Idea Transcript
Assicurazioni Generali CONSOLIDATED FINANCIAL HALF-YEARLY REPORT 30 JUNE 2009
th year
2009 Assicurazioni Generali Best Italian IR team 2009
CONSOLIDATED FINANCIAL HALF-YEARLY REPORT
30 JUNE 2009
th year
Registered Office and Central Head Office in Trieste Head Office for Italian Operations in Mogliano Veneto Capital (fully paid in) Euro 1,410,113,747.00 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
CHAIRMAN
Antoine Bernheim
VICE-CHAIRMAN
Gabriele Galateri di Genola
MANAGING DIRECTORS
Sergio Balbinot (*) / Giovanni Perissinotto (*)
(*) He acts also as General Manager
DIRECTORS (**) Directors who, together with the Chairman, Vice-Chairman and Managing Directors, form the Executive Committee
GENERAL COUNCIL Comprising, besides the below listed elective Members, the Members of the Board of Directors and the General Managers
Luigi Arturo Bianchi / Ana Patricia Botin Francesco Gaetano Caltagirone (**) / Diego Della Valle Leonardo Del Vecchio / Loïc Hennekinne / Petr Kellner Klaus-Peter Müller / Alberto Nicola Nagel (**) / Alessandro Pedersoli Lorenzo Pellicioli (**) / Reinfried Pohl / Kai Uwe Ricke Paolo Scaroni / Claude Tendil Giorgio Davide Adler / José Ramón Álvarez Rendueles José Maria Amusátegui de la Cierva / Francesco Maria Attaguile Claude Bébéar / Kenneth J. Bialkin / Gerardo Broggini Giacomo Costa / Maurizio De Tilla / Enrico Filippi Carlos Fitz-James Stuart y Martínez de Irujo / Albert Frère / 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) / Michele Paolillo (substitute)
GENERAL MANAGER
Raffaele Agrusti (***)
(***) Chief Financial Officer and Manager in charge of the preparation of the company’s financial reports
DEPUTY GENERAL MANAGERS (****) Secretary of the Board of Directors
CORPORATE BODIES AS OF 31 JULY 2009
Lodovico Floriani / Andrea Mencattini Aldo Minucci / Vittorio Rispoli (****) / Valter Trevisani
Gateway of India, Bombay - India
A marked presence across the world The pictures featured in this volume were taken in squares of China and India - countries where Assicurazioni Generali is present -
TABLE OF CONTENTS Group highlights …………………………………………………………………………………………………… 10 Economic and insurance market developments…………………………………… 11 The Generali Group’s strategy for growth … …………………………………………… 13 Part A – Interim report on operations … ………………………………………………… The Generali Group……………………………………………………………………………………………… Business performance… …………………………………………………………………………………… Asset and financial management… ……………………………………………………………… Business segments……………………………………………………………………………………………… Life segment… ……………………………………………………………………………………………………… Non-life segment… …………………………………………………………………………………………… Financial segment……………………………………………………………………………………………… Related-party Transactions …………………………………………………………………………… Significant events after 30 June 2009… ……………………………………………………… Conclusions and outlook for operations… …………………………………………………
15 15 16 20 26 26 33 40 42 42 42
Appendix to the report
… …………………………………………………………………………………
47
Part B – Consolidated half-yearly financial statements…………………… Balance sheet… ……………………………………………………………………………………………………… Profit and loss account… …………………………………………………………………………………… Statement of comprehensive income… ……………………………………………………… Statement of changes in equity……………………………………………………………………… Cash flow statement… …………………………………………………………………………………………
53 54 57 59 60 63
Part C – General criteria for drawing up the financial statements and valuation criteria… ………………………………………………………………………………………… 67 Part D – Notes on the balance sheet…
………………………………………………………
70
Part E – Notes on the profit and loss account………………………………………… 82 Part F – Other information… …………………………………………………………………………… 88 Appendices to the notes Part G – Appendices to the notes…
………………………………………………………………
95
Changes in the consolidation area compared to 2008… ………………… 111 Subsidiaries consolidated line by line… ………………………………………………… 113 Non-consolidated subsidiaries and associated companies ……………… 129 Attestation on the half-yearly condensed financial statements in accordance with Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and its following amendments and integrations ………………………………………………………………………………………………… 145 Independent Auditor’s report… …………………………………………………………………… 149 Companies in which an unquoted shareholding (which is higher than 10%) is held… ………………………………………………………… 152
Chandra Mahal, Jaipur - India
Interim report
Consolidated Financial half-yearly Report 09 Interim report
Group highlights (A million)
Result of the period Consolidated operating result
30/06/2009
30/06/2008
504.0
1,459.4
1,933.5
2,497.5
31,765.8
32,363.6
987.2
2,219.8
Net earned premiums including premiums related to investment contracts
32,753.0
34,583.4
Gross premiums written
34,682.5
36,792.5
-1.5%
4.9%
5,193.0
5,356.1
15.9%
15.5%
1,269.2
1,516.2
21,781.1
22,387.0
Net earned premiums Premiums related to investment contracts
Change on equivalent terms
(*)
Acquisition and administration costs related to insurance business Expense ratio Operating result - life segment (**) Net life premiums Premiums related to investment contracts
987.2
2,219.8
Net life premiums including premiums related to investment contracts
22,768.3
24,606.8
Gross life premiums written
23,124.1
25,002.1
Change on equivalent terms
(*)
Acquisition and administration costs - life segment Expense ratio - life segment APE
-1.9%
5.6%
2,452.6
2,609.9
10.8%
10.6%
2,393.0
2,657.9
Change on equivalent terms (***)
-9.6%
16.1%
Operating result - non-life segment (**)
710.1
1,160.4
9,984.7
9,976.6
11,558.4
11,790.4
-0.9%
3.5%
Net non-life earned premiums Gross non-life premiums written Change on equivalent terms (*) Acquisition and administration costs - non-life segment
2,740.4
2,746.2
Expense ratio - non-life segment
27.4%
27.5%
Loss ratio - non-life segment
70.4%
67.1%
Combined ratio - non-life segment
97.9%
94.6%
Operating result - financial segment (**)
222.5
195.8
Total income - financial segment
967.6
1,113.1
Total expenses - financial segment
780.6
939.3
Operating holding expenses
-127.0
-154.4
(continues)
10
(continues) (A million)
30/06/2009
31/12/2008
Investments
313,026.2
327,134.9
286,532.7
295,755.3
256,099.5
266,509.3
30,433.2
29,246.0
24,341.2
23,925.8
6,092.0
5,320.2
11,611.7
11,312.8
Net insurance provisions (1) Net insurance provisions - life segment
(1)
Net insurance provisions - non-life segment
(1)
Provisions for outstanding claims and other insurance provisions Provisions for unearned premiums Shareholders’ equity attributable to the Group (2)
(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year, and taking into account premiums related to investment contracts. (**) The amounts are calculated gross of consolidation adjustments. (***) On equivalent terms: on equivalent exchange rates, consolidation area and share attributable to the Group. (1) The amounts are calculated net of consolidation adjustments. (2) The result of the period is included in shareholders’ equity attributable to the Group.
Economic and insurance market developments During the first six months of 2009, the global economy experienced its severest contraction since the 1930’s. Developed nations witnessed their gross domestic products plummet at an unprecedented rate, while growth slowed sharply in developing countries. Global trade and industrial output came to a standstill. The prices of commodities, in particular crude oil, fell rapidly from the peaks reported the previous year as a consequence of decreased demand and then went on to recover partially by the end of the half-year. The price of crude oil — which hit a low of USD 33.98 per barrel in February — climbed back to 72.68 dollars (up 79% overall for the six months). The other commodities also recovered. The financial crisis, which has been the trigger of the economic one, did not result in the most feared consequences: the global financial system remained functional, due in particular to extensive nationalization plans for leading institutions and large-scale injections of public capital. In the United States, real interest rates of nearly zero and, most significantly, highly expansionary fiscal measures, limited the decrease in GDP (down 2.5% for the quarter). The real-estate sector continued to fall and the unemployment rate neared the threshold of 10%. The dollar continued to weaken as the financial situation improved and uncertainty, under which it had acted as a currency of refuge, decreased. Lastly, inflation shifted into deflation (down 1.3% in May). In China and India, economic development remained largely positive, albeit far below the levels of the recent past. The global, synchronous nature of the recession was such that it also involved the world’s two foremost centres of growth. Nonetheless, particularly in China, where the monetary stimulus, and especially the fiscal measures, was unprecedented, it seems that the lowest point of the cycle has been reached and there are the first signs of a recovery. In Latin America, an area largely dependent on the exportation of commodities, GDP suffered under the decline in commodity prices. In addition, the aforementioned contraction in the demand for goods by developed nations, and, in particular, that of the United States led to a decrease in economic activity of more than 1%. In the largest of these countries, currency trends absorbed part of the shock. The European Union also suffered from a general recession, which affected exporting nations most severely,
11
Consolidated Financial half-yearly Report 09 Interim report
particularly Germany (down 6.9%) and Italy (down 6%), as well as countries in which the financial leverage of the real-estate sector, industrial companies, non-bank service providers, and the household sector was the highest, such as Spain, the United Kingdom and Ireland. Among the other main countries in the area, the decrease of the French GDP was more moderate (down 3.2%), buoyed by extensive public spending. The new Member States of the European Union were also affected by the global recession. The recent, extensive influx of capital from Western Europe, on which the growth of these countries had become dependant, and which had contributed to the creation of an internal credit boom, dried up as the financial crisis spread, leaving these nations exposed to a severe credit crunch. Currencies also depreciated rapidly, significantly increasing the weight of foreign debt. In this scenario, among the four largest countries, Hungary was forced to take an extraordinary loan from the International Monetary Fund, while Poland secured a credit facility from the same Fund. GDP decreases over the first few months of 2009 amounted to 3.4% in the Czech Republic, 4.7% in Hungary, 5.4% in Slovakia, 3.4% in Bulgaria and 6.4% in Romania. Only Poland continued to report a positive figure (1.9%). Within this scenario, inflation in the European Union remained at very low levels (down 0.1%) as a consequence of the weakness of global demand. The average unemployment rate in the European Union reached 8.9% in May, returning to the levels of the early 1990’s. Turning to monetary policy, the ECB acted on three occasions: in early March it decreased the reference interest rate by 50 percentage points to 1.5%, then went on to lower it by 25 percentage points to 1.25% in early April and to 1% in May. The ECB also announced the purchase of covered bonds and injected liquidity into the banking system through one-year loans. In March, the Federal Reserve, in order to keep its rates in the range of 0 to 0.25% that has been adopted since late 2008, announced quantitative easing measures, i.e. measures aimed at increasing the monetary base. Turning to currencies, the dollar appreciated in the first two months of the year, reflecting the return of capital to the United States due to a sharp aversion to risk. However, in March the Fed’s policies and investors’ increased appetite for risk led to renewed depreciation of the U.S. currency, which closed the half-year at 1.40 to the euro. Also worthy of note during the half-year was the recovery of the pound sterling (the exchange rate with the euro went from 0.97 to 0.85) and the depreciation of the yen against the euro (from 126.70 to 135.21). Bond markets were impacted by the monetary policies implemented by governments and central banks. In particular, in the United States, 3 months Libor went from 1.42% at the end of 2008 to the historical minimum of 0.59% at the end of June, and, in the European Union 3 months Euribor went from 2.89% at the end of 2008 to 1.09% at the end of June. Yields on 10-year US Treasury bonds stood at 2.21% at the end of 2008 and rose to 3.53% in the first half of 2009. Yields on 10-year European bonds increased from 2.95% to 3.38%. Therefore, the yield curve was steepened. While the increase reflects the expansive stance of central banks and governments, it also indicates a return to more normal levels following the lows reached at the height of the crisis. The corporate bond market staged a gradual recovery starting at the end of March: in the euro area, investment-grade bond spreads decreased from 348 basis points at the end of March to 235 at the end of June, while high-yield bond spreads began their recovery at the beginning of the year, narrowing from 1.355 basis points at year-end 2008 to 991 at the end of June. The continued high level of activity in the primary market, mainly in the financial sector, was well-received by investors. As for the stock markets, despite the gains recorded by all major indexes compared to the lows reached in
12
early March, overall performance for the first six months of the year was significantly impaired by first-quarter losses. The S&P 500 gained a modest 1.8% (compared to 15.2% in the second quarter), while NASDAQ100 was up 21.6% (up 19.3% in the second quarter). Europe’s EUROSTOXX 50 remained largely unchanged (up 20.6% in the second quarter), as did DAX Frankfurt’s index (up 17.7% in the second quarter). Paris and Milan remained down (CAC40 Paris’index was down 2.4%, and FTSE MIB down 2.0%). Shanghai’s stock market was the exception to the rule, up 61.5% from the beginnng of the year, and up 24.7% in the second quarter, as China is the country that shown the greatest economic growth worldwide strarting from the beginning of the year. The mentioned grow follows a deep fall of about 70% from the highest values in 2007. The most significant improvement was seen in the sectors most sensitive to the economic upturn, i.e., the financial sector, raw materials and technology. In comparison to the end of March, the US banking index rose 41.3% (down 22.2% in the six months), the insurance index increased by 25.0% (down 12.2% in the six months), the raw materials index rose by 15.5% (up 12.3% in the six months) while the technological index has made an increase equal to 20.2% (up 27.1% in the six months). In Europe in comparison to the end of March, the banking sector rose 43.7% (up 18.3% in the six months), the insurance one was up 24.2% (down 8.8% in the six months), the raw materials gained 25.1% (up 21.0% in the six months) while the technological index rose 16.3% (up 11.2% in the six months). As for the major European insurance markets, information for the early months of the year indicates rather varied results across countries and segments. After a difficult 2008 due to the financial crisis, the life segment showed signs of recovery starting in the second quarter of 2009, thanks to the success among customers of products offering higher levels of coverage and guarantees at a time of high market volatility and reduced short-term interest rates. The unit-linked segment, on the other hand, continued to be extremely weak. In respect of the Group’s distribution channels, both Italy and France recorded increases in sales, driven mainly by the bancassurance sector, which shifted away from unit-linked products in favour of guaranteed products. In Germany, an increase in single-premium policies was offset by a decrease in recurring-premium policies. In Spain, premium income rose at nearly the same rate as in the same period of 2008, though at a much slower pace than in recent years. The non-life segment as a whole appears to have been impacted by the economic slowdown. The motor segment, in particular, recorded significant decreases in sales due to a drop in new vehicle registrations as a result of strong price pressures and technical measures taken by a number of governments regarding TPL motor insurance, mainly in Italy and Spain. The non-motor lines were also impacted by the drop in demand caused by the negative general economic situation.
The Generali Group’s strategy for growth Confronted with the economic slowdown in its main markets, the Generali Group accelerated its efforts to improve operating efficiency in the first six months 2009. In terms of its main reorganization and restructuring initiatives, in Germany, the merger between Generali Versicherung and Volksfürsorge aimed at concentrating the life and non life insurance activities of the two companies under one structure by favouring the integration of the different distribution networks (agents and brokers) became effective on 1 January. In Italy, on 14 July, the Extraordinary General Meeting of Assicurazioni Generali approved the merger of Alleanza Assicurazioni and Toro Assicurazioni into Assicurazioni Generali following the transfer of the two companies’ insurance activities into a new company called Alleanza Toro, which is wholly owned by the Parent Company. The transaction, which was approved on 23 February by the Boards of Directors of the three companies involved, will become fully operational on 1 October 2009. The merger aims to create additional
13
Consolidated Financial half-yearly Report 09 Interim report
cost synergies in Italy while broadening the range of products offered by Alleanza’s distribution networks to include non-life segments and increase the life products sold by Toro’s networks. At the end of March, the Generali Group decided to exercise its right provided under a shareholders’ agreement to sell its interest in Intesa Vita. The decision was made following antitrust measures taken in conjunction with the Intesa San Paolo merger that reduced by nearly one thousand the number of branches available to Intesa Vita for the distribution of its products, and as a result of the change in economic and financial conditions that, generally speaking, no longer allow insurance partners to achieve the return on their capital expected with this type of joint venture. Furthermore, in the middle of June, as part of the Group’s strategy of making its entire product range available to all of its distribution channels, Generali expanded the range of insurance products offered through its direct Genertel channel (which previously offered only non-life policies) to include life and pension policies, focusing on products tailored primarily to the retirement needs of young workers. The initiative has created Italy’s only direct insurance company that is able to supply, both online and via telephone, all life, non-life and pension insurance services. As for the Group’s transnational structures, with particular reference to asset management, the Group implemented a new, more product-oriented organizational model. Three business areas were defined: one for managing the financial assets of the insurance sector, a second for private equity and a third for managing mark-to-market assets (investment funds, SICAVs, etc.). The structure is expected to improve the profitability of the Group’s insurance products and, more generally speaking, the financial performance of its companies, while maintaining the synergies among the various sectors in terms of back office and research. As for the Group’s strategy aimed at growth in high-growth-potential markets, at the end of April, the Generali Group obtained a license to operate its life insurance business from the Ministry of Economy of the United Arab Emirates.
14
Part A - INTERIM REPORT ON OPERATIONS The Generali Group’s half-yearly report at 30 June 2009 was prepared in accordance with article 154-ter of Italian Legislative Decree No. 58/1998: “Consolidated Law on Financial Intermediation” (TUF), as amended by Legislative Decree No. 195/2007 (Trasparency), and provisions issued to implement article 9 of legislative decree 38/2005. 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 and the Consob Regulation 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. As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in Intesa Vita. As a result, Intesa Vita has been classified as a disposal group held for sale. The company has not been excluded from the consolidated accounts, but its assets and liabilities have been recorded in two separate items of the balance sheet, and its result has been recognized as a separate line in the profit and loss account. The changes shown on equivalent terms in this report reflect this accounting treatment, and Intesa Vita is excluded from the comparison period. For additional information, see the Notes to the Financial Statements included in this report. The consolidated report was subject to a limited audit by the firm PricewaterhouseCoopers, assigned to perform the audit for the periods from 2006-2011.
The Generali Group At 30 June 2009, subsidiaries consolidated line by line and entities valued at equity were 491, compared to 476 at 31 December 2008. Specifically, the former went from 449 to 459, whereas the latter increased from 27 to 32. The change is mainly due to the inclusion of several Group companies in the scope of consolidation. Their inclusion had a minimal impact on the consolidated accounts and does not affect their comparability with the figures for the same period of 2008. At 30 June 2009, the Group’s consolidated companies had a staff of 84,546 — including 15,993 in Italy and 68,553 abroad — an increase of 483 employees compared to the end of 2008, mainly as a result of the abovementioned broadened consolidation area.
15
Consolidated Financial half-yearly Report 09 Interim report
Business performance The result of the period attributable to the Group amounted to e 504.0 million compared to e 103.8 million at 31 March 2009 and e 1,459.4 million at 30 June 2008. The result is mainly due to premium income, which, although impacted by the current economic situation, remained substantially stable thanks to distribution channel effectiveness and to the level of territorial diversification achieved by the Group. In the life segment net insurance expenses increased, also thanks to the good performance of net premium income. Furthermore, the second quarter saw a further reduction in costs, mainly underwriting expenses, which led to a decrease in acquisition and administration costs and holding expenses. Significant catastrophic events in Italy, France and Spain, together with the loss ratio of the motor segment, led the combined ratio of the non-life segment to 97.9%. Lastly, the result was negatively impacted by decreases in the current return on investments and income from financial activities.
(A million)
30/06/2009
30/06/2008
888.5
2,375.5
-164.7
-605.1
723.7
1,770.5
39.4
0.0
763.2
1,770.5
504.0
1,459.4
259.1
311.0
Consolidated operating result
1,933.5
2,497.5
Net earned premiums
31,765.8
32,363.6
-31,948.4
-26,295.4
Earnings before taxes Income taxes Earnings after taxes Profit or loss from discontinued operations Consolidated result of the period
Result of the period attributable to the Group Result of the period attributable to minority interests
Net insurance benefits and claims of which change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds
-2,087.7
3,229.4
-5,554.7
-5,647.3
378.7
359.4
7,610.7
2,185.8
Operating holding expenses
-127.0
-154.4
Net other operating expenses
-191.6
-314.1
-1,045.1
-122.0
-526.6
284.9
-348.5
-344.5
-333.9
-332.4
-14.7
-12.0
-170.0
-62.4
Acquisition and administration costs Net fee and commission income and net income from financial service activities Operating income from investments
Consolidated non-operating result Non-operating income from investments
(*)
Non-operating holding expenses Interest expense on liabilities linked to financing activities Other non-operating holding expenses Net other non-operating expenses
(**)
(*) 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.
16
30/06/2009 Expense ratio Acquisition costs / net premiums Administration costs / net premiums Combined ratio
30/06/2008
15.9%
15.5%
12.5%
12.1%
3.4%
3.4%
97.9%
94.6%
Consolidated Operating result was e 1,933.5 million, down 22.6% compared to e 2,497.5 million at 30 June 2008 (down 21.0% on equivalent consolidation area). The decline was mainly due to the operating result of the non-life segment, which reflects both the reduction of tecnical margins in the second quarter and a drop in current financial profitability. Net earned premiums totalled e 31,765.8 million compared to e 32,363.6 million at 30 June 2008. Taking into account also premiums related to investment contracts, which are not considered premiums for financial reporting purposes, gross premiums written net of reinsurance decreased by 5.7% to e 34,682.5 million (down 1.5% on equivalent terms). Gross life premiums written decreased by 7.5% to e 23,124.1 million (down 1.9% on equivalent terms) and gross non-life ones decreased by 2.0% to e 11,558.4 million (down 0.9% on equivalent terms). Net insurance benefits and claims went from e 26,295.4 million to e 31,948.4 million due to an increase in the change in life insurance provisions where the investment risk is borne by the policyholders. In the life segment, net insurance benefits and claims increased from e 19,601.4 million to e 24,916.0 million. In detail, net amounts paid decreased by e 2,376.2 million, whereas the change in net insurance expenses increased by e 7,690.0 million, attributable for e 5,317.1 million to higher life insurance provisions where the investment risk is borne by the policyholders, due to the improvement in the market value of assets linked to this asset class in the first half of 2009, compared to the strong reduction in the same period of the previous year. Also claims in the non-life segment increased, from e 6,693.9 million to e 7,032.4 million. The relevant loss ratio increased from 67.1% at 30 June 2008 to 70.4%, due to the unfavourable cycle of the motor segment and the impact of catastrophic events, such as the earthquake in the Abruzzo region and the storms in France, Italy and Spain. Administration costs totalled e 5,554.7 million, down 1.6 % compared to June 2008. Acquisition and administration costs amounted to e 5,193.0 million, decreasing by e 3.0% compared to the same period of the previous year (down 2.1% on equivalent terms), thanks to the performance of both cost components. A decrease was posted both in acquisition costs, which amounted to e 4,082.5 million (down 1.9% on equivalent terms), mainly due to a reduction of premium income, and acquisition and administration costs (down 2.6% on equivalent terms), which amounted to e 1,110.6 million, due to the decrease mainly in the life segment, especially in Italy, Germany and France, as a result of actions aimed at stepping up efficiency. Thanks to a reduction of administration costs, the ratio of acquisition and administration costs to net earned premium (15.9%) was largely stable both in the life and non-life segments. The non-life combined ratio was 97.9% (94.6% at 30 June 2008). Net fee and commission income, amounting to e 378.7 million, increased compared to the same period of the previous year (e 359.4 million), mainly as a result of the broadened consolidation area. Operating income from investments totalled e 7,610.7 million with an increase of e 5,424.9 million compared to the same period of the previous year. This result benefitted from the significant improvement in
17
Consolidated Financial half-yearly Report 09 Interim report
net operating income from financial instruments at fair value through profit or loss, which increased by e 6,196.4 million, from e -3,739.7 million to e 2,456.7 million. The increase is attributable for e 4,902.7 million to assets and liabilities where the risk is borne by the policyholders (which went from e -3,404.3 million at 30 June 2008 to e 1,498.4 million), due to the improvement in the market value of assets linked to this asset class during the current first six months, if compared to the significant reduction occurred during the same period of the previous year. As previously said, this improvement was largely offset by the increase in the correspondent change in the related provision, included in net insurance benefits and claims of the life segment.
(A million)
30/06/2009
30/06/2008
Interest income and other income
5,895.3
6,893.2
Net operating income from financial instruments at fair value through profit or loss
2,456.7
-3,739.7
1,498.4
-3,404.3
366.7
578.4
Net operating impairment losses on other financial instruments and land and buildings (investment properties)
-601.7
-702.5
Interest expense on liabilities linked to operating activities
-260.2
-428.9
Other expenses from other financial instruments and land and buildings (investment properties)
-246.0
-414.7
7,610.7
2,185.8
of which net income from financial assets and liabilities where the risk is borne by the policyholders Net operating realized gains on other financial instruments and land and buildings (investment properties)
Operating income from investments
Interest income and other income, amounting to e 5,895.3 million, decreased by 14.5% mainly in the non-life segment, where investments are characterized by a low average duration. The interest component alone amounted to e 4,752.1 million (down 8.6%), whereas the dividend component was e 693.9 million (down 44.4%). Net operating realized gains on other financial instruments and land and buildings (investment properties) decreased from e 578.4 million to e 366.7 million. This reduction is attributable to the fall in net realized gains on equity securities in the life segment, in all the main countries where the Group operates. Net impairment losses on other financial instruments and land and buildings (investment properties) went from e 702.5 million to e 601.7 million. Interest expenses on liabilities linked to operating activities amounted to e 260.2 million (e 428.9 million at 30 June 2008). Interest expenses on liabilities to banks especially decreased, due to the lower interest rate applied in the first half of the year, compared to the same period of 2008. This reduction was more than offset by the corresponding decrease in interest income. Other expenses from financial instruments and land and buildings (investment properties), which also include investment management expenses and net exchange gains and losses, went from e -414.7 million to e -246.0 million. The increase is primarily due to net exchange gains arising from transactions in pounds, which were largely offset by the related change in insurance provisions. Operating holding expenses, which include expenses borne by the Parent Company and the local subholdings in their management and coordination activities, went from e 154.4 million at 30 June 2008 to e 127.0 million, down 17.8%.
18
Other operating income and expenses — which mainly include amortization of assets and multiannual costs, provisions for risks, other taxes and other insurance expenses — decreased from e 314.1 million to e 191.6 million, also following the reduction in net provisions, other net insurance expenses, other taxes and the accounting treatment applied upon consolidation to the profit and loss items of Intesa Vita, as described above. Consolidated non-operating result went from e -122.0 million at 30 June 2008 to e -1,045.1 million. Non-operating income from investments decreased from e 284.9 million at 30 June 2008 to e -526.6 million, as explained below.
(A million)
30/06/2009
30/06/2008
Net non-operating income from financial instruments at fair value through profit or loss
-155.8
5.4
Net non-operating realized gains on other financial instruments and land and buildings (investment properties)
38.3
482.0
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)
-409.1
-202.5
Non-operating income from investments
-526.6
284.9
(*)
(*) The amount is gross of interest expense on liabilities linked to financing activities.
Net non-operating income from financial instruments at fair value through profit or loss which includes realized and unrealized gains and losses from financial instruments classified as at fair value through profit or loss in the non-life segment went from e 5.4 million to e -155.8 million due to the effect of hedging derivatives entered into over the past few months to protect the Group’s equity from the exceptional volatility of financial markets. The loss was offset by realized profits recorded in the profit and loss account and an increase in the carrying amount of the financial investments covered by the above derivatives. Net non-operating realized gains on other financial instruments and land and buildings (investment properties) declined due to the fall in net realized gains on equity securities in the non-life segment. Moreover, the first half of 2008 had benefited from the realized gain of e 286.8 million on the transfer of Central Eastern European insurance operations to Generali PPF Holding, in which Generali owns now a 51% stake. It is equal to the capital gain recognized to the companies transferred by the Generali Group compared to the carrying amounts of the net assets transferred. The increase in net impairment losses on other financial instruments and land and buildings (investment properties) (which went from e 202.5 million at 30 June 2008 to e 409.1 million) is attributable to higher net impairment losses on equity securities, in the six months, especially in the non-life segment. Non-operating holding expenses amounted to e 348.5 million (e 344.5 million at 30 June 2008). Specifically, interest expenses on liabilities linked to financing activities amounted to e 333.9 million (0.4%). Net other non-operating expenses, which include non-recurring income and expenses and the amortization of the value of the portfolios acquired directly or through the acquisition of control of insurance or financial companies, went from e -62.4 million at 30 June 2008 to e -170.0 million. This increase was due to the amortization of the value of business acquired associated with the insurance companies transferred from the PPF group and the companies acquired from the Banca del Gottardo group, accounted for from the second half of 2008.
19
Consolidated Financial half-yearly Report 09 Interim report
Asset and financial management Investments by IAS/IFRS categories
(A million)
30/06/2009 Total book value
Impact (%)
31/12/2008 Total book value
Impact (%)
12,312.7
4.4
12,473.3
4.4
Investments in subsidiaries, associated companies and joint ventures
2,049.2
0.7
2,568.4
0.9
Held to maturity investments
2,803.5
1.0
1,798.0
0.6
Land and buildings (investment properties) (*)
Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss Total Investments back to policies where the investment risk is borne by the policyholders Total investments - life segment
82,463.7
29.7
69,192.5
24.2
155,359.2
55.9
173,701.1
60.8
22,925.2
8.2
26,050.3
9.1
277,913.5
100.0
285,783.5
100.0
35,112.7
41,351.4
313,026.2
327,134.9
(*) In accordance with the international accounting standards, e 3,290.6 million land and buildings used for own activities (e 3,235.5 million at 31 December 2008) are classified as tangible assets.
Breakdown of investments by asset classes (A million) Equities (*) Available for sale financial assets Financial assets at fair value through profit or loss Bonds (**) Held to maturity investments Loans Available for sale financial assets Financial assets at fair value through profit or loss Investments back to policies where the investment risk is borne by the policyholders Other investments (***) Land and buildings (investment properties)
30/06/2009 Total book value 22,171.6
Impact (%) 7.1
31/12/2008 Total book value 22,224.5
18,691.2
18,709.0
3,480.5
3,515.5
202,118.4
64.6
207,842.4
2,786.0
1,778.7
53,356.5
38,888.5
132,453.4
150,847.8
13,522.6
16,327.5
35,112.7
11.2
53,623.4
17.1
55,716.6
17.0
Investments in subsidiaries, associated companies and joint ventures
2,049.2
2,568.4
Derivatives
2,365.5
3,012.6
Mortgage loans
8,623.9
8,835.2
Receivables from banks or customers
6,618.5
6,999.7
Term deposits with credit institutions
6,059.4
6,275.0
13,570.1
13,400.9
Total investments
20
313,026.2
100.0
63.5
12.6
14,624.7
(*) Investment fund units amounted to e 3,755.8 million (e 3,854.6 million at 31 December 2008). (**) Investment fund units amounted to e 6,726.6 million (e 7,641.0 million at 31 December 2008). (***) Investment fund units amounted to e 3,574.7 million (e 3,471.9 million at 31 December 2008).
6.8
41,351.4
14,336.9
Other investments
Impact (%)
327,134.9
100.0
The breakdown of investments by IAS/IFRS categories reflected the transfer of corporate bonds to loans and receivables starting from the beginning of the first quarter. The weight of loans and receivables to total investments rose to 29.7% from 24.2% at the end of 2008. A breakdown of investments by asset classes showed an improvement in equities (7.1%), which, thanks to a strong recovery in the second quarter driven by an overall improvement in market expectations, recouped a large portion of the losses incurred in the first quarter. Excluding financial assets where the risk is borne by the policy holders, the weight of the equity segment was 8%. This exposure was hedged through derivatives, net of which it amounted to 6.8%. Concerning the bond category, the Group has focused on investments in corporate bonds in the primary market, benefiting from a substantial increase in bond rates following the revised growth forecasts. The corporate component of the Group’s bond investment was 44.6% (44.0% at 31 December 2008). In life segment the Group adopted a strategy of extending the duration of its bond portfolio in the first quarter, followed by a reduction in the second quarter, concentrating its investments in highly-rated corporate bonds. Even with this approach, the asset allocation has been maintained consistent with the structure of the net insurance provisions. As for the non-life segment, the investment strategies adopted by the Group in the second quarter focused on equities in defensive industries that pay high dividends and have strong valuations. In the bond segment, the Group invested in corporate bonds issued on the primary market following a relatively neutral strategy in terms of interest rate risk, with an emphasis on the Consumer, Utilities, Energy and Financials sectors. The total annual return on the Group’s investments1 calculated based on book values fell from 2.1% to 1.9%, mainly due to a drop (from 2.5% to 2.2%) in the current return in the first half of the year1. The decrease was the result of a reduction in dividends and an increase in the rate curve, which resulted in a decrease in coupon income, mainly in the non-life segment.
1 Greater details on the methods used to determine these ratios are given in the methodological note in the appendix to this report.
21
Consolidated Financial half-yearly Report 09 Interim report
Net insurance provisions (A million)
30/06/2009
31/12/2008
30,433.2
29,246.0
Provisions for unearned premiums
6,092.0
5,320.2
Provisions for outstanding claims
23,930.1
23,514.4
411.1
411.4
Life insurance provisions (*)
256,099.5
266,509.3
Mathematical provisions
212,613.6
218,306.6
Non-life insurance provisions (*)
Other insurance provisions
4,759.1
4,391.7
Provisions for policies where the investment risk is borne by the policyholders
Provisions for outstanding claims
29,804.5
34,964.4
Other insurance provisions
15,115.1
16,176.5
Deferred policyholder liabilities
-6,192.7
-7,329.9
286,532.7
295,755.3
Total (*) After the elimination of intra-group transactions between segments.
Net insurance provisions were e 286,532.7 million, compared to e 295,755.3 million at 31 December 2008. The decrease reflects the accounting treatment applied to balance sheet items of Intesa Vita. On equivalent consolidation area, it increased by e 9,115.0 million (up 3.3%). Excluding deferred policyholders liabilities, life insurance provisions went from e 253,400.5 million at 31 December 2008 to e 262,292.3 million on equivalent consolidation area, as a result of the increase in provisions for the traditional portfolio (e 8,891.8 million) and the improvement in provisions for policies where the investment risk is borne by the policyholders (e 2,020.7 million). The trend of deferred policyholder liabilities, also on equivalent terms, reversed going from e -6,626.3 million to e -6,192.7 million following the recovery of financial makets in the first half of the year.
Debt In accordance with the IAS/IFRS managerial model adopted by the Generali Group, the consolidated debt was split into two categories: - liabilities linked to operating activities, which are all financial liabilities with a relationship to specific consolidated balance sheet items. This class also includes liabilities related to investment contracts issued by insurance companies; - Liabilities linked to financing activities, which include subordinated liabilities, bonds and other loans. For instance, debts issued as part of transactions carried out to acquire controlling shareholdings belong to this class.
22
Total debt was as follows:
(A million)
30/06/2009
31/12/2008
Liabilities linked to operating activities
32,244.1
34,400.5
Liabilities linked to financing activities
12,295.4
12,329.9
6,368.3
6,041.0
Subordinated liabilities Other non subordinated liabilities linked to financing activities Total
5,927.1
6,288.9
44,539.5
46,730.5
Liabilities linked to operating activities decreased particularly due to the above-mentioned accounting treatment applied to the balance sheet items of Intesa Vita. Liabilities linked to financing activities remained stable compared to 31 December 2008. In the second quarter, subordinated and senior liabilities have been repaid, which were already financed in the first quarter. The weighted average cost of liabilities linked to financing activities was 5.50% at 30 June 2009 (5.36% at 31 December 2008). The related interest expense is broken down as follows:
(A million)
30/06/2009
30/06/2008
Interest expense on liabilities linked to operating activities
260.2
428.9
Interest expense on liabilities linked to financing activities
333.9
332.4
20.4
15.2
614.5
776.6
Interest expense on deposits under reinsurance business accepted Total
(*)
(*) As from the half-yearly report 2008 interest expense on deposits under reinsurance business accepted have been deducted from the related interest income.
The rating assigned to Assicurazioni Generali by the main rating agencies is shown in the table below:
Rating agency
Rating
Outlook
Standard & Poor's
AA-
Stable
Fitch
AA-
Negative
A.M.Best
A+
Stable
Moody's
Aa3
Stable
23
Consolidated Financial half-yearly Report 09 Interim report
Shareholders’equity (A million) Shareholders’ equity attributable to the Group Share capital and reserves Reserve for unrealized gains and losses on available for sale financial assets Result of the period Shareholders’ equity attributable to minority interests Total
30/06/2009
31/03/2009
31/12/2008
11,611.7
11,013.1
11,312.8
11,996.4
12,122.1
11,557.7
-888.7
-1,212.7
-1,105.7
504.0
103.8
860.9
4,196.9
4,069.5
4,160.3
15,808.6
15,082.6
15,473.1
Shareholders’ equity attributable to the Group amounted to e 11,611.7 million (e 11,013.1 million at 31 March 2009), with an improvement, gross of the approved dividend, of e 810.1 million, mainly determined by the recovery of the reserve for unrealized gains and losses on available for sale financial assets and by the result for the second quarter. The 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, went from e -1,212.7 million at 31 March 2009 to e -888.7 million. The improvement, equal to e 323.9 million, was characterized both by a e 162.2 million improvement of the equity securities net of the record in the profit and loss account of net unrealized losses, previously accounted for in the shareholders’ equity, and by the e 136.0 million improvement of bonds thanks to the increase in their market value in the second quarter, especially of corporate bonds. The cost of shares of the Parent Company held by the Parent Company or other Group companies amounted to e 248.9 million (e 1,866.8 million at 31 December 2008), with a mean unit price of e 24.01. The reduction is mainly due to the assignment of free allotment, as following mentioned.
Shareholders and stock performance At 30 June 2009, outstanding shares, with a nominal value of e 1 each, were 1,410,113,747, of which e 10,485,112 held by the Parent Company and other Group companies. The latter showed a reduction as a result of the free allotment of a share per 25 shares owned, approved by the General Shareholders’ Meeting of the Parent Company. At the same date, the Parent Company’s shareholders numbered 226,502. 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:
24
Number of shares
Percentage of share capital
232,323,914
16.476
2 GRUPPO BANCA D’ITALIA
65,279,344
4.629
3 GRUPPO UNICREDIT
46,324,651
3.285
4 GRUPPO B&D HOLDING
39,294,481
2.787
5 GRUPPO BARCLAYS
33,789,507
2.396
6 LEONARDO DEL VECCHIO
29,172,000
2.069
Shareholders 1 GRUPPO MEDIOBANCA
Updated as of 8 June 2009.
At 30 June 2009, Generali stock was trading at e 14.81, marking a decline of 23.29% on the end of 2008. During the first six months of 2009, the share price fluctuated between a low of e 9.90 (on 9 March 2009) and a high of e 19.81 (on 8 January 2009). Market capitalization at 30 June 2009 was e 20,883.8 million, confirming Assicurazioni Generali’s position among the major European insurers by market capitalization.
Largo do Senado - Macau, China
25
Consolidated Financial half-yearly Report 09 Interim report
Business segments Life segment Business performance of the life segment 30/06/2009
30/06/2008
1,269.2
1,516.2
21,781.1
22,387.0
-24,916.0
-19,601.4
-2,087.7
3,229.4
-2,415.9
-2,550.8
-2,405.2
-2,545.0
-10.7
-5.8
40.6
40.1
Operating income from investments
6,840.4
1,298.9
Interest income and other income
4,950.5
5,587.7
Net income from financial instruments at fair value through profit or loss
2,354.5
-3,813.3
1,498.4
-3,404.3
Net operating realized gains on other financial instruments and land and buildings (investment properties)
356.0
678.7
Net operating impairment losses on other financial instruments and land and buildings (investment properties)
-586.1
-694.1
-57.4
-87.2
-177.2
-372.8
Net other operating expenses
-61.0
-57.7
Non-operating result - life segment
-176.6
-93.2
-110.7
-57.5
Net non-operating realized gains on other financial instruments and land and buildings (investment properties) (**)
-1.2
2.1
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) (**)
-109.5
-59.7
-65.9
-35.7
1,092.6
1,423.0
(A million) Operating result - life segment Net premiums Net insurance benefits and claims of which change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds Acquisition and administration costs Acquisition and administration costs related to insurance business
(*)
Other acquisition and administration costs Net fee and commission income and net income from financial service activities
of which net income from financial assets and liabilities where the risk is borne by the policyholders
Interest expense on liabilities linked to operating activities Other expenses from other financial instruments and land and buildings (investment properties)
Non-operating income from investments
Net other non-operating expenses
(***)
Earnings before taxes - life segment
(*) Commissions related to investment contracts, which amounted to e 47.5 million (e 65.0 million at 30 June 2008), are included in net fee and commission income and net income from financial service activities. (**) 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.
30/06/2009
30/06/2008
10.8%
10.6%
Acquisition costs / net premiums
8.6%
8.3%
Administration costs / net premiums
2.2%
2.3%
Expense ratio
26
Operating result of the life segment was e 1,269.2 million, with a reduction of 16.3% compared to 30 June 2008 (down 13.4% on equivalent terms), affected by the deterioration of financial margins, as a result of the sharp decrease in current profitability and the drop in realized gains. Net premiums of the life segment amounted to e 21,781.1 million. Gross premiums written of the life segment, including premiums related to investment contracts, amounted to e 23,124.1 million (e 25,002.1 million at 30 June 2008), down by 7.5% (down 1.9% on equivalent terms). This trand is caused by a reduction in premiums written by the Group in Italy (down 11.2% on equivalent terms) due to decreases in policies sold by financial advisors and corporate contracts, which sold well in the first half of 2008. Net of these two items, the premiums are substantially stable. Spain (down 8.3%) and Mexico (down 35.2% on equivalent terms) also showed a decrease. In both countries premium income was affected by the decrease in single-premium products collected through the banking channel, which were impacted by financial market trends more than other products. Germany, on the other hand, recorded an increase in the number of gross direct premiums written (up 4.5%) due to the success of traditional single premium individual policies. China also recorded an increase (up 107.3% on equivalent terms), due to the success of traditional single premium individual policies sold primarily through the bank channel. Sales of these products were concentrated in the first quarter. Premiums related to investment contracts — not accounted for as premiums — amounted to e 987.2 million. The decrease compared to e 2,219.8 million at 30 June 2008 (e -283.1 million excluding Intesa Vita) is attributable to the premium income levels in Italy, France and central and eastern European countries. New business Annual Premium Equivalent totalled e 2,393.0 million. The decrease would have been 9.6% on equivalent terms, i.e. on equivalent exchange rates and portion attributable to the Group, due to the fact that, considering the market context, a substantial part of new business is related to single-premium contracts. Net cash inflows, i.e. premiums net of outflows attributable to the period continued to grow, increasing by 6.5% to e 7,100.4 million, thanks in particular to the reduction in redemptions over the first months of 2009 compared to the same period of the previous year. Acquisition and administration costs of the life segment amounted to e 2,415.9 million (down 5.3%). Considering also fees and commissions on investment contracts, which amounted to e 47.5 million, insurance acquisition and administration costs decreased 6.0% to e 2,452.6 million (down 4.1% on equivalent terms). Specifically, insurance acquisition costs were e 1,955.3 million with a drop of 4.3% compared to 30 June 2008 (down 3.8% on equivalent terms), mainly due to the reduction in premium income. Acquisition and administration costs amounted to 497.4 million, down (down 5.0% on equivalent terms), thanks to the reduction achieved in Italy, Germany and France as a result of actions aimed at stepping up efficiency. The expense ratio was 10.8%, largely stable compared to 30 June 2008. In detail, the ratio to acquisition costs was 8.6% and the ratio to administration costs was 2.2%. Operating income from investments of the life segment increased from e 1,298.9 million at 30 June 2008 to e 6,840.4 million. This result benefitted from the improvement in net income from financial instruments at fair value through profit or loss, which went from e -3,813.3 million to e 2,354.5 million. Specifically, as mentioned above, net income from financial assets and liabilities where the investment risk is borne by the policyholders went from e -3,404.3 million at 30 June 2008 to e 1,498.4 million, due to the increase in the market value of assets linked to this asset class during the first six months of the year compared to the significant reduction in the same period of the 2008. This trend was largely offset by the increase in the correspondent change in the related provision, included in net insurance benefits and claims.
27
Consolidated Financial half-yearly Report 09 Interim report
Interest income and other income decreased (down 11.4%), going from e 5,587.7 million to e 4,950.5 million, particularly due to the reduction in dividends. Net operating realized gains on other financial instruments and land and buildings (investment properties) fell from e 678.7 million to e 356.0 million due to the decrease in realized gains on equity securities. Net impairment losses on other financial instruments and land and buildings (investment properties) improved from e 694.1 million to e 586.1 million, thanks to the recovery of equity prices in the second quarter of the year. Such reductions were mostly offset by the decrease in net insurance benefits and claims. Other expenses from financial instruments and land and buildings (investment properties), which also include investment management expenses and net exchange gains or losses, went from e -372.8 million to e -177.2 million, primarily due to the aforementioned transactions in foreign currencies, mostly offset by the related change in insurance provisions. Other non-operating income and expenses of the life segment amounted to e -61.0 million (e -57.7 million at 30 June 2008), as a result of lower net provisions and the accounting treatment applied upon consolidation to the profit and loss items of Intesa Vita. Non-operating result of the life segment amounted to e -176.6 million (e -93.2 million in the same period of the previous year), slightly down as a result of the increase in other non-operating income and expenses. The increase is mainly attributable to the amortization recorded on the value of business acquired in relation to the insurance companies transferred from the PPF Group following the implementation of the amortization schedule at the end of 2008.
Tienanmen Guangchang - Pechino, China
28
Insurance business trends in the main countries of the life segment Gross direct premiums written (A million) Italy of which premiums related to investment contracts France
30/06/2009
30/06/2008
5,694.9
7,860.4 (*)
196.9
1,364.0 (*)
6,341.8
6,290.8
3.6
33.6
5,997.2
5,740.9
3.2
2.5
781.3
867.2
268.3
299.3
Spain
637.1
694.8
Austria
556.5
598.8
Switzerland
413.0
402.6
28.2
37.8
of which premiums related to investment contracts Germany (**) of which premiums related to investment contracts Central and Eastern Europe of which premiums related to investment contracts
of which premiums related to investment contracts
(*) Historical amounts not on equivalent terms. (*) Gross direct premiums written include premiums drawn from the provision for profit sharing, which amount to e 200.1 million at 31 June 2009 (e 260.5 million at 30 June 2008).
