1 1 Presentation to financial analysts Milan, 12 May 2003 Vittoria Assicurazioni 2 SHAREHOLDING STRUCTURE Carlo Acutis 66% BNP Paribas Vittoria Capital N.V. 51,02% 2% 5,50 Vittoria Assicurazioni S.p.A. 12,75% 32,49% Vittoria Immobiliare S.p.A. 80% 80% 80% 51% Immobiliare Bilancia S.r.l. 54,76% Yarpa International Holding N.V. Gestimmo bili S.r.l. Gestimmo bili Intermediazio ne S.r.l. Interimmo bili S.r.l. 25% 15% V.R.G. Do mus S.r.l. 100% 24% Touring Vacanze S.r.l. 25% 25% Laumor B.V. 14,80% 41,80% S.IN.T. S.r.l. 49% Interbilancia S.r.l. 100% A spevi S.r.l. Vitto ria.net S.r.l. A speca S.r.l. 51% 100% 80% Services and Distribution Real estate Vittoria Assicurazioni 3 SHAREHOLDERS OF VITTORIA ASSICURAZIONI S.p.A. NR. SHARES % OF SHARE CAPITAL 15.307.200 51,0 2 YURA INTERNATIONAL HOLDING B.V. - Holland (Carlo Acutis) 1.649.500 5,5 3 FERRERO P. & C. S.p.A. - Alba 1.500.000 5,0 4 ERSEL ASSET MANAG. S.p.A.- Turin 645.000 2,1 5 BNP PARIBAS - Paris 600.000 2,0 1 VITTORIA CAPITAL N.V. - Holland Equal to 65,6 The floating portion is equal to 34,4 100,0 Vittoria Assicurazioni 4 SHAREHOLDERS OF VITTORIA CAPITAL N.V. % OF SHARE CAPITAL 1 YURA INTERNATIONAL HOLDING B.V.- Holland 66,0 2 MUNCHENER RUCK GROUP – Germany 12,0 10,0 2,0 Münchener Rückversicherungs - Gesellschaft Victoria Düsseldorf 3 PIRELLI & C. - Milan 5,0 4 MALUJA – Holland 5,0 5 CREDIT INDUSTRIEL – Switzerland 4,0 6 MARINT – Luxembourg 2,0 7 PFAT.I.A.R.D. (Gruppo AGF Athena) – France 2,0 8 BANCA PASSADORE – Genoa 1,0 9 OTHER 3,0 Equal to 100,0 Vittoria Assicurazioni 5 PREMIUMS DESCRIPTION Motor Business 2000 2001 increase % over previous year increase % over previous year (in millions of Euros) 2002 Amount 3/2002 increase % over previous year Amount 3/2003 Amount increase % over previous year 13,0% 7,6% 233,2 15,6% 53,5 59,1 10,5% Non-marine business 2,0% 8,8% 73,4 8,3% 14,2 16,2 14,1% Special lines business 59,7% -25,7% 16,6 0,6% 3,4 2,1 -38,2% Total non-life business 12,9% 5,1% 323,2 13,0% 71,1 77,4 8,9% Life Business 20,7% -16,8% 83,2 -15,6% 20,3 15,3 -24,6% Total 15,2% -1,5% 406,4 5,7% 91,4 92,7 1,4% Vittoria Assicurazioni 6 LOSS RATIO 2000 2001 2002 forecast on september figures Description 2003 forecast on march figures actual Third party motor liability 94,8% 90,1% 77,1% 73,9% 77,4% Total Motor business 80,3% 75,6% 66,6% 63,6% 67,1% Other non-life business 60,0% 64,3% 64,8% 64,1% 67,3% Total non-life business 73,6% 71,9% 66,0% 63,8% 67,2% Vittoria Assicurazioni 7 TECHNICAL RESERVES AS A PERCENTAGE OF PREMIUMS Description 2000 2001 2002 forecast 2003 Motor business Premium reserve 29,9% 31,8% 32,2% 33,1% Claims reserve 145,7% 148,7% 133,0% 127,9% Total reserves 175,6% 180,5% 165,2% 161,0% Premium reserve 40,7% 42,7% 45,1% 42,9% Claims reserve 70,2% 70,8% 70,6% 73,5% Total reserves 110,9% 113,5% 115,7% 116,4% 35,4% 37,3% 38,6% 37,8% Claims reserve 107,6% 109,3% 102,2% 101,6% Total reserves 143,0% 146,6% 140,8% 139,4% Other non-life business Non-life business Premium reserve Vittoria Assicurazioni 8 OVERHEADS AS A PERCENTAGE OF PREMIUMS 2001 2002 2003 forecast on march figures Description Personnel