Obligation Generali Assicurazioni 3.875% ( XS0218469962 ) en EUR

Generali Assicurazioni

100 % ▲

Italie

XS0218469962 ( en EUR )

3.875% par an ( paiement annuel )

06/05/2015 - Obligation échue

Prospectus brochure de l'obligation Assicurazioni Generali XS0218469962 en EUR 3.875%, échue

10 000 EUR

500 000 000 EUR

Assicurazioni Generali est une société d'assurance italienne multinationale, l'une des plus grandes compagnies d'assurance au monde, offrant une gamme diversifiée de produits et services d'assurance et de gestion d'actifs.

L'obligation italienne XS0218469962 émise par Assicurazioni Generali, d'une valeur nominale de 500 000 000 EUR, avec un coupon de 3,875% payable annuellement, d'une taille minimale d'achat de 10 000 EUR, est arrivée à échéance le 06/05/2015 et a été intégralement remboursée à son prix nominal de 100%.

Pricing Supplement dated 4 May 2005
GENERALI FINANCE B.V.
Issue of 500,000,000 3.875% Notes due 2015
Guaranteed by
ASSICURAZIONI GENERALI S.p.A.
under the
2,500,000,000
Euro Medium Term Note Programme

This document constitutes the Pricing Supplement relating to the issue of Notes described
herein. Terms used herein shal be deemed to be defined as such for the purposes of the
Conditions set forth in the Offering Circular dated 21 December 2004. This Pricing Supplement
contains the final terms of the Notes and must be read in conjunction with such Offering
Circular.
1.
(i)
Issuer:
Generali Finance B.V.

(i )
Guarantor:
Assicurazioni Generali S.p.A.

(i i) Deed of Guarantee:
4 May 2005
2.
(i)
Series Number:
1

(i )
Tranche Number:
1
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate Nominal Amount:

(i)
Series:
EUR 500,000,000

(i )
Tranche:
EUR 500,000,000
5.
(i) Issue Price:
99.625%of the Aggregate Nominal Amount

(i ) Net proceeds:
EUR 496,875,000
6.
Specified Denominations:
EUR 10,000 and integral multiples of EUR
1,000 thereafter.
Definitive Notes will be in denominations
of EUR 1,000 and EUR 10,000. See 7
(Minimum trading amount) below.
7.
Minimum trading amount:
EUR 10,000. Any Definitive Notes in the
denomination of Euro 1,000 will contain
the following legend:
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"THIS NOTE, AND ANY OTHER NOTE
IN THE DENOMINATION OF EUR 1,000
FORMING PART OF THE SAME
SERIES AS THIS NOTE, MAY NOT BE
SOLD, TRANSFERRED OR
DELIVERED BY THE HOLDER
UNLESS SUCH NOTES ARE SOLD,
DELIVERED OR TRANSFERRED
TOGETHER WITH A NOTE IN THE
DENOMINATION OF EURO 10,000
FORMING PART OF THE SAME
SERIES AS THIS NOTE."
8.
(i)
Issue Date:
6 May 2005

(ii)
Interest Commencement Date (if different Not Applicable
from the Issue Date):
9.
Maturity Date:
6 May 2015
10.
Interest Basis:
3.875% Fixed Rate
11.
Redemption/Payment Basis:
Redemption at par
12.
Change of Interest or
Not Applicable
Redemption/Payment Basis:

13.
Put/Call Options:
Not Applicable
14.
(i)
Status of the Notes:
Senior Notes

(ii)
Status of the Guarantee:
Senior
15.
Listing:
Application has been made for the Notes to
be listed on the Luxembourg Stock
Exchange
16.
Method of distribution:
Syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
17.
Fixed Rate Note Provisions
Applicable

(i)
Rate of Interest:
3.875% per annum in arrear

(ii)
Interest Payment Date(s):
6 May in each year

(iii)
Fixed Coupon Amount(s):
Euro 387.50 per Note of Euro 10,000 Specified
Denomination and Euro 38.75 per multiple of
Euro 1,000

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(iv)
Day Count Fraction:
Actual/Actual

(v)
Broken Amount(s):
Not Applicable

(vi)
Other terms relating to the method of
Not Applicable
calculating interest for Fixed Rate

Notes:

18.
Floating Rate Note Provisions
Not Applicable
19.
Zero Coupon Note Provisions
Not Applicable
20.
Index-Linked Interest Note Provisions
Not Applicable
21.
Dual Currency Note Provisions
Not Applicable
22.
Exchangeable Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