New annual business premium equivalent (A million)
30/06/2009
30/06/2008
Italy
705.0
768.0
France
644.0
636.0
Germany
504.0
602.0
Central and Eastern Europe
81.0
124.0
Spain
64.0
71.0
Austria
37.0
46.0
Switzerland
40.0
40.0
29
Consolidated Financial half-yearly Report 09 Interim report
Expense ratio Expense ratio 30/06/2009 30/06/2008
(%) Italy
9.5
France
8.0
Acquisition ratio 30/06/2009 30/06/2008 7.1
Administration ratio 30/06/2009 30/06/2008
5.6
2.4
2.4
6.6
7.0
5.5
5.7
1.1
1.3
Germany
14.3
15.5
13.0
13.8
1.3
1.7
Central and Eastern Europe
18.6
20.4
13.6
14.3
5.0
6.0
Spain
4.7
4.5
4.0
3.9
0.8
0.7
Austria
13.4
14.7
8.9
11.4
4.5
3.2
Switzerland
18.5
20.7
12.4
14.9
6.1
5.7
Operating result of the life segment (A million)
30/06/2009
30/06/2008
Italy
555.9
836.3 (*)
France
212.3
277.3
Germany
113.9
175.3
Central and Eastern Europe
178.7
73.4
Spain
58.0
53.7
Austria
18.8
24.6
Switzerland
49.4
21.3
(*) Historical amounts not on equivalent terms.
30
Asset and financial management of the life segment Investments by IAS/IFRS categories of the life segment
(A million) Land and buildings (investment properties) (*) Investments in subsidiaries, associated companies and joint ventures Held to maturity investments Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss Total Investments back to policies where the investment risk is borne by the policyholders Total investments - life segment
30/06/2009 Total book value
Impact (%)
31/12/2008 Total book value
Impact (%)
6,842.0
2.8
6,959.3
2.8
13,183.4
5.5
13,666.3
5.5
2,080.9
0.9
1,069.0
0.4
64,990.2
26.9
52,035.8
21.0
134,936.9
55.8
152,904.3
61.7
19,685.8
8.1
21,315.9
8.6
241,719.2
100.0
247,950.5
100.0
35,112.7
41,351.4
276,831.8
289,301.9
(*) In accordance with the international accounting standards, e 1,225.0 million land and buildings used for own activities (e 1,278.9 million at 31 December 2008) are classified as tangible assets.
Breakdown of investments by asset classes of the life segment
(A million) Equities (*) Available for sale financial assets Financial assets at fair value through profit or loss Bonds (**) Held to maturity investments Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss
30/06/2009 Total book value 17,509.4
Impact (%) 6.3
31/12/2008 Total book value 17,321.4
14,517.8
14,617.1
2,991.6
2,704.3
179,814.3
65.0
Impact (%)
185,862.5
2,080.9
1,069.0
48,839.2
35,448.5
117,007.0
135,025.4
11,887.2
14,319.6
6.0
64.2
Investments back to policies where the investment risk is borne by the policyholders
35,112.7
12.7
41,351.4
14.3
Other financial investments (***)
44,395.5
16.0
44,766.6
15.5
Land and buildings (investment properties) Investments in subsidiaries, associated companies and joint ventures
8,539.4
8,755.5
13,183.4
13,666.3
Derivatives
1,452.6
1,271.9
Mortgage loans
3,294.2
3,534.0
Term deposits with credit institutions
4,437.3
4,395.1
13,488.7
13,143.8
Other investments Total investments - life segment (*) Investment fund units amounted to e 3,206.1 million (e 3,327.2 million at 31 December 2008). (**) Investment fund units amounted to e 5,915.4 million (e 6,672.1 million at 31 December 2008). (***) Investment fund units amounted to e 3,086.1 million (e 2,916.0 million at 31 December 2008).
276,831.8
100.0
289,301.9
100.0
31
Consolidated Financial half-yearly Report 09 Interim report
As a result of the already mentioned transfer of corporate bonds to the loans and receivables, their impact on total investments went from 21.0% at 31 December 2008 to 26.9%. Thanks to the considerable recovery of the stock market indexes in the second quarter, which enabled the Group to recoup its first-quarter losses, the equity component accounted for 6.3% of the Group’s financial investments, substantially in line with the 2008 figure. In the bond segment, the improvement in market forecasts in the second quarter led the Group to pursue a strategy aimed at expanding the duration of its bond portfolio. Finally, in the last part of the quarter, the Group restored the neutrality of its insurance portfolios as compared to their benchmarks, while maintaining an asset composition consistent with the structure of its net insurance provisions. The Group also implemented a policy aimed at increasing its emphasis on corporate bonds in highly rated sectors in order to improve its current return while maintaining an overall risk-neutral position. At 30 June 2009, investments of the life segment amounted to e 241,719.2 million, slightly decreasing compared to 31 December 2008, substantially following the accounting treatment applied to the balance sheet items of the Intesa Vita. Investments back to policies where the risk is borne by the policyholders amounted to e 35,112.7 million (e 41,351.4 million at 31 December 2008). Including this class of investments, the total (excluding cash and cash equivalents, which are not included in investments for balance sheet purposes) was 276,831.8 million (289,301.9 million at 31 December 2008).
Net insurance provisions of the life segment (A million)
30/06/2009
31/12/2008
212,613.6
218,306.6
4,759.1
4,391.7
Provisions for policies where the investment risk is borne by the policyholders
29,804.5
34,964.4
Other insurance provisions
15,115.1
16,176.5
-6,192.7
-7,329.9
256,099.5
266,509.3
Mathematical provisions Provisions for outstanding claims
Deferred policyholder liabilities Total insurance provisions - life segment
(*)
(*) After the elimination of intra-group transactions between segments.
Excluding deferred policyholder liabilities, net life insurance provisions (on equivalent consolidation area) rose from e 253,400.5 million at 31 December 2008 to e 262,292.3 million due to increases in both provisions for the traditional portfolio as well as provisions for policies where the investment risk is borne by the policyholders, which, particularly in the last quarter, benefited from an improvement in market conditions. Deferred policyholders liabilities (also on equivalent terms) saw a trend reversal, increasing from e -6,626.3 million to e -6,192.7 million following the recovery of the financial markets, mainly in the second quarter.
32
Non-life segment Business performance of the non-life segment (A million)
30/06/2009
30/06/2008
710.1
1,160.4
9,984.7
9,976.6
Net insurance benefits and claims
-7,032.4
-6,693.9
Acquisition and administration costs
-2,774.6
-2,784.6
-2,740.4
-2,746.2
-34.2
-38.4
-0.4
0.0
Operating result - non-life segment Net earned premiums
Acquisition and administration costs related to insurance business Other acquisition and administration costs Fee and commission income and income from financial service activities Operating income from investments
618.4
856.9
Interest income and other income
820.0
1,011.6
48.7
39.1
Interest expense on liabilities linked to operating activities
-103.2
-77.8
Other expenses from other financial instruments and land and buildings (investment properties)
-147.1
-116.0
-85.7
-194.5
-484.4
331.4
-410.7
334.7
-155.8
5.4
44.7
472.2
Interest income and dividends from financial instruments at fair value through profit or loss
Net other operating expenses Non-operating result - non-life segment Non-operating income from investments Other income and expenses from financial instruments at fair value through profit or loss Net realized gains on other financial instruments and land and buildings (investment properties) Net impairment losses on other financial instruments and land and buildings (investment properties)
-299.6
-142.9
Net other non-operating expenses
-73.7
-3.3
Earnings before taxes - non-life segment
225.7
1,491.8
30/06/2009
30/06/2008
Loss ratio
70.4%
67.1%
Expense ratio
27.4%
27.5%
21.3%
21.3%
Acquisition costs / net premiums Administration costs / net premiums Combined ratio
6.1%
6.2%
97.9%
94.6%
Operating result in the non-life segment was e 710.1 million (down 38.8% compared to 30 June 2008). This reduction is attributable to the drop in both technical margins and current financial profitability. Catastrophic events that occurred especially in the second quarter, such as the earthquake in the Abruzzo
33
Consolidated Financial half-yearly Report 09 Interim report
region and significant storm in Italy, France and Spain, together with the loss ratio of the motor segment, led the combined ratio to 97.9%. Premium income remained substantially stable; this item, despite being conditioned by the severe economic situation, benefited from the level of territorial diversification achieved by the Group. Moreover, costs, in particular administration costs, showed a further downturn in the second quarter. Net earned premiums amounted to e 9,984.7 million. Gross non-life premiums written of the non-life segment showed a decrease of 2.0%, going from e 11,790.4 million to e 11,558.4 million. On equivalent terms, premium income was lower (down 0.9%). Gross direct premiums written decreased by 2.3% (down 1.2% on equivalent terms), as a result of the performance in Italy (down 3.9%) and Spain (down 5.9%), which was affected by the already mentioned reduction of the motor segment (4.4% and 7.7%, respectively). In Italy, in addition to the decrease in premiums written in the car line, there was also a decline in accident and health premiums, on which the portfolio reform activity, aimed at recovering profitability undertaken in the first quarter, had a more significant impact. Indeed, an initial turnaround was visible in the second quarter. A positive contribution to premium income of non-life segment was given by France (up 2.6%), especially the personal (up 5.4%) and corporate lines (up 4.9%), and Argentina (up 36.1%), where premium income was driven by the tariff increases and the rise of insured vehicles. Net insurance benefits and claims went from e 6,693.9 million to e 7,032.4 million. This increase, more than proportional compared to the net earned premiums one, affected the loss ratio — net of ceded reinsurance — that was 70.4% (67.1% at 30 June 2008). Acquisition and administration costs of the non-life segment amounted to e 2,774.6 million (down 0.4%), of which e 2,740.4 million acquisition and administration costs related to insurance business (down 0.2%). In detail, acquisition costs, amounting to e 2,127.2 million, remained mainly stable. Administration costs, amounting to e 613.2 million, show a slight decrease (down 0.6%), thanks to the performance achieved in central and eastern Europe and Italy. Other acquisition and administration costs, amounting to e 34.2 million, mainly referred to the administration costs borne by real estate companies in the non-life segment. The expense ratio remained stable at 27.5%. The combined ratio increased to 97,9% from 94,6% at 30 June 2008. Said increase is primarily attributable to the increase in the claims rate reported in the main countries in which the Group operates due to the trend in premiums, in the motor segment in particular, in addition to the aforementioned impact of the disaster claims in Italy, such as those pertaining to the earthquake in Abruzzo and the storms in the north of Italy, as well as in France and Spain, which had a total impact of approximately e 196 million. The combined ratio decreased in Germany and Switzerland. Non-life operating income from investments amounted to e 618.4 million, compared to e 856.9 million in the same period of the previous year.
Interest income and other income fell from e 1,011.6 million to e 820.0 million (down 18.9%) due, on the one hand, to the contraction of equity dividends driven by the performances reported by investee companies in 2008 and, on the other, to the decline in rates on bonds with durations of approximately three and a half years, typical of investments in this segment, which led to a decrease in coupon flow. Interest income and dividends from financial instruments at fair value through profit and loss slightly increased. Other expenses from other financial instruments and land and buildings (investment properties) amounted
34
to e -147.1 million (e -116.0 million of 30 June 2008), as a result of the higher exchange losses reported for this segment. Other operating income and expenses of the non-life segment decreased from e -194.5 million to e -85.7 million, due to lower insurance expenses and other lower taxes. Non-operating result of the non-life segment went from e 331.4 million to e -484.4 million. Said decrease is attributable to both net non-operating impairment losses on other financial instruments and land and buildings (investment properties), which rose to e -299.6 million, due to net impairment losses on equity securities in the main countries where the Group operates, and to the decrease in net non-operating realized gains on other financial instruments and land and buildings (investment properties), which went from e 472.2 million at 30 June 2008 to e 44.7 million. This fall was also affected by the e 286.8 million profit realized over the first quarter of 2008 on the transfer of the insurance assets in central and eastern Europe to Generali PPF Holding. Net operating income from financial instruments at fair value through profit or loss, which includes realized profits and losses and profits and losses on the measurement of financial instruments classified to this asset class, fell from e 5.4 million to e -155.8 million due to the aforementioned effect of the hedging derivatives entered into in recent months in order to protect the Group’s equity from the extreme volatility of financial markets. Other non-operating income and expenses went from e -3.3 million at 30 June 2008 to e -73.7 million, mainly due to the recognition of amortization of the value of business acquired associated with the insurance companies transferred from the PPF group, from the end of 2008.
Skyline, Macau - China
35
Consolidated Financial half-yearly Report 09 Interim report
Insurance business trends in the main countries of the non-life segment Non-life premiums (A million)
30/06/2009
30/06/2008
Gross direct premiums written
3,533.7
3,676.9
of which motor premiums
1,657.7
1,733.7
3,382.6
3,434.6
1,926.4
1,878.4
Italy
Net earned premiums France Gross direct premiums written of which motor premiums
561.1
574.6
1,800.0
1,750.4
Gross direct premiums written
1,852.4
1,873.6
of which motor premiums
777.8
810.9
1,484.4
1,492.7
Gross direct premiums written
1,079.4
1,220.0
of which motor premiums
583.6
669.2
987.7
1,045.3
Gross direct premiums written
849.2
902.4
of which motor premiums
263.6
285.5
597.4
611.4
Gross direct premiums written
756.6
755.2
of which motor premiums
343.4
356.1
656.4
637.6
Gross direct premiums written
352.0
328.2
of which motor premiums
183.8
172.9
234.9
216.5
Net earned premiums Germany
Net earned premiums Central and Eastern Europe
Net earned premiums Spain
Net earned premiums Austria
Net earned premiums Switzerland
Net earned premiums
36
Combined ratio Combined ratio 30/06/2009 30/06/2008
(%)
Loss ratio 30/06/2009 30/06/2008
Expense ratio 30/06/2009 30/06/2008
102.5
96.2
79.9
73.0
22.6
23.2
France (*)
99.5
96.3
71.3
68.4
28.1
27.9
Germany
95.7
97.1
65.3
67.5
30.4
29.6
Central and Eastern Europe
83.7
82.1
54.2
52.8
29.6
29.3
Spain
92.0
89.4
67.9
65.9
24.1
23.5
Italy (*)
(*)
Austria
97.2
96.6
68.2
66.7
29.0
29.9
Switzerland
94.7
95.4
67.2
67.1
27.4
28.3
(*) CAT claims, net of reinsurance, impact on combined ratio for 3.8 pp on Italy, 3.1 pp in France and 0.8 pp in Spain.
Operating result of the non-life segment (A million)
30/06/2009
30/06/2008
58.6
307.1
France
120.8
221.8
Germany
140.1
130.0
Central and Eastern Europe
189.1
239.4
Spain
97.2
112.3
Austria
37.2
49.4
Switzerland
23.3
20.5
Italy
37
Consolidated Financial half-yearly Report 09 Interim report
Asset and financial management of the non-life segment Investments by IAS/IFRS categories of the non-life segment
(A million)
30/06/2009 Total book value
Impact (%)
31/12/2008 Total book value
Impact (%)
5,630.3
11.5
5,629.6
11.5
13,013.1
26.7
12,950.5
26.4
118.2
0.2
122.6
0.2
Loans and receivables
10,610.3
21.7
9,744.9
19.8
Available for sale financial assets
18,278.2
37.4
18,856.7
38.4
Land and buildings (investment properties) (*) Investments in subsidiaries, associated companies and joint ventures Held to maturity investments
Financial assets at fair value through profit or loss Total investments - non-life segment
1,163.7
2.4
1,821.5
3.7
48,813.8
100.0
49,125.9
100.0
(*) In accordance with the international accounting standards, e 1,842.8 million land and buildings used for own activities (e 1,754.7 million at 31 December 2008) are classified as tangible assets.
Breakdown of investments by asset classes of the non-life segment
(A million) Equities (*) Available for sale financial assets Financial assets at fair value through profit or loss Bonds (**) Held to maturity investments Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss Other financial investments (***) Land and buildings (investment properties) Investments in subsidiaries, associated companies and joint ventures Derivatives
30/06/2009 Total book value 4,424.2
Impact (%) 9.1
31/12/2008 Total book value 4,583.1
3,996.2
3,920.3
428.0
662.8
17,689.3
36.2
17,418.6
100.7
103.3
3,500.6
2,366.4
13,488.2
14,068.9
599.9
880.0
26,700.3
54.7
27,124.1
5,957.1
5,984.9
13,013.1
12,950.5
75.5
230.2
Term deposits with credit institution
1,816.0
2,077.2
Other investments
5,838.6
5,881.4
Total investments - non-life segment
48,813.8
100.0
49,125.9
Impact (%) 9.3
35.5
55.2
100.0
(*) Investment fund units amounted to e 530.9 million (e 525.9 million at 31 December 2008). (**) Investment fund units amounted to e 784.4 million (e 943.9 million at 31 December 2008). (***) Investment fund units amounted to e 362.0 million (e 427.9 million at 31 December 2008).
As a consequence of the already mentioned transfer of some corporate bonds, loans and receivables of the non-life segment went from 19.8% of total investments to 21.7%.
38
The recovery of equity indices from the lows reported in early March 2009 substantially allowed a return to the stock market valuations of the beginning of the year. In parallel, the equity component reached an overall weight of 9.1%, in line with the exposure recorded at the beginning of the year. The investment strategies adopted in the second quarter privileged equity securities in defensive high-dividend sectors with solid fundamental valuations. In the bond segment, the company underwrote corporate bonds on the primary market, following a relatively neutral strategy in terms of interest rate risk, with an emphasis on the Consumer, Utilities, Energy and Financials sectors.
Net insurance provisions of the non-life segment (A million)
30/06/2009
31/12/2008
Provisions for unearned premiums
6,092.0
5,320.2
Provisions for outstanding claims
23,930.1
23,514.4
411.1
411.4
30,433.2
29,246.0
Other insurance provisions Total insurance provisions - non-life segment
(*)
(*) After the elimination of intra-group transactions between segments.
Renmin Guangchang, Guiyang - China
39
Consolidated Financial half-yearly Report 09 Interim report
Financial segment Business performance of the financial segment (A million)
30/06/2009
30/06/2008
222.5
195.8
631.7
567.3
Intermediation margin
647.3
576.5
Net interest income
175.3
165.3
62.4
66.3
Fee and commission income and income from financial service activities
375.3
359.7
Other net income from financial instruments at fair value through profit or loss
-13.4
-59.4
47.8
44.8
-15.6
-8.4
-364.2
-311.9
-44.9
-60.6
-35.5
-15.7
-5.2
7.7
-5.2
7.7
Operating result - financial segment Net operating result from financial activities
Dividends and other income
Net operating gains on other financial instruments Net operating impairment losses on other financial instruments Acquisition and administration costs Net other operating expenses Non-operating result - financial segment Non-operating income from investments Net non-operating realized gains on other financial instruments and land and buildings (investment properties) Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)
0.0
0.0
Net other non-operating expenses
-30.3
-23.4
Earnings before taxes - financial segment
187.0
180.1
Operating result of the financial segment went from e 195.8 million to e 222.5 million, up 13.6% (up 7.2% on equivalent terms). In particular, in Italy the Banca Generali group reported a growth in its operating result due to the improvement of the net fee and commission income and of the result of trading activity, whereas in Switzerland the BSI group reported an increase in its operating result due both to the larger contribution of trading activity and improved net interest income. Finally, in Germany, the operating result of the Badenia Bausparkasse group remained largely stable. Intermediation margin went from e 576.5 million to e 647.3 million (up 12.3%), thanks to the slight improvement in interest margin due to the generalized drop in interest expense rates. Non-operating result of the financial segment decreased to e -35.5 million due to the increase in other nonoperating expenses mainly linked to the merger between BSI and Banca del Gottardo and the amortization of the value of the portfolio acquired, which was accounted for from the second half of 2008. Asset management accounts for most of the Group’s financial activity and focuses mainly on the management of the Group companies’ financial instruments.
40
At 30 June 2009, assets under management of banks and management companies amounted to e 372.308,8 million, up 5.3% compared to 31 December 2008, mainly thanks to the increase in the Group’s AUM and to the widening of the consolidation’s perimeter. The third parties AUM were e 71,351.6 million (up 5.5%).
Asset and financial management of the financial segment Investments of the financial segment
(A million) Land and buildings (investment properties) (*) Investments in subsidiaries, associated companies and joint ventures Held to maturity investments Loans and receivables Available for sale financial assets Financial assets at fair value through profit or loss Total investments - financial segment
30/06/2009 Total book value 21.2
Impact (%) 0.1
31/12/2008 Total book value
Impact (%)
22.9
0.1
52.8
0.3
58.1
0.3
604.4
3.3
606.4
3.0
13,343.9
73.1
14,483.6
72.3
2,144.1
11.7
1,940.2
9.7
2,084.3
11.4
2,923.7
14.6
18,250.8
100.0
20,034.8
100.0
(*) In accordance with the international accounting standards, e 194.2 million land and buildings used for own activities (e 202.4 million at 31 December 2008) are classified as tangible assets.
Breakdown of investments by asset classes of the financial segment
(A million) Equities (*) Available for sale financial assets Financial assets at fair value through profit or loss Bonds (**) Held to maturity investments Loans and receivables
30/06/2009 Total book value 238.1
Impact (%) 1.3
31/12/2008 Total book value 320.0
177.2
171.6
60.8
148.4
4,614.8
25.3
4,561.3
604.4
606.4
1,016.7
1,073.6
Available for sale financial assets
1,958.1
1,753.5
Financial assets at fair value through profit or loss
1,035.5
1,127.9
Other financial investments (***)
13,398.0
73.4
15,153.5
Land and buildings (investment properties)
21.2
22.9
Investments in subsidiaries, associated companies and joint ventures
52.8
58.1
Derivatives
846.0
1,521.4
Receivables from banks or customers
6,629.1
7,008.6
Mortgage loans and other investments
5,848.8
6,542.5
Total investments - financial segment
18,250.8
100.0
Impact (%)
20,034.8
1.6
22.8
75.6
100.0
(*) Investment fund units amounted to e 18.9 million (e 1.5 million at 31 December 2008). (**) Investment fund units amounted to e 26.8 million (e 25.0 million at 31 December 2008). (***) Investment fund units amounted to e 126.5 million (e 128.0 million at 31 December 2008).
41
Consolidated Financial half-yearly Report 09 Interim report
Related-party transactions The primary related-party transactions, which were settled at arm’s-length prices or at cost, took the form of reinsurance and coinsurance transactions, administration and management of securities and real-estate assets, leases, loans and guarantees, administrative services, information technology services, staff loans and claims adjustment. The above services aim to rationalize operational functions, increase the cost-efficiency of overall operations, ensure adequate service levels, and make use of synergies within the Group. Information on related-party transactions is presented in the notes to this Consolidated Half-Yearly Report.
Significant events after 30 June 2009 As mentioned above, on 14 July the General Shareholders’ Meeting of Assicurazioni Generali, in extraordinary session, approved the merger of Alleanza Assicurazioni and Toro Assicurazioni into Assicurazioni Generali following the transfer of the insurance businesses of the two companies to the new company known as Alleanza Toro, which is fully owned by the Parent Company. On 11 June, ISVAP approved said transaction. The transaction will become fully operational on 1 October 2009 and aims, on the one hand, to achieve further cost synergies within the territory and, on the other, to expand the range of products offered by Alleanza’s distribution networks to the non-life business and to achieve greater growth of life products through the Toro networks.
Conclusions and outlook for operations Anticipatory indicators for the remainder of 2009 point towards the first upwards revisions of economic projections. However, it is foreseeable that the effects of the crisis will extend throughout all of 2009. It is expected that demand will decline despite decreasing prices and tax measures in support of purchasing power. In this situation of uncertainty, an increase of the propensity to save is expected. In this scenario, the current general consensus calls for the GDP of developed nations to stabilize at current levels for the rest of 2009. The interest rate curve is projected to remain very steep with very low short-term rates. It is reasonable to presume that the levels reached by equity markets in March represent absolute lows for the year. However, following the strong recovery in the second quarter, the possibility of a further improvement in market indices is tied to positive expectations of a return to profitability in corporate earnings. In this context, the Group is pursuing the goal of containing the decline in the technical margins for the non-life business through appropriate rate action planned at the beginning of the year, as well as by further increasing operational efficiency both in terms of costs and claims adjustment. As a whole, the measures planned will begin to generate effects near the end of the year and are aimed to achieve a positive technical result. In the life segment, we expect a further recovery in new production written aimed at achieving the volumes
42
reported in 2008, while further improving on profitability. We also foresee additional progress in the improvement of this segment’s bottom line due both to the quality of development and the investment policies established. Within the current macroeconomic situation, the investment policy will continue to be based on prudent asset allocation.
Venice, 31 July 2009
THE BOARD OF DIRECTORS
Renmin Guangchang, Guiyang - China
43
Taj Mahal, Agra - India
Appendix to the interim Report
METHODOLOGICAL NOTE ON ALTERNATIVE PERFORMANCE MEASURES In order to assess the quality and the sustainability of its earnings in each segment and country, the Generali Group has presented in this report two performance indicators, i.e. new business annual premium equivalent (APE) and operating result. New business annual premium equivalent, net of minority interests, is equivalent to the sum of new annual premium policies, plus a tenth of premiums in single premium policies. 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. 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 Acquisition and administration costs Net fee and commission income and net income from financial service activities Operating income from investments Non-operating income from investments Net other operating expenses Net other non-operating expenses
2.1 2.5.1 - 2.5.3 1.2 - 2.2 1.3 - 1.4 - 1.5 - 2.3 - 2.4 - 2.5.2 1.6 - 2.6
Specifically, 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 on which the policyholders’ profit sharing is not based, 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, restructuring charges, the amortization of the value of business acquired directly or by securing control of companies in the insurance and financial segments (VOBA) and net other non recurring expenses.
47
Consolidated Financial half-yearly Report 09 APPENDIX TO THE INTERIM REPORT
As to consider the calculation method of the policyholders’ profit sharing based on the result of the period, life non-operating result in Germany and Austria was calculated net of the estimated amount attributable to the policyholders. In line with the operating result definition and also in order to guarantee a greater comparability with the main European competitors, operating result of Germany and Austria was not adjusted for estimated income taxes 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. 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, and impairment losses and reversal of impairment of investments, 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, 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 (VOBA). 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. 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, restructuring charges, the amortization of the value of business acquired directly or by securing control of companies in the insurance and financial segments (VOBA) and net other non recurring expenses. The operating holding expenses mainly includes the expenses sustained by the Parent Company and local subholdings for management and coordination activities. The non operating holding expenses refers to: 1. interest expense on liabilities linked to the Group’s financing activities2, 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. In accordance with the abovedescribed approach, the Generali Group has also presented the life and non-life 2 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.
48
operating result of the main countries where it operates. This performance indicator measures the contribution of each country to the consolidated operating result. Please note that the following reclassifications have been implemented in the operating result definition, as a valuation indicator of the quality and sustainability over time, in respect to the related profit and loss items: • within the operating result, investment management expenses and gains and losses on foreign currencies have been reclassified for all segments from management expenses and other net operating expenses, respectively, to the investment operating income, • within the operating income from investments, the interest expenses on deposits and current accounts under reinsurance business accepted have been deducted from the related interest income. Therefore, they are nomore accounted for in interest expenses on liabilities linked to operating activities. Lastly, within the context of the life and non-life operating result of each country, reinsurance operations between Group companies in different countries have been accounted for as transactions concluded with external reinsurers. This new 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. However, this change does not impact the segment operating result. For the purpose of guaranteeing the uniformity of the information presented, the comparative data for both the segments and overall operating and non-operating results have been redetermined considering the changes described above, while the life and non-life operating results for each country were redetermined in accordance with the new approach to intragroup reinsurance. Following is provided the reconciliation of the operating result reported in the financial statement of 31 June 2008 and the restated one. These adjustments are mainly related to the reclassification within the interest expenses of the interest expenses on defined benefit plans, the latter previously included in the net nonoperating expenses.
30.06.2008 previously reported
adjustments
30.06.2008 restated
Operating result - non-life segment
1,204.2
-43.8
1,160.4
Operating result - life segment
1,517.3
-1.1
1,516.2
196.6
-0.8
195.8
Operating holding expenses
-154.4
0.0
-154.4
Consolidation adjustments
-220.5
0.0
-220.5
2,543.2
-45.7
2,497.6
Non-operating result - non-life segment
287.6
43.8
331.4
Non-operating result - life segment
-94.4
1.1
-93.2
(A million)
Operating result - financial segment
Operating result
Non-operating result - financial segment Non-operating holding expenses Consolidation adjustments Non-operating result
-16.5
0.8
-15.7
-344.5
0.0
-344.5
0.0
0.0
0.0
-167.7
45.7
-122.0
49
Consolidated Financial half-yearly Report 09 APPENDIX TO THE INTERIM REPORT
Furthermore, starting from the 2008 half-yearly report, the operating result of the financial segment was drawn up reclassifying items according to a layout based on operating margins, which better describes the asset management business. 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. Finally, the Generali Group has presented a performance indicator, i.e. return on investments on a yearly basis, that is calculated as the ratio of: • operating and non-operating income from investments, less interest expense on liabilities linked to financing activities and net income from financial instruments at fair value through profit or loss where the risk is borne by the policyholders, for total return on investments, or • interests and other income, including those arising from financial instruments at fair value through profit and loss, for current return on investments, to • the average investments, i.e. 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 where the risk is borne by the policyholders, derivatives classified in financial liabilities at fair value through profit or loss and cash and cash equivalent. The average amount is calculated on a quarterly average asset base.
Rajasthan, Pushkar - India
50
Renmin Guangchang - Shanghai, China
Consolidated half-yearly financial statements
Company
ASSICURAZIONI GENERALI S.p.A.
CONSOLIDATED STATEMENTS Consolidated half-yearly financial statements at 30 June 2009
(Amounts in € million)
53
BALANCE SHEET - ASSETS
30/06/2009
1
INTANGIBLE ASSETS
9,024.7
9,293.0
1.1
Goodwill
5,781.8
5,739.1
1.2
Other intangible assets
3,242.9
3,553.9
TANGIBLE ASSETS
3,837.0
3,792.7
2.1
Land and buildings (self used)
3,290.6
3,235.5
2.2
Other tangible assets
546.3
557.2
5,877.0
6,005.5
313,026.2
327,134.9
12,312.7
12,473.3
2
3
AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS
4
INVESTMENTS 4.1
Land and buildings (investment properties)
4.2
Investments in subsidiaries, associated companies and joint ventures
2,049.2
2,568.4
4.3
Held to maturity investments
2,803.5
1,798.0
4.4
Loans and receivables
82,463.7
69,192.5
4.5
Available for sale financial assets
155,359.2
173,701.1
4.6
Financial assets at fair value through profit or loss of which financial assets where the investment risk is borne by the policyholders and related to pension funds
58,037.9
67,401.7
35,112.7
41,351.4
RECEIVABLES
14,612.1
11,454.9
5.1
Receivables arising out of direct insurance operations
11,116.5
8,507.4
5.2
Receivables arising out of reinsurance operations
953.5
945.0
5.3
Other receivables
2,542.1
2,002.6
OTHER ASSETS
39,201.1
15,720.3
6.1
Non-current assets or disposal groups classified as held for sale
24,289.3
41.1
6.2
Deferred acquisition costs
1,741.9
1,712.7
6.3
Deferred tax assets
4,611.8
5,011.5
6.4
Tax receivables
2,149.9
2,615.6
6.5
Other assets
6,408.1
6,339.4
11,917.6
10,537.2
397,495.6
383,938.4
5
6
7
31/12/2008
CASH AND CASH EQUIVALENTS
TOTAL ASSETS
54
BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES
30/06/2009
1 1.1
31/12/2008
SHAREHOLDERS' EQUITY
15,808.6
15,473.1
Shareholders' equity attributable to the Group
11,611.7
11,312.8
1,410.1
1,410.1
0.0
0.0
1.1.1
Share capital
1.1.2
Other equity instruments
1.1.3
Capital reserves
4,560.6
4,567.2
1.1.4
Revenue reserves and other reserves
6,458.6
7,526.5
1.1.5
(Own shares)
-248.9
-1,866.8
1.1.6
Reserve for currency translation differences
-144.1
-108.5
1.1.7
Reserve for unrealized gains and losses on available for sale financial assets
-888.7
-1,105.7
1.1.8
Reserve for other unrealized gains and losses through equity
-40.0
29.1
1.1.9
Result of the period
504.0
860.9
Shareholders' equity attributable to minority interests
4,196.9
4,160.3
1.2.1
Share capital and reserves
4,052.7
4,081.5
1.2.2
Reserve for unrealized gains and losses through equity
-114.9
-124.3
1.2.3
Result of the period
259.1
203.1
1,982.9
1,948.3
292,409.7
301,760.7
29,805.7
34,965.2
44,539.5
46,730.5
7,946.4
9,773.3
5,621.4
6,547.5
36,593.1
36,957.2
of which subordinated liabilities
6,368.3
6,041.0
PAYABLES
9,339.9
7,179.9
5.1
Payables arising out of direct insurance operations
5,125.1
3,601.4
5.2
Payables arising out of reinsurance operations
943.5
893.6
5.3
Other payables
3,271.3
2,684.8
OTHER LIABILITIES Liabilities directly associated with non-current assets and disposal groups classified as held for sale
33,415.0
10,845.9
6.1
22,806.1
0.0
1.2
2
OTHER PROVISIONS
3
INSURANCE PROVISIONS of which insurance provisions for policies where the investment risk is borne by the policyholders and related to pension funds
4
FINANCIAL LIABILITIES 4.1
4.2
5
6
Financial liabilities at fair value through profit or loss of which financial liabilities where the investment risk is borne by the policyholders and related to pension funds Other financial liabilities
6.2
Deferred tax liabilities
5,174.2
5,461.0
6.3
Tax payables
1,036.4
893.1
6.4
Other liabilities
4,398.2
4,491.8
397,495.6
383,938.4
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
55
PROFIT AND LOSS ACCOUNT
30/06/2009
Net earned premiums
31,765.7
32,363.6
1.1.1
Gross earned premiums
32,954.2
33,619.7
1.1.2
Earned premiums ceded
-1,188.4
-1,256.1
542.8
571.8
2,300.9
-3,734.3
1,498.4
-3,404.3
78.7
352.4
1.1
1.2
Fee and commission income and income from financial service activities
1.3
Net income from financial instruments at fair value through profit or loss of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds
1.4 1.5
Income from subsidiaries, associated companies and joint ventures Income from other financial instruments and land and buildings (investment properties)
7,225.3
8,155.9
1.5.1
Interest income
4,752.1
5,199.3
1.5.2
Other income
1,129.6
1,669.3
1.5.3
Realized gains
1,272.1
1,237.9
1.5.4
Unrealized gains and reversal of impairment losses
71.5
49.5
1,123.9
1,317.1
TOTAL INCOME
Other income
43,037.4
39,026.6
Net insurance benefits and claims
31,948.4
26,295.4
2.1.1
Claims paid and change in insurance provisions
32,748.7
27,025.4
2.1.2
Reinsurers' share
-800.3
-730.0
164.1
212.4
35.5
2.7
2,739.4
2,367.4
1.6 1 2.1
2.2
Fee and commission expenses and expenses from financial service activities
2.3 2.4
Expenses from subsidiaries, associated companies and joint ventures Expenses from other financial instruments and land and buildings (investment properties) 2.4.1
Interest expense
614.5
776.6
2.4.2
Other expenses
166.3
149.1
2.4.3
Realized losses
876.3
487.3
2.4.4
Unrealized losses and impairment losses
1,082.3
954.5
Acquisition and administration costs
5,735.6
5,792.3
2.5.1
Commissions and other acquisition costs
4,030.4
4,106.9
2.5.2
Investment management expenses
180.9
145.0
2.5.3
Other administration costs
1,524.3
1,540.4
2.5
2.6 2
3
4
30/06/2008
Other expenses
1,525.9
1,980.8
42,148.9
36,651.0
EARNINGS BEFORE TAXES
888.5
2,375.5
Income taxes
164.7
605.1
EARNINGS AFTER TAXES
723.7
1,770.5
RESULT OF DISCONTINUED OPERATIONS
39.4
0.0
CONSOLIDATED RESULT OF THE PERIOD
763.2
1,770.5
Result of the period attributable to the Group
504.0
1,459.5
Result of the period attributable to minority interests
259.1
311.0
0.37
1.08
0.36
1.08
0.37
1.08
0.36
1.08
TOTAL EXPENSES
EARNINGS PER SHARE: Earnings per share (in €) from continuing operation Diluted earnings per share (in €) from continuing operation
57
STATEMENT OF COMPREHENSIVE INCOME
30/06/2009
CONSOLIDATED RESULT OF THE PERIOD
763.2
1,770.5
2.1
Net unrealized gains and losses on investments available for sale
233.8
-3,362.5
2.2
Net unrealized gains and losses on cash flows hedging derivatives
-36.3
-57.7
2.3
Net unrealized gains and losses on hedge of a net investment in foreign operations
-40.2
0.0
2.4
Share of other comprehensive income of associates
0.0
0.0
2.5
Reserve for revaluation model on intangible assets
0.0
0.0
2.6
Reserve for revaluation model on tangible assets
0.0
0.0
2.7
Result of discontinued operations
0.0
0.0
2.8
Foreign currency translation differences
-22.7
31.5
2.9
Actuarial gains or losses arising from defined benefit plans
0.0
0.0
-7.4
-0.2
1
2.10 Other
(*)
30/06/2008
(*)
4
OTHER COMPREHENSIVE INCOME
127.2
-3,388.9
5
TOTAL COMPREHENSIVE INCOME
890.4
-1,618.4
attributable to the Group
611.4
-1,534.1
attributable to minority interests
279.0
-84.3
Changes of '2.10 Others' are included within 'Revenue reserves and other reserves' of statement of changes in equity.
59
STATEMENT OF CHANGES IN EQUITY
Amounts at 31/12/2007
Changes in amounts at 31/12/2007
Allocation
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP Share capital
1,409.5
0.5
0.0
0.0
Capital reserves
4,554.0
11.6
Revenue reserves and other reserves
5,745.5
1,745.6
-1,875.4
81.4
Other equity instruments
(Own shares) Reserve for currency translation differences Reserve for unrealized gains and losses on available for sale financial assets Reserve for other unrealized gains and losses through equity Cash flow hedging derivative reserve
-95.7 2,024.2 111.9
0.0
Revenue reserve from valuation of equity
0.0
Reserve for revaluation model on intangible assets
0.0
Reserve for revaluation model on tangible assets
0.0
Result of discontinued operations
0.0
Other reserves
0.0
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP
0.0
111.9
Reserve for hedge of a net investment in a foreign operation
Result of the period
-9,529.6
-227.2
2,915.6 14,789.6
-227.2
-236.0 0.0
-8,153.7
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS Share capital and reserves
2,799.7
882.3
Reserve for unrealized gains and losses through equity
302.3
-1,435.4
Result of the period
459.0
107.7
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS
3,560.9
0.0
-445.4
1) Allocations related to: a) “Revenue reserve and other reserves” mainly include the carry forward of the consolidated result of the previous year. b) “Own Shares” refer to share of dividents paid by the assignment of free allotment. c) “Gains and losses on available for sale financial assets” mainly include € 309.5 million unrealized gains and losses recognized in sharehorders' equity (of which € 331.4 million related to shareholders’ equity attributable to the Group and € -22.0 million related to shareholders’ equity attributable to minority interests). They amounted to € -10,965.0 million at 30 June 2008 (of which € -9,529.6 million related to shareholders’ equity attributable to the Group and € -1,435.4 million related to shareholders’ equity attributable to minority interests). d) "Result of the period" includes the result of the period at 30 June 2009, which amounts to € 763.2 million (of which € 504.0 million related to shareholders’ equity attributable to the Group and € 259.1 million related to shareholders’ equity attributable to minority interests). It was € 1,770.5 million at 30 June 2008 (of which € 1,459.5 million related to shareholders’ equity attributable to the Group and € 311.0 million related to shareholders’ equity attributable to minority interests). 2) Transfer to profit and loss account related to “Gains and losses on available for sale financial assets” refers mainly to net realized gains from available for sale financial assets’ transfer. 3) Other changes related to: a) “Gains and losses on available for sale financial assets” mainly refer to the share of unrealized gains and losses on available for sale financial assets attributable to policyholders, which amounts to € -967.8 million at 30 June 2009 (of which € -918.6 million related to reholders' equity attributable to the Group and € -49.1 million to shareholders' equity attributable to minority interests) and € 7,562.8 million at 30 June 2008 (of which € 6,593.8 million related to shareholders’ equity attributable to the Group and € 969.0 million shareholders' equity attributable to minority interests). b) “Result of the period” refer to dividends paid by the Parent Company, which amount to € 207.0 million at 30 June 2009 and to € 1,220.1 million at the 30 June 2008. Dividends paid to third parties amount € 103.7 million at 30 June 2009 compared to € 255.7 million at 30 June 2008.
60
Transfer to profit and loss account
Other transfer
Amounts at 30/06/2008
Amounts at 31/12/2008
Changes in amounts at 31/12/2008
Allocation
Transfer to profit and loss account
Other transfer
Amounts at 30/06/2009
0.0
1,410.0
1,410.1
0.0
0.0
1,410.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4,565.6
4,567.2
0.0
-6.6
4,560.6
7,491.1
7,526.5
-1,067.9
0.0
-1,794.0
-1,866.8
1,617.8
0.8
-94.9
-108.5
-3.5
6,593.8
-915.1
-1,105.7
170.6
0.0
55.3
29.1
55.3
42.1
42.1
0.0
-248.9
-35.6
-144.1
331.4
804.2
-918.6
-888.7
84.8
-153.8
0.0
-40.0
29.1
125.0
-153.8
0.0
0.0
-40.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1,220.1
1,459.5
860.9
5,374.5
12,177.5
11,312.8
-88.8
3,593.2
4,081.5
-28.8
969.0
-122.0
-124.3
-22.0
-255.7
311.0
203.1
159.7
624.5
3,782.2
4,160.3
170.6
167.1
6,458.6
0.0
-40.2
-149.8 0.0
0.0
816.3
109.0
0.3
650.4
-207.0
504.0
-1,167.8
11,611.7
4,052.7 80.5
80.5
-49.1
-114.9
-103.7
259.1
-152.8
4,196.9
61
CASH FLOW STATEMENT (indirect method)
30.06.2009 Earnings before taxes
(***)
Changes in non-cash items Change in the provisions for unearned premiums and for unexpired risks for non-life segment Change in the provisions for outstanding claims and other insurance provisions for non-life segment
30.06.2008 957.8
2,375.5
10,209.8
11,872.6
781.2
1,210.1
429.6
1,038.0
9,823.9
4,937.7
-29.8
-145.2
50.1
-139.0
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures
-592.0
5,366.8
Other changes
-253.3
-395.7
Change in receivables and payables from operating activities
-981.0
-1,838.1
Change in the mathematical provisions and other insurance provisions for life segment Change in deferred acquisition costs Change in other provisions
Change in receivables and payables arising out of direct insurance and reinsurance operations
-1,034.3
-1,597.9
Change in other receivables and payables
53.3
-240.2
Income taxes paid
92.5
-327.0
-1,634.8
5,685.8
Financial liabilities related to investment contracts
-787.8
3,038.2
Payables to banks and customers
-432.0
4,693.7
199.9
-3,192.6
Net cash flows from cash items related to investing or financing activities
Loans and receivables from banks and customers Other financial instruments at fair value through profit or loss CASH FLOW FROM OPERATING ACTIVITIES Net cash flows from investment properties
-615.0
1,146.5
8,644.2
17,768.9
-1.3
-248.7
Net cash flows from investments in subsidiaries, associated companies and joint ventures
-59.5
-123.6
Net cash flows from loans and receivables
203.6
-4,907.4
Net cash flows from held to maturity investments Net cash flows from available for sale financial assets Net cash flows from tangible and intangible assets Net cash flows from other investing activities CASH FLOW FROM INVESTING ACTIVITIES Net cash flows from shareholders' equity attributable to the Group
-177.2
-65.5
-6,840.5
-8,200.4
-272.7
-2,492.4
775.6
-3,684.2
-6,371.9
-19,722.1
0.0
0.0
0.0
82.4
Dividends payment Net cash flows from shareholders' equity attributable to minority interests Net cash flows from subordinated liabilities and other similar liabilities
-202.8 -103.7 346.3
-1,220.1 334.5 -59.2
Net cash flows from other financial liabilities
-904.8
2,752.0
CASH FLOW FROM FINANCING ACTIVITIES
-865.0
1,889.6
Effect of exchange rate changes on cash and cash equivalents
-366.5
44.5
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*)
9,868.2
7,146.0
CHANGES IN CASH AND CASH EQUIVALENTS
1,040.8
-19.1
10,908.9
7,126.8
Net cash flows from own shares
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**)
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 10,537.2 million), liabilities to banks payables on demand (€ 254.2 million) and bank overdrafts (€ 414.8 million). (**) Cash and cash equivalents at the end of the period include cash and cash equivalents (€ 10,537.2 million), liabilities to banks payables on demand (€ 254.2 million), bank overdrafts (€ 414.8 million) and cash and cash equivalents of non-current assets or disposal groups classified as held for sale (€ 447.1 million). (***) Earning before taxes include earning before taxes of non-current assets or disposal groups classified as held for sale ( € 69.3 million).
63
Umaid Bhawan - Jodhpur, India
notes
Part C – General criteria for drawing up the financial statements and valuation criteria The Generali Group’s half-yearly financial report at 30 June 2009 was prepared in accordance with article 154-ter of Italian Legislative Decree No. 58 of 24 February 1998, as amended by Legislative Decree No. 195 of 6 November 2007 (Trasparency), and with the regulations implementing Article 9 of Legislative Decree 38/2005. Specifically, profit and loss account and balance sheet data was presented based on IAS 34 requirements for interim financial reports. In this half-yearly financial report, the Generali Group prepared its consolidated financial statements and Notes in conformity with the ISVAP Regulation No. 7 of 13 July 2007 and the information of the CONSOB Communication No. 6064293 of 28 July 2006. As allowed by the aforementioned ISVAP Regulation, the Generali Group belivied it approriate 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 Notes, which are mandatory as established by the Italian Regulator, are presented in Part G of this report. 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 2008. Given the current market situation, coupled with prices characterized by high volatility which is not linked to the issuer’s business performance, the Generali Group has decided to transfer e 14,658.0 million corporate bonds in the loans category, which were previously classified mainly as available for sale financial assets, effective from 1 January 2009. Such corporate bonds were quoted in an inactive market at the trasfer date, and the Group has the intention and the ability to hold them for a foreseeable future, also due to the link to the corrisponding insurance liabilities. The bonds are reclassified at its fair value on the reclassification date. Further information required by IFRS 7 are provided in Part D of the Notes. As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in Intesa Vita. As a result, Intesa Vita has been classified as disposal group held for sale. The company has not been excluded from the consolidated accounts, but its assets and liabilities have been recorded in two separate items of the balance sheet, and its result has been recognized as a separate line in the profit and loss account. Further information required by IFRS 5 are presented in Part F of this report. Some figures are reasonably estimated as to safeguard the consistent application of the principle. Therefore, estimation does not invalidate the reliability of the interim report. Comparative figures were restated compared to those presented in the financial statements at 30 June 2008 in order to harmonize them with data in 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 Part C and Part D of the consolidated annual financial statements.
