Change


         Interest expense on liabilities linked to operating activities                                                            292.7                                247.6                  18.2%
         Interest expense on liabilities linked to financing activities                                                            318.6                                371.0                 -14.1%
         Total(*)                                                                                                                  611.3                                618.6                      -1.2%

     (*) Without taking into account the interest expenses on deposits under reinsurance business accepted which have been deducted from the related interest income and are not included in the
     operating debt.




     In detail, interest expense on liabilities linked to financing activities decreased compared to 2010
     which was characterized by higher interest expenses resulting from the early refinancing of a
     senior bond expiring in July 2010.


32                                                                                                    Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                                                BOZZA DEL 04/08/2011 17:21:50




Life segment


                                                                                                               6.1%)
                                                                                                             (+6.1%
                                                                       - Operating result: € 1,663.3 million (+6.1%)
                                                                                                                    (-9.5%)
                                                                       - Gross written premiums: € 23,842.4 million (-9.5%)
                                                                                                (-9.8%)
                                                                       - APE: € 2,512.6 million (-9.8%)




Business performance of the life segment

Premiums development

Gross written premiums for the life segment, including premiums related to investment contracts,
went from € 26,351.1 million at 30 June 2010 to € 23,842.4 million (down 9.5%, down 9.8% on
equivalent terms). This performance is also attributable to the planned decrease aimed at supporting
the subscription of products with higher profitability, which led to a reduction in single-premium
savings policies, though by a lesser extent than in the first quarter of the year. The decrease in written
premiums is also due to the decrease of linked policies, whose performance was conditioned by the
comparison with the first half of 2010, which reported a high concentration of written premiums in the
early months of the year, with reference in particular to Ireland.
By contrast, the annual written premiums trend is positive with a 4.5% increase (up 3.8% on
equivalent terms).


Gross written premiums

                                                                                                                                                                                   C hange
                                                                                                                                                                                          (*)
  (€ million)                                                                                    30/06/2011                30/06/2010                   C hange              like for like


 Life gross written premiums(**)                                                                    23,842.4                  26,351.1                    -9.5%                      -9.8%
     Italy                                                                                           6,308.5                   6,753.4                   -6.6%                      -6.6%
     France                                                                                          5,296.2                   6,505.3                  -18.6%                    -18.6%
                (***)
     Germany                                                                                         6,729.7                   6,743.3                   -0.2%                      -0.2%
     C entral and Eastern Europe                                                                       833.6                     823.5                    1.2%                      -2.5%
     Rest of Europe                                                                                  2,733.1                   3,672.6                  -25.6%                    -27.1%
        of w hich Spain                                                                                531.3                     526.3                    1.0%                       1.0%
        of w hich Austria                                                                              631.9                     622.4                    1.5%                       1.5%
        of w hich Sw itzerland                                                                         497.2                     448.9                   10.8%                      -2.0%
        of w hich Ireland                                                                              318.5                   1,209.2                  -73.7%                    -73.7%
     Rest of World                                                                                   1,941.3                   1,853.0                    4.8%                       6.0%

(*) On equiv alent terms: on equiv alent ex change rates and consolidation area compared to the same period of the prev ious financial y ear.
(**) Taking into account premiums related to inv estment contracts, w hich amount at € 1,529.6 million at 30 June 2011 (€ 2,742.0 million at 30 June 2010).
(***) Gross direct premiums w ritten include premium s draw n from the prov ision for profit sharing, w hich amount to € 215.0 million at 30 June 2011 (€ 272.6 million at 30 June 2010).




Gross written premiums in Italy amounted to € 6,308.5 million. The decrease compared to the first
half of 2010 (down 6.6%) is mainly attributable to the planned drop in the financial advisor channel,
which in the past year had reported a significant level of written premiums especially in the early
months of the year; yet the second quarter of 2011 as a matter of fact recorded a slight growth



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             MANAGEMENT REPORT
     BOZZA


     compared to the same period of the previous year. Written premiums through traditional networks
     remained stable, with annual premiums increasing by 2.8%.
     Also the Group’s gross written premiums in France decreased to € 5,296.2 million (down 18.6%); the
     performance was particularly affected by the significant reduction in savings and protection policies
     (down 23.6%). This decrease was due to several effects: the uncertain fiscal treatment of life products,
     the competition of banking products and the strategy of reducing single premiums with the aim of
     increasing the return on the capital invested in this segment by gradually reducing premiums written
     through non-proprietary channels with margins not in line with those of the Group. Finally, both
     single- and recurring-premium individual linked policies also decreased, whereas the Health line
     continued to perform well (+12.6%).
     Gross written premiums in Germany remained essentially stable at € 6,729.7 million (down 0.2%
     compared to 30 June 2010). The 0.6% growth of the Health line, in which premiums totalled € 1,217.8
     million, and that of individual linked policies (up 3.3%) were in fact completely offset by the decrease
     in written premiums of single-premium collective policies and protection policies (down 1.1%),
     especially those with recurring premiums.
     Gross written premiums in Central and Eastern Europe went from € 823.5 million at 30 June 2010
     to € 833.6 million. On equivalent terms, the decrease in written premiums (down 2.5%) is entirely
     attributable to the 7.3% reduction in savings and protection policies, mainly in Poland, whereas the
     trend shown by the other business lines was positive (up 7.2%).

     Written premiums in the Rest of Europe declined by 27.1% on equivalent terms. The comparison with
     the first half of 2010 was affected by the significant levels of written premiums in Irleand related to
     insurance contracts underwritten in the private baking activity of the Group, drawn up in the peculiar
     financial context which characterized the early months of 2010.
     Following the decline in written premiums that had affected the last two periods, recovery continued
     from the first quarter in Spain, where gross written premiums amounted to € 531.3 million. The 1.0%
     increase was driven by written premiums of savings and protection policies (up 15.3%), especially
     those related to bancassurance, which offset the decline of collective policies (down 15.6%)
     influenced by the uncertain economic conditions of the country.
     Gross written premiums in Austria also increased to € 631.9 million (up 1.5%). Despite the sharp
     decrease in individual linked policies (down 23.9%) due to single premiums, the increase was mainly
     driven by written premiums of savings and protection policies (up 13.0%), which benefitted from the
     underwriting of some contracts of a highly significant amount in the company pension sector.
     On equivalent terms, gross written premiums in Switzerland decreased to € 497.2 million (€ 448.9
     million at 30 June 2010). The decline (down 2.0% on equivalent terms) is attributable to the planned
     decrease in written premiums of guaranteed single-premium individual linked policies placed through
     non-proprietary channels in favour of products with a lower capital absorption placed through the
     Group’s agency networks, which achieved an excellent performance.

     The performance in the Rest of World was also positive thanks to the written premiums reported in
     Latin America (up 33.4% on equivalent terms) and in the Middle East (up 15.1% on equivalent
     terms). In detail, the increase in written premiums in Mexico is attributable to the performance of
     disability and survivor benefit annuities (up 30.6% on equivalent terms), whereas in Argentina it was
     generated by recurring-premium collective policies (up 37.1% on equivalent terms) and by the
     performance of the complementary pension sector. By contrast, written premiums in China decreased
     (down 39.3% on equivalent terms) due to the significant reduction of written premiums on single-
     premium collective policies, for which the comparison with the first half of 2010 was however

34                                                   Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                                       BOZZA DEL 03/08/2011 19:22:31




affected by the adjustment of particular relevance of premiums related to the pension plan issued in
favour of the local partner former employees recognised in the first quarter of last year.

New annual business premium equivalent (APE)

                                                                                                                                                   Change
     (€ million)                                                                                    30/06/2011     30/06/2010      Change    like for like(*)


  New annual business premium equivalent (APE)                                                          2,512.6       2,784.0       -9.8%            -9.4%
     Italy                                                                                                863.3         860.4        0.3%             0.3%
     France                                                                                               531.9         670.6      -20.7%          -20.7%
     Germany                                                                                              487.5         520.1        6.3%            -6.3%
     Central and Eastern Europe                                                                             80.7         78.2        3.2%            -1.5%
     Rest of Europe                                                                                       324.7         433.0      -25.0%          -25.5%
        of which Spain                                                                                      59.9         64.4       -6.9%            -6.9%
        of which Austria                                                                                    64.8         53.0       22.2%           22.2%
        of which Switzerland                                                                                39.4         41.5       -5.1%          -12.3%
        of which Ireland                                                                                    31.3        126.7      -75.3%          -75.3%
     Rest of World                                                                                        224.3         221.8        1.1%             9.8%

(*) On equivalent terms: on equivalent exchange rates, consolidation area and share attributable to the Group.



New annual business premium equivalent (APE), which totalled € 2,512.6 million, decreased by
9.4% (on equivalent exchange rates and share attributable to the Group). The decline showed a
recovery compared to the decrease for the first quarter of 2011 (down 14.5%). In particular, a decrease
was recorded in both the traditional business, which is attributable to the downsizing of the single-
premium new business, and the linked business. The mentioned decline however was affected by the
comparison with the relevant concentration of written premiums in the early months of the previous
year, especially in France, Italy and Ireland.
In the first half of 2011, APE was mainly marked by the development of annual written premiums (up
2.9%), which represent most of APE (whose weight went from 54.0% to 61.3%) and the continuing
decrease in single premiums (down 23.9%),

Italy continued to show an uptrend in the more profitable annual-premium new business (up 12.3%),
whereas single-premium new business decreased (down 16.9%). Italy’s overall level of new business
amounted to €863.0 million, confirming its excellent performance.
The decrease in APE in France (down 20.7%) is attributable to the reduction reported by traditional
single premiums (down 26.6%) and unit-linked new business (-10.8%).
New business in Germany (down 6.3%) continued to be affected by the downtrend in the Health line
(down 26.7%), while the other part of the business remained essentially unchanged (down 1.0%).
New business in Central and Eastern Europe was essentially stable (-1.5%), confirming the good
performance of 2010, with linked premiums representing 58.0% of overall APE.
New business in the Rest of Europe (down 25.5%) was affected by the comparison with the
extraordinary levels of the first half of 2010 in Ireland and the decrease in unit-linked business on the
Anglo-Saxon market. Growth in new business premiums of savings products contributed to the
positive APE performance in Austria (up 22.2%), as a result of the significant rise in annual premium
new business, whereas APE decreased in Switzerland (down 12.3%) due to the continuation of the
policy of reducing guaranteed unit-linked products in favour of products with a lower capital
absorption. Finally, new production in Spain declined (down 6.9%) due to the performance of single
premium new business.

Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                                                             35
                   MANAGEMENT REPORT
     BOZZA


     New production in the Rest of World increased (up 9.8%), mainly thanks to the contribution of
     Mexico, while the performance in the Far East decreased (down 17.5%), as it was affected in China,
     as mentioned, by the presence of a relevant single-premium adjustment recognized in the first quarter
     of 2010.

     New business value (NBV)

     New business value (NBV) for the first half of 2011 amounted to €525.5 million, up by 7.3% on
     equivalent terms compared to the same period of the previous year. The new business margin went
     from 19.7% at the end of 2010 to 20.9% for the first half of 2011 (17.8% for the first half of 2010).
     These increases are explained mainly by the improved product mix and by more favourable tariff
     features of the products sold during the first half of the year, as well as, albeit to a lesser extent, the
     financial scenario at the end of June, which slightly improved compared to year-end 2010.

     Net cash inlows

                                                                                                                                                                 Change
          (€ million)                                                                                   30/06/2011                 30/06/2010     Change   like for like(*)


       Net cash inflows                                                                                     4,818.4                     9,600.8   -49.8%         -50.1%
          Italy                                                                                               362.3                     1,144.7   -68.3%         -68.3%
          France                                                                                              628.6                     2,882.4   -78.2%         -78.2%
          Germany                                                                                           2,158.3                     2,787.8   -22.6%         -22.6%
          Central and Eastern Europe                                                                          214.8                       165.1    30.1%          26.2%
          Rest of Europe                                                                                      733.0                     1,758.3   -58.3%         -59.6%
             of which Spain                                                                                  -115.5                      -230.0    49.8%          49.8%
             of which Austria                                                                                 116.0                        99.6    16.5%          16.4%
             of which Switzerland                                                                             199.1                       241.4   -17.5%         -27.1%
             of which Ireland                                                                                 214.8                     1,169.0   -81.6%         -81.6%
          Rest of World                                                                                       721.5                       862.5   -16.3%         -16.2%

     (*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.
     (**) Taking into account Health business.



     Net cash inflows, equal to the amount of premiums collected, less outflows attributable to the period,
     remained at good levels, amounting to € 4,818.4 million. The considerable decrease (down 50.1% on
     equivalent terms) compared to the same period of the previous year was due both to lesser written
     premiums on savings and protection policies, in particular on single-premium, and individual linked
     policies, as well as the increase in capital outflows due to maturities and surrenders especially in
     France, Germany and Italy.
     The comparison with the first half of 2010 was negatively impacted by the significant net cash inflows
     reported in the early months of the previous year. It should be noted in fact that, although the second
     quarter of 2011 also showed a downtrend compared to the same period of the previous year, net cash
     inflows recovered compared to the first quarter of the current year, thanks to a lower decrease in
     written premiums and to the trend of capital outflows.




36                                                                                              Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                BOZZA DEL 03/08/2011 19:22:31




Operating result


  (€ million)                                                     30/06/2011          30/06/2010             Change


  Operating result                                                   1,663.3             1,568.0               6.1%
      Technical margin                                               3,092.6             2,958.0               4.6%
      Net investment result                                          1,206.3             1,189.5               1.4%
      Total operating expenses                                      -2,635.6            -2,579.5               2.2%


Operating result of the life segment amounted to € 1,663.3 million, up 6.1% on the same period of
the previous year. Following the trend of the first quarter of the current year, technical margin
continued to develop, with a greater increase than that of the total operating expenses. The net
investment result, defined as the difference between operating income from investments and the
related policyholders’ interests, showed a positive performance.
The operating return in the life segment(7) was 0.519% on half-yearly basis (0.512% at 30 June 2010).


      (€ million)                                                 30/06/2011           30/06/2010             Change


  Operating result - life segment                                     1,663.3             1,568.0                  6.1%
      Italy                                                            747.2                742.9                  0.6%
      France                                                           313.5                229.2              36.8%
      Germany                                                          157.4                190.1             -17.2%
      Central and Eastern Europe                                       100.3                 94.0                  6.7%
      Rest of Europe                                                   217.0                221.1              -1.9%
         of which Spain                                                 51.3                 48.8                  5.2%
         of which Austria                                               29.2                 50.0             -41.7%
         of which Switzerland                                           65.9                 55.0              19.9%
      Rest of World                                                    127.9                 90.7              41.0%



Breaking the operating result down by the main countries, Italy posted a slight increase due to
improved operating income from investment and technical margins, benefiting from higher loadings
related to the aforementioned change in business mix and the good performance of the risk result,
partially offset by higher expenses. France continued to perform well, driven by the positive
performance of the net investment result and of the technical margin. The operating result declined in
Germany mainly attributable to the performance of the net investment result, affected by the interest
rate trend of the country.
The operating result of Central and Eastern Europe increased, confirming the good levels.
The Rest of Europe showed a slight decline in the operating result, which was particularly affected by
the operating result in Austria due to the performance of the net investment result.
Finally, the operating result of the Rest of the World was positive, thanks to the contribution of all the
main areas of operations.




(7)
   Equal to the ratio between the operating result and the average investments calculated based on the financial
statement figures of the life segment.


Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                       37
                    MANAGEMENT REPORT
     BOZZA


     Operating result: Technical margin

      (€ million)                                                                                      30/06/2011       30/06/2010         Change


      Technical margin                                                                                    3,092.6          2,958.0           4.6%
         Net earned premiums                                                                             21,763.8         23,146.5           -6.0%
         Fee and commission from financial service activities                                               147.4            114.1          29.2%
         Net insurance claims adjusted for financial interests and bonuses credited to                  -18,800.2        -20,275.3          -7.3%
         Other insurance items                                                                              -18.4            -27.2          -32.3%



     The technical margin, which includes loading, risk result and profits on surrenders of the period,
     increased by 4.6%. Despite the mentioned decline in written premiums, there was an improvement in
     the technical margin thanks to the higher contribution of recurring written premiums, the constant
     profitability of the risk lines and the Health line of the Group's portfolio.
     The technical margin does not include insurance operating expenses, which are reported in the Total
     operating expenses item.

     Operating result: Net investment result

      (€ million)                                                                                      30/06/2011       30/06/2010         Change

      Net investment result                                                                               1,206.3          1,189.5           1.4%
         Operating income from investments                                                                4,562.1          6,898.6          -33.9%
               Net income from investments                                                                5,297.5          5,868.5           -9.7%
                    Current income from investments                                                       5,908.2          5,590.2           5.7%
                    Net operating realized gains on investments                                             978.7           907.6            7.8%
                    Net operating impairment losses on investments                                       -1,222.5           -311.3         292.7%
                    Other operating net financial expenses                                                 -367.0           -318.0          15.4%
               Net income from financial instruments at fair value through profit or loss                  -735.4          1,030.1         -171.4%
                    Net income from financial instruments related to unit and index-linked                 -392.0           719.3          -154.5%
                    Net other income from financial instrumensts at fair value through
                    profit or loss                                                                         -343.4           310.9          -210.5%
         Policyholders' interests on operating income from investments                                   -3,355.8         -5,709.1          -41.2%



     Net investment result, which consists of the operating income from investments, net of the related
     policyholders’ interests, amounted to € 1,206.3 million (€ 1,189.5 million at 30 June 2010). The
     operating performance of investments, excluding financial instruments at fair value through profit or
     loss, was affected by the tensions of the bond markets, which led to the impairment of Greece
     government bonds. However, the Group’s active investment management allowed to maintain the
     current income from investments and achieve greater net operating realised gains.
     The net investment result was also negatively impacted by the net income from financial instruments
     at fair value through profit or loss, the decline of which was however essentially offset by the decrease
     in policyholders' interests. This result was also affected by net losses on foreign currencies resulting,
     on the one hand, from the appreciation of the euro against the dollar and sterling, and, on the other
     hand, from the depreciation of the euro against the Swiss franc and the Czech crown, which affected
     the value of investments in currencies other than the local held by non-euro area countries. These
     losses were, however, essentially offset by the positive contribution arising from transactions in
     derivatives on foreign exchange.




38                                                                                           Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                        BOZZA DEL 03/08/2011 19:22:31




Current income from investments went from € 5,590.2 million at 30 June 2010 to € 5,908.2 million,
with a current return on total investments, calculated on book value basis, which remained essentially
stable at 2.2% on a half-yearly basis.
In particular, current income from fixed-income instruments amounted to € 4,867.7 million (€ 4,675.3
million at 30 June 2010), with a stable current return of 2.2% on a half-yearly basis, driven by the
governmental component. Current income from the equities portfolio went from € 464.4 million at 30
June 2010 to € 451.7 million, with a return of 2.0%.
The Group's investment strategy aimed at increasing the percentage weight of real estate investments
allowed to rise the related current income, which amounted to € 352.4 million (€ 287.7 million at 30
June 2010), with a return increasing by 3.5% on a half-yearly basis (3.3% at 30 June 2010).

Net operating realized gains on investments went from € 907.6 million at 30 June 2010 to € 978.7
million, benefiting from higher gains realized on equities in particular in Italy and France, which
allowed to offset the decline in realized gains from the bond portfolio especially hit by the
performance of government bonds in the second quarter of this year.

Net operating impairment losses on investments went from € -311.3 million at 30 June 2010 to € -
1,222.5 million, due for € 1,083.1 million to the above-mentioned impairment of the Greek
government bonds (amounted at € 859.8 million) and of the investment in Telco (amounted at € 223.3
million).
Taking into account the lower policyholder interests’ share on operating income from investment, the
net impact on the operating result of the aforementioned impairment losses amounted to € 59.6
million, of which € 53.4 million related to the impairment of the Greek bonds and € 6.2 million to the
investment in Telco.
Without considering these events, net impairment losses would have decreased due to better market
performance specifically in the early months of this year compared to the slowdown recorded in the
second quarter of 2010.

Other operating net financial expenses, which include interest expense associated with operating
debt and investment management expenses, went from € -318.0 million at 30 June 2010 to € -367.0
million, essentially due to greater interest expenses on operating liabilities, due to the increase in
interest rates.

The current stress on bond markets, characterized by a general widening of the spreads on both
corporate and government bonds, had a negative impact on net income from financial instruments
related to unit and index-linked contracts which amounted to -€ 392.0 million (€ 719.3 million at
30 June 2010). This decrease was essentially offset by the ensuing lower policyholders' interests on
operating income from investments.

Net income from financial instruments at fair value through profit or loss decreased to € -343.4
million (€ 310.9 million at 30 June 2010), also due to the deterioration of the bond portfolio value as a
result of the current financial situation. Moreover, this item was negatively impacted by the
performance of the Israel stock exchange market. Also this decrease was essentially offset by the
lower policyholders' interests.

Policyholders' interests on operating income from investments went from € -5,709.1 at 30 June
2010 to € -3,355.8 million, essentially affected by the lesser policyholders’ interests related to unit-

Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                         39
                    MANAGEMENT REPORT
     BOZZA


     and index-linked contracts in accordance with the performance of the related investment result and the
     policyholders’ interests share of the net impairment losses and of the value reduction of mainly the
     bond portfolio at fair value through profit or loss.


     Operating result: Total operating expenses

      (€ million)                                                                                            30/06/2011                      30/06/2010                              Change


      Total operating expenses                                                                                  -2,635.6                        -2,579.5                               2.2%
         Acquisition and administration costs related to insurance business                                     -2,566.4                        -2,539.9                               1.0%
         Net other operating expenses                                                                              -69.2                            -39.6                             74.8%


     Total operating expenses increased by 2.2%.
     In detail, acquisition and administration costs related to insurance business amounted to €-2,566.4
     million (up +1.0%). Acquisition costs remained stable at € 2,036.3 million, as the reduction in written
     premiums compared to 2010 affected essentially no-load products. Administration costs went from
     € 504.6 million to € 530.1 million, with a rise compared to 30 June 2010 (up 5.1%) concentrated in
     Italy, Germany and South America.


                                                                                                           30/06/2011                    30/06/2010                              Change

      Expense ratio                                                                                            11.0%                            9.8%                                1.2
         Acquisition costs / net premiums                                                                       8.7%                            7.9%                                0.9
         Administration costs / net premiums                                                                    2.3%                            1.9%                                0.3



     Consequently, the increase in the expense ratio to 11.0% (9.8% at 30 June 2010) is mainly attributable
     to the rise in the ratio of acquisition costs to net premiums, equal to 8.7% (7.9% at 30 June 2010), due
     to the change in the business mix. Finally, the weight of administration costs rose slightly to 2.3%
     (1.9% at 30 June 2010), influenced by the dynamics of written premiums.
     The good levels of operating efficiency are confirmed by the further reduction in the ratio of total
     administration costs related to insurance business to the average insurance provisions, which went
     from 0.171 to 0.168.

                                                                                Administration costs
                                                                              on average ins. provisions       Expense ratio             Acquisition ratio           Administration ratio
        (%)                                                                    30/06/2011     30/06/2010   30/06/2011   30/06/2010    30/06/2011    30/06/2010      30/06/2011     30/06/2010

      Group total                                                                     0.17          0.17        11.0            9.8          8.7              7.9          2.3              1.9
        Italy                                                                         0.17          0.17          9.7           8.3          7.5              6.4          2.2              1.9
        France                                                                        0.09          0.10          8.2           7.3          6.8              6.1          1.4              1.2
        Germany                                                                       0.10          0.10         12.1          12.4         10.7             11.2          1.3              1.2
        Central and Eastern Europe                                                    0.56          0.63        18.9           17.8         14.0             13.0          4.8              5.0
        Rest of Europe                                                                0.22          0.24        12.6            8.8          9.2              6.4          3.3              2.4
           of which Spain                                                             0.06          0.06          4.5           7.0          3.7              5.9          0.8              0.9
           of which Austria                                                           0.26          0.30        13.5           12.4         10.1              8.4          3.4              3.8
           of whichSwitzerland                                                        0.37          0.39        19.9           20.3         14.0             14.5          5.8              5.8
        Rest of World                                                                 0.57          0.56        16.0           15.1          8.7              8.6          7.3              6.5




40                                                                                           Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                        BOZZA DEL 05/08/2011 10:50:21




Non-
Non-operating result

The non-operating result of the life segment went from € -180.1 million at 30 June 2010 to € -301.0
million, as a result of the higher net realized losses on financial instruments, which were only partially
offset by lower allocations to risk provision. Net non-operating impairment losses amounted to € 181.1
million (€ 106.2 million at 30 June 2010), determinated for € 157.8 million by the impairment of the
Greek bonds (€ 67.9 million) and of the investment in Telco (€ 89.9 million). These net impairment
losses have been classified as non-operating because recognized on investments whose write-downs
did not affect the statutory reserves to the extent they were not included in the deferred policyholders
liability and those on shareholders’fund.




Bozza del 05/08/2011 10:50:21 - DATI NON DEFINITIVI                                                          41
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     Operating result - life segment

       (€ million)                                                                                                       30/06/2011                          30/06/2010                         Change

       Operating result - life segment                                                                                       1,663.3                             1,568.0                           6.1%
          Net premiums                                                                                                      21,763.8                            23,146.5                          -6.0%
          Net insurance benefits and claims                                                                                -22,175.2                           -25,956.6                         -14.6%

              of which change in the provisions for unit and index-linked policies                                            -341.6                            -1,901.3                         -82.0%
          Acquisition and administration costs                                                                              -2,526.6                            -2,494.8                           1.3%
              Acquisition and administration costs related to insurance business (*)                                        -2,508.0                            -2,484.4                           1.0%
             Other acquisition and administration costs                                                                         -18.5                               -10.4                         78.4%
          Net fee and commission income and net income from financial service
          activities                                                                                                             89.0                                58.6                         51.9%
          Net operating income from financial instruments at fair value through profit or
          loss                                                                                                                -438.9                             1,370.9                        -132.0%
                 of which net income from financial assets and liabilities related to unit
                 and index-linked policies                                                                                    -392.0                               719.3                        -154.5%
          Net operating income from other financial instruments                                                              5,001.0                             5,527.7                          -9.5%
              Interest income and other income                                                                               5,611.8                             5,249.4                           6.9%
              Net operating realized gains on other financial instruments and land and
              buildings (investment properties)                                                                                978.7                               907.6                           7.8%
              and
              buildings (investment properties)                                                                             -1,222.5                              -311.3                        292.7%
              Interest expense on liabilities linked to operating activities                                                  -149.1                              -110.8                          34.6%
              Other expenses from other financial instruments and land and buildings
              (investment properties)                                                                                         -217.9                              -207.2                           5.1%
          Net other operating expenses (**)                                                                                     -49.9                               -84.2                        -40.8%

       Non-operating result - life segment                                                                                    -301.0                              -180.1                          67.1%
          Net non-operating income from other financial instruments                                                           -236.4                                -97.4                       142.6%
              Net non-operating realized gains on other financial instruments and land
              and buildings (investment properties) (***)                                                                       -55.3                                 8.8                       -730.3%
              Net non-operating impairment losses on other financial instruments and
              land and buildings (investment properties) (***)                                                                -181.1                              -106.2                          70.5%
          Net other non-operating expenses (****)                                                                               -64.5                               -82.7                        -21.9%

       Earnings before taxes - life segment                                                                                  1,362.3                             1,387.9                          -1.8%

     (*) Commissions related to investment contracts, which amounted to € 58.3 million (€ 55.5 million at 30 June 2010), are included in net fee and commission income and net income from financial servi
     (**) At 30 June 2011 the amount is net of operating taxes for € 28.6 million and of non-recurring taxes shared with the policyholders in Germany for € 19 million.
     (***) The amount is net of the share attributable to the policyholders.
     (****) The amount is net of the share attributable to the policyholders in Germany and Austria.




42                                                                                                     Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                 BOZZA DEL 03/08/2011 19:22:31




Gross direct premiums by Line of Business - life segment

                                                                Individual         Individual
 (€ million)                            30/06/2011 savings and protection    unit/index linked        Health     Group       Total


 Italy                                                            5,258.0               119.9             0.0    796.5     6,174.3
 France                                                           3,575.8               798.0          455.0     365.1     5,193.9
 Germany                                                          3,368.7             1,674.7         1,217.8    467.9     6,729.1
 Central and Eastern Europe                                         534.6               193.4           93.4      12.1      833.6
 Rest of Europe                                                     982.8             1,162.1          137.2     438.9     2,721.1
    of which Spain                                                  326.7                 7.1             0.0    197.5      531.3
    of which Austria                                                377.4               129.7          118.3        0.0     625.3
    of which Switzerland                                            116.7               375.3             4.4       0.7     497.2
 Rest of World                                                      592.5                12.3          192.5     774.9     1,572.2
 Total                                                          14,312.4              3,960.5         2,096.0   2,855.3   23,224.2




                                                                Individual         Individual
 (€ million)                            30/06/2010 savings and protection    unit/index linked        Health     Group       Total


 Italy                                                            5,823.9               114.4             0.0    725.4     6,663.7
 France                                                           4,678.8               939.3          404.1     372.3     6,394.5
 Germany                                                          3,404.6             1,620.8         1,210.4    506.8     6,742.7
 Central and Eastern Europe                                         552.3               176.1           84.4      10.7      823.5
 Rest of Europe                                                     941.4             2,113.9          132.3     476.1     3,663.8
    of which Spain                                                  283.4                 8.8             0.0    234.1      526.3
    of which Austria                                                334.1               170.5          113.8        0.0     618.4
    of which Switzerland                                             92.2               351.5             4.3       0.8     448.8
 Rest of World                                                      516.5                 6.5          154.4     834.4     1,511.8
 Total                                                          15,917.5              4,970.9         1,985.6   2,925.8   25,799.9




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                                  43
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     Financial position of the life segment


     Investments


                                                                                                                  30/06/2011                                              31/12/2010
                                                                                                                  Total                                                   Total
       (€ million)                                                                                          book value                   % of total                book value                 % of total

       Equity instruments (*)                                                                                 21,490.5                          7.9                  22,874.3                         8.5
            Available for sale financial assets                                                               15,070.3                          5.6                  16,567.1                         6.2
            Financial assets at fair value through profit or loss                                               6,420.2                         2.4                   6,307.2                         2.3
                                       (**)
       Fixed income instruments                                                                              224,886.9                         83.1                 222,877.1                        82.9
              Bonds                                                                                          202,229.7                         74.7                 201,331.7                        74.9
              Other fixed income instruments (**)                                                             22,657.2                          8.4                  21,545.5                         8.0
            Held to maturity investments                                                                        3,448.7                         1.3                   3,722.7                         1.4
            Loans                                                                                             59,331.4                         21.9                  60,103.7                        22.3
            Available for sale financial assets                                                              149,572.7                         55.3                 145,574.5                        54.1
            Financial assets at fair value through profit or loss                                             12,534.1                          4.6                  13,476.2                         5.0
                                                                (***)
            Land and buildings (investment properties)                                                        10,606.4                          3.9                   9,232.6                         3.4

       Other investments                                                                                        6,679.1                         2.5                   6,979.4                         2.6

            Investments in subsidiaries, associated companies and joint ventures                                4,830.8                         1.8                   5,121.9                         1.9
            Derivatives(****)                                                                                     501.5                         0.2                       345.9                       0.1
            Receivables from banks or customers                                                                     0.0                         0.0                         0.0                       0.0
         Other investments                                                                                      1,346.8                         0.5                   1,511.6                         0.6
       Cash and cash equivalents(*****)                                                                         6,962.2                         2.6                   6,980.4                         2.6

       Total(******)                                                                                         270,625.1                        100.0                 268,943.9                       100.0
       Investments back to unit and index-linked policies                                                     50,933.1                                               50,344.0

       Total investments                                                                                     321,558.2                                              319,287.9

     (*) Investment fund units amounted to € 3,488.2 milion (€ 3,561 milion at 31 December 2010).
     (**) Investment fund units amounted to € 8,827.6 milion (€ 8,874.5 milion at 31 December 2010).
     (***) Investment fund units amounted to € 2,252.8 milion (€ 2,250.6 milion at 31 December 2010).
     (****) Taking into account derivative instruments booked as liabilities which amount to € 661.7 milion (€ 769.4 milion at 31 December 2010).
     (*****) Taking into account Reverse REPO which amount to € 475.4 milion (€ 1,958.7 milion at 31 December 2010) and REPO which amount to € 665,9 milion (€ 589.6 milion at 31 December 2010).
     (******) Taking into account derivative instruments booked as liabilities and REPO.



     Return on investment – life segment(8)

                                                                              Current return                  Harvesting rate                       P&L return               Comprehensive return
                                                                         30/06/2011        30/06/2010     30/06/2011       30/06/2010      30/06/2011        30/06/2010     30/06/2011     30/06/2010


       Fixed income instruments                                                2.2%             2.2%           -0.2%             0.4%               1.9%          2.6%            1.2%          2.4%
       Equities and equity-like investments                                    2.0%             2.0%           -0.1%            -0.3%               1.9%          1.7%            0.2%          -4.0%
       Real estate investments                                                 3.5%             3.3%            0.0%            -0.3%               2.6%          2.3%            2.9%          2.2%
       Other investments                                                       1.6%             1.2%           -1.7%            -1.3%               -0.1%        -0.1%            -0.1%         -0.1%
       Total investments                                                       2.2%             2.1%           -0.3%             0.2%               1.8%          2.4%            1.0%          1.8%



     At 30 June 2011, total investments of the life segment were € 321,558.2 million (up 0.7%), of which €
     311,957.2 million related to insurance provisions. In detail, an increase was reported both in the


     (8)
           The investment return is calculated on a half-yearly basis.

44                                                                                                Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                       BOZZA DEL 03/08/2011 19:22:31




investments other than back to unit and index-linked policies, which amounted to € 270,625.1
million (up 0.6%), and the latter, which amounted to € 50,933.1 million (up 1.2%).

With reference to the composition of investment, the weight of the bond portfolio remained
substantially stable at 83.1%, while the weight of the equity portfolio decreased to 7.9%
In accordance with the Group's investment strategy, there was an increase in the weight of real estate
investments to 3.9%, with the aim of supporting current return in the general context of low interest
rates by ensuring higher inflation indexed income, realizing the increase in value of such assets in the
medium term and reducing the overall absorption of investment capital.

With regard to the composition of the bond portfolio, government bonds exposure recorded an
increase amounting to 57.8% (57.0% at 31 December 2010), while corporate bond exposure was down
to 42.2% (43.0% at 31 December 2010). In a context of high volatility in bond markets, in the second
quarter of this year the average duration of the portfolio (equal to 6.4) was kept in line with the
previous quarter; the bond investment strategy adopted continued to favour securities in the Eurozone,
choosing government bonds issued by the core countries of the area and selecting corporate bonds of
issuers with solid valuation able to ensure an adequate coupon returns.
The strategy implemented allowed to maintain the current return of the bond portfolio, which
amounted to 2.2% on a half-yearly basis. By contrast, the contribution of harvesting operations on
fixed-income instruments to the result of the period declined to -0.2% on a half-yearly basis (0.4% at
30 June 2010). The drop is attributable to the increase in impairment losses recorded, in particular, on
Greek bonds. In addition, lesser net realized gains were recorded especially on the government bond
portfolio as well as a decrease in the value of bond portfolios recognized through profit or loss.
Comprehensive return, which includes changes in value of the period recognized through profit or loss
and equity decreased to 1.2% on a half-yearly basis (2.4% at 30 June 2010), greatly affected by the
decrease in the value of bond portfolios recognized through equity.

The current return on equities was stable at 2.0% on a half-yearly basis. The contribution to the result
for the period of realized and unrealized gains or losses through profit or loss (harvesting rate)(-0.1%
on a half-yearly basis, -0.3% at 30 June 2010) improved, reflecting higher realized gains recorded by
the Group and lower impairment losses recognised, which offset the decline in value of the Israeli
equity portfolio recognized through profit or loss.
Comprehensive return, which includes the current return and the changes in value of the period
recognized through profit or loss and equity, amounted to 0.2% on a half-yearly basis (-4.0% at 30
June 2010), benefiting from the recovery in value of the equity portfolio recognized through equity,
compared to 2010 which was characterized by falling markets in the second quarter.

The weight of real estate investments calculated based on the financial statement figures, increased
by 3.9% (3.4% at 31 December 2010); moreover, the contribution of the current return of real estate
investments to the result for the period improved from 3.3% to 3.5% on a half-yearly basis.




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                        45
                      MANAGEMENT REPORT
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      (€ million)                                                                               30/06/2011                31/12/2010                    C hange


      T otal investments excluded linked investments                                             270,625.1                  268,943.9                     0.6%
           Italy                                                                                  75,501.3                    75,230.7                   0.4%
           France                                                                                 68,488.2                    67,906.0                   0.9%
           Germany                                                                                73,906.8                    72,747.6                   1.6%
           C entral and Eastern Europe                                                             6,189.4                      6,063.9                  2.1%
           Rest of Europe                                                                         24,567.9                    24,715.4                   -0.6%
               of w hich Spain                                                                     7,498.7                      7,622.2                  -1.6%
               of w hich Austria                                                                   7,076.0                      6,985.8                  1.3%
               of w hich Sw itzerland                                                              3,111.1                      3,125.5                  -0.5%
           Rest of World                                                                          21,971.4                    22,280.3                   -1.4%



     Insurance provisions – life segment


      (€ million)                                                                               30/06/2011                31/12/2010                    C hange

      Insurance provisions - life segment                                                        311,904.6                  308,986.3                     0.9%
      N et insurance prov isions and financial liabilities:                                      318,637.9                  313,347.9                    1.7%
           traditional                                                                           267,571.6                  262,892.6                    1.8%
           linked                                                                                 51,066.3                    50,455.3                   1.2%
      Deferred policy holders liabilities                                                         -6,733.2                     -4,361.6                 54.4%



     Life insurance provisions and financial liabilities related to investment contracts excluding deferred
     policyholders liabilities went from € 313,347.9 million at 31 December 2010 to € 318,637.9 million,
     as a result of the increase in the traditional provisions (up 1.8%) attributable to the above-mentioned
     contribution of written premiums and to the investment result shared with policyholders. Also
     those related to unit-and index-linked provisions rise.
     Following essentially the decline in the value of government bonds of countries with high public
     sector debt, the deferred policyholders liabilities amounted to €-6,733.2 million (€-4,361.6 million at
     31 December 2010).

                                                                              30/06/2011                                              31/12/2010
      (€ million)                                             Traditional              Linked                  Total   Traditional             Linked       Total


      Net insurance provisions and financial liabilities      267,571.6              51,066.3           318,637.9      262,892.6             50,455.3   313,347.9
         of which Italy                                        77,866.2               6,143.4            84,009.6       77,088.2              6,282.8    83,371.0
         of which France                                       68,732.3              15,385.5            84,117.8       66,842.7             15,149.9    81,992.6
         of which Germany                                      74,117.5              12,586.8            86,704.3       72,289.3             12,448.8    84,738.1
         of which Central and Eastern Europe                    5,768.1               1,403.4                7,171.5     5,597.4              1,317.8     6,915.2




46                                                                          Bozza del 04/08/2011 17:22:56 - DATI NON DEFINITIVI
                                                                                                                                      BOZZA DEL 03/08/2011 19:22:31




Non-life segment



                                                                      - Gross written premiums: € 12,010.5 million (+2.0%)
                                                                      - Combined ratio: 96.5% (-2.3 p.p.)
                                                                      - Operating result: € 798.8 million (+36.3%)




Business performance of the non-life segment

Premiums development

Written premiums of the non-life segment continued the recovery trend that was seen starting from the
second half of 2010. Gross written premiums amounted to € 12,010.5 million (€ 11,777.7 million at
30 June 2010), with an increase of 2.0% (up 1.6% on equivalent terms). This performance is due to the
positive development of both the Motor and Non-motor, thanks to the performance of all the business
lines, with the exception of the Commercial and Industrial one, which was most severely affected by
the continuation of the challenging macroeconomic scenario in some of the Group's main countries of
operation.

Gross written premiums

                                                                                                                                                                 Change
  (€ million)                                                                                     30/06/2011                  30/06/2010         Change    like for like(*)


Non-life gross written premiums                                                                      12,010.5                    11,777.7          2.0%             1.6%
  Italy                                                                                                3,613.6                    3,610.1          0.1%             0.1%
  France                                                                                               2,183.8                    2,127.5          2.6%             2.6%
  Germany                                                                                              1,855.0                    1,827.5          1.5%             1.5%
  Central and Eastern Europe                                                                           1,175.5                    1,159.0          1.4%            -0.2%
  Rest of Europe                                                                                       2,450.9                    2,400.6          2.1%             0.2%
     of which Spain                                                                                      771.6                      792.0         -2.6%            -2.6%
     of which Austria                                                                                    772.8                      778.7         -0.8%            -0.3%
     of which Switzerland                                                                                441.2                      385.0         14.6%             1.4%
  Rest of World                                                                                          731.6                      652.9         12.1%           15.0%

(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.



