Generali Announces Strong 2004 Results; Net Profit of $1.7 Billion

April 14, 2005

Assicurazioni Generali SpA, Italy’s largest insurer, announced strong results for 2004 with net profits of 1.315 billion euros ($1.692 billion), slightly ahead of estimates and gross premiums of 56.3 billion euros ($72.47 billion) with a combined ratio of 100.9 percent.

Other highlights, noted by the company, included:
— Normalized return on embedded value up 11.2 percent from 10.8 percent in 2003.
— Total value of new production grew to 692 million euros ($891 million) up 26.6 percent.
— Value of existing portfolio increased to 9.5 billion euros ($12.23 billion) up 4.2 percent.
— Embedded value grew by 1.565 billion euros ($2 billion] to 23.5 billion ($30.25 billion), a 7 percent increase.
— Excess capital at 1.6 billion euros ($2.06 billion).

The Group’s results were presented at a meeting with the financial community in London, yesterday, April 13, 2005, by the Group’s joint CEOs Sergio Balbinot and Giovanni Perissinotto.

For a full report on the conference and the financial results consult the group’s Website at: www.generali.com.

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