67
Consolidated Financial half-yearly Report 09 Notes
New accounting principles Following the endorsement of the European Union, starting from the 1st of January 2009 new principles and amendments shall be applied. Following the most relevant changes for the Group are described.
IAS 1 – Presentation of Financial Statements In September 2007, the IASB issued the revised IAS 1, Presentation of Financial Statements, endorsed by the Regulation EC no. 1274/2008, which is mandatory for annual period beginning on or after 1 January 2009. Compared to the previous standard, a statement of comprehensive income is introduced. In particular, the new standard gives preparers of financial statements the option of presenting items of income and expense and components of other comprehensive income either in a single statement or in two separate statements. Whereas, the transactions carried out with stakeholders, as well as the comprehensive result, are disclosed in the statement of changes in equity. Generali Group has decided to apply the two statements approach, thus adding to the income statement a statement of other comprehensive income (OCI). Each other comprehensive income component is disclosed net of related tax effects and of the reclassifications of value previously recorded in equity. Related disclosure is provided in this report.
IFRS 8 – Operating Segments In November 2006, the IAS issued IFRS 8, Operating Segments, endorsed by Regulation EC no. 1358/2007. Effectively replacing IAS 14, IFRS 8 requires that an entity provides information regarding the Group’s operating segments coherent with internal reports regularly reviewed by the entity’s chief operating decision makers in order to allocate resources to the segment and assess its performances. It also sets out the necessity to determine the Group’s major reporting segment (business) and the minor one (geographical). The adoption of this change does not affect either the financial position or the performance of the Group. Generali Group determined that in this half-yearly report the operating sectors were the same as the ones previously stated according to IAS 14, Segment Reporting. This half-yearly report is drawn up in euros (the functional currency used by the Group), and the amounts are given in millions, rounded to the first digit. The exchange rates used for the translation of the main foreign currencies for the Generali Group into euros are detailed in the following table. The balance sheet items of the financial statements denominated in foreign currencies are translated into euros based on the exchange rates at the end of the period. The profit and loss account items are, instead, translated based on the average exchange rates of the period.
68
Exchange rates Exchange rate at the end of the period (e) 30/06/2009 31/12/2008
Currency US dollar
1.4027
1.3901
Swiss franc
1.5255
1.4796
British pound
0.8517
0.9669
Israeli shekel
5.5006
5.2502
Argentine peso
5.3248
4.8002
Czech koruna
26.0125
26.8450
Average exchange rate (e) 30/06/2009 30/06/2008
Currency US dollar
1.3334
1.5305
Swiss franc
1.5054
1.6058
British pound
0.8940
0.7749
Israeli shekel
5.4093
5.3879
Argentine peso
4.8514
4.7997
Czech koruna
27.1383
25.1895
Taj Mahal, Agra - India
69
Consolidated Financial half-yearly Report 09 Notes
Part d - notes on the balanCe sheet Balance sheet – Assets 1 – Intangibles assets (A million)
30/06/2009
31/12/2008
Goodwill
5,781.8
5,739.1
Other intangible assets
3,242.9
3,553.9
Purchased goodwill
67.9
411.8
411.0
409.7
2,063.5
2,108.4
Software Value of in-force business arising from insurance business combination Other intangible assets
700.5
624.0
9,024.7
9,293.0
30/06/2009
31/12/2008
AMB Generali Holding AG
2,179.0
2,179.0
Toro Group
1,326.4
1,326.4
Total
1.1 – Goodwill The table below shows the goodwill by relevant companies. (A million)
Ceska Group
595.8
577.3
BSI - Banca del Gottardo Group (*)
443.9
414.6
Generali France Group
417.1
417.1
Generali Schweiz Holding AG
231.4
236.5
Generali Holding Vienna AG
153.4
153.4
Migdal Insurance Holding
135.4
135.4
Other
299.4
299.4
5,781.8
5,739.1
Total goodwill
(*) Amount includes e 384.2 million of goodwill activated on acquisition of Banca del Gottardo and e 30.4 million on BSI. Goodwill activated on Banca del Gottardo Italia (e 11.1 million net of minorities) is not included, since it was merged with Banca Generali Group and is shown in row “Other”.
The increase respect to 31 December 2008 (e 42.8 million) is mainly due to the recalculation of the purchase price allocation of Banca del Gottardo group, completed within IFRS 3 terms.
70
1.2 – other intangible assets The decrease in the purchased goodwill is mainly due to the accounting treatment of Intesa Vita assets, classified, according to the IFRS 5, as disposal group held for sale. Value in force acquired in business combinations amounts to e 2,063.5 million, is attributable to: -
the acquisitions taken place in 2006 of Toro Group (e 466.8 million net of amortisation of the period) and in the CEE countries (e 64.7 million, net of amortisation of the period), the acquisition of Bawag PSK Versicherung in 2007 brought to a further activation of e 59.3 million, net of amortisation of the period, the acquisitions of Ceška group brought to a further activation of e 1,472.7 million, net of amortisation of the year.
The other intangible assets include 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 e190.0 million, net of amortisation of the year. Deferred tax liabilities are accounted for with reference to the above mentioned intangible assets. Further information on calculation method is detailed in the paragraph 1.2 of part D of Year End 2008 Consolidated Statements.
2 – Tangible assets Other tangible assets, which total e 546.3 million, mainly consist of furniture, fittings and office equipment, which amount to e 453.9 million, net of any accumulated depreciation and impairment losses.
3 – Amounts ceded to reinsurers from insurance provisions (A million)
30/06/2009
31/12/2008
Non-life amounts ceded to reinsurers from insurance provisions (*)
4,363.8
4,518.0
Life amounts ceded to reinsurers from insurance provisions (*)
1,513.1
1,487.4
1.2
0.8
Mathematical provisions and other insurance provisions
1,512.0
1,486.6
Totale riserve tecniche a carico dei riassicuratori
5,877.0
6,005.5
Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds
(*) After the elimination of intra-group transactions between segments.
71
Consolidated Financial half-yearly Report 09 Notes
4 – Investments
(A million) Equities (*) Available for sale financial assets Financial assets at fair value through profit or loss Bonds (**) Loans Held to maturity investments Available for sale financial assets Financial assets at fair value through profit or loss
30/06/2009 Total bookvalue 22,171.6
31/12/2008 Total bookvalue
Impact (%) 7.1
22,224.5
18,691.2
18,709.0
3,480.5
3,515.5
202,118.4
Impact (%)
64.6
6.8
207,842.4
53,356.5
38,888.5
2,786.0
1,778.7
132,453.4
150,847.8
13,522.6
16,327.5
63.5
Investments back to policies where the investment risk is borne by the policyholders
35,112.7
11.2
41,351.4
12.6
Other investments (***)
53,623.4
17.1
55,716.6
17.0
Land and buildings (investment properties)
14,336.9
14,624.7
Investments in subsidiaries, associated companies and joint ventures
2,049.2
2,568.4
Derivatives
2,365.5
3,012.6
Mortgage loans
8,623.9
8,835.2
Receivables from banks or customers
6,618.5
6,999.7
Policy loans
3,313.4
3,324.5
Term deposits with credit institutions
6,059.4
6,275.0
10,256.7
10,076.4
Other investments Total
313,026.2
100.0
327,134.9
100.0
(*) Investment fund units amount to 3,755.8 million ( 3,854.6 million at 31 December 2008). (**) Investment fund units amount to 6,726.6 million ( 7,641.0 million at 31 December 2008). (***) Investment fund units amount to 3,574.7 million ( 3,471.9 million at 31 December 2008).
Total investments slight decrease is mainly due to the reclassification of Intesa Vita assets within the non current assets held for sale and discontinued operations, according to IFRS 5. On a like for like basis, total investments would show an increase of e 7,900.6 million.
4.2 – investments in subsidiaries, associated company and joint ventures (A million) Investments in non-consolidated subsidiaries Investments in associated companies valued at equity
30/06/2009
31/12/2008
228.7
732.3
1,403.7
1,376.7
Investments in joint ventures
103.3
98.6
Investments in other associated companies
313.4
360.7
2,049.2
2,568.4
Total
The change in the total of investments in subsidiaries, associated company and joint ventures is mainly attributable to the line by line consolidation of companies previously valued at cost.
72
4.3 – held to maturity investments (A million) Quoted bonds Other held to maturity investments Total
30/06/2009
31/12/2008
2,786.0
1,778.7
17.5
19.3
2,803.5
1,798.0
The Group limits the accounting of investments that companies have the positive intention to hold to maturity. Therefore, these account for only 0.9% of total investments.
4.4 – loans and receivables (A million)
30/06/2009
31/12/2008
Loans
75,845.2
62,192.7
Unquoted bonds
53,356.5
38,888.5
410.9
429.9
22,077.9
22,874.4
Mortgage loans
8,623.9
8,835.2
Policy loans
3,313.4
3,324.5
Term deposits with credit institutions
6,059.4
6,275.0
Other loans
4,081.1
4,439.7
Receivables from banks or customers
6,618.5
6,999.7
Receivables from banks
3,300.9
3,909.7
Receivables from customers
3,317.6
3,090.0
82,463.7
69,192.5
Deposits under reinsurance business accepted Other loans and receivables
Total
The category of Loans and receivables accounts for 26.3% of total investments. It mainly consists of unquoted bonds and mortgage loans, which are 70.3% and 11.4% of total loans, respectively. As already mentioned, the category shows an increase following the transfer of e 14,658.2 million corporate bonds previously classified mainly as available for sale financial assets, effective from 1 January 2009.
73
Consolidated Financial half-yearly Report 09 Notes
4.5 – available for sale financial assets (A million) Unquoted equities at cost Equities at fair value Quoted Unquoted Bonds Quoted Unquoted Investment fund units Other available for sale financial assets Total
30/06/2009
31/12/2008
384.2
364.7
15,983.2
15,926.5
14,182.4
14,382.7
1,800.8
1,543.8
127,220.8
144,707.7
118,555.7
133,767.7
8,665.1
10,940.0
10,260.0
11,216.7
1,511.0
1,485.6
155,359.2
173,701.1
This category accounts for 49.6% of total investments. Within this category bonds weight for 81.9%. The decrease is substiantially attributable to the above mentioned transfer of e 14,028.0 million corporate bonds, which net of sells and repayments amount to e 13,526.0 million.
Unrealized (A million)
30/06/2009
Unquoted equities at cost Equities at fair value Bonds Investment fund units Other available for sale financial assets Total
Fair value
gains / losses
Amortized cost
384.2
0.0
384.2
15,983.2
-2,632.6
18,615.8
127,220.8
-1,112.6
128,333.3
10,260.0
-206.7
10,466.7
1,511.0
-79.7
1,590.7
155,359.2
-4,031.6
159,390.8
Fair value
gains / losses
Amortized cost
364.7
0.0
364.7
15,926.5
-3,270.6
19,197.1
144,707.7
-2,193.5
146,901.3
11,216.7
-775.7
11,992.4
1,485.6
10.8
1,474.7
173,701.1
-6,229.0
179,930.1
Unrealized (A million) Unquoted equities at cost Equities at fair value Bonds Investment fund units Other available for sale financial assets Total
31/12/2008
Realized gains and losses, and unrealized losses on available for sale financial assets are shown in the table below.
74
(A million)
30/06/2009
Realized gains
Realized losses
Impairment losses
Equities
442.7
-605.2
-605.4
Bonds
669.5
-155.3
-6.0
32.9
-75.7
-182.1
Investment fund units Other available for sale financial assets
29.4
-4.3
-95.6
1,174.5
-840.5
-889.0
Realized gains
Realized losses
Impairment losses
Equities
837.4
-283.4
-861.8
Bonds
Total
(A million)
30/06/2008
220.8
-135.2
0.0
Investment fund units
76.0
-60.6
-11.2
Other available for sale financial assets
20.0
-1.5
-2.2
1,154.2
-480.6
-875.2
Financial assets designated as at fair value through profit or loss 30/06/2009 31/12/2008
Total financial assets at fair value through profit or loss 30/06/2009 31/12/2008
Total
4.6 – financial assets at fair value through profit or loss
(A million) Equities Quoted Unquoted Bonds Quoted Unquoted Investment fund units Derivatives Investments back to policies where the investment risk is borne by the policyholders and back to pension funds Other financial investments Total
Financial assets held for trading 30/06/2009 31/12/2008 71.0
362.5
1,977.4
1,716.3
2,048.4
2,078.8
67.4
362.5
1,505.0
1,046.7
1,572.3
1,409.2
3.6
0.0
472.5
669.6
476.1
669.6
1,251.0
1,485.6
10,777.6
13,340.9
12,028.6
14,826.5
1,074.8
1,236.1
8,660.3
10,291.5
9,735.2
11,527.6
176.1
249.5
2,117.3
3,049.4
2,293.4
3,298.8
158.6
563.3
3,638.6
3,187.5
3,797.2
3,750.8
1,276.4
2,177.4
1,089.0
835.2
2,365.5
3,012.6
0.0
0.0
35,112.7
41,351.4
35,112.7
41,351.4
22.6
13.0
2,663.0
2,368.6
2,685.6
2,381.6
2,779.7
4,601.8
55,258.3
62,799.9
58,037.9
67,401.7
This category accounts for 18.5% of total investments. Specifically, these investments are mainly concentrated in the life segment (e 54,789.5 million or 94.4%). The residual amount refers to the non-life segment (e 1,163.7 million or 2.0%) and to the financial segment (e 2,084.3 million or 3.6%). As permitted by the IAS 39 amendment, e 630.2 million bonds held for trading have been transferred in the loans category, effective from 1 January 2009; net of sells and repayments, they amount to e 627.4 million.
75
Consolidated Financial half-yearly Report 09 Notes
Policies where the investment risk is borne by the policyholders 30/06/2009 31/12/2008
(A million)
Pension funds 30/06/2009 31/12/2008
Total 30/06/2009 31/12/2008
Assets
34,300.5
40,619.3
812.2
732.1
35,112.7
41,351.4
Total
34,300.5
40,619.3
812.2
732.1
35,112.7
41,351.4
5,248.4
6,261.8
373.0
285.7
5,621.4
6,547.5
Financial liabilities Insurance provisions
(*)
Total
29,491.8
34,661.5
312.8
302.9
29,804.5
34,964.4
34,740.1
40,923.4
685.8
588.6
35,425.9
41,511.9
(*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.
further information on reclassified financial instruments
(A million) Available for sale Financial assets at fair value through profit or loss Total reclassified investments
Book Value reclassified as at January 2009
Sells and pay-backs of the semester
Difference
Fair Value as at June 2009
14,028.0
-501.9
13,526.1
13,430.9
630.2
-2.8
627.4
613.1
14,658.2
-504.8
14,153.5
14,044.1
The gross profit or loss effect of reclassifications of investments, previously classified as financial assets at fair value through profit&loss, amounts to e 14.3 million, which, net of policyholders share and taxes, led to a result improvement of around e 0.4 million. Reclassification of bonds previously classified as available for sale brought a change in reserves for gains and losses on available for sale investments of e 95.2 million, which, net of policyholders share and taxes, led to an improvement of around e 6.4 million.
5 – Receivables This category includes receivables arising out of direct insurance and reinsurance operations, and other receivables. The e 791.4 million of other receivables refer to the real estate activity.
76
6 – Other assets (A million)
30/06/2009
31/12/2008
24,289.3
41.1
Deferred acquisition costs
1,741.9
1,712.7
Tax receivables
2,149.9
2,615.6
Deferred tax assets
4,611.8
5,011.5
Other assets
6,408.1
6,339.4
39,201.1
15,720.3
Non-current assets or disposal groups classified as held for sale
Total
Following the Group decision to sell its share in the company in the actual financial year, Intesa Vita assets are classified as non-current assets or disposal groups classified as held for sale. The category also includes real estates for which the sale is expected to be completed within one year. In accordance with IFRS 5, non-current assets held for sale are measured at the lower of their carrying amount and fair value less of cost to sell. Other assets mostly consist of accrued interest income, other accrued income and deferred income, which amount to e 4,301.5 million.
7 – Cash and cash equivalents (A million) Cash and cash equivalents Cash and balances with central banks Cash at bank Total
30/06/2009
31/12/2008
3,922.2
3,365.4
0.9
3.4
7,994.4
7,168.3
11,917.6
10,537.2
77
Consolidated Financial half-yearly Report 09 Notes
Balance sheet - Equity and liabilities 1 – Shareholders’ equity (A million) Shareholders' equity attributable to the Group
30/06/2009
31/12/2008
11,611.7
11,312.8
Share capital
1,410.1
1,410.1
Capital reserves
4,560.6
4,567.2
Revenue reserves and other reserves
6,458.6
7,526.5
(Own shares)
-248.9
-1,866.8
Reserve for currency translation differences
-144.1
-108.5
Reserve for unrealized gains and losses on available for sale financial assets
-888.7
-1,105.7
Reserve for other unrealized gains and losses through equity
-40.0
29.1
Result of the period
504.0
860.9
4,196.9
4,160.3
15,808.6
15,473.1
Shareholders' equity attributable to minority interests Total
Share capital is made up of 1,410,113,747 ordinary shares with a par value of e 1. Own shares amount to e 248.9 million, or 10,378,714 shares, compared to e 1,866.8 million at 31 December 2008. Compared to 31 December 2008 the number of own shares has decreased by 53,797,939. The reduction is mainly due to the dividend payment on 2008 earnings, carried out as a free allotment. During the half year, the Parent company has distributed e 207.0 of dividends. Reserve for unrealized gains and losses on available for sale financial assets amounts to e 888.7 million, compared to e 1,105.7 at 31 December 2008. The improvement of such provision is mainly due to the positive trend of the equity market and of the security market which has been characterised, particularly in the second quarter of 2009, by an increase of the corporate bonds interest rates. The reserve for other unrealized gains and losses includes mainly cash flow hedge on interest expense rates and GBP/EUR exchange rate following the issue of new subordinated liabilities in 2006 and in the first months of 2007. Therefore, unrealized gains and losses on hedging derivatives are recognized in this reserve in shareholders’ capital and reversed to profit and loss account when the gains or losses on hedged items are recognized. This reserve also includes unrealized gains and losses on hedging derivatives of a net investment in a foreign operation. 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.
78
2 – Other provisions (A million)
30/06/2009
31/12/2008
Provisions for taxation
447.1
409.8
Provisions for commitments
851.7
936.2
Provision for restructuring charges
244.4
257.2
Other provisions
439.8
602.4
1,982.9
1,948.3
30/06/2009
31/12/2008
Non-life insurance provisions (*)
34,797.0
33,764.0
Provisions for unearned premiums
6,743.8
6,014.2
Provisions for outstanding claims
27,630.2
27,331.7
423.0
418.0
3.4
5.9
257,612.7
267,996.8
5,120.9
4,772.3
213,683.2
219,352.5
29,805.7
34,965.2
9,002.9
8,906.7
1,071.6
1,137.4
-6,192.7
-7,329.9
292,409.7
301,760.7
Total
3 – Insurance provisions (A million)
Other insurance provisions of which provisions for liability adequacy test Life insurance provisions (*) Provisions for outstanding claims Mathematical provisions Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds Other insurance provisions of which provisions for liability adequacy test of which deferred policyholder liabilities Total (*) After the elimination of intra-group transactions between segments.
The decrease is mainly due to the reclassification of Intesa Vita liabilities within the discontinued operations. On a like for like basis, total life insurance provisions would show an increase of e 10,384.1 million. With regard to the non-life provisions, the increase of provisions for unearned premiums is due to the seasonability of written premiums, whereas the trend of outstanding claims provisions confirms the prudence on reservation levels defined by the Group. In the life segment, on a like for like basis, there is an increase in both the traditional portfolio provisions (due to the development of net cash flow) and provisions for policies where the risk is borne by policyholders (following the recovery of financial markets in the first half of the year).
79
Consolidated Financial half-yearly Report 09 Notes
4 – Financial liabilities 4.1 – financial liabilities at fair value through profit or loss
(A million)
Financial liabilities Financial liabilities designated as at fair value held for trading through profit or loss 30/06/2009 31/12/2008 30/06/2009 31/12/2008
Financial liabilities related to investment contracts issued by insurance companies
0.0
Total 30/06/2009 31/12/2008
0.0
5,829.5
6,907.5
5,829.5
6,907.5
where the investment risk is borne by the policyholders
0.0
0.0
5,248.4
6,261.8
5,248.4
6,261.8
pension funds
0.0
0.0
373.0
285.7
373.0
285.7
other financial liabilities related to investment contracts
0.0
0.0
208.1
360.0
208.1
360.0
861.5
1,784.2
810.1
621.3
1,671.6
2,405.5
0.0
0.0
445.4
460.4
445.4
460.4
861.5
1,784.2
7,085.0
7,989.1
7,946.4
9,773.3
Derivatives Other financial liabilities Total
The decrease is mainly due to the reclassification of the Intesa Vita liabilities within the discontinued operations, in accordance with IFRS 5
4.2 – other financial liabilities (A million) Subordinated liabilities Loans and bonds
30/06/2009
31/12/2008
6,368.3
6,041.0
12,651.1
12,732.7
Deposits received from reinsurers
1,028.2
996.0
Bonds
4,407.4
4,536.3
Other loans
3,888.8
3,936.0
Financial liabilities related to investment contracts issued by insurance companies
2,768.3
2,558.5
558.5
705.9
17,573.7
18,183.5
441.3
511.7
17,132.4
17,671.8
36,593.1
36,957.2
Hedging derivatives Liabilities to banks or customers Liabilities to banks Liabilities to customers Total
80
5 – Payables (A million)
30/06/2009
31/12/2008
5,125.1
3,601.4
943.5
893.6
3,271.3
2,684.8
Payables to employees
838.6
760.7
Provision for defined benefit plans (employee severance pay)
132.0
142.7
Payables to clients and suppliers
807.2
740.1
Social security
169.6
143.5
Other payables
1,323.9
897.9
9,339.9
7,179.9
30/06/2009
31/12/2008
22,806.1
0.0
Deferred tax liabilities
5,174.2
5,461.0
Tax payables
1,036.4
893.1
Other liabilities
4,398.2
4,491.8
33,415.0
10,845.9
Payables arising out of direct insurance operations Payables arising out of reinsurance operations Other payables
Total
Other payables include e 150.7 million related to real estate activities.
6 – Other liabilities (A million) Liabilities directly associated to non-current assets and disposal groups classified as held for sale
Total
Other liabilities include, among other items, provision for other defined benefit plans, which amount to e 2,583.1 million, and accrued interest expense, other accrued expenses and deferred expenses, which total e 680.1 million. This category includes liability directly associated to non-current assets and disposal groups held for sale related to Intesa Vita, as a consequence of the abovementioned decision to sell Generali Group interest in this company.
81
Consolidated Financial half-yearly Report 09 Notes
Part e - notes on the Profit and loss aCCount 1 – Income 1.1 – net earned premiums (A million)
30/06/2009
30/06/2008
Non-life earned premiums
9,984.7
9,976.6
Premiums written
10,590.1
10,825.4
-605.4
-848.9
Life premiums
21,781.1
22,387.0
Total
31,765.7
32,363.6
Change in the provision for unearned premiums
The e 597.9 million decrease in net earned premiums (down 1.8%) is driven by the life segment premiums (- e 606.0 million, down 2.7%) which are affected by the reclassification of Intesa Vita net premiums into the result of discontinued operations. On a like for like basis, total net earned premiums decrease by e 101.2 million (down 0,3%), whereas life segment net earned premiums reduce by e 109.2 million (down 0.4%).
1.2 – fee and commissions income and income from financial service activities (A million)
30/06/2009
30/06/2008
97.6
97.9
Fee and commission income from asset management activity
364.8
380.5
Fee and commission income related to investment contracts
80.4
93.4
542.8
571.8
Fee and commission income from banking activity
Total
82
1.3 – net income from financial assets at fair value through profit or loss
(A million) Interest and other income
Financial investments back to policies where the Financial investments investment risk is borne designated as at Total financial investments Financial investments by the policyholders and fair value through at fair value through held for trading related to pension funds profit or loss profit or loss 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 82.5
140.8
304.2
424.5
402.5
407.6
789.3
972.8
Realized gains
755.2
313.2
107.8
50.3
565.6
783.0
1,428.6
1,146.5
Realized losses
-771.8
-264.7
-155.2
-339.3
-545.4
-621.3
-1,472.4
-1,225.2
Unrealized gains
226.2
242.6
3,127.9
858.9
2,000.1
359.1
5,354.2
1,460.6
Unrealized losses
-472.2
-799.3
-1,886.2
-4,398.7
-1,440.4
-890.9
-3,798.8
-6,088.9
Total
-180.0
-367.4
1,498.4
-3,404.3
982.5
37.4
2,300.9
-3,734.3
Net income from financial assets at fair value through profit or loss mainly refer to the life segment (e 2,354.5 million). This item is not material for the other segments — e -107.1 million in the non-life segment and e 53.5 million in the financial one.
1.4 – income and expenses from subsidiaries, associated companies and joint ventures (A million)
30/06/2009
30/06/2008
Dividends and other income
34.0
39.9
Realized gains
44.8
312.5
0.0
0.1
78.7
352.4
Reversal of impairment Total
83
Consolidated Financial half-yearly Report 09 Notes
1.5 – income from other financial instruments and land and buildings (investment properties) (A million)
30/06/2009
30/06/2008
4,752.1
5,199.3
35.8
25.8
Interest income from loans and receivables
1,767.1
1,582.5
Interest income from available for sale financial assets
2,885.5
3,496.0
9.0
17.4
54.7
77.6
Interest income Interest income from held to maturity investments
Interest income from other receivables Interest income from cash and cash equivalents Other income
1,129.6
1,669.3
Income from land and buildings (investment properties)
469.7
461.8
Other income from available for sale financial assets
659.9
1,207.5
1,272.1
1,237.9
83.0
83.5
0.1
0.0
13.5
0.1
Realized gains Realized gains on land and buildings (investment properties) Realized gains on held to maturity investments Realized gains on loans and receivables
1,174.5
1,154.2
Realized gains on other receivable
Realized gains on available for sale financial assets
0.1
0.0
Realized gains on financial liabilities at amortised cost
0.9
0.0
71.5
49.5
0.0
1.5
10.3
7.0
6.6
0.0
54.5
41.0
7,225.3
8,155.9
30/06/2009
30/06/2008
Gains on foreign currencies
377.8
675.2
Income from tangible assets
50.3
73.5
Reversal of other provisions
108.7
21.2
Reversal of impairment Reversal of impairment of land and buildings (investment properties) Reversal of impairment of loans and receivables Reversal of impairment of available for sale financial assets Reversal of impairment of other receivables Total
1.6 – other income (A million)
Leasing fees Income from service and assistance activities and recovery of charges Income from non-current assets or disposal group classified as held for sale Other technical income Other income Total
84
0.1
1.6
275.9
255.5
4.0
24.1
151.0
139.7
156.1
126.3
1,123.9
1,317.1
2 – Expenses 2.1 – net insurance benefits and claims (A million)
30/06/2009
30/06/2008
7,032.4
6,693.9
6,824.5
6,249.9
123.4
307.9
Change in claims paid to be recovered
72.8
123.6
Change in other insurance provisions
11.7
12.5
24,916.0
19,601.4
15,024.5
17,400.7
378.9
752.6
Change in the mathematical provisions
7,848.8
5,526.7
Change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds
2,085.6
-3,230.7
-421.9
-847.9
31,948.4
26,295.4
Non-life net insurance benefits and claims Claims paid Change in the provisions for outstanding claims
Life net insurance benefits and claims Claims payments Change in the provisions for outstanding claims
Change in other insurance provisions Total
2.2 – fee and commissions expenses and expenses from financial service activities (A million)
30/06/2009
30/06/2008
Fee and commission expenses from banking activity
85.3
90.5
Fee and commission expenses from asset management activity
31.3
56.9
Fee and commission expenses related to investment contracts Total
47.5
65.0
164.1
212.4
2.3 – expenses from subsidiaries, associated companies and joint ventures (A million) Realized losses Impairment losses Total
30/06/2009
30/06/2008
35.5
2.5
0.0
0.2
35.5
2.7
85
Consolidated Financial half-yearly Report 09 Notes
2.4 – expenses from other financial instruments and land and buildings (investment properties) (A million)
30/06/2009
30/06/2008
614.5
776.6
Interest expense on subordinated liabilities
202.0
182.8
Interest expense on loans, bonds and other payables
293.2
481.6
Interest expense
Interest expense on deposits received from reinsurers
16.7
15.0
102.5
97.2
166.3
149.1
Depreciation of land and buildings (investment properties)
68.2
59.9
Expenses from land and buildings (investment properties)
98.1
89.2
876.3
487.3
Other interest expense (*) Other expenses
Realized losses Realized losses on land and buildings (investment properties)
7.5
2.3
Realized losses on held to maturity investments
0.0
0.0
22.4
3.8
840.5
480.6
Realized losses on loans and receivables Realized losses on available for sale financial assets Realized losses on other receivables
1.4
0.6
Realized losses on financial liabilities at amortized cost
4.4
0.0
1,082.3
954.5
21.1
2.4
2.2
0.0
Impairment of loans and receivables
154.7
56.5
Impairment of available for sale financial assets
889.0
875.2
15.3
20.4
2,739.4
2,367.4
Impairment losses Impairment of land and buildings (investment properties) Impairment of investments held to maturity
Impairment of other receivables Total (*) Comparative data includes interest expenses on defined benefit plans which were previously included in other expenses.
2.5 – acquisition and administration costs Non-life segment (A million) Net acquisition costs and other commissions Investment management expenses (*) Other administration costs Total (*) Before the elimination of intra-group transactions between segments.
86
Life segment
Financial segment
30/06/2009
30/06/2008
30/06/2009
30/06/2008
30/06/2009
30/06/2008
2,127.2
2,129.2
1,903.2
43.0
34.7
175.8
1,975.6
0.0
0.0
134.0
-1.2
0.7
647.4
655.4
512.7
575.2
364.2
311.9
2,817.6
2,819.3
2,591.7
2,684.8
363.0
312.6
2.6 – other expenses (A million)
30/06/2009
30/06/2008
175.9
67.1
Amortization of tangible assets
59.2
54.1
Expenses from tangible assets
37.0
50.2
Losses on foreign currencies
276.6
795.9
Restructuring charges, termination employee benefit expenses and allocation to other provisions (*)
213.0
107.2
67.1
81.2
220.4
181.9
Amortization and impairment of intangible assets
Other taxes Expenses from service and assistance activities and charges incurred on behalf of third parties
0.0
0.3
Other technical expenses
Expenses from non-current assets or disposal group classified as held for sale
188.2
260.8
Holding costs
141.7
166.5
Other expenses
146.9
215.6
1,525.9
1,980.8
30/06/2009
30/06/2008
Income taxes
259.5
551.0
Deferred taxes
-94.7
54.1
Total
164.7
605.1
Total (*) Comparative data is adjusted for interest expenses on defined benefit plans which are now included in other interest expenses.
3 – Income taxes (A million)
87
Consolidated Financial half-yearly Report 09 Notes
Part f - other information 1 – Information on employees Number of employees 30/06/2009
31/12/2008
Managers
2,500
2,338
Employees
59,020
58,229
Sales attendants
22,952
23,422
Others
74
74
84,546
84,063
30/06/2009
31/12/2008
Result of the period (e million)
504.0
1,459.5
from continuing operations
494.1
1,459.5
9.9
0.0
1,357,891,906
1,348,476,446
0.37
1.08
from continuing operations
0.36
1.08
from discontinued operations
0.01
0.00
30/06/2009
31/12/2008
Result of the period (e million)
504.0
1,459.5
from continuing operations
494.1
1,459.5
9.9
0.0
1,357,891,906
1,348,476,446
0
1,865,752
1,357,891,906
1,350,342,198
Total
2 – Earnings per share
from discontinued operations Weighted average number of ordinary shares outstanding Basic earnings per share (e)
from discontinued operations Weighted average number of ordinary shares outstanding Adjustments for stock option Weighted average number of ordinary shares outstanding for diluted earnings per share Diluted earnings per share (e)
0.37
1.08
from continuing operations
0.36
1.08
from discontinued operations
0.01
0.00
88
3 – Related party disclosure With regard to transactions with related parties, the main intra-group activities, conducted at market prices or at cost, were undertaken through relations of reinsurance and co-insurance, administration and management of securities and real estate assets, leasing, loans and guarantees, IT and administrative services, personnel secondment, and claim settlement. These services 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 are not included in the consolidation area are listed below. Subsidiaries with significant
Associated
Other related
control not consolidated
companies
parties (*)
132.6
27.6
1,744.9
-1.1
0.0
-518.7
Interest income
2.3
1.0
27.5
Interest expense
0.0
0.0
-18.9
(A million)
30/06/2009
Loans Loans issued
(*) Other related parties mainly refer to transaction between the Group and Mediobanca and PPF Group.
4 – Significant non-recurring events and transactions During the half-year, there were no significant non-recurring events and transactions.
5 – 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.
6 – Reinsurance policy of the Group Information on the reinsurance policy of the Group is provided in the Part E of the consolidated annual financial statements. No significant changes on Group’s reinsurance policy occurred during the first half 2009.
7 – Additional information regarding business combinations During the half year period, no significant business combinations have been concluded.
8 – Non-current assets or disposal group classified as held for sale As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in
89
Consolidated Financial half-yearly Report 09 Notes
Intesa Vita. As a result, Intesa Vita has been classified as a non-current asset held for sale and its result has been recognized (net of related fiscal effects) as a separate line in the profit and loss account. The following table shows Intesa Vita assets and liabilities classified as held for sale.
(A million) Intangible assets
30/06/2009 343.2
Tangible assets
0.8
Amounts ceded to reinsurers from insurance provisions
0.1
Investments Loans and receivables
22,754.3 1.2
Available for sale financial assets
12,251.1
Financial assets at fair value through profit or loss
10,502.1
of which financial assets where the investments risk is borne by the policyholders and related to pension funds Other receivables
8,815.5 16.1
Other assets
672.5
Cash and cash equivalents
447.0
Total non current assets or discontinued operations
24,233.9
The further amount to reconcile with the total of non current assets or disposal groups held for sale is related to real estates for which the sale is expected to be completed within one year.
(A million) Other provisions Insurance provisions of which insurance provisions for policies where the investments risk is born by the policyholders and related to pension funds
30/06/2009 1.1 20,269.6 6,939.5
Financial liabilities
2,081.1
Financial liabilities at fair value through profit or loss
2,048.1
of which financial liabilities for policies where the investments risk is born by the policyholders and related to pension funds Other financial liabilities of which subordinated liabilities Paybles Other liabilities Total liabilities associated with non-current assets and disposal gruop classified as held for sale
90
1,951.0 33.0 31.5 86.5 367.8 22,806.1
Here below, the detail of the result of discontinued operations of Intesa Vita at 30 June 2009 is provided, together with the comparative amounts.
(A million)
30/06/2009
30/06/2008
1,392.6
496.7
Fee and commission income and income from financial service activities
11.4
3.9
Net income from financial instruments at fair value through profit or loss
145.3
-422.2
91.3
-320.3
259.0
344.9
15.6
26.0
Total revenue and income from discontinued operations
1,824.0
449.3
Net insurance benefits and claims
Net earned premiums
of which net income from financial instruments where the investments risk is born by the policyholders and related to pension funds Income from other financial instruments and land and buildings (investment properties) Other income
1,667.0
279.5
Fee and commission expenses and expenses from financial service activities
6.2
1.5
Expenses from subsidiaries, associated companies and joint venture
0.1
0.0
Expenses from other financial instruments and land and buildings (investment properties)
14.3
52.9
Acquisition and administration costs
41.5
67.1
Other expenses
27.5
0.4
1,756.6
401.4
Earnings before taxes
67.3
47.9
Income taxes
27.9
18.2
Result of discontinued operations
39.4
29.7
Total costs and expenses from discontinued operations
91
Renmin Guangchang, Guiyang - China
Appendices to the Notes
Company
ASSICURAZIONI GENERALI S.p.A.
CONSOLIDATED STATEMENTS Appendices to the Notes at 30 June 2009
(Amounts in € million)
95
SEGMENT REPORTING - BALANCE SHEET
NON-LIFE SEGMENT 30/06/2009
31/12/2008
LIFE SEGMENT 30/06/2009
31/12/2008
1
INTANGIBLE ASSETS
4,317.1
4,344.4
3,844.6
4,187.9
2 3
TANGIBLE ASSETS
2,180.7
2,108.7
1,370.7
1,398.8
AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS
4,370.2
4,525.8
1,515.9
1,523.3
48,813.8
49,125.9
276,831.8
289,301.9
5,630.3
5,629.6
6,842.0
6,959.3
13,013.1
12,950.5
13,183.4
13,666.3
118.2
122.6
2,080.9
1,069.0
4
INVESTMENTS 4.1
Land and buildings (investment properties)
4.2
Investments in subsidiaries, associated companies and joint ventures
4.3
Held to maturity investments
4.4
Loans and receivables
10,610.3
9,744.9
64,990.2
52,035.8
4.5
Available for sale financial assets
18,278.2
18,856.7
134,936.9
152,904.3
4.6
Financial assets at fair value through profit or loss
1,163.7
1,821.5
54,798.5
62,667.3
5
RECEIVABLES
8,738.8
7,522.9
7,714.2
5,267.3
6
OTHER ASSETS
5,552.7
5,124.6
33,406.4
10,384.1
469.8
513.4
1,272.1
1,199.3
6.1
Deferred acquisition costs
6.2
Other assets
5,082.8
4,611.2
32,134.3
9,184.8
CASH AND CASH EQUIVALENTS
2,440.4
2,208.4
6,137.9
5,124.9
76,413.8
74,960.8
330,821.6
317,188.3
893.1
850.7
848.9
876.1
7
TOTAL ASSETS 1
SHAREHOLDERS' EQUITY
2
OTHER PROVISIONS
3
INSURANCE PROVISIONS
34,799.1
33,768.0
257,630.4
268,011.5
4
FINANCIAL LIABILITIES
13,092.5
13,343.6
18,364.1
19,437.1
149.9
181.0
6,589.4
7,710.4
12,942.6
13,162.5
11,774.7
11,726.7
4.1
Financial liabilities at fair value through profit or loss
4.2
Other financial liabilities
5
PAYABLES
4,832.0
4,013.5
6,430.8
4,527.0
6
OTHER LIABILITIES
5,224.2
5,125.3
27,772.3
5,384.2
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
96
Appendix 1
CONSOLIDATION ADJUSTMENTS
FINANCIAL SEGMENT 30/06/2009
31/12/2008
30/06/2009
TOTAL
31/12/2008
30/06/2009
31/12/2008
862.2
759.9
0.7
0.7
9,024.7
9,293.0
286.9
285.7
-1.3
-0.6
3,837.0
3,792.7
0.0
0.0
-9.2
-43.6
5,877.0
6,005.5
18,250.8
20,034.8
-30,870.3
-31,327.7
313,026.2
327,134.9
21.2
22.9
-180.8
-138.5
12,312.7
12,473.3
52.8
58.1
-24,200.2
-24,106.4
2,049.2
2,568.4
604.4
606.4
0.0
0.0
2,803.5
1,798.0
13,343.9
14,483.6
-6,480.7
-7,071.9
82,463.7
69,192.5
2,144.1
1,940.2
0.0
0.0
155,359.2
173,701.1
2,084.3
2,923.7
-8.6
-10.9
58,037.9
67,401.7
288.2
221.2
-2,129.0
-1,556.5
14,612.1
11,454.9
487.3
470.6
-245.3
-259.0
39,201.1
15,720.3
0.0
0.0
0.0
0.0
1,741.9
1,712.7
487.3
470.6
-245.3
-259.0
37,459.2
14,007.6
4,079.9
4,286.5
-740.7
-1,082.7
11,917.6
10,537.2
24,255.4
26,058.7
-33,995.2
-34,269.4
397,495.6
383,938.4
15,808.6
15,473.1
260.4
242.3
-19.5
-20.8
1,982.9
1,948.3
0.0
0.0
-19.9
-18.8
292,409.7
301,760.7
20,331.8
22,148.4
-7,248.8
-8,198.6
44,539.5
46,730.5
1,215.7
1,892.8
-8.6
-10.9
7,946.4
9,773.3
19,116.1
20,255.7
-7,240.2
-8,187.8
36,593.1
36,957.2
190.0
177.8
-2,112.9
-1,538.4
9,339.9
7,179.9
549.6
496.5
-131.1
-160.1
33,415.0
10,845.9
397,495.6
383,938.4
97
SEGMENT REPORTING - PROFIT AND LOSS ACCOUNT
NON-LIFE SEGMENT 30/06/2009
Net earned premiums
30/06/2008
30/06/2009
30/06/2008
9,984.7
9,976.6
21,781.1
22,387.0
10,877.7
10,837.8
22,076.5
22,781.9
-893.0
-861.3
-295.4
-394.9
0.0
0.0
88.1
105.1
-107.1
44.5
2,354.5
-3,813.3
69.9
326.2
100.8
108.2
1,202.2
1,340.9
5,789.7
6,525.9
533.6
667.6
510.4
570.1
11,683.3
12,355.7
30,624.6
25,883.0
Net insurance benefits and claims
7,032.4
6,693.9
24,916.0
19,601.4
2.1.1
Claims paid and change in the insurance provisions
7,640.7
7,186.3
25,108.0
19,839.1
2.1.2
Reinsurers' share
-608.4
-492.4
-192.0
-237.6
1.1 1.1.1
Gross earned premiums
1.1.2
Earned premiums ceded Fee and commission income and income from financial service activities
1.2 1.3
Net income from financial instruments at fair value through profit or loss
1.4
Income from subsidiaries, associated companies and joint ventures
1.5
Income from other financial instruments and land and buildings (investment properties)
1.6
Other income TOTAL INCOME
1 2.1
2
LIFE SEGMENT
2.2
Fee and commission expenses
0.4
0.0
47.5
65.0
2.3
Expenses from subsidiaries, associated companies and joint ventures
1.0
0.0
34.5
2.6
2.4
Expenses from other financial instruments and land and buildings (investment properties)
892.7
482.6
1,391.0
1,281.5
2.5
Acquisition and administration costs
2,817.6
2,819.3
2,591.7
2,684.8
2.6
Other expenses
713.8
868.3
551.3
824.6
11,457.7
10,864.0
29,531.9
24,460.0
225.7
1,491.8
1,092.6
1,423.0
TOTAL EXPENSES EARNINGS BEFORE TAXES
98
Appendix 2
FINANCIAL SEGMENT 30/06/2009
30/06/2008
0.0
CONSOLIDATION ADJUSTMENTS
HOLDING EXPENSES 30/06/2009
30/06/2008
30/06/2009
TOTAL
30/06/2008
30/06/2009
30/06/2008
0.0
0.0
0.0
31,765.8
32,363.6
0.0
0.0
0.0
32,954.2
33,619.7
0.0
0.0
0.0
0.0
-1,188.4
-1,256.1
511.0
521.3
-56.3
-54.6
542.8
571.8
53.5
42.6
0.0
-8.0
2,300.9
-3,734.3
1.9
19.8
-93.9
-101.7
78.7
352.4
292.4
428.0
-59.0
-138.9
7,225.3
8,155.9
108.8
102.7
-29.0
-23.3
1,123.9
1,317.1
967.6
1,114.3
-238.2
-326.5
43,037.4
39,026.6
0.0
0.0
0.0
0.0
31,948.4
26,295.4
0.0
0.0
0.0
32,748.7
27,025.4
0.0
0.0
0.0
0.0
-800.3
-730.0
135.7
161.6
-19.4
-14.1
164.1
212.4
0.1
6.6
0.0
-6.6
35.5
2.7
133.3
311.1
-11.6
-40.1
2,739.4
2,367.4
363.0
312.6
-36.7
-24.4
5,735.6
5,792.3
148.5
142.3
141.7
166.5
-29.2
-20.8
1,525.9
1,980.8
780.6
934.2
475.5
498.8
-96.9
-106.0
42,148.9
36,651.0
187.0
180.1
-475.5
-498.8
-141.2
-220.6
888.5
2,375.5
0.0
333.9
0.0
332.3
99
100 546.3 3,242.9
Other intangible assets
3,290.6
12,312.7
At amortized cost
Other tangible assets
Land and buildings (self used)
Land and buildings (investment properties)
Tangible and intangible assets At revalued amount or at fair value
Total
3,242.9
546.3
3,290.6
12,312.7
Appendix 3
101
(*)
5,877.0
Total
1.2
1,513.1
4,363.8
30/06/2009
1,512.0
(*) After the elimination of intra-group transactions between segments.
Appendix 4
6,005.5
1,486.6
0.8
1,487.4
4,518.0
31/12/2008
Total book value
Mathematical and other insurance provisions
Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds
Life amounts ceded to reinsurers from insurance provisions
(*)
Non-life amounts ceded to reinsurers from insurance provisions
Amounts ceded to reinsurers from insurance provisions
102 0.0 0.0
Other loans and receivables
Derivatives
2,803.5
17.5 1,798.0
19.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,778.7
1,778.7
0.0
0.0
0.0
31/12/2008
82,463.7
0.0
0.0
0.0
22,077.9
0.0
410.9
3,300.9
3,317.6
0.0
0.0
53,356.5
0.0
0.0
0.0
30/06/2009
69,192.5
0.0
0.0
0.0
22,874.4
0.0
429.9
3,909.7
3,090.0
0.0
0.0
38,888.5
0.0
0.0
0.0
31/12/2008
Loans and receivables
(*) In accordance with Regolamento n°7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied
Total
Other financial investments
0.0
0.0
Deposit components of reinsurance contracts
Hedging derivatives
0.0
Deposits under reinsurance business accepted
(*)
0.0 0.0
Loans and receivables from banks
0.0
Investment fund units
Loans and receivables from customers
2,786.0
of which quoted bonds
0.0
of which quoted equities 2,786.0
0.0
Equities at fair value
Bonds
0.0
Equities at cost
30/06/2009
Held to maturity investments
155,359.2
1,519.5
-8.4
0.0
0.0
0.0
0.0
0.0
0.0
10,260.0
118,555.7
127,220.8
14,182.4
15,983.2
384.2
30/06/2009
173,701 1
1,488.7
-3.2
0.0
0.0
0.0
0.0
0.0
0.0
11,216.7
133,767.7
144,707.7
14,382.7
15,926.5
364.7
31/12/2008
Available for sale financial assets
2,779.7
22.6
0.0
1,276.4
0.0
0.0
0.0
0.0
0.0
158.6
1,074.8
1,251.0
71.0
71.0
0.0
30/06/2009
4,601.8
13.0
0.0
2,177.4
0.0
0.0
0.0
0.0
0.0
563.3
1,236.1
1,485.6
362.5
362.5
0.0
31/12/2008
Financial assets held for trading
55,258.3
3,977.1
0.0
1,089.0
0.0
0.0
0.0
0.0
0.0
27,286.2
17,475.2
19,592.5
2,837.4
3,313.5
0.0
30/06/2009
62,799 9
4,046.8
0.0
835.2
0.0
0.0
0.0
0.0
0.0
27,367.6
24,665 9
27,715 3
2,165.4
2,835.0
0.0
31/12/2008
Financial assets designated as at fair value through profit or loss
Financial assets at fair value through profit or loss
298,664.3
5,536.7
-8.4
2,365.5
22,077.9
0.0
410.9
3,300.9
3,317.6
37,704.8
139,891.7
204,206.7
17,090.8
19,367.6
384.2
30/06/2009
312,093.2
5,567.8
-3.2
3,012.6
22,874.4
0.0
429.9
3,909.7
3,090.0
39,147.6
161,448.5
214,575.8
16,910.6
19,123 9
364.7
31/12/2008
Total book value
Appendix 5
103
(*)
40,923.4
0.0
34,661.5
6,261.8
40,619.3
0.0
40,619.3
31/12/2008
(*) 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.