In Italy, gross written premiums amounted to € 3,613.6 million, remaining essentially in line with the
figure at 30 June 2010 (up 0.1%). The positive performance of the Motor line (up 3.1%), which
continued to benefit from the growth in the average premium generated by the portfolio reform
policies implemented starting from the end of 2009, with the aim of recovering technical profitability
levels, was almost totally offset by the reduction in Non-motor lines (down 2.2%). Among the latter,
the Commercial/Industrial lines declined as a result of the country’s economic situation and the written
premiums of the Accident and Health policies showed a downtrend.
Gross written premiums in France increased by 2.6% to € 2.183.8 million, due to the development of
both the Motor lines (up 4.2%) and the Non-motor lines (up 1.4%), as a result of the rise in tariffs


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             MANAGEMENT REPORT
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     applied over the past few periods. The Personal line increased by 2.6%; with particular reference to the
     Assistance line, which refers to the French territory, written premiums decreased to € 311.3 million at
     30 June 2011 (down 4.4 on equivalent terms) due to the decline in France and Italy.
     The contribution of gross written premiums in Germany was also positive, going from € 1,827.5
     million at 30 June 2010 to € 1,855.0 million. The increase in written premiums (up 1.5%) was
     attributable to the performance both of the Motor lines (up 1.8%) and the Non-motor lines (up 1.2%),
     driven in particular by the Personal line. The Motor line, which in 2010 had suffered from severe tariff
     competition, confirmed, albeit to a lesser extent, the recovery seen in the first quarter of the year, due
     to the rise in the average premium, both for the new business and the existing portfolio, as well as the
     expansion of the portfolio.
     Gross written premiums in Central and Eastern Europe amounted to € 1,175.5 million (€ 1,159.0
     million at 30 June 2010). Despite the good performance of the Non-motor lines (up 9.9% on
     equivalent terms), mainly in the Accident and Health lines as well as the Commercial/Industrial line,
     written premiums declined slightly (down 0.2% on equivalent terms) due to the continuing situation of
     the Motor line (down 10.1% on equivalent terms) marked by a severe competition, taking into account
     the profitability of this business, especially in the Czech Republic, Romania and Hungary.

     Written premiums in the Rest of Europe remained essentially stable (up 0.2% on equivalent terms).
     In detail, gross written premiums in Switzerland went from € 385.0 million at 30 June 2010 to €
     441.2 million. The positive performance of written premiums (up 1.4% on equivalent terms) was
     driven by the increase in the Motor line (up 1.3% on equivalent terms) and in the Non-motor lines (up
     1.5% on equivalent terms) essentially attributable to the Personal line. The decline of the Accident and
     Health lines (down 2.1% on equivalent terms) reflects the loss of some significant collective contracts.
     In Austria, gross written premiums amounted to 772.8 million. The 0.3% decline on equivalent terms
     was due to the performance of the Motor line (down -0.8% on equivalent terms), due to the numerous
     contracts deleted, some of which related to corporate customers. By contrast, the Non-motor lines
     increased (up 0.8% on equivalent terms), thanks to the Personal lines, whose premiums reflect the
     applied tariff increases.
     Gross written premiums in Spain declined (down 2.6%) to € 771.6 million, in line with the
     performance of the insurance market, which continues to be affected by the challenging economic
     situation of the country. The decrease was determined by both the written premiums of the Motor line
     (down 5.0%) and those of the Non-motor lines mainly due to the downtrend of the
     Commercial/Industrial line (down 7.2%) which is affected by the economic crisis, particularly in the
     transport and construction sectors. The performance of the second quarter of the year, however, shows
     a reversal of the trend, with a recovery compared to the same period of the previous year.

     The increase in written premiums in the Rest of World is attributable to the positive contribution of
     written premiums in Latin America (up 20.5% on equivalent terms), mainly driven by the
     development of the Motor line (up 20.9%) in Mexico, and mostly in Argentina, which is still
     influenced by the combined effect of trariff increases and inflationary adjustments. The Non-motor
     lines also performed well, recording an increase of 13.4%, thanks to the development observed in
     Argentina.




48                                                    Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                             BOZZA DEL 04/08/2011 17:24:00




Operating result


  (€ million)                                                   30/06/2011          30/06/2010            C hange


  Operating result                                                   798.8               586.0             36.3%

      Technical result                                               329.7               108.1            204.9%
      Inv estment result                                             576.7               583.5             -1.2%
      Other operating items                                         -107.7              -105.5              2.0%



Operating result in the non-life segment amounted to € 798.8 million, up by 36.3% thanks to the
positive performance of the technical result, which represents the difference between premiums and
the costs of insurance operations (claims, acquisition and administration costs and other technical costs
expenses). The improvement was influenced by the above-mentioned increase in written premiums, as
a result of the tariff policies implemented and the lower impact of the catastrophic events (down 2.0
pp). Catastrophic events had an impact of approximately € 33 million, largely attributable to the
earthquake in Japan, which mainly affected the Group's reinsurance operations. Compared to June
2010, therefore, the operating result was influenced, on the one hand, by lower catastrophic events for
about € 195 million and, on the other hand, by the higher negative reinsurance balance for about € 160
million.
The Group's active investment management focused on maintaining current return allowed the Group
to record only a slight decline of the contribution by the investment result.
The operating return in the non-life segment(9) stood at 2.170% on a half-yearly basis (1.584% at 30
June 2010).


  (€ million)                                                   30/06/2011          30/06/2010            C hange


  Operating result - non-life segment                               798.8                586.0             36.3%
      Italy                                                         185.3                123.4             50.1%
      France                                                        137.4                110.6             24.2%
      Germany                                                       141.6                143.8             -1.5%
      C entral and Eastern Europe                                   142.1                109.6             29.6%
      Rest of Europe                                                172.4                 81.2            112.3%
         of w hich Spain                                              80.1                63.3             26.5%
         of w hich Austria                                            54.6                46.1             18.4%
         of w hich Sw itzerland                                       21.8                22.3             -2.0%
      Rest of World                                                   20.0                17.4             14.8%



Breaking the operating result down by the Group's main countries of operation, a positive performance
was recorded in Italy, France and Spain, mainly thanks to a recovery in technical profitability.
As a result of improved technical margins, the operating result in Central and Eastern Europe also
improved, and showed the second best contribution to the Group's result affected by the interest rate
trend of the country.
By contrast, the operating result of Germany declined, due to the decrease in the net investment result
affected by the interest rate trend of the country.




(9)
   Equal to the ratio between the operating result and the average investments calculated based on the financial
statement figures of the non-life segment

Bozza del 04/08/2011 17:24:00 - DATI NON DEFINITIVI                                                                 49
                    MANAGEMENT REPORT
     BOZZA


     Operating result: Technical result

      (€ million)                                                 30/06/2011         30/06/2010           Change

      Technical result                                                 329.7             108.1            204.9%
         Net earned premiums                                        10,308.2           10,027.4             2.8%
         Net insurance benefits and claims                          -7,099.0           -7,103.8            -0.1%
         Net acquistion and administration costs                    -2,848.4           -2,802.2             1.7%
         Other net technical income                                    -31.1              -13.3           133.3%


     The technical result increased significantly, going from € 108.1 million at 30 June 2010 to € 329.7
     million. As mentioned above, this result was achieved thanks to both the good performance of written
     premiums, and the lower overall loss ratio of the period, leading to an improved combined ratio, which
     went from 98.8% at 30 June 2010 to 96.5%.


                                                                 30/06/2011         30/06/2010           Change

      Combined ratio                                                 96.5%              98.8%               -2.3
      Loss ratio                                                     68.9%              70.8%               -2.0
      Expense ratio                                                  27.6%              27.9%               -0.3
         Acquisition costs / net premiums                            21.7%              21.9%               -0.3
         Administration costs / net premiums                          5.9%               6.1%               -0.1



     As noticed in the first part of the year, the loss ratio decreased to 68.9% (down 2.0 pp) as a result of
     the aforementioned lower impact of catastrophic events and the 0.4 pp improvement of current loss
     ratio. In detail, this reduction was due to the decrease in the current loss ratio of Non-motor lines both
     in Italy and in the foreign countries, particularly in Germany and Spain, as well as to an improvement
     of the current loss ratio in the Motor line also thanks to the effective claims settlement activities in
     Italy and to the effects of the tariff policies implemented in the Group’s main countries of operation.
     The improvements were partly offset by the lower contribution of previous years run off, obtained
     however in the usual context of prudence in the reservation policy of the Group, and by the above-
     mentioned trend of the reinsurance result.

     Net acquisition and administration costs rose by 1.7%, to € 2,848.4 million, mainly due to the increase
     in acquisition costs generated by the development of written premiums. The latter increased from
     € 2,195.1 million at 30 June 2010 to € 2,236.5 million (up 1.9%). The ratio of such costs to net
     premiums showed an improvement from 21.9% to 21.7%, essentially due to the performance of the
     Non-Motor lines.
     Administration costs related to insurance business amounted to € 612.0 million, up 0.8%, whereas
     their ratio to net premiums decreased to 5.9% (6.1% at 30 June 2010).
     Consequently, at 30 June 2011 the expense ratio decreased to 27.6% (27.9% at 30 June 2010).




50                                                    Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                                                          BOZZA DEL 03/08/2011 19:22:31




                                                                                                  Combined ratio (*)                        Loss ratio                         Expense ratio
  (%)                                                                                         30/06/2011         30/06/2010         30/06/2011        30/06/2010         30/06/2011         30/06/2010

  Group Total                                                                                         96.5               98.8               68.9              70.8               27.6              27.9
     Italy                                                                                            97.2               99.5               75.0              77.1               22.1              22.4
     France                                                                                           98.5               99.8               71.3              71.3               27.1              28.5
     Germany                                                                                          95.3               95.9               66.3              66.4               29.1              29.5
     Central and Eastern Europe                                                                       88.2               92.9               54.7              61.3               33.5              31.5
     Rest of Europe                                                                                   96.4             100.5                67.9              71.7               28.5              28.8
        of which Spain                                                                                93.5               96.5               66.6              69.8               26.8              26.6
        of which Austria                                                                              95.6               96.0               67.2              67.0               28.4              29.0
        of which Switzerland                                                                          96.9               96.1               70.5              70.0               26.4              26.1
     Rest of World                                                                                   102.4             100.4                65.3              63.6               37.1              36.8
(*) CAT claims, net of reinsurance, impact on combined ratio for 0.3 pp in the Rest of Europe (at 30 June 2010 the total impact was 2.3 pp of which 0.6 pp in Italy, 3.1 pp in France, 1.7 pp in
Germany, 7.1 pp in Central and Eastern Europe and 1.0 pp in Spain at 30 June 2010).



Breaking the performance of the combined ratio down by the Group's main countries of operation, the
ratio in Italy improved by 2.3 pp from 99.5% to 97.2%. The improvement was mainly due to the 2.1
pp reduction of the loss ratio; as mentioned both the Motor and Non-motor lines declined thanks to the
improvement of the loss ratio related to both catastrophic and non-catastrophic events. The expense
ratio declined (down 0.2 pp), as a result of the total administrative costs stability and of the
improvement in the acquisition ratio, especially in the Non-motor lines.
In France, the loss ratio remained stable, whereas the combined ratio decreased by 1.3 pp to 98.5%,
entirely thanks to the improvement of the expense ratio (down 1.3 p.p.), which was positively
influenced by the trend both of the administration costs in the Non-motor line and of the acquisition
costs.
The combined ratio in Germany amounted to 95.3%, decreasing slightly (down 0.5 pp), thanks to the
improvement in the expense ratio (down 0.4 pp), due to lower administration costs in the Non-motor
line and the essential stability of the loss ratio (down 0.1 pp).
The combined ratio of Central and Eastern Europe was 88.2%, showing the best performance at
Group level. The significant increase by 4.7 pp, against a rise in the expense ratio (up 2.0 pp) arising
from the trend of the acqusition costs as a result of the new business mix and the greater weight of the
fixed component of the aforementioned costs, is entirely attributable to the loss ratio performance
(down 6.6 pp). The latter particularly benefitted from the absence of catastrophic events, which in the
first half of 2010 weighted for 7.1 pp.
In Austria, the combined ratio slightly declined (down 0.4 pp) to 95.6%. Against a slight increase in
the loss ratio (up 0.2 p.p.), the improvement was attributable to the expense ratio (down 0.6 pp), which
was positively influenced by the reduction of administration and acquisition costs in both the Non-
motor and Motor lines.
In Spain, the combined ratio improved significantly (down 3.0 pp) to 93.5%, due to the 3.2 pp drop in
the loss ratio (down 2.3 pp net of catastrophic events, which in the first half of 2010 had accounted for 1.0
pp), which reflected the improvement in the Non-motor lines.
Finally, in Switzerland the combined ratio improved slightly (up 0.8 pp), to 96.9%, due to a worsened
loss ratio, which increased by 0.5 pp, in the Motor line, and to the 0.3 pp increase in the expense ratio,
particularly in the Non-motor lines, due to the rise of acquisition costs for these lines, which increased
its total weight on the total portfolio.




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                                                                                                                       51
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     BOZZA


     Operating result: Investment result

      (€ million)                                                 30/06/2011         30/06/2010           Change

      Investment result                                               576.7              583.5              -1.2%
         Current income from investments                              812.1              817.3              -0.6%
         Other operating net financial expenses                       -235.4             -233.9             0.7%


     The investment result in the non-life segment, which consists of current income from investments
     and other operating net financial expenses, remained essentially in line with the corresponding period
     of the previous year, amounting at € 576.7 million (€ 583.5 million at 30 June 2010).

     Current income from investments went from € 817.3 million to € 812.1 million, with a current
     return on total investments, calculated on book value basis, of 2.2% on a half-yearly basis.
     Income from fixed-income investments amounted to € 425.3 million (€ 423.9 million at 30 June
     2010), with the current return amounting to 1.9%, in line with that of the first half of the previous year.
     The return on the equity portfolio went from 1.9% to 1.8% on a half-yearly basis, due to lower
     dividends, which totalled € 71.9 million (88.9 million at 30 June 2010).
     Current income from investment properties remained essentially stable at € 257.2 million (€ 259.0
     million at 30 June 2010), with a current return of 4.3% on a half-yearly basis, unchanged compared to
     the first half of the previous year.

     Other operating net financial expenses, which include interest expenses on liabilities linked to
     operating activities and investment management expenses, were essentially stable at -235.4 million
     (-233.9 million at 30 June 2010).

     Operating result: Other operating items

     Net other operating items in the non-life business, which primarily include non-insurance operating
     expenses, depreciation and multi-annual costs, provisions for recurring risks and other taxes, totalled
     € -107.7 million (€ -105.5 million at 30 June 2010).

     Non-operating result

     The non-operating result of the non-life segment worsened from -134.1 million at 30 June 2010 to €
     -300.8 million, due to the reduction of the non-operating investment result

     The negative performance of the non-operating investment result was due to both the drop in net
     non-operating realized gains on other financial instruments, which went from € 134.7 million at 30
     June 2010 to € 44.8 million as a result of realized losses on investments on equities, and the decrease
     of net gains on other financial instruments at fair value through profit or loss. The latter went from €
     90.8 million at 30 June 2010 to € 2.2 million mainly due to net realized losses on foreign currencies,
     arising from the appreciation of the euro against the dollar and sterling.

     The Group net impairment losses on investments amounted to € -298.7 million (€ -226.8 million at 30
     June 2010), influenced for € 76.0 million by the aforementioned impairment of Greek bonds (€ 74.1
     million) and of the investment in Telco (€ 1.9 million), as well as by the negative performance of
     equity markets in particular in the second quarter.



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                                                                        BOZZA DEL 03/08/2011 19:22:31




Net other non-operating expenses went from € -132.7 million at 30 June 2010 to € -49.2 million,
including € 39.1 million in amortization of the value of the portfolios acquired directly or by obtaining
control of insurance or financial companies (€ 38.4 million at 30 June 2010). The decrease is
essentially attributable to lower net allocations to risk provisions.




Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI                                                         53
                        MANAGEMENT REPORT
     BOZZA


     Operating result – non-life segment

        (€ million)                                                                                                                   30/06/2011                          30/06/2010                               Change

        Operating result - non-life segment                                                                                               798.8                                  586.0                              36.3%
               Net earned premiums                                                                                                      10,308.2                             10,027.4                                2.8%
               Net insurance benefits and claims                                                                                        -7,099.0                              -7,103.8                               -0.1%
               Acquisition and administration costs                                                                                     -2,855.6                              -2,811.1                               1.6%
                 Acquisition and administration costs related to insurance business                                                     -2,848.4                              -2,802.2                               1.7%
                 Other acquisition and administration costs                                                                                 -7.2                                      -8.9                          -19.0%
               Fee and commission income and income from financial service activities                                                        0.1                                       0.0                         -211.5%
               Net operating income from financial instruments at fair value through
               profit or loss                                                                                                               14.0                                      17.6                          -20.4%
               Net operating income from other financial instruments                                                                      562.7                                  565.8                               -0.6%
                 Interest income and other income                                                                                         798.1                                  799.7                               -0.2%
                 Interest expense on liabilities linked to operating activities                                                            -76.6                                  -76.9                              -0.4%
                 Other expenses from other financial instruments and land and
                 buildings (investment properties)                                                                                        -158.8                                -157.0                               1.2%
               Net other operating expenses                                                                                               -131.5                                -109.9                              19.7%

        Non-operating result - non-life segment                                                                                           -300.8                                -134.1                             124.4%
          Net non-operating income from financial instruments at fair value through
          profit or loss                                                                                                                     2.2                                      90.8                          -97.5%
               Net non-operating income from other financial instruments                                                                  -253.9                                  -92.1                            175.6%
                 Net realized gains on other financial instruments and land and
                 buildings (investment properties)                                                                                          44.8                                 134.7                              -66.8%
                 Net impairment losses on other financial instruments and land and
                 buildings (investment properties)                                                                                        -298.7                                -226.8                              31.7%
               Net other non-operating expenses                                                                                            -49.2                                -132.7                              -63.0%

        Earnings before taxes - non-life segment                                                                                          497.9                                  452.0                              10.2%


     Gross direct premiums by Line of Business – non-life segment
                                                                                                                             Motor                               Non motor                                               Total
       (€ million)                                                                                        30/06/2011                               Personal   Commercial/Industrial          Accident/Health (*)


       Italy                                                                                                                1,708.7                  423.6                   832.3                        609.4        3,574.1
       France                                                                                                                601.7                   732.2                   466.8                        243.6        2,044.3
       Germany(*)                                                                                                            764.5                   677.7                   170.5                        239.8        1,852.4
       Central and Eastern Europe                                                                                            545.7                   176.7                   297.0                        133.0        1,152.4
       Rest of Europe                                                                                                        874.8                   520.4                   604.2                        389.1        2,388.5
          of which Spain                                                                                                     186.2                   195.7                   267.8                        111.2         760.9
          of which Austria(*)                                                                                                301.8                   161.9                   220.7                         75.7         760.1
          of which Switzerland                                                                                               216.9                   107.0                     2.3                        113.1         439.3
       Rest of World                                                                                                         434.5                    28.0                   196.6                         45.6         704.7
       Total                                                                                                                4,929.9                 2,558.5                2,567.5                      1,660.5       11,716.4
     (*) The life segment takes into account the Accident/Health business with the proper criteria of the segment.


                                                                                                                             Motor                               Non motor                                               Total
       (€ million)                                                                                        30/06/2010                               Personal   Commercial/Industrial          Accident/Health (*)


       Italy                                                                                                                1,657.3                  412.3                   868.0                        627.4        3,564.9
       France                                                                                                                577.4                   713.2                   466.9                        241.9        1,999.4
       Germany(*)                                                                                                            750.7                   667.0                   172.2                        235.3        1,825.2
       Central and Eastern Europe                                                                                            599.4                   164.8                   268.3                        108.7        1,141.2
       Rest of Europe                                                                                                        835.6                   490.4                   630.7                        367.9        2,324.6
          of which Spain                                                                                                     196.0                   186.3                   288.6                        104.8         775.7
          of which Austria(*)                                                                                                304.1                   158.3                   222.7                         76.9         761.9
          of which Switzerland                                                                                               189.5                    89.7                     1.9                        102.2         383.3
       Rest of World                                                                                                         388.8                    26.6                   184.9                         43.2         643.5
       Total                                                                                                                4,809.2                 2,474.3                2,591.0                      1,624.3       11,498.8
     (*) The life segment takes into account the Accident/Health business with the proper criteria of the segment.




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                                                                                                                                     BOZZA DEL 04/08/2011 17:25:31




                          non-
Financial position of the non-life segment


Investments


                                                                                                           30/06/2011                                           31/12/2010
                                                                                                          Total                                               Total
  (€ million)                                                                                       book v alue                   % of total            book v alue                 % of total

                                 (*)
  Equity instruments                                                                                    3,963.9                        10.7                   4,000.4                    11.0
        Av ailable for sale financial assets                                                            3,696.7                        10.0                   3,689.0                    10.1
        Financial assets at fair v alue through profit or loss                                            267.2                         0.7                     311.4                     0.9

                                       (**)
  Fixed income instruments                                                                             23,728.3                        64.1                21,876.6                      60.1
          Bonds                                                                                        20,538.1                        55.5                19,230.4                      52.8
                                                 (**)
          Other fix ed income instruments                                                               3,190.2                         8.6                   2,646.2                     7.3
        H eld to maturity inv estments                                                                    200.8                         0.5                     214.0                     0.6
        Loans                                                                                           4,721.0                        12.8                   4,405.5                    12.1
        Av ailable for sale financial assets                                                           18,224.3                        49.2                16,573.9                      45.5
        Financial assets at fair v alue through profit or loss                                            582.1                         1.6                     683.1                     1.9
                                                             (***)
        Land and buildings (investment properties)                                                      5,576.5                        15.1                   6,387.8                    17.5

  Other investments                                                                                     1,025.6                         2.8                     960.4                     2.6


        Inv estments in subsidiaries, associated companies and joint v entures                            894.2                         2.4                     907.9                     2.5
                        (****)
        Deriv ativ es                                                                                       14.8                        0.0                      15.3                     0.0
        Receiv ables from banks or customers                                                                 0.0                        0.0                       0.0                     0.0
        Other inv estments                                                                                116.6                         0.3                      37.2                     0.1
                                       (*****)
  Cash and cash equivalents                                                                             2,718.0                         7.3                   3,183.7                     8.7

           (******)
  T otal                                                                                               37,012.2                       100.0                36,408.9                     100.0

(*) Inv estm ent fund units amounted to € 630 m ilion (€ 635.6 milion at 31 Decem ber 2010).
(**) Inv estm ent fund units amounted to € 654.1 m ilion (€ 524.3 milion at 31 Decem ber 2010).
(***) Inv estment fund units am ounted to € 166.6 milion (€ 161.6 m ilion at 31 Decem ber 2010).
(****) Taking into account deriv ativ e instruments booked as liabilities w hich am ount to € 14.6 m ilion (€ 28.6 milion at 31 December 2010).
(*****) Taking into account Rev erse REPO w hich amount to € 175.4 milion (€ 317.7 milion at 31 December 2010) and REPO w hich amount to € 7.9 milion (€ 7.8 milion at 31
Decem ber 2010).
(******) Taking into account deriv ativ e instrum ents booked as liabilities and REPO.




                        non-
Return on investments - non-life segment(10)
                                         10)



                                                                         C urrent return               H arv esting rate                  P&L return               C omprehensiv e return
                                                                     30/06/2011       30/06/2010   30/06/2011        30/06/2010     30/06/2011     30/06/2010      30/06/2011     30/06/2010


  Fix ed income instruments                                               1.9%            1.9%         -0.5%             0.2%            1.4%          2.2%             1.4%          2.7%
  Equities and equity -like inv estments                                  1.8%            1.9%         -0.7%            -1.5%            1.1%          0.4%             2.2%          -3.7%
  Real estate inv estments                                                4.3%            4.3%          0.7%             0.9%            3.0%          3.3%             3.0%          3.2%
  Other inv estments                                                      1.4%            1.0%         -0.4%            -0.2%            0.9%          0.8%             0.9%          0.8%
  T otal investments                                                      2.2%            2.2%          -0.3%            0.1%            1.4%           2.1%            1.5%           1.8%



Total investments in the non-life segment amounted to € 37,012.2 million, increasing by 1.7%
compared to 31 December 2010.



(10 )
        The investment return is calculated on a half-yearly basis.

Bozza del 04/08/2011 17:25:31 - DATI NON DEFINITIVI                                                                                                                                              55
             MANAGEMENT REPORT
     BOZZA


     In accordance with the de-risking investment strategy pursued by the Group, the composition of the
     investment portfolio showed a reduction in exposure to both equities, which amounted to 10.7%
     (11.0% at 31 December 2010) and real estate investments, whose percentage weight dropped to 15.1%
     (17.5% at 31 December 2010). The implementation of a strategy of gradually reducing the risk level of
     portfolios resulted in a preference for fixed income investments, whose weight rose from 60.1% at 31
     December 2010 to 64.1%.

     With reference to the composition of the bond portfolio, the weight of government bonds increased,
     reaching 50.8% (49.0% at 31 December 2010), whereas the weight of corporate bonds decreased to
     49.2% (51.0% at 31 December 2010). The uncertainty that characterized both the government and
     corporate bond markets, in particular during the second quarter, led the Group to strengthen its
     prudential strategy aimed at selecting both government and corporate issuers with adequate spreads
     and solid credit standing in order to maintain the portfolios' current return on investments. This
     strategy did not result in any substantial changes to the duration of the portfolio, which amounted to
     4.4 years.
     The current return on fixed-income portfolio remained stable at 1.9% on a half-yearly basis. The
     decline in the return resulting from harvesting operations (-0.5% on a half-yearly basis; 0.2% at 30
     June 2010) was mainly due to the impairment of Greek bonds; furthermore, there was a reduction in
     the value of bonds recognized in profit or loss and in realized gains recorded by the Group.
     The comprehensive return on the bond portfolio, which includes changes in value of the period
     recognized through profit or loss and equity, declined to 1.4% on a half-yearly basis (2.7% at 30 June
     2010), as a result of the reduction in the value of bonds recognized through equity, especially for
     corporate bonds.

     The current return of the equity portfolio amounted to 1.8% on a half-yearly basis, showing only a
     slight decline compared to the same period of the previous year (1.9% at 30 June 2010). The
     contribution of harvesting operations to the result for the period improved, going from -1.5% at 30
     June 2010 to -0.7% on a half-yearly basis, thanks to the decrease in the amount of impairments
     recorded.
     Thanks to a recovery in price quotations recognized especially in equity, the comprehensive return,
     which includes in addition to the current return all the changes in value of the period recognized
     through profit or loss and equity, increased to 2.2% on a half-yearly basis, compared to -3.7%
     recorded at 30 June 2010, influenced by a negative trend in the second quarter.

     The contribution of real estate investments to the result of the period was stable (4.3% on a half-
     yearly basis), whereas return from realized gains, net of depreciation and impairment losses for the
     period (harvesting rate), decreased from 0.9% to 0.7% on a half-yearly basis.




56                                                   Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                    BOZZA DEL 04/08/2011 17:26:08




                                                                            30/06/2011                    31/12/2010                         C hange

  T otal investments - non-life segment                                       37,012.2                       36,408.9                          1.7%
      Italy                                                                   12,381.1                       12,379.7                         0.0%
      France                                                                   5,451.8                        5,257.5                         3.7%
      Germany                                                                  6,025.9                        5,815.0                         3.6%
      C entral and Eastern Europe                                              3,437.1                        3,364.9                         2.1%
      Rest of Europe                                                           8,351.7                        8,172.0                         2.2%
          of w hich Spain                                                      1,843.1                        1,897.1                         -2.8%
          of w hich Austria                                                    2,740.4                        2,606.3                         5.1%
          of w hich Sw itzerland                                               1,306.3                        1,257.6                         3.9%
      Rest of World                                                            1,364.6                        1,419.8                         -3.9%



                       non-
Insurance provisions – non-life segment


 (€ million)                                                                 30/06/2011                    31/12/2010                        C hange


 Insurance provisions - non-life segment                                       31,182.6                       30,235.8                         3.1%
 Prov isions for unearned premiums                                              6,193.4                        5,450.4                        13.6%
 Prov isions for outstanding claims                                            24,621.8                       24,413.7                         0.9%
 Other insurance prov isions                                                      367.4                             371.7                     -1.2%




                                                       30/06/2011                                                       31/12/2010
 (€ million)                                  M otor        N on M otor                     Total          M otor            N on M otor         Total


 Insurance provisions - non-life segment    14,008.3          17,174.3                   31,182.6        13,475.3              16,760.5       30,235.8

    of w hich Italy                          4,897.5           6,829.5                   11,727.0         4,938.8               6,909.6       11,848.4
    of w hich France                         2,310.9           3,312.1                    5,623.0         2,073.8               3,140.1        5,213.9
    of w hich G ermany                       2,006.6           2,434.1                    4,440.7         1,805.9               2,278.0        4,083.9
    of w hich C entral and Eastern Europe    1,211.2                851.5                 2,062.7         1,219.2                    781.5     2,000.7




Bozza del 04/08/2011 17:26:08 - DATI NON DEFINITIVI                                                                                                      57
                    MANAGEMENT REPORT
     BOZZA



     Financial segment


                                                          - Third parties AUM: € 91,869.1 million (+1.4% on
                                                             equivalent terms compared to 31 December 2010)
                                                          - Operating result: € 210.5 million (+3.8%)



     Asset management accounts for most of the Group’s activities in the financial segment and focuses
     mainly on the management of the Group companies’ financial instruments.
     At 30 June 2011, assets managed by banks and asset management companies increased amounted to €
     436,109.1million. Of this amount, third-party assets amounted to € 91,869.1 million (up 1.4% on
     equivalent terms compared to 31 December 2010).


     Business performance of the financial segment

     Operating result


      (€ million)                                                      30/06/2011         30/06/2010          Change

      Operating result - financial segment                                 210.5               202.8            3.8%
         Net operating result from financial activities                    673.9              662.6             1.7%
         Acquisition and administration costs                              -453.1             -441.9            2.5%
         Net other operating expenses                                       -10.2              -17.8          -42.8%


     The operating result of the financial segment improved to € 210.5 million (up 3.8%), thanks to the
     good performance of the BSI Group, which, thanks to the implementation of its development
     programs, reported an increase in its operating income by 24.6%.

     The improvement in the operating result was driven by the net investment result, defined as the
     intermediation margin, net of net operating impairment losses on other financial instruments. In
     particular, the intermediation margin, defined as the sum of net fee and commission income net
     interest income and other financial items, increased. Such growth was generated by the rise in net fee
     and commission income, mainly thanks to the higher third-party assets under management (up 2.8%
     compared to 30 June 2010), and the net interest income, which benefited from the higher market
     interest rates. These increases offset the lower gains realized on trading activity as well as the increase
     in the acquisition and administration costs essentially due in particular to BSI Group's development
     programs in progress in the Far East, which cost amounted at € 35.1 million.

     The cost income ratio went from 68.4% at 30 June 2010 to 68.5%.

     Non-operating result

     The non-operating result of the financial segment improved from € -34,8 million at 30 June 2010 to
     € -23.0 million, as a result of lower non-recurring restructuring charges.



58                                                          Bozza del 03/08/2011 19:22:31 - DATI NON DEFINITIVI
                                                                                                  BOZZA DEL 03/08/2011 19:22:31




Operating result – financial segment


 (€ million)                                                                         30/06/2011         30/06/2010        Change


 Operating result - financial segment                                                     210.5             202.8           3.8%
    Net operating result from financial activities                                       673.9              662.6           1.7%
       Intermediation margin                                                             676.4              672.6           0.6%
          Net interest income                                                            161.0              156.7           2.7%
          Dividends and other income                                                       62.4               52.0         20.0%
          activities                                                                     449.3              433.4           3.7%
          Other net income from financial instruments at fair value through profit
          or loss                                                                           2.4                7.7         -69.5%
          Net operating gains on other financial instruments                                1.4               22.8         -93.8%
       Net operating impairment losses on other financial instruments                      -2.5              -10.0         -74.8%
    Acquisition and administration costs                                                 -453.1             -441.9          2.5%
    Net other operating expenses                                                          -10.2              -17.8         -42.8%

 Non-operating result - financial segment                                                 -23.0              -34.8         -34.0%
    Non-operating income from investments                                                   0.9               -0.5        -273.0%
      Net non-operating realized gains on other financial instruments and land
      and buildings (investment properties)                                                 0.0               -0.3         -93.7%
      Net non-operating impairment losses on other financial instruments and
      land and buildings (investment properties)                                            0.9               -0.2        -550.0%
    Net other non-operating expenses                                                      -23.9              -34.3         -30.4%

 Earnings before taxes - financial segment                                               187.6              167.9          11.7%




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     Financial position of the financial segment


     Investments


                                                                                                                  30/06/2011                                     31/12/2010
                                                                                                                  Total                                          Total
       (€ million)                                                                                          book value                   % of total        book value                  % of total

       Equity instruments (*)                                                                                     493.0                            2.1           423.6                        1.9
          Available for sale financial assets                                                                     293.3                            1.3           261.8                        1.2
          Financial assets at fair value through profit or loss                                                   199.7                            0.9           161.9                        0.7

       Fixed income instruments (**)                                                                          12,149.3                         52.9          11,972.2                       52.8
             Bonds                                                                                             5,849.7                         25.5            5,895.8                      26.0
             Other fixed income instruments (**)                                                               6,299.6                         27.4            6,076.3                      26.8
          Held to maturity investments                                                                            529.6                            2.3           608.1                        2.7
          Loans                                                                                                7,282.0                         31.7            7,087.6                      31.3
          Available for sale financial assets                                                                  3,643.3                         15.9            3,572.8                      15.8
          Financial assets at fair value through profit or loss                                                   694.4                            3.0           703.6                        3.1

          Land and buildings (investment properties) (***)                                                         24.6                            0.1            24.5                        0.1

       Other investments                                                                                       7,081.8                         30.9            7,553.2                      33.3

          Investments in subsidiaries, associated companies and joint ventures                                     44.7                            0.2            41.9                        0.2
          Derivatives(***)                                                                                        -23.6                            -0.1          -76.4                       -0.3
          Receivables from banks or customers                                                                  6,972.1                         30.4            7,486.5                      33.0
         Other investments                                                                                         88.6                            0.4           101.2                        0.4
       Cash and cash equivalents(****)                                                                         3,200.6                         13.9            2,698.7                      11.9

       Total(*****)                                                                                           22,949.4                        100.0          22,672.2                      100.0

     (*) Investment fund units amounted to € 20.7 milion (€ 17.3 milion at 31 December 2010).
     (**) Investment fund units amounted to € 34.1 milion (€ 41 milion at 31 December 2010).
     (***) Taking into account derivative instruments booked as liabilities which amount to € 722.3 milion (€ 914.5 milion at 31 December 2010).
     (****) Taking into account Reverse REPO which amount to € 3.8 milion (€ 281.1 milion at 31 December 2010) and REPO which amount to € 1,044.7 milion (€ 850.3 milion at 31 December 20109).
     (*****) Taking into account derivative instruments booked as liabilities and REPO.




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Significant events after 30 June 2011

On 13 July 2011, the Fitch agency confirmed its rating of Assicurazioni Generali at AA- with a stable
outlook, despite the uncertainties of the Euro Area, which led to the above-mentioned downgrading of
some sovereign debt ratings. The confirmation of the rating reflects the financial solidity and
expectations that the company will continue to achieve significant technical margins thanks to the
geographical diversification and to a multi-brand and multi-channel approach in its main countries of
operations: Italy, France, Germany and in the Central and Eastern Europe.


Outlook for Generali Group
Industrialized countries are expected to achieve gradual economic growth in the coming months.
Exports towards emerging countries will remain the most dynamic component of the economy, while
expansionary credit policies will offset the negative effects of restrictive fiscal policies and slow job
growth on domestic demand. In the United States, the government is implementing a policy of public
spending cuts with the aim of rebalancing the federal budget in order to combat the rising public
deficit and reduce the resulting tensions on financial markets. In addition, rising unemployment, high
levels of household debt and uncertain growth prospects lead to the forecast of weak growth of
domestic demand. In the Euro Area, the greatest risks on financial markets in the near and medium
term remain those relating to the development of the situation in Greece and other countries with an
high public sector debt. Persistent credit market tensions could lead to further stricter credit conditions
for households, with a consequent reduction in domestic demand, and businesses, with negative effects
on their growth ability. By contrast, in emerging economies the rise in domestic demand will allow
high growth rates to be maintained, whereas monetary and credit control policies will be aimed at
preventing the emergence of speculative bubbles.

The insurance industry is not expected to undergo substantial changes of scenario compared to the
situation in recent months. The earthquake in Japan, while representing an event with considerable
economic as well as human consequences (4% of Japan's GDP), should not have immediate severe
repercussions on insurance markets. By contrast, at the reinsurance level, that event, along with other
events such as the earthquake in New Zealand and the flood in Australia, could result in changes in the
criteria for coverage programmes both in these markets, where however the Group has traditionally
never had a significant presence, and for the overall market, although to a lesser extent.

Despite the occurrence of a number of highly negative events of not only a financial nature, such as
the aforementioned natural catastrophes and the crisis in North Africa and the Middle East, equity
markets performed reasonably well, in particular in the first quarter. In Europe, the greatest risk
remains that associated with the sovereign debt of peripheral countries, until European authorities
intervene structurally on the excessive debt issue.
Uncertainty of this nature is also affecting advanced economies, such as the United States, which will
require restrictive fiscal measures in order to avoid potential default.
Expectation of renewed inflationary concerns should lead to a gradual increase in rates in the Euro
Area. By contrast, in the United States no rate increases are expected in the coming months.

Given the financial and macroeconomic scenario described above, the life segment is expected to
record a net cash inflows of good quality even though below of the levels reached in 2010.

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     In its underwriting activity, the Group will continue to favour products that absorb less capital and
     offer higher returns in terms of new business value, with the aim of maintaining and improving
     technical margins on new business, owing in part to the cost-containment policy.
     In the non-life segment, the Group is expected to report stable written premium growth rates
     compared to 2010 as a result of the performance of the Non-motor lines and the recovery of the Motor
     line. If the natural catastrophes will be confirmed at physiological levels, overall technical margins
     may be expected to improve due to the maintenance of current levels of operating efficiency and the
     continuing effects of the tariff and claims management policies implemented by the Group.
     Finally, the financial and property investment policy will continue to be based on prudent asset
     allocation focused on consolidating current returns and reducing the capital absorbed by investments.
     In detail, the investment policy for the life segment will be aimed at ensuring an asset allocation
     consistent with the overall profile of technical reserves, with the goals of optimising the risk/return
     profile and meeting portfolio return and product performance targets. To achieve these goals, an
     increased exposure to the real estate is planned, accompanied by essential stability of equity
     investments, given the market's growth prospects. In bond investments, government securities will be
     privileged, holding the short-term component of corporate bonds essentially stable while gradually
     reducing the longer-term component, particularly in the financial sector.
     In the non-life segment, investment decisions will continue to seek gradual de-risking by reducing the
     real estate component. In the bond segment, the Group will privilege investments that absorb less
     capital, such as shorter-term government and corporate bonds. No substantial changes in the weight of
     the equity component are planned in this segment either, given the growth expectations for the market.
     On the basis of the scenario described above, the Group's operating margins are expected to increase
     in both the life and non-life segments.

     Milan, 5 August 2011                                                 THE BOARD
                                                                          OF DIRECTORS




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Save - Marco Polo airport, Venice




Appendix to the Management report
.




    ·
                                                                      BOZZA DEL 03/08/2011 19:22:31




INFORMATION ON OPERATIONS

The Generali Group’s half-yearly report at 30 June 2011 was prepared in accordance with article 154-
ter of Legislative Decree No. 58/1998: “Consolidated Law on Financial Intermediation” (TUF). In
particular, the profit and loss account and balance sheet were prepared in accordance with IAS 34 on
interim reports.

In this half-yearly report, the Generali Group prepared its consolidated financial statements and Notes
in accordance with the ISVAP Regulation No. 7 of 13 July 2007, as amended by ISVAP Measure No.
2784 of 8 March 2010, and the information of the CONSOB Communication No. 6064293 of 28 July
2006. As allowed by the aforementioned Regulation, the Generali Group believed it appropriate to
supplement its consolidated financial statements with detailed items and to provide further details in
the Notes in order to meet also the IAS/IFRS requirements.


The Group at 30 June 2011 consists of 532 consolidated line by line and associated companies valued
at equity (528 at 31 December 2010). In particular, entities consolidated line by line increased from
490 to 491, and those valued at equity increased from 38 to 41.

This half-yearly report was drawn up in euro (the functional currency used by the entity that prepares
the financial statement) and the amounts are shown in millions, rounded to the first digit, unless
otherwise stated with the consequence that the rounded amounts may not add to the rounded total in
all cases.

For a description of alternative performance indicators presented in this report refer to the
methodological note attached.

The condensed consolidated half-yearly report is subject to a limited audit by the firm
PricewaterhouseCoopers, appointed for the legal audit for the period 2006-2011.




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     Methodological note on alternative performance measures

     In order to support the assessment of the quality and the sustainability of its earnings in each segment
     and country, the Generali Group has presented in this report three performance indicators, i.e. new
     business annual premium equivalent (APE), new business value (NBV) and operating result.

     New business annual premium equivalent (APE), net of minority interests, is equivalent to the sum
     of new annual premium policies, plus a tenth of premiums in single premium policies.

     New business value (NBV) is obtained by discounting at the date of the new contracts, the
     corresponding expected profits net of the cost of capital.

     Under CESR Recommendation on alternative performance measures (CESR/05 – 178b), operating
     result cannot replace earnings before taxes calculated in accordance with IAS/IFRS. In addition, it
     should be read together with financial information and related notes on the accounts which are
     included in the audited financial statements.

     Operating result was drawn up reclassifying items of earnings before taxes of each segment on the
     basis of the characteristics of each segment and taking into consideration the recurring holding
     expenses.