23.
Call Option
Not Applicable

24.
Put Option
Not Applicable

25.
Final Redemption Amount
Par
26.
Early Redemption Amount

Early Redemption Amount(s) payable on
Not Applicable
redemption for taxation reasons or on event of
default and/or the method of calculating the
same (if required or if different from that set out
in the Conditions):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
27.
Form of Notes:
Bearer Notes:

Temporary Global Note exchangeable for a
Permanent Global Note which is
exchangeable for Definitive Notes in the
limited circumstances specified in the
Permanent Global Note.
28.
Additional Financial Centre(s) or other special
Not Applicable
provisions relating to Payment Dates:

29.
Talons for future Coupons or Receipts to be
No
attached to Definitive Notes (and dates on which
such Talons mature):
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30.
Details relating to Partly Paid Notes: amount of
Not Applicable
each payment comprising the Issue Price and date
on which each payment is to be made and
consequences (if any) of failure to pay, including
any right of the Issuer to forfeit the Notes and
interest due on late payment:
31.
Details relating to Instalment Notes: amount of
Not Applicable
each instalment, date on which each payment is to
be made:
32.
Redenomination, renominalisation and
Not Applicable
reconventioning provisions:
33.
Consolidation provisions:
The provisions in Condition 27 (Further
Issues) apply.
34.
Other terms or special conditions:
Stabilisation:

In connection with the issue of the Notes,
Mediobanca - Banca di Credito Finanziario
S.p.A. (or any person acting for it) may
over-allot or effect transactions with a view
to supporting the market price of the Notes
at a level higher than that which might
otherwise prevail for a limited period.
However, there may be no obligation on
Mediobanca - Banca di Credito Finanziario
S.p.A. (or its agent) to do this. Such
stabilising, if commenced, may be
discontinued at any time, and must be
brought to an end after a limited period.
No stablisation transactions shall take place
in or from the Netherlands.
DISTRIBUTION

35.
(i)
If syndicated, names of Managers:
Banca Generali S.p.A.
HSBC Bank plc
Mediobanca - Banca di Credito Finanziario
S.p.A.

(ii)
Stabilising Manager (if any):
Mediobanca - Banca di Credito Finanziario
S.p.A.
36.
If non-syndicated, name of Dealer:
Not Applicable
37.
TEFRA:
D Rules are applicable

38.
Additional selling restrictions:
Option I(v) of the Sel ing Restrictions in
relation to the Netherlands in the Offering
Circular shall apply.
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OPERATIONAL INFORMATION

39.
ISIN Code:
021846996
40.
Common Code:
XS0218469962
41.
Any clearing system(s) other than Euroclear and
Not Applicable
Clearstream, Luxembourg and the relevant
identification number(s):
42.
Delivery:
Delivery against payment

43.
Additional Paying Agent(s) (if any):
Not Applicable
RECENT DEVELOPMENTS
For information on recent developments concerning the Issuer and the Guarantor see Annexes 1 and 2
hereto, which supplement the sections entitled "Description of Assicurazioni Generali S.p.A." and
"Description of Generali Finance B.V." beginning on pages 65 and 131 respectively of the Offering
Circular dated 21 December 2004.
LISTING APPLICATION
This Pricing Supplement comprises the final terms required to list the issue of Notes described herein
pursuant to the 2,500,000,000 Euro Medium Term Note Programme.
RESPONSIBILITY
The Issuer and the Guarantor accept responsibility for the information contained in this Pricing
Supplement.

Signed on behalf of the Issuer:
By: . . . . ....................................
Duly authorised