Total
34,740.1
0.0
Intra-group liabilities
29,491.8
(*)
5,248.4
34,300.5
0.0
34,300.5
Insurance provisions (**)
Financial liabilities
Total
Intra-group assets
Assets
30/06/2009
Policies where the investment risk is borne by the policyholders
685.8
0.0
312.8
373.0
812.2
0.0
812.2
30/06/2009
588.6
0.0
302.9
285.7
732.1
0.0
732.1
31/12/2008
Pension funds
Assets and liabilities related to policies where the investment risk is borne by the policyholders and to pension funds
35,425.9
0.0
29,804.5
5,621.4
35,112.7
0.0
35,112.7
30/06/2009
Total
41,511.9
0.0
34,964.4
6,547.5
41,351.4
0.0
41,351.4
31/12/2008
Appendix 6
104 27,630.2
Provisions for outstanding claims
-6,192.7
of which deferred policyholder liabilities
(*) After the elimination of intra-group transactions between segments.
292,409.7
1,071.6
of which provisions for liability adequacy test
Total
9,002.9
29,805.7
213,683.2
5,120.9
257,612.7
3.4
Other insurance provisions
Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds
Mathematical provisions
Provisions for outstanding claims
Life insurance provisions
(*)
of which provisions for liability adequacy test
423.0
6,743.8
Provisions for unearned premiums
30/06/2009 34,797.0
Other insurance provisions
Appendix 7
301,760.7
-7,329.9
1,137.4
8,906.7
34,965.2
219,352.5
4,772.3
267,996.8
5.9
418.0
27,331.7
6,014.2
33,764.0
31/12/2008
Total book value
Non-life insurance provisions (*)
Insurance provisions
105
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 861.5
where the investment risk is borne by the policyholders
pension funds
other liabilities related to investment contracts
Deposits received from reinsurers
Deposit components of insurance contract
Bonds
Liabilities to customers
Liabilities to banks
Other loans
Derivatives
1,784.2
0.0
0.0 861.5
0.0
0.0
1,784.2
7,085.0
445.4
0.0
810.1
0.0
0.0
0.0
0.0
0.0
0.0
208.1
373.0
5,248.4
5,829.5
0.0
0.0
30/06/2009
7,989.2
460.4
0.0
621.3
0.0
0.0
0.0
0.0
0.0
0.0
360.0
285.7
6,261.8
6,907.5
0.0
0.0
31/12/2008
Financial liabilities designated as at fair value through profit or loss
(*) In accordance with Regolamento n 7 of 13 July 2007 hedging derivatives are only derivatives for which hedge accounting is applied.
Total
Other financial liabilities
Hedging derivatives
0.0
0.0
Financial liabilities related to investment contracts issued by insurance companies
(*)
0.0
0.0
Subordinated liabilities
0.0
0.0
0.0
31/12/2008
Preference shares
30/06/2009
Financial liabilities held for trading
Financial liabilities at fair value through profit or loss
36,593.1
0.0
36,957.2
0.0
705.9
0.0 558.5
3,936.0 0.0
511.7
17,671.8
4,536.3
0.0
996.0
2,558.5
0.0
0.0
2,558.5
6,041.0
0.0
31/12/2008
3,888.8
441.3
17,132.4
4,407.4
0.0
1,028.2
2,768.3
0.0
0.0
2,768.3
6,368.3
0.0
30/06/2009
Other financial liabilities
44,539.5
445.4
558.5
1,671.6
3,888.8
441.3
17,132.4
4,407.4
0.0
1,028.2
2,976.4
373.0
5,248.4
8,597.8
6,368.3
0.0
30/06/2009
46,730.5
460.4
705.9
2,405.5
3,936.0
511.7
17,671.8
4,536.3
0.0
996.0
2,918.5
285.7
6,261.8
9,466.0
6,041.0
0.0
31/12/2008
Total book value
Appendix 8
106
Change in the provisions for unearned premiums
b
11.7
Change in other insurance provisions
d
2,085.6 -421.9
Change in the mathematical provisions
Change in the provisions for policies where the investment risk is borne by the policyholders and the provisions for pension funds
Change in other insurance provisions
c
d
e
7,848.8
378.9
Change in the provisions for outstanding claims
b
15,024.5
Claims paid
24,916.0
NET INSURANCE BENEFITS AND CLAIMS
a
21,781.1
NET PREMIUMS
LIFE SEGMENT
72.8
Change in claims to be recovered
c
123.4
Change in the provisions for outstanding claims
b
6,824.5
Claims paid
7,032.4
-605.4
10,590.1
9,984.7
-847.9
-3,230.7
5,526.7
752.6
17,400.7
19,601.4
22,387.0
12.5
123.6
307.9
6,249.9
6,693.9
-848.9
10,825.4
9,976.6
30/06/2008
Appendix 9
Net amount
30/06/2009
a
NET INSURANCE BENEFITS AND CLAIMS
Premiums written
a
NET EARNED PREMIUMS
NON-LIFE SEGMENT
Technical insurance items
107
Total
4,597.0
-614.5
32.5
from financial liabilities designated as at fair value through profit or loss
1,493.5
166.3
2,745.5
0.9
26.4
2,384.3
4.4
202.3
295.5
502.3
7.8
71.5
6,285.4
3,798.7
1,082.3
0.0
15.3
889.0
154.7
2.2
0.0
21.1
1,067.0
-717.0
13.6
-703.4
0.0
39.2
2,518.4
-259.5
-882.4
-144.4
-2.2
0.0
-21.1
1,208.8
544.6
0.0
948.3
55.7
1,004.0
2,378.3
416.4
2,794.7
0.0 5,354.2
0.0
54.5
6.6
10.3
0.0
0.0
0.0
17.0
0.0
231.3
69.3
300.6
4,896.6
156.9
5,053.6
Total unrealized gains and losses
-618.0
-143.5
-155.0
-916.5
141 5
168 8
1.4
221.0 823.0
-583.0
0.0
476.3 498.3
3,879.4
1,758.1
35.8
43.2
378.9
7,139.5
54.7
0.1
647 1
840.5
22.4
0.0
35.5
7.5
1,880.6
Unrealized gains and reversal of impairment losses
Unrealized losses and impairment losses Total unrealized Reversal gains and Realized Unrealized of Unrealized Impairmen losses losses gains impairmen losses t losses t losses
54.7
9.0
59.7 270.2
23.9 404.1
613.7
13.5 1,174.5
659.9
2,885.5
-1.0
from other financial liabilities
44.8
83.0
2,576.7
Realized gains
1,767.1
0.0
0.0
166.3
166.3
Other expenses
0.1
34.0
469.7
1,493.5
Other income
35.8
5,116.3
from financial liabilities held for trading
Income and expenses from payables
c
a b
Income and expenses from financial liabilities
Income and expenses from cash and cash equivalents
Income and expenses from receivables
from financial assets held for trading
from financial assets designated as at fair value through profit or loss
from available for sale financial assets
e
f
from loans and receivables
d
g
from held to maturity investments
from investments in subsidiaries, associated companies and joint ventures
from land and buildings (investment properties)
c
a b
Income and expenses from investments
Interest
Income and expenses from investments, receivables and payables
6,830.0
0.0
-618.0
-860.5
-141.5
-1,620.0
54.7
47.0
3,341.4
-38.5
2,997.0
1,613.8
33.6
43.2
357.9
8,348.3
2,403.9
0.0
-777.5
213.2
19.1
-545.2
77.6
37.3
-3,580.1
-386.5
4,501.9
1,529.3
25.8
349.7
394.0
2,834.1
Total Total income and income and expenses expenses 30/06/2009 30/06/2008
Appendix 10
108
(*) Before the elimination of intra-group transactions between segments.
Total
Other administration costs
Investment management expenses
(*)
Commissions and other acquisition costs net of commissions and profit commissions from reinsurers
Acquisition and administration costs of insurance business
2,817.6
647.4
43.0
2,127.2
30/06/2009
2,819.3
655.4
34.7
2,129.2
30/06/2008
Non-life segment
2,591.7
512.7
175.8
1,903.2
30/06/2009
2,684.8
575.2
134.0
1,975.6
30/06/2008
Life segment
Appendix 11
Skyline, Macau - China
Change in the Consolidation Area compared to 2008 Subsidiares Consolidated Line by Line Non-Consolidated Subsidiares and Associated Companies
Change in the consolidation area(*) compared to 2008 Newly consolidated: 1.
AM Vertriebsservice-Gesellschaft Sachversicherungen mbH, Frankfurt
2.
AVAOT II, Cologne
3.
Cajamar Seguros Generales, S.A. de Seguros y Reaseguros, Almeira
4.
Delta Generali Holding d.o.o. Podgorica, Podgorica
5.
Delta Generali Osiguranje ad Podgorica, Podgorica
6.
Delta Generali Zivotna Osiguranja ad Podgorica, Podgorica
7.
Generali Carnot S.a.r.l., Paris
8.
Iberian Structured Investments I B.V., Amsterdam
9.
Migdal Capital Markets (1965) Ltd, Tel Aviv
10.
Migdal Capital Markets (Management Services) Ltd, Tel Aviv
11.
Migdal Gemel Platinum Ltd, Tel Aviv
12.
Migdal Hitum ve Kidum Asakim Ltd, Tel Aviv
13.
Migdal Investment Portfolio Management (1988) Ltd, Tel Aviv
14.
Migdal Investments Management (2001) Ltd, Tel Aviv
15.
Migdal Makefet Pension and Provident Funds Ltd, Tel Aviv
16.
Migdal Stock Exchange Services (N.E.) Ltd, Tel Aviv
17.
Migdal Trust Funds Ltd, Tel Aviv
18.
New Makefet Providence Fund Ltd, Tel Aviv
19.
OPCI Parcolog Invest, Paris
20.
Pankrac Services, s.r.o., Prague
21.
SC Progador (SCI), Paris
22.
SCI Cogipar, Paris
23.
SCI du Chateau La France, Paris
24.
SCI Font Romeu Neige et Soleil, Paris
25.
SCI France Mornay Lyon, Paris
26.
SCI Viroflay 10-12 Libération, Paris
27.
Univerzální správa majetku, a.s., Prague
111
Change in the consolidation area(*) compared to 2008 Company disposed of/wound up: 1.
AM Generali Aktien Euroland, Cologne
2.
AM Generali Aktien Global, Cologne
3.
AM Generali Bond Europa Plus, Cologne
4.
AM Generali Bond Global, Cologne
5.
AMB Generali Aktien Deutsch, Cologne
6.
Banca del Gottardo Italia S.p.A. (fusa in Banca BSI Italia S.p.A.), Milan
7.
Europ Assistance (Ireland) Ltd, Dublin
8.
Fafid S.p.A. (fusa in EOS Servizi Fiduciari S.p.A.), Milan
9.
Generali China Insurance Co. Ltd, Beijing
10.
Generali Grundstücksverwaltungs AG & Co. OHG (fusa in Generali Lebensversicherung AG), Hamburg
11.
GSStock-Fonds (fusa in GLStock-Fonds), Vienna
12.
Intesa Life Limited, Dublin
13.
Luganova SA, Lugano
14.
SCI des 48 et 50 BD des Batignolles (fusa in Generali IARD S.A.), Paris
15.
SCI du 2/4 BD Haussmann (fusa in Generali VIE S.A.), Paris
16.
SCI du 29 Rue de Poissoniers (fusa in SCI du Coq), Paris
17.
SCI Lagny Cuvier-Generali, Paris
(*) Consolidation area consists of companies consolidated “line by line”.
112
Subsidiaries consolidated line by line
Company
Country
Currency
Assicurazioni Generali S.p.A.
086
EUR
Alleanza Assicurazioni S.p.A.
086
EUR
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
1,410,113,747
G
1
423,306,711
G
1
Direct
Indirect
Through
0.01
Generali Business Solutions
0.01
Augusta Assicurazioni S.p.A.
0.01
Generali Gestione Immobiliare
0.42
INA Assitalia S.p.A.
47.54 0.01
Flandria Participations Fin.
0.12
Toro Assicurazioni S.p.A.
1.64
INA Assitalia S.p.A.
0.01
Intesa Vita S.p.A.
0.02
AachenMünchener Lebens.
0.03
Generali Lebensversicherung AG
0.01
Central Krankenversicherung AG
0.19
Genertellife S.p.A.
0.79
Vitalicio Torre Cerdà S.l.
Total
Group equity ratio % (3)
0.45
100.00
50.36
50.35
Genertel S.p.A.
086
EUR
23,000,000
G
1
100.00
100.00
100.00
UMS Immobiliare Genova S.p.A.
086
EUR
15,993,180
G
1
99.90
99.90
99.90
Intesa Vita S.p.A.
086
EUR
394,226,300
G
1
50.00
25.17
Generali Factoring S.p.A.
086
EUR
1,500,000
G
11
100.00
50.00
Alleanza Assicurazioni S.p.A.
100.00
100.00
Risparmio Assicurazioni S.p.A.
086
EUR
5,175,152
G
1
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.
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
98.89
Europ Assistance Service SpA
Europ Assistance Vai S.r.l.
086
EUR
468,000
G
11
Generali Horizon S.p.A.
086
EUR
15,520,000
G
9
100.00
Generali Properties S.p.A.
086
EUR
357,686,860
G
10
52.07
Assitimm S.r.l.
Heracles Immobiliare S.r.l.
086
086
EUR
EUR
100,000
1,200,000
G
G
10
Prunus S.p.A.
086
EUR
11,610,000
G
10
086
EUR
167,850,000
G
11
Alleanza Assicurazioni S.p.A.
99.00
Generali Properties S.p.A.
100.00
Generali Properties S.p.A.
100.00
Generali Properties S.p.A.
1.00
10
Genagricola S.p.A.
47.93
100.00
98.89
85.97
100.00
100.00
100.00
76.20
100.00
76.44
100.00
76.20
100.00
76.20
100.00
100.00
Agricola San Giorgio S.p.A.
086
EUR
22,160,000
G
11
100.00
Genagricola S.p.A.
100.00
100.00
S. Alessandro Fiduciaria SpA
086
EUR
100,000
G
11
100.00
Banca Generali S.p.A.
100.00
61.17
Finagen S.p.A.
086
EUR
6,700,000
G
8
99.90
Alleanza Assicurazioni S.p.A.
100.00
50.40
61.20
61.17
Banca Generali S.p.A.
086
EUR
111,313,176
G
7
Fondi Alleanza SGR S.p.A.
086
EUR
5,200,000
G
8
Fondo Scarlatti
086
EUR
626,167,695
G
10
0.10
Generali Investment Management
0.07
Banca BSI Italia S.p.A.
61.13
100.00
Alleanza Assicurazioni S.p.A.
11.74 2.77
Fata Assicurazioni Danni S.p.A
1.98
Toro Assicurazioni S.p.A.
11.16 8.35
100.00
50.35
66.03
51.84
INA Assitalia S.p.A. Generali Properties S.p.A.
113
Subsidiaries consolidated line by line
Company
Country
Currency
Share capital in original currency
Shareholding % Method (1)
Activity (2)
Direct
Indirect 2.07
Intesa Vita S.p.A.
2.27
Prunus S.p.A.
20.37
Generali Gestione Immobiliare
086
EUR
780,000
G
11
EOS Servizi Fiduciari Srl
086
EUR
600,000
G
11
Fondo Cimarosa
086
EUR
480,110,409
G
10
Genertellife S.p.A.
1.78
Genertel S.p.A.
100.00 100.00
Generali Business Solutions
Genertel Servizi Assicurativi
086
086
EUR
EUR
EUR
27,000
8,010,000
20,000
G
G
G
11
11
INA Assitalia S.p.A.
15.90
Alleanza Assicurazioni S.p.A.
Gotam SGR S.p.A.
086
EUR
2,050,000
G
8
Toro Assicurazioni S.p.A.
086
EUR
184,173,606
G
1
100.00 100.00
100.00
79.39
100.00
81.48
100.00
99.60
100.00
100.00
Generali Properties S.p.A.
6.88
Prunus S.p.A.
3.70
Generali Vida de Seguros S.A.
18.52
Generali Vie S.A.
7.41
Genertellife S.p.A.
3.70
Generali Belgium S.A.
96.87 0.01
BG Fiduciaria - SIM S.p.A.
0.25
BG Soc. Gestione Risp. S.p.A.
0.01
Generali Immobiliare IT SGR
0.25
Fata Assicurazioni Danni S.p.A
0.01
Fata Vita S.p.A.
0.25
Augusta Assicurazioni S.p.A.
0.25
Augusta Vita S.p.A.
0.25
Toro Assicurazioni S.p.A.
0.25
INA Assitalia S.p.A.
0.05
Generali Int Business Solution
0.25
Banca Generali S.p.A.
0.05
Banca BSI Italia S.p.A.
0.25
Alleanza Assicurazioni S.p.A.
0.25
Genertellife S.p.A.
0.25
Generali Investments Italy SpA
0.25
Genertel S.p.A.
0.25
SIMGENIA S.p.A. SIM
50.00
Genertellife S.p.A.
50.00
Genertel S.p.A.
100.00
100.00 100.00
Genertellife S.p.A.
66.67
11
Group equity ratio % (3)
Toro Assicurazioni S.p.A.
14.79
3.18
086
BSI S.A.
10.60
46.53
Total
Alleanza Assicurazioni S.p.A.
3.55
2.12
Generali Int Business Solution
Through
BSI S.A.
100.00
100.00
100.00
100.00
100.00
Augusta Assicurazioni S.p.A.
086
EUR
26,000,000
G
1
100.00
Toro Assicurazioni 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
Iniz. Sviluppo Imm. ISIM SpA
086
EUR
113,900,000
G
10
100.00
Toro Assicurazioni S.p.A.
100.00
100.00
D.A.S.-Difesa Automob. Sin.SpA
086
EUR
2,750,000
G
1
50.01
Toro Assicurazioni S.p.A.
50.01
50.01
114
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
G
10
Company
Country
Currency
Imm. Commerciale XXVI S.r.l.
086
EUR
1,500,000
Direct
Indirect 100.00
Through Iniz. Sviluppo Imm. ISIM SpA
Total
Group equity ratio % (3)
100.00
100.00
Banca BSI Italia S.p.A.
086
EUR
80,235,162
G
7
100.00
Banca Generali S.p.A.
100.00
61.17
BG Fiduciaria - SIM S.p.A.
086
EUR
5,200,000
G
8
100.00
Banca Generali S.p.A.
100.00
61.17
BG Soc. Gestione Risp. S.p.A.
086
EUR
6,475,000
G
8
100.00
Banca Generali S.p.A.
100.00
61.17
Generali Immobiliare IT SGR
086
EUR
5,000,000
G
8
100.00
Generali Investments S.p.A.
100.00
97.48
Generali Investments S.p.A.
086
EUR
39,000,000
G
9
100.00
97.48
100.00
84.23
90.00
88.23
SIMGENIA S.p.A. SIM
Generali Thalìa Invest Italy
086
086
EUR
EUR
5,200,000
5,200,000
G
G
8
40.00 30.00
Generali Deutschland HoldingAG
30.00
Generali France S.A.
25.00
8
10.00
Fata Assicurazioni Danni S.p.A
15.00
Toro Assicurazioni S.p.A.
15.00
INA Assitalia S.p.A.
15.00
Banca Generali S.p.A.
20.00
Alleanza Assicurazioni S.p.A.
20.00
BSI S.A.
70.00
Generali Investments Italy SpA
Genertellife S.p.A.
086
EUR
145,200,000
G
1
100.00
100.00
100.00
Cestar S.r.l.
086
EUR
3,100,000
G
11
98.00
100.00
100.00
100.00
100.00
INA Assitalia S.p.A.
086
EUR
482,628,450
G
1
0.25
Fata Assicurazioni Danni S.p.A
0.25
Augusta Assicurazioni S.p.A.
0.25
Toro Assicurazioni S.p.A.
0.25
INA Assitalia S.p.A.
1.00
Generali Business Solutions
100.00
Fata Vita S.p.A.
086
EUR
5,202,079
G
1
99.88
99.88
99.88
Fata Assicurazioni Danni S.p.A
086
EUR
5,202,079
G
1
99.88
99.88
99.88
Inf - Societa` Agricola S.p.A.
086
EUR
15,480,000
G
11
100.00
Genagricola S.p.A.
100.00
100.00
Generali Investments Italy SpA
086
EUR
26,250,000
G
8
100.00
Generali Investments S.p.A.
100.00
97.48
Dialog Lebensversicherungs AG
094
EUR
2,045,200
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
Generali Deutschland HoldingAG
094
EUR
137,420,785
G
5
0.93
Generali Levensverz. Maatsch.
93.02
91.82
0.93
Generali Assurances Générales
5.10
Generali Vermögensverwaltung G
1.86
Alleanza Assicurazioni S.p.A.
80.19
Generali Beteiligungs-GmbH
2.14
Vitalicio Torre Cerdà S.l.
0.93
La Estrella S.A.
0.93
Generali Belgium S.A.
AachenMünchener Lebens.
094
EUR
71,269,998
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
AachenMünchener Vers.
094
EUR
136,463,896
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
Generali Lebensversicherung AG
094
EUR
124,053,300
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
Generali Versicherung AG DE
094
EUR
27,358,000
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
Central Krankenversicherung AG
094
EUR
34,017,984
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
Europ Assistance Versicherung
094
EUR
2,800,000
G
2
25.00
Generali Deutschland HoldingAG
100.00
97.78
75.00
Europ Assistance Holding S.A.
EA Service GmbH
094
EUR
250,000
G
11
100.00
Europ Assistance Versicherung
100.00
97.78
115
Subsidiaries consolidated line by line
Company
Country
Currency
Cosmos Lebensversicherungs AG
094
EUR
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
10,739,616
G
2
Direct
Indirect 100.00
Through Generali Deutschland HoldingAG
Total
Group equity ratio % (3)
100.00
91.82
Cosmos Versicherungs AG
094
EUR
9,205,200
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
ENVIVAS Krankenversicherung AG
094
EUR
1,022,800
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
AdvoCard Rechtsschutzvers.
094
EUR
12,920,265
G
2
29.29
AachenMünchener Vers.
100.00
91.89
70.71
Generali Versicherung AG DE
Volksfürsorge Pensionskasse AG
094
EUR
5,025,000
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
Generali DE Pensionskasse AG
094
EUR
7,500,000
G
2
100.00
Generali Deutschland HoldingAG
100.00
91.82
100.00
100.00
94.90
94.90
Generali Beteiligungs-GmbH
094
EUR
1,005,000
G
4
Generali Vermögensverwaltung G
094
EUR
258,700,000
G
9
100.00 94.90
Generali Beteiligungs-GmbH
Lloyd Immobilien GmbH
094
EUR
204,600
G
10
100.00
Generali Beteiligungs u Verwal
100.00
91.92
ALLWO GmbH
094
EUR
17,895,500
G
10
46.86
AachenMünchener Lebens.
100.00
91.87
53.14
Generali Lebensversicherung AG
Generali 3. Immobilien AG & Co
094
EUR
24,626,000
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Generali Private Equity Invest
094
EUR
1,000,000
G
9
100.00
Generali Investments S.p.A.
100.00
97.48
AM Vertriebsservice-Ges. Sach.
094
EUR
250,000
G
11
100.00
ATLAS Dienstleistungen
100.00
67.95
Generali Investments DE KAGmbh
094
EUR
9,050,000
G
8
100.00
Generali Investments S.p.A.
100.00
97.48
Generali DE Pensionsfonds AG
094
EUR
5,100,000
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
Generali Beteiligungs u Verwal
094
EUR
66,963,298
G
4
1.22
Transocean Holding Corporation
100.00
91.92
98.78
Generali Deutschland HoldingAG
AMCO Beteiligungs-GmbH
094
EUR
500,000
G
4
100.00
Generali Deutschland HoldingAG
100.00
91.82
AM Erste Immobilien AG&Co. KG
094
EUR
97,162,805
G
10
100.00
AachenMünchener Lebens.
100.00
91.82
Central Erste Immobilien AG&KG
094
EUR
4,823,507
G
10
100.00
Central Krankenversicherung AG
100.00
91.82
Central Zweite Immobilien AGKG
094
EUR
12,371,997
G
10
100.00
Central Krankenversicherung AG
100.00
91.82
Deutsche Bausparkasse Badenia
094
EUR
40,560,000
G
7
68.70
Generali Deutschland HoldingAG
100.00
91.85
31.30
Generali Lebensversicherung AG
Volksfürsorge 1Immobilien AGKG
094
EUR
3,583
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Thuringia Generali 1Immobilien
094
EUR
21,388,630
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Thuringia Generali 2Immobilien
094
EUR
75,156,271
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
AM Vers Erste Immobilien KG
094
EUR
31,691,486
G
10
100.00
AachenMünchener Vers.
100.00
91.82
Generali Employee Benefits
094
EUR
61,400
G
11
100.00
Generali Deutschland HoldingAG
100.00
91.82
AMB Generali Pensionsfonds AG
094
EUR
3,000,000
G
2
100.00
Generali Beteiligungs u Verwal
100.00
91.92
AM Sechste Immobilien AG & Co.
094
EUR
25,000
G
10
100.00
AachenMünchener Lebens.
100.00
91.82
AM Siebte Immobilien AG & Co.
094
EUR
25,000
G
10
100.00
AachenMünchener Lebens.
100.00
91.82
DBB Vermögensverwaltung GmbHKG 094
EUR
21,214,579
G
10
100.00
Deutsche Bausparkasse Badenia
100.00
91.85
Generali DE Services GmbH
EUR
100,000
G
11
100.00
Generali Deutschland HoldingAG
100.00
91.82
094
Generali DE Schadenmanagement
094
EUR
100,000
G
11
100.00
Generali Deutschland HoldingAG
100.00
91.82
Generali DE Finanzdienstleist
094
EUR
52,000
G
11
100.00
Generali Deutschland HoldingAG
100.00
91.82
Generali Deutschland HoldingAG
100.00
91.82
74.00
67.95
Generali DE Informatik Service
094
EUR
15,000,000
G
11
100.00
ATLAS Dienstleistungen
094
EUR
4,090,335
G
11
74.00
AachenMünchener Lebens.
AM Ges. betr. Altersversorgung
094
EUR
60,000
G
11
100.00
AachenMünchener Lebens.
100.00
91.82
Cosmos Finanzservice GmbH
094
EUR
25,565
G
11
100.00
Cosmos Versicherungs AG
100.00
91.82
Generali DE Immobilien GmbH
094
EUR
682,655
G
10
100.00
Generali Deutschland HoldingAG
100.00
91.82
Schloss Bensberg Management
094
EUR
250,000
G
10
100.00
AachenMünchener Lebens.
100.00
91.82
AM Vertriebs-Gesell Personenv
094
EUR
500,000
G
11
100.00
ATLAS Dienstleistungen
100.00
67.95
Volksfürsorge 2.Imm AG&Co KG
094
EUR
120,995,519
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
116
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
G
11
Company
Country
Currency
Generali DE SicherungsManagmnt
094
EUR
25,000
Direct
Indirect 100.00
Through Generali Deutschland HoldingAG
Total
Group equity ratio % (3)
100.00
91.82
Volksfürsorge 3.Imm AG&Co KG
094
EUR
155,767,170
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Volksfürsorge 4.Imm AG&Co KG
094
EUR
63,730,134
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Volksfürsorge 5.Imm AG&Co KG
094
EUR
55,526,211
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Volksfürsorge 6.Imm AG&Co KG
094
EUR
41,316,598
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Volksfürsorge 7.Imm AG&Co KG
094
EUR
25,000
G
10
100.00
Generali Lebensversicherung AG
100.00
91.92
Volksfürsorge AG Vertriebsges
094
EUR
1,100,000
G
11
100.00
Generali Beteiligungs u Verwal
100.00
91.92
AAREC (Diverse) Verw.:AMGI
094
EUR
1,923,872,084
G
11
20.23
AachenMünchener Lebens.
100.00
91.87
1.62 45.81 1.62
AachenMünchener Vers. Generali Lebensversicherung AG Generali Versicherung AG DE
19.33
Central Krankenversicherung AG
8.73
Cosmos Lebensversicherungs AG
0.32
AdvoCard Rechtsschutzvers.
1.56
Generali DE Pensionskasse AG
0.77
Dialog Lebensversicherungs AG
ALAOT (AML) Verw.:AMGI
094
EUR
625,843,876
G
11
100.00
AachenMünchener Lebens.
100.00
91.82
CLAOT (CL) Verw.: AMGI
094
EUR
264,414,691
G
11
100.00
Cosmos Lebensversicherungs AG
100.00
91.82
AVAOT (AMV) Verw.: AMGI
094
EUR
201,197,398
G
11
11.80
Generali Lebensversicherung AG
100.00
91.91
74.06
Generali Versicherung AG DE
14.14
AdvoCard Rechtsschutzvers. 100.00
91.82
CEAOT/CWF (Central) Verw.:AMGI
094
EUR
477,246,684
G
11
100.00
Central Krankenversicherung AG
VLAOT (VDL) Verw.:AMGI
094
EUR
1,342,232,553
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
GLLAE (GEL) Verw.:AMGI
094
EUR
596,661,326
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
AMEP-Cofonds (AMB) Verw: CO
094
EUR
244,592,372
G
11
100.00
Generali Deutschland HoldingAG
100.00
91.82
AMLE-Cofonds (AML) Verw: CO
094
EUR
300,646,482
G
11
100.00
AachenMünchener Lebens.
100.00
91.82
GESACO (GEV) Verw.: CO
094
EUR
167,718,972
G
11
100.00
Generali Versicherung AG DE
100.00
91.92
GELECO (GEL) Verw.: CO
094
EUR
692,489,637
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
VOCO-Fonds I (VDL) Verw: CO
094
EUR
662,074,620
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
VOCO-Fonds III (VDL) Verw: CO
094
EUR
534,387,601
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
NABUCO I (Badenia) Verw: CO
094
EUR
156,847,563
G
11
100.00
Deutsche Bausparkasse Badenia
100.00
91.85
ELCOFONDS (GEL) Verw: CO
094
EUR
286,428,931
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
GLI-Fonds OIK
094
EUR
131,283,079
G
11
6.32
Dialog Lebensversicherungs AG
100.00
94.75
42.47
Generali Lebensversicherung AG
16.17
Generali Versicherung AG DE
35.04
Generali Versicherung AG AT
Vofü Fonds Hamb Grund Anl GMbh
094
EUR
14,800,000
G
10
59.29
Generali Beteiligungs u Verwal
59.29
54.50
Grundstücksgesellsch. Stadtlag
094
EUR
25,560,874
G
10
50.00
Generali Lebensversicherung AG
100.00
91.92
50.00
Generali Versicherung AG DE
PENSOR Cofonds
094
EUR
71,156,464
G
11
100.00
Generali DE Pensionsfonds AG
100.00
91.92
GLL AMB Generali Prop. Fund I
094
EUR
43,390,849
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
GLL AMB Generali Prop. Fund II
094
EUR
45,822,903
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
VDL US$ Corporate Bond Fund
094
USD
125,237,398
G
11
100.00
Generali Lebensversicherung AG
100.00
91.92
GLL AMB Generali 200 State Str
094
EUR
2,010,000
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
AVAOT II
094
EUR
50,154,100
G
11
100.00
AachenMünchener Vers.
100.00
91.82
117
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
Company
Country
Currency
Icare S.A.
029
EUR
3,500,010
G
4
Generali IARD S.A.
029
EUR
59,493,775
G
2
Direct
Total
Group equity ratio % (3)
Europ Assistance Holding S.A.
100.00
99.76
Generali Vie S.A.
100.00
99.77
Indirect 100.00 6.74 93.26
Through
Generali France Assurance S.A.
Generali Vie S.A.
029
EUR
285,863,760
G
2
99.98
Generali France Assurance S.A.
99.98
99.76
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.
99.99
99.76
AM Prudence S.A.
029
EUR
6,342,778
G
2
99.99
Generali France Assurance S.A.
99.99
Generali France S.A.
Europ Assistance France S.A.
029
EUR
2,464,320
G
2
99.98
Europ Assistance Holding S.A.
99.98
99.76
Bien Etre Assistance
029
EUR
1,000,000
G
11
50.00
Europ Assistance France S.A.
50.00
49.88
Generali Investments France SA
029
EUR
3,750,000
G
8
49.00
Generali Investments S.p.A.
100.00
98.65
99.77
99.77
99.98
99.76
0.01
Generali France S.A.
Europ Assistance Holding S.A.
029
029
EUR
EUR
114,127,691
14,910,000
G
G
4
Generali Vie S.A.
50.99
Generali France Assurance S.A.
32.62
Part. Maat. Graafschap Holland
5.01
Part. Maat. Graafschap Holland
67.15
2
21.13
Generali IARD S.A.
10.75
Generali Vie S.A.
63.10
Generali France S.A.
Suresnes Immobilier S.A.
029
EUR
43,040,000
G
10
100.00
Generali Vie S.A.
100.00
99.76
Generali Immobilier Gestion
029
EUR
1,000,000
G
10
100.00
Generali France Assurance S.A.
100.00
99.77
Generali Immobilier Conseil
029
EUR
37,500
G
10
0.04
Generali IARD S.A.
99.96
99.77
0.16
Generali Vie S.A.
Generali France S.A.
100.00
99.77
Generali France Assurance S.A.
100.00
99.77
51.00
51.00
99.76 Generali France Assurance S.A.
029
EUR
2,077,021,120
G
5
100.00
E-CIE VIE
029
EUR
62,362,780
G
2
100.00
Ifabanque S.A.
029
EUR
15,785,200
G
7
51.00
Generali France Assurance S.A.
BSI S.A.
Expert & Finance S.A.
029
EUR
3,680,510
G
11
90.30
Generali Vie S.A.
90.30
90.08
Saint Ouen C1 SAS
029
EUR
37,000
G
10
80.00
Tartini S.a.r.l.
80.00
72.38
Saint Ouen C1 SCI
029
EUR
1,000
G
10
0.10
Tartini S.a.r.l.
100.00
72.40
99.90
Saint Ouen C1 SAS
Terra Nova V Montreuil SCI
029
EUR
1,000
G
10
99.90
Sammartini S.à.r.l.
100.00
90.49
Generali Epargne Salaire SA
029
EUR
6,709,745
G
11
100.00
Generali France Assurance S.A.
100.00
99.77
Generali Gestion S.A.
029
EUR
270,000
G
11
99.83
Generali Investments France SA
99.92
98.56
100.00
95.04
0.10
Imm. Comm. des Indes Orientale
118
029
EUR
134,543,500
G
10
Generali Vie S.A.
0.06
Generali Vie S.A.
0.03
Generali France S.A.
0.83 3.33
Generali Real Estate Inv. B.V.
0.83
Generali Vida de Seguros S.A.
20.00
Generali Properties S.p.A.
70.00
Generali Vie S.A.
2.50
Banco Vitalicio de España
2.50
La Estrella S.A.
Subsidiaries consolidated line by line
Company
Country
Currency
SAS IMMOCIO CBI
029
EUR
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
76,322,520
G
10
Direct
Indirect 100.00
Through Imm. Comm. des Indes Orientale
Total
Group equity ratio % (3)
100.00
95.04
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 Patrimonie Sarl
029
EUR
38,125
G
8
96.00
Oudart S.A.
100.00
100.00
4.00 Europ Assistance SA
029
EUR
23,601,857
G
2
100.00
Foncière Hypersud S.A.
029
EUR
50,000,205
G
10
49.00
Oudart Gestion S.A. Europ Assistance Holding S.A. Generali Vie S.A.
100.00
99.76
49.00
48.88
Icare Assurance S.A.
029
EUR
1,276,416
G
2
100.00
Icare S.A.
100.00
99.76
Infoparc S.A.
029
EUR
160,000
G
11
100.00
Icare S.A.
100.00
99.76
Generali Vie S.A.
100.00
99.97
99.99
99.76
SCI Generali Réaumur
029
EUR
10,643,469
G
10
100.00
Imm St Honore les Feuillans SA
029
EUR
330,000
G
10
99.98
SCI 174 Rivoli
029
EUR
19,760,152
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI 54-60 Hoche
029
EUR
152,400
G
10
100.00
Generali Vie S.A.
100.00
99.97
Generali Vie S.A.
100.00
99.97
99.90
99.67
100.00
99.98
0.01
SCI 5-7 Drouot
029
EUR
30,553,520
G
10
100.00
SCI Generali Pierre
029
EUR
10,113,505
G
10
60.63
SCI Generali Pyramides
029
EUR
30,160,815
G
10
SCI du Coq Generali Vie S.A.
SCI Generali Wagram
1.11
Generali IARD S.A.
38.15
Generali Vie S.A.
32.12
SCI Generali Wagram
67.88
Generali IARD S.A.
SCI Generali Wagram
029
EUR
284,147
G
10
100.00
Generali IARD S.A.
100.00
99.77
SCI du 24 Rue de Mogador
029
EUR
8,095,500
G
10
100.00
Generali Vie S.A.
100.00
99.98
SCI du Coq
029
EUR
36,793,365
G
10
0.81
Generali IARD S.A.
100.00
99.76
99.19
Generali Vie S.A.
Sci Espace Seine Generali
029
EUR
153,000
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI GPA Pierre
029
EUR
40,800,000
G
10
1.20
Generali IARD S.A.
100.00
99.76
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
99.97
SCI Landy Novatis
029
EUR
1,000,000
G
10
100.00
Generali Vie S.A.
100.00
99.97
Generali Habitat (SCPI)
029
EUR
15,241,905
G
10
84.24
Generali Vie S.A.
84.24
84.04
Rocher Pierre (SCPI)
029
EUR
35,401,086
G
10
48.52
Generali Vie S.A.
48.52
48.40
SCI Continent Asnieres
029
EUR
27,000
G
10
100.00
Generali IARD S.A.
100.00
99.77
SCI du Chateau La France
029
EUR
5,485,987
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI France Mornay Lyon
029
EUR
6,645,000
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI Pierre-Grenier
029
EUR
35,000
G
10
100.00
Generali IARD S.A.
100.00
99.77
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.
SCI Cogipar (ex SNC)
029
EUR
10,000
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
SCI Lagny 68-70 Generali
029
EUR
1,000,000
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI Viroflay 10-12 Libération
029
EUR
3,000
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
99.97
99.90
Generali Vie S.A.
SCI LE JADE
029
EUR
10,000
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI Generali Belle Feuille
029
EUR
10,596,827
G
10
100.00
Generali Vie S.A.
100.00
99.97
119
Subsidiaries consolidated line by line
Company
Country
Currency
SCI Generali Carnot
029
EUR
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
783,705
G
10
100.00
Direct
Indirect
Through Generali Vie S.A.
Total
Group equity ratio % (3)
100.00
99.77
SCI Le Rivay
029
EUR
7,021,196
G
10
100.00
Generali Vie S.A.
100.00
99.97
SCI Generali Daumesnil
029
EUR
29,324,139
G
10
55.00
SCI GPA Pierre
100.00
99.76
45.00
Generali IARD S.A.
SCI Generali Le Franklin
029
EUR
5,443,549
G
10
99.57
Generali Vie S.A.
100.00
99.97
SCI GPA Commerce 1
029
EUR
100,000
G
10
100.00
100.00
99.98
0.43
SCI Le Rivay Generali IARD S.A.
SCI GPA Commerce 2
029
EUR
100,000
G
10
100.00
Generali IARD S.A.
100.00
99.98
SC Generali Logistique
029
EUR
160,001,000
G
10
100.00
Generali Vie S.A.
100.00
99.76
SCI Beaune Logistique 1
029
EUR
8,001,000
G
10
100.00
SC Generali Logistique
100.00
99.76
Sarl Parcolog Henin Beaumont 1
029
EUR
744,797
G
10
100.00
SC Generali Logistique
100.00
99.97
SCI Iris La Défense
029
EUR
1,350
G
10
44.44
Generali IARD S.A.
100.00
99.76
55.56
Generali Vie S.A.
2 ISO (SASU)
029
EUR
29,008,320
G
10
100.00
Generali Vie S.A.
100.00
99.76
OPCI Parcolog Invest
029
EUR
27,303,634
G
10
99.97
Generali Vie S.A.
100.00
99.76
0.03 GFA Caraïbes
029
EUR
5,742,000
G
2
100.00
Prudence Creole
029
EUR
6,164,000
G
2
0.01
Generali Rückversicherung AG
008
EUR
8,833,000
G
5
Generali Holding Vienna AG
008
EUR
63,732,464
G
5
93.08
29.72
EUR
730,000
G
2
Generali Versicherung AG AT
008
EUR
27,338,520
G
2
Part. Maat. Graafschap Holland Generali Finance B.V.
0.35
Generali Assurances Générales
0.08
Generali Worldwide Insurance
Generali Rückversicherung AG
74.99
Generali Holding Vienna AG Generali Rückversicherung AG
92.19
Generali Holding Vienna AG
008
EUR
12,000,000
G
2
50.01
Generali Holding Vienna AG
Europ Assistance Gesellschaft
008
EUR
70,000
G
11
75.00
Europ Assistance Holding S.A.
25.00
Generali Holding Vienna AG
100.00
Generali Versicherung AG AT
Generali Sales Promotion GmbH
008
EUR
50,000
G
11
Allgemeine Immobilien-Verw.
008
EUR
145,346
G
10
62.50
Generali Holding Vienna AG
Allgemeine Immobilien Verw. KG
008
EUR
17,441,553
G
10
100.00
Generali Capital Management
008
EUR
300,000
G
8
008
EUR
17,500
G
11
92.88
100.00
100.00
100.00
99.99
74.99
74.99
100.00
99.99
50.01
50.01
100.00
99.82
Generali IARD S.A.
Bawag PSK Versicherung AG
Generali IT-Solutions GmbH
99.77
93.09
Transocean Holding Corporation
29.32
7.81
100.00
Generali France Assurance S.A.
0.05
2.66
008
Generali France Assurance S.A. Generali France S.A.
100.00
37.81
Europäische Reiseversich (AT)
Generali France Assurance S.A.
100.00
99.99
100.00
100.00
Generali Versicherung AG AT
100.00
99.99
24.99
Generali Deutschland HoldingAG
100.00
97.95
75.01
Generali Holding Vienna AG
24.97
Generali DE Informatik Service
100.00
97.95
75.03
Generali Holding Vienna AG
37.50
Generali Immobilien AG
008
EUR
72,673
G
10
100.00
Generali Versicherung AG AT
100.00
99.99
CA Global Property Int Immo AG
008
EUR
11,264,315
G
10
67.74
Generali Versicherung AG AT
67.74
67.74
Generali VIS Informatik GmbH
008
EUR
35,000
G
11
100.00
Generali Holding Vienna AG
100.00
99.99
Generali Pensionskasse AG
008
EUR
300,000
G
8
100.00
Generali Holding Vienna AG
100.00
99.99
120
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
Company
Country
Currency
Generali Bank AG
008
EUR
22,000,000
G
7
Interunfall/AIV-Leasing Vorar.
008
EUR
18,168
G
11
Generali Leasing GmbH
008
EUR
730,000
G
11
Direct
Indirect
Through
78.57
Generali Holding Vienna AG
21.43
Generali Versicherung AG AT
90.00
Allgemeine Immobilien Verw. KG
10.00
Generali Versicherung AG AT
75.00
Generali Versicherung AG AT
Total
Group equity ratio % (3)
100.00
99.99
100.00
99.99
75.00
75.00
Care Consult Versicherungsmak.
008
EUR
138,078
G
11
100.00
Europäische Reiseversich (AT)
100.00
74.99
Generali/AIV Leasing Vorarlb.
008
EUR
18,168
G
11
90.00
Allgemeine Immobilien Verw. KG
100.00
99.99
10.00
Generali Versicherung AG AT
Generali/AIV Leasing Salzburg
008
EUR
18,168
G
11
90.00
Allgemeine Immobilien Verw. KG
100.00
99.99
10.00
Generali Versicherung AG AT
Generali/AIV Leasing St.Pölten
008
EUR
18,168
G
11
90.00
Allgemeine Immobilien Verw. KG
100.00
99.99
10.00
Generali Versicherung AG AT
Interunfall/AIV-Leasing Salzb.
008
EUR
18,168
G
11
90.00
Allgemeine Immobilien Verw. KG
100.00
99.99
10.00
Generali Versicherung AG AT
97.40
Generali Versicherung AG AT
98.11
89.27
0.71
Generali Pensionskasse AG
18.32
Generali Holding Vienna AG
100.00
99.99
80.05
Generali Versicherung AG AT
1.63
Generali Pensionskasse AG
Mondomix
Akzent
008
008
EUR
EUR
396,296
1,228
G
G
11
11
GLStock-Fonds
008
EUR
4,040
G
11
100.00
Generali Versicherung AG AT
100.00
99.99
GLBond Spezialfonds
008
EUR
9,330
G
11
97.86
Generali Versicherung AG AT
100.00
95.72
2.14
Generali Pensionskasse AG
GSBond Spezialfonds
008
EUR
3,650
G
11
100.00
Generali Versicherung AG AT
100.00
99.99
GEN 4A
008
EUR
55,500
G
11
100.00
Generali Versicherung AG AT
100.00
99.99
CEE Liquid
008
EUR
73,681
G
11
Generali Pojistovna a.s.