     Specifically, operating result represents earnings before taxes, gross of interest expense on liabilities
     linked to financing activities, specific net income from investments and non-recurring income and
     expenses.

     In the life segment, all profit and loss accounts are considered as operating items, except those
     representing the non-operating result, i.e.:
     1. realized gains and losses and net impairment losses on investments which did not affect the
         statutory reserves to the extent they were not included in the deferred policyholders liability and
         those on shareholders’fund;
     2. net other non-operating expenses, mainly including results of non-current assets or disposal group
         classified as held for sale as defined by IFRS 5 and run uff business, restructuring charges, the
         amortization of the value of business acquired directly or by securing control of companies in the
         insurance segment (value of business acquired or VOBA) and other net non recurring expenses.

     As to consider the calculation method of the policyholders’ profit sharing based on the net result of the
     period, life non-operating result in Germany and Austria was calculated net of the estimated amount
     attributable to the policyholders.
     Furthermore, whether a new fiscal law materially affects the operating result of the countries for which
     the policyholders’ profit sharing is based on the net result of the period, the estimated non recurring
     effect on the income taxes attributable to the policyholders has been accounted for in the consolidation
     adjustments.




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In the non-life segment, all profit and loss accounts are considered as operating items, except those
which represent the non-operating result, i.e.:
1. realized gains and losses, unrealized gains and losses, net impairment losses on investments,
   included gains and losses on foreign currencies,
2. net other non-operating expenses, mainly including results of non-current assets or disposal group
   classified as held for sale as defined by IFRS 5 and run uff business, impairment losses of land and
   buildings used for own activities, restructuring charges and the amortization of the value of
   business acquired directly or by securing control of insurance companies (value of business
   acquired or VOBA) and other net non recurring expenses.

In the financial segment, all profit and loss accounts are considered as operating items, except those
representing the non-operating result, i.e.:
1. realized gains and losses and net impairment losses on investments in subsidiaries, associated
   companies, joint ventures and strategic equities for the Group,
2. other net non-operating expenses, mainly including both the results of non-current assets or
   disposal group classified as held for sale as defined by IFRS 5 and run uff business, the
   restructuring charges, the amortization of the value of business acquired directly or by securing
   control of companies operating in the financial segment (value of business acquired or VOBA)
   and other net non recurring expenses.

The operating holding expenses mainly includes the expenses sustained by the Parent Company and
subholdings for management and coordination activities.

The non operating holding expenses refer to:
1. interest expenses on liabilities linked to the Group’s financing activities(11),
2. restructuring charges and other non recurring expenses incurred in the management and
   coordination activities,
3. costs arising from the assignment of stock options and stock grants under incentive plans approved
   by the Parent Company.

Operating result and non-operating result of the Generali Group are equivalent to the sum of operating
result and non-operating result of the aforesaid segments, the holding expenses classified as previously
said, and consolidation adjustments.

Starting from 31 December 2010 also operating results of life and non-life segments are presented in
format of result drivers, which better describes the changes occurred in each segment performance.

The operating result of the life segment is made up of a technical margin gross of underwriting
expenses, a net investment result and acquisition and administration costs related to insurance business
and other net operating expenses. In details, the technical margin includes loadings, risk and
surrenders results. Net investment result consists of operating income from investments, net of the
related policyholders’ interests.




(11)
   Further details on the definition of liabilities linked to financing activities are included in the paragraph Debt
in Asset and financial management of the report.

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     The operating result of the non life segment consists of an technical result, an investment result and
     other operating items.
     The technical result is equivalent to the insurance activity result, i.e. the difference between premiums
     and claims, acquisition and administration costs and other net technical income.
     The investment result is made up of current income from investments and other operating net financial
     expenses, like expenses on investment management and interest expenses on operating debt.

     The operating result of the financial segment is slit by net operating result from financial activities,
     acquisition and administration costs and other net operating expenses.
     Specifically, the net operating result from financial activities is defined as the intermediation margin,
     net of net operating impairment losses on other financial instruments. The intermediation margin is
     equal to all net operating income arising from financial activity. Lastly, the interest margin is equal to
     interest income, net of interest expenses.

     In accordance with the abovedescribed approach, the Generali Group has also presented the life, non-
     life and group operating result of the main countries where it operates. This performance indicator
     measures the contribution of each country to the consolidated operating result.

     Lastly, within the context of the life and non-life operating result of each country, reinsurance
     operations between Group companies in different countries are accounted for as transactions
     concluded with external reinsurers. This representation of the life and non-life operating result by
     country makes this performance indicator more consistent with the risk management policies
     implemented by each company and with the other indicators measuring the technical profitability of
     the Group’s companies.

     The reconciliation statement of operating result and non-operating result to profit and loss accounts is
     shown in the table below:


         Operating result and non-operating result                                                                                  Profit and loss account


         Net earned premiums                                                                                                                               1.1
         Net insurance benefits and claims                                                                                                                 2.1
         Acquisition and administration costs                                                                                                    2.5.1 - 2.5.3
         Net fee and commission income and net income from financial service activities                                                              1.2 - 2.2
         Net operating income from financial instruments at fair value thriugh profit or loss
         Net operating income from other financial instruments
                                                                                                                            1.3 - 1.4 - 1.5 - 2.3 - 2.4 - 2.5.2
         Net non-operating income from financial instruments at fair value thriugh profit or loss
         Net non-operating income from investments
         Net other operating expenses
                                                                                                                                                     1.6 - 2.6
         Net other non-operating expenses



     Please note the following reclassifications implemented in the operating result calculation compared to
     the related profit and loss items:
     •       within the operating result, investment management expenses and investment properties have been
             reclassified from acquisition and administration costs to net operating income from financial
             instruments, especially in other expenses from financial instruments and land and buildings
             (investment properties);


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•        within the operating income, gains and losses on foreign currencies were reclassified in the life
         and financial segment from net operating income to net operating income from financial
         instruments at fair value through profit or loss. In the non-life segment, within the operating
         income, gains and losses on foreign currencies have been reclassified from net operating income
         to net non-operating income from financial instruments at fair value through profit or loss. The
         classification for each segment is consistent with the related classification of the derivative
         transactions drawn up in order to hedge the Group's equity exposure to the changes of the main
         currencies of operation. The net operating and non-operating income from other financial
         instruments are therefore not subject to financial market volatility;
•        within net operating income from financial instruments, interest expenses on deposits and current
         accounts under reinsurance business are deducted from the related interest income. Therefore, they
         are not accounted for in interest expenses on liabilities linked to operating activities.
•        within operating income, net other operating expenses are adjusted for operating taxes and for
         non-recurring taxes that affect in a relevant manner the operating income of the countries where
         the policyholders sharing is determined taking into account the taxes for the period. These
         adjustment are therefore taking part in the calculation of operating income and are excluded from
         the income taxes.

Specifically, starting from 31 December 2010 in the non-life segment gains and losses on foreign
currency have been reclassified from net operating income from financial instruments at fair value
through profit or loss to the related non operating item. Comparative figures have been coherently
restated in the following table.

                                                               30/06/2010
                                                                previously                          30/06/2010
    (€ million)                                                  reported         adjustments         restated


    Operating result - non-life segment                             663.2               -77.2           586.0
    Operating result - life segment                               1,568.0                 0.0          1,568.0
    Operating result - financial segment                            202.8                 0.0           202.8
    Operating holding expenses                                     -138.1                 0.0           -138.1
    Consolidation adjustments                                       -82.8                 0.0            -82.8

    Operating result                                              2,213.1               -77.2          2,135.9
    Non-operating result - non-life segment                        -211.3                77.2           -134.1
    Non-operating result - life segment                            -180.1                 0.0           -180.1
    Non-operating result - financial segment                        -34.8                 0.0            -34.8
    Non-operating holding expenses                                 -383.3                 0.0           -383.3
    Consolidation adjustments                                         1.9                 0.0              1.9

    Non-operating result                                           -807.6                77.2           -730.4



Finally, the Generali Group has presented a performance indicator of investment returns, that are
calculated as the ratio:
    • for the current return between interest and other income, including those arising from
        financial instruments at fair value through profit and loss (excluded those from financial
        instruments related to unit and index-linked contracts) and the the average investments
        (calculated on book value);
    • for the harvesting rate between net realized gains, net impairment losses and unrealized and
        realized gains and losses from financial instruments at fair value through profit and loss


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             (excluded those from financial instruments related to unit and index-linked contracts) and the
             the average investments (calculated on book value);
         •   for comprehensive return between current income and unrealized income and expenses
             accounted for both in profit and loss (excluded those from financial instruments related to unit
             and index-linked contracts) and in shareholders’ equity and the the average investments
             (calculated on book value).

     The profit and loss return is equal to the current return plus the harvesting return (in case of
     investment properties also net of management expensive and depreciation of the period).

     The average investments (calculated on book value) includes land and buildings (investment
     properties), investments in subsidiaries, associated companies and joint ventures, loans and
     receivables, available for sale financial assets, financial assets at fair value through profit or loss less
     financial assets and liabilities related to unit and index-linked contracts, derivatives classified in
     financial liabilities at fair value through profit or loss and cash and cash equivalent. The total
     investment is adjusted for derivative instruments classified as financial liabilities at fair value through
     profit of loss an for REPO classified as other liabilities. The average amount is calculated on the
     average asset base of each quarter of the reporting period.
     These investment returns have been presented in the life and non-life segments and for the Group
     consolidated figures.

     As far as the Group investments are concerned, starting from 31 December 2010 the following
     changes compared to the balance sheet have been implemented, in order to be aligned with the
     calculation of the related returns:
     • derivatives are presented net of those classified as liabilities, and
     • cash and cash equivalent are presented net of reverse REPO and REPO classified as liabilities.

     Furthermore, within the investment categories the following reclassifications have been made:
     • reverse REPO have been reclassified from ‘Other fixed income instruments’ to ‘Cash and cash
         equivalent’, coherently to their short term investment view,
     • loans classified as at fair value through profit and loss have been moved from the residual item
         ‘Other investments’ to ‘Other fixed income istruments’.

     Regarding investments of each segment, on the basis of the characteristics of each segment and in line
     with the approach followed in the returns calculation, further to the abovementioned changes,
     investments in subsidiaries consolidated line by line and loans and bonds between Group companies
     have been excluded, except, in the life segment, those on which policyhoders’ share is based on.

     In accordance with the abovedescribed approach, the Generali Group has presented life, non-life and
     consolidated investments of the main countries where it operates. The indicator measures the
     contribution of each country to the segment and consolidated investments.




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Finmeccanica - Unmanned Aerial Systems




CONDENSED CONSOLIDATED HALF-YEARLY
FINANCIAL STATEMENTS
INDEX
Consolidated financial statements
Balance sheet                                                                78
Income statement                                                             81
Statement of comprehensive income                                            83
Statement of changes in equity                                               84
Statement of cash flows                                                      87
Notes to the consolidated statements
Basis of presentation and accounting principles                               91
Notes on the balance sheet                                                    93
 Assets                                                                       93
 1. Intangible assets                                                         93
 2. Tangible assets                                                           94
 3. Amounts ceeded to reinsurers from insurance provisions                    94
 4. Investments                                                               95
 5. Receivables                                                              100
 6. Other assets                                                             100
 7. Cash and cash equivalents                                                100
 Balance sheet - Equity and liabilities                                      101
 1. Shareholders’ equity                                                     101
 2. Other provisions                                                         102
 3. Insurance provisions                                                     102
 4. Financial liabilities                                                    103
 5. Payables                                                                 104
 6. Other liabilities                                                        104
Notes to the income statement                                                105
 1. Income                                                                   105
 2. Expenses                                                                 107
 3. Income taxes                                                             109
Other information                                                            110
 1. Exposure to Greece, Portugal and Ireland                                 110
 2. Other comprehensive income                                               111
 3. Fair value hierarchy                                                     111
 4. Information on employees                                                 113
 5. Earnings per share                                                       113
 6. Related party disclosure                                                 113
 7. Reinsurance policy of the Group                                          115
 8. Significant non recurring events and transactions                        115
 9. Atypical and/or unusual transactions                                     115
 10. Non-current assets or disposal group classified as held for sale        115
Appendices to the notes                                                      117
Appendixes
Change in the consolidation area                                             136
Subsidiaries consolidated line by line                                       137
Non-consolidated subsidiaries and associated companies                       154




                                                                        90
Ferrovie dello stato - Frecciarossa train




Consolidated financial statements
.




    ·
Company           ASSICURAZIONI GENERALI S.p.A.




              CONSOLIDATED STATEMENTS


          Consolidated half-yearly financial statements

                        at 3o June 2011


                       (Amounts in € million)
                                                BALANCE SHEET - ASSETS



                                                                                                  30/06/2011      31/12/2010



1         INTANGIBLE ASSETS                                                                            10,615.3        10,670.4

    1.1   Goodwill                                                                                      7,432.5         7,415.4

    1.2   Other intangible assets                                                                       3,182.8         3,255.1

2         TANGIBLE ASSETS                                                                               3,626.1         3,796.2

    2.1   Land and buildings (self used)                                                                3,057.5         3,211.7

    2.2   Other tangible assets                                                                          568.6           584.5

3         AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS                                         5,670.0         5,765.3

4         INVESTMENTS                                                                                 365,089.4       364,243.3

    4.1   Land and buildings (investment properties)                                                   13,788.9        13,232.7

    4.2   Investments in subsidiaries, associated companies and joint ventures                          2,217.3         2,439.2

    4.3   Held to maturity investments                                                                  4,179.2         4,544.9

    4.4   Loans and receivables                                                                        76,910.8        79,740.4

    4.5   Available for sale financial assets                                                         193,118.4       188,928.5

    4.6   Financial assets at fair value through profit or loss                                        74,874.9        75,357.6
          of which financial assets where the investment risk is borne by the policyholders and
          related to pension funds                                                                     50,933.1        50,344.0

5         RECEIVABLES                                                                                  13,761.1        11,468.0

    5.1   Receivables arising out of direct insurance operations                                       10,171.5         8,643.1

    5.2   Receivables arising out of reinsurance operations                                             1,034.2          889.1

    5.3   Other receivables                                                                             2,555.4         1,935.9

6         OTHER ASSETS                                                                                 15,732.1        15,505.8

    6.1   Non-current assets or disposal groups classified as held for sale                              191.7           198.2

    6.2   Deferred acquisition costs                                                                    1,933.0         1,885.6

    6.3   Deferred tax assets                                                                           4,281.7         3,596.3

    6.4   Tax receivables                                                                               2,335.8         2,626.8

    6.5   Other assets                                                                                  6,989.9         7,198.9

7         CASH AND CASH EQUIVALENTS                                                                    13,213.7        10,990.3


                                                TOTAL ASSETS                                          427,707.6       422,439.4
                  BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES



                                                                                                           30/06/2011         31/12/2010



1                 SHAREHOLDERS' EQUITY                                                                          19,838.6           20,064.5

    1.1           Shareholders' equity attributable to the Group                                                17,231.4           17,489.8

          1.1.1   Share capital                                                                                  1,556.9            1,556.9

          1.1.2   Other equity instruments                                                                              0.0                0.0

          1.1.3   Capital reserves                                                                               7,098.3            7,098.3

          1.1.4   Revenue reserves and other reserves                                                            8,266.2            7,289.1

          1.1.5   (Own shares)                                                                                    -403.2             -403.3

          1.1.6   Reserve for currency translation differences                                                    559.1              557.2

          1.1.7   Reserve for unrealized gains and losses on available for sale financial assets                  -531.9             -184.4

          1.1.8   Reserve for other unrealized gains and losses through equity                                    -119.4             -125.8

          1.1.9   Result of the period                                                                            805.5             1,701.9

    1.2           Shareholders' equity attributable to minority interests                                        2,607.2            2,574.7

          1.2.1   Share capital and reserves                                                                     2,371.5            2,170.3

          1.2.2   Reserve for unrealized gains and losses through equity                                            72.6               88.0

          1.2.3   Result of the period                                                                            163.1              316.4

2                 OTHER PROVISIONS                                                                               1,514.8            1,496.5

3                 INSURANCE PROVISIONS                                                                        333,021.9          329,616.3
                  of which insurance provisions for policies where the investment risk is borne by the
                  policyholders and related to pension funds                                                    39,364.3           38,956.1

4                 FINANCIAL LIABILITIES                                                                         54,771.5           53,903.8

    4.1           Financial liabilities at fair value through profit or loss                                    13,725.6           13,702.1
                  of which financial liabilities where the investment risk is borne by the policyholders
                  and related to pension funds                                                                  11,466.6           11,206.1

    4.2           Other financial liabilities                                                                   41,045.9           40,201.7

                  of which subordinated liabilities                                                              6,438.7            6,492.9

5                 PAYABLES                                                                                       8,317.4            7,650.0

    5.1           Payables arising out of direct insurance operations                                            4,074.0            3,917.0

    5.2           Payables arising out of reinsurance operations                                                  768.4              691.7

    5.3           Other payables                                                                                 3,474.9            3,041.3

6                 OTHER LIABILITIES                                                                             10,243.4            9,708.4
                  Liabilities directly associated with non-current assets and disposal groups classified
    6.1
                  as held for sale                                                                                      0.0                0.0

    6.2           Deferred tax liabilities                                                                       4,071.6            3,753.3

    6.3           Tax payables                                                                                   1,792.4            1,607.1

    6.4           Other liabilities                                                                              4,379.5            4,348.0


                             TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES                                       427,707.6          422,439.4
.




    ·
                                                             INCOME STATEMENT


                                                                                                             30/06/2011      30/06/2010


    1.1           Net earned premiums                                                                             32,072.0        33,173.9

          1.1.1   Gross earned premiums                                                                           33,418.2        34,523.5

          1.1.2   Earned premiums ceded                                                                           -1,346.2        -1,349.6

    1.2           Fee and commission income and income from financial service activities                            706.2           648.1

    1.3           Net income from financial instruments at fair value through profit or loss                        -309.7         1,226.1
                  of which net income from financial instruments where the investment risk is borne by the
                  policyholders and related to pension funds                                                        -391.9          719.3

    1.4           Income from subsidiaries, associated companies and joint ventures                                 102.1             38.1

    1.5           Income from other financial instruments and land and buildings (investment properties)           8,234.1         7,959.0

          1.5.1   Interest income                                                                                  5,210.4         5,015.2

          1.5.2   Other income                                                                                     1,211.8         1,159.8

          1.5.3   Realized gains                                                                                   1,698.0         1,676.9

          1.5.4   Unrealized gains and reversal of impairment losses                                                113.9           107.1

    1.6           Other income                                                                                     1,172.5         1,676.6

1                 TOTAL INCOME                                                                                    41,977.2        44,721.8

    2.1           Net insurance benefits and claims                                                              -29,289.0       -33,060.4

          2.1.1   Claims paid and change in insurance provisions                                                 -29,984.2       -33,912.3

          2.1.2   Reinsurers' share                                                                                 695.2           851.9

    2.2           Fee and commission expenses and expenses from financial service activities                        -228.7          -215.6

    2.3           Expenses from subsidiaries, associated companies and joint ventures                               -362.6           -10.7

    2.4           Expenses from other financial instruments and land and buildings (investment properties)        -2,984.6        -2,166.8

          2.4.1   Interest expense                                                                                  -628.0          -650.6

          2.4.2   Other expenses                                                                                    -190.4          -151.7

          2.4.3   Realized losses                                                                                   -663.6          -603.3

          2.4.4   Unrealized losses and impairment losses                                                         -1,502.6          -761.3

    2.5           Acquisition and administration costs                                                            -5,918.1        -5,862.2

          2.5.1   Commissions and other acquisition costs                                                         -4,211.4        -4,171.3

          2.5.2   Investment management expenses                                                                     -52.0           -93.9

          2.5.3   Other administration costs                                                                      -1,654.7        -1,597.0

    2.6           Other expenses                                                                                  -1,791.0        -2,000.4

2                 TOTAL EXPENSES                                                                                 -40,574.0       -43,316.2

                  EARNINGS BEFORE TAXES                                                                            1,403.2         1,405.6

3                 Income taxes                                                                                      -433.6          -405.4


                  EARNINGS AFTER TAXES                                                                              969.7          1,000.1

4                 RESULT OF DISCONTINUED OPERATIONS                                                                   -1.1            16.9

                  CONSOLIDATED RESULT OF THE PERIOD                                                                 968.6          1,017.1

                  Result of the period attributable to the Group                                                    805.5           872.9

                  Result of the period attributable to minority interests                                           163.1           144.2

                  EARNINGS PER SHARE:

                  Earnings per share (in €)                                                                           0.52            0.57

                    from continuing operation                                                                         0.52            0.56

                  Diluted earnings per share (in €)                                                                   0.52            0.57

                    from continuing operation                                                                         0.52            0.56
.




    ·
                                                     STATEMENT OF COMPREHENSIVE INCOME


                                                                                               30/06/2011          30/06/2010



1         CONSOLIDATED RESULT OF THE PERIOD                                                             968.6             1,017.1

    2.1   Foreign currency translation differences                                                          10.2            741.6

    2.2   Net unrealized gains and losses on investments available for sale                            -370.2              -441.9

    2.3   Net unrealized gains and losses on cash flows hedging derivatives                                 13.2                -14.9

    2.4   Net unrealized gains and losses on hedge of a net investment in foreign operations                 0.5                 -0.7

    2.5   Share of other comprehensive income of associates                                                  0.0                 0.0

    2.6   Reserve for revaluation model on intangible assets                                                 0.0                 0.0

    2.7   Reserve for revaluation model on tangible assets                                                   0.0                 0.0

    2.8   Result of discontinued operations                                                                  0.0                 0.0

    2.9   Actuarial gains or losses arising from defined benefit plans                                       0.0                 0.0

    2.10 Other                                                                                               0.0                 0.0

2         OTHER COMPREHENSIVE INCOME                                                                   -346.3               284.1

3         TOTAL COMPREHENSIVE INCOME                                                                    622.3             1,301.1

          attributable to the Group                                                                     466.3             1,063.9

          attributable to minority interests                                                            156.0               237.2

          TOTAL COMPREHENSIVE INCOME PER SHARE:

          Total comprehensive income per share (in €)                                                       0.30                0.69

          Diluted total comprehensive income per share (in €)                                               0.30                0.69
                                                           STATEMENT OF CHANGES IN EQUITY


                                                                                                  Amounts          Changes in amounts at                          Transfer to profit
                                                                                                                                               Allocation
                                                                                                at 31/12/2009           31/12/2009                                 and loss account


                       Share capital                                                                     1,556.9                                            0.0
                       Other equity instruments                                                              0.0                                            0.0
                       Capital reserves                                                                  7,090.8                                            7.5
  Shareholders'
      equity        Revenue reserves and other reserves                                                  6,602.4                                        731.2
attributable to the (Own shares)
      Group                                                                                               -403.5                                            0.0
                    Result of the period                                                                 1,309.1                                        107.3
                       Other comprehensive income                                                          496.6                       0.0              -24.7                  215.7
                       Total shareholders' equity attributable to the group                             16,652.3                       0.0              821.3                  215.7

                    Share capital and reserves                                                           2,826.2                                        288.3
  Shareholders'
       equity       Result of the period                                                                   457.3                                       -196.5
  attributable to                               (*)
                    Other comprehensive income                                                             -11.5                       0.0              104.5                  -11.4
 minority interests
                    Total shareholders' equity attributable to minority interests                        3,272.0                       0.0              196.3                  -11.4

 Total                                                                                                  19,924.3                       0.0            1,017.6                  204.2



(*)
      "Other comprehensive income" includes € 10,8 million reported in the Balance Sheet item "1.2.1 Share capital and reserves" (€ 2.6 million at 31/12/2010,
      € -5.0 million at 30/06/2010 and € -120.2 million at 31/12/2009)
                         Amounts           Amounts         Changes in amounts at                      Transfer to profit                        Amounts
Other transfer                                                                     Allocation                               Other transfer
                       at 30/06/2010     at 31/12/2010          31/12/2010                             and loss account                       at 30/06/2011


                 0.0           1,556.9           1,556.9                                        0.0                                     0.0           1,556.9

                 0.0               0.0               0.0                                        0.0                                     0.0               0.0

                 0.0           7,098.3           7,098.3                                        0.0                                     0.0           7,098.3

                               7,333.6           7,289.1                                   977.1                                                      8,266.2

                 0.0            -403.5            -403.3                                        0.1                                     0.0            -403.2

            -543.5              872.9            1,701.9                                  -197.6                                     -698.8            805.5

                 0.0            687.6             247.0                                   -348.4                     9.2                                -92.2
            -543.5            17,145.7          17,489.8                     0.0           431.2                     9.2             -698.8          17,231.4

                               3,114.5           2,167.7                                   203.5                                      -10.5           2,360.7

            -116.7              144.2             316.4                                    -19.6                                     -133.8            163.1

                 0.0              81.5              90.6                     0.0            -0.1                     -7.0               0.0              83.5
            -116.7             3,340.2           2,574.7                     0.0           183.8                     -7.0            -144.3           2,607.2

            -660.2            20,486.0          20,064.5                     0.0           615.0                     2.2             -843.1          19,838.6
.




    ·
                                              STATEMENT OF CASH FLOW (indirect method)


                                                                                                                         30/06/2011             30/06/2010


      Earnings before taxes                                                                                                        1,403.2                1,452.4

      Changes in non-cash items                                                                                                    9,032.5              11,189.1
      Change in the provisions for unearned premiums and for unexpired risks for non-life segment                                   755.6                  751.0
      Change in the provisions for outstanding claims and other insurance provisions for non-life segment                           276.3                  438.5
      Change in the mathematical provisions and other insurance provisions for life segment                                        4,794.3              10,488.9
      Change in deferred acquisition costs                                                                                            -45.4                  -42.0
      Change in other provisions                                                                                                    377.2                      4.8
      Other non-cash expenses and revenues arising out of financial instruments, investment properties and
      investments in subsidiaries, associated companies and joint ventures                                                         2,711.6                   90.7
      Other changes                                                                                                                 162.9                  -542.8

      Change in receivables and payables from operating activities                                                                -1,772.6               -1,149.0
      Change in receivables and payables arising out of direct insurance and reinsurance operations                               -1,529.0                 -896.7
      Change in other receivables and payables                                                                                      -243.5                 -252.4

      Income taxes paid                                                                                                             -559.8                  -14.4

      Net cash flows from cash items related to investing or financing activities                                                   -766.3               -1,209.3
      Financial liabilities related to investment contracts                                                                         465.8                 2,254.1
      Payables to banks and customers                                                                                               200.5                -2,273.0
      Loans and receivables from banks and customers                                                                                445.0                    60.4
      Other financial instruments at fair value through profit or loss                                                            -1,877.5               -1,250.9
      CASH FLOW FROM OPERATING ACTIVITIES                                                                                          7,337.1              10,268.6


      Net cash flows from investment properties                                                                                     -463.5                 330.6
      Net cash flows from investments in subsidiaries, associated companies and joint ventures                                        -49.4                -226.1
      Net cash flows from loans and receivables                                                                                    1,999.8                1,031.5
      Net cash flows from held to maturity investments                                                                              240.1                  -671.9
      Net cash flows from available for sale financial assets                                                                     -6,225.2               -8,859.5
      Net cash flows from tangible and intangible assets                                                                            -194.0                 -167.3
      Net cash flows from other investing activities                                                                                -236.5                 -976.4
      CASH FLOW FROM INVESTING ACTIVITIES                                                                                         -4,928.7               -9,539.2

      Net cash flows from shareholders' equity attributable to the Group                                                                0.0                    0.0
      Net cash flows from own shares                                                                                                    0.0                    0.0
      Dividends payment                                                                                                             -698.8                 -543.1
      Net cash flows from shareholders' equity attributable to minority interests                                                   -133.8                 -116.7
      Net cash flows from subordinated liabilities and other similar liabilities                                                     -26.5                   41.9
      Net cash flows from other financial liabilities                                                                               526.1                    72.5
      CASH FLOW FROM FINANCING ACTIVITIES                                                                                           -333.0                 -545.4

      Effect of exchange rate changes on cash and cash equivalents                                                                     -4.1                615.9

                                                                                       (*)
      CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD                                                                   10,295.7                 9,764.8

      CHANGES IN CASH AND CASH EQUIVALENTS                                                                                         2,071.2                 800.0

                                                                                (**)
      CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                                                                         12,366.9               10,564.9


(*)
  Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 10,990.3 million), liabilities to banks payables on demand (€
308.7 million) and bank overdrafts (€ 385.9 million).
(**)
     Cash and cash equivalents at the end of the period include cash and cash equivalents (€ 13,213.7 million), liabilities to banks payables on demand (€ 275.9
million) and bank overdrafts (€ 571.0 million).
Eni - Drilling rigs, Basilicata




Notes to the Consolidated statements
.




    ·
BASIS OF PRESENTATION AND ACCOUNTING PRINCIPLES

The Generali Group’s half-yearly report at 30 June 2011 was prepared in accordance with article 154-
ter of Legislative Decree No. 58/1998: “Consolidated Law on Financial Intermediation” (TUF). In
particular, the profit and loss account and balance sheet were prepared in accordance with IAS 34 on
interim reports.

In this half-yearly report, the Generali Group prepared its consolidated financial statements and Notes
in accordance with the ISVAP Regulation No. 7 of 13 July 2007, as amended by ISVAP Measure No.
2784 of 8 March 2010, and the information of the CONSOB Communication No. 6064293 of 28 July
2006. As allowed by the aforementioned Regulation, the Generali Group considered appropriate to
supplement its consolidated financial statements with detailed items and to provide further details in
the Notes in order to meet also the IAS/IFRS requirements.

Consolidation methods and valuation criteria adopted for preparing this half-yearly report are
consistent with those reported in the consolidated financial statements at 31 December 2010.

The Notes, which are mandatory as established by the Italian Regulator, are presented in the
appendices to the notes attached to this report.

Accounting principles adopted for drawing up this consolidated half-yearly report and the contents of
the items in the financial statements are detailed in the basis of presentation and accounting principles
of the consolidated annual financial statements.




                                                                                                            91
                  CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




     The exchange rates used for the translation of the main foreign currencies for the Generali Group into
     euro are shown below.
     The balance sheet items of financial statements denominated in foreign currencies were translated into
     euro based on the exchange rates at the end of the year, whereas for profit and loss account items
     average exchange rates were used.

     Exchange rates
                                                                            Exchange rate at the end of the period (€)
      Currency                                                                       30/06/2011                     31/12/2010


      US dollar                                                                          1.4499                           1.3416
      Swiss franc                                                                        1.2208                           1.2505
      British pound                                                                      0.9031                           0.8569
      Israeli shekel                                                                     4.9331                           4.7511
      Argentine peso                                                                     5.9502                           5.3287
      Czech koruna                                                                      24.3330                          25.0900



                                                                                   Average exchange rate (€)
      Currency                                                                       30/06/2011                     30/06/2010


      US dollar                                                                          1.4036                           1.3285
      Swiss franc                                                                        1.2702                           1.4361
      British pound                                                                      0.8683                           0.8705
      Israeli shekel                                                                     4.9370                           4.9932
      Argentine peso                                                                     5.6817                           5.1389
      Czech koruna                                                                      24.3451                          25.7297




92
NOTES ON THE BALANCE SHEET

Assets

1 – Intangibles assets

 (€ million)                                                                                                                           30/06/2011                      31/12/2010

 Goodwill                                                                                                                                  7,432.5                         7,415.4

 Other intangible assets                                                                                                                   3,182.8                         3,255.1
    Purchased goodwill                                                                                                                        60.0                            60.4
    Software                                                                                                                                 496.2                           503.8
    Value of in-force business arising from insurance business combination                                                                 1,773.4                         1,842.3
    Other intangible assets                                                                                                                  853.1                           848.6

 Total                                                                                                                                   10,615.3                         10,670.4




1.1 – Goodwill

 (in million euro)                                                                                                                     30/06/2011                      31/12/2010

 Carrying amount as at 31 December previous year                                                                                           7,415.4                         7,273.5

 Changes in consolidation scope                                                                                                                1.2                            20.2
 Other variations                                                                                                                             15.9                           121.7

 Carrying amount as at the end of the period                                                                                               7,432.5                         7,415.4




    (€ million)                                                                                                                        30/06/2011                      31/12/2010


 Alleanza - Toro Group                                                                                                                     2,793.3                         2,793.3
 Generali Deutschland Holding                                                                                                              2,179.0                         2,179.0
 Generali PPF Holding Grupp                                                                                                                  685.3                           666.3
 BSI - Banca del Gottardo Group (*)                                                                                                          540.1                           527.2
 Generali France Group                                                                                                                       417.1                           417.1
 Generali Schweiz Holding AG                                                                                                                 286.6                           279.8
 Generali Holding Vienna AG                                                                                                                  153.4                           153.4
 Other                                                                                                                                       377.6                           399.3

 Total goodwill                                                                                                                            7,432.5                         7,415.4

(*) Amount includes € 417.9 million of goodwill activated on acquisition of Banca del Gottardo and € 31.1 million on acquisition of Banca Unione di Credito. Goodwill activated on
Banca del Gottardo Italia (€ 18.0 million net of minorities) is not included, since it was merged with Banca Generali Group and is shown in row "Other".




                                                                                                                                                                                     93
                    CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




     1.2 – Other intangible assets

     In accordance with IFRS 3, value in force acquired in business combinations amounted to € 1,773.4
     million and was attributable to:
     - the acquisitions in 2006 of Toro Group (€ 359.4 million net of amortisation of the period) and in
         the CEE countries (€ 29.0 million, net of amortisation of the period),
     - the acquisition of Bawag PSK Versicherung in 2007, which brought to a further activation of €
         50.9 million, net of amortisation of the period,
     - the acquisition of Ceška group, whose allocation of purchased price was concluded in the second
         half of 2008, which brought to a further activation of € 1,334.1 million, net of amortisation of the
         year.

     The other intangible assets included the value of the customers portfolio in the asset management
     business, obtained through the acquisition of control of companies operating in the financial segment.
     In particular, the acquisition of Banca del Gottardo brought to a further activation of € 189.2 million,
     net of amortisation of the year.

     Deferred tax liabilities were accounted for with reference to the abovementioned intangible assets.

     2 – Tangible assets

     Other tangible assets, which totalled € 568.6 million, mainly consisted of furniture, fittings and office
     equipment.

     3 – Amounts ceded to reinsurers from insurance provisions

                                                                                            Total

      (€ million)                                                                   30/06/2011         31/12/2010

      Non-life amounts ceded to reinsurers from insurance provisions(*)                4,208.8             4,234.7

      Life amounts ceded to reinsurers from insurance provisions(*)                    1,461.2             1,530.6
      Provisions for policies where the investment risk is borne
      by the policyholders and provisions for pension funds                                9.5                 0.5
      Mathematical provisions and other insurance provisions                           1,451.6             1,530.1

      Total                                                                            5,670.0             5,765.3

     (*) After the elimination of intra-group transactions between segments.




94
4 – Investments

                                                                                                           30/06/2011                                      31/12/2010
                                                                                                           Total                        Impact            Total                  Impact
  (€ million)                                                                                          bookvalue                           (%)        bookvalue                     (%)

  Equity instruments (*)                                                                                 25,947.4                           8.0        27,298.3                     8.5
     Available for sale financial assets                                                                 19,060.3                           5.9        20,517.8                     6.4
     Financial assets at fair value through profit or loss                                                 6,887.1                          2.1         6,780.5                     2.1

  Fixed income instruments (**)                                                                         258,730.2                          79.8       254,835.5                    79.2
       Bonds                                                                                            228,145.6                          70.4       225,986.3                    70.2
       Other fixed income instruments (**)                                                               30,584.6                           9.4        28,849.2                     9.0
     Held to maturity investments                                                                          4,179.2                          1.3         4,544.9                     1.4
     Loans                                                                                               69,300.2                          21.4        69,706.4                    21.7
     Available for sale financial assets                                                                171,440.3                          52.9       165,721.2                    51.5
     Financial assets at fair value through profit or loss                                               13,810.5                           4.3        14,863.0                     4.6

  Land and buildings (investment properties) (***)                                                       16,207.5                           5.0        15,645.0                     4.9

  Other investments                                                                                      11,220.5                           3.5        11,850.4                     3.7
     Investments in subsidiaries, associated companies and joint ventures                                  2,217.3                          0.7         2,439.2                     0.8
     Derivatives(****)                                                                                       492.8                          0.2           284.9                     0.1
     Receivables from banks or customers                                                                   6,958.5                          2.1         7,476.4                     2.3
     Other investments                                                                                     1,551.9                          0.5         1,650.0                     0.5

  Cash and cash equivalents(*****)                                                                       12,149.7                           3.7        12,100.2                     3.8

  Total(******)                                                                                         324,255.3                        100.0        321,729.4                   100.0

  Investments back to unit and index-linked policies                                                     50,933.1                                      50,344.0

  Total investments                                                                                     375,188.4                                     372,073.5
(*) Investment fund units amount to 4,138.9 million ( 4,213.9 million at 31 December 2010).
(**) Investment fund units amount to 9,515.9 million ( 9,439.8 million at 31 December 2010).
(***) Investment fund units amount to 2,418.6 million ( 2,412.3 million at 31 December 2010).
(****) Include derivative instruments accounted for as financial liabilities which amount to -1,398.7 milion (-1,712.5 milion at 31 December 2010).
(*****) Include Reverse REPO which amount to 652.0 milion (2,557.5 milion at 31 December 2010) and REPO which amount to -1,716.1milion (-1,447.7 million at 31 December 2010).
(******) Include derivatives accounted for as financial liabilities and REPO.




4.1 – Land and buildings (investment properties)

At 30 June 2011 land and buildings (investment properties) were substantially stable at
€ 13,788.9 million.




                                                                                                                                                                                          95
                    CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




     4.2 – Investments in subsidiaries, associated companies and joint ventures

      (€ million)                                                                 30/06/2011         31/12/2010


      Investments in non-consolidated subsidiaries                                    262.4              233.4
      Investments in associated companies valued at equity                           1,452.4            1,731.2
      Investments in joint ventures                                                   137.8              134.0
      Investments in other associated companies                                       364.7              340.6
      Total                                                                          2,217.3            2,439.2



     The decrease in investments in associated companies valuated at equity (€ 278.8 million) was mainly
     attributable to the impairment of the stake in Telco recognised in the second quarter 2011, which
     amounted to € 315.1 million. This write-down contributed to bring the value of the investment to €
     664.7 million.

     This impairment was made on the basis of the impairment test at 30 June 2011 as a result of the
     emergence of some impairment triggers on the Telecom Italia shares held by Telco (22.4% of ordinary
     shares). In particular, there was a deterioration in some assumptions underlying the
     telecommunications group enterprise value methodology, as defined for the purposes of the test
     already carried out at 31 December 2010.

     Considering that the only asset of Telco is the investment in Telecom Italia, the value of the stake in
     Telco has been broadly defined as the difference between equity value of the investment in Telecom
     Italia at 30 June 2011 and the Telco net financial debt at the same date, as reported in the reporting
     package relevant to equity method valuation of the investment.

     The Telecom Italia investment recoverable amount has been defined according to the value in use. The
     methodology used to perform the impairment test is the unlevered Discounted Cash Flow method
     (DCF). This technique requires the estimation of future cash flows and terminal value of the
     appropriately identified cash generating units (CGU), discounted at the valuation date. Then the value
     of net financial debt at the valuation date is deducted from the value as above defined.

     With reference to the evaluation, 3 CGUs have been identified: Domestic CGU, CGU Brazil and CGU
     Argentina. This is consistent with the strategic vision of the Board of Directors of Telecom Italia.

     The evaluation was based on the business plan disclosed by Telecom Italia during the preliminary
     results presentation for 2009 year end closing, adjusted for the failure to achieve results originally
     planned for 2010 and all other publicly available information. More in detail, the Domestic CGU
     revenues reduction implied a review of the targets originally set up in the business plan.

     The assumptions used were generally consistent with external sources of information and the
     industrial sector parameters. The value per share of Telecom Italia has been defined as the average
     value between a base scenario, which takes as reference the estimates of sector financial analysts, and
     a more conservative scenario.

     The terminal value has been determined using projected unlevered cash flow for the last year’s plan
     for each CGU.



96
On the basis of this evaluation, the value per share of Telecom Italia at 30 June 2011 amounted to €
1.80; this value entailed an assessment of Telco of € 1.23 per share.

Furthermore, it was performed a sensitivity analysis to WACC rate (with a negative stress up to 100
basis points compared to the base value) and the nominal growth factor “g” (± 50 basis points
compared to the central value) both for the base and conservative scenario. Based on this analysis, the
minimum and maximum value of Telecom Italia ranged from € 1.28 to € 1.98 per share, assuming
only a negative stress for WACC.

4.3 – Held to maturity investments

 (€ million)                                                                 30/06/2011         31/12/2010


 Quoted bonds                                                                   4,157.1            4,523.4
 Other held to maturity investments                                                22.1               21.5
 Total                                                                          4,179.2            4,544.9



The Group limited the use of this accounting category for only 1.1% of total investments. The
decrease in the period was substantially attributable to the redemption of expired securities in China
and Central and Eastern Europe.

