Vittoria Assicurazioni : 3rd Quarter 2016 - Consolidated Results -

Please note that original press release is in Italian.

In case of doubt the Italian version prevails

• Net Group profit: € 70.6 million (+22%)

• Group Consolidated Net Equity: € 744.1 million (+7.6% vs 31December 2015)

• Total Premium: € 899.7 million (-2.4%)

• Retained Non-Life Combined Ratio1: 90.% (90.8% as at 30 September 2015)

• Retained Non-Life Loss Ratio2: 66.0% (65.8% as at 30 September 2015)

• Matteo Campaner and Paolo Novati appointed Deputy General Directors

The Vittoria Assicurazioni Board of Directors, which met today in Milan, has reviewed the 3rd quarter 2016 results and approved the interim management report.

Consolidated results (IFRS GAAP)

The Financial Statements as of 30 September 2015 show a Net Group profit of € 70.6 million vs. € 57.9 million reported in the same period of 2015 (+ 22%).

The Group's Comprehensive Income Statement, which also includes the profits or losses directly recognized in the net equity, as of 30 September 2016, shows a positive balance of € 66.3 million (€ 70.3 million as of 30 September 2015).

The Group Consolidated Net Equity amounts to € 744.1 million, increasing by 7.6% with respect to € 691.2 million as at 31 December 2015.

The direct premium volumes amount to € 899.6 million, decreasing by 2.4% with respect to the same period in 2015.

1 (Claims + operating expenses + intangibles amortisation +net technical accounts) / earned premiums (retained business)

2 Claims / earned premiums (retained business)

The Group's Insurance Result, gross of taxes and intercompany adjustments, shows a balance of € 107.9 million (+11.8% vs. € 96.5 million as of 30 September 2015).

Non life business

Notwithstanding the constant pressure on prices, the non-life volumes register a slight increase (+0.5%) with respect to the same period in 2015, with total premium (direct and indirect business) amounting to € 772.2 million (€768.6 million as of 30 September 2015).

Motor volumes reach € 568.2 million (+0.3 with respect to same period of 2015) and are still impacted by the decrease in average premium fostered by the dynamics on prices.

Non motor volumes amount to € 204.4 million (€ 202.2 million as of September 2015) increasing by 1.1%. The careful risk selection continues.

The retained combined ratio is 90.0% (90.8% as of September 2015) and reflects a stable loss ratio at 66.0% (vs 65.8% as of 30 September 2015), and an improved expense ratio3 of 24.9% vs 25.3% in the same period 2015 (KPI under Italian GAAP).

The gross non-life result improves from € 95.5 million as of 30 September 2015 to €

105.1 million as of 30 September 2016. Life Business

Direct Life volumes, which do not include contracts considered to be financial instruments, decrease by 17.0% compared to the same period of last year. This reduction is in line with the revised growth strategies aimed at decreasing single premiums linked to segregated funds.

The gross life result improves from € 1.0 million as of 30 September 2015 to € 2.8 million as of 30 September 2016.

3 (Operating expenses + intangibles amortization +net technical accounts) / gross written premiums (retained business)

Real Estate segment

The real estate segment reports losses of € 6.8 million, gross of taxes and net of the intercompany adjustments, in improvement with respect to the losses of € 10.2 million as of 30 September 2015.

Investments

Total Investments amount to € 3,419.5 million (+6.0% vs. 2015 year end), of which €

61.2 million (+3.2%) relate to investments with risk borne by the policyholders and € 3,358.2 million relate to investments with risk borne by the Group (+6.0%).

Net income from investments with risk borne by the Group amounted to € 53.3 million vs. € 59.2 million in the previous period (- 10.0%). The result includes the capital gain of

€ 5.9 million from the sale of fixed rate Italian government bonds realized in the 1st

quarter (€ 9.4 million in the same period 2015). Group Equity

The Group net equity amounts to € 744.1 million, increasing by 7.6% with respect to €

691.2 million as at 31 December 2015.The AFS reserve, as of 30 September 2016, is €

121.2 million (€ 125.2 million as of 30 September 2015).

The Group third quarter result, which is in line with the Company's targets, confirms a steady strengthening of Vittoria Assicurazioni capital position, in light of Solvency II regulations which have become effective 1st January 2016.

Appointments

The Vittoria Assicurazioni Board of Directors has appointed Mr. Matteo Campaner and Mr. Paolo Novati as Deputy General Directors effective 1st January 2017.

The interim management report will be available within the legal deadlines at the Company's Headquarter, on the internet site www.vittoriaassicurazioni.com and on NIS- Storage.

The Corporate Financial Reporting Manager of Vittoria Assicurazioni S.p.A., Mr. 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, 10 November 2016

Contact: Giuseppina Marchetti - Director Planning and Control Tel: + 39 02 48 219 330

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

Attachments

Consolidated Income Statement and Comprehensive Income Statement.

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