100.00
99.99
100.00
50.01
99.93
99.92
99.83
99.83
BAWAG Spezial 6
008
EUR
13,730
G
11
Banco Vitalicio de España
067
EUR
26,090,262
G
2
La Estrella S.A.
067
EUR
31,356,741
G
7.60 89.36
Generali Versicherung AG AT
3.05
Generali Pensionskasse AG
100.00 9.61
2
Bawag PSK Versicherung AG Hermes S.L.
90.32
Generali España Holding S.A.
99.83
Generali España Holding S.A.
Cajamar Vida S.A.
067
EUR
9,015,200
G
2
50.00
Generali España Holding S.A.
50.00
50.00
Cajamar Seguros Generales S.A.
067
EUR
4,507,600
G
2
50.00
Generali España Holding S.A.
50.00
50.00
Europ Assistance España S.A.
067
EUR
3,612,000
G
2
95.00
Europ Assistance Holding S.A.
100.00
99.77
5.00
Banco Vitalicio de España
Europ Assistance Servi Int Ges
067
EUR
400,000
G
11
100.00
Europ Assistance España S.A.
100.00
99.77
Coris Assistencia S.A.
067
EUR
120,202
G
11
100.00
Europ Assistance Servi Int Ges
100.00
99.77
100.00
Europ Assistance Servi Int Ges
Coris Gestion S.I.
067
EUR
3,008
G
11
Generali España Holding S.A.
067
EUR
563,490,658
G
4
100.00
Hermes S.L.
067
EUR
24,933,093
G
10
100.00
Vitalicio Torre Cerdà S.l.
067
EUR
1,112,880
G
10
9.34
Grupo Generali Espana A.I.E.
067
EUR
35,596,000
G
11
99.77 100.00
La Estrella S.A.
100.00
99.83
Grupo Generali Espana A.I.E.
100.00
99.91
100.00
99.89
90.66
Banco Vitalicio de España
68.19
Banco Vitalicio de España
31.79
La Estrella S.A.
0.02
100.00 100.00
Generali España Holding S.A.
121
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
G
11
Company
Country
Currency
GLL City 22 SL
067
EUR
10,003,006
Direct
Indirect 100.00
Through GLL AMB Generali City 22 Sarl
Total
Group equity ratio % (3)
100.00
91.87
Gensegur Agencia de Seguros SA
067
EUR
60,101
G
11
100.00
La Estrella S.A.
100.00
99.83
Cafel Inversiones 2008, S.L.
067
EUR
3,006
G
10
100.00
Frescobaldi S.a.r.l.
100.00
90.48
BSI Spain Wealth & Asset Manag
067
EUR
2,043,701
G
9
100.00
BSI S.A.
100.00
100.00
BSI Spain Asset Management S.G
067
EUR
1,091,250
G
11
100.00
BSI Spain Wealth & Asset Manag
100.00
100.00
BSI Spain Wealth Management AV
067
EUR
787,250
G
11
100.00
BSI Spain Wealth & Asset Manag
100.00
100.00
Europ Assistance Ltd.
031
GBP
10,000
G
11
100.00
Europ Assistance Holdings Ltd
100.00
99.76
Europ Assistance Insurance Ltd
031
GBP
21,000,000
G
2
100.00
Europ Assistance Holdings Ltd
100.00
99.76
Europ Assistance Holdings Ltd
031
GBP
23,200,000
G
4
100.00
Europ Assistance Holding S.A.
100.00
99.76
Generali Belgium S.A.
009
EUR
40,000,000
G
2
99.99
99.92
Europ Assistance Holding S.A.
100.00
99.76
100.00
99.79
32.29 3.80 33.37 5.34 24.91 0.28
Flandria Participations Fin. Genervest S.A. Genass-Invest S.A. Part. Maat. Graafschap Holland Generali Finance B.V.
Europ Assistance Belgium S.A.
009
EUR
6,012,000
G
2
100.00
Europ Assistance Services S.A.
009
EUR
186,000
G
11
20.00
Generali Belgium S.A.
80.00
Europ Assistance Belgium S.A.
100.00
Generali Beteiligungs u Verwal
Adriatica S.A.
009
EUR
1,150,000
G
4
Flandria Participations Fin.
009
EUR
62,085,100
G
4
80.07
Genervest S.A.
009
EUR
2,810,000
G
4
64.96 35.04
Part. Maat. Graafschap Holland
Genass-Invest S.A.
009
EUR
34,235,504
G
4
26.50
Generali Levensverz. Maatsch.
Generali Belgium Invest S.A.
009
EUR
9,300,000
G
10
100.00
19.93
73.50
100.00
91.92
100.00
99.95
100.00
100.00
100.00
98.55
100.00
99.91
Generali Vie S.A.
Generali Beleggingen B.V. Generali Belgium S.A.
IXIA N.V.
009
EUR
62,000
G
11
100.00
GLL South Express S.A.
009
EUR
20,000,000
G
11
0.01
Generali Levensverz. Maatsch.
050
EUR
2,268,901
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
Generali Capital Finance B.V.
050
EUR
10,000,000
G
8
100.00
100.00
100.00
100.00
98.55
98.55
99.99
050
EUR
1,525,183,230
G
4
050
EUR
5,545,103
G
4
99.92 91.87
GLL AMB Generali South Express
Generali Finance B.V.
70.50 6.56
Generali Verzekeringsgroep NV
100.00 100.00
25.00 75.00
Part. Maat. Graafschap Holland
Generali Belgium S.A. GLL AMB Generali Cross-Border
Toro Assicurazioni S.p.A.
16.39
INA Assitalia S.p.A.
6.56
Genertellife S.p.A.
12.77 36.46
Part. Maat. Graafschap Holland
18.17
BV Algemene Holding en Financ.
31.17
Transocean Holding Corporation
BV Algemene Holding en Financ.
050
EUR
4,696,625
G
4
100.00
Generali Holding Vienna AG
100.00
99.99
Generali Beleggingen B.V.
050
EUR
14,520,967
G
4
100.00
Generali Verzekeringsgroep NV
100.00
98.55
100.00
Transocean Holding Corporation
Participatie Maat. Transhol
050
EUR
1,633,609
G
4
Generali Finance B.V.
050
EUR
100,000,000
G
4
122
100.00
100.00
100.00
100.00
100.00
Subsidiaries consolidated line by line
Company
Country
Currency
Redoze Holding N.V.
050
EUR
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
Direct
22,689,011
G
4
6.02
Indirect
Through
50.01
Generali Worldwide Insurance
43.97
Transocean Holding Corporation
Total
Group equity ratio % (3)
100.00
100.00
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
22,000
G
4
100.00
Part. Maat. Graafschap Holland
100.00
100.00
Generali Vastgoed B.V.
050
EUR
18,151
G
10
100.00
Generali Levensverz. Maatsch.
100.00
98.55
Generali Real Estate Inv. B.V.
050
EUR
100,000,000
G
10
2.94
Generali Belgium Invest S.A.
100.00
99.23
0.33
IXIA N.V.
100.00
97.31
Lion River I
050
EUR
505,006
G
9
50.00
Generali Vastgoed B.V.
46.73
Generali Belgium S.A.
30.36 8.91
Lion River II
30.36
Generali Deutschland HoldingAG
30.36
Generali Vie S.A.
Generali Horizon B.V.
050
EUR
90,760
G
4
100.00
Generali Worldwide Insurance
100.00
100.00
Lion River II
050
EUR
45,378
G
11
100.00
Generali Verzekeringsgroep NV
100.00
98.55
100.00
Generali Verzekeringsgroep NV
100.00
98.55
51.00
51.00
NV Schadeverzekering Maatschap
050
EUR
500,000
G
11
Generali PPF Holding B.V.
050
EUR
18,000
G
4
51.00
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
25,179,000
G
4
100.00
Ceska pojistovna, a.s.
100.00
51.00
100.00
Generali PPF Holding B.V.
Iberian Structured Invest I BV
050
EUR
90,000
G
4
Generali PanEurope Limited
040
EUR
30,634,869
G
2
8.96 0.76
Generali Investment Management
040
EUR
30,000,000
G
4
Genirland Limited
040
EUR
113,660,000
G
9
032
EUR
12,290,000
G
2
99.97
Generali Hellas A.E.A.Z.
032
EUR
22,396,985
G
2
99.22
Generali Luxembourg S.A.
092
EUR
2,021,065
G
2
Generali Real Estate Fund Sic
092
EUR
213,804,950
G
8
Generali Worldwide Insurance
44.77
Generali Investment Management
100.00
Part. Maat. Graafschap Holland
0.03
Generali Hellas A.E.A.Z.
0.78
Generali Life A.E.
100.00
51.00 100.00
100.00
100.00
Generali Finance B.V.
45.51
100.00
Generali Life A.E.
100.00 100.00
Generali Belgium S.A.
25.59 9.77
Generali Real Estate Inv. B.V.
1.17
Generali Vida de Seguros S.A.
7.81
AachenMünchener Lebens.
16.60
Generali Lebensversicherung AG
24.41
Generali Vie S.A.
2.44
Banco Vitalicio de España
2.44
La Estrella S.A.
9.77
Generali Immobilien AG
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.92
100.00
97.88
Tartini S.a.r.l.
092
EUR
25,000
G
9
100.00
Generali Real Estate Fund Sic
100.00
90.48
Frescobaldi S.a.r.l.
092
EUR
12,500
G
11
100.00
Generali Real Estate Fund Sic
100.00
90.48
GLL AMB Generali Cross-Border
092
EUR
223,250,000
G
9
28.00
AachenMünchener Lebens.
100.00
91.87
48.00
Generali Lebensversicherung AG
123
Subsidiaries consolidated line by line
Company
Country
BG Investment Luxembourg SA
092
Currency
Share capital in original currency
EUR
2,000,000
Shareholding % Method (1)
Activity (2)
G
11
Direct
Indirect
Through
16.00
Central Krankenversicherung AG
8.00
Cosmos Lebensversicherungs AG
100.00
Banca Generali S.p.A.
Total
Group equity ratio % (3)
100.00
61.17
GLL AMB Generali City 22 Sarl
092
EUR
112,500
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
Corelli S.a.r.l.
092
EUR
12,500
G
9
100.00
Generali Real Estate Fund Sic
100.00
90.48
Torelli S.à.r.l.
092
EUR
12,500
G
9
100.00
Generali Real Estate Fund Sic
100.00
90.48
Sammartini S.à.r.l.
092
EUR
12,500
G
9
100.00
Generali Real Estate Fund Sic
100.00
90.48
GLL AMB Generali Bankcenter
092
EUR
469,000
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
GLL AMB Generali South Express
092
EUR
212,500
G
11
100.00
GLL AMB Generali Cross-Border
100.00
91.87
Gotam Fund Management
092
EUR
125,000
G
11
BSI Luxembourg S.A.
100.00
100.00
0.02 99.98
BSI Luxembourg S.A.
092
EUR
35,000,000
G
7
100.00
Gotam Umbrella Fund
092
EUR
200,000
G
11
0.50 99.50
Gottardo Equity Fund
092
EUR
250,000
G
11
0.50 99.50
Gottardo Strategy Fund
092
EUR
250,000
G
11
Generali Vida de Seguros S.A.
055
EUR
9,000,000
G
2
Europ Assistance Portugal
055
EUR
7,500,000
G
2
0.50
BSI S.A. BSI S.A.
100.00
100.00
BSI Luxembourg S.A.
100.00
100.00
100.00
100.00
100.00
100.00
BSI S.A. BSI Luxembourg S.A. BSI S.A. BSI Luxembourg S.A.
99.50
BSI S.A.
53.00
Europ Assistance Holding S.A.
99.99
99.99
99.99
53.00
52.87
Europ Assistance Serviços S.A.
055
EUR
250,000
G
11
99.90
Europ Assistance Portugal
99.90
52.82
Generali-Providencia Biztosító
077
HUF
4,500,000
G
2
100.00
Generali PPF Holding B.V.
100.00
51.00
Europai Utazasi Biztosito R.t.
077
HUF
400,000
G
2
61.00
Generali-Providencia Biztosító
74.00
40.86
13.00
Europäische Reiseversich (AT)
96.00
Generali-Providencia Biztosító
100.00
51.00
4.00
Generali Biztosít. Ügynök Mkt
99.00
Generali-Providencia Biztosító
100.00
51.00
100.00
51.00
100.00
51.00
100.00
51.00
Generali Ingatlan Kft
EA-Generali Epitö-és Tervezö
077
077
HUF
HUF
1,250,000
4,046,788
G
G
10
10
1.00 Generali Biztosít. Ügynök Mkt
077
HUF
603,000
G
8
98.34 1.66
Generali Alapkezelõ Rt.
077
HUF
500,000
G
8
74.00
Genertel Biztosító Zrt
077
HUF
2,450,000
G
2
100.00
26.00
Generali Ingatlan Kft Generali-Providencia Biztosító Generali Ingatlan Kft Generali-Providencia Biztosító Generali PPF Holding B.V. Generali-Providencia Biztosító
Generali Towarzystwo Ubezpiec.
054
PLN
190,310,000
G
2
100.00
Generali PPF Holding B.V.
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 Finance Sp. z o.o.
054
PLN
22,050,000
G
8
100.00
Generali PTE S.A.
054
PLN
145,500,000
G
2
3.44
Generali AutoProgram
054
PLN
100,000
G
11
100.00
96.56
Generali PTE S.A.
100.00
51.00
Generali PPF Holding B.V.
100.00
51.00
100.00
51.00
Generali Towarzystwo Ubezpiec. Generali Finance Sp. z o.o.
Generali Pojistovna a.s.
275
CZK
500,000,000
G
2
100.00
Generali PPF Holding B.V.
100.00
51.00
Generali Velky Spalicek S.r.o.
275
CZK
1,800,000
G
10
100.00
Generali Immobilien AG
100.00
99.99
Generali Development sro
275
CZK
35,000,000
G
10
100.00
Generali Pojistovna a.s.
100.00
51.00
PCS Praha Center spol. s.r.o.
275
CZK
396,206,000
G
10
100.00
CA Global Property Int Immo AG
100.00
67.74
Generali Penzijní Fond a.s.
275
CZK
50,000,000
G
11
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
124
Subsidiaries consolidated line by line Shareholding %
Share capital in original currency
Method (1)
Activity (2)
G
11
Company
Country
Currency
Penzijni fond CP a.s.
275
CZK
213,699,560
Direct
Indirect
Through
Total
Group equity ratio % (3)
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
PPF Asset Management a.s.
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
Universalni sprava majetku a.
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
Pankrac Services s.r.o.
275
CZK
1,247,372,000
G
10
100.00
Ceska pojistovna, a.s.
100.00
51.00
Zad Victoria AD
012
BGN
10,110,000
G
2
67.00
Generali Bulgaria Holding AD
012
BGN
93,600,000
G
4
100.00
Fata Assicurazioni Danni S.p.A Generali PPF Holding B.V.
67.00
66.92
100.00
51.00
Generali Insurance AD
012
BGN
15,000,000
G
2
99.87
Generali Bulgaria Holding AD
99.87
50.93
Generali Life Insurance AD
012
BGN
10,000,000
G
2
99.49
Generali Bulgaria Holding AD
99.49
50.74
Generali Zakrila Health-Ins AD
012
BGN
6,000,000
G
2
97.47
Generali Bulgaria Holding AD
97.47
49.71
Generali Zakrila Medic. Dental
012
BGN
100,000
G
11
100.00
Generali Zakrila Health-Ins AD
100.00
49.71
GP Reinsurance EAD
012
BGN
53,400,000
G
5
100.00
Generali PPF Holding B.V.
100.00
51.00
Generali Slovensko Poistovna
276
EUR
24,900,000
G
2
56.62
Generali PPF Holding B.V.
100.00
51.00
43.38
CP Strategic Investments B.V.
Generali Zavarovalnica dd
260
EUR
35,020,322
G
2
99.84
Generali PPF Holding B.V.
99.84
50.92
Generali Garant Life Insur JSC
263
UAH
10,200,000
G
3
15.15
Generali Garant Insurance JSC
51.00
43.78
35.85
Generali Holding Vienna AG
Generali Garant Insurance JSC
263
UAH
86,388,000
G
3
52.39
Generali Holding Vienna AG
52.39
52.38
Europäische Reiseversich (UA)
263
UAH
9,473,000
G
3
69.90
Europäische Reiseversich (AT)
69.90
52.41
Generali Life Insurance UA
263
UAH
20,050,000
G
3
100.00
CP Strategic Investments B.V.
100.00
51.00
CZI Ukraine, Pension fund adm
263
UAH
4,090,500
G
3
99.99
Generali Osiguranje d.d.
261
HRK
81,000,000
G
3
100.00
BSI Monaco SAM
091
EUR
10,000,000
G
7
100.00
Generali Assurances Générales
071
CHF
27,342,400
G
3
99.90
99.99
50.99
Generali PPF Holding B.V.
CZI Holdings N.V.
100.00
51.00
BSI S.A.
100.00
100.00
99.90
99.90
Generali (Schweiz) Holding AG
Generali Personenversicherung
071
CHF
60,320,000
G
3
100.00
Generali (Schweiz) Holding AG
100.00
100.00
Fortuna Rechtsschutz-Vers.
071
CHF
3,000,000
G
3
100.00
Generali (Schweiz) Holding AG
100.00
100.00
Europ Assistance (Suisse) S.A.
071
CHF
200,000
G
11
100.00
Europ Assistance (CH) Holding
100.00
75.82
Europ Assistance (CH) Assur.
071
CHF
3,000,000
G
3
100.00
Europ Assistance (CH) Holding
100.00
75.82
Europ Assistance (CH) Holding
071
CHF
1,400,000
G
4
1.00
Generali (Schweiz) Holding AG
76.00
75.82
75.00
Europ Assistance Holding S.A.
Generali (Schweiz) Holding AG
071
CHF
3,053,500
G
4
100.00
100.00
Fortuna Investment AG
071
CHF
1,000,000
G
8
100.00
100.00
100.00
58.95 41.05
Redoze Holding N.V. Generali (Schweiz) Holding AG
BSI S.A.
071
CHF
1,840,000,000
G
7
100.00
Part. Maat. Graafschap Holland
100.00
100.00
Thalìa S.A.
071
CHF
1,000,000
G
9
51.00
BSI S.A.
100.00
98.76
49.00
Generali Investments Italy SpA
B-Source S.A.
071
CHF
4,800,000
G
11
100.00
BSI S.A.
100.00
100.00
Dreieck Fiduciaria S.A.
071
CHF
500,000
G
11
100.00
BSI S.A.
100.00
100.00
BSI Trust Corporation (Malta)
105
MTL
50,000
G
11
98.00
BSI S.A.
98.00
98.00
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
BSI Generali Bank Limited
201
GBP
1,425,422
G
7
100.00
Generali Worldwide Insurance
100.00
100.00
Generali Portfolio Mgm CI Ltd
201
USD
194,544
G
4
100.00
Generali Worldwide Insurance
100.00
100.00
125
Subsidiaries consolidated line by line
Company
Country
Currency
BSI Trust Corp. (Channel Isl.)
201
USD
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
200,000
G
11
A.G. Insurance Managers Ltd
201
GBP
20,000
G
11
Europäische Reiseversich (RU)
262
RUB
70,000,000
G
3
Direct
Indirect
Through
Total
Group equity ratio % (3) 100.00
100.00
BSI S.A.
100.00 99.94
99.94
100.00
Europäische Reiseversich (AT)
100.00
74.99
99.94
Generali PPF Life Insurance
262
RUB
86,667,900
G
3
100.00
Ceska pojistovna, a.s.
100.00
51.00
Fortuna Lebens-Versicherung AG
090
CHF
10,000,000
G
3
100.00
Generali (Schweiz) Holding AG
100.00
100.00
Generali (Schweiz) Holding AG
100.00
100.00
83.79
83.78
Fortuna Investment AG, Vaduz
090
CHF
1,000,000
G
11
100.00
Generali Asigurari S.A.
061
RON
120,000,000
G
3
83.79
Generali Holding Vienna AG
FATA Asigurari S.A.
061
RON
40,720,000
G
2
100.00
Fata Assicurazioni Danni S.p.A
100.00
99.88
Generali SAF Pensii Private SA
061
RON
89,000,000
G
11
100.00
Ceska pojistovna, a.s.
100.00
51.00
Generali Foreign Insurance Co
264
BYR
6,907,249
G
3
32.50
Generali Slovensko Poistovna
100.00
51.00
35.00
Ceska pojistovna, a.s.
32.50
Ceska pojistovna ZDRAVI a.s.
Delta Generali Osiguranje a.d.
289
RSD
2,072,582,400
G
3
50.02
Generali PPF Holding B.V.
50.02
25.51
Delta Generali Reosiguranje
289
RSD
476,201,499
G
6
99.99
Delta Generali Osiguranje a.d.
99.99
25.51
Voluntary Pension Fund Manag
289
RSD
135,000,000
G
8
100.00
Delta Generali Osiguranje a.d.
100.00
25.51
JSC Generali Life
269
KZT
1,000,000,000
G
3
100.00
Ceska pojistovna, a.s.
100.00
51.00
Delta Generali Holding Podgor
290
EUR
4,000,000
G
4
51.00
Delta Generali Osiguranje a.d.
51.00
13.01
Delta Generali Ziv Osig Podg
290
EUR
1,000,000
G
3
100.00
Delta Generali Holding Podgor
100.00
13.01
Delta Generali Osig Podgorica
290
EUR
2,900,000
G
3
100.00
Delta Generali Holding Podgor
100.00
13.01
GLL Properties Fund I LP
069
USD
108,254,462
G
10
100.00
GLL AMB Generali Prop. Fund I
100.00
91.87
GLL Properties Fund II LP
069
USD
48,277,740
G
11
100.00
GLL AMB Generali Prop. Fund II
100.00
91.87
GLL Prop. 444 North Michig. LP
069
USD
48,277,740
G
10
100.00
GLL Properties Fund II LP
100.00
91.87
Generali USA Life Reassurance
069
USD
10,000,000
G
6
100.00
Generali U.S. Holdings
100.00
100.00
Europ Assistance USA Inc.
069
USD
5,000,000
G
11
100.00
Europ Assistance Holding S.A.
100.00
99.76
100.00
100.00
100.00
Transocean Holding Corporation
100.00
100.00
Transocean Holding Corporation
069
USD
4,980,600
G
4
General Securities Corp.
069
USD
688,000
G
9
100.00
Generali U.S. Holdings
069
USD
1,000
G
4
100.00
100.00
100.00
Genamerica Management Corp.
069
USD
100,000
G
11
100.00
100.00
100.00
100.00
Generali Consulting Solutions
069
USD
156,420
G
11
100.00
100.00
Generali Claims Solutions LLC
069
USD
100,000
G
11
100.00
Generali Consulting Solutions
100.00
100.00
Generali Sigorta A.S.
076
TRY
18,300,000
G
3
99.67
Generali Turkey Holding B.V.
99.67
99.67
Worldwide Assistance Canada
013
CAD
6,738,011
G
11
100.00
Europ Assistance Holding S.A.
100.00
99.76
Canadian Medical Network Inc.
013
CAD
203
G
11
100.00
Worldwide Assistance Canada
100.00
99.76
100.00
100.00
99.00
69.30
100.00
69.33
99.95
69.30
Generali Corporate S.A.
006
ARS
5,700,000
G
3
Caja de Seguros S.A.
006
ARS
225,000,000
G
3
100.00 99.00
Caja de Ahorro y Seguro S.A.
La Caja de Seguros de Retiro
006
ARS
5,020,000
G
3
95.00
Caja de Seguros S.A.
5.00 Inst. del Seguro de Misiones
006
ARS
4,530,000
G
3
94.95 5.00
Caja de Ahorro y Seguro S.A. Caja de Seguros S.A. 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
34.65
Tradición Seguros S.A.
006
ARS
3,327,700
G
3
3.10
Caja de Seguros S.A.
100.00
69.98
Caja de Ahorro y Seguro S.A.
006
ARS
143,575,000
G
4
70.00
70.00
Ritenere S.A.
006
ARS
12,000
G
11
100.00
69.99
96.90
126
Caja de Ahorro y Seguro S.A.
62.50 7.50
Genirland Limited
0.83
Caja de Seguros S.A.
Subsidiaries consolidated line by line
Company
Generali do Brasil
Country
011
Currency
BRL
Share capital in original currency
149,031,742
Shareholding % Method (1)
G
Activity (2)
3
Transocean do Brasil Partic. S.A.
011
BRL
170,026,868
G
4
GENPAR Emprend. e Partec. S.A.
011
BRL
24,326,713
G
4
Direct
Indirect
Through
99.17
Caja de Ahorro y Seguro S.A.
25.54
GENPAR Emprend. e Partec. S.A.
72.62
Transocean do Brasil Partic. S.A
1.82
99.99 0.01
Transocean Holding Corporation
100.00
Transocean Holding Corporation
Total
Group equity ratio % (3)
99.98
99.98
100.00
100.00
100.00
100.00
Generali Ecuador S.A.
024
USD
2,130,000
G
3
51.74
51.74
51.74
Generali Colombia Vida S.A.
017
COP
4,199,990
G
3
15.38
99.81
90.44
86.28
86.28
100.00
69.79
69.79
69.79
100.00
69.79
Generali Colombia S.A.
017
COP
14,700,000
G
3
Migdal Insurance Co. Ltd
182
ILS
174,883,000
G
3
Migdal Insurance&Fin. Holding
182
ILS
10,459,000
G
4
16.16
Transocean Holding Corporation
68.28
Generali Colombia S.A.
81.83 4.44
Transocean Holding Corporation
100.00
Migdal Insurance&Fin. Holding
42.85
Part. Maat. Graafschap Holland
0.98
25.96 Migdal Eshkol Finansim B.M.
182
ILS
485,000
G
9
Migdal Hitum ve Kidum Asakim
182
ILS
5,001,053
G
9
Generali Realties Ltd.
182
ILS
2
G
10
Participatie Maat. Transhol
100.00
Migdal Insurance Co. Ltd
100.00
Migdal Capital Markets (1965)
100.00
100.00
69.79
100.00
100.00
Makefet Pension & Provid Fund
182
ILS
23,397,000
G
8
100.00
Migdal Insurance Co. Ltd
100.00
69.79
New Makefet Providence Fund
182
ILS
1,500,000
G
8
100.00
Makefet Pension & Provid Fund
100.00
69.79
Migdal Gemel Platinum Ltd
182
ILS
1,100,000
G
8
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 Invest Portfolio Manag
182
ILS
50,000
G
8
100.00
Migdal Capital Markets (1965)
100.00
69.79
Migdal Capital Markets Ltd.
182
ILS
50
G
9
100.00
Migdal Capital Markets (1965)
100.00
69.79
Migdal Capital Markets (1965)
182
ILS
309,208,000
G
9
100.00
Migdal Investments Management
100.00
69.79
Migdal Investments Management
182
ILS
399,832,000
G
9
100.00
Migdal Insurance&Fin. Holding
100.00
69.79
100.00
Migdal Capital Markets (1965)
100.00
69.79
58.08
58.08
49.00
48.99
49.00
48.99
100.00
48.99
49.00
48.99
100.00
48.99
100.00
48.99
Migdal Stock Exchange Services
182
ILS
259,506,539
G
11
Aseguradora General S.A.
033
GTQ
72,000,000
G
3
Seguros Banorte Generali S.A.
046
MXN
656,794,722
G
3
Pensiones Banorte Generali S.A
Assistencia Banorte Generali
Banorte Generali Afore
Comercial Banorte Generali SA
Servicios Banorte Generali SA
046
046
046
046
046
MXN
MXN
MXN
MXN
MXN
191,470,260
50,000
543,559,244
5,800,000
2,300,000
G
G
G
G
G
3
11
3
11
11
58.08 21.85
Flandria Participations Fin.
21.85
Part. Maat. Graafschap Holland
5.31
Transocean Holding Corporation
24.50
Flandria Participations Fin.
24.50
Part. Maat. Graafschap Holland
99.00
Seguros Banorte Generali S.A.
1.00
Pensiones Banorte Generali S.A
24.50
Flandria Participations Fin.
24.50
Part. Maat. Graafschap Holland
33.00
Seguros Banorte Generali S.A.
33.00
Pensiones Banorte Generali S.A
34.00
Banorte Generali Afore
33.00
Seguros Banorte Generali S.A.
33.00
Pensiones Banorte Generali S.A
34.00
Banorte Generali Afore
127
Subsidiaries consolidated line by line
Company
Country
Currency
Generali Pilipinas Life Ass.
027
PHP
Shareholding %
Share capital in original currency
Method (1)
Activity (2)
1,166,151,531
G
3
100.00
Direct
Total
Group equity ratio % (3)
Generali Pilipinas Holding
100.00
36.00
Generali Pilipinas Holding
Indirect
Through
Generali Pilipinas Insurance
027
PHP
1,093,860,137
G
3
100.00
100.00
36.00
Generali Pilipinas Holding
027
PHP
1,869,695,490
G
4
60.00
Generali Asia N.V.
60.00
36.00
Generali (Thailand) Assurance
072
THB
1,000,000,000
G
3
25.00
Generali Asia N.V.
75.00
32.43
50.00
KAG Holding Co. Ltd
25.00
Generali Asia N.V.
75.00
32.43
50.00
KAG Holding Co. Ltd
Generali (Thailand) Insurance
072
THB
300,000,000
G
3
IWF Holding Co. Ltd
072
THB
2,100,000
G
4
58.10
Generali Asia N.V.
58.10
34.86
KAG Holding Co. Ltd
072
THB
707,244,200
G
4
100.00
IWF Holding Co. Ltd
100.00
34.86
50.00
50.00
87.69
Generali Asia N.V.
87.69
52.62
100.00
100.00
50.00
BSI S.A. Generali U.S. Holdings
100.00
100.00
Generali China Life Insurance
016
CNY
2,700,000,000
G
3
PT Asuransi Jiwa Gen Indonesia
129
IDR
65,000,000
G
3
BSI-Generali Asia Ltd
103
HKD
10,000,000
G
9
Generali Reassurance (Bermuda)
207
USD
250,000
G
50.00
50.00
6
100.00
BSI Bank Limited
147
USD
24,000,000
G
7
100.00
BSI S.A.
100.00
100.00
BSI Investment Advisors Inc
051
USD
410,000
G
11
51.00
BSI S.A.
51.00
51.00
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
Europ Assistance WS (S.Africa)
078
ZAR
18,264,900
G
11
61.00
Europ Assistance Holding S.A.
61.00
60.86
LawCall Marketing Pty Ltd
078
ZAR
100
G
11
100.00
Europ Assistance WS (S.Africa)
100.00
60.86
24 Fix Pty Ltd
078
ZAR
4,249,769
G
11
100.00
Europ Assistance WS (S.Africa)
100.00
60.86
Access Health Africa (Pty) Ltd
078
ZAR
4,000
G
11
100.00
Europ Assistance WS (S.Africa)
100.00
60.86
MRI Criticare Medical Rescue
078
ZAR
200
G
11
100.00
Europ Assistance WS (S.Africa)
100.00
60.86
The percentage of consolidation in each subsidiaries consolidated line by line is 100.00%
(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; 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: Intesa Vita 55.56% Generali France SA 99.98% Generali Verzekeringsgroep NV 98.56% IWF Holding Co. Ltd 100%
128
Non-consolidated subsidiaries and associated companies Shareholding %
Share capital in original currency
Activity (1)
Type (2)
Company
Country
Currency
Phone Business Service S.r.l.
086
EUR
10,000
a
11
A7 S.r.l. (**)
086
EUR
200,000
c
10
Valore Immobiliare S.r.l. (**)
086
EUR
10,000
b
10
Direct
Indirect
Through
80.00
Europ Assistance Italia S.p.A.
20.00
Europ Assistance Service SpA
20.50 19.60
Alleanza Assicurazioni S.p.A.
49.00
Generali Properties S.p.A.
Total
Group equity ratio % (3)
Book value (� thousand)
100.00
86.92
10
40.10
30.36
1,714
49.00
37.33
12,888
Dolphin Investments S.r.l.
086
EUR
30,800
b
9
32.47
Generali Horizon S.p.A.
32.47
32.47
HSR S.r.l.
086
EUR
10,000
a
10
90.00
Generali Properties S.p.A.
90.00
68.56
(**)
086
EUR
250,000
b
10
49.00
Generali Properties S.p.A.
49.00
37.33
4,470
CityLife S.r.l. (**)
086
EUR
208,500
b
10
26.67
Generali Properties S.p.A.
26.67
20.31
58,483 369
Initium S.r.l.
Continuum S.r.l. (**)
086
EUR
500,000
b
10
40.00
Generali Properties S.p.A.
40.00
30.47
Sementi Ross S.r.l.
086
EUR
102,800
a
11
100.00
Sementi Dom Dotto S.p.A.
100.00
100.00
9
Il Pino S.r.l.
086
EUR
15,000
a
11
100.00
Genagricola S.p.A.
100.00
100.00
8,266
Sementi Dom Dotto S.p.A.
086
EUR
1,459,500
a
11
100.00
Genagricola S.p.A.
100.00
100.00
2,484
Enofila S.r.l.
086
EUR
2,972,000
a
11
100.00
100.00
2,972
100.00
Il Gelso - Societa' Agricola
086
EUR
20,000
a
11
100.00
Enofila S.r.l.
100.00
100.00
Casaletto S.r.l
086
EUR
1,976,000
a
11
100.00
Genagricola S.p.A.
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 - Soc. Agricola
086
EUR
20,000
a
11
100.00
Enofila S.r.l.
100.00
100.00
1,976
Agenzia la Torre S.r.l.
086
EUR
20,000
a
11
100.00
Sementi Dom Dotto S.p.A.
100.00
100.00
Fidelis Agenzia Assicurativa
086
EUR
10,000
a
11
60.00
Sementi Dom Dotto S.p.A.
60.00
60.00
100.00
Agricola San Giorgio S.p.A.
100.00
100.00
4,684
21.47
21.47
3,947 30,900
Natalia S.r.l.
086
EUR
90,000
a
11
Intesa Previdenza SIM S.p.A.
086
EUR
15,300,000
b
8
21.47
Investimenti Marittimi S.p.A.
086
EUR
103,000,000
b
9
30.00
30.00
30.00
Servizi Tecnologici Avanzati
086
EUR
102,000
b
11
25.00
25.00
25.00
DOTTO CAP FVG Ag Ass
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
Intereuropasim S.p.A.
086
EUR
n.a.
a
11
85.00
Tiberina S.r.l.
086
EUR
20,000
a
11
100.00
Net International S.p.A.
086
EUR
3,750,000
b
9
20.00
Jupiter 12 S.r.l.
086
EUR
12,000
a
10
100.00
Telco S.p.A. (**)
086
EUR
4,849,038,420
b
11
Consel SpA (**)
086
EUR
25,193,335
b
9
BSI S.A. INA Assitalia S.p.A. Flandria Participations Fin. Fata Assicurazioni Danni S.p.A
11.89 5.69
INA Assitalia S.p.A.
6.19
Alleanza Assicurazioni S.p.A.
0.41
AachenMünchener Lebens.
0.07
AachenMünchener Vers.
1.31
Generali Lebensversicherung AG
0.10
Generali Versicherung AG DE
0.17
Central Krankenversicherung AG
0.11
Cosmos Lebensversicherungs AG
2.08
Generali Vie S.A.
30.23
Toro Assicurazioni S.p.A.
85.00
85.00
100.00
100.00
339
33
20.00
19.99
100.00
99.96
3,716
28.01
24.76
853,596
30.23
30.23
25,527
Alleanza Toro S.p.A.
086
EUR
5,000,000
a
1
100.00
Toro Assicurazioni S.p.A.
100.00
100.00
5,000
AEON Trust - SI Trust S.r.l.
086
EUR
100,000
a
11
100.00
BSI S.A.
100.00
100.00
109
CGM Italia SIM S.p.A.
086
EUR
750,000
b
11
20.00
BSI S.A.
20.00
20.00
163
Solaris S.r.l. (**)
086
EUR
20,000
b
10
40.00
Generali Properties S.p.A.
40.00
30.47
4,697
129
Non-consolidated subsidiaries and associated companies Shareholding %
Share capital in original currency
Activity (1)
Type (2)
Company
Country
Currency
IMPRE-Finanziaria Impresa SpA
086
EUR
50,000,000
b
9
Donatello Intermediazione Srl
086
EUR
59,060
a
11
Ente Teatrale Italiano
086
EUR
61,975
b
11
Direct
Indirect
Through
20.00
INA Assitalia S.p.A.
89.13
INA Assitalia S.p.A.
10.87
33.33
Total
Group equity ratio % (3)
Book value (� thousand)
20.00
20.00
3,625
100.00
100.00
230
33.33
33.33
BBG Beteiligungsges.
094
EUR
25,600
a
9
100.00
Generali Beteiligungs u Verwal
100.00
91.89
51
Alstercampus Verwaltungs mbh
094
EUR
25,000
a
9
50.00
Generali DE Immobilien GmbH
50.00
45.90
13
COMMERZ PARTNER GmbH
094
EUR
250,000
b
11
9.40
Deutsche Bausparkasse Badenia
50.00
45.94
40.60
Generali Lebensversicherung AG 46.28
44.63
171,824
GLL GmbH & Co. Retail KG
GLL Real Estate Partners GmbH
094
EUR
395,810,000
b
11
26.07 5.05
AachenMünchener Lebens.
7.58
Generali Lebensversicherung AG
7.58
Central Krankenversicherung AG
094
EUR
1,000,000
b
10
49.50
Flandria Participations Fin.
49.50
49.48
9,008
BA1 Alstercampus Grundstücksg. (**) 094
EUR
9,401,000
c
10
50.00
Generali Lebensversicherung AG
50.00
45.95
4,785 25
Zweite AM RE Verwaltungs GmbH
094
EUR
25,000
a
9
100.00
100.00
91.79
G.&G. Lüder Versicherungsmakl.
094
EUR
153,388
b
11
50.00
Generali Versicherung AG DE
AachenMünchener Vers.
50.00
45.95
Generali Seminarzentrum
094
EUR
25,600
a
11
100.00
Generali Versicherung AG DE
100.00
91.89
Versicherungs-Planer-Vermittl.
094
EUR
25,600
a
11
100.00
Generali Lebensversicherung AG
100.00
91.89
20
IV Verwaltungsges.für Vers.
094
EUR
25,600
a
11
100.00
Generali Beteiligungs u Verwal
100.00
91.89
26 205
Walter Sohn GmbH
094
EUR
25,600
a
11
100.00
Generali Beteiligungs u Verwal
100.00
91.89
Deutscher Lloyd GmbH
094
EUR
30,700
a
11
100.00
Generali Beteiligungs u Verwal
100.00
91.89
MLV Beteiligungverwaltungsges.
094
EUR
51,129
a
9
100.00
Walter Sohn GmbH & Co. KG
094
EUR
199,404
a
11
92.31
Generali Holding Vienna AG
100.00
99.99
Walter Sohn GmbH
100.00
91.89
7.69
Generali Beteiligungs u Verwal
Kleylein & Cie Actuarial Serv.
094
EUR
25,750
a
11
60.00
Generali Lebensversicherung AG
60.00
55.14
Generali Finanz Service GmbH
094
EUR
26,000
a
11
100.00
Generali Beteiligungs u Verwal
100.00
91.89
Azur Space Solar Power GmbH
094
EUR
100,000
a
11
100.00
Renewable Investment Holding
100.00
100.00
Deutsche Vermögensberatung AG (**)
094
EUR
120,000,000
b
11
44.99
Generali Deutschland HoldingAG
44.99
41.30
Thuringia Versich-GmbH & Co. K
094
EUR
61,355
a
11
16.67
Volksfürsorge Pensionsmanag.
094
EUR
52,000
a
11
100.00
IV Verwaltungsges.für Vers. Generali Lebensversicherung AG
51
102
237,670
16.67
15.32
100.00
91.89
54
Volksfürsorge Fixed Assets
094
EUR
104,000
a
11
100.00
Generali Lebensversicherung AG
100.00
91.89
104
Cosmos Fixed Assets GmbH
094
EUR
25,000
a
9
100.00
Cosmos Lebensversicherungs AG
100.00
91.79
24
Central Krankenversicherung AG
100.00
91.79
25
25.00
22.95
Central Fixed Assets GmbH
094
EUR
25,000
a
9
100.00
Hotel und Seniorenr. Rosenpark
094
EUR
511,292
b
11
25.00
AachenMünchener Lebens.
Versicherungsmakler Beteilig.
094
EUR
1,550,000
b
11
26.00
Generali Versicherung AG DE
26.00
23.89
4,930
AM RE Verwaltungs GmbH
094
EUR
25,000
a
9
100.00
AachenMünchener Lebens.
100.00
91.79
25
AachenMünchener Vers.
100.00
91.79
25
33.33
30.63
35
100.00
99.75
25
AM Versicherungsvermittlung
094
EUR
25,000
a
11
100.00
ver.di Service GmbH
094
EUR
75,000
b
11
33.33
Icare Allemagne S.A.
094
EUR
25,000
a
11
100.00
Generali Lebensversicherung AG Icare S.A.
IG BCE Mitglieder-Service GmbH
094
EUR
75,000
b
11
33.33
Generali Lebensversicherung AG
33.33
30.63
32
IG BAU Mitglieder-Service GmbH
094
EUR
75,000
b
11
33.33
Generali Lebensversicherung AG
33.33
30.63
14
VOV G.m.b.H.
094
EUR
154,000
b
11
30.00
27.55
763
73.68
67.64
4,794
Grund Louisen-Ctr Bad Homburg (**)
130
094
EUR
7,600,000
c
10
15.00
AachenMünchener Vers.
15.00
Generali Versicherung AG DE
73.68
Generali DE Immobilien GmbH
Non-consolidated subsidiaries and associated companies
Company Louisen-Center Bad Homburg Vr. Schroder Nordic Property Fund
(**)
Generali Verwaltungs GmbH Grundstück Einkauf Marienplatz
(**)
Shareholding %
Share capital in original currency
Activity (1)
Type (2)
a
10
Country
Currency
094
EUR
25,000
Direct
Indirect 74.00
094
EUR
64,242,388
b
11
30.00
094
EUR
25,000
a
9
100.00
094
EUR
14,810,000
c
10
73.30
Through Generali DE Immobilien GmbH Generali Lebensversicherung AG Generali Beteiligungs-GmbH AachenMünchener Vers.
Total
Group equity ratio % (3)
Book value (� thousand)
74.00
62.64
19
30.00
27.57
21,476
100.00
100.00
25
73.30
67.28
10,127 19
Verwaltungsgesell Marienplatz
094
EUR
25,000
a
10
74.00
Generali DE Immobilien GmbH
74.00
67.93
RRP GmbH & Co. KG
094
EUR
106,645,000
a
10
18.75
AachenMünchener Lebens.
62.49
57.39
25.00
Generali Lebensversicherung AG
18.75
Central Krankenversicherung AG
Groupement Technique d`Assur.
029
EUR
10,000
b
11
45.00
Generali Vie S.A.
45.00
44.90
Global Car Services S.A.
029
EUR
10,000
b
11
50.00
Europ Assistance France S.A.
50.00
49.87
726
Cofifo S.A.
029
EUR
4,500,000
a
9
100.00
Generali Vie S.A.
100.00
99.77
5,250
SAI Trois Collines de Mougins
029
EUR
184,463
b
10
33.31
Generali IARD S.A.
48.26
48.16
193
14.96
Generali Vie S.A.
Saint Christoly Bordeaux
029
EUR
304,898
b
10
50.00
Generali IARD S.A.
50.00
49.89
Generali Challenges
029
EUR
39,000
a
11
100.00
Generali France S.A.
100.00
99.77
Generali 3 S.A.
029
EUR
39,000
a
11
100.00
Generali IARD S.A.
100.00
99.77
Sorgho S.A.
029
FRF
10,000,000
b
11
10.00
Generali IARD S.A.
20.00
19.95
10.00
Generali Vie S.A.
Afiport S.A.
029
EUR
40,000
a
9
99.76
Ifabanque S.A.
99.76
50.88
Generali Reassurance Courtage
029
EUR
3,016,656
a
11
99.99
Generali France Assurance S.A.
Generali Thalìa Investments F
029
EUR
1,000,000
a
8
65.00
Generali Investments S.p.A.
25.00
BSI S.A.
10.00
Thalìa S.A.
Noreco S.A.
029
FRF
2,000,000
a
11
0.03
Generali IARD S.A.
0.05
Generali Vie S.A.
0.03
L`Equité IARD S.A.
0.03
Européenne de Protection Jur.
99.80 Trieste Courtage S.A.
029
EUR
416,000
a
11
0.02 99.96
Bourbon Courtage S.A.
Courtage Inter Caraibes
029
213
EUR
EUR
124,500
38,100
a
a
11
11
32
99.99
99.77
2,219
100.00
98.23
1,776
99.93
99.70
557
99.98
99.76
39
100.00
92.89
127
99.76
99.53
38
Generali France S.A. Generali Vie S.A. Generali France Assurance S.A.
0.12
Generali IARD S.A.
0.12
Generali Vie S.A.
99.76
Prudence Creole
99.76
GFA Caraïbes
Solida Finance e Patrimonie SA
029
EUR
305,580
a
8
50.02
Oudart S.A.
50.02
50.02
Generali Gerance S.A.
029
EUR
228,000
a
11
99.67
Generali Vie S.A.
99.67
99.44
241
Europ Assistance IHS Services
029
EUR
37,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
2,765
E3 S.A.
029
EUR
5,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
5
Risque et Sérénité S.A.
029
EUR
2,654,410
b
9
16.36
Generali Vie S.A.
46.98
46.87
5,158
30.62
Generali France Assurance S.A.
Arche SA
029
EUR
120,975
a
10
79.31
Cofifo S.A.
79.31
79.13
Rèunion aèrienne
029
EUR
10,000
a
11
24.93
Generali IARD S.A.
24.93
24.87
Rèunion spatiale
029
EUR
10,000
a
11
25.17
Generali IARD S.A.
25.17
25.11
Europ Teleassistance S.A.
029
EUR
100,000
a
11
100.00
100.00
99.73
Europ Assistance France S.A.
131
100
Non-consolidated subsidiaries and associated companies Shareholding %
Share capital in original currency
Activity (1)
Type (2)
a
11
100.00
Company
Country
Currency
Gestas S.A.
029
EUR
32,000
Direct
Total
Group equity ratio % (3)
Book value (� thousand)
Icare S.A.
100.00
99.75
152
Indirect
Through
SCEA de Foncaude
029
EUR
1,910,690
a
10
100.00
Generali Vie S.A.
