Assicurazioni Generali SpA Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Barma - BofA Global Research - Analyst : David Barmer from Bank of America. I have three questions, please. My first one is on the combined ratio in P&C. And maybe can you help us bridge the combined ratio target, the top-line targets and the 9% earnings growth target? I struggle to reconcile the two. I think the difference might be cost savings that are outside of the combined ratio and maybe your assumption for discounting benefits. That's the first one. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 30, 2025 / 1:30PM, GASI.MI - Assicurazioni Generali SpA Investor Day Secondly, on the new business margin. So you were at 5.2% on the new definition at the nine months, you plan to go to 6%. I have two small questions linked to that. One is if we adjust for all the negative effects that you had during 2024, where would you be on a kind of adjusted basis? And then secondly, Cristiano, you mentioned a higher CSM release ratio. Can you explain this, please? And then lastly, on leverage. So you talked a little bit about the debt maturity profile, but your leverage ratio is at a very good level and quite below your direct peers in the sector. Do you aim to keep that ratio flat around the 17% and so be a net issuer over the next few years? Thank you.