MANAGEMENT REPORT

AND PARENT COMPANY

FINANCIAL STATEMENTS Proposal 2022

2022 was the first year of Generali’s Lifetime Partner 24: Driving Growth strategic plan for sustainable growth.

The report on the efforts and the results tells a tale of financial solidity and profitability, technological innovation and a connection with clients. It also tells a tale of sustainability that dovetails with our role as insurers and investors, as well as our position as employers and ‘corporate citizens’. Last but not least, it sets out how an entity with a global imprint operated within a sector of huge significance to civil welfare and individual wellbeing, managing uncertainty and future risks with a professional guiding hand.

The images that accompany this story are snapshots of adults and children going about their daily lives as they work, study and relax, and of an environment of blue skies and trees. Alongside these are images of smart and eco-friendly cities, representing Generali’s ambition to be a Lifetime Partner to its clients and a point of reference for the communities in which it is active.

Please note that the Report is translated into English solely for the convenience of international readers.

MANAGEMENT REPORT

AND PARENT COMPANY

FINANCIAL STATEMENTS Proposal 2022

Assicurazioni Generali

Management Report and Parent Company Financial Statements 2022

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Corporate bodies at 13 March 2023

Assicurazioni Generali S.p.A.

Company established in Trieste in 1831

Registered office in Trieste (Italy), piazza Duca degli Abruzzi, 2

Share capital € 1,586,833,696 fully paid-up

Fiscal code and Venezia Giulia Companies’ Register no. 00079760328

VAT no. 01333550323

Company entered on the Register of Italian insurance

and reinsurance companies under no.1.00003

Parent Company of the Generali Group, entered

on the Register of insurance groups under no. 026

Pec: assicurazionigenerali@pec.generaligroup.com

ISIN: IT0000062072

Reuters: GASI.MI

Bloomberg: G IM

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IndEX

The integrated overview of our reports ............................................................4

About the Annual Integrated Report .................................................................5

Letter from the Chairman and the Group CEO ..................................................6

We, Generali ............................................................................................9

Group’s highlights ...........................................................................................10

2022 key facts ................................................................................................12

Significant events after 31 December 2022 and 2023 corporate event calendar ................................................................20

The value creation process .............................................................................22

Challenges and opportunities of the market context ......................................26

Our strategy ....................................................................................................42

Drive sustainable growth .................................................................45

Enhance earnings profile.................................................................46

Lead innovation ..............................................................................47

Responsible investor .......................................................................53

Responsible insurer ........................................................................68

Responsible employer .....................................................................74

Responsible citizen .........................................................................82

Our rules for running business with integrity .................................................84

Our governance and remuneration policy ......................................................90

MANAGEMENT REPORT ......................................................................103

PART A – Result of operations ......................................................................104

PART B – Risk report .....................................................................................138

Appendix to the Management Report ...........................................................153

Parent Company Financial Statements ............................165

Parent Company Balance sheet and the Profit and loss account .................167

Balance sheet ...............................................................................................169

Profit and loss account .................................................................................183

Notes to the Parent Company Financial Statements ....................................193

Foreword ......................................................................................................195

PART A - Summary of significant accounting policies ..................................196

PART B - Information on the Balance Sheetand the Profit and loss account ....................................................................203

PART C - Other information ...........................................................................258

Cash Flow Statement ....................................................................................265

Appendices to the Notes ...............................................................................271

Securities and urban real estate

on which revaluations have been .................................................................343

Attestation and Reports ............................................................349

Attestation to the Financial Statements

pursuant to art. 154-bis, paragraph 5, of legislative decree 58 of February 24, 1998 and art. 81-ter of Consob regulation no. 11971 of 14 May 1999 and following amendments and integrations .......................................................351

Board of Statutory Auditors’ Report ..............................................................355

Independent Auditor’s Report .......................................................................373

Contacts ........................................................................................................384

Assicurazioni Generali

Management Report and Parent Company Financial Statements 2022

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The integrated overview of our reports

Our story of creating sustainable value continues to be based on the evolutionary adoption of integrated thinking, allowing us to live according to our values and to implement practices and processes aligned with our purpose. We tell our story adopting a Core & More1 approach.