expenses 5,2% 5,2% 5,3% Other costs 3,5% 4,0% 3,8% Amortisation/depreciation 1,0% 1,3% 1,5% Total costs 9,7% 10,5% 10,6% Vittoria Assicurazioni 9 TOTAL NON-LIFE BUSINESS OPERATING RATIO Retained insurance 2001 2002 forecast on actual september figures % % Description % 2003 forecast on march figures % EARNED PREMIUS 100,0 100,0 100,0 100,0 INCURRED CLAIMS -71,9 -66,0 -63,8 -67,2 COSTS -27,2 -28,8 -26,8 -27,4 -1,2 -1,1 -1,3 -1,4 OPERATING RATIO 100,3 95,9 91,9 96,0 ORDINARY INCOME 6,4 3,5 2,4 4,3 TECHNICAL POSITIONS RESULT TARGET 6% of direct insurance earned premiums 6,1 7,6 10,5 8,3 amount in amount in amount in amount in thousands thousands thousands thousands of Euros of Euros of Euros of Euros 16.302 18.012 18.068 7% of direct insurance earned premiums 23.919 RESULT 12.519 17.353 24.101 21.461 DIFFERENCE -3.783 -659 6.033 -2.458 Vittoria Assicurazioni 10 TOTAL MOTOR BUSINESS OPERATING RATIO Retained insurance 2001 2002 forecast on actual september figures % % Description % 2003 forecast on march figures % EARNED PREMIUS 100,0 100,0 100,0 100,0 INCURRED CLAIMS -75,6 -66,6 -63,6 -67,1 COSTS -21,9 -22,9 -19,8 -21,7 TECHNICAL POSITIONS -0,7 -0,8 -0,8 -1,0 OPERATING RATIO 98,2 90,3 84,2 89,8 ORDINARY INCOME 6,3 3,2 2,1 4,0 RESULT TARGET 6% of direct insurance earned premiums 8,1 12,9 17,9 14,2 amount in amount in amount in amount in thousands thousands of thousands thousands of Euros Euros of Euros of Euros 11.727 13.230 13.258 7% of direct insurance earned premiums 17.643 RESULT DIFFERENCE 11.108 20.560 28.202 25.271 -619 7.330 14.944 7.628 Vittoria Assicurazioni 11 OTHER NON-LIFE BUSINESS OPERATING RATIO Retained insurance 2001 2002 forecast on actual september figures Description % % 2003 forecast on march figures % % EARNED PREMIUS 100,0 100,0 100,0 100,0 INCURRED CLAIMS -64,3 -64,8 -64,1 -67,3 COSTS -38,2 -42,1 -42,1 -40,3 -2,0 -1,8 -2,5 -2,3 OPERATING RATIO 104,5 108,7 108,7 109,9 ORDINARY INCOME 6,6 4,2 3,0 5,0 TECHNICAL POSITIONS RESULT TARGET 6% of direct insurance earned premiums 2,1 -4,5 -5,7 -4,9 amount in amount in amount in amount in thousands thousands thousands thousands of Euros of Euros of Euros of Euros 4.575 4.783 4.810 7% of direct insurance earned premiums 6.276 RESULT DIFFERENCE 1.411 -3.207 -4.101 -3.810 -3.164 -7.990 -8.911 -10.086 Vittoria Assicurazioni 12 COMPANY STRUCTURE Description Number of employees (annual average) 2000 2001 2002 301 325 339 Agencies 186 186 194 Sub-agencies 180 182 185 Banks (bankinsurance agreements) 251 260 252 Operating units: Vittoria Assicurazioni 13 LIFE BUSINESS FIGURES DESCRIPTION Premiums composition (in millions of Euros) Annual premiums: First-year premiums Subsequent-year-premiums Total annual premiums Single premiums Total life businesses PREMIUM COMPOSITION RATIO Annual premiums Single premiums Surrenders Matured policies Average life of the premium portfolio at 31 December 2002 (years) Average premium excluding single premiums at 31 December 2002 (in thousands of Euros) 2000 2001 2002 8,3 58,6 66,9 51,5 118,4 3,2 61,0 64,2 34,3 98,5 1,8 56,8 58,6 24,6 83,2 56,5 43,5 14,2 27,7 65,1 34,9 16,8 43,1 