Banca Generali S p A : Interim Report at 30 September 2020

INTERIM REPORT

AT 30 SEPTEMBER 2020

This Interim Report has been translated from that issued in Italy, from the Italian into the English language, solely for the convenience

of international readers. The Italian version remains the definitive version.

INTERIM REPORT

AT 30 SEPTEMBER 2020

Board of Directors 5 November 2020

BANCA GENERALI S.P.A.

REGISTERED OFFICE

VIA MACHIAVELLI 4 - 34132 TRIESTE

SHARE CAPITAL

Authorised 119,378,836 euros

Subscribed and paid-up 116,851,637 EUROS

TAX CODE AND TRIESTE REGISTER

OF COMPANIES

NO. 00833240328

VAT NO. 01333550323

BANK WHICH IS A MEMBER OF THE INTERBANK DEPOSIT PROTECTION FUND

REGISTRATION WITH THE BANK REGISTER OF THE BANK OF ITALY UNDER NO. 5358

PARENT COMPANY OF THE BANCA GENERALI BANKING GROUP REGISTERED IN THE BANKING GROUP REGISTER

ABI CODE 3075.9

COMPANY MANAGED AND COORDINATED BY ASSICURAZIONI GENERALI S.P.A.

ADMINISTRATION AND CONTROL BODIES

BOARD OF DIRECTORS

CHAIRMAN

FANCEL GIANCARLO

CHIEF EXECUTIVE OFFICER AND GENERAL MANAGER

MOSSA GIAN MARIA

DIRECTORS

BRUGNOLI GIOVANNI

CALTAGIRONE AZZURRA

GERVASONI ANNA

LAPUCCI MASSIMO

PESCATORI ANNALISA

RUSTIGNOLI CRISTINA

TERZI VITTORIO EMANUELE

BOARD OF STATUTORY AUDITORS

CREMONA MASSIMO (CHAIRMAN)

ANACLERIO MARIO FRANCESCO

MINUTILLO FLAVIA

MANAGER IN CHARGE OF PREPARING THE COMPANY'S FINANCIAL REPORTS

DI RUSSO TOMMASO

CONTENTS

Group Economic and Financial Highlights...........................................................................................................	3
	Consolidated Balance Sheet..............................................................................................................................	5
	Consolidated Profit and Loss Account ...............................................................................................................	6
	Statement of Comprehensive Income................................................................................................................	6
1.	Summary of Operations for the First Nine Months of 2020 ............................................................................	7
2.	Macroeconomic Context...................................................................................................................................	10
3.	Banca Generali's Competitive Positioning.....................................................................................................	12
4.	Operating Result ...............................................................................................................................................	17
5.	Balance Sheet and Net Equity Aggregates.....................................................................................................	31
6. Performance of Group Companies..................................................................................................................	45
7.	Basis of Preparation .........................................................................................................................................	48
Declaration pursuant to Article 154-bis, Second Paragraph, of Legislative Decree No. 58 of 24 February
1998.........................................................................................................................................................................	52

2

Group Economic and Financial Highlights

Consolidated figures	30.09.2020	30.09.2019	Change %
(€ million)
Net interest income	67.1	53.9	24.5
Net financial income	77.1	63.2	22.1
Net fees	370.3	345.2	7.3
Net banking income	447.4	408.4	9.6
Net operating expenses	-163.9	-148.4	10.5
of which: Staff expenses	-76.5	-67.6	13.1
Operating result	283.5	260.0	9.0
Provisions and charges related to the banking system	-30.0	-20.2	48.3
Adjustments for impairment	-2.3	-2.3	2.1
Profit before taxation	251.0	237.2	5.8
Net profit	195.8	196.0	-0.1
Performance indicators	30.09.2020	30.09.2019	Change %
Cost / income ratio	31.4%	31.2%	0.7
Operating Costs/Total Assets (AUM) - annualised	0.31%	0.32%	-4.2
EBITDA	307.0	281.1	9.2
ROE (a)	26.3%	34.2%	-23.2
ROA (b)	0.39%	0.42%	-7.6
EPS - Earning per share (euros)	1.70	1.68	0.8
Net Inflows	30.09.2020	30.09.2019	Change %
(€ million) (Assoreti Data)
Funds and Sicavs	1,250	996	25.5
Financial wrappers	56	-350	116.0
Insurance wrappers	530	226	134.5
Asset management	1,836	872	110.6
Insurance/Pension funds	229	995	-77.0
Securities/Current accounts	2,000	1,909	4.8
Total	4,065	3,776	7.7
Assets Under Management & Custody (AUM/C)	30.09.2020	31.12.2019	Change %
(€ billion) (Assoreti Data)
Funds and Sicavs	17.7	16.9	4.7
Financial wrappers	7.8	8.4	-7.2
Insurance wrappers	8.9	8.7	3.0
Asset management	34.5	34.0	1.3
Traditional life insurance policies	16.6	16.5	0.6
AUC	19.3	18.5	4.5
Total (c)	70.4	69.0	2.0
Net Equity	30.09.2020	31.12.2019	Change %
(€ million)
Net equity	1,067.7	917.7	16.4
Own funds	789.3	570.9	38.2
Excess capital	359.4	150.9	138.1
Total Capital Ratio	21.7%	16.1%	35.1

1. Ratio of net result to the arithmetic average of net equity, including net profit, at the end of the reporting period and the end of the previous period.
2. Ratio of net result to the average of Assoreti's annualised quarterly AUM.
3. The figure of total AUM comprises Assoreti's AUM and the AUM not included in the consolidation scope and generated by new acquisition amounting to 2.2 billion euros at 31 December 2019 and to 1.2 billion euros at 30 September 2020.

3