Antonio Cassio dos Santos CEO Américas Generali

O Mercado se seguros Latam mostrou forte crescimento e oferece muitas oportunidades no future….. Insurance market LatAm Premium in USD billions Insurance market LatAm Premium in USD billions P&C Insurance penetration Premium as % of GDP 2014 Life +14% +11% +17% +8% CAGR CAGR Major markets: 1.8% 2.9% LatAm in % world 2.8%4.2%5.3% CAGR Major markets: 0.4% 1.1% LatAm in % world 1.4%2.2%2.8% 2.1x 3.4x

3 …com forte crescimento concentrado nos principais mercados….. Premium in bnUSD – strong concentrationGrowth and penetration in key markets Tier 1 markets: 172bn – AG 1.3bn Tier 2 markets: 11bn – AG 0.2bn * * 47% 15%12% 9% 6%5%

No entanto o principal mercado da América Latina, o Brasil; continua mostrando resistencia a um ambiente economico volatil. Profitability of Brazilian insurance market Stock performance of listed insurance companies in Brazil 5 year return of IBOVESPA listed local Insurance companies (5/10/2015): Porto Seguro: 36.25% Sul America: 18.48% BB Seguridade: 58.71% Ibovespa Index: % Comments: While the Brazilian stock market index has suffered large losses over the last 5 years, insurance titles have significantly outperformed the local market index and have shown good returns from a nominal perspective. ROAE of listed local insurance companies Q1 discrete figure The total market presents a 20,7% ROE in the year of 2014, an increase from 19,2% presented a year earlier. Of top 10 Players in Life and P&C segments 8 are profitable, exceptions are Allianz that had it first loss in 5 years after a disastrous system and Zurich is loosing share except in GC and Mass Consumer Porto SeguroBradescoTokio MarineHDI Market Rank*2389 GWP LR 58%57%55%65% CR 20%22%20% ER 20%14%26%12% CoR 98%93%91%97% Net Income P&L of some top players in BRL Mio.Comments: * As measured by Generali lines only

Mercados rentáveis Combined Ratio and Investment results 2013* 92.7% Earnings development EUR 105.5% 112.7% 108.7% 102.2% 101.5% COR * As percent of earned premium Source: FundacionMapfre – The Latin American Insurance Market ; The Latin American Insurance Market - Preview 2014 Remark: 2014 result of Panama estimated equals 2013 as it is not reported; 2014 earnings calculated over reported growth as 2013 and 2014 report showing different FX base (EUR vs. USD) 6.5% 2.2% 11.2% 6.6% CAGR Total Countries in focus 0.9% 29.7% 0.8% -8.1% CAGR

6 6 6 O potencial da região é expressivo Source for population/cars/households according to each countries estimation; Source for numbers of companies: Dun&Bradstreet 2014; data received from Generali Group – numbers for Brazil MM, Guatemala, Panama, Peru, Costa Rica, El Salvador, Nicaragua and Honduras are estimated 6 Families and IndividualsEnterprises Customer SegmentsMass Personal LinesTraditional Personal LinesSME’s* (#)Middle Market** (#firms) Global Corp.*** (#enterprises) Brazil 204m people 280m mobiles 49.4m cars 46% Smart 58.5m households 8.1m89.9k5.871 Mexico 122m people 105m mobiles 25m cars 18% Smart 28m households 1.4m34.9k4.254 Argentina 41.5m people 63m mobiles 10m cars 42% Smart 12.2m households 3.7m22.0k1.140 Colombia 48m people 55m mobiles 4.6m cars 22% Smart 13.6m households 2.0m32.8k2.352 Central America & Andean Region 93m people 70m mobiles 8m cars 20% Smart 18m households 1.6m8.5k1.432 SME – 0-1 Mln EUR turnover ** MM 1-25 Mln EUR turnover *** GC >25 Mln. EUR turnover

7 7 7 O potencial da região é expressivo 7 Gigante adormecido 509 million People 97 million Cars 188k MM Co 127 million Households 17 million SME’s 15k GC&C Enterprises

Muchas Gracias/Thanks/Obrigado