MORE

The Group’s Core report is represented by the Annual Integrated Report, which illustrates, for the benefit of all stakeholders, the business model and the value creation process in a holistic way, integrating financial and non-financial information identified as material.

The More reporting includes other Group’s reports

and communication channels with the aim of providing

detailed information intended for a specialized audience

or for actors who intend to deepen some specific issues.

TAX TRANSPARENCY REPORT

It describes the pillars of Generali sustainable tax outcomes and details the Group Total Tax Contribution, that is the contribution of our companies to the jurisdictions in which they operate in terms of taxes borne and collected.

GROUP ACTIVE OWNERSHIP REPORT

It reports how the Group implements its engagement policy, including a description of dialogue with investee companies, exercise of voting rights and cooperation with other investors.

ANNUAL INTEGRATED REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

It expands the content of the Group Annual Integrated Report, providing details of its financial performance in compliance with national and international regulations.

CLIMATE-RELATED FINANCIAL DISCLOSURE

It provides investors and other stakeholders with relevant information to assess the adequacy of the Group’s approach to climate change and its ability to manage the risks and opportunities it brings.

CORPORATE GOVERNANCE AND SHARE OWNERSHIP REPORT

It outlines the corporate governance system of Assicurazioni Generali and its ownership structure.

GREEN BOND REPORT

It outlines the use of proceeds collected from the Generali’s green bond issuance and the related impacts in terms of lower GHG emissions.

REPORT ON REMUNERATION POLICY AND PAYMENTS

It provides specific information on the remuneration policy adopted by the Group and its implementation.

SUSTAINABILITY BOND REPORT

It outlines the use of proceeds collected from the Generali’s sustainability bond issuance as well as the related impacts in terms of lower GHG emissions and the expenses for the social initiatives undertaken.

MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

It provides information on the performance of Assicurazioni Generali, in accordance with currently effective regulations.

GREEN INSURANCE-LINKED SECURITIES REPORT

It describes how the freed-up capital coming from the green ILS is allocated and the related impacts in terms of lower GHG emissions.

generali.com

for further information on the Group and the Core & More reporting

GROUP ANNUAL INTEGRATED REPORT

It provides a concise and integrated view of the Group’s financial

and non-financial performance, also pursuant to legislative decree (leg. decree) 254/2016

and Regulation EU 2020/852.

CORE

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About Management Report and Parent Company Financial Statements

This Report provides an overview of the Assicurazioni Generali S.p.A.’s value creation process, reporting current and outlook financial and non-financial information and highlighting the connections between the environment in which we carry on our business, our strategy and our corporate governance structure.

This report has been prepared in accordance with the provisions of Legislative Decree 209/2005, CONSOB communications, and other regulatory provisions. Pursuant to Legislative Decree no. 254/2016, article 6, paragraph 1, the Company is not subject to the obligation of preparing an Individual Statement of a Non-Financial Nature, under article 3 of the Decree itself, since the Company is included in the Consolidated Statement of a Non-Financial Nature, prepared by the Generali Group pursuant to article 4.

The Report starts with a foreword, that contains a summary of economics, managerial and governance characteristics of our Group and Assicurazioni Generali S.p.A., with reference to 2021.

Follow the Management Report which presents an analysis of the Company’s situation, the trend and results overall, as well as a description of the principal risks and uncertainties to which the Company is exposed, and the Notes, part of the Parent Company Financial Statements that provides the explanatory and supplementary information to synthetic and quantitative data contained in the balance sheet and profit or loss.

At the end of the Report the part concerning Tables and the Appendices to the Notes in accordance with current requirements.