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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