Economic highlights

Group Highlights

(€ million)	31.12.2011	31.12.2010	Fourth quarter 2011	Fourth quarter 2010
Gross written premiums^(**)	69,159.2	73,187.8	17,832.3	19,358.5
Change on equivalent terms ^(*)	-5.5%		-7.6%
Total expense ratio	16.6%	15.3%	17.7%	15.3%
Change on equivalent terms ^(*)	1.3		2.3
Consolidated operating result^(***)	3,927.6	4,076.6	827.2	943.9
Change on equivalent terms ^(*)	-3.7%		-12.4%
Result of the period	856.1	1,701.9	31.0	389.2
Change on equivalent terms ^(*)	-49.7%		-92.0%

^(*)On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.

^(**)Taking into account premiums related to investment contracts.

^(***) Net of holding expenses and consolidation adjustments.

Life Segment

(€ million)	31.12.2011	31.12.2010	Fourth quarter 2011	Fourth quarter 2010
Gross life written premiums^(**)	46,393.8	51,098.1	12,008.9	13,826.1
Change on equivalent terms ^(*)	-9.3%		-13.0%
Net cash inflows	5,845.5	16,133.0	-650.7	3,511.3
Change on equivalent terms ^(*)	-64.0%		-118.3%
NBV	975.7	1,050.1	n.a.	n.a.
Change on equivalent terms ^(*)	-5.6%		n.a.
APE	4,787.4	5,332.6	1,277.7	1,491.8
Change on equivalent terms ^(*)	-9.0%		-12.8%
Expense ratio - life segment	11.6%	10.4%	12.6%	10.4%
Change on equivalent terms ^(*)	1.2		2.1
Operating result - life segment	2,541.7	3,025.9	563.6	724.1
Change on equivalent terms ^(*)	-16.0%		-0.2%

(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year. (**) Taking into account premiums related to investment contracts.

Non-life segment

(€ million)	31.12.2011	31.12.2010	Fourth quarter 2011	Fourth quarter 2010
Gross non-life written premiums	22,765.4	22,089.7	5,823.4	5,532.4
Change on equivalent terms ^(*)	3.2%		6.1%
Combined ratio non-life segment	96.5%	98.8%	96.4%	99.0%
Change on equivalent terms ^(*)	-2.3		-2.5
Expense ratio - non-life segment	27.6%	27.5%	28.8%	28.2%
Change on equivalent terms ^(*)	0.1		0.6
Loss ratio non-life segment	69.0%	71.3%	67.6%	70.8%
Change on equivalent terms ^(*)	-2.3		-3.1
Operating result - non-life segment	1,560.5	1,128.1	356.6	245.8
Change on equivalent terms ^(*)	38.3%		0.5%

^(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.

Financial segment

(€ million)	31.12.2011	31.12.2010	4Q 2011	4Q 2010
Asset under management	88.207,2	92.980,1	n.a.	n.a.
Change on equivalent terms ^(*)	3,4%		n.a.
Cost income ratio	73,2%	70,5%	79,9%	74,1%
Change on equivalent terms ^(*)	2,7		0,1
Operating result - financial segment	341,7	353,6	62,8	76,5
Change on equivalent terms ^(*)	-3,3%		-0,2%

^(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.

Financial highlights

(€ million)	31.12.2011	30.09.2011	31.12.2010
Investments	369,126.3	372,273.5	372,155.1
Insurance provisions ^(*)	347,167.3	346,759.7	343,583.7
Shareholder's equity attributable to the Group	15,485.6	15,846.4	17,489.8
Solvency I ratio	117%	118%	132%

^(*)Taking into account financial liabilities related to policies of the life segment.

Social and enviromental highlights

(€ million)	31.12.2011	31.12.2010	Change
Global Added Value	12,737.2	13,632.7	-6.6%
Number of employees	81,997.0	85,368.0	-3.9%
Allocation to community-benefit initiatives	49.1	45.5	7.9%
Per capita electrical energy consumption	4,830.7	5,191.6	-7.0%
Paper consumption	71,313.8	71,287.9	0.0%