<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    >

   <link:roleRef xlink:type="simple" xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#id_159" roleURI="https://www.generali.it/xbrl/role/all/ias_1_role-210000"/>
   <link:roleRef xlink:type="simple" xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#id_8" roleURI="https://www.generali.it/xbrl/role/all/ias_1_role-310000"/>
   <link:roleRef xlink:type="simple" xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#id_161" roleURI="https://www.generali.it/xbrl/role/all/ias_1_role-410000"/>
   <link:roleRef xlink:type="simple" xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#id_10" roleURI="https://www.generali.it/xbrl/role/all/ias_1_role-610000"/>
   <link:roleRef xlink:type="simple" xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#id_181" roleURI="https://www.generali.it/xbrl/role/all/ias_7_role-520000"/>
   <!-- http://www.xbrl.org/2003/arcrole/summation-item https://www.generali.it/xbrl/role/all/ias_1_role-210000 -->
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_PropertyPlantAndEquipment"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_InsuranceReservesChargedToReinsurers" xlink:label="ext_InsuranceReservesChargedToReinsurers" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_InsuranceReservesChargedToReinsurers"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_TotalInvestments" xlink:label="ext_TotalInvestments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_TotalInvestments"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_OtherAssets"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_IntangibleAssetsAndGoodwill"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="ifrs-full_TradeAndOtherReceivables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_TradeAndOtherReceivables"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_CashAndCashEquivalents"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_Equity"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherProvisions" xlink:label="ifrs-full_OtherProvisions" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_OtherProvisions"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ProvisionsArisingFromInsuranceContracts" xlink:label="ext_ProvisionsArisingFromInsuranceContracts" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_ProvisionsArisingFromInsuranceContracts"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Payables" xlink:label="ext_Payables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_Payables"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilities"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_OtherLiabilities"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Equity"
                          xlink:to="ifrs-full_EquityAttributableToOwnersOfParent"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Equity"
                          xlink:to="ifrs-full_NoncontrollingInterests"
                            order="20.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ifrs-full_IssuedCapital"
                            weight="1.0"
                            order="38.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_RetainedEarningsAndOtherReserves" xlink:label="ext_RetainedEarningsAndOtherReserves" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ext_RetainedEarningsAndOtherReserves"
                            weight="1.0"
                            order="39.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ifrs-full_TreasuryShares"
                            order="40.0"
                            weight="-1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ProfitLossAttributableToOwnersOfParent" xlink:label="ext_ProfitLossAttributableToOwnersOfParent" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ext_ProfitLossAttributableToOwnersOfParent"
                            weight="1.0"
                            order="41.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_EquityInstruments" xlink:label="ext_EquityInstruments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ext_EquityInstruments"
                            weight="1.0"
                            order="42.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets"
                            weight="1.0"
                            order="43.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CapitalReserve" xlink:label="ifrs-full_CapitalReserve" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ifrs-full_CapitalReserve"
                            weight="1.0"
                            order="44.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation"
                            weight="1.0"
                            order="45.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ReserveForOtherGainsAndLossesThroughEquity" xlink:label="ext_ReserveForOtherGainsAndLossesThroughEquity" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAttributableToOwnersOfParent"
                          xlink:to="ext_ReserveForOtherGainsAndLossesThroughEquity"
                            weight="1.0"
                            order="46.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_CashAndCashEquivalentsAtEndOfThePeriod" xlink:label="ext_CashAndCashEquivalentsAtEndOfThePeriod" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_CashAndCashEquivalentsAtEndOfThePeriod"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_PassivitaFinanziarieAVista" xlink:label="ext_PassivitaFinanziarieAVista" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_PassivitaFinanziarieAVista"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ScopertiBancariTemporanei" xlink:label="ext_ScopertiBancariTemporanei" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_ScopertiBancariTemporanei"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_FinancialLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherFinancialLiabilities" xlink:label="ifrs-full_OtherFinancialLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_FinancialLiabilities"
                          xlink:to="ifrs-full_OtherFinancialLiabilities"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IntangibleAssetsAndGoodwill"
                          xlink:to="ifrs-full_Goodwill"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IntangibleAssetsAndGoodwill"
