INTERIM MANAGEMENT REPORT AS OF 30 JUNE 2018 – PRESS RELEASE

SUCCESSFUL EXECUTION OF THE STRATEGIC PLAN CONTINUES: INCREASING PROFIT, OVER-ACHIEVEMENT OF THE DISPOSALS TARGET, STRONG CAPITAL POSITION¹

Operating result increased to € 2.5 billion, up 2.7% thanks to improvements in all business segments

Combined ratio at excellent levels (92%), despite the significant impact of natural catastrophes. Life new business profit margins increased to 4.5%

Net profit increased to € 1,329 million (+8.8%), also thanks to the positive non- operating performance and the gains from disposals closed during the period

Premiums increased to € 35.1 billion (+6.5%) thanks to growth in both business segments. Net cash inflows stable at € 5.7 billion. Life technical reserves increased by 1.8% in the first six months

Solid and resilient capital position, with the Regulatory Solvency Ratio at 201% and the Economic Solvency Ratio at 221%, despite the market volatility in the second quarter of the year

Expected proceeds from agreed disposals carried out to optimise geographical presence exceeded € 1.5 billion (€ 1 billion target)

Sale of the Life portfolio of Generali Leben, an innovative operation in line with the Group's strategic objective of rebalancing the portfolio, with a significant reduction in interest rate risk

Generali Group CEO, Philippe Donnet, declared: “The results for the first half of the year demonstrate Generali's capital resilience and the excellent technical and industrial performance within a context of global volatility. I would also like to highlight the disposals and geographical optimisation plan, with the target significantly exceeded at an early stage, and the recent sale of Generali Leben in Germany, an innovative transaction that will allow us to accelerate the achievement of our strategic objectives in the Life segment. The operating performance of P&C and Life business was also excellent, as were the activities of Investments, Asset & Wealth Management, results that confirm our ability to execute the strategic plan with discipline and determination. We have consequently achieved one of the highest half- year net profits ever."

Milan – At a meeting chaired by Gabriele Galateri di Genola, the Board of Directors of Assicurazioni Generali approved the consolidated results at 30 June 2018.

EXECUTIVE SUMMARY

The Generali Group's half-yearly results highlighted an excellent performance in terms of profitability and maintenance of a resilient capital position. Within a context of moderate economic growth in the Eurozone and financial markets volatility, especially in the second quarter, the Group continued with a disciplined and effective implementation of its 2016-2018 strategic plan.

In particular, during the first half of the year, disposal operations were announced with expected proceeds which, alongside past actions aimed at optimising geographical presence and improving operational efficiency and allocation of capital, reached a total of over € 1.5 billion, significantly higher than the initial € 1 billion target. An agreement was also signed for the sale of 89.9% of the German company Generali Leben.

The operating result grew by 2.7% to € 2,532 million (€ 2,465 million in 1H17) thanks to the positive development in all business segments. P&C operating performance increased, driven by the improvement in the technical result, reflected in the combined ratio which continued at excellent levels (92%). The Life operating result was also positive, thanks to the development of the technical margin. The Holding and other businesses segment also grew thanks, in particular, to the favourable development of Investments, Asset & Wealth Management activities, in line with the strategic plan. Holding operating expenses were stable.

Therefore, the Group maintained excellent operating profitability levels, measured through the annualised operating RoE, equal to 12.5%: this figure reflected the impact of the disposal transactions. The average operating RoE for the period 2015-1H2018 was 13.4% (strategic target >13%).

In terms of volumes, the Group's total premiums, amounting to € 35.1 billion, reflected the growth already observed in the first quarter of the year. The 6.5% increase was attributable to a positive performance in both business segments.

With reference to business lines, Life grew by 8.6%, mainly due to the development of savings and pension products (+9.1%), particularly in Italy as a result of actions on the existing portfolio which led to the renewal of collective policies for an amount of approximately € 1.2 billion. The performance of protection lines (+12.3%) was also positive in almost all the countries in which the Group operates, as was that of unit-linked products (+4.3%), especially in France. Group Life net cash inflows, at € 5.7 billion, continued at the same levels as last year, reflecting a strong acceleration in the second quarter.

