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          Generali Consensus H1 Results 2020


            1H 2020E FY 2020E FY 2021E FY 2022E
          Euro m Min Avg Max Min Avg Max Min Avg Max Min Avg Max
          Summary operating income statement
          Gross written premiums 33.170 34.975 37.180 65.171 68.157 70.577 67.240 70.204 73.417 67.771 72.067 75.525
          Life written premiums 21.746 23.259 24.602 43.433 46.554 48.777 46,001 48.084 50.231 46.001 49.366 51.688
          P&C written premiums 11.065 11.725 12.921 20.577 21.601 22.519 20.870 22.107 23.271 21.046 22.698 24.072
          Total operating result 2.354 2.691 2.869 4.357 4.989 5.315 4.833 5.246 5.672 4.953 5.438 5.869
          Life operating result 1.418 1.521 1.659 2.731 2.970 3.174 2.798 3.175 3.391 2.825 3.280 3.477
          P&C operating result 904 1.188 1.443 1.733 2.075 2.385 1.697 2.068 2.288 1.782 2.116 2.413
          Asset Management op. result 172 200 250 283 406 498 359 450 515 379 481 592
          H&O op. result -76 -24 32 -124 -39 121 -89 -21 109 -82 -5 105
          Consolidation adjustment -234 -195 -92 -501 -425 -323 -492 -430 -395 -495 -434 -390
          Net profit 482 824 1.110 1.273 1.892 2.312 1,959 2,524 2,835 2.419 2.683 2.953
          Adjusted Net profit* 665 1.007 1.293                   
          Combined ratio (%) 88,2% 90,4% 92,5% 90,9% 92,1% 93,8% 91.5% 92.6% 94.3% 91.3% 92.6% 93.8%
          Per share data
          Dividend per share (€)        0.81  0.96   1.01   0.96  1.02  1.06  0.99  1.07  1.12
          Balance sheet & Solvency ratios
          Shareholders' equity 24.303 26.471 27.578 25.622 27.838 29.308 26.857 28.762 30.435 27.789 29.678 31.804
          Regulatory Solvency ratio (%) 190% 197% 200% 195% 206% 215% 200% 213% 223% 203% 220% 234%
          Summary Life insurance performance
          Life New Business Value 697 813 895 1.352 1.618 1.884 1.332 1.706 1.982 1.310 1.774 2.099
          Life PVNBP 18.482 20.646 21.827 37.976 43.151 47.531 38.625 44.972 49.548 39.287 46.328 51.731

           

          *Adjusted for gains and losses on Discontinued Operations

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          Generali Consensus H1 Results 2020 432 kb