                          xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ReserveForUnrealizedGainsAndLossesNoncontrollingInterests" xlink:label="ext_ReserveForUnrealizedGainsAndLossesNoncontrollingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_NoncontrollingInterests"
                          xlink:to="ext_ReserveForUnrealizedGainsAndLossesNoncontrollingInterests"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ProfitLossAttributableToNoncontrollingInterests" xlink:label="ext_ProfitLossAttributableToNoncontrollingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_NoncontrollingInterests"
                          xlink:to="ext_ProfitLossAttributableToNoncontrollingInterests"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_IssuedCapitalAndReservesAttributableToNoncontrollingInterests" xlink:label="ext_IssuedCapitalAndReservesAttributableToNoncontrollingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_NoncontrollingInterests"
                          xlink:to="ext_IssuedCapitalAndReservesAttributableToNoncontrollingInterests"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredAcquisitionCostsArisingFromInsuranceContracts" xlink:label="ifrs-full_DeferredAcquisitionCostsArisingFromInsuranceContracts" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherAssets"
                          xlink:to="ifrs-full_DeferredAcquisitionCostsArisingFromInsuranceContracts"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherAssets"
                          xlink:to="ifrs-full_DeferredTaxAssets"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxAssets" xlink:label="ifrs-full_CurrentTaxAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherAssets"
                          xlink:to="ifrs-full_CurrentTaxAssets"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherAssetsOther" xlink:label="ext_OtherAssetsOther" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherAssets"
                          xlink:to="ext_OtherAssetsOther"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherAssets"
                          xlink:to="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherLiabilities"
                          xlink:to="ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherLiabilities"
                          xlink:to="ifrs-full_DeferredTaxLiabilities"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherLiabilities"
                          xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherLiabilitiesOther" xlink:label="ext_OtherLiabilitiesOther" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherLiabilities"
                          xlink:to="ext_OtherLiabilitiesOther"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LandAndBuildings" xlink:label="ifrs-full_LandAndBuildings" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_PropertyPlantAndEquipment"
                          xlink:to="ifrs-full_LandAndBuildings"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherTangibleAssets" xlink:label="ext_OtherTangibleAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_PropertyPlantAndEquipment"
                          xlink:to="ext_OtherTangibleAssets"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="ifrs-full_TradeAndOtherReceivables" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ReceivablesArisingFromReinsuranceOperations" xlink:label="ext_ReceivablesArisingFromReinsuranceOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_TradeAndOtherReceivables"
                          xlink:to="ext_ReceivablesArisingFromReinsuranceOperations"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_TradeAndOtherReceivables"
                          xlink:to="ifrs-full_OtherReceivables"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ReceivablesArisingFromDirectInsuranceOperations" xlink:label="ext_ReceivablesArisingFromDirectInsuranceOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_TradeAndOtherReceivables"
                          xlink:to="ext_ReceivablesArisingFromDirectInsuranceOperations"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Payables" xlink:label="ext_Payables" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_PayablesArisingFromDirectInsuranceOperations" xlink:label="ext_PayablesArisingFromDirectInsuranceOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Payables"
                          xlink:to="ext_PayablesArisingFromDirectInsuranceOperations"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_PayablesArisingFromReinsuranceOperations" xlink:label="ext_PayablesArisingFromReinsuranceOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Payables"
                          xlink:to="ext_PayablesArisingFromReinsuranceOperations"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherPayables" xlink:label="ifrs-full_OtherPayables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Payables"
                          xlink:to="ifrs-full_OtherPayables"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_TotalInvestments" xlink:label="ext_TotalInvestments" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentProperty" xlink:label="ifrs-full_InvestmentProperty" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_InvestmentProperty"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_HeldtomaturityInvestments" xlink:label="ifrs-full_HeldtomaturityInvestments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_HeldtomaturityInvestments"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LoansAndReceivables" xlink:label="ifrs-full_LoansAndReceivables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_LoansAndReceivables"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsAvailableforsale" xlink:label="ifrs-full_FinancialAssetsAvailableforsale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_FinancialAssetsAvailableforsale"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalInvestments"
                          xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
   </link:calculationLink>
   <!-- http://www.xbrl.org/2003/arcrole/summation-item https://www.generali.it/xbrl/role/all/ias_1_role-310000 -->
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLoss"