4.4 – Loans and receivables


 (€ million)                                                                 30/06/2011         31/12/2010

 Loans                                                                         69,952.2           72,264.0
 Unquoted bonds                                                                48,726.7           50,790.5
 Deposits under reinsurance business accepted                                     608.7              608.5
 Other loans and receivables                                                   20,616.8           20,864.9
    Mortgage loans                                                              8,784.7            8,703.4
    Policy loans                                                                3,267.4            3,263.8
    Term deposits with credit institutions                                      6,421.6            4,684.3
    Other loans                                                                 2,143.1            4,213.4

 Receivables from banks or customers                                            6,958.5            7,476.4
 Receivables from banks                                                         1,479.1            2,604.2
 Receivables from customers                                                     5,479.4            4,872.2

 Total                                                                         76,910.8           79,740.4




The category of Loans and receivables accounted for 21.1% of total investments. It mainly consisted
of unquoted bonds and mortgage loans, which are 63.4% and 11.4% of total loans, respectively. Fixed
rate bonds represented nearly the 92% of total bonds.
The decrease of the period, which amounted to € 2,829.6 million, was substantially attributable to the
redemption and sale of debt securities.




                                                                                                             97
                    CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




     4.5– Available for sale financial assets

      (€ million)                                                                                  30/06/2011           31/12/2010


      Unquoted equities at cost                                                                         429.5                454.6
      Equities at fair value                                                                         14,070.5             15,182.4
         Quoted                                                                                      13,027.6             14,175.2
         Unquoted                                                                                      1,042.9             1,007.2
      Bonds                                                                                         165,065.2            159,469.8
         Quoted                                                                                     159,424.6            153,290.4
         Unquoted                                                                                      5,640.6             6,179.5
      Investment fund units                                                                          11,434.7             11,367.4
      Other available for sale financial assets                                                        2,118.6             2,454.3

      Total                                                                                         193,118.4            188,928.5



     This category represented the 52.9% of total investments. Within this category bonds weighted for
     85.5%.

                                                                                                    Unrealized
      (€ million)                                          30/06/2011             Fair value     gains / losses      Amortized cost


      Unquoted equities at cost                                                       429.5                0.0               429.5
      Equities at fair value                                                       14,070.5              -70.1            14,140.6
      Bonds                                                                       165,065.2           -3,820.9           168,886.1
      Investment fund units                                                        11,434.7              170.6            11,264.1
      Other available for sale financial assets                                     2,118.6               56.4              2,062.1

      Total                                                                       193,118.4           -3,664.0           196,782.4



     Profit and loss impact

      (€ million)                                          30/06/2011         Realized gains   Realized losses    Impairment losses


      Equities                                                                        840.8             -332.2               -206.7
      Bonds                                                                           489.6             -173.9               -942.2
      Investment fund units                                                            88.7              -82.6                 -9.6
      Other available for sale financial assets                                        67.7              -17.9                 -5.2

      Total                                                                         1,486.8             -606.6             -1,163.9




      (€ million)                                      30/06/2010             Realized gains   Realized losses    Impairment losses


      Equities                                                                        579.0             -267.2               -414.2
      Bonds                                                                           781.7             -220.9                 -0.1
      Investment fund units                                                           120.0              -53.0                -27.6
      Other available for sale financial assets                                        35.6               -9.8                -45.6

      Total                                                                         1,516.3             -550.8               -487.5




98
4.6 – Financial assets at fair value through profit or loss

                                                                                                                                   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
 (€ million)                                                                           30/06/2011       31/12/2010             30/06/2011       31/12/2010                        30/06/2011        31/12/2010


 Equities                                                                                    86.8                  34.3              3,598.2                   3,708.9                  3,685.0                 3,743.1
     Quoted                                                                                  86.8                  33.5              3,087.9                   3,271.7                  3,174.7                 3,305.2
     Unquoted                                                                                 0.0                    0.8                510.3                     437.2                    510.3                   437.9
 Bonds                                                                                      673.0                683.4               9,523.3                 10,518.8                 10,196.3                11,202.2
     Quoted                                                                                 666.7                675.1               8,054.9                   8,887.1                  8,721.6                 9,562.2
     Unquoted                                                                                 6.3                    8.3             1,468.4                   1,631.7                  1,474.7                 1,640.0
 Investment fund units                                                                       27.2                  23.9              4,611.4                   4,674.7                  4,638.6                 4,698.6
 Derivatives                                                                                739.2                869.9               1,152.3                   1,127.4                  1,891.4                 1,997.4
 Investments back to policies where the investment risk is borne by the
 policyholders and back to pension funds                                                      0.0                    0.0           50,933.1                  50,344.0                 50,933.1                50,344.0
 Other financial investments                                                                184.4                202.0               3,346.1                   3,170.3                  3,530.4                 3,372.3

 Total                                                                                    1,710.5             1,813.5              73,164.4                  73,544.2                 74,874.9                75,357.6



This category included 20.5% of total investments. More in detail, these investments were mainly
concentrated in the life segment (€ 72,209.5 million or 96.4% of total amount). The residual amount
refered to the non-life segment (€ 985.1 million or 1.3%) and to the financial segment (€ 1,680.3
million or 2.2%).

                                                                                    Policies where the investment
                                                                                            risk is borne
                                                                                        by the policyholders                           Pension funds                                      Total
 (€ million)                                                                           30/06/2011      31/12/2010               30/06/2011               31/12/2010               30/06/2011    31/12/2010


 Assets                                                                                  49,359.3           48,937.9                 1,573.8                   1,406.2                50,933.1                50,344.0
 Total assets                                                                            49,359.3           48,937.9                 1,573.8                   1,406.2                50,933.1                50,344.0

 Financial liabilities                                                                   10,517.4           10,418.7                    949.2                     787.4               11,466.6                11,206.1
 Insurance provisions (*)                                                                39,029.0           38,644.5                    325.8                     311.1               39,354.8                38,955.6
 Total liabilities                                                                       49,546.4           49,063.2                 1,275.0                   1,098.6                50,821.4                50,161.8
(*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.




Further information on reclassified financial instruments

Starting from 1st January 2009 the Group transferred € 14,658.2 million of corporate bonds to the
loans and receivables category. On 30th June 2011, after all the sales and pay backs performed during
the first half of the year, the corporate bonds just mentioned amount to € 10,206.6.

                                                                                                          V a lo re
                                                                                                        c o n ta b ile          V a lo re                                          V a lo re          F a ir V a lu e a l
                                                                                                                                                    V a ria zio n i d e l
                                                                                                    ricla ss ifica to a l co n ta b ile a l 1 °                              co n ta b ile a l 3 0     3 0 G iu g n o
                                                                                                                                                    p e rio d o 2 0 1 1
                                                                                                      1 ° G e n n a io    G e n n a io 2 0 1 1                                G iu g n o 2 0 1 1             2011
 (in m ilio n i d i e u ro )                                                                                2009


 A ttività fin a n zia rie d is p o n ib ili p e r la ve n d ita                                             1 4 .0 2 8 ,0           9 .6 9 3 ,0                 -7 3 7 ,4              8 .9 5 5 ,6             9 .6 7 4 ,2
 A ttività fin a n zia rie a fa ir v a lu e rile va to a co n to e c o n o m ic o                                6 3 0 ,2               5 7 2 ,5                   -5 8 ,3                 5 1 4 ,2                5 3 2 ,4

 T o ta le tito li tra s fe riti                                                                             1 4 .6 5 8 ,2          1 0 .2 6 5 ,5                -7 9 5 ,7              9 .4 6 9 ,8           1 0 .2 0 6 ,6




                                                                                                                                                                                                                              99
                     CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      Following the favourable performance of corporate bonds in the first half of the year, the
      reclassification of investments previously classified as available for sale financial assets, implied a
      missing recognition of the revaluation of the related equity reserve for € 718.5 million (group share
      plus minorities) compared to previous classification, and net of policyholders share and deferred taxes,
      of € 129.1 million.
      Furthermore, the reclassification of investments previously classified at fair value through profit or
      loss implied a missing recognition of an unrealized gain in the profit or loss for
      € 18.2 million compared to previous classification, and net of policyholders share and deferred taxes,
      of € 1.9 million.


      5 – Receivables

      This category included receivables arising out of direct insurance and reinsurance operations, and
      other receivables. Other receivables, which amounted to € 706.8 million, referred to the real estate
      activity.


      6 – Other assets


       (€ million)                                                                  30/06/2011         31/12/2010


       Non-current assets or disposal groups classified as held for sale                 191.7              198.2
       Deferred acquisition costs                                                      1,933.0            1,885.6
       Tax receivables                                                                 2,335.8            2,626.8
       Deferred tax assets                                                             4,281.7            3,596.3
       Other assets                                                                    6,989.9            7,198.9
       Total                                                                          15,732.1           15,505.8




      7 – Cash and cash equivalents

       (€ million)                                                                  30/06/2011         31/12/2010


       Cash and cash equivalents                                                       3,951.2            2,125.9
       Cash and balances with central banks                                                6.3                1.0
       Cash at bank                                                                    9,256.2            8,863.5
       Total                                                                          13,213.7           10,990.3




100
Balance Sheet – Equity and liabilities

1 – Shareholders’ equity

 (€ million)                                                                      30/06/2011      31/12/2010

 Shareholders' equity attributable to the Group                                     17,231.4        17,489.8
 Share capital                                                                       1,556.9         1,556.9
 Capital reserves                                                                    7,098.3         7,098.3
 Revenue reserves and other reserves                                                 8,266.2         7,289.1
 (Own shares)                                                                         -403.2          -403.3
 Reserve for currency translation differences                                         559.1           557.2
 Reserve for unrealized gains and losses on available for sale financial assets       -531.9          -184.4
 Reserve for other unrealized gains and losses through equity                         -119.4          -125.8
 Result of the period                                                                 805.5          1,701.9

 Shareholders' equity attributable to minority interests                             2,607.2         2,574.7

 Total                                                                              19,838.6        20,064.5



Share capital was made up of 1,556,873,283 ordinary shares with a par value of € 1.
Own shares amounted to € 403.2 million, or 16,130,864 shares.
During the first half of the year the Parent Company distributed dividends amounting to € 698.8
million.

The Group reserve for unrealized gains and losses on available for sale financial assets, i.e. the balance
between unrealized gains and losses on financial assets, net of life deferred policyholder liabilities and
deferred taxes, amounted to € - 531.9 million (€ - 184.4 million at 31 December 2010). The decrease
of the abovementioned reserve, which amounted to € 347.5 million, was due to a decrease in the value
of both government bonds and equity securities. This effect was partially compensated by the
impairment of Greek government bonds recorded in profit and loss, amounting to 139.9 million.

The Group reserve for other unrealized gains and losses through equity mainly included gains and
losses on GBP/Euro exchange rate and interest expense rates hedging derivative instruments,
classified as cash flow hedge, realized following the issue of some subordinated liabilities. The
unrealized gains and losses on hedging derivatives were deferred through this reserve of the
shareholders’ capital and reversed to profit and loss account when the gains or losses on hedged items
were recognized.

This reserve also included unrealized gains and losses on hedging derivatives of a net investment in a
foreign operation losses recognized during the previous years. In particular, this reserve comprises the
fair value change on derivatives hedging the currency risk linked to Czech crown investments held by
Generali – PPF Holding, which is controlled by the Parent company, as well. These unrealised gains
and losses will be reversed in profit or loss at the potential sale of the hedged investment.




                                                                                                               101
                     CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      2 – Other provisions

       (€ million)                                                                                                        30/06/2011      31/12/2010


       Provisions for taxation                                                                                                  69.7            90.1
       Provisions for commitments                                                                                             748.9           758.2
       Other provisions                                                                                                       696.2           648.2
       Total                                                                                                                 1,514.8         1,496.5




      3 – Insurance provisions

                                                                                                                                  Total
       (€ million)                                                                                                        30/06/2011      31/12/2010

       Non-life insurance provisions (*)                                                                                    35,391.4        34,470.6
       Provisions for unearned premiums                                                                                      6,931.5         6,053.4
       Provisions for outstanding claims                                                                                    28,086.7        28,040.1
       Other insurance provisions                                                                                              373.2           377.0
          of which provisions for liability adequacy test                                                                        6.3             4.9

       Life insurance provisions (*)                                                                                       297,630.5       295,145.8
       Provisions for outstanding claims                                                                                     5,857.0         5,652.8
       Mathematical provisions                                                                                             241,345.9       237,243.9

       Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds     39,364.3        38,956.1
       Other insurance provisions                                                                                           11,063.2        13,292.9
          of which provisions for liability adequacy test                                                                    1,254.8         1,286.1
          of which deferred policyholder liabilities                                                                        -6,733.2        -4,361.6

       Total                                                                                                               333,021.9       329,616.3

      (*) After the elimination of intra-group transactions between segments.



      The increase in non-life provisions (+2.7% compared to 31 December 2010) was mainly attributable
      to both the increase in premiums provisions, which reflected the seasonality in underwriting, and the
      increase in outstanding claims provisions, which confirmed the prudence on reservation levels defined
      by the Group.
      In life segment there was an increase of 0.8% compared to 31 December 2010 (€ 297,630.5 million in
      2011 and € 295,145.8 million in 2010); the increase was attributable to the net inflows of the period
      and the investment income credited to policyholders for the traditional business and to the net inflows,
      which offset the negative trend in financial markets, for unit-linked business.
      Other gross life insurance provisions included provisions for profit sharing and premiums refunds
      which amounted to € 7,571.6 million (€ 7,793.8 million in 2010) and ageing provision for life
      segment which amounted to € 8,817.8 million (€ 8,411.8 in 2010).




102
4 – Financial liabilities

4.1 – Financial liabilities at fair value through profit or loss

                                                                                                                          Financial liabilities
                                                                                      Financial liabilities           designated as at fair value
                                                                                          held for trading               through profit or loss                     Total
 (€ million)                                                                       30/06/2011         31/12/2010       30/06/2011        31/12/2010         30/06/2011      31/12/2010

 Financial liabilities related to investment contracts issued by insurance
 companies                                                                                    0.0               0.0       11,711.5          11,499.7          11,711.5        11,499.7
    where the investment risk is borne by the policyholders                                   0.0               0.0       10,517.4          10,418.7          10,517.4        10,418.7
    pension funds                                                                             0.0               0.0          949.2                787.4         949.2           787.4
    other financial liabilities related to investment contracts                               0.0               0.0          244.9                293.6         244.9            293.6
 Derivatives                                                                               742.1              914.2          656.5                798.3        1,398.7         1,712.5
 Other financial liabilities                                                                  0.0               0.0          615.5                489.9         615.5           489.9

 Total                                                                                     742.1              914.2       12,983.5          12,787.8          13,725.6        13,702.1



4.2 – Other financial liabilities

 (€ million)                                                                                                                               30/06/2011                       31/12/2009

 Subordinated liabilities                                                                                                                         6,438.7                      6,492.9

 Loans and bonds                                                                                                                              16,039.7                        15,202.3
    Deposits received from reinsurers                                                                                                             1,027.8                      1,070.8
    Bonds                                                                                                                                         5,014.2                      4,992.7
    Other loans                                                                                                                                   5,188.8                      4,568.2
    Financial liabilities related to investment contracts issued by insurance companies                                                           4,023.8                      3,871.4
    Hedging derivatives                                                                                                                            785.1                         699.2

 Liabilities to banks or customers                                                                                                            18,567.4                        18,506.5
    Liabilities to banks                                                                                                                           417.7                         421.5
    Liabilities to customers                                                                                                                  18,149.7                        18,084.9

 Total                                                                                                                                        41,045.9                        40,201.7




                                                                                                                                                                                         103
                     CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      5 – Payables

       (€ million)                                                                                             30/06/2011   31/12/2010

       Payables arising out of direct insurance operations                                                        4,074.0      3,917.0

       Payables arising out of reinsurance operations                                                              768.4        691.7

       Other payables                                                                                             3,474.9      3,041.3
          Payables to employees                                                                                    925.5        938.2
          Provision for defined benefit plans (employee severance pay)                                             111.1        117.4
          Payables to clients and suppliers                                                                        920.6        913.6
          Social security                                                                                          194.6        135.8
          Other payables                                                                                          1,323.2       936.3

       Total                                                                                                      8,317.4      7,650.0



      6 – Other liabilities

       (€ million)                                                                                             30/06/2011   31/12/2010


       Liabilities directly associated to non-current assets and disposal groups classified as held for sale          0.0          0.0
       Deferred tax liabilities                                                                                   4,071.6      3,753.3
       Tax payables                                                                                               1,792.4      1,607.1
       Other liabilities                                                                                          4,379.5      4,348.0

       Total                                                                                                     10,243.4      9,708.4




104
NOTES TO THE INCOME STATEMENT

1 – Income

1.1 – Net earned premiums

 (€ million)                                                                                                                 30/06/2011                 30/06/2010


 Non-life earned premiums                                                                                                      10,308.2                   10,027.4
    Premiums written                                                                                                           11,113.1                   10,738.3
    Change in the provision for unearned premiums                                                                                -804.9                      -710.8

 Life premiums                                                                                                                 21,763.8                    23,146.5

 Total                                                                                                                         32,072.0                   33,173.9



1.2 – Fee and commissions income and income from financial service
activities

 (€ million)                                                                                                                 30/06/2011                 30/06/2010


 Fee and commission income from banking activity                                                                                   72.5                       93.9
 Fee and commission income from asset management activity                                                                        481.5                       443.5
 Fee and commission income related to investment contracts                                                                       104.7                        81.8
 Fee and commission income related to pension funds management                                                                     47.6                       28.9
 Total                                                                                                                           706.2                       648.1




1.3 – Net income from financial assets at fair value through profit or loss

                                                                                Financial investments back
                                                                                    to policies where the
                                                                                investment risk is borne by   Financial investments     Total financial investments
                                                          Financial investments     the policyholders and   designated as at fair value          at fair value
                                                             held for trading     related to pension funds    through profit or loss       through profit or loss
 (€ million)                                             30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 30/06/2010


 Interest and other income                                    158.6        156.6         193.1         230.5        221.0          260.3        572.7        647.4
 Realized gains                                               474.2        437.0          95.2         124.2        332.8          277.1        902.2        838.2
 Realized losses                                             -429.2        -529.4         -86.0        -97.8        -186.8         -186.4      -702.1        -813.6
 Unrealized gains                                             387.8        459.4       1,055.9       2,096.2        850.6         1,413.0     2,294.2       3,968.6
 Unrealized losses                                           -622.8        -481.0      -1,650.0     -1,633.8      -1,103.9       -1,299.8    -3,376.7      -3,414.6
 Total                                                        -31.3          42.6       -391.9         719.3        113.7          464.2       -309.6       1,226.1



Net income from financial assets at fair value through profit or loss mainly referred to the life segment
(€ - 391.0 million). This item was less material for the other segments (€ 46.3 million in the non-life
segment and € 35.0 million in the financial one).




                                                                                                                                                                      105
                    CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      1.4 – Income and expenses from subsidiaries, associated companies and
      joint ventures

      (€ million)                                                               30/06/2011   30/06/2010


      Dividends and other income                                                      90.3         29.3
      Realized gains                                                                   2.3          8.8
      Reversal of impairment                                                           9.5          0.0
      Total                                                                          102.1         38.1




      1.5 – Income from other financial instruments and land and buildings
      (investment properties)

      (€ million)                                                               30/06/2011   30/06/2010

      Interest income                                                              5,210.4      5,015.2
         Interest income from held to maturity investments                            57.4         63.0
         Interest income from loans and receivables                                1,522.2      1,647.3
         Interest income from available for sale financial assets                  3,580.6      3,262.0
         Interest income from other receivables                                        9.6          8.6
         Interest income from cash and cash equivalents                               40.5         34.3

      Other income                                                                 1,211.8      1,159.8
         Income from land and buildings (investment properties)                     536.5        490.9
         Other income from available for sale financial assets                      675.3        668.9

      Realized gains                                                               1,698.0      1,676.9
         Realized gains on land and buildings (investment properties)                 58.0         60.9
         Realized gains on held to maturity investments                                0.1          0.7
         Realized gains on loans and receivables                                    152.8          94.2
         Realized gains on available for sale financial assets                     1,486.8      1,516.3
         Realized gains on other receivable                                            0.0          0.0
         Realized gains on financial liabilities at amortised cost                     0.3          4.8

      Reversal of impairment                                                        113.9        107.1
         Reversal of impairment of land and buildings (investment properties)          3.4          5.8
         Reversal of impairment of loans and receivables                              13.7         15.6
         Reversal of impairment of available for sale financial assets                 0.2          2.1
         Reversal of impairment of other receivables                                  96.6         83.6

      Total                                                                        8,234.1      7,959.0




106
1.6 – Other income

 (€ million)                                                                                                       30/06/2011         30/06/2010


 Gains on foreign currencies                                                                                            555.5            1,013.1
 Income from tangible assets                                                                                             50.0               30.6
 Reversal of other provisions                                                                                            35.5               46.5
 Leasing fees                                                                                                             0.1                0.1
 Income from service and assistance activities and recovery of charges                                                  245.9             274.0
 Income from non-current assets or disposal group classified as held for sale                                             2.1                2.2
 Other technical income                                                                                                 174.3             199.0
 Other income                                                                                                           109.0             110.9
 Total                                                                                                                1,172.5            1,676.6




2 – Expenses

2.1 – Net insurance benefits and claims

                                                                                                                         Net amount
 (€ million)                                                                                                       30/06/2011         30/06/2010

 Non-life net insurance benefits and claims                                                                           7,099.0            7,103.8
    Claims paid                                                                                                       6,824.1            6,820.8
    Change in the provisions for outstanding claims                                                                     235.0              256.9
    Change in claims paid to be recovered                                                                                25.2                6.3
    Change in other insurance provisions                                                                                 14.6               19.8

 Life net insurance benefits and claims                                                                              22,175.2           25,956.6
    Claims payments                                                                                                  17,540.2           15,391.9
    Change in the provisions for outstanding claims                                                                     194.5              498.6
    Change in the mathematical provisions                                                                             4,775.8            7,760.8
    Change in the provisions for policies where the investment risk is borne by the policyholders and provisions
    for pension funds                                                                                                   341.6            1,901.3
    Change in other insurance provisions                                                                               -676.9              404.0
         (*)
 Total                                                                                                               29,274.2           33,060.4

(*) Before the elimination of intra-group transactions between segments




2.2 – Fee and commissions expenses and expenses from financial service
activities

 (€ million)                                                                                                       30/06/2011         30/06/2010


 Fee and commission expenses from banking activity                                                                       94.2               96.3
 Fee and commission expenses from asset management activity                                                              71.4               58.6
 Fee and commission expenses related to investment contracts                                                             58.3               55.5
 Fee and commission expenses related to pension funds management                                                          4.8                5.3
 Total                                                                                                                  228.7              215.6




                                                                                                                                                   107
                     CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      2.3 – Expenses from subsidiaries, associated companies and joint ventures

       (€ million)                                                              30/06/2011        30/06/2010


       Realized losses                                                                38.0              10.4
       Impairment losses                                                             324.6               0.3
       Total                                                                         362.6              10.7




      Impairment losses on subsidiaries, associated companies and joint ventures were essentially made up
      by the write-down of the stake in Telco.


      2.4 – Expenses from other financial instruments and land and buildings
      (investment properties)

       (€ million)                                                              30/06/2011        30/06/2010

       Interest expense                                                             628.0             650.6
          Interest expense on subordinated liabilities                              207.2             205.8
          Interest expense on loans, bonds and other payables                       283.9             291.0
          Interest expense on deposits received from reinsurers                       17.0              28.9
          Other interest expense                                                    120.0             124.9

       Other expenses                                                               190.4             151.7
          Depreciation of land and buildings (investment properties)                  87.1              66.6
          Expenses from land and buildings (investment properties)                  103.3               85.1

       Realized losses                                                              663.6             603.3
          Realized losses on land and buildings (investment properties)                9.8               4.6
          Realized losses on held to maturity investments                              0.0               0.4
          Realized losses on loans and receivables                                    40.8              46.2
          Realized losses on available for sale financial assets                    606.6             550.8
          Realized losses on other receivables                                         1.4               1.3
          Realized losses on financial liabilities at amortized cost                   4.9               0.0

       Impairment losses                                                           1,502.6             761.3
          Impairment of land and buildings (investment properties)                     0.3              18.2
          Impairment on held to maturity investments                                   5.2               1.7
          Impairment of loans and receivables                                       321.2             238.2
          Impairment of available for sale financial assets                        1,163.9            487.5
          Impairment of other receivables                                             12.1              15.6

       Total                                                                       2,984.6           2,166.8




108
2.5 – Acquisition and administration costs

                                                                                     Non-life segment               Life segment                Financial segment
 (€ million)                                                                      30/06/2011       30/06/2010   30/06/2011    30/06/2010      30/06/2011    30/06/2010


 Net acquisition costs and other commissions                                          2,236.5         2,195.1      1,975.0         1,976.2           0.0              0.0
 Investment management expenses (*)                                                      35.1            42.7         86.2          117.0            1.2             -6.5
 Other administration costs                                                             647.2           636.3       554.4           518.7         453.1             441.9

 Total                                                                                2,918.8         2,874.2      2,615.5         2,611.9        454.3             435.4

(*) Before the elimination of intra-group transactions between segments




2.6 – Other expenses

 (€ million)                                                                                                                   30/06/2011                   30/06/2010

                                                                                                                                     187.0                          177.9
 Amortization and impairment of intangible assets
 Amortization of tangible assets                                                                                                       54.8                          54.0
 Expenses from tangible assets                                                                                                         42.1                          40.2
 Losses on foreign currencies                                                                                                        596.8                          694.0
 Restructuring charges, termination employee benefit expenses and allocation to other provisions                                       98.5                         116.2
 Other taxes                                                                                                                           68.8                          61.8
 Expenses from service and assistance activities and charges incurred on behalf of third parties                                     183.9                          201.3
 Expenses from non-current assets or disposal group classified as held for sale                                                         1.3                           1.6
 Other technical expenses                                                                                                            269.6                          278.7
 Holding costs                                                                                                                       157.5                          150.4
 Other expenses                                                                                                                      130.7                          224.6
 Total                                                                                                                              1,791.0                     2,000.4




3 – Income taxes


 (€ million)                                                                                                                   30/06/2011                   30/06/2010


 Income taxes                                                                                                                        688.4                          255.8
 Deferred taxes                                                                                                                      -254.8                         149.7
 Total taxes of period                                                                                                               433.6                          405.4
 Income taxes on discontinued operations                                                                                                0.0                           4.9
 Total income taxes                                                                                                                  433.6                          410.3



The increase of the period of total income taxes was mainly due to both the increase in IRAP rate,
which was recently introduced in Italy for insurance companies and banks, and the greater impact in
the period of non-tax-deductible impairments on participations.




                                                                                                                                                                            109
                         CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      OTHER INFORMATION

      1 – Exposure to Greece, Portugal and Ireland
      Following the tensions that have affected the government bonds market during the period, the table
      below shows the Group’s exposure to government bonds issued by Greece, Portugal and Ireland.

                                                                                                                                  Amortised cost    Fair value
              (€ million)                                                                                                           30/06/2011     30/06/2011
                       (*)
              Greece                                                                                                                    1,972.6       1,539.1
              Portugal                                                                                                                  3,289.6       2,122.9
              Irland                                                                                                                    1,712.2       1,134.3
            Total exposure to government bonds issued by Greece, Portugal and Ireland                                                   6,974.4       4,796.3
      (*)
            For Greek gov ernment securities the amortised cost includes the effect of the impairment recorded at 30 June 2011.



      As a result of the recent proposal by the European Union to restructure the sovereign debt of Greece,
      the Group recorded an impairment on Greek government securities that mature within 2020. It was
      determined on the basis of market value, which reflects a recovery rate of 53.6%.
      These securities represent 72% of the total exposure in terms of nominal value toward the Greek state.
      The exposure in terms of nominal value toward Greece is mainly concentrated in France (44%),
      Germany (31%) and to a lesser extent in Italy (15%).

      The Greek government securities were mainly classified as investments available for sale and were
      recorded at the market value at 30 June 2011, which amounted to € 1,539.1 million.
      The impairment based on market values at 30 June 2011 amounted to € 1,001.8 million, resulting in a
      lower Group net result of € 139.9 million.

      The Greek government securities expiring after 2020 (28% of total exposure), which are not covered
      by the EU restructuring plan, have not been impaired, following to the future positive macroeconomics
      developments resulting from the plan itself. Nevertheless, their unrealized losses, determined on the
      basis of market values at 30 June 2011, were accounted for in the available for sale reserve.




110
2 – Other comprehensive income
 (€ million)                                                                             30/06/2011   30/06/2010

 Consolidated result of the period                                                            968.6      1,017.1

    Unrealized gains and losses on available for sale financial assets                       -370.2       -441.9
       Allocation                                                                            -351.1       -643.0
       Transfer to profit and loss account                                                    -19.1        201.1

    Net unrealized gains and losses on cash flows hedging derivatives                          13.2        -14.9
       Allocation                                                                             -16.9        -18.1
       Transfer to profit and loss account                                                     30.1          3.1

    Net unrealized gains and losses on hedge of a net investment in foreign operations          0.5         -0.7
       Allocation                                                                               0.5         -0.7
       Transfer to profit and loss account                                                      0.0          0.0

    Foreign currency translation differences                                                   10.2       741.6
       Allocation                                                                              19.0       741.8
       Transfer to profit and loss account                                                     -8.8         -0.2

 Total other comprehensive income                                                            -346.3       284.1

 Total comprehensive income                                                                   622.3      1,301.1
    attributable to the group                                                                 466.3      1,063.9
    attributable to minority interests                                                        156.0        237.2




 (€ million)                                                                             30/06/2011   30/06/2010

 Income taxes related to other comprehensive income                                          -182.2       182.5
    Unrealized gains and losses on available for sale financial assets                       -169.2       173.2
    Net unrealized gains and losses on cash flows hedging derivatives                          -9.7         13.0
    Net unrealized gains and losses on hedge of a net investment in foreign operations          0.0          0.0
    Foreign currency translation differences                                                   -3.4         -3.7



3 – Fair value hierarchy

The table shows the classification of the financial assets and liabilities at fair value under the fair value
hierarchy as defined by IFRS 7 “Operative instruments: Disclosures”.

The three levels of the fair value hierarchy are defined with reference to the input used in the price
definition.

The amount of financial assets and liabilities in Level 3 was not material with regard to the Group total
of investments and represents about 1% of total assets at fair value.




                                                                                                                   111
                    CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




                                                                                                                       30/06/2011
      (€ million)                                                                      Level 1             Level 2                  Level 3             Total


      Available for sale financial assets                                                   173,920.8            16,872.2                     2,325.5       193,118.5
         Equities                                                                            13,140.8                 680.0                    679.2            14,500.0
         Bonds                                                                              153,178.4            11,801.1                       85.6        165,065.2
         Investment fund units                                                                   7,203.6             3,470.1                   760.9            11,434.7
         Other assets available for sale                                                          398.0               920.9                    799.8             2,118.6

      Financial assets at fair value through profit or loss                                  51,157.6            22,550.9                     1,166.4           74,874.9
         Equities                                                                                3,180.0              267.7                    237.3             3,685.0
         Bonds                                                                                   6,776.4             3,395.3                    24.6            10,196.3
         Investment fund units                                                                   4,605.7               28.7                       4.3            4,638.6
         Derivatives                                                                              546.6              1,344.0                      0.8            1,891.4
         Investments back to policies where the investment risk is borne by the
         policyholders                                                                       35,491.7            14,846.2                      595.2            50,933.1
         Other assets at fair value through profit or loss                                        557.1              2,669.1                   304.2             3,530.4

      Totale assets at fair value                                                           225,078.4            39,423.1                     3,492.0       267,993.5

      Financial liabilities at fair value through profit or loss                             11,460.6                2,265.1                      0.0           13,725.6

         Financial liabilities related to investment contracts issued by insurance c         10,327.9                1,383.6                      0.0           11,711.5
         Derivatives                                                                              547.4               851.3                       0.0            1,398.7
         Other financial liabilities                                                              585.3                30.2                       0.0             615.5

      Totale liabilities at fair value                                                       11,460.6                2,265.1                      0.0           13,725.6



                                                                                                                       31/12/2010
      (€ million)                                                                      Level 1             Level 2                  Level 3             Total


      Available for sale financial assets                                                   169,329.0            17,058.4                     2,541.2       188,928.5
         Equities                                                                            14,293.2                 659.4                    684.4            15,637.0
         Bonds                                                                              147,208.6            12,158.3                      103.0        159,469.8
         Investment fund units                                                                   7,391.8             2,980.9                   994.7            11,367.4
         Other assets available for sale                                                          435.4              1,259.8                   759.1             2,454.3

      Financial assets at fair value through profit or loss                                  51,688.0            22,695.7                      974.0            75,357.6
         Equities                                                                                3,311.3              263.1                    168.7             3,743.1
         Bonds                                                                                   7,372.3             3,805.0                    24.9            11,202.2
         Investment fund units                                                                   4,649.0               46.3                       3.4            4,698.6
         Derivatives                                                                              761.3              1,236.0                      0.0            1,997.4
         Investments back to policies where the investment risk is borne by the
         policyholders                                                                       35,135.1            14,598.6                      610.3            50,344.0
         Other assets at fair value through profit or loss                                        459.0              2,746.7                   166.7             3,372.3

      Totale assets at fair value                                                           221,017.0            39,754.1                     3,515.1       264,286.2

      Financial liabilities at fair value through profit or loss                             10,442.7                3,259.3                      0.0           13,702.1

         Financial liabilities related to investment contracts issued by insurance c             9,242.8             2,256.9                      0.0           11,499.7
         Derivatives                                                                              740.6               971.8                       0.0            1,712.5
         Other financial liabilities                                                              459.3                30.6                       0.0             489.9

      Totale liabilities at fair value                                                       10,442.7                3,259.3                      0.0           13,702.1




112
4 – Information on employees

Number of employees

                                                                                           30/06/2011      31/12/2010


 Managers                                                                                       2,356           2,448
 Employees                                                                                     59,776          60,062
 Sales attendants                                                                              22,822          22,793
 Others                                                                                            65              65

 Total                                                                                         85,019          85,368




5 – Earnings per share

                                                                                           30/06/2011      30/06/2010


 Result of the period (€ million)                                                               805.5           872.9
 - from continuing operations                                                                   806.5           864.9
 - from discontinued operations                                                                   -1.0             8.0
 Weighted average number of ordinary shares outstanding                                  1,540,874,660   1,540,840,351
 Basic earnings per share (€)                                                                     0.52            0.57
 - from continuing operations                                                                     0.52            0.56
 - from discontinued operations                                                                   0.00            0.01




                                                                                           30/06/2011      30/06/2010


 Result of the period (€ million)                                                               805.5           872.9
 - from continuing operations                                                                   806.5           864.9
 - from discontinued operations                                                                   -1.0             8.0
 Weighted average number of ordinary shares outstanding                                  1,540,874,660   1,540,840,351
 Adjustments for stock option                                                                      0.0             0.0
 Weighted average number of ordinary shares outstanding for diluted earnings per share   1,540,874,660   1,540,840,351
 Diluted earnings per share (€)                                                                   0.52            0.57
 - from continuing operations                                                                     0.52            0.56
 - from discontinued operations                                                                   0.00            0.01




6 – Related party disclosure

With regard to transactions with related parties, the main intra-group activities, conducted at market
prices or at cost, were undertaken mainly through intragroup 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 claims settlement.

These services substantially aim at guaranteeing the streamlining of operational functions, greater
economies in overall management, appropriate levels of service and an exploitation of Group-wide
synergies.
The most significant economic and financial transactions with Group companies that were not
included in the consolidation area and other related parties are listed below.


                                                                                                                         113
                     CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS




      As shown in the table below, the impact of such transactions, if compared to the Group extent, is not
      material.

                                                                          Subsidiaries with
                                                                          significant control   Associated   Other related             % on balance
       (€ million)                                                         not consolidated     companies          parties     Total     -sheet item


       Loans                                                                            52.8        478.3         1,878.4    2,409.5            0.7
       Loans issued                                                                     -2.2         -19.7         -506.0     -527.9            1.0
       Interest income                                                                   1.3           9.8           25.0      36.1             0.7
       Interest expense                                                                  0.0          -0.1          -13.9      -14.0            2.2



      More in detail, the loans towards associated companies mainly referred to bonds issued by Telco
      S.p.a..

      As far as other related parties were concerned, the most significant transactions were: i) with
      Mediobanca Group regarding bonds investments for € 788.0 million and financial liabilities
      amounting to € 500 million in the form of hybrid instruments; ii) with PPF Group (headed by the
      director Petr Kellner) as followed:
      - bank deposits and repurchase agreements carried out by Generali PPF Holding, which amounted
          to € 432.2 million;
      - bonds purchased by Generali PPF Holding, which amounted to € 233.4 million;
      - bonds purchased by Generali and other subsidiaries, which amount to € 409.8 million.

      Moreover, there were other not significant investments in joint with PPF Group in Central and Eastern
      Europe countries.

      Furthermore, there are contractual agreements with PPF group concerning Generali PPF Holding,
      which give rights and exit option to the minority shareholder. These agreements could entail the
      purchase by the Group of the 49% of Generali PPF Holding in July 2014, with an estimated payment
      between € 2,500 million and € 3,000 million.

      In respect of the aforementioned exit rights and options of the minority shareholder, such rights and
      options have not been recorded as debt of Generali, as they, according to the paragraph 23 of IAS 32,
      do not represent an unconditional obligation by Generali to purchase the 49% of Generali PPF
      holding.
      The alternative exit provided for by the contractual agreements entitles Generali to elect not to
      purchase Generali PPF holding shareholding, as Generali may opt to start an auction to sell the PPF
      group shareholding to the third party. Consequently, these agreements represent for Generali an
      investment opportunity, and not an obligation, at predetermined conditions, which Generali will have
      at the time when the minority shareholder would elect to exercise its exit right.
      There are no circumstances in which the alternative exit is not contemplated that are outside the
      control of Generali and, furthermore, there is no need to establish a risk fund, since as of today no
      risks of future losses associated with the transaction can be envisaged, considering that the current
      estimate of the floor amount, i.e. the minimum exit price, is not higher than the fair market value of
      the shareholding.

      With regard to the paragraph 18 of Related Party Transactions Procedures adopted by the Board of
      Directors in November 2010, there were no (i) Operations of major importance concluded during the


114
reporting period (ii) Related Party Transactions, concluded during the reference period, which
influenced the Group’s financial statements or profit to a significant extent.


7 – Reinsurance policy of the Group

Information on the reinsurance policy of the Group is provided in the Other information of the
consolidated annual financial statements. No significant changes on Group’s reinsurance policy
occurred.


8 – Significant non-recurring events and transactions

During the semester in question there have been no significant non-recurring events and transactions.


9 – Atypical and/or unusual transactions

During the half-year, there were no atypical and/or unusual transactions, which — because of
materiality, nature of counterparties, subject of the transaction, transfer price determination method
and occurrence close to the balance sheet date — might give raise to any doubts about the correctness
and exhaustiveness of this report, conflict of interests, preservation of equity and protection of
minorities.


10 – Non-current assets or disposal group classified as held for sale

In the first half 2011 there were not significant assets classified as non-current assets or disposal group
classified as held for sale.




                                                                                                              115
.




    ·
Company     ASSICURAZIONI GENERALI S.p.A.