100.00
99.77
SCI Les 3 Collines Le Ferandou
029
EUR
304,000
b
10
33.30
Generali IARD S.A.
48.30
48.19
142
15.00
Generali Vie S.A. 100.00
99.77
823
70.00
69.84
2,669
70.00
69.84
107
SCI Immovie
029
SCI Montrose Parc
029
SNC Domaine Pont de L'Arche
029
EUR
EUR
EUR
17,662
3,812,500
152,500
a
a
a
10
10
10
0.02
Generali IARD S.A.
99.98
Generali Vie S.A.
27.50
Generali IARD S.A.
42.50
Generali Vie S.A.
35.00
Generali IARD S.A.
35.00
Generali Vie S.A.
Eur Ass Clearing Center (GIE)
029
EUR
n.a.
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Eur Ass Sys information (EASI)
029
EUR
n.a.
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Generali Gestion Santè (GIE)
029
EUR
n.a.
a
11
100.00
Generali IARD S.A.
100.00
99.77
GIE Groupe Zurich Agencies
029
EUR
100
a
11
80.00
Generali IARD S.A.
100.00
99.77
20.00
Generali Vie S.A.
GIE Le Restaurant Haussmann
029
EUR
n.a.
a
11
100.00
Generali France Assurance S.A.
100.00
99.77
Rèseau Generali France (GIE)
029
EUR
n.a.
a
11
100.00
Generali IARD S.A.
100.00
99.77
SCI St. Marc
029
EUR
50,000
a
10
Bourbon Courtage S.A.
100.00
92.87
1.00 99.00
Prudence Creole
SARL Generali Le Moncey
029
EUR
919,020
a
10
100.00
Generali Vie S.A.
100.00
99.77
Sarl Parcolog Lyon Isle d'Abea
029
EUR
8,000
a
10
100.00
SC Generali Logistique
100.00
99.77
SC Generali Logistique
100.00
99.77
2
39.66
39.66
2,895
20.00
20.00
4,895
Sarl Parcolog II Lille Hénin B
029
EUR
8,000
a
10
100.00
SK Versicherung AG (**)
008
EUR
3,633,500
b
2
20.43
Generali Holding Vienna AG
19.23
Generali Versicherung AG AT
Drei-Banken Versicherungs-AG (**)
008
EUR
7,500,000
b
7
20.00
Generali Holding Vienna AG
3
Triumph Vermögensplanung GmbH
008
EUR
36,336
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
640
Treugeld Vermögensplanung GmbH
008
EUR
145,346
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
160
Versicherungsdienst der BAWAG
008
EUR
40,000
b
11
49.99
Generali Holding Vienna AG
49.99
49.99
146
Generali 3Banken Holding AG
008
EUR
70,000
b
9
49.30
Generali Versicherung AG AT
49.30
49.30
60,767
008
EUR
50,000
b
9
25.00
Generali Holding Vienna AG
25.00
25.00
61,222
(**)
Hypo Holding GmbH (**) Foundationsquatier GmbH
008
EUR
35,000
a
11
66.70
Generali Holding Vienna AG
66.70
66.70
23
Generali Beteiligungsverw
008
EUR
35,000
a
4
100.00
Generali Holding Vienna AG
100.00
99.99
18
Generali Vermögensberatung
008
EUR
35,000
a
11
100.00
Generali Versicherung AG AT
100.00
99.99
35
PCO Immobilien Gmbh
008
EUR
35,000
a
10
100.00
Generali Immobilien AG
100.00
99.99
381
M.O.F. Beta Immobilien AG
008
EUR
1,000
b
10
20.00
Generali Immobilien AG
20.00
20.00
10,344
M.O.F. Immobilien AG
008
EUR
1,000,000
b
10
20.00
Generali Immobilien AG
20.00
20.00
9,634
GHV-Split Vermögensverwaltung
008
EUR
3,956,477
a
11
67.23
Generali FinanzService GmbH
008
EUR
50,000
a
11
100.00
008
EUR
36,000
a
11
90.00
008
EUR
2,600,000
b
8
48.57
Generali Holding Vienna AG
008
EUR
35,000
a
11
100.00
Generali Versicherung AG AT Generali Holding Vienna AG
AVS Privatkunden Versicherungs 3 Banken-Generali Investment
(**)
Risk-Aktiv Versicherungsserv
Generali Rückversicherung AG Generali Bank AG Generali Sales Promotion GmbH
67.23
67.23
3,696
100.00
99.99
50
90.00
89.99
954
48.57
48.57
1,595
100.00
99.99
35
008
EUR
3,000,000
b
11
50.00
50.00
50.00
1,338
Generali Telefon-Auftragsserv.
008
EUR
35,000
a
11
100.00
Generali Bank AG
100.00
99.99
35
Car Care Consult Versicherungs
008
EUR
35,000
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
35
BONUS-Mitarbeitervorsorgekass.
(**)
132
Non-consolidated subsidiaries and associated companies
Company
Country
Currency
Share capital in original currency
Shareholding % Activity (1)
Type (2)
Direct
Indirect
Through
Total
Group equity ratio % (3)
Book value (� thousand)
Medwell Services GmbH
008
EUR
496,000
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
258
Generali Betriebsrestaurazion
008
EUR
36,336
a
11
100.00
Generali Versicherung AG AT
100.00
99.99
484
MAS Versicherungmakler GmbH
008
EUR
36,336
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
53
TTC - Training Center Untern.
008
EUR
35,000
a
11
100.00
Europäische Reiseversich (AT)
100.00
74.99
204
Global Private Equity Holding
008
EUR
4,388,000
b
9
11.39
Generali Lebensversicherung AG
23.02
22.09
3,766
11.62
Generali Versicherung AG AT
PSC Insurance-Consulting GmbH
008
EUR
54,504
a
11
100.00
Generali Sales Promotion GmbH
100.00
99.99
71
Tishman Speyer European SOF
031
EUR
36,848,362
a
11
25.00
AachenMünchener Lebens.
100.00
91.87
28,035
75.00
Generali Lebensversicherung AG
Robert Malatier
031
GBP
51,258
b
11
24.93
Generali IARD S.A.
24.93
24.87
350
Tenax Capital Limited
031
GBP
300,000
b
9
49.00
Genirland Limited
49.00
49.00
172
BSI Generali UK Ltd
031
GBP
250,000
a
8
100.00
BSI S.A.
100.00
100.00
883
Global Investment Planning Ltd
031
GBP
10,000
a
11
100.00
BSI S.A.
100.00
100.00
15
Leumi Insurance Services (UK)
031
GBP
1,296,000
a
11
51.00
Migdal Holdings & Management
100.00
69.79
49.00
Ihud Insurance Agencies Ltd
11
99.97
Generali Belgium S.A.
99.97
99.89
Dedale S.A.
009
EUR
1,000,005
a
Icare Service S.A.
009
EUR
6,250
a
11
100.00
Bureau d'Ass. et de Prêts Jean-Marie Boulange
009
EUR
186,000
a
11
98.00
Icare S.A. Generali Belgium S.A.
1,000
100.00
99.75
98.00
97.92
319
BVBA Verzekeringskant. Soenen
009
EUR
18,600
a
11
99.80
Generali Belgium S.A.
99.80
99.72
2,016
Groupe Vervietois d`Assureurs
009
EUR
94,240
a
11
99.95
Generali Belgium S.A.
99.95
99.86
571
Europ Assistance Nederland BV
050
EUR
363,000
a
11
100.00
VHD Holding BV
050
EUR
1,389,253
a
11
57.17
VHD Holding BV Europ Assistance Holding S.A.
100.00
57.03
57.17
57.03
VHD Europenet BV
050
EUR
20,000
a
11
100.00
VHD Holding BV
100.00
57.03
VHD Facilitair BV
050
EUR
90,756
a
11
100.00
VHD Holding BV
100.00
57.03
VHD Car and Service BV
050
EUR
18,151
a
11
100.00
VHD Holding BV
100.00
57.03
VHD Omnicare BV
050
EUR
18,000
a
11
100.00
VHD Holding BV
100.00
57.03
CORIS NL BV
050
EUR
18,151
a
11
100.00
VHD Omnicare BV
100.00
57.03
4,881
Saxon Land BV
050
EUR
18,200
b
10
50.00
Part. Maat. Graafschap Holland
50.00
50.00
Generali Vermogensbeheer B.V.
050
EUR
18,151
a
11
100.00
Generali Verzekeringsgroep NV
100.00
98.55
18 18
Nederlands Algemeen Verzek.
050
EUR
18,151
a
11
100.00
Generali Verzekeringsgroep NV
100.00
98.55
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
100.00
Nederlands Algemeen Verzek.
100.00
98.55
Assurantiekantoor Kerkhof B.V.
050
EUR
18,151
a
11
100.00
Nederlands Algemeen Verzek.
100.00
98.55
Ocrapor Beheer B.V
050
EUR
18,000
b
11
25.00
CZI Holdings N.V.
25.00
12.75
6,962
Second Pillar (**)
032
EUR
60,000
b
11
25.00
BSI S.A.
25.00
25.00
23
Alcmena Sarl
092
EUR
34,000
b
9
20.00
BSI S.A.
20.00
20.00
100.00
BSI S.A.
100.00
100.00
1,069
24.26
24.26
1,462
26.58
24.41
31,268
100.00
97.47
2,142
99.00
99.00
621
Renewable Investment Holding
092
EUR
1,000,000
a
8
Nord Est Investment Partners
092
EUR
100,996
b
9
UBS (Lux) Euro Value Added RE
092
EUR
282,200,000
b
10
24.26 7.09
AachenMünchener Lebens.
1.77
AachenMünchener Vers.
17.72 Generali Investments Luxemb.
092
EUR
1,288,125
a
11
100.00
BSI Art Collection S.A.
092
CHF
1,000,000
a
9
99.00
Generali Lebensversicherung AG Generali Investments S.p.A. BSI S.A.
133
Non-consolidated subsidiaries and associated companies
Company NEIP II S.A.- Sicar
Country
Currency
092
EUR
Shareholding %
Share capital in original currency
Activity (1)
Type (2)
Direct
6,500,000
b
9
48.16
Indirect
Through
Total
Group equity ratio % (3)
Book value (� thousand)
48.16
48.16
13,775
092
EUR
n.a.
c
9
50.00
Torelli S.à.r.l.
50.00
45.24
Europ Assistance Travel S.A.
067
EUR
60,101
a
11
99.90
Europ Assistance Servi Int Ges
99.90
99.60
219
Bioventure Trading SA
055
EUR
50,000
a
11
100.00
100.00
100.00
54
Holding klege S.à.r.l.
(**)
BSI S.A.
Klege Portugal S.à.r.l.
055
EUR
n.a.
c
9
100.00
Holding Klege S.a.r.l.
100.00
45.24
Ponte Alta Lda
055
EUR
400,000
a
11
100.00
Europ Assistance Portugal
100.00
52.87
Primeira Cruz Lda
055
EUR
660,982
a
11
60.00
Lordship Consultadoria e Serv.
055
EUR
50,000
a
11
100.00
Ponte Alta Lda BSI S.A.
60.00
31.72
100.00
100.00
400
54
Europ Assistance A/S
021
DKK
500,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Europ Assistance Polska Spzoo
054
PLN
250,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
73
Europ Assistance Mag Kft
077
HUF
24,000,000
a
11
26.00
Generali-Providencia Biztosító
100.00
87.08
103
74.00
Europ Assistance Holding S.A.
Famillio Befektetési Tanácsadó
077
HUF
426,000,000
a
11
98.59
98.59
50.28
Vàci utca Center Uzletközpont
077
HUF
1,218,000,000
a
10
100.00
Generali Immobilien AG
100.00
99.99
Európai Utazásbiztosítás-közv.
077
HUF
3,000,000
a
11
100.00
Europai Utazasi Biztosito R.t.
100.00
40.86
15
Shaza & Toptorony zrt
077
HUF
n.a.
c
11
50.00
GLL AMB Generali Bankcenter
50.00
38.58
40,396
275
CZK
2,900,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
470
(**)
Europ Assistance S.R.O.
Generali-Providencia Biztosító
16,840
Generali Car Care s.r.o.
275
CZK
1,000,000
a
11
100.00
Generali Pojistovna a.s.
100.00
51.00
38
Generali Servis s.r.o.
275
CZK
100,000
a
11
100.00
Generali Pojistovna a.s.
100.00
51.00
5
První Callin agentura a.s.
275
CZK
3,000,000
a
11
100.00
Ceska pojistovna, a.s.
100.00
51.00
647
REFICOR s.r.o.
275
CZK
100,000
a
11
100.00
Ceska pojistovna, a.s.
100.00
51.00
847
Karluv Most
275
CZK
2,987,000
a
11
100.00
Ceska pojistovna, a.s.
100.00
51.00
115
Generali Net Insurance Broker
012
BGN
50,000
a
11
100.00
Generali Bulgaria Holding AD
100.00
51.00
51
Europ Assistance Scandinavia
068
SEK
725,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Europ Ass Claims Handling AB
068
SEK
100,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
MAKB s.r.o.
276
EUR
220,000
a
10
100.00
Generali Immobilien AG
100.00
99.99
6
Selecta CEE s.r.o.
276
EUR
200,000
a
10
100.00
Generali Immobilien AG
100.00
99.99
66
VUB Generali d.s.s., a.s. (**)
276
EUR
32,198,126
b
11
50.00
50.00
25.50
10,712
Generali Slovensko Poistovna
Generali IT S.s.r.o.
276
EUR
5,000,000
a
11
100.00
Generali VIS Informatik GmbH
100.00
99.99
132
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
EUR
10,000,000
a
11
100.00
CZI Holdings N.V.
100.00
51.00
419
EuroAssistance Ltd
263
UAH
1,000,000
a
11
100.00
Generali Garant Insurance JSC
100.00
52.38
92
Eurotransitservice JSC
263
UAH
85,000
a
11
70.29
Generali Garant Insurance JSC
70.29
36.82
Transinvestservice Ltd
263
UAH
644,000
a
11
90.06
Generali Garant Insurance JSC
90.06
47.18
Sviko Ltd
263
UAH
4,280,873
a
11
99.92
Generali Garant Insurance JSC
99.92
52.34
Garant-Trast Ltd
263
UAH
9,987,403
a
11
99.96
Generali Garant Insurance JSC
99.96
52.36
Garant-Consulting Ltd
263
UAH
1,486,267
a
11
99.06
Generali Garant Insurance JSC
99.06
51.89
Diana Private Enterprise
263
UAH
75,000
a
11
100.00
Generali Garant Insurance JSC
100.00
52.38
Leasing Company 'Garant' JSC
263
UAH
60,000
b
11
25.00
Generali Garant Insurance JSC
25.00
13.10
Malvina Ltd
263
UAH
38,200
b
9
40.58
Generali Garant Insurance JSC
40.58
21.25
Chernigivautotrans JSC
263
UAH
146,020
b
10
48.53
Generali Garant Insurance JSC
48.53
25.42
Financial services LLC
263
UAH
250,000
a
11
99.99
CZI Holdings N.V.
99.99
50.99
33
CJSC Generali PPF AssetMan UK
263
UAH
7,750,800
a
8
99.99
CZI Holdings N.V.
99.99
51.00
914
AIV d.o.o.
261
HRK
20,000
a
10
100.00
100.00
100.00
3
134
Allgemeine Immobilien-Verw.
Non-consolidated subsidiaries and associated companies
Company
Country
Currency
CPM Internacional d.o.o.
261
HRK
Shareholding %
Share capital in original currency
Activity (1)
Type (2)
275,600
a
11
Direct
Indirect 100.00
Through Sementi Dom Dotto S.p.A.
Total
Group equity ratio % (3)
100.00
100.00
Book value (� thousand)
Financial Strategy Monaco SAM
091
EUR
750,000
b
11
20.00
BSI Monaco SAM
20.00
20.00
CGPM SAM
091
EUR
500,000
b
11
20.00
BSI Monaco SAM
20.00
20.00
150
Podium S.A.M. (**)
091
EUR
150,000
b
11
30.00
BSI S.A.
30.00
30.00
45
BSI Laran S.A.
071
CHF
1,000,000
a
9
100.00
BSI S.A.
100.00
100.00
262
Verifica SA
071
CHF
100,000
a
11
100.00
Dreieck Fiduciaria S.A.
100.00
100.00
66
BSI Healthcapital S.A.
071
CHF
100,000
a
11
100.00
BSI S.A.
100.00
100.00
66
Tecnopolo SA
071
CHF
250,000
a
9
100.00
BSI S.A.
100.00
100.00
164
BSI Werthein Merchant House SA
071
CHF
300,000
b
11
50.00
BSI S.A.
50.00
50.00
98
BSI Art Collection S.A.
071
CHF
100,000
a
11
100.00
BSI S.A.
100.00
100.00
66 33
Finmo S.A.
071
CHF
50,000
a
11
100.00
BSI S.A.
100.00
100.00
Funicolare Lugano-Paradiso
071
CHF
600,000
b
11
31.08
BSI S.A.
31.08
31.08
Autolinee Regionali Luganesi
071
CHF
653,000
b
11
27.58
BSI S.A.
27.58
27.58
Finnat Gestioni SA
071
CHF
500,000
b
11
30.00
BSI S.A.
30.00
30.00
147
Valiance Capital SA
071
CHF
100,000
b
11
30.00
BSI S.A.
30.00
30.00
20
Ganos S.A.
071
CHF
100,000
a
11
100.00
BSI S.A.
100.00
100.00
66
Generali Group Partner AG
071
CHF
100,000
a
11
100.00
Generali (Schweiz) Holding AG
100.00
100.00
66
Foot.Pro S.A.
071
CHF
250,000
a
11
100.00
BSI S.A.
100.00
100.00
Convivium S.A.
071
CHF
2,000,000
a
10
100.00
BSI S.A.
100.00
100.00
1,245 539
Livolsi e Associati Private S.
(**)
GMT Fine Chemical S.A.
071
CHF
1,000,000
b
11
40.00
BSI S.A.
40.00
40.00
071
CHF
2,200,000
b
11
22.73
Alpine Services Ltd
22.73
22.73
Dagma SA
071
CHF
250,000
b
11
20.00
Dreieck Fiduciaria S.A.
20.00
20.00
Gotthard Trust S.A.
071
CHF
100,000
a
11
100.00
Dreieck Fiduciaria S.A.
100.00
100.00
66
Europ Assistance Océanie S.A.
105
XPF
24,000,000
a
11
74.88
Europ Assistance Holding S.A.
74.88
74.69
286
Citadel Ins. Co. PLC
105
MTL
2,000,000
b
11
21.00
INA Assitalia S.p.A.
21.00
21.00
978
Generali PPF Fund Management
262
RUB
32,150,000
a
11
100.00
CZI Holdings N.V.
100.00
51.00
5,584
Europ Assistance CEI OOO
262
RUB
10,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
300
Europ Assistance Vostok OOO
262
RUB
10,000
a
11
60.00
60.00
59.85
Europ Assistance CEI OOO
ooo Fynansovyj servis
262
RUB
100,000
a
9
100.00
Ceska pojistovna, a.s.
100.00
51.00
Insurance Company StensInvest
262
RUB
100,000,000
a
2
100.00
CZI Holdings N.V.
100.00
51.00
3,510
Allgemeine Immobilien-Verw.
100.00
100.00
14
Famillio Befektetési Tanácsadó
100.00
50.28
AIV-Administrare de Cladiri
061
ROL
50,000
a
11
100.00
Famillio Broker de Pensii Privat Srl
061
ROL
25,000
a
11
99.60
Famillio Agent de Asigurare Srl
061
ROL
4,500,200
a
11
100.00
Famillio Befektetési Tanácsadó
100.00
50.28
S.C. Genagricola Romania
061
ROL
37,082,570
a
11
100.00
Genagricola S.p.A.
100.00
100.00
10,603
S.C. San Pietro Romania
061
ROL
422,570
a
11
100.00
S.C. Aqua Mures
061
ROL
410,000,000
a
11
99.00
S.C. La Quercia S.r.l.
061
RON
35,900
a
11
100.00
SC Asigurare Reasigurare ARDAF
061
RON
109,000,327
a
2
82.00
1.00
Agricola San Giorgio S.p.A.
100.00
100.00
2,703
Genagricola S.p.A.
100.00
100.00
10
Inf - Societa` Agricola S.p.A.
100.00
100.00
10
Iberian Structured Invest I BV
82.00
41.82
45,685 9,593
Casaletto S.r.l
SC Roumanie Assurance Internat
061
RON
8,069,650
a
2
100.00
Iberian Structured Invest I BV
100.00
51.00
DGO Policlinic Dom Zdravlja
289
RSD
350,000
a
11
100.00
Delta Generali Osiguranje a.d.
100.00
25.51
Europ Assistance North America
069
USD
10
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Customized Services Administr
069
USD
174,500
a
11
100.00
Europ Assistance North America
100.00
99.75
Global Medical Management Inc.
069
USD
1,333
a
11
100.00
Europ Assistance North America
100.00
99.75
135
16,639
Non-consolidated subsidiaries and associated companies
Company
Country
Currency
GLL 200 State Street L.P. (**)
069
USD
Shareholding %
Share capital in original currency
Activity (1)
Type (2)
88,200,000
c
11
Direct
Indirect 49.90
Through GLL AMB Generali 200 State Str
Total
Group equity ratio % (3)
Book value (� thousand)
49.90
45.83
32,080
Europ Assistance Bahamas Ltd.
160
USD
5,000
a
11
99.98
Europ Assistance IHS Services
99.98
99.73
GTC Nominee Ltd
160
USD
10,000
a
11
100.00
BSI Trust Corp. (Bahamas) Ltd
100.00
100.00
12
249
USD
49,557,000
b
11
39.46
39.46
39.46
10,494
Atacama Investments Ltd.
(**)
BSI S.A.
La Caja ART S.A.
006
ARS
70,500,000
b
3
50.00
Caja de Seguros S.A.
Europ Assistance Argentina S.A
006
ARS
2,786,456
a
11
66.00
Ponte Alta Lda
34.00
Caja de Seguros S.A.
Worldwide Assistance Brasil
011
BRL
2,975,000
a
11
100.00
(**)
Primeira Cruz Lda
50.00
34.65
7,083
100.00
58.46
128
100.00
31.72
Consorcio Dia e Noite
011
BRL
n.a.
a
11
100.00
Worldwide Assistance Brasil
100.00
31.78
BSI Serviços Ltda
011
BRL
2,111,134
a
11
100.00
BSI S.A.
100.00
100.00
Europ Assistance S.p.A. (Chile)
015
CLP
1,000,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
BSI Servicios Internationales
015
CLP
64,000,000
a
11
100.00
BSI S.A.
100.00
100.00
Europ Assistance SA (Chile)
015
CLP
335,500,000
a
11
51.00
38.92
25.50
Ponte Alta Lda
25.50
Europ Assistance Holding S.A.
109
La Nacional Cia Inmobiliaria
024
USD
47,647
a
10
100.00
Generali Ecuador S.A.
100.00
51.74
826
Migdal Holdings & Management
182
ILS
810
a
4
100.00
Migdal Insurance Co. Ltd
100.00
69.79
4,043
Mivtach-Simon Insurance Ag.
182
ILS
1
a
9
100.00
Migdal Holdings & Management
100.00
69.79
Migdal P.E. Ltd
182
ILS
100
a
9
100.00
Migdal Investments Management
100.00
69.79
Migdal Real Estate Holdings
182
ILS
6,166
a
10
100.00
Migdal Insurance Co. Ltd
100.00
69.79
Ashmoret Tihona Ltd
182
ILS
1,000
a
10
100.00
Migdal Insurance Co. Ltd
100.00
69.79
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 Alumim Investment House
182
ILS
50,000
a
8
100.00
Migdal Stock Exchange Services
100.00
69.79
Amir Aloni Assurance Agencies
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 Invest Portfolio Manag
50.00
34.89
Makefet Financial Services Ins
182
ILS
1,000
a
11
55.00
Makefet Pension & Provid Fund
100.00
55.66
45.00
Froline Exclusive Ltd.
55.00
Makefet Pension & Provid Fund
55.00
38.38
Froline Exclusive Ltd.
182
ILS
1,000
a
11
Amit Insurance Agencies Ltd.
182
ILS
n.a.
a
11
100.00
Ihud Insurance Agencies Ltd
100.00
69.79
Shaham Veinstein (Netanya) Ins
182
ILS
112
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
Reshef Insurance Agencies Ltd
182
ILS
120
a
11
50.00
Sagi Yogev Life Assur. Agency
50.00
34.89
Migdal Credit Services Ltd
182
ILS
100
a
11
100.00
Migdal Eshkol Finansim B.M.
100.00
69.79
2,236
Migdal Financial Services Ltd
182
ILS
320,000
a
11
100.00
Migdal Eshkol Finansim B.M.
100.00
69.79
273 2,172
Migdal Leasing Ltd
182
ILS
100
a
11
100.00
Migdal Eshkol Finansim B.M.
100.00
69.79
Municipalit Insurance Agency
182
ILS
100
b
11
50.00
Peltours Insurance Agencies
50.00
25.57
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
n.a.
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
50 Plus Ltd.
182
ILS
9,080
b
11
50.00
Migdal Investments Management
50.00
34.89
Migdal Mngmt & Provident Funds
182
ILS
905,000
a
11
100.00
100.00
69.79
136
Migdal Insurance Co. Ltd
90
242
Non-consolidated subsidiaries and associated companies
Company
Country
Currency
Rav Ofek Ltd
182
ILS
Shareholding %
Share capital in original currency
Activity (1)
Type (2)
10,000
b
11
Direct
Indirect 25.00
Through Migdal Holdings & Management
Total
Group equity ratio % (3)
25.00
17.45
Shaham Insurance Agencies Ltd
182
ILS
1,818
a
11
100.00
Migdal Holdings & Management
100.00
69.79
Leibowitz Streichman Consult.
182
ILS
1,000
a
11
100.00
Peltours Insurance Agencies
100.00
51.14
Ihud-David Berman Ins. Ag.
182
ILS
5
a
11
100.00
Peltours Insurance Agencies
100.00
51.14
Avgad Yahalom Management Ltd
182
ILS
1,100
b
10
47.45
Yozma Pension Fund for Self-Empl. Ltd 182
ILS
n.a.
a
11
100.00
Migdal Real Estate Holdings Migdal Insurance Co. Ltd
47.45
33.12
100.00
69.79
HG Migdal I, LLC
182
ILS
n.a.
a
10
100.00
Migdal Insurance Co. Ltd
100.00
69.79
HG Migdal II, LLC
182
ILS
n.a.
a
10
100.00
Migdal Insurance Co. Ltd
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
Ihud Peltours Diamonds Ins.Ag.
182
ILS
100
a
11
100.00
Peltours Insurance Agencies
100.00
51.14
Mivtach-Simon Agencies Manag
182
ILS
Tunisie Assistance S.A.
075
TND
100
a
9
100.00
Mivtach-Simon Insurance Ag.
100.00
69.79
1,000,000
b
11
33.00
Europ Assistance Holding S.A.
33.00
32.92
Book value (� thousand)
273
268
Europ Ass Medical Services Int
075
TND
100,000
b
11
44.00
Europ Assistance Holding S.A.
44.00
43.89
31
Carthage Assistance Services
075
TND
425,000
b
11
49.01
Europ Assistance Holding S.A.
49.01
48.89
271
Maghrebia S.A.
075
TND
10,000,000
b
3
44.17
44.17
2,046
44.17
Europ Assistance México S.A.
046
MXN
69,799
b
11
49.00
49.00
48.88
BSI Servicios S.A.
080
UYU
1,100,000
a
11
100.00
BSI S.A.
Europ Assistance Holding S.A.
100.00
100.00
Generali China Insurance Co. (**)
016
CNY
500,000,000
b
3
50.00
50.00
22,613
Eur Ass Travel Serv. (Beijing)
016
EUR
1,750,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
1,750
114
INR
5,075,000,000
c
3
25.50
Part. Maat. Graafschap Holland
25.50
25.50
5,806
114
INR
2,200,000,000
c
3
25.50
Part. Maat. Graafschap Holland
25.50
25.50
3,582 2,079
Future Generali India Life Ass
(**)
Future Generali India Insur (**)
50.00
Europ Assistance India Private
114
INR
81,536,230
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Europ Assistance (Taiwan) Ltd
022
TWD
5,000,000
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Europ Assistance W Service Pte
147
SGD
182,102
a
11
100.00
Europ Assistance Holding S.A.
100.00
99.75
Intl Inheritance Planning Ltd
049
NZD
5,000
a
9
100.00
BSI S.A.
100.00
100.00
Care Management Network Inc.
118
BBD
9,000,000
a
11
100.00
Europ Assistance Bahamas Ltd.
100.00
99.73
Europ Ass.IHS (Proprietary) Ltd
078
ZAR
400,000
a
11
65.00
Europ Assistance IHS Services
80.00
64.84
15.00
Europ Assistance WS (S.Africa)
90.00
Europ Assistance IHS Services
90.00
89.78
Europ Ass.IHS Serv. Angola Limitada
133
AON
2,250,000
a
11
n.a.: not applicable (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; 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% Thuringia Versicherungsvermit. 80.00% Avgad Yahalom Management Ltd 47.00% NEIP II S.A.- Sicar 48.39%
137
3
List of countries Country
Country code
ANGOLA
133
ARGENTINA
006
AUSTRIA
008
BAHAMAS
160
BARBADOS
118
BELGIUM
009
BERMUDA
207
BRASIL
011
BULGARIA
012
BYELORUSSIA
264
CANADA
013
CHILE
015
CIPRO
101
COLOMBIA
017
CROATIA
261
CZECH REPUBLIC
275
DENMARK
021
ECUADOR
024
EIRE
040
FRANCE
029
GERMANY
094
GREECE
032
GUATEMALA
033
GUERNSEY
201
HAITI
034
HONG KONG
103
INDIA
114
INDONESIA
129
ISRAEL
182
ITALY
086
KAZAKISTAN
269
LIECHTENSTEIN
090
LUXEMBOURG
092
MALTA
105
MARTINICA
213
MEXICO
046
MONTENEGRO REPUBLIC
290
MONACO
091
NETHERLANDS
050
NEW ZELAND
049
PANAMA
051
138
List of countries Country
Country code
PEOPLE'S REPUBLIC OF CHINA
016
PHILIPPINES
027
POLAND
054
POLYNESIAN FRENCH
105
PORTUGAL
055
REUNION
247
ROMANIA
061
RUSSIA
262
SERBIA
289
SINGAPORE
147
SLOVAK 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
UNGARY
077
UNITED KINGDOM
031
URUGUAY
080
VIRGIN ISLAND
249
139
List of currencies Currency
Currency code
New Kwanza (Angola)
AON
Argentine Peso
ARS
Austrian Schilling
ATS
Barbados Dollar
BBD
Lev (Bulgaria)
BGN
Brazilian Real
BRL
Canadian Dollar
CAD
Swiss Franc
CHF
Chilean Peso
CLP
Chinese Renminbi
CNY
Colombian Peso
COP
Dinaro
CSD
Cypriot Pound
CYP
Czech Krona
CZK
Danish Krone
DKK
European Euro
EUR
French Franc
FRF
British Pound
GBP
Guatemalan Quetzal
GTQ
Hong Kong Dollar
HKD
Croatian Kuna
HRK
Haitian Gourde
HTG
Hungarian Forint
HUF
Indonesian Rupiah
IDR
Israeli Scheckel
ILS
Indian Rupee
INR
Tenge (Kazakhstan)
KZT
Maltese Lira
MTL
Mexican Pesos
MXN
New Zealand Dollars
NZD
Philippine Peso
PHP
Polish Zloty (new)
PLN
Romanian Leu
ROL
Dinaro S&M
RSD
Russian Ruble
RUB
Swedish Krona
SEK
Singapore Dollar
SGD
Slovenian Tolar
SIT
Slovakian Krona
SKK
Thailand Baht
THB
Tunisian Dinar
TND
140
List of currencies Currency
Currency code
New Turkish Lira
TRY
New Taiwan Dollar
TWD
Ukraine Hryvnia
UAH
United States Dollar
USD
Uruguayan Peso (new)
UYU
CFP Franc
XPF
South African Rand
ZAR
141
Largo do Senado, Macau - China
Attestation on the half-yearly condensed 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 Half-yearly condensed financial statements in accordance with Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and its following amendments and integrations 1. The undersigned, Giovanni Perissinotto, in his capacity as Managing Director, and Raffaele Agrusti, in his capacity as Manager charged with preparing the financial reports of Assicurazioni Generali S.p.A. hereby confirm, taking also into account the provisions of Art. 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998: • the adequacy with respect to the Company’s structure and • the effective application of the administrative and accounting procedures in place for preparing the Half-yearly condensed financial statements at 30 June 2009. 2. The adequacy of the administrative and accounting procedures in place for preparing the Half-yearly condensed financial statements at 30 June 2009 has been assessed through a process established by Assicurazioni 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. The undersigned further confirm that: 3.1 the Half-yearly condensed financial statements at 30 June 2009: a) are prepared in compliance with applicable international accounting standards recognized by the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, with the provisions of the Italian Civil Code, of Legislative Decree No. 38 of 28 February 2005, and of Legislative Decree No. 209 of 7 September 2005 and with applicable provisions, regulations and circular letters issued by ISVAP; b) correspond to the related books and accounting records; c) provide a true and correct representation of the financial position of the issuer and of the group of companies included in the scope of consolidation. 3.2 The interim directors’ report contains a reliable analysis of the indications of the more significant events that have occurred during the first six months of the financial year, and their impact on the condensed financial statements, together with a description of the main risks and uncertainties faced in the remaining six months of the financial year. The interim directors’ report also contains a reliable analysis of the information on significant related parties transactions.
Venice, 31 July 2009
Giovanni Perissinotto Managing Director
Raffaele Agrusti Manager charged with preparing the company’s financial reports
ASSICURAZIONI GENERALI S.p.A.
ASSICURAZIONI GENERALI S.p.A.
145
Victoria Memorial, Calcutta - India
Independent Auditor’s Report
149
150
Pichola lake Palace, Udaipur - India
Companies in which an unquoted shareholding (which is higher than 10%) is held
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
24 Fix (Pty) Ltd
Johannesburg - South Africa
Europ Assistance Worldwide Services (South Africa) Ltd
100.000%
100.000% 50 Plus Ltd.
Shareholding
Tel Aviv - Israel
Migdal Investments Management (2001) Ltd
50.000%
50.000% A7 S.r.l.
Milan - Italy
Alleanza Assicurazioni S.p.A.
19.600%
Assicurazioni Generali S.p.A.
20.500%
40.100% AachenMünchener Lebensversicherung AG
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% AachenMünchener Versicherung AG
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Access Health South Africa (Proprietary) Limited
Johannesburg - South Africa
Europ Assistance Worldwide Services (South Africa) Ltd
100.000%
100.000% Adriatica Participations Financières S.A.
Flandria Participations Financières S.A.
Generali Beteiligungs- und Verwaltungs-AG
Bruxelles - Belgium 0.002% 99.998%
100.000% AdvoCard Rechtsschutzversicherung Aktiengesellschaft
Hamburg - Germany
Generali Versicherung Aktiengesellschaft
70.710%
AachenMünchener Versicherung AG
29.290%
100.000% AEON Trust - Società Italiana Trust S.r.l.
Milan - Italy
BSI S.A.
100.000%
100.000% Afianzadora General S.A.
Guatemala - Guatemala
Aseguradora General S.A.
10.625%
10.625% Afiport S.A.
Paris - France
BSI Ifabanque S.A.
99.760%
99.760% Agenzia la Torre S.r.l.
Trieste - Italy
Sementi Dom Dotto S.p.A.
100.000%
100.000% Agricola San Giorgio S.p.A.
Genagricola - Generali Agricoltura S.p.A.
Trieste - Italy 100.000% 100.000%
152
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
AIV d.o.o. za poslovanje nekretninama
Zagreb - Croatia
Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH
100.000%
100.000% AIV-Administrare de Cladiri s.r.l.
Bucarest - Romania
Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH
100.000%
100.000% Alcmena Sàrl
Luxembourg - Luxembourg
BSI S.A.
20.000%
20.000% Alleanza Toro S.p.A.
Turin - Italy
Toro Assicurazioni S.p.A.
100.000%
100.000% Alleanza Toro Servizi Assicurativi S.r.l.
Milan - Italy
Alleanza Assicurazioni S.p.A.
100.000%
100.000% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Shareholding
Vienna - Austria
Generali Versicherung AG
100.000%
100.000% Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH
Vienna - Austria
Assicurazioni Generali S.p.A.
37.500%
Generali Holding Vienna AG
62.500%
100.000% ALLWO GmbH
AachenMünchener Lebensversicherung AG
Generali Lebensversicherung Aktiengesellschaft
Hannover - Germany 46.857% 53.143%
100.000% Alpine Services Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% Alstercampus Verwaltungsgesellschaft mbH
Hamburg - Germany
Generali Deutschland Immobilien GmbH
50.000%
50.000% AM Erste Immobilien AG & Co. KG
Aachen - Germany
AachenMünchener Lebensversicherung AG
100.000%
100.000% AM Gesellschaft für betriebliche Altersversorgung mbH
Aachen - Germany
AachenMünchener Lebensversicherung AG
100.000%
100.000% AM Prudence S.A.
Paris - France
Generali France S.A.
100.000%
100.000% AM RE Verwaltungs GmbH
AachenMünchener Lebensversicherung AG
Aachen - Germany 100.000% 100.000%
153
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
AM Sechste Immobilien AG & Co. KG
Aachen - Germany
AachenMünchener Lebensversicherung AG
100.000%
100.000% AM Siebte Immobilien AG & Co. KG
Aachen - Germany
AachenMünchener Lebensversicherung AG
100.000%
100.000% AM Vers Erste Immobilien AG & Co. KG
Aachen - Germany
AachenMünchener Versicherung AG
100.000%
100.000% AM Versicherungsvermittlung GmbH
Aachen - Germany
AachenMünchener Versicherung AG
100.000%
100.000% AM Vertriebsservice-Gesellschaft Personenversicherungen GmbH
Frankfurt - Germany
ATLAS Dienstleistungen für Vermögensberatung GmbH
100.000%
100.000% AMB Generali Pensionsfonds AG
Munich - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% AMCO Beteiligungs-GmbH
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Amir Aloni Assurance Agenceis (1994) Ltd
Tel Aviv - Israel
Mivtach-Simon Insurance Agencies Ltd
75.000%
75.000% Amit Insurance Agencies Ltd
Tel Aviv - Israel
Ihud Insurance Agencies Ltd
100.000%
100.000% ANAC All-finance Nederland Advies Combinatie B.V.
Eindhoven - Netherlands
Nederlands Algemeen Verzekeringskantoor B.V.
100.000%
100.000% Arche Analyse des Risques Combinés hommes Entreprises SA
Paris - France
Cofifo S.A.
79.306%
79.306% ARES-1 Ltd
Kiev - Ukraine
Generali Garant Insurance JSC
49.751%
49.751% Aseguradora General S.A.
Guatemala - Guatemala
Assicurazioni Generali S.p.A.
51.000%
51.000% Ashmoret Tihona Ltd
Shareholding
Migdal Insurance Company Ltd
Tel Aviv - Israel 100.000% 100.000%
154
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Assicurazioni Generali (Insurance Managers) Ltd
St. Peter Port - Guernsey
Assicurazioni Generali S.p.A.
99.940%
99.940% Assistencia Banorte Generali S.A. de C.V.
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte
Pensiones Banorte Generali S.A. de C.V.
Monterrey - N.L. - Mexico 99.000% 1.000%
100.000% Assitimm S.r.l.
Assicurazioni Generali S.p.A.
Generali Properties S.p.A.
Trieste - Italy 1.000% 99.000%
100.000% Assurantiekantoor Kerkhof B.V.
Shareholding
Achterveld - Netherlands
Nederlands Algemeen Verzekeringskantoor B.V.
100.000%
100.000% Atacama Investments Ltd
Rod Town (Tortola) - The British Virgin Islands
BSI Overseas (Bahamas) Ltd
10.121%
BSI S.A.
29.342%
39.463% Atlantis Dairy Products Inc.
Los Angeles - U.S.A.
Generali IARD S.A.
15.211%
15.211% ATLAS Dienstleistungen für Vermögensberatung GmbH
Frankfurt - Germany
AachenMünchener Lebensversicherung AG
74.000%
74.000% Augusta Assicurazioni S.p.A.
Turin - Italy
Toro Assicurazioni S.p.A.
100.000%
100.000% Augusta Vita S.p.A.
Turin - Italy
Augusta Assicurazioni S.p.A.
100.000%
100.000% Autoalliance Pension Fund
Kiev - Ukraine
Generali Garant Insurance JSC
25.000%
25.000% Autolinee Regionali Luganesi S.A.
Viganello (CH) - Switzerland
BSI S.A.
27.583%
27.583% Avgad Yahalom Management and Services Ltd
Ramat Gan - Israel
Migdal Real Estate Holdings Ltd
47.000%
47.000% AVS Privatkunden Versicherungservice GmbH
Generali Sales Promotion GmbH
Vienna - Austria 90.000% 90.000%
155
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Azur Space Solar Power GmbH
Heilbronn - Germany
Renewable Investment Holding
100.000%
100.000% B.V. Algemene Holding en Financierings Maatschappij
Diemen - Netherlands
Generali Holding Vienna AG
100.000%
100.000% B.V.B.A. Verzekeringskantoor Soenen
Shareholding
Poperinge - Belgium
Generali Belgium S.A.
99.800%
99.800% Bad Kleinkircheneimer Bergbahnen Sport- und Kuranlagen GmbH & Co. KG Bad Kleinkircheim - Austria
Generali Versicherung AG
15.000%
15.000% Banca BSI Italia S.p.A.
Milan - Italy
Banca Generali S.p.A.
100.000% Banco Vitalicio de España - Compañia Anonima de Seguros
Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales
Generali España Holding de Entidades de Seguros S.A.
Barcelona - Spain 9.501% 89.270%
98.771% BAWAG PSK Versicherung AG
Vienna - Austria
Generali Holding Vienna AG
50.010%
50.010% BBG Beteiligungsgesellschaft m.b.H.
Munich - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000% BDG Management Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% BDG Verwaltung Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A.
Trieste - Italy
Banca Generali S.p.A.
100.000%
100.000% BG Investment Luxembourg S.A.
Luxembourg - Luxembourg
Banca Generali S.p.A.
100.000%
100.000% BG Società di Gestione Risparmio S.p.A.
Trieste - Italy
Banca Generali S.p.A.
100.000%
100.000% Bien-Être Assistance S.A.
Europ Assistance France S.A.
Paris - France 50.000% 50.000%
156
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Bioventure Trading S.A.
Funchal (Madeira) - Portugal
BSI S.A.
100.000%
100.000% Bonus Pensionskassen AG
Vienna - Austria
Generali Holding Vienna AG
12.500%
12.500% BONUS-Mitarbeitervorsorgekassen AG
Shareholding
Vienna - Austria
Generali Holding Vienna AG
50.000%
50.000% Bourbon Courtage S.A.
Sainte Clotilde - France
Generali IARD S.A.
0.120%
Prudence Creole
99.759%
Generali Vie S.A.
0.120%
100.000% Brussels Management Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% BSI Administration Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% BSI Administrators (Channel Islands) Ltd
St. Peter Port - Guernsey
BSI Trust Corp. (Channel Island) Ltd
100.000%
100.000% BSI Art Collection (Svizzera) S.A.
Lugano - Switzerland
BSI S.A.
100.000%
100.000% BSI Art Collection S.A.
Luxembourg - Luxembourg
BSI S.A.
99.000%
99.000% BSI Asset Management Ltd
Nassau - Bahamas
BSI S.A.
100.000%
100.000% BSI Bank Limited
Singapore - Singapore
BSI S.A.
100.000%
100.000% BSI Generali Bank (Channel Islands) Limited
St. Peter Port - Guernsey
Generali Worldwide Insurance Company Limited
100.000%
100.000% BSI Generali UK Ltd
London - United Kingdom
BSI S.A.
100.000%
100.000% BSI Healthcapital SA
BSI S.A.
Lugano - Switzerland 100.000% 100.000%
157
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
BSI Ifabanque S.A.
Paris - France
BSI S.A.
51.005%
51.005% BSI Investment Advisors (Panama) Inc
Panama City - Panama
BSI S.A.
51.000%
51.000% BSI Investment Advisory London Ltd
London - United Kingdom
BSI S.A.
100.000%
100.000% BSI Investment Advisory S.A.
Buenos Aires - Argentina
BSI S.A.
97.000%
97.000% BSI Laran S.A.
Lugano - Switzerland
BSI S.A.
100.000%
100.000% BSI Luxembourg S.A.
Luxembourg - Luxembourg
BSI S.A.
100.000%
100.000% BSI Monaco SAM
Montecarlo - Monaco
BSI S.A.
100.000%
100.000% BSI Overseas (Bahamas) Ltd
Nassau - Bahamas
BSI S.A.
100.000%
100.000% BSI S.A.
Lugano - Switzerland
Participatie Maatschappij Graafschap Holland N.V.
100.000%
100.000% BSI Servicios Internationales S.A.
Santiago - Chile
BSI S.A.
100.000%
100.000% BSI Servicios S.A.
Montevideo - Uruguay
BSI S.A.
100.000%
100.000% BSI Serviços Ltda
São Paulo - Brazil
BSI S.A.
100.000%
100.000% BSI Spain Asset Management SGCIIC, S.A.
Madrid - Spain
BSI Spain Wealth and Asset Management S.A.
100.000%
100.000% BSI Spain Wealth and Asset Management S.A.
Shareholding
BSI S.A.
Madrid - Spain 100.000% 100.000%
158
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
BSI Spain Wealth Management A.V., S.A.
Madrid - Spain
BSI Spain Wealth and Asset Management S.A.
100.000%
100.000% BSI Trust Corp. (Bahamas) Ltd
Nassau - Bahamas
BSI S.A.
100.000%
100.000% BSI Trust Corp. (Channel Island) Ltd
St. Peter Port - Guernsey
BSI S.A.
100.000%
100.000% BSI Trust Corporation (Malta) Ltd
Valletta - Malta
BSI S.A.
98.000%
98.000% BSI Trust Corporation (Singapore) Ltd.
Singapore - Singapore
BSI S.A.
100.000%
100.000% BSI Werthein Merchant House S.A.
Shareholding
Lugano - Switzerland
BSI S.A.
50.000%
50.000% BSI-Generali Asia Limited
Wanchai - Hong Kong
Assicurazioni Generali S.p.A.
50.000%
BSI S.A.
50.000%
100.000% B-Source S.A.
Manno - Switzerland
BSI S.A.
100.000%
100.000% CA Global Property Internationale Immobilien AG
Vienna - Austria
Generali Versicherung AG
67.742%
67.742% Cafel Inversiones 2008, S.L.