                          xlink:to="ifrs-full_ProfitLossFromContinuingOperations"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:label="ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLoss"
                          xlink:to="ifrs-full_ProfitLossFromDiscontinuedOperations"
                            order="20.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLossFromContinuingOperations"
                          xlink:to="ifrs-full_ProfitLossBeforeTax"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLossFromContinuingOperations"
                          xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations"
                            order="20.0"
                            weight="-1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Totalexpenses" xlink:label="ext_Totalexpenses" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLossBeforeTax"
                          xlink:to="ext_Totalexpenses"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_TotalIncome" xlink:label="ext_TotalIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ProfitLossBeforeTax"
                          xlink:to="ext_TotalIncome"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NetEarnedPremium" xlink:label="ifrs-full_NetEarnedPremium" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_EarnedPremiumCeded" xlink:label="ext_EarnedPremiumCeded" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_NetEarnedPremium"
                          xlink:to="ext_EarnedPremiumCeded"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_GrossEarnedPremiums" xlink:label="ext_GrossEarnedPremiums" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_NetEarnedPremium"
                          xlink:to="ext_GrossEarnedPremiums"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Acquisitionandadministrationcosts" xlink:label="ext_Acquisitionandadministrationcosts" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AcquisitionAndAdministrationExpenseRelatedToInsuranceContracts" xlink:label="ifrs-full_AcquisitionAndAdministrationExpenseRelatedToInsuranceContracts" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Acquisitionandadministrationcosts"
                          xlink:to="ifrs-full_AcquisitionAndAdministrationExpenseRelatedToInsuranceContracts"
                            weight="-1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_InvestmentManagementExpenses" xlink:label="ext_InvestmentManagementExpenses" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Acquisitionandadministrationcosts"
                          xlink:to="ext_InvestmentManagementExpenses"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherAdministrativeExpense" xlink:label="ext_OtherAdministrativeExpense" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Acquisitionandadministrationcosts"
                          xlink:to="ext_OtherAdministrativeExpense"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries" xlink:label="ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpenseForPolicyholderClaimsAndBenefitsWithoutReductionForReinsuranceHeld" xlink:label="ifrs-full_ExpenseForPolicyholderClaimsAndBenefitsWithoutReductionForReinsuranceHeld" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries"
                          xlink:to="ifrs-full_ExpenseForPolicyholderClaimsAndBenefitsWithoutReductionForReinsuranceHeld"
                            weight="-1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ExpenseForPolicyholderClaimsAndBenefitsReinsuranceHeld" xlink:label="ext_ExpenseForPolicyholderClaimsAndBenefitsReinsuranceHeld" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries"
                          xlink:to="ext_ExpenseForPolicyholderClaimsAndBenefitsReinsuranceHeld"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:label="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LossesOnDisposalsOfInvestments" xlink:label="ifrs-full_LossesOnDisposalsOfInvestments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ifrs-full_LossesOnDisposalsOfInvestments"
                            weight="-1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_InterestExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:label="ext_InterestExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ext_InterestExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherExpensesFromOtherFinancialInstrumentsAndInvestmentProperties" xlink:label="ext_OtherExpensesFromOtherFinancialInstrumentsAndInvestmentProperties" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ext_OtherExpensesFromOtherFinancialInstrumentsAndInvestmentProperties"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_UnrealizedLossesAndImpairmentLosses" xlink:label="ext_UnrealizedLossesAndImpairmentLosses" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ext_UnrealizedLossesAndImpairmentLosses"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties" xlink:label="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestIncomeForFinancialAssetsNotAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsNotAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ifrs-full_InterestIncomeForFinancialAssetsNotAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_RealizedGains" xlink:label="ext_RealizedGains" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ext_RealizedGains"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_UnrealizedGainsAndReversalOfImpairmentLosses" xlink:label="ext_UnrealizedGainsAndReversalOfImpairmentLosses" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ext_UnrealizedGainsAndReversalOfImpairmentLosses"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties"
                          xlink:to="ifrs-full_OtherIncome"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Totalexpenses" xlink:label="ext_Totalexpenses" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries" xlink:label="ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ext_ClaimsAndBenefitsNetOfReinsuranceRecoveries"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="ifrs-full_FeeAndCommissionExpense" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ifrs-full_FeeAndCommissionExpense"
                            weight="-1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:label="ifrs-full_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ifrs-full_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="ifrs-full_OtherExpenseByFunction" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ifrs-full_OtherExpenseByFunction"
