The Global Added Value (GAV) can be deduced from the reclassification of the consolidated financial statements and expresses the wealth generated by the Group’s operations over the year for the various stakeholder categories.

The Global Added Value distributed by the Generali Group to stakeholders in 2008 exceeds 12 billion euro.

• In 2008, the distribution of GAV differed from that of 2007, with significant changes for some stakeholders. In particular, the amount of shares distributed to agents and advisers, employees and providers of credit capital increased.
• Funds allocated to the community rose significantly (+42.9) especially for the numerous initiatives supported by Banca del Gottardo and PPF insurance group companies, which became part of the Group in 2008.
• The fall in the result for the period on the other hand led to a sharp decline in the funds allocated to the State (-64.8%), to the business system (-60%) and to shareholders (-83.4%). Where the latter is concerned, it should also be noted that the sum shown here, equivalent to the portion of gains due to shareholders, represents only a part of the overall dividend attributed to them: for 2008, in fact, they received a combined dividend corresponding to 0.15 euro per share and one free ordinary Assicurazioni Generali share per every 25 shares held.
• In 2008, Generali Group received no significant government financing.