Vittoria Assicurazioni : 1 half 2016 Results

Please note that the original press release is in Italian.

In ase of doubt the Italian version prevails.

Group Consolidated Results

• Net Group Profit: € 48.9 million (+20.0%)

• Group Shareholders' equity: € 718.7 (+4.0% vs. 31 December 2015)

• Written Premium: € 631.9 million (-4.8%)

Results of the parent company Vittoria Assicurazioni S.p.A.

- Net Profit: € 48.8 million (+13.9%)

- Shareholders' equity: € 574.6 (+6.6% vs. 31 December 2015)

• Direct Non-Life Premium: € 536.4 million (+0.2%)

• Direct Life Premium: € 97.6 million (-25.0%)

• Retained Non-Life Combined Ratio1: 89.4% (90.2% in 1st half 2015)

• Retained Non-life Loss Ratio2: 64.0% (64.8% in 1st half 2015)

The Board of Directors of Vittoria Assicurazioni, which met today in Milan, has reviewed the results for the 1st half of 2016.

Consolidated Results (IFRS GAAP)

Results for the 1st half of 2016 show a Group Net Profit (i.e. profit attributable to parent company shareholders) of € 48.9 million vs. € 40.8 million for the same period in 2015 (+20.0%).

Group Shareholders' equity amounts to € 718.7 million, with an increase of 4.0% vs. the amount of € 691.2 million reported as at 31 December 2015.

1 (Claims + operating expenses + amortisation of intangible assets + technical accounts) / earn d premiums

2 Claims/earned premiums (retained business)

Total insurance result, gross of taxes and intercompany's

djustments, is € 74.0 million,

increasing by 8.1% with respect to the 1st half of 2015 (€ 68.4 million).

The above result

is mainly

due to the contribution of the

Non-Life

sector, showing a

retained Combined Ratio of 89.4% vs. 90.2% as at 30 June 2015. The impro

ement is

due to the non-motor lines

of business also favored by

the lack of losses related to

extreme

weather

events and to a moderate increase in

the motor lines of

business

combined ratio, caused by a limited upturn in the loss frequency.

Notwithstanding a strong competition

on prices, written premium are in line with same

period of 2015: witten premium as at 30 June 2016 amount to € 536.6 million (€ 535.4 million as at 30 June 2015) with an increase of +0.2%.

Life premium amount to € 95.3 million, down by 25.7% with respect to same period in 2015, due to the ongoing strategy aimed at containing the underwriting of policies linked to segregated funds.

The Real Estate segment result, gross of taxes and intercompany adjustments of € -3.9 million (vs. a loss of € -7.0 million registered in the 1st half 2015).

is a loss

Total investments increase by 4% vs

31 December 31 2015. Of total investments of €

3,354.0

million, €

58.8 million (-1.0%) relate

to inve

tments with risk

borne by

policyholders and € 3,295.2 million (+4.1%) to investments with risk borne by the Group.

Net income from investment

with risk borne by the Group amounted to € 38.0 million as

opposed to € 38.9 million in the 1st half of 2015 (-2.4%).

The Group half year result,

onfirms the strengthening of Vittoria Assicurazioni's capital

position,

in light

of Solvency II regulations which have

become

effective starting 1

January 2016.

Vittoria Assicurazioni S.p.A.Results (as per Italia GAAPs)

Results for the 1st half of 2016 show a net profit of € 48.8 million (vs. € 42.9 million in 2015).

The above result

is mainly

due to the contribution of the

Non-Life

sector, showing a

retained Combined Ratio of

9.4% (90.2% as at 30 June 2015).

Non life premium volumes, as of 30 June 2016, amounting to € 536,6 million, are in line (+0.2%) with those of the corresponding period 2015 (€ 535,4 million).

Life premium amount to € 97.6 million, down by 25.0% with respect to 30 June 2015, due to the reasons indicated above.

In the1st half of 2016 overhead costs3 8.2% (7.7% in 1st half 2015).

as a percentage of written premiums amount to

3 Total amount of labour cost, miscellaneous expenses and amortization before allocation to specific functions.

The Parent Company's net equity amounts to € 574.6 million (€ 539.2 million as at 31 December 2015).

Forecast 2016

In view of the 2016 half-year trends and the projection for the second half, the following forecast for 2016 has been defined:

Whilst for the Life premium t

e ongoing strategy is still aimed at limiting the growth of the

segregated funds policies given the persistence of the low interest rates, for the MTPL line of business, owing to a further decrease in the average premium and to a probable

worsening of the segment's technical profitability marketwise, appropriate to revise the underwriting policy in a conservative way.

it was c

nsidered

The Consolidated financial half-yearly report will be available within

the legal deadlines

at the Company's on NIS-Storage.

Headquarter, on the internet site www.vittoriaass icurazioni com and

The Corporate Financial Reporting Manager of Vittoria Assicurazioni SpA, Luca Arensi,

herewith

declares,

pursuant

to paragraph 2, Article 154/2 of the Italian Consolidated

Finance Act (Testo Unico della Finanza), that the accounting disclosure contained in this press release matches documentary evidence, corporate books, and accounting records.

Milan, 28th July 2016

4 (incurred claims + operating expenses + intangible asset amortisation + other technical items) / earned premium - Retained Business

5 Incurred claims / earned premium - Retained business

Contact: Giuseppina Marchetti - Head of Planning and Control Tel: (+ 39) 02 48 219 330

e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com

Attachments:

- Consolidated income statement;reclassified in

ividual income statement

reclassified

individual

income

statement

(as per

ltalian GAAPs). The Audit

company Deloitte & Touche S.p.A. is closing the limited independent audit.

Vittoria Assicurazioni is an independent insurance company, founded in Milan in 1921. The

ompany is

active in

all life and

non-life lines, covering

the whole

of Italy via an extensive commercial network

featuring over 420 agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.