                            weight="-1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:label="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ext_ExpensesFromOtherFinancialInstrumentsandInvestmentProperties"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_Acquisitionandadministrationcosts" xlink:label="ext_Acquisitionandadministrationcosts" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_Totalexpenses"
                          xlink:to="ext_Acquisitionandadministrationcosts"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-310000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_TotalIncome" xlink:label="ext_TotalIncome" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NetEarnedPremium" xlink:label="ifrs-full_NetEarnedPremium" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ifrs-full_NetEarnedPremium"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_IncomeOnInvestmentsInSubsidiariesAssociatesAndInterestsInJointVentures" xlink:label="ext_IncomeOnInvestmentsInSubsidiariesAssociatesAndInterestsInJointVentures" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ext_IncomeOnInvestmentsInSubsidiariesAssociatesAndInterestsInJointVentures"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties" xlink:label="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ext_IncomeFromOtherFinancialInstrumentsandInvestmentProperties"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherRevenue" xlink:label="ifrs-full_OtherRevenue" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ifrs-full_OtherRevenue"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FeeAndCommissionIncome" xlink:label="ifrs-full_FeeAndCommissionIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ifrs-full_FeeAndCommissionIncome"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_TotalIncome"
                          xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
   </link:calculationLink>
   <!-- http://www.xbrl.org/2003/arcrole/summation-item https://www.generali.it/xbrl/role/all/ias_1_role-410000 -->
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-410000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ComprehensiveIncome"
                          xlink:to="ifrs-full_ProfitLoss"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ComprehensiveIncome"
                          xlink:to="ifrs-full_OtherComprehensiveIncome"
                            order="20.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-410000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncome"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncome"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                            order="20.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-410000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"
                            weight="1.0"
                            order="69.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax"
                            order="70.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-410000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ProfitLossFromDiscontinuedOperationsThatMayBeReclassified" xlink:label="ext_ProfitLossFromDiscontinuedOperationsThatMayBeReclassified" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ext_ProfitLossFromDiscontinuedOperationsThatMayBeReclassified"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_OtherItemsThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ext_OtherItemsThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ext_OtherItemsThatWillBeReclassifiedToProfitOrLossNetOfTax"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ProfitLossFromDiscontinuedOperationsThatMayNotBeReclassified" xlink:label="ext_ProfitLossFromDiscontinuedOperationsThatMayNotBeReclassified" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"
                          xlink:to="ext_ProfitLossFromDiscontinuedOperationsThatMayNotBeReclassified"
                            weight="1.0"
                            order="8"
                          xlink:type="arc"/>
   </link:calculationLink>
   <!-- http://www.xbrl.org/2003/arcrole/summation-item https://www.generali.it/xbrl/role/all/ias_1_role-610000 -->
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_1_role-610000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ComprehensiveIncome"
                          xlink:to="ifrs-full_ProfitLoss"
                            order="10.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_ComprehensiveIncome"
                          xlink:to="ifrs-full_OtherComprehensiveIncome"
                            order="20.0"
                            weight="1.0"
                          xlink:type="arc"/>
   </link:calculationLink>
   <!-- http://www.xbrl.org/2003/arcrole/summation-item https://www.generali.it/xbrl/role/all/ias_7_role-520000 -->
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"
                          xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_CashFlowsFromUsedInOperatingActivities" xlink:label="ext_CashFlowsFromUsedInOperatingActivities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"
                          xlink:to="ext_CashFlowsFromUsedInOperatingActivities"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"
                          xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"