          CONSOLIDATED STATEMENTS


             Appendices to the Notes

                  at 30 June 2011


                (Amounts in € million)
                                     SEGMENT REPORTING - BALANCE SHEET



                                                                         NON-LIFE SEGMENT                 LIFE SEGMENT

                                                                        30/06/2011     31/12/2010     30/06/2011     31/12/2010


1          INTANGIBLE ASSETS                                                 4,285.4        4,372.6        5,209.6        5,167.7

2          TANGIBLE ASSETS                                                   2,069.9        2,211.9        1,220.9        1,243.1

3          AMOUNTS CEDED TO REINSURERS FROM
           INSURANCE PROVISIONS                                              4,208.8        4,234.7        1,461.2        1,530.6

4          INVESTMENTS                                                      34,484.2       33,571.5      315,733.1      315,035.7

     4.1   Land and buildings (investment properties)                        5,409.9        6,226.2        8,354.3        6,982.0
           Investments in subsidiaries, associated companies and
     4.2
           joint ventures                                                      894.2          907.9        4,830.8        5,121.9

     4.3   Held to maturity investments                                        200.8          214.0        3,448.7        3,722.7

     4.4   Loans and receivables                                             4,896.3        4,723.2       59,806.8       62,062.4

     4.5   Available for sale financial assets                              22,112.8       20,450.5      167,068.0      164,642.3

     4.6   Financial assets at fair value through profit or loss               970.2        1,049.7       72,224.4       72,504.3

5          RECEIVABLES                                                       7,056.5        6,596.3        6,695.3        5,100.2

6          OTHER ASSETS                                                      5,599.3        5,673.5        9,644.7        9,384.9

     6.1   Deferred acquisition costs                                          421.6          431.3        1,511.3        1,454.3

     6.2   Other assets                                                      5,177.7        5,242.2        8,133.4        7,930.6


7          CASH AND CASH EQUIVALENTS                                         2,550.5        2,873.8        7,152.8        5,611.2

           TOTAL ASSETS                                                     60,254.7       59,534.4      347,117.6      343,073.5

1          SHAREHOLDERS' EQUITY

2          OTHER PROVISIONS                                                    798.4          764.8          537.3          553.7

3          INSURANCE PROVISIONS                                             35,391.4       34,470.6      297,630.5      295,145.8

4          FINANCIAL LIABILITIES                                            10,100.3       10,147.1       23,714.1       22,924.7

     4.1   Financial liabilities at fair value through profit or loss           35.7           49.7       12,373.7       12,269.6

     4.2   Other financial liabilities                                      10,064.5       10,097.4       11,340.4       10,655.0

5          PAYABLES                                                          3,456.3        3,822.5        4,827.5        3,951.8

6          OTHER LIABILITIES                                                 4,916.5        4,801.8        4,767.0        4,388.9


    TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
                                                                             Appendix 1



                                 CONSOLIDATION
FINANCIAL SEGMENT                                                      TOTAL
                                  ADJUSTMENTS

30/06/2011     31/12/2010     30/06/2011      31/12/2010      30/06/2011     31/12/2010


     1,120.2        1,130.1             0.0             0.0       10,615.3       10,670.4

       338.4          341.2            -3.1             0.0        3,626.1        3,796.2


         0.0            0.0             0.0             0.0        5,670.0        5,765.3

    20,474.9       21,169.1        -5,602.8        -5,533.0      365,089.4      364,243.3

        24.6           24.5             0.0             0.0       13,788.9       13,232.7

        44.7           41.9        -3,552.5        -3,632.5        2,217.3        2,439.2

       529.6          608.1             0.0             0.0        4,179.2        4,544.9

    14,257.9       14,855.2        -2,050.3        -1,900.5       76,910.8       79,740.4

     3,937.6        3,835.7             0.0             0.0      193,118.4      188,928.5

     1,680.3        1,803.7             0.0             0.0       74,874.9       75,357.6

       142.8          152.0         -133.5          -380.6        13,761.1       11,468.0

       518.4          479.2           -30.4           -31.8       15,732.1       15,505.8

         0.0            0.0             0.0             0.0        1,933.0        1,885.6

       518.4          479.2           -30.4           -31.8       13,799.1       13,620.3


     4,241.6        3,267.9         -731.2          -762.6        13,213.7       10,990.3

    26,836.3       26,539.4        -6,500.9        -6,707.9      427,707.6      422,439.4

                                                                  19,838.6       20,064.5

       199.2          200.5           -20.0           -22.5        1,514.8        1,496.5

         0.0            0.0             0.0             0.0      333,021.9      329,616.3

    22,024.9       21,788.8        -1,067.8         -956.8        54,771.5       53,903.8

     1,316.3        1,382.7             0.0             0.0       13,725.6       13,702.1

    20,708.7       20,406.1        -1,067.8         -956.8        41,045.9       40,201.7

       197.2          235.4         -163.6          -359.7         8,317.4        7,650.0

       571.6          528.6           -11.6           -10.9       10,243.4        9,708.4


                                                                 427,707.6      422,439.4
                                      SEGMENT REPORTING - INCOME STATEMENT


                                                                                NON-LIFE SEGMENT                   LIFE SEGMENT

                                                                                30/06/2011      30/06/2010      30/06/2011      30/06/2010


    1.1           Net earned premiums                                               10,308.2        10,027.4        21,763.8        23,146.5

          1.1.1   Gross earned premiums                                             11,233.5        10,979.2        22,184.6        23,544.3

          1.1.2   Earned premiums ceded                                               -925.4          -951.8          -420.8          -397.9
                  Fee and commission income and income from financial
    1.2           service activities                                                      0.1             0.0          152.2           119.3
                  Net income from financial instruments at fair value through
    1.3           profit or loss                                                        46.3            31.2          -391.0         1,170.1
                  Income from subsidiaries, associated companies and joint
    1.4           ventures                                                              40.0            27.2           152.3            72.6
                  Income from other financial instruments and land and
    1.5           buildings (investment properties)                                  1,048.1         1,180.4         6,969.9         6,560.5

    1.6           Other income                                                         530.0           692.5           602.0           894.5

1                 TOTAL INCOME                                                      11,972.6        11,958.6        29,249.3        31,963.5

    2.1           Net insurance benefits and claims                                  -7,099.0        -7,103.8      -22,175.2       -25,956.6

          2.1.1   Claims paid and change in the insurance provisions                 -7,485.0        -7,707.8      -22,484.4       -26,204.6

          2.1.2   Reinsurers' share                                                    386.0           603.9           309.2           247.9

    2.2           Fee and commission expenses                                            -0.1             0.0           -63.2           -60.7
                  Expenses from subsidiaries, associated companies and joint
    2.3           ventures                                                              -48.9           -10.1         -313.6             -0.1
                  Expenses from other financial instruments and land and
    2.4           buildings (investment properties)                                   -667.2          -660.6         -1,923.7        -1,055.5

    2.5           Acquisition and administration costs                               -2,918.8        -2,874.2        -2,615.5        -2,611.9

    2.6           Other expenses                                                      -740.7          -857.9          -843.3          -890.7

2                 TOTAL EXPENSES                                                   -11,474.6       -11,506.6       -27,934.5       -30,575.6


                      EARNINGS BEFORE TAXES                                            497.9           452.0         1,314.8         1,388.0
                                                                                                           Appendix 2


                                                              CONSOLIDATION
FINANCIAL SEGMENT             HOLDING EXPENSES                                                    TOTAL
                                                               ADJUSTMENTS

30/06/2011     30/06/2010     30/06/2011     30/06/2010     30/06/2011     30/06/2010     30/06/2011      30/06/2010


         0.0            0.0                                          0.0            0.0       32,072.0        33,173.9

         0.0            0.0                                          0.0            0.0       33,418.2        34,523.5

         0.0            0.0                                          0.0            0.0        -1,346.2        -1,349.6

       626.5          599.6                                        -72.6          -70.8          706.2           648.1

        35.0           25.0                                          0.0           -0.3         -309.7         1,226.1

        -1.7            0.2                                        -88.5          -61.9          102.1            38.1

       242.2          243.4                                        -26.2          -25.2        8,234.0         7,959.0

        82.7          109.5                                        -42.2          -19.8        1,172.5         1,676.6

       984.8          977.7            0.0            0.0         -229.5         -178.0       41,977.2        44,721.8

         0.0            0.0                                        -14.8            0.0      -29,289.0       -33,060.4

         0.0            0.0                                        -14.8            0.0      -29,984.2       -33,912.3

         0.0            0.0                                          0.0            0.0          695.2           851.9

      -177.3         -166.3                                         11.8           11.4         -228.7          -215.6

        -0.1           -0.5                                          0.0            0.0         -362.6            -10.7

       -85.1          -86.8         -318.6         -371.0           10.0            7.1        -2,984.5        -2,166.9

      -454.3         -435.4                                         70.6           59.2        -5,918.1        -5,862.2

       -80.5         -120.8         -157.5         -150.4           31.0           19.3        -1,791.0        -2,000.4

      -797.3         -809.8         -476.1         -521.4          108.5           97.1      -40,574.0       -43,316.2


       187.6          167.9         -476.1         -521.4         -120.9          -80.9        1,403.2         1,405.6
Tangible and intangible assets                                                               Appendix 3


                                                                    At revalued amount
                                             At amortized cost                              Total
                                                                         or at fair value


Land and buildings (investment properties)              13,788.9                                    13,788.9

Land and buildings (self used)                            3,057.5                                    3,057.5

Other tangible assets                                      568.6                                      568.6

Other intangible assets                                   3,182.8                                    3,182.8
   Amounts ceded to reinsurers from insurance provisions                                                                                        Appendix 4

                                                                                                                             Total book value

                                                                                                                     30/06/2011            31/12/2010

  Non-life amounts ceded to reinsurers from insurance provisions(*)                                                           4,208.8               4,234.7

  Life amounts ceded to reinsurers from insurance provisions(*)                                                               1,461.2               1,530.6

  Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds                9.5                   0.5

  Mathematical and other insurance provisions                                                                                 1,451.6               1,530.1

  Total                                                                                                                       5,670.0               5,765.3


(*) After the elimination of intra-group transactions between segments.
Financial assets                                                                                                                                                                                                                      Appendix 5

                                                                                                                                                                           Financial assets at fair value through profit or loss

                                                                                                                                                                                                          Financial assets
                                                                                    Held to maturity                                            Available for sale         Financial assets held for    designated as at fair
                                                                                                               Loans and receivables                                                                                                Total book value
                                                                                      investments                                                financial assets                  trading             value through profit or
                                                                                                                                                                                                                 loss
                                                                                30/06/2011 31/12/2010 30/06/2011 31/12/2010 30/06/2011 31/12/2010 30/06/2011 31/12/2010 30/06/2011 31/12/2010 30/06/2011 31/12/2010


  Equities at cost                                                                        0.0            0.0            0.0              0.0      429.5         454.6               0.0          0.0           0.0           0.0      429.5       454.6

  Equities at fair value                                                                  0.0            0.0            0.0              0.0    14,070.5     15,182.4             86.8          34.3       6,318.6       6,376.9    20,475.9    21,593.5

  of which quoted equities                                                                0.0            0.0            0.0              0.0    13,027.6     14,175.2             86.8          33.5       5,808.3       5,939.7    18,922.7    20,148.4

  Bonds                                                                              4,157.1        4,523.4      48,726.7       50,790.5       165,065.2   159,469.8             673.0         683.4     19,299.8      20,168.3    237,921.8   235,635.4

  of which quoted bonds                                                              4,157.1        4,523.4             0.0              0.0   159,424.6   153,290.4             666.7         675.1     17,831.4      18,536.6    182,079.8   177,025.5

  Investment fund units                                                                   0.0            0.0            0.0              0.0    11,434.7     11,367.4             27.2          23.9     41,388.0      40,992.8     52,849.9    52,384.1

  Loans and receivables from customers                                                    0.0            0.0       5,479.4       4,872.2             0.0             0.0            0.0          0.0           0.0           0.0     5,479.4     4,872.2

  Loans and receivables from banks                                                        0.0            0.0       1,479.1       2,604.2             0.0             0.0            0.0          0.0           0.0           0.0     1,479.1     2,604.2

  Deposits under reinsurance business accepted                                            0.0            0.0         608.7          608.5            0.0             0.0            0.0          0.0           0.0           0.0      608.7       608.5

  Deposit components of reinsurance contracts                                             0.0            0.0            0.0              0.0         0.0             0.0            0.0          0.0           0.0           0.0         0.0           0.0

  Other loans and receivables                                                             0.0            0.0     20,616.8       20,864.9             0.0             0.0            0.0          0.0           0.0           0.0    20,616.8    20,864.9

  Derivatives                                                                             0.0            0.0            0.0              0.0         0.0             0.0         739.2         869.9       1,152.3       1,127.4     1,891.4     1,997.4
                         (*)
  Hedging derivatives                                                                     0.0            0.0            0.0              0.0        39.4             2.4            0.0          0.0           0.0           0.0        39.4           2.4

  Other financial investments                                                            22.1          21.5             0.0              0.0     2,079.2      2,451.9            184.4         202.0       5,005.7       4,878.7     7,291.3     7,554.2

  Total                                                                              4,179.2        4,544.9      76,910.8       79,740.4       193,118.4   188,928.5           1,710.5       1,813.5     73,164.4      73,544.2    349,083.2   348,571.4

(*) In accordance with Regolamento n°7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied.
Assets and liabilities related to policies where the investment risk is borne by the policyholders and to pension funds                                                                                Appendix 6



                                                                                             Policies where the investment risk is
                                                                                                                                                  Pension funds                               Total
                                                                                                  borne by the policyholders

                                                                                                 30/06/2011             31/12/2010         30/06/2011         31/12/2010         30/06/2011           31/12/2010


   Assets                                                                                               49,359.3             48,937.9            1,573.8            1,406.2           50,933.1             50,344.0

   Intra-group assets (*)                                                                                      0.0                   0.0                0.0                0.0                0.0                  0.0

   Total                                                                                                49,359.3             48,937.9            1,573.8            1,406.2           50,933.1             50,344.0

   Financial liabilities                                                                                10,517.4             10,418.7              949.2              787.4           11,466.6             11,206.1
                             (**)
   Insurance provisions                                                                                 39,029.0             38,644.5              325.8              311.1           39,354.8             38,955.6
                             (*)
   Intra-group liabilities                                                                                     0.0                   0.0                0.0                0.0                0.0                  0.0

   Total                                                                                                49,546.4             49,063.2            1,275.0            1,098.6           50,821.4             50,161.8


(*) Intra-group assets and liabilities refer to assets and liabilities which are eliminated in the consolidation process.
(**) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.
   Insurance provisions                                                                                                                         Appendix 7

                                                                                                                             Total book value

                                                                                                                     30/06/2011            31/12/2010

  Non-life insurance provisions (*)                                                                                          35,391.4              34,470.6

  Provisions for unearned premiums                                                                                            6,931.5               6,053.4

  Provisions for outstanding claims                                                                                          28,086.7              28,040.1

  Other insurance provisions                                                                                                      373.2                 377.0

  of which provisions for liability adequacy test                                                                                   6.3                   4.9

  Life insurance provisions (*)                                                                                            297,630.5              295,145.8

  Provisions for outstanding claims                                                                                           5,857.0               5,652.8

  Mathematical provisions                                                                                                  241,345.9              237,243.9
  Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds           39,364.3              38,956.1

  Other insurance provisions                                                                                                 11,063.2              13,292.9

  of which provisions for liability adequacy test                                                                             1,254.8               1,286.1

  of which deferred policyholder liabilities                                                                                 -6,733.2              -4,361.6

  Total                                                                                                                    333,021.9              329,616.3


(*) After the elimination of intra-group transactions between segments.
                                                                                                                                                                                                        Appendix 8

                                                                                         Financial liabilities at fair value through profit or loss
                                                                                                                            Financial liabilities
                                                                                     Financial liabilities held for
                                                                                                                         designated as at fair value        Other financial liabilities        Total book value
                                                                                                trading
                                                                                                                           through profit or loss

                                                                                      30/06/2011       31/12/2010       30/06/2011        31/12/2010        30/06/2011     31/12/2010      30/06/2011     31/12/2010


  Preference shares                                                                              0.0              0.0              0.0                0.0            0.0             0.0           0.0              0.0

  Subordinated liabilities                                                                       0.0              0.0              0.0                0.0       6,438.7         6,492.9        6,438.7        6,492.9
  Financial liabilities related to investment contracts issued by insurance
  companies                                                                                      0.0              0.0        11,711.5        11,499.7           4,023.8         3,871.4       15,735.3       15,371.2

       where the investment risk is borne by the policyholders                                   0.0              0.0        10,517.4        10,418.7                0.0             0.0      10,517.4       10,418.7

       pension funds                                                                             0.0              0.0            949.2           787.4               0.0             0.0         949.2            787.4

       other liabilities related to investment contracts                                         0.0              0.0            244.9           293.6          4,023.8         3,871.4        4,268.8        4,165.0

  Deposits received from reinsurers                                                              0.0              0.0              0.0                0.0       1,027.8         1,070.8        1,027.8        1,070.8

  Deposit components of insurance contract                                                       0.0              0.0               0.0               0.0            0.0             0.0           0.0              0.0

  Bonds                                                                                          0.0              0.0               0.0               0.0       5,014.2         4,992.7        5,014.2        4,992.7

  Liabilities to customers                                                                       0.0              0.0               0.0               0.0      18,149.7        18,084.9       18,149.7       18,084.9

  Liabilities to banks                                                                           0.0              0.0               0.0               0.0         417.7           421.5          417.7            421.5

  Other loans                                                                                    0.0              0.0               0.0               0.0       5,188.8         4,568.2        5,188.8        4,568.2

  Derivatives                                                                                 742.1            914.2             656.5           798.3               0.0             0.0       1,398.7        1,712.5
                         (*)
  Hedging derivatives                                                                            0.0              0.0              0.0                0.0         785.1           699.2          785.1            699.2

  Other financial liabilities                                                                    0.0              0.0            615.5           489.9               0.0             0.0         615.5            489.9

  Total                                                                                       742.1            914.2         12,983.5        12,787.8          41,045.9        40,201.7       54,771.5       53,903.7


(*) In accordance with Regolamento n°7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied.
Technical insurance items                                                                                                                                         Appendix 9

                                                                                                                                         30/06/2011            30/06/2010

                                                                                                                                         Net amount            Net amount


NON-LIFE SEGMENT

NET EARNED PREMIUMS                                                                                                                              10,308.2              10,027.4

a   Premiums written                                                                                                                             11,113.1              10,738.3

b   Change in the provisions for unearned premiums                                                                                                    -804.9                -710.8

NET INSURANCE BENEFITS AND CLAIMS                                                                                                                 7,099.0               7,103.8

a   Claims paid                                                                                                                                   6,824.1               6,820.8

b   Change in the provisions for outstanding claims                                                                                                   235.0                 256.9

c   Change in claims to be recovered                                                                                                                   25.2                    6.3

d   Change in other insurance provisions                                                                                                               14.6                  19.8

LIFE SEGMENT

NET PREMIUMS                                                                                                                                     21,763.8              23,146.5

NET INSURANCE BENEFITS AND CLAIMS                                                                                                                22,175.2              25,956.6

a   Claims paid                                                                                                                                  17,540.2              15,391.9

b   Change in the provisions for outstanding claims                                                                                                   194.5                 498.6

c   Change in the mathematical provisions                                                                                                         4,775.8               7,760.8

d
    Change in the provisions for policies where the investment risk is borne by the policyholders and the provisions for pension funds                341.6             1,901.3

e   Change in other insurance provisions                                                                                                              -676.9                404.0
Income and expenses from investments, receivables and payables                                                                                                                                                Appendix 10

                                                                                                                                     Unrealized gains and
                                                                                                                                                                    Unrealized losses and
                                                                                                                                    reversal of impairment
                                                                                                                        Total                                        impairment losses         Total        Total      Total
                                                                                                                                             losses
                                                                                                                      unrealized                                                             unrealized income and income and
                                                                                                                      gains and                    Reversal of                               gains and    expenses   expenses
                                                                      Other      Other      Realized     Realized       losses      Unrealized                     Unrealized     Impairment   losses    30/06/2011 30/06/2010
                                                        Interest                                                                                   impairment
                                                                     income     expenses     gains        losses                      gains                          losses         losses
                                                                                                                                                     losses


 Income and expenses from investments                     5,558.5     1,496.0      -190.4      2,529.8     -1,319.5      8,074.4         2,003.4          26.8         -3,044.8      -1,815.1     -2,829.7   5,244.7    8,348.3
     from land and buildings (investment
 a properties)                                                          536.5      -190.4        58.0          -9.8        394.4                             3.4                         -0.3          3.0    397.4      383.1
 b from investments in subsidiaries, associated
     companies and joint ventures                                        90.3         0.0          2.3        -38.0         54.6                             9.5                      -324.6       -315.1     -260.5      27.4

 c   from held to maturity investments                       57.4                                  0.1          0.0         57.4                             0.0                         -5.2         -5.2     52.2       61.6

 d   from loans and receivables                           1,522.2                               152.8         -40.8      1,634.2                          13.7                        -321.2       -307.5    1,326.7    1,472.6

 e   from available for sale financial assets             3,580.6       675.3                  1,486.8      -606.6       5,136.2                             0.2                     -1,163.9     -1,163.6   3,972.5    4,411.0

 f   from financial assets held for trading                  96.8        65.5                   440.9       -388.0         215.2           380.8                         -609.2                    -228.4      -13.2     193.8
     from financial assets designated as at fair
 g   value through profit or loss                           301.5       128.4                   388.9       -236.3         582.5         1,622.6                       -2,435.6                    -813.0     -230.5    1,696.5

 Income and expenses from receivables                          9.6                                 0.0         -1.4           8.2                         96.6                          -12.1        84.5      92.7       75.2
 Income and expenses from cash and cash
 equivalents                                                 40.5                                                           40.5                                                                       0.0     40.5       34.3

 Income and expenses from financial liabilities            -647.4         0.0         0.0        72.7         -82.7       -657.5           290.8             0.0         -331.9             0.0      -41.1    -698.6   -1,310.0

 a   from financial liabilities held for trading              -3.7                               33.3         -41.2         -11.6            6.9                          -10.4                       -3.4     -15.0     -151.2
 b   from financial liabilities designated as at fair
     value through profit or loss                           -15.7                                39.1         -36.6         -13.3          283.9                         -321.5                      -37.6     -50.9     -513.0

 c   from other financial liabilities                      -628.0                                  0.3         -4.9       -632.6                                                                       0.0    -632.6     -645.8

 Income and expenses from payables                                                                                            0.0                                                                      0.0       0.0        0.0

 Total                                                    4,961.2     1,496.0      -190.4     2,602.5      -1,403.7      7,465.7         2,294.2         123.3         -3,376.7      -1,827.2     -2,786.3   4,679.4    7,045.7
  Acquisition and administration costs of insurance business                                                                                                    Appendix 11


                                                                                              Non-life segment                                Life segment

                                                                                      30/06/2011            30/06/2010           30/06/2011                  30/06/2010

  Commissions and other acquisition costs net of commissions and profit commissions
  from reinsurers                                                                              2,236.5               2,195.1              1,975.0                     1,976.2

  Investment management expenses (*)                                                                35.1                  42.7                 86.2                       117.0

  Other administration costs                                                                       647.2                 636.3                554.4                       518.7

  Total                                                                                        2,918.8               2,874.2              2,615.5                     2,611.9


(*) Before the elimination of intra-group transactions between segments.
Details on other comprehensive income                                                                                                                                                         Appendix 12

                                                                                                Transfer to profit and
                                                                          Allocation                                      Other transfer         Total variation             Taxes            Amounts
                                                                                                    loss account



                                                                     30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 30/06/2010 30/06/2011 31/12/2010


Reserve for currency translation differences                               19.0        741.8           -8.8        -0.2                            10.2        741.6        -3.4      -3.7   569.9      559.8

Unrealized gains and losses on available for sale financial assets       -351.1        -643.0         -19.1       201.1                           -370.2      -441.9      -169.2     173.2   -449.5     -79.3

Cash flow hedging derivative reserve                                      -16.9         -18.1         30.1          3.1                            13.2        -14.9        -9.7      13.0    -83.6     -96.8

Reserve for hedge of a net investment in a foreign operation                0.5          -0.7          0.0          0.0                              0.5           -0.7      0.0       0.0    -45.6     -46.1

Revenue reserve from valuation of equity                                    0.0           0.0          0.0          0.0                              0.0           0.0       0.0       0.0      0.0       0.0

Reserve for revaluation model on intangible assets                          0.0           0.0                                                        0.0           0.0       0.0       0.0      0.0       0.0

Reserve for revaluation model on tangible assets                            0.0           0.0                                                        0.0           0.0       0.0       0.0      0.0       0.0

Result of discontinued operations                                           0.0           0.0          0.0          0.0                              0.0           0.0       0.0       0.0      0.0       0.0

Actuarial gains or losses arising from defined benefit plans                0.0           0.0          0.0          0.0                              0.0           0.0       0.0       0.0      0.0       0.0

Other reserves                                                              0.0           0.0          0.0          0.0                              0.0           0.0       0.0       0.0      0.0       0.0

TOTAL OTHER COMPREHENSIVE INCOME                                         -348.4         80.0           2.2        204.1      0.0           0.0    -346.3       284.1      -182.2     182.5     -8.7     337.6
  Details on financial asset reclassified and its effects in Profit and loss account and comprehensive income                                                                                                                                                                                                                                                  Appendix 13

                                                                                                                             Book value reclassified as at                                                                                           Financial assets reclassified until                                                   Financial assets reclassified until
                 Financial asset categories affected by the reclassification                                                                                          Fair value as at 30/06/2011           Financial assets reclassified in 2010                                                Financial assets reclassified in 2010
                                                                                                                                     30/06/2011                                                                                                                     2010                                                                                  2010
                                                                                                      Amount of the
                                                                                                     financial assets
                                                                                                    reclassified in the                                                                                                                                                                           Fair value gains    Fair value gains     Fair value gains     Fair value gains
                                                                                  Financial asset                                                                                                                                                                                                   or losses that      or losses that       or losses that       or losses that
                                                                                                        year at the
                                                                                                     reclassification     Financial assets    Financial assets    Financial assets    Financial assets      Fair value gains    Fair value gains    Fair value gains     Fair value gains             would be            would be             would be             would be
                     from                                            to                                    date            reclassified in   reclassified until    reclassified in   reclassified until     or losses through   or losses through   or losses through    or losses through           recognised          recognised           recognised           recognised
                                                                                                                                2011               2011                 2011               2011                profit or loss         equity           profit or loss          equity            through profit or     through equity     through profit or      through equity
                                                                                                                                                                                                                                                                                                    loss without           without           loss without            without
                                                                                                                                                                                                                                                                                                   reclassification    reclassification     reclassification     reclassification


Available for sale financial assets           Loans and receivables            Corporate bond                 14,028.0                                  8,955.6                                 9,674.2                                                            0.0                     0.0                                                                              -718.6



Financial assets at fair value through profit o Loans and receivables          Corporate bond                    630.2                                    514.2                                     532.4                                                          0.0                     0.0                                                         -18.2




  Total                                          Total                                                        14,658.2                                  9,469.8                                10,206.6                                                            0.0                     0.0                                                         -18.2                -718.6
Fair value hierarchy                                                                                                                                                        Appendix 14

                                                                                       Level 1                       Level 2                      Level 3                      Total

                                                                               30/06/2011    31/12/2010      30/06/2011    31/12/2010     30/06/2011    31/12/2010    30/06/2011    31/12/2010


Available for sale financial assets                                              173,920.8       169,329.5      16,872.2       17,058.4       2,325.5       2,541.2     193,118.5      188,929.0

Financial assets at fair value through profit or loss                             51,157.6        51,688.0      22,550.9       22,695.7       1,166.4         974.0      74,874.9       75,357.6

    Financial assets held for trading                                              1,443.7         1,564.2         248.3         231.6           18.5          17.7       1,710.5        1,813.5

    Financial assets designated as at fair value through profit or loss           49,713.8        50,123.7      22,302.6       22,464.1       1,147.9         956.3      73,164.4       73,544.2

Subtotal                                                                         225,078.4       221,017.5      39,423.1       39,754.1       3,492.0       3,515.1     267,993.5      264,286.7

Financial liabilities at fair value through profit or loss                        11,460.6        10,442.7       2,265.1        3,259.3           0.0           0.0      13,725.6       13,702.1

    Financial liabilities held for trading                                           529.3          714.9          212.8         199.3            0.0           0.0         742.1         914.3

    Financial liabilities designated as at fair value through profit or loss      10,931.3         9,727.8       2,052.2        3,060.0           0.0           0.0      12,983.5       12,787.8

Total                                                                            236,539.0       231,460.2      41,688.2       43,013.4       3,492.0       3,515.1     281,719.1      277,988.7
Alitalia - Airliner A320




Change in the consolidation area

Subsidiares consolidated line by line

Non-consolidated subsidiares
and associated companies
Change in the consolidation area(*)
 Newly consolidated:


   1.    DGO Policlinic Dom Zdravlja, Belgrade
   2.    Generali Vietnam Life Insurance LLC, Ho Chi Minh City
   3.    LKR S.à.r.l., Luxembourg
   4.    OPCI Generali Bureaux, Paris
   5.    SAS Parcolog Lille Henin Beaumont 1, Paris




 Company disposed of/wound up:


   1.    EASA Training Academy (Pty) Ltd, Costantia Kloof
   2.    Generali Garant Insurance JSC, Kiev
   3.    Migdal Gemel Platinum Ltd (fusa in Migdal Makefet Pension and Provident Funds Ltd), Tel Aviv
   4.    New Makefet Providence Fund Ltd (fusa in Migdal Makefet Pension and Provident Funds Ltd), Tel Aviv




(*) Consolidation area consists of companies consolidated “line by line”.


                                                                                                              205
      Subsidiaries consolidated line by line

                                                                                                                                       Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                  Through            Total      ratio % (3)

      Assicurazioni Generali S.p.A.    086       EUR           1,556,873,283             G                1                 0.04    Genertellife S.p.A.                0.77         100.00
                                                                                                                            0.01    Augusta Assicurazioni S.p.A.
                                                                                                                            0.68    Ina Assitalia S.p.A.
                                                                                                                            0.01    GBS S.c.p.A.
                                                                                                                            0.03    Alleanza Toro S.p.A.
      Genertel S.p.A.                  086       EUR              23,000,000             G                1     100.00                                               100.00         100.00
      UMS S.p.A.                       086       EUR              15,993,180             G            10         99.90                                                99.90          99.90
      Risparmio Assicurazioni S.p.A.   086       EUR               5,175,152             G            11        100.00                                               100.00         100.00
      Europ Assistance Italia S.p.A.   086       EUR              12,000,000             G                1      26.05                                                87.08          86.93
                                                                                                                           61.03    Europ Assistance Holding S.A.
      Prunus S.p.A.                    086       EUR              11,610,000             G            10                  100.00    ISIM S.p.A.                      100.00         100.00
      Genagricola S.p.A.               086       EUR            184,850,000              G            11        100.00                                               100.00         100.00
      Finagen S.p.A.                   086       EUR               6,700,000             G                8       0.10                                               100.00         100.00
                                                                                                                           99.90    Alleanza Toro S.p.A.
      Banca Generali S.p.A.            086       EUR            111,662,418              G                7      47.77                                                64.83          64.81
                                                                                                                            4.98    Generali IARD S.A.
                                                                                                                            4.98    Generali Vie S.A.
                                                                                                                            4.98    Genertellife S.p.A.
                                                                                                                            2.12    Alleanza Toro S.p.A.
      Europ Assistance Service SpA     086       EUR               4,325,000             G            11                  100.00    Europ Assistance Italia S.p.A.   100.00          86.93
      Europ Assistance Trade S.p.A.    086       EUR                540,000              G            11                   91.50    Europ Assistance Italia S.p.A.   100.00          86.93
                                                                                                                            8.50    Europ Assistance Service SpA
      Agricola San Giorgio S.p.A.      086       EUR             22,160,000              G            11                  100.00    Genagricola S.p.A.               100.00         100.00
      Fondi Alleanza SGR S.p.A.        086       EUR               5,200,000             G                8               100.00    Alleanza Toro S.p.A.             100.00         100.00
      Generali Gestione Immobiliare    086       EUR                780,000              G            11        100.00                                               100.00         100.00
      Genertel Servizi Assicurativi    086       EUR                  40,000             G            11                   50.00    Genertel S.p.A.                  100.00         100.00
                                                                                                                           50.00    Genertellife S.p.A.
      Europ Assistance Vai S.p.A.      086       EUR                468,000              G            11                   98.89    Europ Assistance Service SpA      98.89          85.97
      G.T.I. SGR p.A.                  086       EUR               5,200,000             G                8                20.00    BSI S.A.                         100.00          98.20
                                                                                                                           80.00    Generali SGR S.p.A.
      Genertellife S.p.A.              086       EUR            145,200,000              G                1     100.00                                               100.00         100.00
      Generali SGR S.p.A.              086       EUR             26,250,000              G                8               100.00    Gen Inv S.p.A.                   100.00          97.76
      Inf - Societa' Agricola S.p.A.   086       EUR             15,480,000              G            11                  100.00    Genagricola S.p.A.               100.00         100.00
      Generali Horizon S.p.A.          086       EUR             15,520,000              G                9     100.00                                               100.00         100.00
      GenerFid S.p.A.                  086       EUR                240,000              G            11                  100.00    Banca Generali S.p.A.            100.00          64.81
      EOS Servizi Fiduciari SpA        086       EUR                750,000              G            11                  100.00    BSI S.A.                         100.00         100.00
      Assitimm S.r.l.                  086       EUR                100,000              G            10          1.00                                               100.00         100.00
                                                                                                                           99.00    ISIM S.p.A.
      SIMGENIA S.p.A. SIM              086       EUR               5,200,000             G                8      25.00                                               100.00          94.71
                                                                                                                           15.00    Banca Generali S.p.A.
                                                                                                                           10.00    Fata Assicurazioni Danni SpA
                                                                                                                           15.00    Ina Assitalia S.p.A.
                                                                                                                           35.00    Alleanza Toro S.p.A.
      Heracles Immobiliare S.r.l.      086       EUR               1,200,000             G            10                  100.00    ISIM S.p.A.                      100.00         100.00
      BG Fiduciaria Sim S.p.A.         086       EUR               5,200,000             G                8               100.00    Banca Generali S.p.A.            100.00          64.81



206
Subsidiaries consolidated line by line

                                                                                                                                 Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                  Through            Total      ratio % (3)

BG SGR S.p.A.                    086       EUR               8,050,665             G                8               100.00    Banca Generali S.p.A.            100.00          64.81
Gen Inv S.p.A.                   086       EUR              39,000,000             G                9      40.00                                               100.00          97.76
                                                                                                                     30.00    Generali Deutschland Holding
                                                                                                                     30.00    Generali France S.A.
Generali Immobiliare Italia GR   086       EUR               5,000,000             G                8               100.00    Gen Inv S.p.A.                   100.00          97.76
Fata Assicurazioni Danni SpA     086       EUR               5,202,079             G                1      99.88                                                99.88          99.88
Fata Vita S.p.A.                 086       EUR               7,096,314             G                1      99.98                                                99.98          99.98
Augusta Assicurazioni S.p.A.     086       EUR             26,000,000              G                1               100.00    Alleanza Toro S.p.A.             100.00         100.00
CESTAR S.c.r.l.                  086       EUR               3,100,000             G            11         98.00                                               100.00         100.00
                                                                                                                      0.25    Fata Assicurazioni Danni SpA
                                                                                                                      0.25    Augusta Assicurazioni S.p.A.
                                                                                                                      0.25    Ina Assitalia S.p.A.
                                                                                                                      1.00    GBS S.c.p.A.
                                                                                                                      0.25    Alleanza Toro S.p.A.
D.A.S. S.p.A.                    086       EUR               2,750,000             G                1                50.01    Alleanza Toro S.p.A.              50.01          50.01
ISIM S.p.A.                      086       EUR            203,321,715              G            10                  100.00    Alleanza Toro S.p.A.             100.00         100.00
Augusta Vita S.p.A.              086       EUR             39,000,000              G                1               100.00    Augusta Assicurazioni S.p.A.     100.00         100.00
Generali Properties S.p.A.       086       EUR            268,265,145              G            10        100.00                                               100.00         100.00
Fondo Scarlatti                  086       EUR            578,873,392              G            10          5.21                                                66.03          66.02
                                                                                                                      1.94    Genertel S.p.A.
                                                                                                                      2.89    Generali Vie S.A.
                                                                                                                      4.34    Genertellife S.p.A.
                                                                                                                      2.77    Fata Assicurazioni Danni SpA
                                                                                                                      0.41    Fata Vita S.p.A.
                                                                                                                      8.31    ISIM S.p.A.
                                                                                                                     17.81    Ina Assitalia S.p.A.
                                                                                                                     22.36    Alleanza Toro S.p.A.
Ina Assitalia S.p.A.             086       EUR            618,628,450              G                1     100.00                                               100.00         100.00
GBS S.c.p.A.                     086       EUR               8,010,000             G            11         96.82                                               100.00          99.78
                                                                                                                      0.25    Genertel S.p.A.
                                                                                                                      0.01    Europ Assistance Italia S.p.A.
                                                                                                                      0.30    Banca Generali S.p.A.
                                                                                                                      0.01    Fondi Alleanza SGR S.p.A.
                                                                                                                      0.25    Genertellife S.p.A.
                                                                                                                      0.25    Generali SGR S.p.A.
                                                                                                                      0.25    SIMGENIA S.p.A. SIM
                                                                                                                      0.01    BG Fiduciaria Sim S.p.A.
                                                                                                                      0.25    BG SGR S.p.A.
                                                                                                                      0.01    Generali Immobiliare Italia GR
                                                                                                                      0.25    Fata Assicurazioni Danni SpA
                                                                                                                      0.01    Fata Vita S.p.A.
                                                                                                                      0.25    Augusta Assicurazioni S.p.A.
                                                                                                                      0.25    Augusta Vita S.p.A.
                                                                                                                      0.25    Ina Assitalia S.p.A.
                                                                                                                      0.01    Generali Factoring S.p.A.