Madrid - Spain
Frescobaldi S.à.r.l.
100.000%
100.000% Caja de Ahorro y Seguro S.A.
Genirland Limited
Assicurazioni Generali S.p.A.
Buenos Aires - Argentina 7.500% 62.500%
70.000% Caja de Seguros S.A.
Buenos Aires - Argentina
Caja de Ahorro y Seguro S.A.
99.000%
99.000% Cajamar Seguros Generales, S.A. de Seguros y Reaseguros
Generali España Holding de Entidades de Seguros S.A.
Almeira - Spain 50.000% 50.000%
159
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Cajamar Vida S.A. de Seguros y Reaseguros
Almeira - Spain
Generali España Holding de Entidades de Seguros S.A.
50.000%
50.000% Canadian Medical Network Inc.
Markham - Ontario - Canada
Worldwide Assistance Canada Inc.
100.000%
100.000% Car Care Consult Versicherungsmakler GmbH
Vienna - Austria
Generali Sales Promotion GmbH
100.000%
100.000% Care Consult Versicherungsmaker GmbH
Vienna - Austria
Europäische Reiseversicherungs AG
100.000%
100.000% Care Management Network Inc.
St Michael - Barbados
EA Bahamas Ltd
100.000%
100.000% Carthage Assistance Services (Libye)
Tripoli - Libya
Carthage Assistance Services S.A.
100.000%
100.000% Carthage Assistance Services S.A.
Tunisi - Tunisia
Europ Assistance Holding S.A.
49.012%
49.012% Casaletto S.r.l. - Società Unipersonale
Trieste - Italy
Genagricola - Generali Agricoltura S.p.A.
100.000%
100.000% Cassa di Liquidazione e Garanzia S.p.A.
Trieste - Italy
Ina Assitalia S.p.A.
12.955%
12.955% CENTRAL Erste Immobilien AG & Co. KG
Cologne - Germany
Central Krankenversicherung Aktiengesellschaft
100.000%
100.000% Central Fixed Assets GmbH
Cologne - Germany
Central Krankenversicherung Aktiengesellschaft
100.000%
100.000% Central Krankenversicherung Aktiengesellschaft
Cologne - Germany
Generali Deutschland Holding AG
100.000%
100.000% CENTRAL Zweite Immobilien AG & Co. KG
Cologne - Germany
Central Krankenversicherung Aktiengesellschaft
100.000%
100.000% Cˇeská pojišt’ovna ZDRAVI a.s.
Shareholding
Ceska pojistovna, a.s.
Prague - Czech Republic 100.000% 100.000%
160
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Ceska pojistovna, a.s.
Prague - Czech Republic
CZI Holdings N.V.
Shareholding
100.000%
100.000% CESTAR – Centro Studi Auto Riparazioni S.r.l.
Pero - Italy
Augusta Assicurazioni S.p.A.
0.250%
Toro Assicurazioni S.p.A.
0.250%
Ina Assitalia S.p.A.
0.250%
Fata Assicurazioni Danni S.p.A.
0.250%
Assicurazioni Generali S.p.A.
Generali Business Solutions S.c.p.A.
98.000% 1.000%
100.000% CGM Italia SIM S.p.A.
Milan - Italy
BSI S.A.
20.000%
20.000% CGPM, Compagnie de Gestion Privée Monegasque SAM
Montecarlo - Monaco
BSI Monaco SAM
20.000%
20.000% Chernigivautotrans JSC
Chernigiv - Ukraine
Generali Garant Insurance JSC
48.527%
48.527% Citadel Ins. Co. PLC
Floriana - Malta
Ina Assitalia S.p.A.
21.000%
21.000% City Tower Services in Jerusalem (1980) Ltd
Herzliya - Israel
Migdal Real Estate Holdings Ltd
15.079%
15.079% CityLife S.r.l.
Milan - Italy
Generali Properties S.p.A.
26.667%
26.667% Closed Joint Stock Company Asset Management Company Generali PPF Asset Kiev - Ukraine
CZI Holdings N.V.
99.991%
99.991% CMF S.r.l.
Lallio - Italy
Fata Assicurazioni Danni S.p.A.
14.000%
14.000% Cofifo S.A.
Paris - France
Generali Vie S.A.
100.000%
100.000% Comercial Banorte Generali S.A. de C.V.
Monterrey - N.L. - Mexico
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte
33.000%
Solida Banorte Generali S.A. de C.V. Afore
34.000%
Pensiones Banorte Generali S.A. de C.V.
33.000% 100.000%
161
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
C OMMERZ PARTNER Beratungsgesellschaft für Vorsorgeund Finanzprodukte Mbh
Frankfurt - Germany
Deutsche Bausparkasse Badenia Aktiengesellschaft
Generali Lebensversicherung Aktiengesellschaft
9.400% 40.600%
50.000% Consel S.p.A.
Biella - Italy
Toro Assicurazioni S.p.A.
30.233%
30.233% Continuum S.r.l.
Rome - Italy
Generali Properties S.p.A.
40.000%
40.000% Convivium S.A.
Lugano - Switzerland
BSI S.A.
100.000%
100.000% Corelli S.à.r.l.
Senningerberg - Luxembourg
Generali Real Estate Fund Sicav
100.000%
100.000% Coris Asistencia, S.A.
Madrid - Spain
Europ Assistance Servicios Integrales de Gestion, S.A.
100.000%
100.000% Coris Gestión de Riesgos, S.L.
Madrid - Spain
Europ Assistance Servicios Integrales de Gestion, S.A.
100.000%
100.000% CORIS NL BV
Deventer - Netherlands
VHD Omnicare BV
100.000%
100.000% Cosmos Finanzservice GmbH
Saarbruecken - Germany
Cosmos Versicherung Aktiengesellschaft
100.000%
100.000% Cosmos Fixed Assets GmbH
Saarbruecken - Germany
Cosmos Lebensversicherungs Aktiengesellschaft
100.000%
100.000% Cosmos Lebensversicherungs Aktiengesellschaft
Saarbruecken - Germany
Generali Deutschland Holding AG
100.000%
100.000% Cosmos Versicherung Aktiengesellschaft
Saarbruecken - Germany
Generali Deutschland Holding AG
100.000%
100.000% Courtage Inter Caraibes
Fort De France - Martinica
GFA Caraïbes
99.760%
99.760% CP Direct, a.s.
Shareholding
Ceska pojistovna, a.s.
Prague - Czech Republic 100.000% 100.000%
162
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
C ˇ P INVEST investicˇní spolecˇnost, a.s.
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% CP Strategic Investments B.V.
Amsterdam - Netherlands
Ceska pojistovna, a.s.
100.000%
100.000% CPM Internacional d.o.o.
Zagreb - Croatia
Sementi Dom Dotto S.p.A.
100.000%
100.000% Cross Factor S.p.A.
Milan - Italy
BSI S.A.
20.000%
20.000% Customized Services Adminitrators Inc.
San Diego - U.S.A.
Europ Assistance North America, Inc.
100.000%
100.000% CZI Holdings N.V.
Amsterdam - Netherlands
Generali PPF Holding B.V.
100.000%
100.000% CZI Ukraine Pension fund administrator
Kiev - Ukraine
CZI Holdings N.V.
99.990%
99.990% Dagma S.A.
Montagnola - Switzerland
Dreieck Fiduciaria S.A.
20.000%
20.000% DAS - Difesa Automobilistica Sinistri S.p.A.
Verona - Italy
Toro Assicurazioni S.p.A.
50.008%
50.008% Data Car Israel Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
50.000%
50.000% DBB Vermögensverwaltung GmbH & Co. KG
Karlsruhe - Germany
Deutsche Bausparkasse Badenia Aktiengesellschaft
100.000%
100.000% Dedale S.A.
Liegi - Belgium
Generali Belgium S.A.
99.970%
99.970% Delta Generali Holding d.o.o. Podgorica
Podgorica - Republic of Montenegro
Delta Generali Osiguranje a.d.o.
51.000%
51.000% Delta Generali Osiguranje a.d.o.
Shareholding
Generali PPF Holding B.V.
Belgrade - Serbia 50.023% 50.023%
163
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Delta Generali Osiguranje ad Podgorica
Podgorica - Republic of Montenegro
Delta Generali Holding d.o.o. Podgorica
100.000%
100.000% Delta Generali Reosiguranje a.d.o.
Belgrade - Serbia
Delta Generali Osiguranje a.d.o.
99.994%
99.994% Delta Generali Zivotna Osiguranja ad Podgorica
Podgorica - Republic of Montenegro
Delta Generali Holding d.o.o. Podgorica
100.000%
100.000% Deutsche Bausparkasse Badenia Aktiengesellschaft
Generali Deutschland Holding AG
Generali Lebensversicherung Aktiengesellschaft
Karlsruhe - Germany 68.696% 31.304%
100.000% Deutsche Vermögensberatung Aktiengesellschaft DVAG
Frankfurt - Germany
Generali Deutschland Holding AG
44.994%
44.994% Deutscher Lloyd GmbH
Berlin - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Dialog Lebensversicherungs-Aktiengesellschaft
Augusta - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Diana Private Enterprise
Kiev - Ukraine
Generali Garant Insurance JSC
100.000%
100.000% Dolphin Investments S.r.l.
Shareholding
Trieste - Italy
Generali Horizon S.p.A.
32.468%
32.468% Donatello Intermediazione S.r.l.
Rome - Italy
Ina Assitalia S.p.A.
89.130%
Assicurazioni Generali S.p.A.
10.870%
100.000% DOTTO CAP FVG Agenzia Assicurativa S.r.l.
Basiliano - Italy
Sementi Dom Dotto S.p.A.
50.000%
50.000% Drei Banken-Generali Investment Ges.m.b.H.
Vienna - Austria
Generali Holding Vienna AG
48.571%
48.571% Drei-Banken Versicherungs-Aktiengesellschaft
Linz - Austria
Generali Holding Vienna AG
20.000%
20.000% Dreieck Fiduciaria S.A.
BSI S.A.
Lugano - Switzerland 100.000% 100.000%
164
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Dynamic Securities S.A.
Athens - Greece
BSI S.A.
15.740%
15.740% E3 S.A.
Gennevilliers - France
Europ Assistance Holding S.A.
100.000%
100.000% EA Bahamas Ltd
Nassau - Bahamas
Europ Assistance IHS Services S.A.S.
99.980%
99.980% EA Service GmbH
Shareholding
Munich - Germany
Europ Assistance Versicherungs-AG
100.000%
100.000% E-Cie Vie S.A.
Paris - France
Generali France Assurance S.A.
100.000%
Generali Vie S.A.
0.000%
Generali France S.A.
0.000%
100.000% Editorial Española de Seguros S.A.
Madrid - Spain
La Estrella S.A. de Seguros y Reaseguros
19.000%
19.000% Enofila S.r.l.
Trieste - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Ente Teatrale Italiano
Rome - Italy
Assicurazioni Generali S.p.A.
33.333%
33.333% ENVIVAS Krankenversicherung AG
Cologne - Germany
Generali Deutschland Holding AG
100.000%
100.000% EOS Servizi Fiduciari S.p.A.
Milan - Italy
BSI S.A.
100.000%
100.000% Erasmus Management Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% EuroAssistance Ltd
Kiev - Ukraine
Generali Garant Insurance JSC
100.000% 100.000%
Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. Lisbon - Portugal
Europ Assistance Holding S.A.
52.999% 52.999%
165
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Europ Assistance - Serviços de Assistencia Personalizados S.A.
Lisbon - Portugal
Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A.
99.900%
99.900% Europ Assistance (Nederland) B.V.
Arnhem - Netherlands
VHD Holding BV
100.000%
100.000% Europ Assistance (Scandinavia) AB
Stockholm - Sweden
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance (Suisse) Assurances S.A.
Shareholding
Geneve - Switzerland
Europ Assistance (Suisse) Holding S.A.
100.000%
100.000% Europ Assistance (Suisse) Holding S.A.
Geneve - Switzerland
Generali (Schweiz) Holding AG
1.000%
Europ Assistance Holding S.A.
75.000%
76.000% Europ Assistance (Suisse) S.A.
Geneve - Switzerland
Europ Assistance (Suisse) Holding S.A.
100.000%
100.000% Europ Assistance (Taiwan) Ltd
Taipei - Taiwan
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance A/S
Copenhagen - Denmark
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance Argentina S.A.
Buenos Aires - Argentina
Caja de Seguros S.A.
34.000%
Ponte Alta - Comercio e Consultoria, Lda
66.000%
100.000% Europ Assistance Belgium S.A.
Generali Belgium S.A.
Europ Assistance Holding S.A.
Bruxelles - Belgium 0.000% 100.000%
100.000% Europ Assistance CEI OOO
Moscow - Russia
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance Claims Handling AB
Stockholm - Sweden
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance de México S.A.
Europ Assistance Holding S.A.
Mexico City - Mexico 49.000% 49.000%
166
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Europ Assistance España S.A. de Seguros y Reaseguros
Madrid - Spain
Banco Vitalicio de España - Compañia Anonima de Seguros
Europ Assistance Holding S.A.
5.000% 95.000%
100.000% Europ Assistance France S.A.
Shareholding
Gennevilliers - France
Europ Assistance Holding S.A.
99.981%
99.981% Europ Assistance Gesellschaft mbH
Vienna - Austria
Generali Holding Vienna AG
25.000%
Europ Assistance Holding S.A.
75.000%
100.000% Europ Assistance Holding S.A.
Paris - France
Generali France S.A.
63.084%
Participatie Maatschappij Graafschap Holland N.V.
Generali Vie S.A.
10.745%
Generali IARD S.A.
21.128%
5.010%
99.967% Europ Assistance Holdings Ltd
Haywards Heath (W.Sussex) - United Kingdom
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance IHS Services S.A.S.
Gennevilliers - France
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance India Private Ltd
Mumbai (Bombay) - India
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance Insurance Limited
Haywards Heath (W.Sussex) - United Kingdom
Europ Assistance Holdings Ltd
100.000%
100.000% Europ Assistance Italia S.p.A.
Milan - Italy
Assicurazioni Generali S.p.A.
26.050%
Europ Assistance Holding S.A.
61.025%
87.075% Europ Assistance Limited
Haywards Heath (W.Sussex) - United Kingdom
Europ Assistance Holdings Ltd
100.000%
100.000% Europ Assistance Magyarorszag Kft
Generali-Providencia Biztosító Rt.
Europ Assistance Holding S.A.
Budapest - Hungary 26.000% 74.000%
100.000% Europ Assistance Medical Services Internationals S.A.
Europ Assistance Holding S.A.
Tunisi - Tunisia 44.000% 44.000%
167
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Europ Assistance North America, Inc.
Davie - U.S.A.
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance Océanie S.A.
Papeete - Tahiti - French Polynesia
Europ Assistance Holding S.A.
74.875%
74.875% Europ Assistance Polska Sp.zo.o.
Warsaw - Poland
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance S.A.
Gennevilliers - France
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance s.r.o.
Shareholding
Prague - Czech Republic
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance SA (Chile)
Las Condes - Santiago - Chile
Ponte Alta - Comercio e Consultoria, Lda
25.500%
Europ Assistance Holding S.A.
25.500%
51.000% Europ Assistance Service S.p.A.
Milan - Italy
Europ Assistance Italia S.p.A.
100.000%
100.000% Europ Assistance Services S.A.
Bruxelles - Belgium
Generali Belgium S.A.
20.000%
Europ Assistance Belgium S.A.
80.000%
100.000% Europ Assistance Servicios Integrales de Gestion, S.A.
Madrid - Spain
Europ Assistance España S.A. de Seguros y Reaseguros
100.000%
100.000% Europ Assistance Trade S.p.A.
Europ Assistance Service S.p.A.
Europ Assistance Italia S.p.A.
Milan - Italy 8.440% 91.560%
100.000% Europ Assistance Travel Assistance Services (Beijing) Co Ltd
Beijing - People’s Republic of China
Europ Assistance Holding S.A.
100.000%
100.000% Europ Assistance Travel S.A.
Madrid - Spain
Europ Assistance Servicios Integrales de Gestion, S.A.
99.900%
99.900% Europ Assistance USA Inc.
Europ Assistance Holding S.A.
Washington - U.S.A. 100.000% 100.000%
168
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Europ Assistance Vai S.r.l.
Milan - Italy
Europ Assistance Service S.p.A.
Shareholding
100.000%
100.000% Europ Assistance Versicherungs-AG
Munich - Germany
Europ Assistance Holding S.A.
75.000%
Generali Deutschland Holding AG
25.000%
100.000% Europ Assistance Vostok OOO
Moscow - Russia
Europ Assistance CEI OOO
60.000%
60.000% Europ Assistance Worldwide Services (South Africa) Ltd
Midrand - South Africa
Europ Assistance Holding S.A.
61.000%
61.000% Europ Assistance Worldwide Services Pte Ltd
Singapore - Singapore
Europ Assistance Holding S.A.
99.999%
99.999% Europ Teleassistance S.A.
Gennevilliers - France
Europ Assistance France S.A.
100.000%
100.000% Európai Utazásbiztosítás-közvetítöi Kft.
Budapest - Hungary
Europai Utazasi Biztosito Rt.
100.000%
100.000% Europai Utazasi Biztosito Rt.
Budapest - Hungary
Generali-Providencia Biztosító Rt.
61.000%
Europäische Reiseversicherungs AG
13.000%
74.000% Europäische Reiseversicherung GVAG ( R )
Moscow - Russia
Europäische Reiseversicherungs AG
100.000%
100.000% Europäische Reiseversicherung GVAG (U)
Generali Garant Insurance JSC
Europäische Reiseversicherungs AG
Kiev - Ukraine 5.000% 74.113%
79.113% Europäische Reiseversicherungs AG
Vienna - Austria
Generali Holding Vienna AG
74.990%
74.990% Européenne de Protection Juridique S.A.
Generali France Assurance S.A.
Generali Vie S.A.
Generali IARD S.A.
Paris - France 99.986% 0.007% 0.007%
100.000% Eurotransitservice JSC
Generali Garant Insurance JSC
Rava-Ruska - Lviv - Ukraine 70.294% 70.294%
169
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Expert & Finance S.A.
Lione - France
Generali Vie S.A.
88.827%
88.827% Expert-Service JSC
Kiev - Ukraine
Generali Garant Insurance JSC
12.433%
12.433% Extrabanca S.p.A
Milan - Italy
Flandria Participations Financières S.A.
12.500%
12.500% Fata Assicurazioni Danni S.p.A.
Rome - Italy
Assicurazioni Generali S.p.A.
99.961%
99.961% Fata Vita S.p.A.
Rome - Italy
Assicurazioni Generali S.p.A.
99.961%
99.961% Fidelis Agenzia Assicurativa S.r.l.
Trieste - Italy
Sementi Dom Dotto S.p.A.
60.000%
60.000% Fin. Priv. S.r.l.
Shareholding
Milan - Italy
Assicurazioni Generali S.p.A.
14.285%
14.285% Finagen S.p.A.
Venice - Italy
Alleanza Assicurazioni S.p.A.
99.900%
Generali Investments Limited
0.100%
100.000% Financial Services LLC
Kiev - Ukraine
CZI Holdings N.V.
99.990%
99.990% Financial Strategy Monaco SAM
Montecarlo - Monaco
BSI Monaco SAM
20.000%
20.000% Finmo S.A.
Zug - Switzerland
BSI S.A.
100.000%
100.000% Finnat Gestioni S.A.
Lugano - Switzerland
BSI S.A.
30.000%
30.000% Flandria Participations Financières S.A.
Bruxelles - Belgium
Assicurazioni Generali S.p.A.
80.067%
Generali Vie S.A.
19.932%
Generali Belgium S.A.
0.000% 100.000%
170
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Foncière des Murs
Paris - France
Shareholding
Generali IARD S.A.
0.797%
Generali Vie S.A.
16.563%
17.360% Foncière Hypersud S.A.
Issy Les Moulineaux - France
Generali Vie S.A.
49.000%
49.000% Fondi Alleanza Società di Gestione Risparmio S.p.A.
Milan - Italy
Alleanza Assicurazioni S.p.A.
100.000%
100.000% Foot.Pro S.A.
Lugano - Switzerland
BSI S.A.
100.000%
100.000% Fortuna Investment AG
Adliswil - Switzerland
Generali (Schweiz) Holding AG
100.000%
100.000% Fortuna Investment AG, Vaduz
Vaduz - Liechtenstein
Generali (Schweiz) Holding AG
100.000%
100.000% Fortuna Lebens-Versicherung AG
Vaduz - Liechtenstein
Generali (Schweiz) Holding AG
100.000%
100.000% Fortuna Rechtsschutz-Versicherung-Gesellschaft AG
Adliswil - Switzerland
Generali (Schweiz) Holding AG
100.000%
100.000% Foundationsquatier GmbH
Vienna - Austria
Generali Holding Vienna AG
66.700%
66.700% Frescobaldi S.à.r.l.
Luxembourg - Luxembourg
Generali Real Estate Fund Sicav
100.000%
100.000% Froline Exclusive Ltd
Tel Aviv - Israel
Migdal Makefet Pension and Provident Funds Ltd
55.000%
55.000% Fundamenta-Lakáskassza Lakástakarék-pénztár Rt.
Budapest - Hungary
Generali-Providencia Biztosító Rt.
14.878%
14.878% Funicolare Lugano-Paradiso-S.Salvatore S.A.
Lugano - Switzerland
BSI S.A.
31.083%
31.083% Future Generali India Insurance Company Ltd
Participatie Maatschappij Graafschap Holland N.V.
Mumbai (Bombay) - India 25.500% 25.500%
171
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Future Generali India Life Insurance Company Ltd
Mumbai (Bombay) - India
Participatie Maatschappij Graafschap Holland N.V.
25.500%
25.500% G. & G. Lüder Versicherungsmakler GmbH
Hildesheim - Germany
Generali Versicherung Aktiengesellschaft
50.000%
50.000% Ganos S.A.
Zug - Switzerland
BSI S.A.
100.000%
100.000% Garant-Consulting Ltd
Kiev - Ukraine
Generali Garant Insurance JSC
99.062%
99.062% Garant-Trast Ltd
Lviv - Ukraine
Generali Garant Insurance JSC
99.955%
99.955% GEGRA Gewerbegrundstücksgesellschaft mbH
Aachen - Germany
Generali Deutschland Immobilien GmbH
15.000%
15.000% Genagricola - Generali Agricoltura S.p.A.
Trieste - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Genamerica Management Corporation
New York - U.S.A.
Assicurazioni Generali S.p.A.
100.000%
100.000% Genass-Invest S.A.
Generali Beleggingen B.V.
Generali Levensverzekering Maatschappij N.V.
Bruxelles - Belgium 73.501% 26.499%
100.000% General Securities Corporation of North America
Shareholding
New York - U.S.A.
Transocean Holding Corporation
100.000%
100.000% Generali (Schweiz) Holding AG
Adliswil - Switzerland
Redoze Holding N.V.
41.051%
Assicurazioni Generali S.p.A.
58.949%
100.000% Generali 3 S.A.
Paris - France
Generali IARD S.A.
100.000%
100.000% Generali 3. Immobilien AG & Co. KG
Munich - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Generali 3Banken Holding AG
Generali Versicherung AG
Vienna - Austria 49.300% 49.300%
172
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Generali Alapkezelõ Rt.
Budapest - Hungary
Shareholding
Generali PPF Holding B.V.
26.000%
Generali-Providencia Biztosító Rt.
74.000%
100.000% Generali Asia N.V.
Amsterdam - Netherlands
Participatie Maatschappij Graafschap Holland N.V.
60.000%
60.000% Generali Asigurari S.A.
Bucarest - Romania
Generali Holding Vienna AG
83.786%
83.786% Generali Assurances Générales
Geneve - Switzerland
Generali (Schweiz) Holding AG
99.923%
99.923% Generali AutoProgram Spzoo
Warsaw - Poland
Generali Finance spólka z ograniczona¸ odpowiedzialnos´cia¸
100.000%
100.000% Generali Bank AG
Generali Holding Vienna AG
Generali Versicherung AG
Vienna - Austria 78.571% 21.429%
100.000% Generali Beleggingen B.V.
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Generali Belgium Invest S.A.
IXIA N.V.
Generali Belgium S.A.
Bruxelles - Belgium 0.003% 99.997%
100.000% Generali Belgium S.A.
Generali Finance B.V.
Genervest S.A.
Flandria Participations Financières S.A.
Assicurazioni Generali S.p.A.
Genass-Invest S.A.
Participatie Maatschappij Graafschap Holland N.V.
Bruxelles - Belgium 0.282% 33.365% 3.802% 32.294% 5.345% 24.907%
99.995% Generali Belle Feuille S.a.r.l.
Generali Vie S.A.
SCI Le Rivay
Paris - France 99.997% 0.003%
100.000% Generali Beteiligungs- und Verwaltungs-AG
Transocean Holding Corporation
Generali Deutschland Holding AG
Munich - Germany 1.216% 98.784% 100.000%
173
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Beteiligungs-GmbH
Aachen - Germany
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Beteiligungsverwaltung GmbH
Vienna - Austria
Generali Holding Vienna AG
100.000%
100.000% Generali Betriebsrestaurazion Gesellschaft m.b.H.
Vienna - Austria
Generali Versicherung AG
100.000%
100.000% Generali Biztosítási Ügynök és Marketing Kft
Generali-Providencia Biztosító Rt.
Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft.
Budapest - Hungary 98.342% 1.658%
100.000% Generali Bulgaria Holding AD
Shareholding
Sofia - Bulgaria
Generali PPF Holding B.V.
99.999%
99.999% Generali Business Solutions S.c.p.A.
Turin - Italy
Alleanza Assicurazioni S.p.A.
0.250%
Fata Assicurazioni Danni S.p.A.
0.250%
Augusta Vita S.p.A.
0.250%
SIMGENIA S.p.A. Società di Intermediazione Mobiliare
0.250%
Generali Investments Italy S.p.A. Società di Gestione Risparmio
0.250%
Generali Immobiliare Italia SGR S.p.A.
0.010%
Generali International Business Solutions - s.c.a.r.l.
0.050%
Genertellife S.p.A.
0.250%
Fata Vita S.p.A.
0.010%
Ina Assitalia S.p.A.
0.250%
Europ Assistance Italia S.p.A.
0.010%
Banca Generali S.p.A.
0.250%
Banca BSI Italia S.p.A.
0.050%
BG Società di Gestione Risparmio S.p.A.
0.250%
BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A.
0.010%
Augusta Assicurazioni S.p.A.
0.250%
Assicurazioni Generali S.p.A.
96.860%
Toro Assicurazioni S.p.A.
0.250%
Genertel S.p.A.
0.250%
100.000% Generali Capital Finance B.V.
Generali Finance B.V.
Assicurazioni Generali S.p.A.
Amsterdam - Netherlands 75.000% 25.000% 100.000%
174
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Generali Capital Management GmbH
Vienna - Austria
Shareholding
Generali Holding Vienna AG
75.007%
Generali Deutschland Holding AG
24.993%
100.000% Generali Car Care s.r.o.
Prague - Czech Republic
Generali Pojistovna a.s.
100.000%
100.000% Generali Carnot S.a.r.l.
Paris - France
Generali Vie S.A.
100.000%
100.000% Generali Challenges S.A.
Paris - France
Generali France S.A.
100.000%
100.000% Generali China Insurance Co. Ltd
Beijing - People’s Republic of China
Assicurazioni Generali S.p.A.
50.000%
50.000% Generali China Life Insurance Co. Ltd
Beijing - People’s Republic of China
Assicurazioni Generali S.p.A.
50.000%
50.000% Generali Claims Solutions LLC
Wilmington - U.S.A.
Generali Consulting Solutions LLC
100.000%
100.000% Generali Colombia - Seguros Generales S.A.
Transocean Holding Corporation
Assicurazioni Generali S.p.A.
Bogotà - Colombia 4.441% 81.834%
86.275% Generali Colombia Vida - Compañia de Seguros S.A.
Bogotà - Colombia
Generali Colombia - Seguros Generales S.A.
68.281%
Assicurazioni Generali S.p.A.
15.375%
Transocean Holding Corporation
16.156%
99.813% Generali Consulting Solutions LLC
Wilmington - U.S.A.
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Corporate Compañia Argentina de Seguros S.A.
Buenos Aires - Argentina
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Deutschland Finanzdienstleistung GmbH
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland Holding AG
Vitalicio Torre Cerdà S.l.
Cologne - Germany 2.142%
175
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Shareholding
Alleanza Assicurazioni S.p.A.
1.863%
La Estrella S.A. de Seguros y Reaseguros
Generali Beteiligungs-GmbH
Generali Levensverzekering Maatschappij N.V.
0.931%
Generali Vermögensverwaltung GmbH & Co. KG
5.100%
Generali Assurances Générales
0.931%
Generali Belgium S.A.
0.931%
0.931% 80.190%
93.021% Generali Deutschland Immobilien GmbH
Cologne - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland Informatik Services GmbH
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland Pensionsfonds AG
Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Generali Deutschland Pensionskasse AG
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland Schadenmanagement GmbH
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland Services GmbH
Aachen - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Deutschland SicherungsManagement GmbH
Cologne - Germany
Generali Deutschland Holding AG
100.000%
100.000% Generali Development spol. s.r.o.
Prague - Czech Republic
Generali Pojistovna a.s.
100.000%
100.000% Generali do Brasil Companhia Nacional de Seguros
GENPAR Empreendimentos e Partecipaçoes S.A.
Assicurazioni Generali S.p.A.
Transocean do Brasil Participaçoes S.A.
Rio de Janeiro - Brazil 25.544% 1.819% 72.621%
99.985% Generali Ecuador Compañía de Seguros S.A.
Guayaquil - Ecuador
Assicurazioni Generali S.p.A.
51.742%
51.742% Generali Employee Benefits Gesellschaft mbH
Generali Deutschland Holding AG
Frankfurt - Germany 100.000% 100.000%
176
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Generali Epargne Salariale S.A.
Paris - France
Generali France Assurance S.A.
Generali France S.A.
100.000% 0.000%
100.000% Generali Epitö és Tervezö Kft.
Generali-Providencia Biztosító Rt.
Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft.
Budapest - Hungary 99.000% 1.000%
100.000% Generali España Holding de Entidades de Seguros S.A.
Madrid - Spain
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Factoring S.p.A.
Mogliano Veneto - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Finance B.V.
Amsterdam - Netherlands
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Finance spółka z ograniczona¸ odpowiedzialno´scia¸
Warsaw - Poland
Generali Powszechne Towarzystwo Emerytalne S.A.
100.000%
100.000% Generali Finanz Service GmbH
Unterföhring - Germania
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Generali FinanzService GmbH
Shareholding
Vienna - Austria
Generali Bank AG
100.000%
100.000% Generali Foreign Insurance Co. Inc.
Minsk - Belarus
Ceska pojistovna, a.s.
35.000%
Generali Slovensko Poistovna a.s. Cˇeská pojišt’ovna ZDRAVI a.s.
32.500%
32.500%
100.000% Generali France Assurance S.A.
Paris - France
Generali France S.A.
100.000%
100.000% Generali France S.A.
Paris - France
Generali France S.A.
Assicurazioni Generali S.p.A.
67.285%
0.006%
Participatie Maatschappij Graafschap Holland N.V.
32.685%
99.977% Generali Garant Insurance JSC
Generali Holding Vienna AG
Kiev - Ukraine 52.386% 52.386%
177
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Generali Garant Life Insurance JSC
Kiev - Ukraine
Shareholding
Generali Garant Insurance JSC
15.147%
Generali Holding Vienna AG
35.853%
51.000% Generali Gerance S.A.
Paris - France
Generali Vie S.A.
99.667%
99.667% Generali Gestion S.A.
Paris - France
Generali France S.A.
0.028%
Generali Vie S.A.
0.056%
Generali Investments France S.A.
99.833%
99.917% Generali Gestione Immobiliare S.p.A.
Trieste - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Global Private Equity S.A. SICAR
Luxembourg - Luxembourg
Generali Lebensversicherung Aktiengesellschaft
18.630%
AachenMünchener Lebensversicherung AG
12.130%
AachenMünchener Versicherung AG
1.310%
Central Krankenversicherung Aktiengesellschaft
4.050%
Generali Versicherung AG
1.757%
Generali Vie S.A.
27.321%
65.198% Generali Group Partner AG
Adliswil - Switzerland
Generali (Schweiz) Holding AG
100.000%
100.000% Generali Habitat SCpI
Paris - France
Generali Vie S.A.
81.965%
81.965% Generali Hellas - A.E. Asfaliseon Zimion
Generali Life - Hellenic Insurance Company A.E.
Assicurazioni Generali S.p.A.
Athens - Greece 0.786% 99.214%
100.000% Generali Holding Vienna AG
Vienna - Austria
Generali Rückversicherung AG
Generali Worldwide Insurance Company Limited
Generali Finance B.V.
Participatie Maatschappij Graafschap Holland N.V.
29.722%
Transocean Holding Corporation
37.811%
Generali Assurances Générales
0.352%
Generali IARD S.A.
2.663%
29.319% 0.082% 0.051%
100.000%
178
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Horizon B.V.
Amsterdam - Netherlands
Generali Worldwide Insurance Company Limited
100.000%
100.000% Generali Horizon S.p.A.
Trieste - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali IARD S.A.
Generali France Assurance S.A.
Generali Vie S.A.
Paris - France 93.256% 6.744%
100.000% Generali Immobiliare Italia SGR S.p.A.
Trieste - Italy
Generali Investments S.p.A.
100.000%
100.000% Generali Immobilien AG
Shareholding
Vienna - Austria
Generali Versicherung AG
99.999%
99.999% Generali Immobilier Conseil S.A.
Generali IARD S.A.
Generali France Assurance S.A.
Generali Vie S.A.
Paris - France 0.040% 99.760% 0.160%
99.960% Generali Immobilier Gestion S.A.
Generali France Assurance S.A.
Generali Vie S.A.
Paris - France 99.998% 0.001%
99.999% Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft.
Generali-Providencia Biztosító Rt.
Generali Biztosítási Ügynök és Marketing Kft
Budapest - Hungary 96.000% 4.000%
100.000% Generali Insurance (Thailand) Co. Ltd
Bangkok - Thailand
Generali Asia N.V.
25.000%
KAG Holding Company Ltd
50.000%
75.000% Generali Insurance AD
Sofia - Bulgaria
Generali Bulgaria Holding AD
99.870%
99.870% Generali Insurance Life AD
Sofia - Bulgaria
Generali Bulgaria Holding AD
99.486%
99.486% Generali International Business Solutions - s.c.a.r.l.
Mogliano Veneto - Italy
Generali Vida Companhia de Seguros S.A.
3.704%
Genertellife S.p.A.
7.407%
179
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Shareholding
Generali Belgium S.A.
3.704%
Assicurazioni Generali S.p.A.
66.667%
Generali Vie S.A.
18.519%
100.000% Generali International Ltd
St. Peter Port - Guernsey
Generali Worldwide Insurance Company Limited
100.000%
100.000% Generali Investments Deutschland Kapitalanlagegesellschaft mbH
Cologne - Germany
Generali Investments S.p.A.
100.000%
100.000% Generali Investments France S.A.
Paris - France
Generali IARD S.A.
0.002%
Europ Assistance Holding S.A.
0.002%
Generali Belgium S.A.
0.002%
Generali France Assurance S.A.
50.980%
Generali Investments S.p.A.
49.000%
Generali Vie S.A.
0.008%
L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature
0.002%
99.996% Generali Investments Italy S.p.A. Società di Gestione Risparmio
Trieste - Italy
Generali Investments S.p.A.
100.000%
100.000% Generali Investments Limited
Navan - Co. Meath - Eire
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Investments Luxembourg S.A
Luxembourg - Luxembourg
Generali Investments S.p.A.
100.000%
100.000% Generali Investments S.p.A.
Trieste - Italy
Generali France S.A.
30.000%
Generali Deutschland Holding AG
30.000%
Assicurazioni Generali S.p.A.
40.000%
100.000% Generali IT S.s.r.o.
Bratislava - Slovak Republic
Generali VIS Informatik GmbH
100.000%
100.000% Generali IT-Solutions GmbH
Generali Holding Vienna AG
Generali Deutschland Informatik Services GmbH
Vienna - Austria 75.029% 24.971%
100.000% Generali le Moncey S.a.r.l.
Generali Vie S.A.
Paris - France 100.000% 100.000%
180
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Leasing GmbH
Vienna - Austria
Generali Versicherung AG
75.000%
75.000% Generali Lebensversicherung Aktiengesellschaft
Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Generali Levensverzekering Maatschappij N.V.
Shareholding
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Generali Life - Hellenic Insurance Company A.E.
Assicurazioni Generali S.p.A.
Generali Hellas - A.E. Asfaliseon Zimion
Athens - Greece 99.967% 0.033%
100.000% Generali Life Assurance (Thailand) Co. Ltd
Bangkok - Thailand
KAG Holding Company Ltd
50.000%
Generali Asia N.V.
25.000%
75.000% Generali Life Insurance
Kiev - Ukraine
CP Strategic Investments B.V.
100.000%
100.000% Generali Luxembourg S.A.
Luxembourg - Luxembourg
Generali Belgium S.A.
99.997%
99.997% Generali Net Insurance Broker
Sofia - Bulgaria
Generali Bulgaria Holding AD
100.000%
100.000% Generali Osiguranje d.d.
Zagreb - Croatia
Generali PPF Holding B.V.
100.000%
100.000% Generali PanEurope Limited
Generali Worldwide Insurance Company Limited
Generali Finance B.V.
Dublin - Eire 49.000% 51.000%
100.000% Generali Pensionskasse AG
Vienna - Austria
Generali Holding Vienna AG
100.000%
100.000% Generali Penzijní Fond a.s.
Prague - Czech Republic
Generali Pojistovna a.s.
100.000%
100.000% Generali Personenversicherungen AG
Generali (Schweiz) Holding AG
Adliswil - Switzerland 100.000% 100.000%
181
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Pilipinas Holding Co. Inc.
Makati City - Manila - Philippines
Generali Asia N.V.
60.000%
60.000% Generali Pilipinas Insurance Co. Inc.
Makati City - Manila - Philippines
Generali Pilipinas Holding Co. Inc.
100.000%
100.000% Generali Pilipinas Life Assurance Co. Inc.
Makati City - Manila - Philippines
Generali Pilipinas Holding Co. Inc.
100.000%
100.000% Generali Pojistovna a.s.
Prague - Czech Republic
Generali PPF Holding B.V.
100.000%
100.000% Generali Portfolio Management (CI) Ltd
St. Peter Port - Guernsey
Generali Worldwide Insurance Company Limited
100.000%
100.000% Generali Powszechne Towarzystwo Emerytalne S.A.
Generali PPF Holding B.V.
Generali Towarzystwo Ubezpieczen S.A.
Warsaw - Poland 3.436% 96.564%
100.000% Generali PPF Fund Management LLC
Moscow - Russia
CZI Holdings N.V.
100.000%
100.000% Generali PPF Holding B.V.
Amsterdam - Netherlands
Assicurazioni Generali S.p.A.
51.000%
51.000% Generali PPF Life Insurance LLC
Moscow - Russia
Ceska pojistovna, a.s.
100.000%
100.000% Generali Private Equity Investments GmbH
Shareholding
Cologne - Germany
Generali Investments S.p.A.
100.000%
100.000% Generali Properties S.p.A.
Trieste - Italy
Alleanza Assicurazioni S.p.A.
47.931%
Assicurazioni Generali S.p.A.
52.069%
100.000% Generali Real Estate Fund Sicav
Senningerberg - Luxembourg
Generali Lebensversicherung Aktiengesellschaft
Generali Immobilien AG
Generali Vie S.A.
Generali Belgium S.A.
1.703%
AachenMünchener Lebensversicherung AG
2.725%
Banco Vitalicio de España - Compañia Anonima de Seguros
2.439%
182
18.370% 9.766% 24.420%
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
La Estrella S.A. de Seguros y Reaseguros
Generali Vida Companhia de Seguros S.A.
Assicurazioni Generali S.p.A.
Generali Real Estate Investments B.V.
Head office
Shareholding 2.439% 1.169% 25.589% 9.765%
98.387% Generali Real Estate Investments B.V.
Amsterdam - Netherlands
IXIA N.V.
0.327%
Generali Belgium Invest S.A.
2.943%
Generali Belgium S.A.
46.730%
Generali Vastgoed B.V.
50.000%
100.000% Generali Real Estate.s.r.o.
Prague - Czech Republic
Generali Pojistovna a.s.
100.000%
100.000% Generali Realties Ltd
Tel Aviv - Israel
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali Reassurance (Bermuda) Ltd
Hamilton - Bermuda
Generali U.S. Holdings Inc.
100.000%
100.000% Generali Reassurance Courtage S.A.
Paris - France
Generali Vie S.A.
0.003%
Generali IARD S.A.
0.003%
Generali France Assurance S.A.
99.989%
99.995% Generali Reaumur S.A.
Paris - France
Generali Vie S.A.
100.000%
100.000% Generali Rückversicherung AG
Vienna - Austria
Assicurazioni Generali S.p.A.
99.999%
99.999% Generali Sales Promotion GmbH
Vienna - Austria
Generali Versicherung AG
100.000%
100.000% Generali Schadeverzekering Maatschappij N.V.
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Generali Seminarzentrum GmbH
Bernried - Germany
Generali Versicherung Aktiengesellschaft
100.000%
100.000% Generali Servis s.r.o.
Generali Pojistovna a.s.
Prague - Czech Republic 100.000% 100.000%
183
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Sigorta A.S.
Istanbul - Turkey
Generali Turkey Holding B.V.
Shareholding
99.669%
99.669% Generali Slovensko Poistovna a.s.
Bratislava - Slovak Republic
CP Strategic Investments B.V.
43.377%
Generali PPF Holding B.V.
56.623%
100.000% Generali Societate de Administrare a Fondurilor de Pensii Private S.A.
Bucarest - Romania
Ceska pojistovna, a.s.
99.998%
Generali Asigurari S.A.
0.002%
100.000% Generali Telefon- und Auftragsservice GmbH
Vienna - Austria
Generali Bank AG
100.000%
100.000% Generali Thalìa Investments Italy Società di Gestione del Risparmio p.A.
Trieste - Italy
BSI S.A.
20.000%
Generali Investments Italy S.p.A. Società di Gestione Risparmio
70.000%
90.000% Generali Thalia Investments S.A.S.
Paris - France
BSI S.A.
25.000%
Thalìa S.A.
10.000%
Generali Investments S.p.A.
65.000%
100.000% Generali Towarzystwo Ubezpieczen S.A.
Warsaw - Poland
Generali PPF Holding B.V.
100.000%
100.000% Generali Turkey Holding B.V.
Amsterdam - Netherlands
Participatie Maatschappij Graafschap Holland N.V.
100.000%
100.000% Generali U.S. Holdings Inc.
Wilmington - U.S.A.
Assicurazioni Generali S.p.A.
100.000%
100.000% Generali USA Life Reassurance Company
Kansas City - U.S.A.
Generali U.S. Holdings Inc.
100.000%
100.000% Generali Vastgoed B.V.
Amsterdam - Netherlands
Generali Levensverzekering Maatschappij N.V.
100.000%
100.000% Generali Velky Spalicek S.r.o.
Generali Immobilien AG
Prague - Czech Republic 100.000% 100.000%
184
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Vermogensbeheer B.V.
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Generali Vermögensberatung GmbH
Vienna - Austria
Generali Versicherung AG
100.000%
100.000% Generali Vermögensverwaltung GmbH & Co. KG
Aachen - Germany
Generali Beteiligungs-GmbH
94.900%
94.900% Generali Versicherung AG
Generali Rückversicherung AG
Generali Holding Vienna AG
Vienna - Austria 7.814% 92.186%
100.000% Generali Versicherung Aktiengesellschaft
Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Generali Verwaltungs GmbH
Shareholding
Aachen - Germany
Generali Beteiligungs-GmbH
100.000%
100.000% Generali Verzekeringsgroep N.V.
Amsterdam - Netherlands
Participatie Maatschappij Graafschap Holland N.V.
36.457%
Assicurazioni Generali S.p.A.
12.768%
B.V. Algemene Holding en Financierings Maatschappij
18.166%
Transocean Holding Corporation
31.167%
98.558% Generali Vida Companhia de Seguros S.A.
Lisbon - Portugal
Assicurazioni Generali S.p.A.
99.989%
99.989% Generali Vie S.A.
Generali France Assurance S.A.
Flandria Participations Financières S.A.
Paris - France 99.999% 0.000%
99.999% Generali VIS Informatik GmbH
Vienna - Austria
Generali Holding Vienna AG
100.000%
100.000% Generali Worldwide Insurance Company Limited
Assicurazioni Generali S.p.A.
Participatie Maatschappij Graafschap Holland N.V.
St. Peter Port - Guernsey 0.000% 100.000%
100.000% Generali Zakrila Health-Insurance AD
Generali Bulgaria Holding AD
Sofia - Bulgaria 97.470% 97.470%
185
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Generali Zakrila Medical and Dental Center EOOD
Sofia - Bulgaria
Generali Zakrila Health-Insurance AD
100.000%
100.000% Generali Zavarovalnica d.d.
Lubljana - Slovenia
Generali PPF Holding B.V.
99.837%
99.837% Generali Zycie Towarzystwo Ubezpieczen S.A.
Warsaw - Poland
Generali PPF Holding B.V.
100.000%
100.000% Generali/AIV Leasing Salzburg GmbH
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Generali Versicherung AG
Vienna - Austria 90.002% 9.998%
100.000% Generali/AIV Leasing St.Pölten GmbH
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Generali Versicherung AG
Vienna - Austria 90.002% 9.998%
100.000% Generali/AIV Leasing Vorarlberg GmbH
Generali Versicherung AG
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Vienna - Austria 9.998% 90.002%
100.000% Generali-Providencia Biztosító Rt.
Budapest - Hungary
Generali PPF Holding B.V.
100.000%
100.000% Genertel Biztosító Zrt
Budapest - Hungary
Generali-Providencia Biztosító Rt.
100.000%
100.000% Genertel S.p.A.
Shareholding
Trieste - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Genertel Servizi Assicurativi S.r.l.
Mogliano Veneto - Italy
Genertel S.p.A.
50.000%
Genertellife S.p.A.
50.000%
100.000% Genertellife S.p.A.
Mogliano Veneto - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Genervest S.A.
Assicurazioni Generali S.p.A.
Participatie Maatschappij Graafschap Holland N.V.
Bruxelles - Belgium 64.956% 35.044% 100.000%
186
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Genirland Limited
Limerick - Eire
Participatie Maatschappij Graafschap Holland N.V.
