03 Management 04 Corporate Bodies 06 To our Shareholders 010 Report by the Supervisory Board 014 Corporate Governance 018 Flashlights 2007 022 The AMB Generali Share 024 Ratings Group Management Report 028 Economic environment in 2007 030 Insurance industry and financial services sector 033 Development focus of the AMB Generali Group 041 Business development of the AMB Generali Group in 2007 051 Proposal for the profit appropriation of AMB Generali Holding AG 052 Human resources 054 Internal controlling systems 058 Risks involved in the future development and risk controlling 066 Outlook 074 Information and report in compliance with section 315 para. 4 of the German Commercial Code (HGB) Consolidated Financial Statements 078 Consolidated Income Statement for the period Jan. 1­Dec. 31, 2007 079 Consolidated Income Statement for the period Oct. 1­Dec. 31, 2007 080 Consolidated Balance Sheet as at December 31, 2007 082 Equity development 083 Cash-flow statement 086 Notes 168 Auditor's Report Further Information 169 Mandates 173 Glossary 178 Addresses of the Group Companies 179 Imprint 183 Financial Calendar Chap. 1 Chap. 2 Chap. 3 Chap. 4 Contents