                                                                                                                                                                                         207
      Subsidiaries consolidated line by line

                                                                                                                                       Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                   Through           Total      ratio % (3)

                                                                                                                            0.05    G.I.B.S. s.c.a.r.l.
                                                                                                                            0.51    Alleanza Toro S.p.A.
                                                                                                                            0.01    Alleanza Toro Servizi Assicur.
      Generali Factoring S.p.A.        086       EUR               3,000,000             G            11        100.00                                               100.00         100.00
      G.I.B.S. s.c.a.r.l.              086       EUR                  27,000             G            11         66.67                                               100.00          96.32
                                                                                                                           18.53    Generali Vie S.A.
                                                                                                                            3.70    Generali Belgium S.A.
                                                                                                                            3.70    Generali Vida de Seguros S.A.
                                                                                                                            3.70    Generali Pojistovna a.s.
                                                                                                                            3.70    Ceska pojistovna. a.s.
      Gotam SGR S.p.A.                 086       EUR               2,050,000             G                8               100.00    BSI S.A.                         100.00         100.00
      Fondo Cimarosa                   086       EUR            495,111,111              G            10          8.43                                               100.00          99.99
                                                                                                                            0.71    Genertel S.p.A.
                                                                                                                            6.69    Prunus S.p.A.
                                                                                                                            3.71    Generali Vie S.A.
                                                                                                                            3.30    Genertellife S.p.A.
                                                                                                                            0.07    Fata Vita S.p.A.
                                                                                                                           45.21    ISIM S.p.A.
                                                                                                                           14.37    Ina Assitalia S.p.A.
                                                                                                                           17.51    Alleanza Toro S.p.A.
      Alleanza Toro S.p.A.             086       EUR            300,000,000              G                1     100.00                                               100.00         100.00
      Fondo Immobiliare Mascagni       086       EUR           1,130,984,156             G            10         31.85                                               100.00         100.00
                                                                                                                           11.27    Prunus S.p.A.
                                                                                                                           10.72    Genertellife S.p.A.
                                                                                                                            0.92    Fata Vita S.p.A.
                                                                                                                            0.42    Augusta Vita S.p.A.
                                                                                                                           38.49    Generali Properties S.p.A.
                                                                                                                            4.60    Ina Assitalia S.p.A.
                                                                                                                            1.73    Alleanza Toro S.p.A.
      Fondo Immobiliare Toscanini      086       EUR              93,345,920             G            10         44.19                                               100.00         100.00
                                                                                                                           23.91    Generali Properties S.p.A.
                                                                                                                           31.90    Ina Assitalia S.p.A.
      BSI SIM S.p.A.                   086       EUR               5,000,000             G            11                  100.00    BSI S.A.                         100.00         100.00
      Alleanza Toro Servizi Assicur.   086       EUR                  20,000             G            11                  100.00    Alleanza Toro S.p.A.             100.00         100.00
      D.A.S. Legal Services S.r.l.     086       EUR                100,000              G            11                  100.00    D.A.S. S.p.A.                    100.00          50.01
      Fondo Chopin                     086       EUR            283,596,699              G            11         15.96                                               100.00         100.00
                                                                                                                            2.45    Genertel S.p.A.
                                                                                                                           26.78    Genertellife S.p.A.
                                                                                                                            2.36    Fata Vita S.p.A.
                                                                                                                            1.60    Augusta Vita S.p.A.
                                                                                                                           27.96    Generali Properties S.p.A.
                                                                                                                           19.18    Ina Assitalia S.p.A.
                                                                                                                            2.11    Fondo Cimarosa
                                                                                                                            1.60    Alleanza Toro S.p.A.
      Dialog Lebensversicherungs AG    094       EUR               2,045,200             G                2               100.00    Generali Beteiligungs AG         100.00          92.83



208
Subsidiaries consolidated line by line

                                                                                                                                 Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                 Through             Total      ratio % (3)

Generali Deutschland Holding     094       EUR            137,420,785              G                5                80.19    Generali Beteiligungs-GmbH        93.02          92.74
                                                                                                                      0.93    Generali España. S.A.
                                                                                                                      0.93    Generali Belgium S.A.
                                                                                                                      0.93    Generali Levensverz. Maatsch.
                                                                                                                      0.93    Generali Assurances Générales
                                                                                                                      2.14    Vitalicio Torre Cerdà S.l.
                                                                                                                      5.10    Generali Vermögensverwaltung K
                                                                                                                      1.87    Alleanza Toro S.p.A.
AachenMünchener Lebensvers.      094       EUR              71,269,998             G                2               100.00    Generali Deutschland Holding     100.00          92.74
AachenMünchener Versicherung     094       EUR            136,463,896              G                2               100.00    Generali Deutschland Holding     100.00          92.74
Generali Lebensversicherung AG   094       EUR            124,053,300              G                2               100.00    Generali Beteiligungs AG         100.00          92.83
Generali Versicherung AG         094       EUR              27,358,000             G                2               100.00    Generali Beteiligungs AG         100.00          92.83
Central Krankenversicherung AG   094       EUR             34,017,984              G                2               100.00    Generali Deutschland Holding     100.00          92.74
Europ Assistance Versicherung    094       EUR               2,800,000             G                2                25.00    Generali Deutschland Holding     100.00          98.01
                                                                                                                     75.00    Europ Assistance Holding S.A.
Cosmos Lebensversicherungs AG    094       EUR             10,739,616              G                2               100.00    Generali Deutschland Holding     100.00          92.74
Cosmos Versicherung AG           094       EUR               9,205,200             G                2               100.00    Generali Deutschland Holding     100.00          92.74
ENVIVAS Krankenversicherung AG   094       EUR               1,022,800             G                2               100.00    Generali Deutschland Holding     100.00          92.74
AdvoCard Rechtsschutzvers.       094       EUR             12,920,265              G                2                29.29    AachenMünchener Versicherung     100.00          92.80
                                                                                                                     70.71    Generali Versicherung AG
Generali Beteiligungs-GmbH       094       EUR               1,005,000             G                4     100.00                                               100.00         100.00
Generali Beteiligungs AG         094       EUR             66,963,298              G                4                98.78    Generali Deutschland Holding     100.00          92.83
                                                                                                                      1.22    Transocean Holding Corporation
ALLWO GmbH                       094       EUR             17,895,500              G            10                   46.86    AachenMünchener Lebensvers.      100.00          92.79
                                                                                                                     53.14    Generali Lebensversicherung AG
Deutsche Bausparkasse Badenia    094       EUR             40,560,000              G                7                68.70    Generali Deutschland Holding     100.00          92.77
                                                                                                                     31.30    Generali Lebensversicherung AG
Europ Assistance Services GmbH   094       EUR                250,000              G            11                  100.00    Europ Assistance Versicherung    100.00          98.01
Generali Deutschland Finanzd.    094       EUR                  52,000             G            11                  100.00    Generali Deutschland Holding     100.00          92.74
Generali Deutschland Informat.   094       EUR             15,000,000              G            11                  100.00    Generali Deutschland Holding     100.00          92.74
ATLAS Dienstleistungen           094       EUR               4,090,335             G            11                   74.00    AachenMünchener Lebensvers.       74.00          68.63
AM Ges. betr. Altersversorgung   094       EUR                  60,000             G            11                  100.00    AachenMünchener Lebensvers.      100.00          92.74
Cosmos Finanzservice GmbH        094       EUR                  25,565             G            11                  100.00    Cosmos Versicherung AG           100.00          92.74
Generali Deutschland Immobil.    094       EUR                682,655              G            10                  100.00    Generali Deutschland Holding     100.00          92.74
Schloss Bensberg Management      094       EUR                250,000              G           10                   100.00    AachenMünchener Lebensvers.      100.00          92.74
AM Vertriebsservice Ges. Pers.   094       EUR                500,000              G           11                   100.00    ATLAS Dienstleistungen           100.00          68.63
Generali Investments Deut. KAG   094       EUR               9,050,000             G                8               100.00    Gen Inv S.p.A.                   100.00          97.76
AMCO Beteiligungs-GmbH           094       EUR                500,000              G                9               100.00    Generali Deutschland Holding     100.00          92.74
Volksfürsorge Pensionskasse AG   094       EUR               5,025,000             G                2               100.00    Generali Beteiligungs AG         100.00          92.83
Thuringia Generali 2Immobilien   094       EUR             84,343,265              G           10                  100.00     Generali Lebensversicherung AG   100.00          92.83
Thuringia Generali 1Immobilien   094       EUR             21,388,630              G           10                  100.00     Generali Lebensversicherung AG   100.00          92.83
Volksfürsorge 1Immobilien AGKG   094       EUR                   3,583             G           10                  100.00     Generali Lebensversicherung AG   100.00          92.83
Central Zweite Immobilien AGKG   094       EUR             12,371,997              G           10                  100.00     Central Krankenversicherung AG   100.00          92.74
Central Erste Immobilien AG&KG   094       EUR               4,823,507             G           10                  100.00     Central Krankenversicherung AG   100.00          92.74
AM Erste Immobilien AG&Co. KG    094       EUR             81,082,414              G           10                  100.00     AachenMünchener Lebensvers.      100.00          92.74




                                                                                                                                                                                         209
      Subsidiaries consolidated line by line

                                                                                                                                      Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                Through              Total      ratio % (3)

      Generali Private Equity Invest   094       EUR               1,000,000             G                9               100.00    Gen Inv S.p.A.                   100.00          97.76
      Generali Deutschland Pensionsk   094       EUR               7,500,000             G                2               100.00    Generali Deutschland Holding     100.00          92.74
      DBB Vermögensverwaltung GmbHKG 094         EUR              21,214,579             G            10                  100.00    Deutsche Bausparkasse Badenia    100.00          92.77
      AM Vers Erste Immobilien KG      094       EUR              17,847,121             G            10                  100.00    AachenMünchener Versicherung     100.00          92.74
      GID-Fonds AAREC                  094       EUR           2,888,695,892             G            11                    0.93    Dialog Lebensversicherungs AG    100.00          92.78
                                                                                                                           24.79    AachenMünchener Lebensvers.
                                                                                                                           38.19    Generali Lebensversicherung AG
                                                                                                                           22.94    Central Krankenversicherung AG
                                                                                                                           11.90    Cosmos Lebensversicherungs AG
                                                                                                                            0.51    AdvoCard Rechtsschutzvers.
                                                                                                                            0.73    Generali Deutschland Pensionsk
      GID-Fonds ALAOT                  094       EUR            716,057,605              G            11                  100.00    AachenMünchener Lebensvers.      100.00          92.74
      GID-Fonds GDRET                  094       EUR            259,811,568              G            11                  100.00    Generali Deutschland Holding     100.00          92.74
      GID-Fonds AMLRET                 094       EUR            465,128,206              G            11                  100.00    AachenMünchener Lebensvers.      100.00          92.74
      GID-Fonds AVAOT                  094       EUR             86,892,635              G            11                  100.00    Generali Versicherung AG         100.00          92.83
      GID-Fonds CEAOT                  094       EUR            456,219,187              G            11                  100.00    Central Krankenversicherung AG   100.00          92.74
      GID-Fonds CLAOT                  094       EUR            321,992,020              G            11                  100.00    Cosmos Lebensversicherungs AG    100.00          92.74
      GID-Fonds GLRET 4                094       EUR            453,379,305              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      GID-Fonds GLMET                  094       EUR            786,050,643              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      GID-Fonds GVMET                  094       EUR            326,102,230              G            11                  100.00    Generali Versicherung AG         100.00          92.83
      GID-Fonds GLLAE                  094       EUR            628,831,463              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Grundstücksges. Stadtlagerhaus   094       EUR             19,560,874              G            10                   50.00    Generali Lebensversicherung AG   100.00          92.83
                                                                                                                           50.00    Generali Versicherung AG
      Generali Deutschland Sicherung   094       EUR                  25,000             G            11                  100.00    Generali Deutschland Holding     100.00          92.74
      GID-Fonds VLAOT                  094       EUR          1,473,069,054              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      GID-Fonds GLRET 3                094       EUR            833,466,101              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      GID-Fonds GLRET 2                094       EUR            765,143,700              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge 2Immobilien AGKG   094       EUR            120,995,519              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge 3Immobilien AGKG   094       EUR            157,313,575              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge 4Immobilien AGKG   094       EUR             64,199,096              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Vofü Fonds I Hamburgische KG     094       EUR             14,800,000              G            10                   59.29    Generali Beteiligungs AG          59.29          55.04
      Volksfürsorge 5Immobilien AGKG   094       EUR            128,205,089              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge 6Immobilien AGKG   094       EUR            138,391,250              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge 7Immobilien AGKG   094       EUR             26,664,877              G            10                  100.00    Generali Lebensversicherung AG   100.00          92.83
      Generali Deutsch. Pensor Pens.   094       EUR               5,100,000             G                2               100.00    Generali Beteiligungs AG         100.00          92.83
      GID-Fonds GPRET                  094       EUR             84,664,814              G            11                  100.00    Generali Deutsch. Pensor Pens.   100.00          92.83
      Generali Deutschland Schadenm.   094       EUR                100,000              G           11                   100.00    Generali Deutschland Holding     100.00          92.74
      Generali Deutschland Services    094       EUR                100,000              G           11                   100.00    Generali Deutschland Holding     100.00          92.74
      AM Sechste Immobilien AG KG      094       EUR             85,025,000              G           10                   100.00    AachenMünchener Lebensvers.      100.00          92.74
      GLL AMB Generali Prop. Fund I    094       EUR             39,664,580              G           11                   100.00    GLL AMB Generali Cross-Border    100.00          92.78
      GLL AMB Generali Prop. Fund II   094       EUR             46,614,493              G           11                   100.00    GLL AMB Generali Cross-Border    100.00          92.78
      Generali 3. Immobilien AG&CoKG   094       EUR             62,667,551              G           10                   100.00    Generali Lebensversicherung AG   100.00          92.83
      VDL US$ Corporate Bond Fund      094       USD            142,235,694              G           11                   100.00    Generali Lebensversicherung AG   100.00          92.83
      Volksfürsorge AG Vertriebsges.   094       EUR               1,100,000             G           11                   100.00    Generali Beteiligungs AG         100.00          92.83
      Generali Vermögensverwaltung K   094       EUR            258,700,000              G                9                94.90    Generali Beteiligungs-GmbH        94.90          94.90



210
Subsidiaries consolidated line by line

                                                                                                                                Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                 Through             Total      ratio % (3)

GLL AMB Generali 200 State       094       EUR               2,010,000             G            11                  100.00    GLL AMB Generali Cross-Border    100.00          92.78
AM Vertriebsservice-Ges. Sach.   094       EUR                 250,000             G            11                  100.00    ATLAS Dienstleistungen           100.00          68.63
GID-Fonds AVAOT II               094       EUR              74,313,728             G            11                  100.00    AachenMünchener Versicherung     100.00          92.74
GID-Fonds AVAOT III              094       EUR              22,305,573             G            11                  100.00    AdvoCard Rechtsschutzvers.       100.00          92.80
GID-Fonds ALRET                  094       EUR           1,448,725,659             G            11                  100.00    AachenMünchener Lebensvers.      100.00          92.74
GID-Fonds CERET                  094       EUR           1,928,714,606             G            11                  100.00    Central Krankenversicherung AG   100.00          92.74
GID-Fonds CLRET                  094       EUR            571,624,741              G            11                  100.00    Cosmos Lebensversicherungs AG    100.00          92.74
GID-Fonds GLRET                  094       EUR           3,539,699,447             G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
GID-Fonds DLRET                  094       EUR              70,004,906             G            11                  100.00    Dialog Lebensversicherungs AG    100.00          92.83
GID-Fonds GDPRET                 094       EUR            205,306,626              G            11                  100.00    Generali Deutschland Pensionsk   100.00          92.74
GID-Fonds GVRET                  094       EUR            668,080,531              G            11                  100.00    Generali Versicherung AG         100.00          92.83
GEREII GmbH & Co. KG             094       EUR             27,590,062              G            10                    5.49    Dialog Lebensversicherungs AG    100.00          92.78
                                                                                                                     21.97    AachenMünchener Lebensvers.
                                                                                                                     27.47    Generali Lebensversicherung AG
                                                                                                                     21.97    Central Krankenversicherung AG
                                                                                                                     16.48    Cosmos Lebensversicherungs AG
                                                                                                                      5.49    AdvoCard Rechtsschutzvers.
                                                                                                                      1.13    Generali Deutschland Immobil.
GNAREI GmbH & Co. KG             094       EUR             17,560,021              G            10                   27.75    AachenMünchener Lebensvers.      100.00          92.78
                                                                                                                     38.80    Generali Lebensversicherung AG
                                                                                                                     16.76    Central Krankenversicherung AG
                                                                                                                     16.64    Cosmos Lebensversicherungs AG
                                                                                                                      0.05    Generali Deutschland Immobil.
GENTUM Nr. 1                     094       EUR            101,200,058              G            11                    2.00    Dialog Lebensversicherungs AG    100.00          92.77
                                                                                                                     23.00    AachenMünchener Lebensvers.
                                                                                                                     27.00    Generali Lebensversicherung AG
                                                                                                                     25.00    Central Krankenversicherung AG
                                                                                                                     20.00    Cosmos Lebensversicherungs AG
                                                                                                                      3.00    AdvoCard Rechtsschutzvers.
GID Fonds AVRET                  094       EUR            221,235,789              G            11                  100.00    AachenMünchener Versicherung     100.00          92.74
FT GEN-Fonds                     094       EUR             50,000,000              G            11                  100.00    Generali Lebensversicherung AG   100.00          92.83
Generali IARD S.A.               029       EUR             59,493,775              G                2               100.00    Generali France Assurance S.A.   100.00          99.77
Generali Vie S.A.                029       EUR            299,197,104              G                2               100.00    Generali France Assurance S.A.   100.00          99.77
L'Equité IARD S.A.               029       EUR             15,569,320              G                2                99.98    Generali France Assurance S.A.    99.98          99.75
Européenne de Protection Jur.    029       EUR               2,610,000             G                2                 0.01    Generali IARD S.A.               100.00          99.77
                                                                                                                      0.01    Generali Vie S.A.
                                                                                                                     99.98    Generali France Assurance S.A.
GFA Caraïbes                     213       EUR               5,742,000             G                2               100.00    Generali France Assurance S.A.   100.00          99.77
Prudence Creole                  247       EUR               6,164,000             G                2                 0.01    Generali France S.A.              93.18          92.97
                                                                                                                     93.17    Generali France Assurance S.A.
Europ Assistance Holding S.A.    029       EUR             14,910,000              G                2                44.01    Generali Vie S.A.                 99.98          99.77
                                                                                                                     50.97    Generali France S.A.
                                                                                                                      5.01    Part. Maat. Graafschap Holland
Europ Assistance France S.A.     029       EUR               2,464,320             G            11                  100.00    Europ Assistance Holding S.A.    100.00          99.77
Generali France S.A.             029       EUR            114,992,726              G                4     67.15                                                 99.77          99.77



                                                                                                                                                                                         211
      Subsidiaries consolidated line by line

                                                                                                                                      Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                 Through             Total      ratio % (3)

                                                                                                                           32.62    Part. Maat. Graafschap Holland
      Generali Investments France SA   029       EUR               3,750,000             G                8                 0.01    Generali Vie S.A.                100.00          98.78
                                                                                                                           50.99    Generali France Assurance S.A.
                                                                                                                           49.00    Gen Inv S.p.A.
      Generali Gestion S.A.            029       EUR                 270,000             G            11                    0.06    Generali Vie S.A.                 99.92          98.70
                                                                                                                            0.03    Generali France S.A.
                                                                                                                           99.83    Generali Investments France SA
      Expert & Finance S.A.            029       EUR               3,440,840             G            11                   90.30    Generali Vie S.A.                 90.30          90.10
      Generali France Assurance S.A.   029       EUR           1,038,510,560             G                5               100.00    Generali France S.A.             100.00          99.77
      E-Cie Vie S.A.                   029       EUR              69,119,540             G                2               100.00    Generali France Assurance S.A.   100.00          99.77
      Generali France Immobilier       029       EUR               1,060,000             G            10                  100.00    Generali France Assurance S.A.   100.00          99.77
      Suresnes Immobilier S.A.         029       EUR              43,040,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      Europ Assistance S.A.            029       EUR              23,601,857             G                2               100.00    Europ Assistance Holding S.A.    100.00          99.77
      Europ Assistance Téléassist.     029       EUR                100,000              G            11                  100.00    Europ Assistance France S.A.     100.00          99.77
      SCI Generali Carnot              029       EUR             10,525,000              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Le Rivay                     029       EUR               7,021,196             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      Icare S.A.                       029       EUR               3,500,010             G                4               100.00    Europ Assistance Holding S.A.    100.00          99.77
      Icare Assurance S.A.             029       EUR               1,276,416             G                2               100.00    Icare S.A.                       100.00          99.77
      SCI du 174 Rue de Rivoli         029       EUR             19,760,152              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Font Romeu Neige et Soleil   029       EUR                  15,200             G            10                  100.00    Generali IARD S.A.               100.00          99.77
      Generali Habitat SCpI            029       EUR             15,241,905              G            10                   90.84    Generali Vie S.A.                 90.84          90.64
      SC Progador (SCI)                029       EUR                405,000              G            10                    0.37    Generali IARD S.A.               100.00          99.77
                                                                                                                           99.63    Generali Vie S.A.
      Rocher Pierre SCpI               029       EUR             35,401,086              G            10                   48.52    Generali Vie S.A.                 48.52          48.41
      SCI Generali Reaumur             029       EUR             10,643,469              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Cogipar                      029       EUR                  10,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Generali Pierre              029       EUR             10,113,505              G            10                    1.11    Generali IARD S.A.                99.90          99.68
                                                                                                                           38.15    Generali Vie S.A.
                                                                                                                           60.63    SCI Generali Wagram
      SCI Generali Pyramides           029       EUR             30,160,815              G            10                   67.88    Generali IARD S.A.               100.00          99.77
                                                                                                                           32.12    SCI Generali Wagram
      SCI Generali Wagram              029       EUR                284,147              G            10                  100.00    Generali IARD S.A.               100.00          99.77
      SCI Generali Daumesnil           029       EUR             29,324,139              G            10                   45.00    Generali IARD S.A.               100.00          99.77
                                                                                                                           55.00    SCI GPA Pierre
      SCI des 5 et 7 Rue Drouot        029       EUR             30,553,520              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI du Coq                       029       EUR             14,191,727              G            10                    0.81    Generali IARD S.A.               100.00          99.77
                                                                                                                           99.19    Generali Vie S.A.
      SCI Espace Seine-Generali        029       EUR                153,000              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI GPA Pierre                   029       EUR             40,800,000              G            10                    1.20    Generali IARD S.A.               100.00          99.77
                                                                                                                           98.80    Generali Vie S.A.
      SCI Haussmann 50-Generali        029       EUR             43,450,000              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI du 54 Avenue Hoche           029       EUR                152,400              G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Landy-Novatis                029       EUR               1,000,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Landy-Wilo                   029       EUR               1,000,000             G            10                    0.10    Generali IARD S.A.               100.00          99.77
                                                                                                                           99.90    Generali Vie S.A.



212
Subsidiaries consolidated line by line

                                                                                                                                 Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                      Through        Total      ratio % (3)

SCI Generali Le Franklin         029       EUR               5,443,549             G            10                   99.57    Generali Vie S.A.                100.00          99.77
                                                                                                                      0.43    SCI Le Rivay
SCI Viroflay 10-12 Libération    029       EUR                   3,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
SCI Generali Commerce 1          029       EUR                 100,000             G            10                  100.00    Generali IARD S.A.               100.00          99.77
SCI Generali Commerce 2          029       EUR                 100,000             G            10                  100.00    Generali IARD S.A.               100.00          99.77
SCI Generali le Moncey           029       EUR                 919,020             G            10                  100.00    Generali Vie S.A.                100.00          99.77
BSI Ifabanque S.A.               029       EUR              15,785,200             G                7                51.00    BSI S.A.                          51.00          51.00
Sarl Parcolog Lille Henin B. 2   029       EUR                744,797              G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Beaune Logistique 1          029       EUR               8,001,000             G            10                    0.10    Generali Vie S.A.                100.00          99.77
                                                                                                                     99.90    SC Generali Logistique
SC Generali Logistique           029       EUR            145,760,911              G            10                    1.00    Generali IARD S.A.               100.00          99.77
                                                                                                                     99.00    Generali Vie S.A.
Saint Ouen C1 SAS                029       EUR                  37,000             G            10                   80.00    Tartini S.à.r.l.                  80.00          78.39
Saint Ouen C1 SCI                029       EUR                   1,000             G            10                    0.10    Tartini S.à.r.l.                 100.00          78.43
                                                                                                                     99.90    Saint Ouen C1 SAS
Immob.Comm. Indes Orientales     029       EUR            134,543,500              G            10                  100.00    Generali Vie S.A.                100.00          99.77
SAS IMMOCIO CBI                  029       EUR             68,690,268              G            10                  100.00    Immob.Comm. Indes Orientales     100.00          99.77
GEII 100 CE Holding SAS          029       EUR                   1,000             G            10                  100.00    Generali Europe Income Holding   100.00          98.20
SCI Iris La Défense              029       EUR                   1,350             G            10                   44.44    Generali IARD S.A.               100.00          99.77
                                                                                                                     55.56    Generali Vie S.A.
Terra Nova V Montreuil SCI       029       EUR                   1,000             G            10                    0.10    Tartini S.à.r.l.                 100.00          97.99
                                                                                                                     99.90    Sammartini S.à.r.l.
Oudart S.A.                      029       EUR               5,500,000             G            11                  100.00    BSI S.A.                         100.00         100.00
Oudart Gestion S.A.              029       EUR               1,000,000             G                8               100.00    Oudart S.A.                      100.00         100.00
Oudart Patrimoine Sarl           029       EUR                  38,125             G                8                96.00    Oudart S.A.                      100.00         100.00
                                                                                                                      4.00    Oudart Gestion S.A.
Solidia Finance et Patrimonie    029       EUR                305,580              G                8                50.02    Oudart S.A.                       50.02          50.02
OPCI Parcolog Invest             029       EUR            154,049,078              G            10                   45.23    Generali Vie S.A.                100.00          99.77
                                                                                                                     54.77    E-Cie Vie S.A.
SCI Parc Logistique Maisonn. 1   029       EUR               7,051,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parc Logistique Maisonn. 2   029       EUR               5,104,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parc Logistique Maisonn. 3   029       EUR               8,004,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parc Logistique Maisonn. 4   029       EUR               8,004,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Isle D'Abeau 1      029       EUR             11,472,000              G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Isle D'Abeau 2      029       EUR             12,476,000              G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Isle D'Abeau 3      029       EUR             12,476,000              G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Gondr. Fontenoy 2   029       EUR               3,838,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Dagneux             029       EUR               5,501,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Combs La Ville 1    029       EUR               7,001,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Mitry Mory          029       EUR             11,320,950              G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Bordeaux Cestas     029       EUR               9,508,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Marly               029       EUR               7,001,000             G            10                  100.00    SC Generali Logistique           100.00          99.77
SC Parcolog Messageries          029       EUR                   1,000             G           10                   100.00    SC Generali Logistique           100.00          99.77
SCI Parcolog Orchies             029       EUR               3,501,000             G           10                   100.00    SC Generali Logistique           100.00          99.77
SCI Generali Le Dufy             029       EUR             20,319,682              G           10                   100.00    Generali Vie S.A.                100.00          99.77



                                                                                                                                                                                         213
      Subsidiaries consolidated line by line

                                                                                                                                      Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                Through              Total      ratio % (3)

      SCI Commerces Regions            029       EUR                   1,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Eureka Nanterre              029       EUR                   1,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Thiers Lyon                  029       EUR                   1,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SCI Iliade Massy                 029       EUR                   1,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      SAS Ocealis                      029       EUR                 300,000             G            11                   75.00    Europ Assistance Holding S.A.     75.00          74.83
      SAS Parcolog Lille Henin B. 1    029       EUR                151,663              G            10                  100.00    OPCI Parcolog Invest             100.00          99.77
      OPCI Generali Bureaux            029       EUR              59,000,000             G            10                  100.00    Generali Vie S.A.                100.00          99.77
      Generali Rückversicherung AG     008       EUR               8,833,000             G                5     100.00                                               100.00         100.00
      Generali Holding Vienna AG       008       EUR             63,732,464              G                5                 2.66    Generali Vie S.A.                100.00          99.99
                                                                                                                           29.67    Generali Rückversicherung AG
                                                                                                                           29.72    Part. Maat. Graafschap Holland
                                                                                                                            0.05    Generali Finance B.V.
                                                                                                                            0.08    Generali Worldwide Insurance
                                                                                                                           37.82    Transocean Holding Corporation
      Europäische Reiseversicherungs   008       EUR                730,000              G                2                74.99    Generali Holding Vienna AG        74.99          74.99
      Generali Versicherung AG (A)     008       EUR             27,338,520              G                2                 7.81    Generali Rückversicherung AG     100.00          99.99
                                                                                                                           92.19    Generali Holding Vienna AG
      Europ Assistance Gesellschaft    008       EUR                  70,000             G            11                   75.00    Europ Assistance Holding S.A.    100.00          99.83
                                                                                                                           25.00    Generali Holding Vienna AG
      Allgemeine Immobilien-Verw.      008       EUR                145,346              G            10         37.50                                               100.00         100.00
                                                                                                                           62.50    Generali Holding Vienna AG
      Allgemeine Immobilien Verw. KG   008       EUR             17,441,553              G            10                  100.00    Generali Versicherung AG (A)     100.00          99.99
      Generali Capital Management      008       EUR                150,000              G                8                24.99    Generali Deutschland Holding     100.00          98.18
                                                                                                                           75.01    Generali Holding Vienna AG
      Interunfall/AIV-Leasing Vorar.   008       EUR                  18,168             G            11                   10.00    Generali Versicherung AG (A)     100.00          99.99
                                                                                                                           90.00    Allgemeine Immobilien Verw. KG
      Generali Leasing GmbH            008       EUR                730,000              G            11                   75.00    Generali Versicherung AG (A)      75.00          75.00
      Care Consult Versicherungsmak.   008       EUR                138,078              G            11                  100.00    Europäische Reiseversicherungs   100.00          74.99
      Generali/AIV Leasing Vorarlb.    008       EUR                  18,168             G            11                   10.00    Generali Versicherung AG (A)     100.00          99.99
                                                                                                                           90.00    Allgemeine Immobilien Verw. KG
      Generali/AIV Leasing Salzburg    008       EUR                  18,168             G            11                   10.00    Generali Versicherung AG (A)     100.00          99.99
                                                                                                                           90.00    Allgemeine Immobilien Verw. KG
      Generali/AIV Leasing St.Pölten   008       EUR                  18,168             G            11                   10.00    Generali Versicherung AG (A)     100.00          99.99
                                                                                                                           90.00    Allgemeine Immobilien Verw. KG
      Interunfall/AIV-Leasing Salzb.   008       EUR                  18,168             G            11                   10.00    Generali Versicherung AG (A)     100.00          99.99
                                                                                                                           90.00    Allgemeine Immobilien Verw. KG
      Generali Sales Promotion GmbH    008       EUR                  50,000             G            11                  100.00    Generali Versicherung AG (A)     100.00          99.99
      Generali Bank AG                 008       EUR             26,000,000              G                7                78.57    Generali Holding Vienna AG       100.00          99.99
                                                                                                                           21.43    Generali Versicherung AG (A)
      Generali IT-Solutions GmbH       008       EUR                  17,500             G            11                   75.03    Generali Holding Vienna AG       100.00          98.18
                                                                                                                           24.97    Generali Deutschland Informat.
      Generali Pensionskasse AG        008       EUR                350,000              G                8               100.00    Generali Holding Vienna AG       100.00          99.99
      Generali Immobilien AG           008       EUR                  72,673             G            10                  100.00    Generali Versicherung AG (A)     100.00          99.99
      Generali VIS Informatik GmbH     008       EUR                  35,000             G            11                  100.00    Generali Holding Vienna AG       100.00          99.99
      GLBond Spezialfonds              008       EUR                   9,330             G            11                  100.00    Generali Versicherung AG (A)     100.00          99.99



214
Subsidiaries consolidated line by line

                                                                                                                                 Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                 Through             Total      ratio % (3)

GLStock-Fonds                    008       EUR                   4,040             G            11                  100.00    Generali Versicherung AG (A)     100.00          99.99
CA Global Property Int. Imm.AG   008       EUR              11,264,315             G            10                   67.74    Generali Versicherung AG (A)      67.74          67.74
BAWAG PSK Versicherung AG        008       EUR              12,000,000             G                2                75.00    Generali Holding Vienna AG        75.00          74.99
BAWAG Spezial 6                  008       EUR                  13,730             G            11                  100.00    BAWAG PSK Versicherung AG        100.00          74.99
Akzent                           008       EUR                   1,228             G            11                  100.00    Generali Versicherung AG (A)     100.00          99.99
GSBond Spezialfonds              008       EUR                   3,650             G            11                   93.33    Generali Versicherung AG (A)      93.33          93.33
GEN4A Spezialfonds               008       EUR                  55,500             G            11                  100.00    Generali Versicherung AG (A)     100.00          99.99
CEE Liquid                       008       EUR                  68,250             G            11                   92.77    Generali Versicherung AG (A)      97.59          96.38
                                                                                                                      4.82    BAWAG PSK Versicherung AG
GEN4Dividend Spezialfonds        008       EUR              30,000,000             G            11                    6.14    Generali Holding Vienna AG        94.30          91.99
                                                                                                                      0.44    Europäische Reiseversicherungs
                                                                                                                     78.95    Generali Versicherung AG (A)
                                                                                                                      8.77    BAWAG PSK Versicherung AG
Generali España, S.A.            067       EUR              60,925,401             G                2                95.24    Generali España Holding S.A.      99.91          99.91
                                                                                                                      4.67    Hermes S.L.
Europ Assistance España S.A.     067       EUR               3,612,000             G                2                95.00    Europ Assistance Holding S.A.    100.00          99.78
                                                                                                                      5.00    Generali España. S.A.
Generali España Holding S.A.     067       EUR            563,490,658              G                4     100.00                                               100.00         100.00
Hermes S.L.                      067       EUR             24,933,093              G            10                  100.00    Generali España. S.A.            100.00          99.91
Gensegur Agencia de Seguros SA   067       EUR                  60,101             G            11                  100.00    Generali España. S.A.            100.00          99.91
Vitalicio Torre Cerdà S.l.       067       EUR               1,112,880             G            10                   90.66    Generali España. S.A.            100.00          99.91
                                                                                                                      9.34    Generali España AIE
Cajamar Vida S.A.                067       EUR               9,015,200             G                2                50.00    Generali España Holding S.A.      50.00          50.00
Europ Assistance SIdG, S.A.      067       EUR                400,000              G            11                  100.00    Europ Assistance España S.A.     100.00          99.78
Generali España AIE              067       EUR             35,597,000              G            11                   99.98    Generali España. S.A.            100.00          99.90
                                                                                                                      0.02    Generali España Holding S.A.
Coris Gestion S.l.               067       EUR                   3,008             G            11                  100.00    Europ Assistance SIdG. S.A.      100.00          99.78
Cafel Inversiones 2008, S.L.     067       EUR                   3,006             G            10                  100.00    Frescobaldi S.à.r.l.             100.00          97.99
BSI Spain Wealth and A.M.        067       EUR               1,319,191             G                9               100.00    BSI S.A.                         100.00         100.00
BSI Spain Asset Management, SA   067       EUR               1,091,250             G            11                  100.00    BSI Spain Wealth and A.M.        100.00         100.00
BSI Spain Wealth Management AV   067       EUR                862,250              G            11                  100.00    BSI Spain Wealth and A.M.        100.00         100.00
GLL City22 S.L.                  067       EUR             10,003,006              G            11                  100.00    GLL AMB Generali City22 Sàrl     100.00          92.78
Cajamar Seguros Generales S.A.   067       EUR               6,761,400             G                2                50.00    Generali España Holding S.A.      50.00          50.00
Europ Assistance Insurance Ltd   031       GBP             21,000,000              G                2               100.00    Europ Assistance Holdings Ltd    100.00          99.77
Europ Assistance Holdings Ltd    031       GBP             25,200,000              G                4               100.00    Europ Assistance Holding S.A.    100.00          99.77
Europ Assistance Ltd             031       GBP                  10,000             G           11                   100.00    Europ Assistance Holdings Ltd    100.00          99.77
BSI Generali UK Ltd              031       GBP                250,000              G                8               100.00    Generali Worldwide Insurance     100.00         100.00
Generali Belgium S.A.            009       EUR             40,000,000              G                2                22.52    Flandria Participations Fin.      99.99          99.70
                                                                                                                     10.94    Genass-Invest S.A.
                                                                                                                      9.05    Generali Levensverz. Maatsch.
                                                                                                                     24.91    Part. Maat. Graafschap Holland
                                                                                                                      0.28    Generali Finance B.V.
                                                                                                                     32.29    Ina Assitalia S.p.A.
Europ Assistance Belgium S.A.    009       EUR               6,012,000             G                2               100.00    Europ Assistance Holding S.A.    100.00          99.77
Adriatica S.A.                   009       EUR               1,150,000             G                9               100.00    Generali Beteiligungs AG         100.00          92.83



                                                                                                                                                                                         215
      Subsidiaries consolidated line by line

                                                                                                                                       Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                  Through            Total      ratio % (3)

      Flandria Participations Fin.     009       EUR              53,158,425             G                9      93.51                                               100.00          99.99
                                                                                                                            6.49    Generali Vie S.A.
      Genass-Invest S.A.               009       EUR              34,235,504             G                9               100.00    Generali Levensverz. Maatsch.    100.00          98.55
      Europ Assistance Services S.A.   009       EUR                 186,000             G            11                   20.00    Generali Belgium S.A.            100.00          99.76
                                                                                                                           80.00    Europ Assistance Belgium S.A.
      Generali Belgium Invest S.A.     009       EUR               9,300,000             G            10                  100.00    Generali Belgium S.A.            100.00          99.70
      G Gestion Prive N.V.             009       EUR                  62,000             G            11                  100.00    Generali France S.A.             100.00          99.77
      GLL South Express S.A.           009       EUR              20,000,000             G            11                  100.00    GLL AMB Generali South Express   100.00          92.78
      Generali Levensverz. Maatsch.    050       EUR              16,789,868             G                2               100.00    Generali Verzekeringsgroep NV    100.00          98.55
      Generali Schadeverz. Maatsch.    050       EUR               1,361,341             G                2               100.00    Generali Verzekeringsgroep NV    100.00          98.55
      Part. Maat. Graafschap Holland   050       EUR           1,562,245,110             G                4      71.20                                               100.00         100.00
                                                                                                                            6.40    Genertellife S.p.A.
                                                                                                                           16.00    Ina Assitalia S.p.A.
                                                                                                                            6.40    Alleanza Toro S.p.A.
      Generali Verzekeringsgroep NV    050       EUR               5,545,103             G                4                12.76    Flandria Participations Fin.      98.55          98.55
                                                                                                                           36.46    Part. Maat. Graafschap Holland
                                                                                                                           18.17    BV Algemene Holding en Financ.
                                                                                                                           31.16    Transocean Holding Corporation
      BV Algemene Holding en Financ.   050       EUR               4,696,625             G                9               100.00    Generali Holding Vienna AG       100.00          99.99
      Participatie Maat. Transhol      050       EUR               1,633,609             G                9               100.00    Transocean Holding Corporation   100.00         100.00
      Generali Finance B.V.            050       EUR            100,000,000              G                4     100.00                                               100.00         100.00
      Redoze Holding N.V.              050       EUR             22,689,011              G                9       6.02                                               100.00         100.00
                                                                                                                           50.01    Generali Worldwide Insurance
                                                                                                                           43.97    Transocean Holding Corporation
      Generali Vastgoed B.V.           050       EUR                  18,151             G            10                  100.00    Generali Levensverz. Maatsch.    100.00          98.55
      NV De Nederlanden van Nu         050       EUR                500,000              G                2               100.00    Generali Schadeverz. Maatsch.    100.00          98.55
      Generali Asia N.V.               050       EUR                120,000              G                4                60.00    Part. Maat. Graafschap Holland    60.00          60.00
      Generali Turkey Holding B.V.     050       EUR                  22,600             G                4               100.00    Part. Maat. Graafschap Holland   100.00         100.00
      Generali Real Estate Inv. B.V.   050       EUR            111,870,000              G            10                   53.99    Generali Belgium S.A.            100.00          99.19
                                                                                                                            1.32    Generali Belgium Invest S.A.
                                                                                                                           44.69    Generali Vastgoed B.V.
      Generali Horizon B.V.            050       EUR                  90,760             G                9               100.00    Generali Worldwide Insurance     100.00         100.00
      Lion River I N.V.                050       EUR                530,000              G                9      31.19                                               100.00          97.62
                                                                                                                           30.16    Generali Deutschland Holding
                                                                                                                           30.16    Generali Vie S.A.
                                                                                                                            8.49    Lion River II N.V.
      Saxon Land B.V.                  050       EUR                  17,691             G            10                  100.00    Part. Maat. Graafschap Holland   100.00         100.00
      Generali Capital Finance B.V.    050       EUR             10,000,000              G                8      25.00                                               100.00         100.00
                                                                                                                           75.00    Generali Finance B.V.
      Generali PPF Holding B.V.        050       EUR                100,000              G                4      51.00                                                51.00          51.00
      Lion River II N.V.               050       EUR                  45,500             G                9               100.00    Generali Verzekeringsgroep NV    100.00          98.55
      CZI Holdings N.V.                050       EUR          2,662,000,000              G                4               100.00    Generali PPF Holding B.V.        100.00          51.00
      CP Strategic Investments B.V.    050       EUR                  20,144             G                9               100.00    CZI Holdings N.V.                100.00          51.00
      Iberian Structured Investments   050       EUR                  90,000             G                4               100.00    Generali PPF Holding B.V.        100.00          51.00
      Generali PanEurope Limited       040       EUR             39,134,869              G                2      55.77                                               100.00          99.48



216
Subsidiaries consolidated line by line

                                                                                                                                Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                 Through             Total      ratio % (3)

                                                                                                                      7.12    Generali Deutschland Holding
                                                                                                                      0.77    Generali Finance B.V.
                                                                                                                     36.34    Generali Worldwide Insurance
Daqdill Investments Limited      040       EUR              23,524,317             G                9     100.00                                               100.00         100.00
Genirland Limited                040       EUR            113,660,000              G                9               100.00    Part. Maat. Graafschap Holland   100.00         100.00
Generali Hellas A.E.A.Z.         032       EUR              34,506,800             G                2     100.00                                               100.00         100.00
Generali European Retail IH SA   092       EUR                  31,050             G                9      25.59                                               100.00          99.78
                                                                                                                     24.43    Generali Vie S.A.
                                                                                                                      9.76    Generali Rückversicherung AG
                                                                                                                      1.17    Generali Vida de Seguros S.A.
                                                                                                                     29.29    Generali Belgium Invest S.A.
                                                                                                                      9.76    Generali Real Estate Inv. B.V.
Generali European Real Estate    092       EUR            288,048,270              G                8      25.59                                               100.00          98.10
                                                                                                                      7.81    AachenMünchener Lebensvers.
                                                                                                                     16.60    Generali Lebensversicherung AG
                                                                                                                     24.41    Generali Vie S.A.
                                                                                                                      9.77    Generali Rückversicherung AG
                                                                                                                      4.88    Generali España. S.A.
                                                                                                                      1.17    Generali Vida de Seguros S.A.
                                                                                                                      9.77    Generali Real Estate Inv. B.V.
Tartini S.à.r.l.                 092       EUR                  25,000             G                9               100.00    Generali European Real Estate    100.00          97.99
Frescobaldi S.à.r.l.             092       EUR               1,000,000             G                9               100.00    Generali European Real Estate    100.00          97.99
GLL AMB Generali Cross-Border    092       EUR            225,000,000              G                9                28.00    AachenMünchener Lebensvers.      100.00          92.78
                                                                                                                     48.00    Generali Lebensversicherung AG
                                                                                                                     16.00    Central Krankenversicherung AG
                                                                                                                      8.00    Cosmos Lebensversicherungs AG
Generali Fund Management S.A.    092       EUR               3,921,900             G            11                   51.00    Banca Generali S.p.A.            100.00          80.96
                                                                                                                     49.00    Gen Inv S.p.A.
Corelli S.à.r.l.                 092       EUR                  12,500             G                9               100.00    Generali European Real Estate    100.00          97.99
Torelli S.à.r.l.                 092       EUR                  12,500             G                9               100.00    Generali European Real Estate    100.00          97.99
Sammartini S.à.r.l.              092       EUR                  12,500             G                9               100.00    Generali European Real Estate    100.00          97.99
Thalia Fund Management           092       EUR                125,000              G            11                   99.98    BSI S.A.                         100.00         100.00
                                                                                                                      0.02    BSI Luxembourg S.A.
BSI Luxembourg S.A.              092       EUR             23,465,711              G                7               100.00    BSI S.A.                         100.00         100.00
GLL AMB Generali City22 Sàrl     092       EUR                112,500              G            11                  100.00    GLL AMB Generali Cross-Border    100.00          92.78
GLL AMB Generali Bankcenter      092       EUR                  12,500             G            11                  100.00    GLL AMB Generali Cross-Border    100.00          92.78
GLL AMB Generali South Express   092       EUR                212,500              G            11                  100.00    GLL AMB Generali Cross-Border    100.00          92.78
Generali Immobiliare Ass. Man.   092       EUR                250,000              G                8     100.00                                               100.00         100.00
Generali N. American Holding 1   092       USD             13,246,799              G            11                   85.25    Generali Vie S.A.                100.00          99.73
                                                                                                                      6.55    E-Cie Vie S.A.
                                                                                                                      8.20    Generali Real Estate Inv. B.V.
Generali N. American Holding 2   092       USD               7,312,384             G            11                  100.00    GNAREI GmbH & Co. KG             100.00          92.78
Generali N. American Holding     092       USD             15,600,800              G                8               100.00    Generali Real Estate Investm.    100.00         100.00
Generali Europe Income Holding   092       EUR             52,848,541              G                8                29.38    Generali Vie S.A.                100.00          98.44
                                                                                                                      4.52    Generali Immobilien AG



                                                                                                                                                                                         217
      Subsidiaries consolidated line by line

                                                                                                                                      Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                 Through             Total      ratio % (3)