100.000%
100.000% GENPAR Empreendimentos e Partecipaçoes S.A.
Transocean do Brasil Participaçoes S.A.
Transocean Holding Corporation
Rio de Janeiro - Brazil 0.005% 99.995%
100.000% Gensegur Agencia de Seguros S.A.
Madrid - Spain
La Estrella S.A. de Seguros y Reaseguros
100.000%
100.000% Gestam Administration Ltd
Nassau - Bahamas
Dreieck Fiduciaria S.A.
100.000%
100.000% Gestam Repraesentanz Ltd
Nassau - Bahamas
Dreieck Fiduciaria S.A.
100.000%
100.000% Gestas S.A.
Shareholding
Boulogne Billancourt - France
Icare S.A.
100.000%
100.000% GFA Caraïbes
Generali France S.A.
Generali France Assurance S.A.
Fort De France - Martinica 0.000% 99.999%
99.999% GFA Haiti S.A.
Port Au Prince - Haiti
GFA Caraïbes
15.000%
Courtage Inter Caraibes
15.000%
30.000% GHV-Split Vermögensverwaltung GmbH
Vienna - Austria
Generali Rückversicherung AG
67.234%
67.234% GLL GmbH & Co. Messeturm Holding KG
Munich - Germany
AachenMünchener Lebensversicherung AG
8.264%
Generali Versicherung AG
8.264%
Assicurazioni Generali S.p.A.
8.264%
Generali Lebensversicherung Aktiengesellschaft
28.923%
53.715% GLL GmbH & Co. Messeturm KG
Frankfurt - Germany
GLL GmbH & Co. Messeturm Holding KG
84.900%
84.900% GLL GmbH & Co. Office KG
AachenMünchener Versicherung AG
AachenMünchener Lebensversicherung AG
Munich - Germany 9.710% 9.710% 19.420%
187
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
GLL GmbH & Co. Retail KG
Munich - Germany
Shareholding
AachenMünchener Lebensversicherung AG
5.053%
Central Krankenversicherung Aktiengesellschaft
7.579%
Assicurazioni Generali S.p.A.
Generali Lebensversicherung Aktiengesellschaft
26.073% 7.579%
46.285% GLL Real Estate Partners GmbH
Munich - Germany
Flandria Participations Financières S.A.
40.000%
40.000% Global Car Services S.A.
Gennevilliers - France
Europ Assistance France S.A.
50.000%
50.000% Global Investment Planning Limited
London - United Kingdom
BSI S.A.
100.000%
100.000% Global Medical Management Inc.
Davie - U.S.A.
Europ Assistance North America, Inc.
100.000%
100.000% Global Private Equity Holding AG
Vienna - Austria
Generali Lebensversicherung Aktiengesellschaft
11.395%
Generali Versicherung AG
11.623%
23.017% GMT Fine Chemical S.A.
Couvet - Switzerland
Alpine Services Ltd
22.727%
22.727% Gotam Fund Management Company (Lux) S.A.
BSI Luxembourg S.A.
BSI S.A.
Luxembourg - Luxembourg 0.020% 99.980%
100.000% Gotam Società di Gestione del Risparmio S.p.A.
Milan - Italy
BSI S.A.
100.000%
100.000% Gotam Umbrella Fund (Lux) Advisory Company S.A.
BSI S.A.
BSI Luxembourg S.A.
Luxembourg - Luxembourg 99.500% 0.500%
100.000% Gottardo Equity Fund (Lux) Management Company S.A.
BSI Luxembourg S.A.
BSI S.A.
Luxembourg - Luxembourg 0.500% 99.500%
100.000% Gottardo Strategy Fund Mgmt Company
BSI S.A.
BSI Luxembourg S.A.
Luxembourg - Luxembourg 99.500% 0.500% 100.000%
188
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Gotthard Trust S.A.
Lugano - Switzerland
Dreieck Fiduciaria S.A.
100.000%
100.000% GP Reinsurance EAD
Sofia - Bulgaria
Generali PPF Holding B.V.
100.000%
100.000% Gradua Finance, a.s.
Bratislava - Slovak Republic
CZI Holdings N.V.
100.000%
100.000% Groupe Vervietois d’Assureurs S.A.
Verviers - Belgium
Generali Belgium S.A.
99.947%
99.947% Groupement Technique d’Assurances du Val d’Oise
Cergy St. Christophe - France
Generali Vie S.A.
45.000%
45.000% G rundstücksgesellschaft Einkaufszentrum Louisen-Center Bad Homburg mbH & Co.
Berlin - Germany
Generali Deutschland Immobilien GmbH
73.684%
73.684% G rundstücksgesellschaft Einkaufszentrum Marienplatz-Galerie Schwerin mbH & Co.
Shareholding
Berlin - Germany
AachenMünchener Versicherung AG
73.295%
73.295% Grundstücksgesellschaft Stadtlagerhaus Hamburg GbR
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
50.000%
Generali Versicherung Aktiengesellschaft
50.000%
100.000% GSL Services s.r.o.
Bratislava - Slovak Republic
Generali Slovensko Poistovna a.s.
100.000%
100.000% GTC Nominee Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% Hamagen Properties Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Heracles Immobiliare S.r.l.
Trieste - Italy
Generali Properties S.p.A.
100.000%
100.000% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales
La Estrella S.A. de Seguros y Reaseguros
Madrid - Spain 100.000% 100.000%
189
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Hipotekarna banka a.d.
Podgorica - Republic of Montenegro
Flandria Participations Financières S.A.
15.972%
15.972% Hotel und Seniorenresidenz Rosenpark GmbH
Marburg - Germany
AachenMünchener Lebensversicherung AG
25.000%
25.000% HSR S.r.l.
Ponte Di Piave - Italy
Generali Properties S.p.A.
90.000%
90.000% Hypo Holding GmbH
Linz - Austria
Generali Holding Vienna AG
25.000%
25.000% Iberian Structured Investments I B.V.
Amsterdam - Netherlands
Generali PPF Holding B.V.
100.000%
100.000% Icare Allemagne S.A.
Munich - Germany
Icare S.A.
100.000%
100.000% Icare Assurance S.A.
Boulogne Billancourt - France
Icare S.A.
100.000%
100.000% Icare S.A.
Boulogne Billancourt - France
Europ Assistance Holding S.A.
100.000%
100.000% Icare Service Sprl
Bruxelles - Belgium
Icare S.A.
100.000%
100.000% IG BAU Mitglieder-Service GmbH
Frankfurt - Germany
Generali Lebensversicherung Aktiengesellschaft
33.333%
33.333% IG BCE Mitglieder-Service GmbH
Hannover - Germany
Generali Lebensversicherung Aktiengesellschaft
33.333%
33.333% Ihud Insurance Agencies Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
100.000%
100.000% Ihud Peltours Diamonds Insurance Agency (2002) Ltd
Ramat Gan - Israel
Peltours Insurance Agencies Ltd
100.000%
100.000% Ihud-David Berman Insurance Agencies Ltd
Shareholding
Peltours Insurance Agencies Ltd
Jerusalem - Israel 100.000% 100.000%
190
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Il Gelso - Società Agricola S.r.l.
Trieste - Italy
Enofila S.r.l.
100.000%
100.000% Il Pino S.r.l.
Trieste - Italy
Genagricola - Generali Agricoltura S.p.A.
100.000%
100.000% Il Tiglio - Società Agricola S.r.l.
Shareholding
Trieste - Italy
Enofila S.r.l.
100.000%
100.000% Immobiliare Commerciale des Indes Orientales (IMMOCIO)
Paris - France
Generali Properties S.p.A.
20.000%
Generali Vida Companhia de Seguros S.A.
Generali Vie S.A.
Assicurazioni Generali S.p.A.
0.833%
La Estrella S.A. de Seguros y Reaseguros
2.500%
Generali Real Estate Investments B.V.
3.333%
Banco Vitalicio de España - Compañia Anonima de Seguros
0.833% 70.000%
2.500%
100.000% Immobiliare Commerciale XXVI S.r.l.
Turin - Italy
Iniziative Sviluppo Immobiliare ISIM S.p.A.
100.000%
100.000% Immobiliare Confagricoltura Bologna S.r.l.
Bologna - Italy
Genagricola - Generali Agricoltura S.p.A.
11.143%
11.143% Immobilière St-Honoré les Feuillans
Paris - France
Generali Vie S.A.
0.007%
SCI du Coq
99.975%
Cofifo S.A.
0.004%
Generali IARD S.A.
0.004%
99.989% Immoeast Projekt Caelum Holding GmbH
Vienna - Austria
Generali Immobilien AG
20.000%
20.000% IMPRE-Finanziaria d’Impresa S.p.A.
Rome - Italy
Ina Assitalia S.p.A.
20.000%
20.000% Ina Assitalia S.p.A.
Rome - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Inf - Società Agricola S.p.A.
Genagricola - Generali Agricoltura S.p.A.
Trieste - Italy 100.000% 100.000%
191
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Infid Management Anstalt
Vaduz - Liechtenstein
Dreieck Fiduciaria S.A.
100.000%
100.000% Infoparc S.A.
Paris - France
Icare S.A.
100.000%
100.000% Initium S.r.l.
Rome - Italy
Generali Properties S.p.A.
49.000%
49.000% Iniziative Sviluppo Immobiliare ISIM S.p.A.
Turin - Italy
Toro Assicurazioni S.p.A.
100.000%
100.000% Instituto del Seguro de Misiones S.A.
Caja de Ahorro y Seguro S.A.
Caja de Seguros S.A.
Posadas - Misiones - Argentina 5.000% 94.952%
99.952% Insurance Company StensInvest llic
Moscow - Russia
CZI Holdings N.V.
100.000%
100.000% International Inheritance Planning Limited
Auckland - New Zeland
BSI S.A.
100.000%
100.000% Interunfall/AIV-Leasing Salzburg GmbH
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Generali Versicherung AG
Vienna - Austria 90.002% 9.998%
100.000% Interunfall/AIV-Leasing Voarlberg GmbH
Generali Versicherung AG
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG
Vienna - Austria 9.998% 90.002%
100.000% Intesa Previdenza SIM S.p.A.
Milan - Italy
Assicurazioni Generali S.p.A.
21.471%
21.471% Intesa Vita S.p.A.
Milan - Italy
Alleanza Assicurazioni S.p.A.
50.000%
50.000% Investimenti Marittimi S.p.A.
Genoa - Italy
Assicurazioni Generali S.p.A.
30.000%
30.000% Ippocastano - Società Agricola S.r.l.
Shareholding
Enofila S.r.l.
Trieste - Italy 100.000% 100.000%
192
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
IV Verwaltungsgesellschaft für Versicherungen mbH
Munich - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% IWF Holding Company Ltd
Bangkok - Thailand
Generali Asia N.V.
100.000%
100.000% IXIA N.V.
Herent - Belgium
Generali Belgium S.A.
98.000%
98.000% JSC Generali Life
Almaty - Kazakistan
Ceska pojistovna, a.s.
100.000%
100.000% Jupiter 12 S.r.l.
Rome - Italy
Fata Assicurazioni Danni S.p.A.
100.000%
100.000% KAG Holding Company Ltd
Bangkok - Thailand
IWF Holding Company Ltd
100.000%
100.000% Kansas Consulting Ltd
Nassau - Bahamas
Dreieck Fiduciaria S.A.
100.000%
100.000% Kleylein & Cie Actuarial Services GmbH
Frankfurt - Germany
Generali Lebensversicherung Aktiengesellschaft
60.000%
60.000% Kyivdorbudkompleks JSC
Kiev - Ukraine
Generali Garant Insurance JSC
19.344%
19.344% La Caja Aseguradora de Riesgos del Trabajo ART S.A.
Buenos Aires - Argentina
Caja de Seguros S.A.
50.000%
50.000% La Caja de Seguros de Retiro S.A.
Caja de Seguros S.A.
Caja de Ahorro y Seguro S.A.
Buenos Aires - Argentina 95.000% 5.000%
100.000% La Centrale Finanziaria Generale S.p.A.
Milan - Italy
Assicurazioni Generali S.p.A.
18.859%
18.859% La Estrella S.A. de Seguros y Reaseguros
Madrid - Spain
Generali España Holding de Entidades de Seguros S.A.
99.828%
99.828% La Estrella Seguros de Retiro S.A.
Shareholding
Caja de Seguros S.A.
Buenos Aires - Argentina 50.000% 50.000%
193
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
La Nacional Compañia Inmobiliaria (Lancia) C.A.
Guayaquil - Ecuador
Generali Ecuador Compañía de Seguros S.A.
100.000%
100.000% LawCall Marketing Pty Ltd
Randburg - South Africa
Europ Assistance Worldwide Services (South Africa) Ltd
100.000%
100.000% Lead Equities Mittelstandsfinanzierungs AG
Vienna - Austria
Generali Versicherung AG
14.286%
14.286% Leadair Unijet S.A.
Le Bourget - Francia
Generali Vie S.A.
15.000%
15.000% Leasing Company ‘Garant’ JSC
Kiev - Ukraine
Generali Garant Insurance JSC
25.000%
25.000% Leibowitz Streichman Consultants (1998) Ltd
Shareholding
Ramat Gan - Israel
Peltours Insurance Agencies Ltd
100.000%
100.000% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature Paris - France
Generali France Assurance S.A.
99.976%
99.976% Leumi Insurance Services (U.K.) Ltd
London - United Kingdom
Ihud Insurance Agencies Ltd
49.000%
Migdal Holdings & Management of Insurance Agencies Ltd
51.000%
100.000% Lion River I N.V.
Amsterdam - Netherlands
Assicurazioni Generali S.p.A.
30.362%
Generali Verzekeringsgroep N.V.
Generali Vie S.A.
30.362%
Generali Deutschland Holding AG
30.362%
8.913%
100.000% Lion River II N.V.
Generali Verzekeringsgroep N.V.
100.000% Lippmann Deelnemingen B.V.
Amsterdam - Netherlands 100.000% Rotterdam - Netherlands
Nederlands Algemeen Verzekeringskantoor B.V.
33.317%
33.317% Livolsi e Associati Private S.A.
Lugano - Switzerland
BSI S.A.
40.000%
40.000% Lloyd Immobilien GmbH
Generali Beteiligungs- und Verwaltungs-AG
Munich - Germany 100.000% 100.000%
194
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Lordship Consultadoria e Servicos SA
Funchal (Madeira) - Portugal
BSI S.A.
100.000%
100.000% M.O.F. Beta Immobilien AG
Vienna - Austria
Generali Immobilien AG
20.000%
20.000% M.O.F. Immobilien AG
Vienna - Austria
Generali Immobilien AG
20.000%
20.000% Madanes Financial Services Ltd.
Tel Aviv - Israel
Migdal Investment Portfolio Management (1988) Ltd
50.000%
50.000% Maestro Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Maghrebia S.A.
Tunisi - Tunisia
Assicurazioni Generali S.p.A.
44.169%
44.169% MAKB s.r.o.
Shareholding
Bratislava - Slovak Republic
Generali Immobilien AG
100.000%
100.000% Makefet Financial Services – Insurance Agency (1998) Ltd
Tel Aviv - Israel
Migdal Makefet Pension and Provident Funds Ltd
55.000%
Froline Exclusive Ltd
45.000%
100.000% Malvina Ltd
Kiev - Ukraine
Generali Garant Insurance JSC
40.576%
40.576% Mangart Capital Partners SGR S.p.A.
Milan - Italy
Generali Investments Italy S.p.A. Società di Gestione Risparmio
18.000%
18.000% MAS Versicherungmakler GmbH
Vienna - Austria
Generali Sales Promotion GmbH
100.000%
100.000% Mediterranean Management Ltd
Nassau - Bahamas
BSI Trust Corp. (Bahamas) Ltd
100.000%
100.000% Medwell Internet Services GmbH
Vienna - Austria
Generali Sales Promotion GmbH
100.000%
100.000% Meetingpoint B.V.
Generali Schadeverzekering Maatschappij N.V.
Hilversum - Netherlands 16.667% 16.667%
195
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Mercialys
Paris - France
Generali Vie S.A.
11.999%
11.999% Migdal Alumim Investment House Ltd
Tel Aviv - Israel
Migdal Stock Exchange Services (N.E.) Ltd
100.000%
100.000% Migdal Capital Markets (1965) Ltd
Tel Aviv - Israel
Migdal Investments Management (2001) Ltd
100.000%
100.000% Migdal Capital Markets (Management Services) Ltd
Tel Aviv - Israel
Migdal Capital Markets (1965) Ltd
99.998%
99.998% Migdal Credit Services Ltd
Tel Aviv - Israel
Migdal Eshkol Finansim B.M.
100.000%
100.000% Migdal Eshkol Finansim B.M.
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Migdal Financial Services Ltd
Tel Aviv - Israel
Migdal Eshkol Finansim B.M.
100.000%
100.000% Migdal Gemel Platinum Ltd
Tel Aviv - Israel
Migdal Capital Markets (1965) Ltd
100.000%
100.000% Migdal Hitum ve Kidum Asakim Ltd
Tel Aviv - Israel
Migdal Capital Markets (1965) Ltd
100.000%
100.000% Migdal Holdings & Management of Insurance Agencies Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Migdal Insurance and Financial Holding Ltd
Participatie Maatschappij Transhol B.V.
Assicurazioni Generali S.p.A.
Participatie Maatschappij Graafschap Holland N.V.
Tel Aviv - Israel 25.961% 0.983% 42.846%
69.789% Migdal Insurance Company Ltd
Tel Aviv - Israel
Migdal Insurance and Financial Holding Ltd
100.000%
100.000% Migdal Investment Portfolio Management (1988) Ltd
Tel Aviv - Israel
Migdal Capital Markets (1965) Ltd
99.998%
99.998% Migdal Investments Management (2001) Ltd
Shareholding
Migdal Insurance and Financial Holding Ltd
Tel Aviv - Israel 100.000% 100.000%
196
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Migdal Leasing Ltd
Tel Aviv - Israel
Migdal Eshkol Finansim B.M.
100.000%
100.000% Migdal Makefet Pension and Provident Funds Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Migdal Management of Provident Funds Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% Migdal P.E. Ltd
Tel Aviv - Israel
Migdal Investments Management (2001) Ltd
100.000%
100.000% Migdal Real Estate Holdings Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
99.998%
99.998% Migdal Stock Exchange Services (N.E.) Ltd
Tel Aviv - Israel
Migdal Capital Markets (1965) Ltd
99.999%
99.999% Migdal Trust Funds Ltd
Tel Aviv - Israel
Migdal Stock Exchange Services (N.E.) Ltd
100.000%
100.000% Mivtach Rom Insurance Agency Limited Partnership
Tel Aviv - Israel
Mivtach-Simon Insurance Agencies Ltd
64.000%
64.000% Mivtach Simon Rubinstein Mor (Insurance Agency) 2000 Ltd
Tel Aviv - Israel
Mivtach-Simon Insurance Agencies Ltd
64.000%
64.000% Mivtach-Simon Agencies Management Ltd
Tel Aviv - Israel
Mivtach-Simon Insurance Agencies Ltd
100.000%
100.000% Mivtach-Simon Insurance Agencies Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
100.000%
100.000% MLV Beteiligungverwaltungsgesellschaft mbH
Munich - Germany
Generali Holding Vienna AG
100.000%
100.000% MRI Criticare Medical Rescue (Pty) Limited
Johannesburg - South Africa
Europ Assistance Worldwide Services (South Africa) Ltd
100.000%
100.000% Municipalit Insurance Agency (2000) Ltd
Shareholding
Peltours Insurance Agencies Ltd
Ramat Gan - Israel 50.000% 50.000%
197
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Natalia S.r.l.
Trieste - Italy
Agricola San Giorgio S.p.A.
100.000%
100.000% Nederlands Algemeen Verzekeringskantoor B.V.
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Net International S.p.A.
Rubano - Italy
Flandria Participations Financières S.A.
20.000%
20.000% Networking European Infrastructures Partners - NEIP II S.A.- Sicar
Luxembourg - Luxembourg
Assicurazioni Generali S.p.A.
48.387%
48.387% New Makefet Providence Fund Ltd
Tel Aviv - Israel
Migdal Makefet Pension and Provident Funds Ltd
100.000%
100.000% Nichsei Carmel B.M.
Tel Aviv - Israel
Migdal Eshkol Finansim B.M.
15.300%
15.300% Nord Est Investment Partners S.A.
Shareholding
Luxembourg - Luxembourg
Assicurazioni Generali S.p.A.
24.257%
24.257% Noreco Société Nouvelle de Recouvrements et de Contentieux S.A.
Paris - France
Generali Vie S.A.
0.050%
Européenne de Protection Juridique S.A.
0.025%
L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature
0.025%
Generali IARD S.A.
0.025%
Generali France S.A.
99.800%
99.925% NV Schadeverzekering Maatschappij De Nederlanden van Nu
Amsterdam - Netherlands
Generali Verzekeringsgroep N.V.
100.000%
100.000% Ocrapor Beheer B.V.
Amsterdam - Netherlands
CZI Holdings N.V.
25.000%
25.000% ooo Fynansovyj servis
Moscow - Russia
Ceska pojistovna, a.s.
100.000%
100.000% Oudart Gestion S.A.
Paris - France
Oudart S.A.
100.000%
100.000% Oudart Patrimoine Sarl
Oudart Gestion S.A.
Oudart S.A.
Paris - France 4.000% 96.000% 100.000%
198
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Oudart S.A.
Paris - France
BSI S.A.
100.000%
100.000% OVB Holding AG
Generali Slovensko Poistovna a.s.
Generali Lebensversicherung Aktiengesellschaft
Cologne - Germany 0.140% 11.455%
11.595% Pankrac Services, s.r.o.
Shareholding
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% Participatie Maatschappij Graafschap Holland N.V.
Amsterdam - Netherlands
Ina Assitalia S.p.A.
16.391%
Assicurazioni Generali S.p.A.
70.495%
Genertellife S.p.A.
6.557%
Toro Assicurazioni S.p.A.
6.557%
100.000% Participatie Maatschappij Transhol B.V.
Amsterdam - Netherlands
Transocean Holding Corporation
100.000%
100.000% PCO Immobilien GmbH
Vienna - Austria
Generali Immobilien AG
100.000%
100.000% PCS Praha Center Spol.s.r.o.
Prague - Czech Republic
CA Global Property Internationale Immobilien AG
100.000%
100.000% Pel - Hamagen House Ltd
Tel Aviv - Israel
Hamagen Properties Ltd
100.000%
100.000% Peltours Insurance Agencies Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
73.281%
73.281% Pensiones Banorte Generali S.A. de C.V.
Monterrey - N.L. - Mexico
Flandria Participations Financières S.A.
24.500%
Participatie Maatschappij Graafschap Holland N.V.
24.500%
49.000% Penzijni fond Cˇeské pojišt’ovny, a.s.
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% Perseo S.p.A.
Assicurazioni Generali S.p.A.
Turin - Italy 19.745% 19.745%
199
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Phone Business Service S.r.l.
Milan - Italy
Shareholding
Europ Assistance Italia S.p.A.
80.000%
Europ Assistance Service S.p.A.
20.000%
100.000% Podium S.A.M.
Montecarlo - Monaco
BSI S.A.
30.000%
30.000% Ponte Alta - Comercio e Consultoria, Lda
Funchal (Madeira) - Portugal
Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A.
100.000%
100.000% PPF Asset Management a.s.
Prague - Czech Republic
CZI Holdings N.V.
100.000%
100.000% PPF Partners Limited
St. Peter Port - Guernsey
Generali Worldwide Insurance Company Limited
27.500%
27.500% Primeira Cruz - Comercio e Consultoria, Lda
Funchal (Madeira) - Portugal
Ponte Alta - Comercio e Consultoria, Lda
60.000%
60.000% Protos - Società di Controlli Tecnici e Finanziari S.p.A.
Rome - Italy
Assicurazioni Generali S.p.A.
19.579%
19.579% Protos Società Organismo di Attestazione S.p.A.
Rome - Italy
Assicurazioni Generali S.p.A.
10.588%
10.588% Prudence Creole
Generali France Assurance S.A.
Generali France S.A.
Saint-Denis - Reunion 93.064% 0.015%
93.079% Prunus S.p.A.
Trieste - Italy
Generali Properties S.p.A.
100.000%
100.000% První Callin agentura a.s.
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% PSC Insurance-Consulting GmbH
Vienna - Austria
Generali Sales Promotion GmbH
100.000%
100.000% PT Asuransi Jiwa Generali Indonesia
Generali Asia N.V.
Djakarta - Indonesia 87.692% 87.692%
200
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Rav Ofek Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
25.000%
25.000% Redoze Holding N.V.
Transocean Holding Corporation
Assicurazioni Generali S.p.A.
Generali Worldwide Insurance Company Limited
Amsterdam - Netherlands 43.967% 6.023% 50.010%
100.000% REFICOR s.r.o.
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% Renewable Investment Holding
Luxembourg - Luxembourg
BSI S.A.
100.000%
100.000% Reshef Insurance Agencies 2004 Ltd
Tel Aviv - Israel
Sagi Yogev Life Assurance Agency (1988) Ltd
50.000%
50.000% Risk-Aktiv Versicherungsservice GmbH
Vienna - Austria
Generali Versicherung AG
100.000%
100.000% Risparmio Assicurazioni S.p.A.
Shareholding
Trieste - Italy
Assicurazioni Generali S.p.A.
99.996%
99.996% Risque et Sérénité S.A.
Paris - France
Generali Vie S.A.
16.361%
Generali France Assurance S.A.
30.616%
46.977% Ritenere S.A.
Caja de Ahorro y Seguro S.A.
Caja de Seguros S.A.
Buenos Aires - Argentina 99.167% 0.833%
100.000% Rocher Pierre SCpI
Paris - France
Generali Vie S.A.
48.520%
48.520% S. Alessandro Fiduciaria S.p.A.
Milan - Italy
Banca Generali S.p.A.
100.000%
100.000% S.A. Saint-Christoly Bordeaux
Paris - France
Generali IARD S.A.
50.000%
50.000% S.A.I. des Trois Collines de Mougins
Nizza - France
Generali IARD S.A.
33.306%
Generali Vie S.A.
14.959%
48.264%
201
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
S.C. Aqua Mures S.r.l.
Sannicolau Mare - Romania
Casaletto S.r.l. - Società Unipersonale
Genagricola - Generali Agricoltura S.p.A.
1.000% 99.000%
100.000% S.C. Asigurare Reasigurare ARDAF S.A.
Bucarest - Romania
Iberian Structured Investments I B.V.
81.999%
81.999% S.C. FATA Asigurari S.A.
Fata Assicurazioni Danni S.p.A.
Fata Vita S.p.A.
Bucarest - Romania 100.000% 0.000%
100.000% S.C. Genagricola Romania S.r.l.
Sannicolau Mare - Romania
Genagricola - Generali Agricoltura S.p.A.
100.000%
100.000% S.C. La Quercia S.r.l.
Timisora-Sannicolau Mare - Romania
Inf - Società Agricola S.p.A.
100.000%
100.000% S.C. Roumanie Assurance International S.A.
Bucarest - Romania
Iberian Structured Investments I B.V.
99.999%
99.999% S.C. San Pietro Romania S.r.l.
Sannicolau Mare - Romania
Agricola San Giorgio S.p.A.
100.000%
100.000% Sagi Yogev Life Assurance Agency (1988) Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
100.000%
100.000% Saint Ouen C1 S.A.S.
Paris - France
Tartini S.à.r.l.
80.000%
80.000% Saint Ouen C1 Société Civile Immobilière
Saint Ouen C1 S.A.S.
Tartini S.à.r.l.
Paris - France 99.900% 0.100%
100.000% Sammartini S.à.r.l.
Senningerberg - Luxembourg
Generali Real Estate Fund Sicav
100.000%
100.000% Sara Assicurazioni S.p.A.
Ina Assitalia S.p.A.
Assicurazioni Generali S.p.A.
Rome - Italy 7.000% 7.000%
14.000% Sarl Maisonneuve Gestion
Shareholding
SC Generali Logistique (Generali Logistique)
Paris - France 100.000% 100.000%
202
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Sarl Parcolog II Lille Hénin Beaumont Gestion 2
Paris - France
SC Generali Logistique (Generali Logistique)
100.000%
100.000% Sarl Parcolog Lille Henin Beaumont 1
Paris - France
SC Generali Logistique (Generali Logistique)
100.000%
100.000% Sarl Parcolog Lyon Isle d’Abeau Gestion
Paris - France
SC Generali Logistique (Generali Logistique)
100.000%
100.000% SAS 2 ISO
Paris - France
Generali Vie S.A.
100.000%
100.000% SAS IMMOCIO CBI
Paris - France
Immobiliare Commerciale des Indes Orientales (IMMOCIO)
100.000%
100.000% Saxon Land B.V.
Amsterdam - Netherlands
Participatie Maatschappij Graafschap Holland N.V.
50.000%
50.000% SBI Software Beratungs-Institut AG
Reinach - Switzerland
Generali Personenversicherungen AG
12.000%
12.000% SC Generali Logistique (Generali Logistique)
Shareholding
Paris - France
Generali Vie S.A.
100.000%
100.000% SC Progador (SCI)
Generali IARD S.A.
Generali Vie S.A.
Paris - France 0.370% 99.630%
100.000% SCEA de Foncaude
Paris - France
Generali IARD S.A.
0.001%
Generali Vie S.A.
99.999%
100.000% Schloss Bensberg Management GmbH
Bensberg - Germany
AachenMünchener Lebensversicherung AG
100.000%
100.000% SCI Beaune Logistique 1
Paris - France
SC Generali Logistique (Generali Logistique)
100.000%
100.000% SCI Cogipar
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI des 5 et 7 Rue Drouot
Generali Vie S.A.
Paris - France 100.000% 100.000%
203
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
SCI du 130 BD Bineau
Paris - France
Generali IARD S.A.
100.000%
100.000% SCI du 174 Rue de Rivoli
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI du 24 Rue de Mogador a Paris (9eme)
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI du 54 Avenue Hoche
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI du Chateau La France
Shareholding
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI du Coq
Paris - France
Generali Vie S.A.
99.189%
Generali IARD S.A.
0.811%
100.000% SCI Espace Seine-Generali
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI Font Romeu Neige et Soleil
Paris - France
Generali IARD S.A.
100.000%
100.000% SCI France Mornay Lyon
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI Generali Daumesnil
Paris - France
Generali IARD S.A.
45.000%
SCI GPA Pierre
55.000%
100.000% SCI Generali Le Franklin
Generali Vie S.A.
SCI Le Rivay
Paris - France 99.565% 0.435%
100.000% SCI Generali Le Jade
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI Generali Pierre
Paris - France
Generali Vie S.A.
38.154%
SCI Generali Wagram
60.634%
Generali IARD S.A.
1.115% 99.903%
204
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
SCI Generali Pierre-Grenier
Paris - France
Shareholding
Generali IARD S.A.
99.997%
Generali Vie S.A.
0.003%
100.000% SCI Generali Pyramides
Generali IARD S.A.
SCI Generali Wagram
Paris - France 67.877% 32.123%
100.000% SCI Generali Wagram
Paris - France
Generali IARD S.A.
100.000%
100.000% SCI Generalli Asnieres
Generali Vie S.A.
Generali IARD S.A.
Paris - France 0.004% 99.996%
100.000% SCI GPA Commerce 1
Paris - France
Generali IARD S.A.
100.000%
100.000% SCI GPA Commerce 2
Paris - France
Generali IARD S.A.
100.000%
100.000% SCI GPA Pierre
Paris - France
Generali Vie S.A.
98.800%
Generali IARD S.A.
1.200%
100.000% SCI Haussmann 50-Generali
SCI du Coq
Generali Vie S.A.
Paris - France 0.005% 99.995%
100.000% SCI Immovie
Paris - France
Generali Vie S.A.
99.983%
Generali IARD S.A.
0.017%
100.000% SCI Iris La Défense
Paris - France
Generali IARD S.A.
44.444%
Generali Vie S.A.
33.333%
Generali France Assurance S.A.
22.222%
100.000% SCI Lagny 68-70-Generali
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI Landy-Novatis
Generali Vie S.A.
Paris - France 100.000% 100.000%
205
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
SCI Landy-Wilo
Paris - France
Shareholding
Generali Vie S.A.
99.900%
Generali IARD S.A.
0.100%
100.000% SCI Le Rivay
Paris - France
Generali Vie S.A.
100.000%
100.000% SCI Les 3 Collines Le Ferandou
Paris - France
Generali Vie S.A.
15.000%
Generali IARD S.A.
33.300%
48.300% SCI Montrose Parc
Paris - France
Generali IARD S.A.
27.500%
Generali Vie S.A.
42.500%
70.000% SCI St Marc
Prudence Creole
Bourbon Courtage S.A.
Paris - France 99.000% 1.000%
100.000% SCI Viroflay 10-12 Libération
Paris - France
Generali Vie S.A.
100.000%
100.000% Second Pillar S.A.
Athens - Greece
BSI S.A.
25.000%
25.000% Secontip S.p.A.
Milan - Italy
Assicurazioni Generali S.p.A.
19.330%
19.330% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte
Monterrey - N.L. - Mexico
Transocean Holding Corporation
5.307%
Participatie Maatschappij Graafschap Holland N.V.
21.847%
Flandria Participations Financières S.A.
21.847%
49.000% Selecta CEE s.r.o.
Bratislava - Slovak Republic
Generali Immobilien AG
100.000%
100.000% Sementi Dom Dotto S.p.A.
Mortegliano - Italy
Genagricola - Generali Agricoltura S.p.A.
100.000%
100.000% Sementi Ross S.r.l.
Sementi Dom Dotto S.p.A.
Muggia - Italy 100.000% 100.000%
206
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Servicios Banorte Generali S.A. de C.V.
Monterrey - N.L. - Mexico
Shareholding
Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte
33.000%
Pensiones Banorte Generali S.A. de C.V.
33.000%
Solida Banorte Generali S.A. de C.V. Afore
34.000%
100.000% Servizi Tecnologici Avanzati S.p.A.
Bologna - Italy
Assicurazioni Generali S.p.A.
25.000%
25.000% Shaham Insurance Agencies (1997) Ltd
Tel Aviv - Israel
Migdal Holdings & Management of Insurance Agencies Ltd
100.000%
100.000% Shaham Veinstein (Netanya) Insurance Agencies Ltd.
Tel Aviv - Israel
Shaham Insurance Agencies (1997) Ltd
100.000%
100.000% Shamgad Claims Management Co. Ltd
Tel Aviv - Israel
Migdal Insurance Company Ltd
100.000%
100.000% SIMGENIA S.p.A. Società di Intermediazione Mobiliare
Trieste - Italy
Banca Generali S.p.A.
15.000%
Toro Assicurazioni S.p.A.
15.000%
Assicurazioni Generali S.p.A.
25.000%
Ina Assitalia S.p.A.
15.000%
Alleanza Assicurazioni S.p.A.
20.000%
Fata Assicurazioni Danni S.p.A.
10.000%
100.000% SK Versicherung AG
Vienna - Austria
Generali Versicherung AG
19.228%
Generali Holding Vienna AG
20.430%
39.658% SNC Domaine Pont de L’Arche
Paris - France
Generali Vie S.A.
35.000%
Generali IARD S.A.
35.000%
70.000% SO.FI.GE.A. Società Finanziaria Gestioni Assicurative a r.l.
Rome - Italy
Ina Assitalia S.p.A.
5.557%
Assicurazioni Generali S.p.A.
6.860%
Toro Assicurazioni S.p.A.
3.182%
Fata Assicurazioni Danni S.p.A.
0.137%
Augusta Assicurazioni S.p.A.
0.557%
16.294% Società Finanziaria di Banche Romagnole S.p.A.
Genertel S.p.A.
Assicurazioni Generali S.p.A.
Ravenna - Italy 8.388% 5.112% 13.500%
207
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Société d’Assistance et de Transport Médical S.A. - Tunisie Assistance
Tunisi - Tunisia
Europ Assistance Holding S.A.
33.000%
33.000% Société Robert Malatier Ltd
London - United Kingdom
Generali IARD S.A.
24.931%
24.931% Solaris S.r.l.
Shareholding
Milan - Italy
Generali Properties S.p.A.
40.000%
40.000% Solida Banorte Generali S.A. de C.V. Afore
Monterrey - N.L. - Mexico
Participatie Maatschappij Graafschap Holland N.V.
24.500%
Flandria Participations Financières S.A.
24.500%
49.000% Solidia Finance et Patrimonie S.A.
Paris - France
Oudart S.A.
50.020%
50.020% Sopher Moshe Insurance Agencies (1997) Ltd
Tel Aviv - Israel
Shaham Insurance Agencies (1997) Ltd
35.032%
35.032% Sorgho S.A.
Meudon de la Foret - France
Generali Vie S.A.
10.000%
Generali IARD S.A.
10.000%
20.000% Sté Financiere Tour Boieldieu S.A.
Puteaux - France
Generali IARD S.A.
0.843%
Generali Vie S.A.
11.754%
12.597% Sté Manuscrits des Assureurs Francais S.A.
Paris - France
Generali Vie S.A.
6.667%
Generali IARD S.A.
6.667%
13.333% Suresnes Immobilier S.A.
Paris - France
Generali Vie S.A.
100.000%
100.000% Sviko Ltd
Lutsk - Ukraine
Generali Garant Insurance JSC
99.922%
99.922% Tartini S.à.r.l.
Luxembourg - Luxembourg
Generali Real Estate Fund Sicav
100.000%
100.000% Tecnopolo Lugano S.A.
BSI S.A.
Lugano - Switzerland 100.000% 100.000%
208
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Telco S.p.A.
Milan - Italy
Shareholding
Generali Vie S.A.
2.078%
Generali Lebensversicherung Aktiengesellschaft
1.310%
Assicurazioni Generali S.p.A.
Ina Assitalia S.p.A.
5.692%
Cosmos Lebensversicherungs Aktiengesellschaft
0.111%
Central Krankenversicherung Aktiengesellschaft
0.166%
AachenMünchener Versicherung AG
0.066%
AachenMünchener Lebensversicherung AG
0.406%
Alleanza Assicurazioni S.p.A.
6.192%
Generali Versicherung Aktiengesellschaft
0.103%
11.890%
28.014% Tenax Capital Limited
London - United Kingdom
Genirland Limited
49.000%
49.000% Terra Nova V Montreuil SCI
Generali Vie S.A.
Sammartini S.à.r.l.
Paris - France 0.100% 99.900%
100.000% Thalìa S.A.
Generali Investments Italy S.p.A. Società di Gestione Risparmio
BSI S.A.
Lugano - Switzerland 49.000% 51.000%
100.000% The Careways Group (Proprietary) Limited
Midland, Kyalami - South Africa
Europ Assistance Worldwide Services (South Africa) Ltd
70.000%
70.000% Thuringia Generali 1.Immobilien AG & Co. KG
Munich - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Thuringia Generali 2.Immoblien AG & Co. KG
Munich - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Thuringia Versicherungsvermittlungs-GmbH & Co. KG
Munich - Germany
IV Verwaltungsgesellschaft für Versicherungen mbH
79.997%
79.997% Tiberina S.r.l. Unipersonale
Rome - Italy
Ina Assitalia S.p.A.
100.000%
100.000% Together Internet Services GmbH
Generali Versicherung AG
Vienna - Austria 24.990% 24.990%
209
Elenco delle partecipazioni superiori al 10% del capitale rappresentato da azioni con diritto di voto in società non quotate o s.r.l.
Companies
Head office
Together Stille Gesellschaft
Vienna - Austria
Generali Versicherung AG
34.043%
34.043% Torelli S.à.r.l.
Senningerberg - Luxembourg
Generali Real Estate Fund Sicav
100.000%
100.000% Toro Assicurazioni S.p.A.
Turin - Italy
Assicurazioni Generali S.p.A.
100.000%
100.000% Transauto Ltd
Kiev - Ukraine
Generali Garant Insurance JSC
16.667%
16.667% Transinvestservice Ltd
Odesa - Ukraine
Generali Garant Insurance JSC
90.062%
90.062% Transocean do Brasil Participaçoes S.A.
Transocean Holding Corporation
Assicurazioni Generali S.p.A.
Rio de Janeiro - Brazil 0.008% 99.992%
100.000% Transocean Holding Corporation
New York - U.S.A.
Assicurazioni Generali S.p.A.
100.000%
100.000% Treugeld Vermögensplanung GmbH
Salzburg - Austria
Generali Sales Promotion GmbH
100.000%
100.000% Trieste Courtage S.A.
Generali Vie S.A.
Generali France Assurance S.A.
Paris - France 0.019% 99.962%
99.981% Triumph Vermögenplanung GmbH
Salzburg - Austria
Generali Sales Promotion GmbH
100.000%
100.000% TTC - Training Center Unternehmensberatung GmbH
Vienna - Austria
Europäische Reiseversicherungs AG
100.000%
100.000% Tvuna Life Assurance Agency (1988) Ltd
Shareholding
Tel Aviv - Israel
Mivtach-Simon Insurance Agencies Ltd
33.333%
33.333% U.C.I. Ufficio Centrale Italiano Soc.Cons. a r.l.
Milan - Italy
Genertel S.p.A.
0.075%
Toro Assicurazioni S.p.A.
2.831%
Assicurazioni Generali S.p.A.
5.925%
Generali Belgium S.A.
0.000%
210
Companies in which an unquoted Shareholding (which is higher than 10%) is held Companies
Head office
Shareholding
Fata Assicurazioni Danni S.p.A.
0.974%
Ina Assitalia S.p.A.
6.188%
Augusta Assicurazioni S.p.A.
0.424%
16.418% UMS Immobilare Genova S.p.A.
Trieste - Italy
Assicurazioni Generali S.p.A.
99.899%
99.899% Univerzální správa majetku, a.s.
Prague - Czech Republic
Ceska pojistovna, a.s.
100.000%
100.000% Vàci utca Center U˝zletközpont Kft
Budapest - Hungary
Generali Immobilien AG
100.000%
100.000% Valiance Capital S.A.
Lugano - Switzerland
BSI S.A.
30.000%
30.000% Valore Immobiliare S.r.l.
Milan - Italy
Generali Properties S.p.A.
49.000%
49.000% Venice S.p.A.
Vicenza - Italy
Assicurazioni Generali S.p.A.
15.858%
15.858% ver.di Service GmbH
Stuttgart - Germany
Generali Lebensversicherung Aktiengesellschaft
33.333%
33.333% Verifica S.A.
Lugano - Switzerland
Dreieck Fiduciaria S.A.
100.000%
100.000% Versicherungsdienst der BAWAG P.S.K. GmbH
Vienna - Austria
Generali Holding Vienna AG
49.990%
49.990% Versicherungsmakler und Beteiligungsverwaltungs GmbH
Hamburg - Germany
Generali Versicherung Aktiengesellschaft
26.000%
26.000% Versicherungs-Planer-Vermittlungs GmbH
Munich - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Verwaltungsgesellschaft Marienplatz-Galerie Schwerin mbH
Berlin - Germany
Generali Deutschland Immobilien GmbH
74.000%
74.000% VHD Car and Service BV
VHD Holding BV
Deventer - Netherlands 100.000% 100.000%
211
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
VHD Europenet BV
Deventer - Netherlands
VHD Holding BV
100.000%
100.000% VHD Facilitair BV
Deventer - Netherlands
VHD Holding BV
100.000%
100.000% VHD Holding BV
Deventer - Netherlands
Europ Assistance Holding S.A.
57.168%
57.168% VHD Omnicare BV
Amsterdam - Netherlands
VHD Holding BV
100.000%
100.000% Vitalicio Torre Cerdà S.l.
Grupo Generali España Agrupación de Interés Económico
Banco Vitalicio de España - Compañia Anonima de Seguros
Barcelona - Spain 9.338% 90.662%
100.000% Vofü Fonds I Hamburgische Grundbesitz und Anlage GmbH & Co.KG
Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
59.287%
59.287% Volksfürsorge 1.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 2.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 3.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 4.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 5.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 6.Immobilien AG & Co. KG
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge 7.Immobilien AG & Co. KG
Shareholding
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000% 100.000%
Volksfürsorge AG Vertriebsgesellschaft für Vorsorge- und Finanzprodukte Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000% 100.000%
212
Companies in which an unquoted Shareholding (which is higher than 10%) is held
Companies
Head office
Volksfürsorge Fixed Assets GmbH
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% Volksfürsorge Pensionskasse AG
Hamburg - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Volksfürsorge Pensionsmanagement GmbH
Shareholding
Hamburg - Germany
Generali Lebensversicherung Aktiengesellschaft
100.000%
100.000% VOV Vervaltungsorganisat.für Vermögensch.Vers.für Mit.Org.Jur.Pers. GmbH Cologne - Germany
AachenMünchener Versicherung AG
15.000%
Generali Versicherung Aktiengesellschaft
15.000%
30.000% VUB Generali dôchodková správcovská spolocˇnost’, a.s.
Bratislava - Slovak Republic
Generali Slovensko Poistovna a.s.
50.000%
50.000% Walter Sohn GmbH
Munich - Germany
Generali Beteiligungs- und Verwaltungs-AG
100.000%
100.000% Walter Sohn GmbH & Co. KG i. L.
Generali Beteiligungs- und Verwaltungs-AG
Walter Sohn GmbH
Munich - Germany 7.692% 92.308%
100.000% Worldwide Assistance Canada Inc.
Toronto - Canada
Europ Assistance Holding S.A.
100.000%
100.000% Worldwide Assistance Servicos de Assistencia Personalizados S.A.
Rio de Janeiro - Brazil
Primeira Cruz - Comercio e Consultoria, Lda
100.000%
100.000% Zad Victoria AD
Sofia - Bulgaria
Fata Assicurazioni Danni S.p.A.
67.000%
67.000% Zentiva N.V.
Amsterdam - Netherlands
Ceska pojistovna, a.s. Cˇeská pojišt’ovna ZDRAVI a.s.
17.361% 0.010%
CˇP INVEST investicˇní spolecˇnost, a.s. Penzijni fond Cˇeské pojišt’ovny, a.s.
0.952%
Generali Penzijní Fond a.s.
0.019%
Generali Pojistovna a.s.
0.024%
0.400%
18.765% Zweite AM RE Verwaltungs GmbH
AachenMünchener Versicherung AG
Aachen - Germany 100.000% 100.000%
213
Editing: Consolidation Department Co-ordination: Group Communication Department/ Human Resources Dept. – General Services Graphic design: Sintesi - Trieste Photos: SIME photo Printed by: Sa.Ge.Print spa
The paper used for this publication is certified by PEFC (Programme for the Endorsement of Forest Certification), a certification system which promotes sustainable forest management. PEFC certifies that the wood used for wood or paper products comes from forests which are sustainably managed at environmental, economic and social level.