Signed on behalf of the Guarantor:
By: . . . . .....................................
Duly authorised
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ANNEX 1
On 24 March 2005, pursuant to CONSOB Regulation No.11971 of 14 May 1999, as amended,
the Assicurazioni Generali S.p.A. issued a press release announcing details of the Assicurazioni
Generali Group's consolidated financial results as at and for the year ended 31 December 2004.
The following is extracted from an English translation of such press release.
"The Board of Directors of Assicurazioni Generali, chaired by Antoine Bernheim, approved the
Assicurazioni Generali Group's 2004 consolidated statement and Assicurazioni Generali's
results.
Consolidated net profit recorded a growth of 30 per cent. to Euro 1,314.6 million (Euro 1,015.1
million for the period ended 31 December 2003), ahead of the Euro 1,203 million target set for
2004.
This is the best result recorded by the Assicurazioni Generali Group in terms of quality. The
result from ordinary activity at the end of 2004 reached, in fact, Euro 2,213.2 million (Euro
1,790 mil ion in 2003), generated both by positive underlying operational earnings and
investment income. Insurance core business contributed with Euro 710.8 million, up from Euro
259.7 million in the financial year 2003.
Profitability was combined with the marked dynamism of premium collection by Assicurazioni
Generali Group companies which, in the main markets of operation, increased their market
shares. In particular, in Italy total market share grew to 22.1 per cent. from 20.1 per cent.; in
France to 7.3 per cent. from 5.5 per cent. In Germany, the share held in the life business market
grew to 11.1 per cent. from 10.5 per cent.
A dividend of Euro 0.43 per share is proposed for the financial year 2004, compared to Euro
0.33 in 2003, with a per share increase of 30.3 per cent. The total amount to be paid on al
shares is Euro 548.5 million (Euro 420.9 mil ion in 2003). The payment date is 26 May 2005.
Consolidated premiums amounted to Euro 56.3 billion, up 13.6 per cent. from Euro 49.6 billion
in 2003 ( an increase of 11.9 per cent. on a like-for-like) basis in terms of exchange rates and
perimeter), ahead of the Euro 53.3 bil ion target set for 2004 in the strategic plan of the
Assicurazioni Generali Group.
The combined ratio improved 2.4 percentage points to 100.9 per cent. from 103.3 per cent. at
the end of 2003, better than the 102.1 per cent. target set for 2004. The combined ratio would be
under 100 per cent., at 99.2 per cent., if calculated excluding contracts whose characteristics are
akin to those of a life product, such as health insurance in Germany and complementary cover in
France (101.3 per cent. for 2003).
Current financial results reached Euro 10,592.6 million (Euro 9,925.1 million for 2003).
Assicurazioni Generali recorded a net profit for the year of Euro 1,012.1 million (Euro 550.4
million in 2003). The result was impacted by net extraordinary components, which amounted to
Euro 338 million, arising from the application of legislative decree of 17 January 2003,
governing the so-called "elimination of fiscal interferences on accounts."
****
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Set out below are the Guarantor's consolidated financial statements as atached to such press
release that were approved by the shareholders' meeting of the Guarantor held on 30 April 2005.
PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2004
For the year ended 31 December 2003

(Audited)
(Audited)

(in thousands of Euro)
(in thousands of Euro)

I. TECHNICAL ACCOUNT-NON LIFE

INSURANCE BUSINESS
1. EARNED PREMIUMS, NET OF

REINSURANCE
a. Gross premiums written

19,398,043

b. (-) Outward reinsurance premiums

2,013,946

c. Change in the gross provision for unearned

premiums
154,644
d. Change in the provisions for unearned

premiums, reinsurers' share
31,324
17,260,777
15,924,021
2. OTHER TECHNICAL INCOME, NET OF

REINSURANCE
147,340
123,375
3. CLAIMS INCURRED, NET OF RECOVERIES

AND REINSURANCE
a. claims paid

aa. Gross amount
13,008,099

bb. (-) Reinsurers' share

1,187,996

cc. Recoveries net of reinsurance

465,610
11,354,493

b. Change in the provisions for claims outstanding

aa. Gross amount

1,250,658

bb.(-) Reinsurers' share

(132,412)
1,383,070
12,737,563

12,161,658

4. CHANGE IN OTHER TECHNICAL

PROVISIONS, NET OF REINSURANCE
7,691
(6,550)

5. PREMIUM REFUNDS AND PROFIT

SHARING, NET OF REINSURANCE
162,727
69,917

6. OPERATING EXPENSES

a. Acquisition commissions

2,222,055

b. Other acquisition costs

959,574

c. Change in commissions and other acquisition

costs to be amortised
(69,687)
d. Collecting commissions

563,656

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e. Other administrative expenses

1,162,504
f. (-) Reinsurance commissions and profit sharing

301,159
4,536,943
4,258,205

7. OTHER TECHNICAL CHARGES, NET OF

REINSURANCE

320,636
240,378

8. CHANGE IN THE EQUALISATION

PROVISION
130,343
200,129

9. BALANCE ON THE TECHNICAL ACCOUNT

FOR NON-LIFE BUSINESS
(487,786)
(876,341)
II. TECHNICAL ACCOUNT - LIFE ASSURANCE

BUSINESS
1. PREMIUMS WRITTEN, NET OF

REINSURANCE
a. Gross premiums written

36,941,175

b. (-) Outward reinsurance premiums

484,164
36,457,011
31,000,634
2. (+) ALLOCATED INVESTMENTS RETURN

TRANSFERRED FROM THE NON-TECHNICAL

ACCOUNT (item III.5)
8,111,385
7,628,580

3. INCOME AND UNREALISED GAINS ON

INVESTMENTS FOR THE BENEFIT OF

POLICYHOLDERS WHO BEAR THE
2,280,344
2,483,131
INVESTMENT RISK AND ON INVESTMENT
RELATING TO THE ADMINISTRATION OF
PENSION FUNDS