                                                                                                                            2.26    E-Cie Vie S.A.
                                                                                                                            2.82    Generali Real Estate Inv. B.V.
                                                                                                                           40.68    Generali Real Estate Investm.
                                                                                                                           20.34    GEREII GmbH & Co. KG
      Generali Real Estate Investm.    092       EUR              66,009,620             G            11        46.67                                                100.00         100.00
                                                                                                                           10.00    Genertellife S.p.A.
                                                                                                                            0.56    Fata Vita S.p.A.
                                                                                                                            1.11    Augusta Vita S.p.A.
                                                                                                                           13.89    Ina Assitalia S.p.A.
                                                                                                                           27.77    Alleanza Toro S.p.A.
      LKR S.à.r.l.                     092       EUR                 300,000             G            10                  100.00    E-Cie Vie S.A.                   100.00          99.77
      Generali Vida de Seguros S.A.    055       EUR               9,000,000             G                2     99.99                                                 99.99          99.99
      Europ Assistance Portugal        055       EUR               7,500,000             G                2                53.00    Europ Assistance Holding S.A.     53.00          52.88
      Europ Assistance Serviços S.A.   055       EUR                250,000              G            11                   99.90    Europ Assistance Portugal         99.90          52.82
      BSI Monaco SAM                   091       EUR              15,000,000             G                7               100.00    BSI S.A.                         100.00         100.00
      BSI Asset Managers SAM           091       EUR               2,000,000             G                8                99.96    BSI Monaco SAM                    99.96          99.96
      BSI Trust Corp. (Malta)          105       MTL                  50,000             G            11                   98.00    BSI S.A.                          98.00          98.00
      Generali-Providencia Biztosító   077       HUF           4,500,000,000             G                2               100.00    Generali PPF Holding B.V.        100.00          51.00
      Europai Utazasi Biztosito R.t.   077       HUF            400,000,000              G                2                13.00    Europäische Reiseversicherungs    74.00          40.86
                                                                                                                           61.00    Generali-Providencia Biztosító
      Generali-Ingatlan Kft            077       HUF          1,250,000,000              G            10                   96.00    Generali-Providencia Biztosító   100.00          51.00
                                                                                                                            4.00    Generali Biz. Ügynök Marketing
      Generali Építo- és Tervezo Kft   077       HUF          4,046,788,000              G            10                   99.00    Generali-Providencia Biztosító   100.00          51.00
                                                                                                                            1.00    Generali-Ingatlan Kft
      Generali Biz. Ügynök Marketing   077       HUF               5,000,000             G                8               100.00    Generali-Providencia Biztosító   100.00          51.00
      Generali Alapkezelo Zrt.         077       HUF            500,000,000              G                8                74.00    Generali-Providencia Biztosító   100.00          51.00
                                                                                                                           26.00    Generali PPF Holding B.V.
      Genertel Biztosító Zrt           077       HUF          2,190,000,000              G                2               100.00    Generali-Providencia Biztosító   100.00          51.00
      Vàci utca Center Kft             077       HUF               4,497,120             G            10                  100.00    Generali Immobilien AG           100.00          99.99
      Generali Pojistovna a.s.         275       CZK            500,000,000              G                2               100.00    Generali PPF Holding B.V.        100.00          51.00
      Generali Penzijní Fond a.s.      275       CZK             50,000,000              G            11                  100.00    Generali Pojistovna a.s.         100.00          51.00
      PCS Praha Center Ssro            275       CZK            396,206,000              G            10                  100.00    CA Global Property Int. Imm.AG   100.00          67.74
      Generali Velky Spalicek S.r.o.   275       CZK               1,800,000             G            10                  100.00    Generali Immobilien AG           100.00          99.99
      Generali Development spol sro    275       CZK                200,000              G            10                  100.00    Generali Pojistovna a.s.         100.00          51.00
      Ceska pojistovna, a.s.           275       CZK          4,000,000,000              G                2               100.00    CZI Holdings N.V.                100.00          51.00
      Penzijni fond CP, a.s.           275       CZK            213,699,560              G            11                  100.00    Ceska pojistovna. a.s.           100.00          51.00
      Ceska pojistovna Zdravi a.s.     275       CZK            100,000,000              G                2               100.00    Ceska pojistovna. a.s.           100.00          51.00
      Generali PPF Asset Management    275       CZK             52,000,000              G                8               100.00    CZI Holdings N.V.                100.00          51.00
      CP Invest Invest.spol. a.s.      275       CZK             91,000,000              G                8               100.00    Ceska pojistovna. a.s.           100.00          51.00
      Univerzální správa majetku as    275       CZK               1,000,000             G            11                  100.00    Ceska pojistovna. a.s.           100.00          51.00
      CP Direct, a.s.                  275       CZK             20,000,000              G            11                  100.00    Ceska pojistovna. a.s.           100.00          51.00
      Generali PPF Services a.s.       275       CZK               3,000,000             G            11                   20.00    Generali Pojistovna a.s.         100.00          51.00
                                                                                                                           80.00    Ceska pojistovna. a.s.
      Pankrac Services, s.r.o.         275       CZK                200,000              G            10                  100.00    Ceska pojistovna. a.s.           100.00          51.00
      CP INVEST R.U.I. Fond a.s.       275       CZK             27,000,000              G                9                 7.41    Generali Pojistovna a.s.         100.00          51.00



218
Subsidiaries consolidated line by line

                                                                                                                                Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                Through              Total      ratio % (3)

                                                                                                                     92.59    Ceska pojistovna. a.s.
City Empiria a.s.                275       CZK               2,004,000             G            10                  100.00    CP INVEST R.U.I. Fond a.s.       100.00          51.00
Generali Slovensko Poistovna     276       SKK              25,000,264             G                2               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali Towarzystwo Ubezpiec.   054       PLN            190,310,000              G                2               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali AutoProgram Spzoo       054       PLN                100,000              G            11                  100.00    Generali Finance Sp. z o.o.      100.00          51.00
Generali Zycie S.A.              054       PLN              61,000,000             G                2               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali PTE S.A.                054       PLN            145,500,000              G            11                  100.00    Generali Towarzystwo Ubezpiec.   100.00          51.00
Generali Finance Sp. z o.o.      054       PLN             22,050,000              G                8               100.00    Generali PTE S.A.                100.00          51.00
Generali Zavarovalnica dd        260       EUR             38,020,339              G                2                99.84    Generali PPF Holding B.V.         99.84          50.92
Generali Asigurari S.A.          061       RON            129,450,000              G                2                99.82    Generali Holding Vienna AG        99.82          99.81
S.C. FATA Asigurari S.A.         061       RON             91,080,200              G                2               100.00    Fata Assicurazioni Danni SpA     100.00          99.88
Generali Administrare Pensii     061       RON             89,000,000              G            11                  100.00    Ceska pojistovna. a.s.           100.00          51.00
SC Asigurare Reasigurare ARDAF   061       RON             44,768,148              G                2                38.29    Generali PPF Holding B.V.        100.00          51.00
                                                                                                                     61.71    Iberian Structured Investments
Generali Zakrila MDC EOOD        012       BGN                100,000              G            11                  100.00    Generali Zakrila Health-Insur.   100.00          49.71
Generali Insurance AD            012       BGN             15,000,000              G                2                99.92    Generali Bulgaria Holding EAD     99.92          50.96
Generali Bulgaria Holding EAD    012       BGN             83,106,000              G                4               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali Zakrila Health-Insur.   012       BGN               2,000,000             G                2                97.47    Generali Bulgaria Holding EAD     97.47          49.71
Generali Insurance Life AD       012       BGN               7,000,000             G                2                99.56    Generali Bulgaria Holding EAD     99.56          50.77
Zad Victoria AD                  012       BGN             10,110,000              G                2                67.00    Fata Assicurazioni Danni SpA      67.00          66.92
GP Reinsurance EAD               012       BGN             53,400,000              G                5               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali Osiguranje d.d.         261       HRK             81,000,000              G                3               100.00    Generali PPF Holding B.V.        100.00          51.00
Generali Life Insurance CJSC     263       UAH             20,050,000              G                3               100.00    CZI Holdings N.V.                100.00          51.00
CZI Ukraine Pension fund         263       UAH               4,090,500             G           11                    99.99    CZI Holdings N.V.                 99.99          50.99
Generali Assurances Générales    071       CHF             27,342,400              G                3                99.92    Generali (Schweiz) Holding AG     99.92          99.92
Generali Personenversicherung    071       CHF            106,886,890              G                3                28.51    Generali Holding Vienna AG       100.00          99.99
                                                                                                                     15.06    Generali Assurances Générales
                                                                                                                     56.43    Generali (Schweiz) Holding AG
Fortuna Rechtsschutz-Vers.       071       CHF               3,000,000             G                3              100.00     Generali (Schweiz) Holding AG    100.00         100.00
Generali (Schweiz) Holding AG    071       CHF               3,053,500             G                4     58.95                                                100.00         100.00
                                                                                                                     41.05    Redoze Holding N.V.
Fortuna Investment AG            071       CHF               1,000,000             G                8              100.00     Generali (Schweiz) Holding AG    100.00         100.00
BSI S.A.                         071       CHF          1,840,000,000              G                7              100.00     Part. Maat. Graafschap Holland   100.00         100.00
Europ Assistance (Suisse) S.A.   071       CHF                200,000              G           11                  100.00     Europ Assistance (CH) Holding    100.00          75.83
B-Source S.A.                    071       CHF               2,400,000             G           11                  100.00     BSI S.A.                         100.00         100.00
Europ Assistance (CH) Assur.     071       CHF               3,000,000             G                3              100.00     Europ Assistance (CH) Holding    100.00          75.83
Europ Assistance (CH) Holding    071       CHF               1,400,000             G                4                75.00    Europ Assistance Holding S.A.     76.00          75.83
                                                                                                                      1.00    Generali (Schweiz) Holding AG
Thalìa S.A.                      071       CHF               1,000,000             G                9                51.00    BSI S.A.                         100.00          98.90
                                                                                                                     49.00    Generali SGR S.p.A.
B-Source Outline AG              071       CHF                100,000              G           11                    90.00    B-Source S.A.                     90.00          90.00
Fortuna Lebens-Versicherung AG   090       CHF             10,000,000              G                3              100.00     Generali (Schweiz) Holding AG    100.00         100.00
Fortuna Investment AG, Vaduz     090       CHF               1,000,000             G           11                  100.00     Generali (Schweiz) Holding AG    100.00         100.00
Generali Worldwide Insurance     201       EUR             86,733,397              G                3              100.00     Part. Maat. Graafschap Holland   100.00         100.00
Generali International Ltd       201       EUR             13,938,259              G                3              100.00     Generali Worldwide Insurance     100.00         100.00



                                                                                                                                                                                         219
      Subsidiaries consolidated line by line

                                                                                                                                      Shareholding %
                                                             Share capital in                                                                                                 Group equity
      Company                          Country   Currency   original currency   Method   (1)
                                                                                               Activity   (2)
                                                                                                                Direct   Indirect                Through              Total      ratio % (3)

      A.G. Insurance Managers Ltd      201       GBP                  10,000             G            11         99.94                                                99.94          99.94
      BSI Generali Bank (CI) Ltd       201       GBP               1,425,422             G                7               100.00    Generali Worldwide Insurance     100.00         100.00
      Generali Portfolio Management    201       USD                 194,544             G                9               100.00    Generali Worldwide Insurance     100.00         100.00
      Generali Sigorta A.S.            076       TRY              26,300,000             G                3                99.67    Generali Turkey Holding B.V.      99.67          99.67
      Generali Foreign Insurance Co    264       BYR           6,907,249,250             G                3                32.50    Generali Slovensko Poistovna     100.00          51.00
                                                                                                                           35.00    Ceska pojistovna. a.s.
                                                                                                                           32.50    Ceska pojistovna Zdravi a.s.
      JSC Generali Life                269       KZT           1,000,000,000             G                3               100.00    Ceska pojistovna. a.s.           100.00          51.00
      Delta Generali Holding d.o.o.    290       EUR               5,000,000             G                4                33.00    Delta Generali Osiguranje a.d.    51.00          13.01
                                                                                                                           18.00    Delta Generali RE a.d.
      Delta Generali Zivotna Osigur.   290       EUR               1,500,000             G                3               100.00    Delta Generali Holding d.o.o.    100.00          13.01
      Delta Generali Osiguranj ad      290       EUR               3,250,000             G                3               100.00    Delta Generali Holding d.o.o.    100.00          13.01
      Generali PPF Life Insurance      262       RUB             86,667,900              G                3               100.00    CZI Holdings N.V.                100.00          51.00
      Generali PPF General Insurance   262       RUB            100,000,000              G                3               100.00    CZI Holdings N.V.                100.00          51.00
      Delta Generali Osiguranje a.d.   289       RSD           2,131,997,310             G                3                50.02    Generali PPF Holding B.V.         50.02          25.51
      Delta Generali RE a.d.           289       RSD            545,435,019              G                6                99.99    Delta Generali Osiguranje a.d.    99.99          25.51
      Voluntary Pension Fund M.Delta   289       RSD            135,000,000              G            11                  100.00    Delta Generali Osiguranje a.d.   100.00          25.51
      DGO Policlinic                   289       RSD            187,670,786              G            11                  100.00    Delta Generali Osiguranje a.d.   100.00          25.51
      Migdal Insurance Co. Ltd         182       ILS            181,645,000              G                3               100.00    Migdal Insurance&Fin. Holding    100.00          69.79
      Migdal Insurance&Fin. Holding    182       ILS             10,503,000              G                4       0.98                                                69.79          69.79
                                                                                                                           42.85    Part. Maat. Graafschap Holland
                                                                                                                           25.96    Participatie Maat. Transhol
      Migdal Eshkol Finansim B.M.      182       ILS                485,000              G                9               100.00    Migdal Insurance Co. Ltd         100.00          69.79
      Generali Realties Ltd            182       ILS                       2             G            10        100.00                                               100.00         100.00
      Migdal Real Estate Holdings      182       ILS                   6,166             G            10                  100.00    Migdal Insurance Co. Ltd         100.00          69.79
      Migdal Hitum ve Kidum Asakim     182       ILS               5,001,053             G                9               100.00    Migdal Capital Markets (1965)    100.00          69.79
      Migdal Trust Funds Ltd           182       ILS            259,518,001              G                9               100.00    Migdal Stock Exchange Services   100.00          69.79
      Migdal Investment Portfolio M.   182       ILS                  50,000             G                8               100.00    Migdal Capital Markets (1965)    100.00          69.79
      Migdal Capital Markets (MS)Ltd   182       ILS                      50             G                9               100.00    Migdal Capital Markets (1965)    100.00          69.79
      Migdal Makefet Pension Provid.   182       ILS             23,397,000              G                8               100.00    Migdal Insurance Co. Ltd         100.00          69.79
      Migdal Capital Markets (1965)    182       ILS            469,600,000              G                9               100.00    Migdal Insurance&Fin. Holding    100.00          69.79
      Migdal Investments Management    182       ILS             12,924,000              G                9               100.00    Migdal Insurance&Fin. Holding    100.00          69.79
      Migdal Stock Exchange Services   182       ILS            259,506,539              G            11                  100.00    Migdal Capital Markets (1965)    100.00          69.79
      Transocean Holding Corporation   069       USD            194,980,600              G                9     100.00                                               100.00         100.00
      Europ Assistance USA Inc.        069       USD               5,000,000             G            11                  100.00    Europ Assistance North America   100.00          99.77
      Genamerica Management Corp.      069       USD                100,000              G            11        100.00                                               100.00         100.00
      Generali U.S. Holdings Inc.      069       USD                   1,000             G                4     100.00                                               100.00         100.00
      Generali USA Life Reassurance    069       USD             10,000,000              G                6               100.00    Generali U.S. Holdings Inc.      100.00         100.00
      Generali Claims Solutions LLC    069       USD                100,000              G           11                   100.00    Generali Consulting Solutions    100.00         100.00
      Generali Consulting Solutions    069       USD                156,420              G           11         100.00                                               100.00         100.00
      GLL Properties Fund I LP         069       USD            100,908,846              G           10                   100.00    GLL AMB Generali Prop. Fund I    100.00          92.78
      GLL Properties Fund II LP        069       USD             55,816,056              G           11                   100.00    GLL AMB Generali Prop. Fund II   100.00          92.78
      GLL Properties 444 NM LP         069       USD             55,816,056              G           10                  100.00     GLL Properties Fund II LP        100.00          92.78
      Europ Assistance North America   069       USD             34,061,342              G           11                  100.00     Europ Assistance Holding S.A.    100.00          99.77
      CSA Inc.                         069       USD               2,960,842             G           11                  100.00     Europ Assistance North America   100.00          99.77



220
Subsidiaries consolidated line by line

                                                                                                                                Shareholding %
                                                       Share capital in                                                                                                 Group equity
Company                          Country   Currency   original currency   Method   (1)
                                                                                         Activity   (2)
                                                                                                          Direct   Indirect                Through              Total      ratio % (3)

Global Medical Management Inc.   069       USD                 400,610             G            11                  100.00    Europ Assistance North America   100.00          99.77
General Securities Corp.         069       USD                 364,597             G                9                 1.00    Generali N. American Holding 1   100.00          98.34
                                                                                                                      1.00    Generali N. American Holding 2
                                                                                                                      1.00    Generali N. American Holding
                                                                                                                     97.00    GNAREH 1 Farragut LLC
GNAREH 1 Farragut LLC            069       USD              34,421,491             G            10                   35.73    Generali N. American Holding 1   100.00          98.36
                                                                                                                     21.09    Generali N. American Holding 2
                                                                                                                     42.18    Generali N. American Holding
                                                                                                                      1.00    General Securities Corp.
GNAREI 1 Farragut LLC            069       USD                  10,000             G            10                  100.00    GNAREH 1 Farragut LLC            100.00          98.36
Europ Assistance Canada          013       CAD               6,738,011             G                9               100.00    Europ Assistance Holding S.A.    100.00          99.77
Canadian Medical Network Inc.    013       CAD                     203             G            11                  100.00    Europ Assistance Canada          100.00          99.77
Seguros Banorte Generali SA CV   046       MXN            656,794,722              G                3                21.85    Flandria Participations Fin.      49.00          49.00
                                                                                                                     21.85    Part. Maat. Graafschap Holland
                                                                                                                      5.31    Transocean Holding Corporation
Pensiones Banorte Generali S.A   046       MXN            191,470,260              G                3                24.50    Flandria Participations Fin.      49.00          49.00
                                                                                                                     24.50    Part. Maat. Graafschap Holland
Solida Banorte Generali Afore    046       MXN            543,559,244              G            11                   24.50    Flandria Participations Fin.      49.00          49.00
                                                                                                                     24.50    Part. Maat. Graafschap Holland
Comercial Banorte Generali SA    046       MXN               5,800,000             G            11                   33.00    Seguros Banorte Generali SA CV   100.00          49.00
                                                                                                                     33.00    Pensiones Banorte Generali S.A
                                                                                                                     34.00    Solida Banorte Generali Afore
Servicios Banorte Generali SA    046       MXN               2,300,000             G            11                   33.00    Seguros Banorte Generali SA CV   100.00          49.00
                                                                                                                     33.00    Pensiones Banorte Generali S.A
                                                                                                                     34.00    Solida Banorte Generali Afore
Assistencia Banorte Generali     046       MXN                  50,000             G            11                   99.00    Seguros Banorte Generali SA CV   100.00          49.00
                                                                                                                      1.00    Pensiones Banorte Generali S.A
Generali Argentina S.A.          006       ARS              32,000,000             G                3     100.00                                               100.00         100.00
Caja de Seguros S.A.             006       ARS            228,327,700              G                3                99.00    Caja de Ahorro y Seguro S.A.      99.00          89.10
La Caja de Seguros de Retiro     006       ARS               5,020,000             G                3                95.00    Caja de Seguros S.A.             100.00          89.14
                                                                                                                      5.00    Caja de Ahorro y Seguro S.A.
Inst. del Seguro de Misiones     006       ARS               4,530,000             G                3                94.95    Caja de Seguros S.A.              99.95          89.10
                                                                                                                      5.00    Caja de Ahorro y Seguro S.A.
Caja de Ahorro y Seguro S.A.     006       ARS            143,575,000              G                4      62.50                                                90.00          90.00
                                                                                                                     27.50    Genirland Limited
Ritenere S.A.                    006       ARS                  12,000             G            11                    0.83    Caja de Seguros S.A.             100.00          89.99
                                                                                                                     99.17    Caja de Ahorro y Seguro S.A.
La Estrella Seguros de Retiro    006       ARS             27,256,439              G                3                50.00    Caja de Seguros S.A.              50.00          44.55
BSI Overseas (Bahamas) Ltd       160       USD             10,000,000              G                8               100.00    BSI S.A.                         100.00         100.00
BSI Trust Corp. (Bahamas) Ltd    160       USD               1,000,000             G                8               100.00    BSI S.A.                         100.00         100.00
Alpine Services Ltd              160       USD                  10,000             G                9               100.00    BSI Trust Corp. (Bahamas) Ltd    100.00         100.00
Generali Reassurance (Bermuda)   207       USD                250,000              G                6               100.00    Generali U.S. Holdings Inc.      100.00         100.00
Generali Brasil Seguros S.A.     011       BRL            198,661,381              G                3      74.37                                                99.98          99.98
                                                                                                                     25.61    Transocean Holding Corporation
Generali Colombia Vida S.A.      017       COP          4,199,989,500              G                3      15.38                                                99.81          90.44



                                                                                                                                                                                         221
      Subsidiaries consolidated line by line

                                                                                                                                                                Shareholding %
                                                                                Share capital in                                                                                                        Group equity
       Company                                  Country      Currency          original currency     Method   (1)
                                                                                                                    Activity   (2)
                                                                                                                                     Direct    Indirect                    Through              Total      ratio % (3)

                                                                                                                                                 16.16        Transocean Holding Corporation
                                                                                                                                                 68.28        Generali Colombia S.A.
       Generali Colombia S.A.                   017          COP                 20,999,947,500               G                3      81.83                                                     86.28          86.28
                                                                                                                                                   4.45       Transocean Holding Corporation
       Generali Ecuador S.A.                    024          USD                       2,130,000              G                3      51.74                                                     51.74          51.74
       Aseguradora General S.A.                 033          GTQ                    100,000,000               G                3      51.00                                                     51.00          51.00
       BSI Investment Advisors Panama           051          USD                         410,000              G            11                   100.00        BSI S.A.                         100.00         100.00
       Generali China Life Insurance            016          CNY                  2,700,000,000               G                3      50.00                                                     50.00          50.00
       BSI Bank Ltd                             147          USD                    169,000,000               G                7                100.00        BSI S.A.                         100.00         100.00
       BSI Trust Corp. (Singapore)              147          SGD                       1,056,500              G            11                   100.00        BSI S.A.                         100.00         100.00
       BSI-Generali Asia Ltd                    103          HKD                      10,000,000              G                9      50.00                                                    100.00         100.00
                                                                                                                                                 50.00        BSI S.A.
       BSI Investment Advisors HK Ltd           103          USD                      32,000,000              G            11                   100.00        BSI S.A.                         100.00         100.00
       Generali Financial Asia Ltd              103          HKD                      67,599,000              G                9     100.00                                                    100.00         100.00
       Generali Pilipinas Life Ass.             027          PHP                  1,725,050,515               G                3                100.00        Generali Pilipinas Holding       100.00          36.00
       Generali Pilipinas Insurance             027          PHP                  1,208,860,137               G                3                 99.99        Generali Pilipinas Holding        99.99          36.00
       Generali Pilipinas Holding               027          PHP                  2,389,255,490               G                4                 60.00        Generali Asia N.V.                60.00          36.00
       PT Asuransi Jiwa Generali Ind.           129          IDR                145,000,000,000               G                3                 91.58        Generali Asia N.V.                91.58          54.95
       KAG Holding Co. Ltd                      072          THB                    707,244,200               G                4                100.00        IWF Holding Co. Ltd              100.00          34.86
       Generali Assurance (Thailand)            072          THB                  1,000,000,000               G                3                 25.00        Generali Asia N.V.                75.00          32.43
                                                                                                                                                 50.00        KAG Holding Co. Ltd
       Generali Insurance (Thailand)            072          THB                    300,000,000               G                3                 25.00        Generali Asia N.V.                75.00          32.43
                                                                                                                                                 50.00        KAG Holding Co. Ltd
       IWF Holding Co. Ltd                      072          THB                       2,100,000              G                4                 58.10        Generali Asia N.V.                58.10          34.86
       Generali Vietnam Life Ins.               062          VND                630,000,000,000               G                3     100.00                                                    100.00         100.00
       Europ Assistance W.Services              078          ZAR                      18,264,900              G            11                    61.00        Europ Assistance Holding S.A.     61.00          60.86
       Credough Ltd                             078          ZAR                           1,000     G              11                           90.00        Europ Assistance W.Services       90.00          54.38
       24 Fix (Pty) Ltd                         078          ZAR                       4,249,769     G              11                          100.00        Europ Assistance W.Services      100.00          60.43
       MRI Criticare Medical Rescue             078          ZAR                           1,000     G              11                          100.00        Europ Assistance W.Services      100.00          60.43
       Access Health Africa Ltd                 078          ZAR                           1,000     G              11                          100.00        Europ Assistance W.Services      100.00          60.43
       Access Health South Africa Ltd           078          ZAR                             200     G              11                           68.00        Europ Assistance W.Services       68.00          41.09
       Labour Assist (Pty) Ltd                  078          ZAR                             100     G              11                           90.00        Europ Assistance W.Services       90.00          54.38
       Europ Assistance Financial S.            078          ZAR                             100     G              11                           58.00        Europ Assistance W.Services       58.00          35.05


      The percentage of consolidation in each subsidiaries consolidated line by line is 100%



      (1) Consolidation method : Line-by-line consolidation method=G; Proportionate consolidation method=P; Line-by-line consolidation method arising from joint management=U

      (2) 1=Italian insurance companies; 2=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

      (3) Net Group partecipation percentage



      The total percentage of votes exercitable at shareholders’ general meeting, which differs from that of direct on indirect shareholding, is a follows:

      Generali France 99,98%

      Generali Verzekeringsgroep NV 98,56%

      IWF Holding Co. Ltd 100%



222
Non-consolidated subsidiaries and associated companies

                                                                                                                               Shareholding %                             Group     Book value
                                                       Share capital in                                                                                                   equity           (�
Company                          Country   Currency   original currency   Activity   (1)
                                                                                           Type   (2)
                                                                                                        Direct   Indirect                    Through          Total   ratio % (3)    thousand)

Sementi Dom Dotto S.p.A.         086       EUR               2,959,500               a        11                  100.00    Genagricola S.p.A.               100.00     100.00          4,038
Casaletto S.r.l                  086       EUR               1,976,000               a        11                  100.00    Genagricola S.p.A.               100.00     100.00          1,976
Solaris S.r.l. (*)               086       EUR                  20,000               b        10                   40.00    Generali Properties S.p.A.        40.00       40.00         3,726
Intesa Previdenza SIM S.p.A.     086       EUR              15,300,000               b            8      21.47                                                21.47       21.47         3,947
Servizi Tecnologici Avanzati     086       EUR                102,000                b        11         25.00                                                25.00       25.00
Donatello Intermediazione Srl    086       EUR                  59,060               a        11         10.87                                               100.00     100.00            822
                                                                                                                   89.13    Ina Assitalia S.p.A.
Enofila S.r.l.                   086       EUR               2,972,000               a        11        100.00                                               100.00     100.00          2,972
Initium S.r.l. (*)               086       EUR                250,000                b        10                   49.00    Generali Properties S.p.A.        49.00       49.00         4,626
Continuum S.r.l. (*)             086       EUR                500,000                b        10                   40.00    Generali Properties S.p.A.        40.00       40.00
CityLife S.r.l. (*)              086       EUR                344,859                b        10                   41.26    Generali Properties S.p.A.        41.26       41.26       119,854
Sementi Ross S.r.l.              086       EUR                102,800                a        11                  100.00    Sementi Dom Dotto S.p.A.         100.00     100.00
Il Pino S.r.l.                   086       EUR               1,081,000               a        11                  100.00    Genagricola S.p.A.               100.00     100.00          8,266
Natalia S.r.l.                   086       EUR                  90,000               a        11                  100.00    Agricola San Giorgio S.p.A.      100.00     100.00          4,684
Dolphin Investments S.r.l.       086       EUR                  30,800               b            9                32.47    Generali Horizon S.p.A.           32.47       32.47
AEON Trust Soc. Italiana Trust   086       EUR                100,000                a        11                  100.00    BSI S.A.                         100.00     100.00            136
Jupiter 12 S.r.l.                086       EUR                  12,000               a        10                  100.00    Fata Assicurazioni Danni SpA     100.00       99.96        11,073
A7 S.r.l. (*)                    086       EUR                200,000                c        10         20.50                                                40.10       40.10         2,341
                                                                                                                   19.60    Alleanza Toro S.p.A.
Tiberina S.r.l.                  086       EUR                  20,000               a        11                  100.00    Ina Assitalia S.p.A.             100.00     100.00             53
Il Gelso - Societa' Agricola     086       EUR                  20,000               a        11                  100.00    Enofila S.r.l.                   100.00     100.00
Il Tiglio - Societa' Agricola    086       EUR                  20,000               a        11                  100.00    Enofila S.r.l.                   100.00     100.00
Ippocastano - Società Agricola   086       EUR                  20,000               a        11                  100.00    Enofila S.r.l.                   100.00     100.00
Agenzia la Torre S.r.l.          086       EUR                  20,000               a        11                  100.00    Sementi Dom Dotto S.p.A.         100.00     100.00
Telco S.p.A. (*)                 086       EUR          4,442,155,933                b            8      12.98                                                30.58       30.39       629,262
                                                                                                                    0.44    AachenMünchener Lebensvers.
                                                                                                                    0.07    AachenMünchener Versicherung
                                                                                                                    1.43    Generali Lebensversicherung AG
                                                                                                                    0.11    Generali Versicherung AG
                                                                                                                    0.18    Central Krankenversicherung AG
                                                                                                                    0.12    Cosmos Lebensversicherungs AG
                                                                                                                    2.27    Generali Vie S.A.
                                                                                                                    6.21    Ina Assitalia S.p.A.
                                                                                                                    6.76    Alleanza Toro S.p.A.
Consel S.p.A. (*)                086       EUR             22,666,669                b            9                32.50    Alleanza Toro S.p.A.              32.50       32.50        29,842
NEIP II S.p.A.                   086       EUR               6,500,000               b            9      48.16                                                48.16       48.16        12,075
Investimenti Marittimi S.p.A.    086       EUR            103,000,000                b            9      30.00                                                30.00       30.00        30,900
DOTTO CAP FVG Agenzia            086       EUR                  10,000               c        11                   50.00    Sementi Dom Dotto S.p.A.          50.00       50.00
Cross Factor S.p.A. (*)          086       EUR               1,032,000               b        11                   20.00    BSI S.A.                          20.00       20.00           398
Imprebanca S.p.A.                086       EUR             50,000,000                b            9                20.00    Ina Assitalia S.p.A.              20.00       20.00        10,000
Valore Immobiliare S.r.l. (*)    086       EUR                  10,000               c        10                   49.00    ISIM S.p.A.                       50.00       50.00         5,523
                                                                                                                    1.00    Generali Properties S.p.A.
HSR S.r.l.                       086       EUR                  20,000               a        10                   90.00    Generali Properties S.p.A.        90.00       90.00            18
Fidelis S.r.l.                   086       EUR                  10,000               a        11                   60.00    Sementi Dom Dotto S.p.A.          60.00       60.00
Art Defender S.p.A.              086       EUR               5,000,000               b        11                   20.00    Augusta Assicurazioni S.p.A.      20.00       20.00         1,120



                                                                                                                                                                                                 223
      Non-consolidated subsidiaries and associated companies

                                                                                                                                       Shareholding %                              Group     Book value
                                                                Share capital in                                                                                                   equity           (�
      Company                             Country   Currency   original currency   Activity   (1)
                                                                                                    Type   (2)
                                                                                                                 Direct   Indirect                 Through             Total   ratio % (3)    thousand)

      Previra Assicurazioni S.r.l.        086       EUR                 100,000               b        11                   24.50    Augusta Assicurazioni S.p.A.      24.50       24.50            25

      Beta S.r.l.                         086       EUR               2,022,000               b            9     49.46                                                 49.46       49.46         1,000

      Fondo Sammartini (*)                086       EUR               4,000,000               c        11        33.33                                                 48.00       48.00        15,457

                                                                                                                            14.67    Ina Assitalia S.p.A.

      Romagna Assicura S.r.l.             086       EUR                  20,000               b        11                   36.00    Sementi Dom Dotto S.p.A.          36.00       36.00

      Cinecittà Parchi S.p.A.             086       EUR              25,005,000               b        10                   20.00    Generali Properties S.p.A.        20.00       20.00        25,227

      BBG Beteiligungsges.                094       EUR                  25,600               a            9               100.00    Generali Beteiligungs AG         100.00       92.83            51

      Deutsche Vermögensberatung AG (*) 094         EUR            150,000,000                b        11                   40.00    Generali Deutschland Holding      40.00       37.10       202,994

      Generali Seminarzentrum GmbH        094       EUR                  25,600               a        11                  100.00    Generali Versicherung AG         100.00       92.83

      Versicherungs-Planer-Vermittl.      094       EUR                  25,600               a        11                  100.00    Generali Lebensversicherung AG   100.00       92.83            20

      Thuringia Vers.svermittlungs        094       EUR                  25,600               a        11                  100.00    Generali Beteiligungs AG         100.00       92.83            26

      Deutscher Lloyd GmbH                094       EUR                  30,700               a        11                  100.00    Generali Beteiligungs AG         100.00       92.83

      MLV Beteiligungverwaltungsges.      094       EUR                  51,129               a            9               100.00    Generali Holding Vienna AG       100.00       99.97            51

      Kleylein & Cie Actuarial Serv.      094       EUR                  25,750               a        11                   60.00    Generali Lebensversicherung AG    60.00       55.70           102

      Generali Finanz Service GmbH        094       EUR                  26,000               a        11                  100.00    Generali Beteiligungs AG         100.00       92.83

      Generali Pensionsmanagement         094       EUR                  52,000               a        11                  100.00    Generali Lebensversicherung AG   100.00       92.83            54

      Volksfürsorge Fixed Assets          094       EUR                104,000                a        11                  100.00    Generali Lebensversicherung AG   100.00       92.83           104

      Hotel und Seniorenr. Rosenpark      094       EUR                511,292                b        11                   25.00    AachenMünchener Lebensvers.       25.00       23.19

      Versicherungsmakler Beteilig.       094       EUR               1,550,000               b        11                   26.00    Generali Versicherung AG          26.00       24.14         2,232

      ver.di Service GmbH                 094       EUR                  75,000               b        11                   33.33    Volksfürsorge AG Vertriebsges.    33.33       30.94            48

      IG BCE Mitglieder-Service GmbH      094       EUR                  50,000               b        11                   50.00    Volksfürsorge AG Vertriebsges.    50.00       46.41            32

      Dein Plus GmbH                      094       EUR                  50,000               a        11                   60.00    Volksfürsorge AG Vertriebsges.    60.00       55.70            23

      VOV GmbH                            094       EUR                154,000                b        11                   15.00    AachenMünchener Versicherung      30.00       27.84         1,047

                                                                                                                            15.00    Generali Versicherung AG

      GLL Real Estate Partners GmbH       094       EUR               1,000,000               b        10                   49.50    Flandria Participations Fin.      49.50       49.47         9,008

      Generali Partner GmbH               094       EUR                250,000                a        11                  100.00    Generali Lebensversicherung AG   100.00       92.83           808

      Generali Lloyd Vers.smakler         094       EUR                153,388                b        11                   50.00    Generali Versicherung AG          50.00       46.41

      AM RE Verwaltungs GmbH              094       EUR                  25,000               a            9               100.00    AachenMünchener Lebensvers.      100.00       92.74            25

      Central Fixed Assets GmbH           094       EUR                  25,000               a            9               100.00    Central Krankenversicherung AG   100.00       92.74            25

      Cosmos Fixed Assets GmbH            094       EUR                  25,000               a            9               100.00    Cosmos Lebensversicherungs AG    100.00       92.74            24

      Zweite AM RE Verwaltungs GmbH       094       EUR                  25,000               a            9               100.00    AachenMünchener Versicherung     100.00       92.74            25

      AM Versicherungsvermittlung         094       EUR                  25,000               a        11                  100.00    AachenMünchener Versicherung     100.00       92.74            25

      GLL GmbH & Co. Retail KG            094       EUR            405,010,000                b        10        29.63                                                 49.38       47.95       197,504

                                                                                                                             4.94    AachenMünchener Lebensvers.

                                                                                                                             7.41    Generali Lebensversicherung AG

                                                                                                                             7.41    Central Krankenversicherung AG

      Azur Space Solar Power GmbH         094       EUR                100,000                a        11                 100.00     Renewable Investment Holding     100.00     100.00

      Einkaufszentrum Louisen-Center (*) 094        EUR               7,600,000               c        10                   83.78    Generali Deutschland Immobil.     83.78       77.70         6,021

      Louisen-Center Bad Homburg Vr.      094       EUR                  25,000               a        10                   74.00    Generali Deutschland Immobil.     74.00       68.63            19

      Schroder Nordic Property Fund (*)   094       EUR               1,000,000               b        11                   20.69    Generali Lebensversicherung AG    20.69       19.21        20,351

      Alstercampus Verwaltung. mbH        094       EUR                  25,000               a            9                50.00    Generali Deutschland Immobil.     50.00       46.37            13

      Generali Verwaltungs GmbH           094       EUR                  25,000               a            9               100.00    Generali Beteiligungs-GmbH       100.00     100.00             25

      GG Einkaufszentrum Marienplatz (*) 094        EUR              14,810,000               c        10                   73.30    AachenMünchener Versicherung      73.30       67.97         9,424

      Verwaltungsges. Marienplatz         094       EUR                  25,000               a        10                   74.00    Generali Deutschland Immobil.     74.00       68.63            19




224
Non-consolidated subsidiaries and associated companies

                                                                                                                                Shareholding %                             Group     Book value
                                                        Share capital in                                                                                                   equity           (�
Company                           Country   Currency   original currency   Activity   (1)
                                                                                            Type   (2)
                                                                                                         Direct   Indirect                 Through             Total   ratio % (3)    thousand)

BA1 Alstercampus Grundstücksg. (*) 094      EUR                   1,000               c        10                   50.00    Generali Lebensversicherung AG    50.00       46.41         4,393

Verwaltungsg. Wohnen Westhafen    094       EUR                  25,000               a        10                   85.00    Generali Versicherung AG          85.00       78.90            21

Grundstücksg. Wohnen Westhafen (*) 094      EUR               4,731,000               c        10                   84.99    Generali Versicherung AG          84.99       78.90         2,400

B-Source GmbH                     094       EUR                  25,000               a        11                  100.00    B-Source S.A.                    100.00     100.00             30

Generali Deutschland IV GmbH      094       EUR                  25,000               a        10                  100.00    Generali Deutschland Immobil.    100.00       92.74            25

MPC Real Value Fund GmbH&CoKG     094       EUR               5,001,000               a        11                   99.98    Generali Lebensversicherung AG    99.98       92.81

Cofifo S.A.                       029       EUR               4,500,000               a            9               100.00    Generali France S.A.             100.00       99.03         5,250

Noreco S.A.                       029       EUR               2,000,000               a        11                    0.03    Generali IARD S.A.                99.93       98.95           540

                                                                                                                     0.05    Generali Vie S.A.

                                                                                                                     0.03    L'Equité IARD S.A.

                                                                                                                     0.03    Européenne de Protection Jur.

                                                                                                                    99.80    Generali France S.A.

Trieste Courtage S.A.             029       EUR                416,000                a        11                    0.02    Generali Vie S.A.                 99.98       99.01            39

                                                                                                                    99.96    Generali France Assurance S.A.

Bourbon Courtage S.A.             029       EUR                124,500                a        11                    0.12    Generali IARD S.A.               100.00       92.32           127

                                                                                                                     0.12    Generali Vie S.A.

                                                                                                                    99.76    Prudence Creole

Courtage Inter Caraibes           213       EUR                  38,100               a        11                   99.76    GFA Caraïbes                      99.76       98.79            38

Generali Gerance S.A.             029       EUR                228,000                a        11                   99.67    Generali Vie S.A.                 99.67       98.70           241

SAI Trois Collines de Mougins     029       EUR                184,463                b        10                   33.31    Generali IARD S.A.                48.26       47.79           198

                                                                                                                    14.96    Generali Vie S.A.

Generali Reassurance Courtage     029       EUR               3,016,656               a        11                  100.00    Generali France Assurance S.A.   100.00       99.03         2,219

Groupement Technique d'Assur.     029       EUR                  10,000               b        11                   45.00    Generali Vie S.A.                 45.00       44.56

Sorgho S.A.                       029       EUR             10,000,000                b        11                   10.00    Generali IARD S.A.                20.00       19.81

                                                                                                                    10.00    Generali Vie S.A.

Europ Assistance Océanie SAS      225       XPF             24,000,000                a        11                   99.88    Europ Assistance Holding S.A.     99.88       98.94           286

Landy Courtage S.A.S.             029       EUR                  39,000               a        11                  100.00    Cofifo S.A.                      100.00       99.03

Risque et Sérénité S.A.           029       EUR               6,135,300               a            9                47.06    Generali Vie S.A.                 59.10       58.53         5,436

                                                                                                                    12.04    Generali France Assurance S.A.

E3 S.a.r.l.                       029       EUR                   5,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06             5

Europ Assistance IHS Services     029       EUR               7,287,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06         1,272

Gestas S.a.r.l.                   029       EUR                  32,000               a        11                  100.00    Icare S.A.                       100.00       99.06           152

Rèseau Generali France (GIE)      029       EUR                       0               a        11                  100.00    Generali IARD S.A.               100.00       99.03

Arche SA                          029       EUR                120,975                a        10                   79.31    Cofifo S.A.                       79.31       78.53

GIE Eur Ass Clearing Center       029       EUR                       0               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06

GIE Eur Ass Sys information       029       EUR                       0               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06

SCI Immovie                       029       EUR                  17,662               a        10                    0.02    Generali IARD S.A.               100.00       99.03           800

                                                                                                                    99.98    Generali Vie S.A.

SCI Les 3 Collines Le Ferandou    029       EUR                304,000                b        10                   33.30    Generali IARD S.A.                48.30       47.83           142