                          xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromInvestmentProperties" xlink:label="ext_NetCashFlowsFromInvestmentProperties" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromInvestmentProperties"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromLoansAndReceivables" xlink:label="ext_NetCashFlowsFromLoansAndReceivables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromLoansAndReceivables"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromHeldToMaturityInvestments" xlink:label="ext_NetCashFlowsFromHeldToMaturityInvestments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromHeldToMaturityInvestments"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromAvailableForSaleFinancialAssets" xlink:label="ext_NetCashFlowsFromAvailableForSaleFinancialAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromAvailableForSaleFinancialAssets"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromTangibleAndIntangibleAssets" xlink:label="ext_NetCashFlowsFromTangibleAndIntangibleAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromTangibleAndIntangibleAssets"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromOtherInvestingActivities" xlink:label="ext_NetCashFlowsFromOtherInvestingActivities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromOtherInvestingActivities"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromInvestmentsInSubsidiariesAssociatedCompaniesAndJointVentures" xlink:label="ext_NetCashFlowsFromInvestmentsInSubsidiariesAssociatedCompaniesAndJointVentures" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities"
                          xlink:to="ext_NetCashFlowsFromInvestmentsInSubsidiariesAssociatedCompaniesAndJointVentures"
                            weight="-1.0"
                            order="7"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowFromSaleOrIssueOfTreasuryShares" xlink:label="ext_NetCashFlowFromSaleOrIssueOfTreasuryShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_NetCashFlowFromSaleOrIssueOfTreasuryShares"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromNonControllingInterests" xlink:label="ext_NetCashFlowsFromNonControllingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_NetCashFlowsFromNonControllingInterests"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromSubordinatedLiabilitiesOrSimilarLiabilities" xlink:label="ext_NetCashFlowsFromSubordinatedLiabilitiesOrSimilarLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_NetCashFlowsFromSubordinatedLiabilitiesOrSimilarLiabilities"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromOtherFinancialLiabilities" xlink:label="ext_NetCashFlowsFromOtherFinancialLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_NetCashFlowsFromOtherFinancialLiabilities"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:label="ext_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_NetCashFlowsFromShareholdersEquityAttributableToTheGroup" xlink:label="ext_NetCashFlowsFromShareholdersEquityAttributableToTheGroup" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities"
                          xlink:to="ext_NetCashFlowsFromShareholdersEquityAttributableToTheGroup"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_CashAndCashEquivalentsAtEndOfThePeriod" xlink:label="ext_CashAndCashEquivalentsAtEndOfThePeriod" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_CashAndCashEquivalentsAtEndOfThePeriod"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_PassivitaFinanziarieAVista" xlink:label="ext_PassivitaFinanziarieAVista" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_PassivitaFinanziarieAVista"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ScopertiBancariTemporanei" xlink:label="ext_ScopertiBancariTemporanei" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_CashAndCashEquivalents"
                          xlink:to="ext_ScopertiBancariTemporanei"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentsForIncreaseDecreaseInOtherOperatingReceivablesAndPayables" xlink:label="ext_AdjustmentsForIncreaseDecreaseInOtherOperatingReceivablesAndPayables" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentsForIncreaseDecreaseInTradeReceivablesAndPayables" xlink:label="ext_AdjustmentsForIncreaseDecreaseInTradeReceivablesAndPayables" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForIncreaseDecreaseInOtherOperatingReceivablesAndPayables"
                          xlink:to="ext_AdjustmentsForIncreaseDecreaseInTradeReceivablesAndPayables"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_ChangeInReceivablesPayablesDirectInsuranceAndReinsuranceOperations" xlink:label="ext_ChangeInReceivablesPayablesDirectInsuranceAndReinsuranceOperations" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForIncreaseDecreaseInOtherOperatingReceivablesAndPayables"
                          xlink:to="ext_ChangeInReceivablesPayablesDirectInsuranceAndReinsuranceOperations"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.generali.it/xbrl/role/all/ias_7_role-520000" xlink:type="extended">
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentsForNonCashItems" xlink:label="ext_AdjustmentsForNonCashItems" xlink:type="locator"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentForDeferredAcquisitionCosts" xlink:label="ext_AdjustmentForDeferredAcquisitionCosts" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ext_AdjustmentForDeferredAcquisitionCosts"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentForMathematicalProvisionsAndOtherInsuranceProvisionsForLifeSegment" xlink:label="ext_AdjustmentForMathematicalProvisionsAndOtherInsuranceProvisionsForLifeSegment" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ext_AdjustmentForMathematicalProvisionsAndOtherInsuranceProvisionsForLifeSegment"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentForProvisionsfForOutstandingClaimsAndOtherInsuranceProvisionsForNonlifeSegment" xlink:label="ext_AdjustmentForProvisionsfForOutstandingClaimsAndOtherInsuranceProvisionsForNonlifeSegment" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ext_AdjustmentForProvisionsfForOutstandingClaimsAndOtherInsuranceProvisionsForNonlifeSegment"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="549300X5UKJVE386ZB61-2021-12-31.xsd#ext_AdjustmentForProvisionsForUnearnedPremiumsAndForUnexpiredRisksForNonlifeSegment" xlink:label="ext_AdjustmentForProvisionsForUnearnedPremiumsAndForUnexpiredRisksForNonlifeSegment" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ext_AdjustmentForProvisionsForUnearnedPremiumsAndForUnexpiredRisksForNonlifeSegment"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAdjustmentsForNoncashItems" xlink:label="ifrs-full_OtherAdjustmentsForNoncashItems" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ifrs-full_OtherAdjustmentsForNoncashItems"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ext_AdjustmentsForNonCashItems"
                          xlink:to="ifrs-full_AdjustmentsForProvisions"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
   </link:calculationLink>

</link:linkbase>