4. OTHER TECHNICAL INCOME, NET OF

REINSURANCE
122,258
173,911

5. CLAIMS INCURRED, NET OF REINSURANCE

a. Claims paid

aa. Gross amount
21,372,788

bb. (-) Reinsurers' share

241,657
21,131,131

b. Change in the provision for claims outstanding

aa. Gross amount

61,469

bb. (-) Reinsurers' share

21,989
39,480
21,170,611

19,323,226

6. CHANGE IN THE PROVISION FOR POLICY

LIABILITIES AND IN OTHER TECHNICAL
PROVISIONS, NET OF REINSURANCE
a. Provisions for policy liabilities

aa. Gross amount
14,013,658

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bb. (-) Reinsurers' share

(27,211)
14,040,869

b. Other provisions

aa. Gross amount

(21,599)

bb. (-) Reinsurers' share

(757)
(20,842)

c. Provisions for policies where the investment risk

is borne by the policyholders and relating to the
administration of pension funds
aa. Gross amount

4,162,095

bb. (-) Reinsurers' share

4,293
4,157,802
18,177,829

14,753,626

7. PREMIUM REFUNDS AND PROFIT-

SHARING, NET OF REINSURANCE
1,681,188
1,740,368

8. OPERATING EXPENSES

a. Acquisition commissions

2,244,212

b. Other acquisition costs to be amortised

1,101,020

c. Change in commissions and other acquisition

(161,349)

costs to be amortised
d. Collecting commissions

223,123

e. Other administrative expenses

908,748

f. (-) Reinsurance commissions and profit sharing

148,464
4,167,290
3,678,995

9. EXPENSES AND UNREALISED LOSSES ON

INVESTMENTS FOR THE BENEFIT OF

POLICYHOLDERS WHO BEAR THE

INVESTMENT RISK AND ON INVESTMENT
469,296
569,246
RELATING TO THE ADMINISTRATION OF
PENSION FUNDS

10. OTHER TECHNICAL CHARGES, NET OF

REINSURANCE
106,152
84,817

11. BALANCE ON THE TECHNICAL ACCOUNT

FOR LIFE BUSINESS (Item III.2)
1,198,632
1,135,978
III. NON TECHNICAL ACCOUNT

1. BALANCE ON THE TECHNICAL ACCOUNT

FOR NON-LIFE BUSINESS (Item I.9)
(487,786)
(876,341)

2. BALANCE ON THE TECHNICAL ACCOUNT

FOR LIFE BUSINESS (Item I.11)
1,198,632
1,135,978

3. INVESTMENT INCOME

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a. Income from participating interests

aa. Income from participations valued according to

equity method
284,130

bb. Other income from participating interests

722,466
1,006,569

b. Income from other investments

aa. Income from land and buildings

873,512

bb. Income from other investments

8,821,850
9,695,362

c. Value re-adjustments on investments

633,835
d. Gains on the realisation of investments

1,757,094
13,092,887
12,931,494

4. INVESTMENT CHARGES

a. Investment administration charges, including

956,951

interest
b. Value adjustments on investments

1,026,966

c. Losses on the realisation of investments

516,328
2,500,245
3,006,356

5. (-) ALLOCATED INVESTMENT RETURN

TRANSFERRED TO THE LIFE TECHNICAL

ACCOUNT (item II.2)
8,111,385
7,628,580

6. OTHER INCOME

1,129,948

1,004,232

7. OTHER CHARGES

a. Interest on financial liabilities

350,200

b. Sundry charges

1,758,623
2,108,823

1,770,414

8. RESULT FROM ORDINARY ACTIVITY

2,213,228

1,790,013

9. EXTRAORDINARY INCOME

1,012,355

1,052,884

10. EXTRAORDINARY CHARGES

659,799

848,304

11. EXTRAORDINARY PROFIT OR LOSS

352,556

204,580

12. RESULT BEFORE TAXATION

2,565,784

1,994,593

13. INCOME TAXES

813,139

718,078
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