                                                                                                                    15.00    Generali Vie S.A.

GIE Le Restaurant Haussmann       029       EUR                       0               a        11                  100.00    Generali France Assurance S.A.   100.00       99.03

SCI Montrose Parc                 029       EUR               3,812,500               a        10                   27.50    Generali IARD S.A.                70.00       69.32         2,669

                                                                                                                    42.50    Generali Vie S.A.

GIE Rèunion aèrienne              029       EUR                  10,000               a        11                   24.93    Generali IARD S.A.                24.93       24.69




                                                                                                                                                                                                  225
      Non-consolidated subsidiaries and associated companies

                                                                                                                                      Shareholding %                              Group     Book value
                                                               Share capital in                                                                                                   equity           (�
      Company                            Country   Currency   original currency   Activity   (1)
                                                                                                   Type   (2)
                                                                                                                Direct   Indirect                Through              Total   ratio % (3)    thousand)

      GIE Rèunion spatiale               029       EUR                  10,000               a        11                   25.17    Generali IARD S.A.                25.17       24.93

      Bien-Être Assistance S.A. (*)      029       EUR               1,000,000               c        11                   51.00    Europ Assistance France S.A.      51.00       50.88           649

      GIE Generali Agences               029       EUR                     100               a        10                   80.00    Generali IARD S.A.               100.00       99.03

                                                                                                                           20.00    Generali Vie S.A.

      Parcolog Lyon Isle d'Abeau         029       EUR                   8,000               a        10                  100.00    SC Generali Logistique           100.00       99.03             0

      Foncière Hypersud S.A. (*)         029       EUR              72,993,000               b        10                   49.00    Generali Vie S.A.                 49.00       48.89        12,824

      EAP France SAS (*)                 029       EUR                 738,500               c        11                   51.00    Europ Assistance France S.A.      51.00       50.88         1,951

      Bois Colombes Europe Avenue SC (*) 029       EUR                   1,000               c        10                   50.00    Generali Vie S.A.                 50.00       49.51

      SCI Château La Pointe              029       EUR              30,959,313               a        10                  100.00    Generali France S.A.             100.00       99.03

      Drei-Banken Versicherungs-AG (*)   008       EUR               7,500,000               b            7                20.00    Generali Holding Vienna AG        20.00       19.99         6,353

      3 Banken-Generali Investment (*)   008       EUR               2,600,000               b            8                48.57    Generali Holding Vienna AG        48.57       48.56         1,763

      Generali Betriebsrestaurazion      008       EUR                  36,336               a        11                  100.00    Generali Versicherung AG (A)     100.00       99.98           484

      MAS Versicherungmakler GmbH        008       EUR                  36,336               a        11                  100.00    Generali Sales Promotion GmbH    100.00       99.98            53

      PSC Insurance-Consulting GmbH      008       EUR                  54,505               a        11                  100.00    Generali Sales Promotion GmbH    100.00       99.98            71

      SK Versicherung AG (*)             008       EUR               3,633,500               b            2                20.43    Generali Holding Vienna AG        39.66       39.65         3,766

                                                                                                                           19.23    Generali Versicherung AG (A)

      TTC-Training Center Unternem.      008       EUR                  35,000               a        11                  100.00    Europäische Reiseversicherungs   100.00       74.97           204

      Global Private Equity Holding      008       EUR               4,388,000               b            9                11.39    Generali Lebensversicherung AG    23.02       22.20           888

                                                                                                                           11.62    Generali Versicherung AG (A)

      Medwell Internet Services GmbH     008       EUR                496,000                a        11                  100.00    Generali Sales Promotion GmbH    100.00       99.98           258

      Car Care Consult Versicherungs     008       EUR                  35,000               a        11                  100.00    Generali Sales Promotion GmbH    100.00       99.98            35

      Generali Telefon-Auftragsserv.     008       EUR                  35,000               a        11                  100.00    Generali Bank AG                 100.00       99.97            35

      BONUS Vorsorgekasse AG (*)         008       EUR               1,500,000               b        11                   50.00    Generali Holding Vienna AG        50.00       49.99         1,444

      Risk-Aktiv Versicherungsserv.      008       EUR                  35,000               a        11                  100.00    Generali Versicherung AG (A)     100.00       99.98            35

      AVS Privatkunden Versicherungs     008       EUR                  36,000               a        11                   90.00    Generali Sales Promotion GmbH     90.00       89.98           540

      Generali 3Banken Holding AG (*)    008       EUR                  70,000               b            9                49.30    Generali Versicherung AG (A)      49.30       49.29        67,003

      Generali FinanzService GmbH        008       EUR                  50,000               a        11                  100.00    Generali Bank AG                 100.00       99.97            50

      M.O.F. Immobilien AG               008       EUR               1,000,000               b        10                   20.00    Generali Immobilien AG            20.00       19.99         9,406

      Treugeld Vermögensplanung GmbH     008       EUR                145,346                a        11                  100.00    Generali Sales Promotion GmbH    100.00       99.98           160

      Versicherungsdienst BAWAG PSK      008       EUR                  40,000               b        11                   49.99    Generali Holding Vienna AG        49.99       49.98           200

      M.O.F. Beta Immobilien AG          008       EUR                   1,000               b        10                   20.00    Generali Immobilien AG            20.00       19.99         9,267

      Generali Verbriefungsspezialg.     008       EUR                  35,000               a        11                  100.00    Generali Holding Vienna AG       100.00       99.97            40

      Generali Beteiligungsverwalt.      008       EUR                  35,000               a            4               100.00    Generali Holding Vienna AG       100.00       99.97            35

      Generali Vermögensberatung         008       EUR                  35,000               a        11                  100.00    Generali Versicherung AG (A)     100.00       99.98            35

      PCO Immobilien GmbH                008       EUR                  35,000               a        10                  100.00    Generali Immobilien AG           100.00       99.97           381

      Immoeast Projekt Caelum Hold G     008       EUR                  35,000               b        10                   20.00    Generali Immobilien AG            20.00       19.99

      Berggasse 35 GmbH & Co KG          008       EUR                     100               a        10                 100.00     Generali Immobilien AG           100.00       99.97         3,034

      Europ Assistance Travel S.A.       067       EUR                  60,101               a        11                 100.00     Europ Assistance SIdG. S.A.      100.00       99.10           219

      Robert Malatier                    031       GBP                  51,258               b        11                   33.33    Generali IARD S.A.                33.33       33.01           492

      Global Investment Planning Ltd     031       GBP                  10,000               a        11                  100.00    BSI S.A.                         100.00     100.00             18

      Tenax Capital Limited              031       GBP                 300,000               b            9                49.00    Genirland Limited                 49.00       49.00           163

      Tishman Speyer Europ Strategic     031       EUR              36,848,362               a        11                   25.00    AachenMünchener Lebensvers.      100.00       92.81        28,035

                                                                                                                           75.00    Generali Lebensversicherung AG

      Verzekeringskantoor Soenen NV      009       EUR                  18,600               a        11                   99.80    Generali Belgium S.A.             99.80       99.49         2,016




226
Non-consolidated subsidiaries and associated companies

                                                                                                                                  Shareholding %                             Group     Book value
                                                          Share capital in                                                                                                   equity           (�
Company                             Country   Currency   original currency   Activity   (1)
                                                                                              Type   (2)
                                                                                                           Direct   Indirect                      Through        Total   ratio % (3)    thousand)

Groupe Vervietois d'Assureurs       009       EUR                  94,240               a        11                   99.95    Generali Belgium S.A.             99.95       99.64           571

Dedale S.A.                         009       EUR               1,000,005               a        11                   99.97    Generali Belgium S.A.             99.97       99.66         1,000

Bureau d'Assurances et dePrêts      009       EUR                  18,600               a        11                   98.00    Generali Belgium S.A.             98.00       97.70           412

MRS Bioul S.A.                      009       EUR                 850,000               a        10                    0.13    Generali Belgium S.A.            100.00       99.17         3,267

                                                                                                                      99.87    Generali Real Estate Inv. B.V.

RVT Kortenaken SA                   009       EUR               1,800,000               a        10                    0.03    Generali Belgium S.A.            100.00       99.17         4,645

                                                                                                                      99.97    Generali Real Estate Inv. B.V.

RVT Zottegem SA                     009       EUR                315,000                a        10                    0.32    Generali Belgium S.A.            100.00       99.17         6,705

                                                                                                                      99.68    Generali Real Estate Inv. B.V.

Webbroker S.A.                      009       EUR               4,300,000               a        11                  100.00    Generali Belgium S.A.            100.00       99.69         4,300

CRM.Dev N.V.                        009       EUR                  50,000               b        11                   33.33    Generali Belgium S.A.             33.33       33.23

RVT Oordegem SA                     009       EUR                  18,600               a        10                  100.00    Generali Belgium S.A.            100.00       99.69        17,916

Casa-Bouw Sprl                      009       EUR                  19,831               a        10                  100.00    Generali Real Estate Inv. B.V.   100.00       99.17         3,001

Nederlands Algemeen Verzek.         050       EUR                  18,151               a        11                  100.00    Generali Verzekeringsgroep NV    100.00       98.54            18

Lippmann Deelnemingen B.V.          050       EUR               5,445,363               b        11                   33.32    Nederlands Algemeen Verzek.       33.32       32.83

ANAC Verzekeringen B.V.             050       EUR                  12,500               a        11                   85.00    Nederlands Algemeen Verzek.       85.00       83.76

Assurantiekantoor Kerkhof B.V.      050       EUR                  18,151               a        11                  100.00    Nederlands Algemeen Verzek.      100.00       98.54

Europ Assistance Nederlands BV      050       EUR                363,000                a        11                  100.00    Europ Assistance NL Holding BV   100.00       69.24

Europ Assistance NL Holding BV      050       EUR               1,389,253               a        11                   57.17    Europ Assistance Holding S.A.     69.97       69.24

                                                                                                                      12.80    Generali Schadeverz. Maatsch.

VHD Omnicare BV                     050       EUR                  18,000               a        11                  100.00    Europ Assistance NL Holding BV   100.00       69.24

Coris the Netherlands BV            050       EUR                  18,151               a        11                  100.00    Europ Assistance NL Holding BV   100.00       69.24

Generali PPF Invest PLC             040       EUR                300,000                a            8               100.00    CP Invest Invest.spol. a.s.      100.00       51.00

Second Pillar S.A. (*)              032       EUR                  60,000               b        11                   25.00    BSI S.A.                          25.00       25.00            21

BSI Art Collection S.A.             092       CHF               1,000,000               a            9                99.00    BSI S.A.                          99.00       99.00           776

Nord Est Investment Partners        092       EUR                100,996                b            9     24.26                                                 24.26       24.26         1,462

Renewable Investment Holding        092       EUR               1,000,000               a            8               100.00    BSI S.A.                         100.00     100.00          1,309

UBS (Lux) Euro Value Added          092       EUR            282,200,000                b        10                    7.09    AachenMünchener Lebensvers.       26.58       24.66        43,043

                                                                                                                       1.77    AachenMünchener Versicherung

                                                                                                                      17.72    Generali Lebensversicherung AG

Holding Klege S.à.r.l. (*)          092       EUR                  12,500               c            9                50.00    Torelli S.à.r.l.                  50.00       49.00

Valiance Infrastructure Mgt Co      092       EUR                125,000                b            9                50.00    Flandria Participations Fin.      50.00       49.97

Spinnaker Venture S.A.              092       EUR                125,000                b            9                20.00    Flandria Participations Fin.      20.00       19.99

GARBE Logistic Strategic Fund (*)   092       EUR            118,000,000                b        11                    8.00    AachenMünchener Lebensvers.       40.00       37.12        45,387

                                                                                                                      24.00    Generali Lebensversicherung AG

                                                                                                                       8.00    Central Krankenversicherung AG

First State European SICAV-SIF      092       EUR             55,000,000                a        11                   36.36    AachenMünchener Lebensvers.      100.00       92.74        36,038

                                                                                                                      36.36    Central Krankenversicherung AG

                                                                                                                      27.27    Cosmos Lebensversicherungs AG

BSI & Venture Partners S.A.         092       EUR                200,000                a            9               100.00    BSI S.A.                         100.00     100.00            198

Ponte Alta Lda                      055       EUR                400,000                a        11                  100.00    Europ Assistance Portugal        100.00       52.50         4,400

Primeira Cruz Lda                   055       EUR                660,982                a        11                   60.02    Ponte Alta Lda                    60.02       31.51

Lordship Consultadoria e Serv.      055       EUR                  50,000               a        11                 100.00     BSI S.A.                         100.00     100.00             68

Bioventure Trading S.A.             055       EUR                  50,000               a        11                 100.00     BSI S.A.                         100.00     100.00             68




                                                                                                                                                                                                    227
      Non-consolidated subsidiaries and associated companies

                                                                                                                                     Shareholding %                             Group     Book value
                                                             Share capital in                                                                                                   equity           (�
      Company                          Country   Currency   original currency   Activity   (1)
                                                                                                 Type   (2)
                                                                                                              Direct   Indirect                  Through            Total   ratio % (3)    thousand)

      Europ Assistance A/S             021       DKK                 500,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06

      Europ Assistance Claims AB       068       SEK                 100,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06

      Europ Assistance (Scandinavia)   068       SEK                 725,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06

      CGPM SAM                         091       EUR                 500,000               b        11                   20.00    BSI Monaco SAM                    20.00       20.00           100

      Citadel Insurance plc            105       MTL               4,853,247               b        11                   20.16    Ina Assitalia S.p.A.              20.16       20.16           978

      Europ Assistance Kft             077       HUF              24,000,000               a        11                   74.00    Europ Assistance Holding S.A.    100.00       86.56           104

                                                                                                                         26.00    Generali-Providencia Biztosító

      GP Consulting Kft                077       HUF              10,000,000               a        11                  100.00    Generali-Providencia Biztosító   100.00       51.00           716

      Famillio Kft                     077       HUF            780,000,000                a        11                   98.72    Generali-Providencia Biztosító    98.72       50.35           242

      Shaza & Toptorony zrt (*)        077       HUF              84,603,426               c        11                   50.00    GLL AMB Generali Bankcenter       50.00       46.39        42,318

      AUTOTÁL BiztosításiSzolgáltató   077       HUF            104,000,000                a        11                  100.00    Generali-Providencia Biztosító   100.00       51.00         1,205

      Generali Servis s.r.o.           275       CZK                100,000                a        11                  100.00    Generali Pojistovna a.s.         100.00       51.00             5

      Europ Assistance s.r.o.          275       CZK               2,900,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06           573

      Generali Car Care s.r.o.         275       CZK               1,000,000               a        11                  100.00    Generali Pojistovna a.s.         100.00       51.00            31

      REFICOR s.r.o.                   275       CZK                100,000                a        11                  100.00    Ceska pojistovna. a.s.           100.00       51.00           906

      Karluv Most                      275       CZK               2,987,000               a        11                  100.00    Ceska pojistovna. a.s.           100.00       51.00           123

      AIV Sprava Nemovitosti s.r.o.    275       CZK                200,000                a        10                  100.00    Allgemeine Immobilien-Verw.      100.00       99.98             8

      Nadace Ceské pojištovny          275       CZK                500,000                a        11                  100.00    Ceska pojistovna. a.s.           100.00       51.00            21

      Nadace pojištovny Generali       275       CZK                500,000                a        11                  100.00    Generali Pojistovna a.s.         100.00       51.00            21

      Generali IT S.r.o.               276       SKK               5,000,000               a        11                  100.00    Generali VIS Informatik GmbH     100.00       99.97           132

      VUB Generali d.s.s., a.s. (*)    276       SKK            304,000,000                b        11                   50.00    Generali Slovensko Poistovna      50.00       25.50        11,799

      MAKB s.r.o.                      276       SKK                220,000                a        10                  100.00    Generali Immobilien AG           100.00       99.97             6

      Selecta CEE s.r.o.               276       SKK                   6,639               b        10                   26.99    Generali Holding Vienna AG        26.99       26.98            66

      GSL Services s.r.o.              276       EUR                   6,639               a        11                  100.00    Generali Slovensko Poistovna     100.00       51.00             7

      Gradua Finance, a.s.             276       SKK             10,000,000                a        11                  100.00    CZI Holdings N.V.                100.00       51.00           911

      Europ Assistance Polska Spzoo    054       PLN               3,000,000               a        11                  100.00    Europ Assistance Holding S.A.    100.00       99.06            73

      S.C. Genagricola Romania         061       RON             60,882,570                a        11                  100.00    Genagricola S.p.A.               100.00     100.00         16,203

      S.C. San Pietro Romania          061       RON             15,112,570                a        11                  100.00    Agricola San Giorgio S.p.A.      100.00     100.00          3,903

      S.C. Aqua Mures                  061       RON               4,331,000               a        11                   99.00    Genagricola S.p.A.               100.00     100.00          1,000

                                                                                                                          1.00    Casaletto S.r.l

      AIV-Administrare de Cladiri      061       RON                  50,000               a        11                  100.00    Allgemeine Immobilien-Verw.      100.00       99.98            14

      S.C. La Quercia S.r.l.           061       RON                  35,900               a        11                  100.00    Inf - Societa' Agricola S.p.A.   100.00     100.00            810

      Famillio Pensii Private Srl      061       RON                  25,000               a        11                   99.60    Famillio Kft                     100.00       50.35

                                                                                                                          0.40    Famillio Agent de Asigurare

      Famillio Agent de Asigurare      061       RON               4,500,200               a        11                  100.00    Famillio Kft                     100.00       50.35

      Vignadoro S.r.l.                 061       RON               3,819,000               a        11                   90.00    Genagricola S.p.A.               100.00     100.00          3,043

                                                                                                                         10.00    Inf - Societa' Agricola S.p.A.

      S.C. Famillio Finance Srl        061       RON                     200               a        11                   95.00    Famillio Agent de Asigurare       95.00       47.83

      AUTOTÁL Expert Ize Daune Srl     061       RON                  10,000               a        11                   51.00    AUTOTÁL BiztosításiSzolgáltató    51.00       26.01

      Generali Profesional Training    061       RON                     200               a        11                  100.00    Generali Asigurari S.A.          100.00       83.78

      Generali Net Insurance Broker    012       BGN                365,000                a        11                  100.00    Generali Bulgaria Holding EAD    100.00       51.00           233

      CPM Internacional d.o.o.         261       HRK                 275,600               a        11                  100.00    Sementi Dom Dotto S.p.A.         100.00     100.00

      AIV d.o.o.                       261       HRK                  20,000               a        10                  100.00    Allgemeine Immobilien-Verw.      100.00       99.98             3

      Financial Services LLC           263       UAH                 250,000               a        11                   99.99    CZI Holdings N.V.                 99.99       50.99            35




228
Non-consolidated subsidiaries and associated companies

                                                                                                                                  Shareholding %                             Group     Book value
                                                           Share capital in                                                                                                  equity           (�
Company                              Country   Currency   original currency   Activity   (1)
                                                                                               Type   (2)
                                                                                                            Direct   Indirect                Through             Total   ratio % (3)    thousand)

Generali PPF Asset Management        263       UAH               7,772,400               a            8                99.99    CZI Holdings N.V.                99.99       51.00         1,430

BSI Laran S.A.                       071       CHF                 100,000               a            9               100.00    BSI S.A.                        100.00     100.00             82

Finmo S.A.                           071       CHF                  50,000               a        11                  100.00    BSI S.A.                        100.00     100.00             41

Funicolare Lugano-Paradiso           071       CHF                600,000                b        11                   31.08    BSI S.A.                         31.08       31.08

Generali Private Equity S.A.         071       CHF               2,100,000               a        11                   10.00    BSI S.A.                        100.00       97.78         1,610

                                                                                                                       90.00    Gen Inv S.p.A.

Autolinee Regionali Luganesi         071       CHF                653,000                b        11                   27.58    BSI S.A.                         27.58       27.58

Generali Group Partner AG            071       CHF                100,000                a        11                  100.00    Generali (Schweiz) Holding AG   100.00     100.00             82

BSI Art Collection S.A.              071       CHF                100,000                a        11                  100.00    BSI S.A.                        100.00     100.00             82

BSI Werthein Merchant House SA       071       CHF                300,000                b        11                   50.00    BSI S.A.                         50.00       50.00           123

Finnat Gestioni S.A.                 071       CHF                750,000                b        11                   30.00    BSI S.A.                         30.00       30.00           258

Valiance Capital S.A.                071       CHF                100,000                b        11                   30.00    BSI S.A.                         30.00       30.00            87

Convivium S.A.                       071       CHF               2,000,000               a        10                  100.00    BSI S.A.                        100.00     100.00          1,556

Livolsi e Associati Private SA (*)   071       CHF               1,000,000               b        11                   40.00    BSI S.A.                         40.00       40.00           589

GMT Fine Chemical S.A.               071       CHF               2,200,000               b        11                   22.73    Alpine Services Ltd              22.73       22.73

BSI Healthcapital SA                 071       CHF                100,000                a        11                  100.00    BSI S.A.                        100.00     100.00              0

Tecnopolo Lugano S.A.                071       CHF                250,000                a        11                  100.00    BSI S.A.                        100.00     100.00            205

PPF Partners Limited                 201       EUR                  40,000               b        11                   27.50    Generali Worldwide Insurance     27.50       27.50            55

Europ Assistance A.S.                076       TRY                  50,000               a        11                   99.20    Europ Assistance Holding S.A.    99.20       98.27           638

Europ Assistance CEI OOO             262       RUB                  10,000               a        11                  100.00    Europ Assistance Holding S.A.   100.00       99.06           300

Generali PPF Fund Management         262       RUB             32,150,000                a        11                  100.00    CZI Holdings N.V.               100.00       51.00         6,997

ooo Fynansovyj servis                262       RUB                100,000                a            9               100.00    Ceska pojistovna. a.s.          100.00       51.00

Migdal Holdings & Management         182       ILS                     810               a            9               100.00    Migdal Insurance Co. Ltd        100.00       69.79         4,509

Hamagen Properties Ltd               182       ILS               6,090,837               a        10                  100.00    Migdal Insurance Co. Ltd        100.00       69.79

Pel - Hamagen House Ltd              182       ILS             14,066,596                a        10                  100.00    Hamagen Properties Ltd          100.00       69.79

Migdal Credit Services Ltd           182       ILS                     100               a        11                  100.00    Migdal Eshkol Finansim B.M.     100.00       69.79         2,528

Migdal Financial Services Ltd        182       ILS                320,000                a        11                  100.00    Migdal Eshkol Finansim B.M.     100.00       69.79           304

Migdal Leasing Ltd                   182       ILS                     100               a        11                  100.00    Migdal Eshkol Finansim B.M.     100.00       69.79         2,421

Ihud Insurance Agencies Ltd          182       ILS                   1,500               a        11                  100.00    Migdal Holdings & Management    100.00       69.79

Peltours Insurance Agencies          182       ILS                256,000                a        11                   73.28    Migdal Holdings & Management     73.28       51.14

Sagi Yogev Life Assur. Agency        182       ILS                   3,000               a        11                  100.00    Migdal Holdings & Management    100.00       69.79

Shamgad Claims Management Co.        182       ILS                       2               a        11                  100.00    Migdal Insurance Co. Ltd        100.00       69.79

Maestro Ltd                          182       ILS                       0               a        11                  100.00    Migdal Insurance Co. Ltd        100.00       69.79

Data Car Israel Ltd                  182       ILS                  30,000               b        11                   50.00    Migdal Insurance Co. Ltd         50.00       34.89           101

Rav Ofek Ltd                         182       ILS                  10,000               b        11                   25.00    Migdal Holdings & Management     25.00       17.45

Shaham Insurance Agencies Ltd        182       ILS                   1,818               a        11                 100.00     Migdal Holdings & Management    100.00       69.79

Ihud-David Berman Ins. Ag.           182       ILS                       5               a        11                 100.00     Peltours Insurance Agencies     100.00       51.14

Leibowitz Streichman Consult.        182       ILS                   1,000               a        11                 100.00     Peltours Insurance Agencies     100.00       51.14

Mivtach-Simon Insurance Ag.          182       ILS                       1               a            9               100.00    Migdal Holdings & Management    100.00       69.79

Mivtach Rom Insurance Agency         182       ILS                     200               a        11                   64.00    Mivtach-Simon Insurance Ag.      64.00       44.67

Mivtach Simon Rubinstein Mor         182       ILS                     200               a        11                   64.00    Mivtach-Simon Insurance Ag.      64.00       44.67

Tvuna Life Assurance Agency          182       ILS                      30               b        11                   33.33    Mivtach-Simon Insurance Ag.      33.33       23.26

Mivtach-Simon Ag. Management         182       ILS                     100               a            9               100.00    Mivtach-Simon Insurance Ag.     100.00       69.79

Migdal P.E. Ltd                      182       ILS                     100               a            9               100.00    Migdal Investments Management   100.00       69.79




                                                                                                                                                                                                    229
      Non-consolidated subsidiaries and associated companies

                                                                                                                                    Shareholding %                              Group     Book value
                                                             Share capital in                                                                                                   equity           (�
      Company                          Country   Currency   original currency   Activity   (1)
                                                                                                 Type   (2)
                                                                                                              Direct   Indirect                Through              Total   ratio % (3)    thousand)

      Avgad Yahalom Management Ltd     182       ILS                   1,100               b        10                   47.45    Migdal Real Estate Holdings       47.45       33.12

      Ihud Peltours Diamonds Ins.Ag.   182       ILS                     100               a        11                  100.00    Peltours Insurance Agencies      100.00       51.14

      Municipalit Insurance Agency     182       ILS                     100               b        11                   50.00    Peltours Insurance Agencies       50.00       25.57

      Reshef Insurance Agencies Ltd    182       ILS                     120               a        11                   50.00    Sagi Yogev Life Assur. Agency     50.00       34.89

      Amir Aloni Assurance Ag          182       ILS                     400               a        11                   75.00    Mivtach-Simon Insurance Ag.       75.00       52.34

      Madanes Financial Services Ltd   182       ILS                  10,000               b        11                   50.00    Migdal Investment Portfolio M.    50.00       34.89

      Makefet Financial Services       182       ILS                   1,000               a        11                  100.00    Migdal Makefet Pension Provid.   100.00       69.79

      Froline Exclusive Ltd            182       ILS                   1,000               a        11                   55.00    Migdal Makefet Pension Provid.    55.00       38.38

      Shaham Veinstein (Netanya)       182       ILS                     200               a        11                  100.00    Shaham Insurance Agencies Ltd    100.00       69.79

      Sopher Moshe Insurance Ag        182       ILS                     157               b        11                   35.03    Shaham Insurance Agencies Ltd     35.03       24.45

      Ashmoret Tihona Ltd              182       ILS                   1,000               a        10                  100.00    Migdal Insurance Co. Ltd         100.00       69.79

      50 Plus Ltd.                     182       ILS                   9,080               b        11                   50.00    Migdal Investments Management     50.00       34.89         1,420

      Arxsis Global Wealth Managem.    182       ILS                   2,010               a        11                   51.00    Mivtach-Simon Insurance Ag.      100.00       69.79

                                                                                                                         49.00    Migdal Capital Markets (1965)

      Pharma TwoB Ltd                  182       ILS                  13,333               b        11                   25.00    Flandria Participations Fin.      25.00       24.98

      Amot Investments Ltd (*)         182       ILS            460,661,792                b            9                15.24    Migdal Insurance Co. Ltd          15.24       10.64        89,901

      Ramat Aviv Mall Ltd (*)          182       ILS                     363               b        10                   26.60    Migdal Insurance Co. Ltd          26.60       18.56        34,703

      Migdal Biomed Initiatives Ltd    182       ILS                     100               a        11                  100.00    Migdal Capital Markets (1965)    100.00       69.79

      Yozma Pension Fund Ltd           182       ILS               1,500,000               a        11                  100.00    Migdal Insurance Co. Ltd         100.00       69.79           304

      Intl Inheritance Planning Ltd    049       NZD                   5,000               a            9               100.00    BSI S.A.                         100.00     100.00              3

      BSI Trust Corporation (NZ)       049       NZD                140,000                a        11                  100.00    BSI S.A.                         100.00     100.00             86

      Generali Pacifique NC            253       XPF               1,000,000               a        11                  100.00    Generali France S.A.             100.00       99.03         2,095

      Cabinet Richard KOCH             253       XPF               1,000,000               a        11                  100.00    Generali France S.A.             100.00       99.03         2,178

      Atacama Investments Ltd (*)      249       USD             29,761,657                b        11                   49.79    BSI S.A.                          49.79       49.79        24,060

      GLL 200 State Street L.P. (*)    069       USD                   1,000               c        11                   49.90    GLL AMB Generali 200 State        49.90       46.30        29,731

      Beacon Capital Strategic L.P.    069       USD            100,500,000                a        11                   24.88    AachenMünchener Lebensvers.       99.50       92.31         2,960

                                                                                                                         39.80    Generali Lebensversicherung AG

                                                                                                                         19.90    Central Krankenversicherung AG

                                                                                                                         14.93    Cosmos Lebensversicherungs AG

      Europ Assistance Argentina S.A   006       ARS               3,285,000               a        11                   56.09    Ponte Alta Lda                    84.99       55.20           114

                                                                                                                         28.90    Caja de Seguros S.A.

      La Caja ART S.A. (*)             006       ARS             70,500,000                b            3                50.00    Caja de Seguros S.A.              50.00       44.55        12,900

      Pluria Productores de Seguros    006       ARS                  50,000               a        11                   96.00    Caja de Ahorro y Seguro S.A.      96.00       86.40           250

      BSI Investment Advisory S.A.     006       ARS                  12,000               a        11                   97.00    BSI S.A.                          97.00       97.00             3

      Care Management Network Inc.     160       USD               9,000,000               a        11                  100.00    Europ Assistance Bahamas Ltd     100.00       99.05

      Europ Assistance Bahamas Ltd     160       USD                  10,000               a        11                   99.99    Europ Assistance IHS Services     99.99       99.05

      GTC Nominee Ltd                  160       USD                  10,000               a        11                  100.00    BSI Trust Corp. (Bahamas) Ltd    100.00     100.00             12

      Europ Assistance Brasil S.A.     011       BRL               2,975,000               c        11                  100.00    EABS Serviços Partecipaçoes SA   100.00       23.52

      EABS Serviços Partecipaçoes SA   011       BRL             46,238,940                c            9                37.00    Ponte Alta Lda                    50.00       23.52

                                                                                                                         13.00    Primeira Cruz Lda

      BSI Servicios Internationales    015       CLP             64,000,000                a        11                  100.00    BSI S.A.                         100.00     100.00              0

      Europ Assistance SA (Chile)      015       CLP            335,500,000                a        11                   25.50    Europ Assistance Holding S.A.     51.00       38.65           109

                                                                                                                         25.50    Ponte Alta Lda

      Europ Servicios S.p.A. Chile     015       CLP               1,000,000               a        11                 100.00     Europ Assistance SA (Chile)      100.00       38.65




230
Non-consolidated subsidiaries and associated companies

                                                                                                                                                         Shareholding %                            Group     Book value
                                                                          Share capital in                                                                                                         equity           (�
 Company                                  Country      Currency          original currency      Activity   (1)
                                                                                                                 Type   (2)
                                                                                                                              Direct     Indirect                 Through              Total   ratio % (3)    thousand)

 La Nacional Cia Inmobiliaria             024          USD                          47,647                 a        10                    100.00     Generali Ecuador S.A.            100.00       51.74           628

 BSI (Panama) S.A.                        051          USD                          10,000                 a        11                    100.00     BSI S.A.                         100.00     100.00              8

 BSI Servicios S.A.                       080          UYU                       1,100,000                 a        11                    100.00     BSI S.A.                         100.00     100.00

 BSI Consultores S.A.                     080          UYU                         100,000                 a        11                    100.00     BSI S.A.                         100.00     100.00

 EA Travel Assistance Services            016          EUR                       1,750,000                 a        11                    100.00     Europ Assistance Holding S.A.    100.00       99.06         1,050

 Generali China Insurance (*)             016          CNY                    500,000,000                  b            3     49.00                                                    49.00       49.00        15,549

 Guotai Asset Management Co. (*)          016          CNY                    110,000,000                  b            8     30.00                                                    30.00       30.00       113,146

 Europ Assistance Worldwide Pte           147          SGD                         182,102                 a        11                    100.00     Europ Assistance Holding S.A.    100.00       99.06

 Future Generali India Life (*)           114          INR                  6,020,000,000                  c            3                  25.50     Part. Maat. Graafschap Holland    25.50       25.50        10,263

 Future Generali India Insur. (*)         114          INR                  2,200,000,000                  c            3                  25.50     Part. Maat. Graafschap Holland    25.50       25.50         7,418

 Europ Assistance India Private           114          INR                    200,285,580                  a        11                    100.00     Europ Assistance Holding S.A.    100.00       99.06         3,110

 Europ Assistance (Taiwan) Ltd            022          TWD                       5,000,000                 a        11                    100.00     Europ Assistance Holding S.A.    100.00       99.06

 Europ Assistance IHS (Pty)               078          ZAR                         400,000                 a        11                     15.00     Europ Assistance W.Services       80.00       73.45             6

                                                                                                                                           65.00     Europ Assistance IHS Services

 EASA Training Academy (Pty) (*)          078          ZAR                            1,000                b        11                     49.00     Europ Assistance W.Services       49.00       29.61

 Europ Assistance Angola Lda              133          AOA                       2,250,000                 a        11                     90.00     Europ Assistance IHS Services     90.00       89.15

 EA-IHS Services Nigeria Ltd              117          NGN                      10,000,000                 a        11                    100.00     Europ Assistance IHS Services    100.00       99.06

 Assurances Maghrebia S.A.                075          TND                      10,000,000                 b            3     44.17                                                    44.17       44.17           397

 Europ Assistance Medical SI SA           075          TND                         100,000                 b        11                     44.00     Europ Assistance Holding S.A.     44.00       43.59            31

 Carthage Assistance Services             075          TND                         425,000                 b        11                     48.94     Europ Assistance Holding S.A.     48.94       48.48           271

 Assurances Maghrebia Vie S.A.            075          TND                       5,000,000                 b            3     44.17                                                    44.17       44.17         1,407

 Europ Assistance–IHS Services            119          XAF                       1,000,000                 a        11                    100.00     Europ Assistance IHS Services    100.00       99.06




(1) a=non-consolidated subsidiaries (IAS 27); b=associated companies (IAS 28); c=joint ventures (IAS 31)

(2) 1=Italian insurance companies; 2=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

(3) Net Group partecipation percentage

(*) Associated company valued at equity



The total percentage of votes exercisable at shareholders’ general meeting, which differs from that of direct or indirect shareholding, is as follows:

GLL Real Estate Partners GmbH 40.00%



                                                                                                                                                                                                                          231
      List of countries
      Country                      Country code


      ANGOLA                           133
      ARGENTINA                        006
      AUSTRIA                          008
      BAHAMAS                          160
      BELGIUM                          009
      BERMUDA                          207
      BRASIL                           011
      BRITISH VIRGIN ISLANDS           249
      BULGARIA                         012
      BYELORUSSIA                      264
      CAMERUN                          119
      CANADA                           013
      CHILE                            015
      COLOMBIA                         017
      CROATIA                          261
      CZECH REPUBLIC                   275
      DENMARK                          021
      ECUADOR                          024
      EIRE                             040
      FRANCE                           029
      GERMANY                          094
      GREECE                           032
      GUATEMALA                        033
      GUERNSEY                         201
      HONG KONG                        103
      HUNGARY                          077
      INDIA                            114
      INDONESIA                        129
      ISRAEL                           182
      ITALY                            086
      KAZAKHSTAN                       269
      LIECHTENSTEIN                    090
      LUXEMBOURG                       092
      MALTA                            105
      MARTINICA                        213
      MEXICO                           046
      MONACO                           091
      NETHERLANDS                      050
      NEW CALEDONIA                    253
      NEW ZEALAND                      049
      NIGERIA                          117
      PANAMA                           051
      PEOPLE’S REPUBLIC OF CHINA       016


232
List of countries
Country                  Country code

PHILIPPINES                  027
POLAND                       054
POLYNESIAN FRENCH            225
PORTUGAL                     055
REPUBLIC OF MONTENEGRO       290
REPUBLIC OF SERBIA           289
REUNION                      247
ROMANIA                      061
RUSSIA                       262
SINGAPORE                    147
SLOVAC REPUBLIC              276
SLOVENIA                     260
SOUTH AFRICA REPUBLIC        078
SPAIN                        067
SWEDEN                       068
SWITZERLAND                  071
TAIWAN                       022
THAILAND                     072
TUNISIA                      075
TURKEY                       076
U.S.A.                       069
UCRAINA                      263
UNITED KINGDOM               031
URUGUAY                      080
VIETNAM                      062




                                        233
      List of currencies
      Currency                    Currency code


      Angolan Novo Kwanza             AON
      Argentine Peso                  ARS
      Bulgarian Lev                   BGN
      Brasilian Real (new)            BRL
      Belarusian Ruble                BYR
      Canadian Dollar                 CAD
      Swiss Franc                     CHF
      Chilean Peso                    CLP
      Chinese Renminbi                CNY
      Colombian Peso                  COP
      Czech Korona                    CZK
      Danish Krone                    DKK
      European Euro                   EUR
      British Pound                   GBP
      Guatemalan Quetzal              GTQ
      Hong Kong Dollar                HKD
      Croatian Kuna                   HRK
      Hungarian Forint                HUF
      Indonesian Rupiah               IDR
      Israeli Shekel                   ILS
      Indian Rupee                    INR
      Kazakhstani tenge               KZT
      Maltese Lira                    MTL
      Mexican Pesos                   MXN
      Nigerian naira                  NGN
      New Zealand Dollar              NZD
      Philippine Peso                 PHP
      Polish Zloty                    PLN
      Romanian Leu                    RON
      Serbian Dinar                   RSD
      Russian Ruble                   RUB
      Swedish Krona                   SEK
      Singapore Dollar                SGD
      Slovakian Krona                 SKK
      Thai Bhat                       THB
      Tunisian Dinar                  TND
      Turkish Lira (new)              TRY
      Taiwan Dollar (new)             TWD
      Ukrainian hryvnia               UAH
      United States Dollar            USD
      Uruguayan Peso (new)            UYU
      Dong (Vietnam)                  VND
      Central African CFA franc       XAF
      French Polynesian Franc         XPF
234   South African Rand              ZAR
Premuda- m/c. Four Antartica, deadweight tonnage 114.800.




Attestation on the Condensed consolidated half-yearly
financial statements in accordance with Art. 81-ter of
Consob Regulation No. 11971 of 14 May 1999 and its
following amendments and integrations
.




    ·
Attestation on the condensed consolidated half-yearly financial
statements pursuant to art. 81–ter of the Consob Regulation
11971 of 14 May 1999 as amended
1. The undersigned, Giovanni Perissinotto, in his capacity as Managing Director, and Raffaele Agrusti, in his capaci-
   ty as Manager in charge of preparing the financial reports of Assicurazioni Generali S.p.A., having also taken into
   account the provisions of Art. 154-bis, paragraphs 3 and 4, of the Italian Legislative Decree No. 58 of 24 February
   1998, hereby certify:
   - the adequacy in ralation to the characteristics of the Company and
   - the effective implementation
   of the administrative and accounting procedures for the preparation of the condensed consolidated half-yearly
   financial statements over the course of the period from 1 January to 30 June 2011.

2. The adequacy of the administrative and accounting procedures in place for preparing the condensed consolida-
   ted half-yearly financial statements at 30 June 2011 has been assessed through a process established by Assi-
   curazioni Generali S.p.A. on the basis of the guidelines set out in the Internal Control – Integrated Framework
   issued by the Committee of Sponsoring Organizations of the Treadway Commission, an internationally-accepted
   reference framework.

3. It is also certified that:
   3.1 the condensed consolidated half-yearly financial statements at 30 June 2011:
         a) are prepared in accordance with the international accounting standards recognized in the European
             Union under the EC regulation 1606/2002 of the European Parliament and of the Council of 19 July 2002,
             with the provisions of the Legislative Decree No. 38 of 28 February 2005, of the Italian Civil Code, of the
             Legislative Decree No. 209 of 7 September 2005 and with applicable provisions, regulations and circular
             letters issued by ISVAP;
         b) are consistent with the entries in the accounting books and records;
         c) are capable of providing a true and correct representation of the assets and liabilities, profit and losses
             and financial position of the issuer and the group of companies included in the consolidation.
   3.2 The interim management report includes a reliable analysis of the significant events that took place in the
         first six months of the financial year and their impact on the condensed consolidated half-yearly financial
         statements, together with a description of the main risks and uncertainties for the remaining six months
         of the financial year. The interim management report also includes a reliable analysis of the disclosure on
         significant related party transactions.


Milan, 5 August 2011




          Giovanni Perissinotto                                                   Raffaele Agrusti
           Managing Director                                               Manager in charge of preparing
                                                                           the Company’s financial reports

   ASSICURAZIONI GENERALI S.p.A.                                          ASSICURAZIONI GENERALI S.p.A.
Editing:
Financial Reporting - Consolidated Statements Group

Co-ordination:
Group Communications/
Human Resources Department - General Services

Graphic design:
Sintesi - Trieste

Photos:
The images published in this book refer to major Companies and works insured by Assicurazioni Generali.
Thanks to Alitalia, Eni, Ferrovie dello Stato, Fincantieri, Finmeccanica, Genagricola, Impregilo and Save for its
kind permission.

Photo Credits:
Fincantieri – By Courtesy of Fincantieri Cantieri Navali Italiani SpA
Genagricola – foto Mauro Mezzarobba

Printed by:
Sa.Ge.Print spa
.




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posted:8/12/2011
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