70,4 29,6 15,2 45,7 14,2 973 Vittoria Assicurazioni 14 LIFE BUSINESS PORTFOLIO (premiums in millions of Euros) Description 12/2001 12/2002 3/2002 3/2003 Agencies 59,2 56,6 15,3 11,5 Bankinsurance 39,4 26,6 5,0 3,8 Vittoria Assicurazioni 15 NON-LIFE BUSINESS PORTFOLIO (policies number) Description Policies: Motor business Other non-life business Affinity Groups 12/2001 12/2002 3/2002 3/2003 462.727 510.334 472.790 522.136 235.255 249.178 235.413 252.315 130.234 155.331 131.448 163.842 Vittoria Assicurazioni 16 PORTFOLIO COMPOSITION 1990-2002 Life Vita 19% 19% Altri Other Danni Non-life 44% 44% 2002 2001 1995 1995 1990 1990 Third party motor liability R.C.A. 37% 37% Vita Life 26% 26% Other Altri Non-life Danni 39% 39% Third party motorR.C.A. liability 35% 35% Life Vita Life 20% 26% Third part motor Third party liability R.C.A. motor liability 47% 42% OtherAltri Danni Non-life Other 33% Non-life 32% Vittoria Assicurazioni 17 INVESTMENT COMPOSITION (in millions of Euros) Description INVESTMENTS AND LIQUID FUNDS 2000 % comp. 2001 % comp. 2002 % comp. 830,3 100,0 906,2 100,0 956,0 100,0 BUILDINGS 10,9 1,3 9,2 1,0 9,1 1,0 STRATEGIC EQUITY INVESTMENTS 27,6 3,3 46,5 5,1 53,6 5,6 1,0 0,1 0,7 0,1 0,0 0,0 BONDS 755,1 90,9 789,7 87,2 849,7 88,9 LOANS 10,4 1,3 13,1 1,4 14,4 1,5 -82,3 -9,9 -86,1 -9,5 -86,0 -9,0 25,6 3,1 34,7 3,8 15,5 1,6 82,0 9,9 98,5 10,9 99,7 10,4 SHARES NET INSURANCE DEPOSITS LIQUID FUNDS INVESTMENTS BENENFITING LIFE POLICYHOLDERS (Index-linked and unit-linked) Vittoria Assicurazioni 18 SHAREHOLDERS' EQUITY AND SOLVENCY MARGIN (in millions of Euros) DESCRIPTION 2000 2001 2002 SHARE CAPITAL EQUITY RESERVES NET PROFIT FOR THE YEAR SHAREHOLDERS EQUITY 15,5 67,0 6,8 89,3 30,0 56,2 10,7 96,9 30,0 63,6 12,8 106,4 NON-LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT ECCEDENZA SURPLUS 30,7 18,7 33,4 27,7 36,3 28,2 LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT ECCEDENZA SURPLUS 20,8 8,4 22,2 13,9 22,6 14,9 Vittoria Assicurazioni 19 CALCULATION OF EMBEDDED VALUE (in millions of Euros) 2001 2002 SHAREHOLDERS' EQUITY 96.9 106.4 COMMISIONS AND OTHER PROVISIONS (1) 11.0 12.8 (2) LIFE BUSINESS PORTFOLIO 127.3 EMBEDDED VALUE (1) DEFERRED TAX RATE: 35% (2) DEFERRED TAX RATE: 42% 5.25% 7.87% RETURN ON ASSETS: DISCOUNTING RATE: (3) DEFERRED TAX RATE: RETURN ON ASSETS: DISCOUNTING RATE: 19.4 (3) 20.8 140.0 42% 5% 7.50% Vittoria Assicurazioni 20 NET ROE - TARGET 2002 2001 forecast on september figures 11,5 12,5 2003 actual forecast on march figures 12,6 13,5 Vittoria Assicurazioni 21 INDEXES (in Euros) Description 2000 2001 2002 ANNUAL AVERAGE STOCK EXCHANGE PRICE 4,76 4,05 3,91 BOOK VALUE PER SHARE (BVPS) 2,98 3,23 3,55 EARNINGS PER SHARE (EPS) 0,23 0,36 0,43 EMBEDDED VALUE PER SHARE 3,99 4,24 4,67 Vittoria Assicurazioni 22 INDEXES (in Euros) Description 2000 2001 2002 DIVIDEND PER SHARE 0,10 0,11 0,12 TOTAL DIVIDEND IN MILLIONS (PAY OUT) 3,08 3,30 3,60 DIVIDEND YIELD 2,16 2,72 3,07 20,89 11,31 9,16 RETURN ON EQUITY (ROE) 7,83 11,54 12,59 PRICE/BOOK RATIO 1,60 1,25 1,10 PRICE/EMBEDDE VALUE RATIO 1,19 0,95 0,84 PRICE/EARNING RATIO (P/E) Vittoria Assicurazioni