Life technical reserves - excluding deferred liabilities towards policyholders - amounted to € 341,970 million, increasing by 1.8% at equivalent consolidation area; in particular, unit-linked reserves grew by 2.2%.

New business in terms of PVNBP (present value of new business premiums) amounted to € 21,431 million, down by 3.9% compared to the previous half-year. At line of business level, there was a decline in new business for savings and pension products (-7.1%), due to the contraction in Italy, Germany and Spain; a decrease was also recorded in protection products (-2.8%) due to a decline in Germany and France. Premiums for unit-linked products remained more or less stable (+ 0.1%). New business value (NBV) increased by 3.6% compared to the first six months of 2017 to € 965 million (€ 942 million in 1H17).

As a result, the profitability on PVNBP stood at 4.50% (4.11% in 1H17) with an equivalent consolidation area increase of 0.33 pps due to the better business mix, product rebalancing with consequent recalibration of financial guarantees, and improvement in the financial context compared to the first six months of 2017.

The growth observed in P&C premiums in the first quarter continued, increasing on a like-for-like basis by 2.1% to € 11 billion due to the development of both lines. The Motor line grew by 2.3%, particularly in ACEER2, and the Non-Motor line by 1.7%, with different trends in the various countries in which the Group operates.

The non-operating result improved to € -539 million, reflecting improved financial performance, thanks to lower impairments and higher realized gains, as well as lower interest on financial debt. In particular, the higher realized gains included € 113 million from the sale of the shareholding in Italo - Nuovo Trasporto Viaggiatori, monetising the investment in which the Group had been involved since its creation. The remaining realized gains were down compared to the previous period, especially as for the bond component, reflecting the planned policy of supporting future returns on investments, in the face of the current situation of financial market volatility.

The tax rate increased from 30.8% to 32.4%, mainly due to a number of extraordinary events occurred in Germany last year and in the United States in the first half of this year.

The result of discontinued operations3 was positive, which mainly included the profit of € 49 million on the disposal of the Irish business, as well as the results of other operations still in the disposal phase.

Taking into account the performance noted above, the result for the period attributable to the Group is € 1,329 million, showing an increase (+8.8%) over the € 1,221 million recorded in the 2017 half-year.

[1] Changes in premiums, net cash inflows and PVNBP (present value of new business premiums) are presented in equivalent terms (at equivalent exchange rates and consolidated scope). Changes in operating results, own investments and Life technical reserves exclude entities sold during the comparative period.

[2] ACEER refers to the regional structure known as Austria, Central and Eastern European Countries & Russia.

[3] With reference to the disposals of the Belgian, Guernsey and Generali Leben (German) business, pending the issue of the necessary regulatory authorisations, these assets were classified as disposal groups held for sale, in application of IFRS 5. As a result, these investments were not excluded from consolidation, but total assets, liabilities and earnings after taxes were recognised separately in the specific financial statement items. Profit or loss from discontinued operations also included the realised gain on the disposal of the Irish business. Similarly, the comparative data was restated (2017 data also included Dutch and Irish operations whose sales were completed in February and June 2018, respectively). The disposal of the operations in Panama and Colombia led to realized gains, classified in the non-operating result. They were not deemed as relevant compared to the Group dimension and then not included in the non-current assets or disposal groups classified as held for sale. Further information is reported in the Note.

[4]The ratio represents an update with respect to the figure communicated on 15 March 2018 (208%), consistent with the information disclosed to the Supervisory Authority in accordance with the timing provided by the Solvency II regulations and published on 30 June 2017 in the 2017 Report on the solvency and financial position of the Generali Group.

[5] Premiums from investment contracts amounted to € 708.4 million (€ 800.7 million in 1H17).

[6] The Holding and other businesses segment includes the activities carried out by the Group companies in the financial advisory and asset management sectors (financial segment), the costs incurred from the management, coordination and financing of the business, and other activities that the Group considers ancillary to its core insurance business.