The Generali Group

Gruppo Generali identity | Social and environmental commitment | Reference markets and Group's competitive position

Gruppo Generali identity

Generali Group is one of the leading global insurance and financial entities, led by Assicurazioni Generali S.p.A., established in Trieste in 1831. It has always been internationally oriented and is now present in more than 60 Countries:   At the end of 2012 the Group’s insurance turnover was approximately € 70 billion.

As regards its core insurance business  the Generali Group remains Europe’s leading operator in the life segment. Its product line in this segment comprises savings and  protection policies, which account for the majority of its portfolio, alongside the Health business and Supplementary pension policies. In the non-life segment the Group is currently focused on the retail market, offering coverage for the entire insurance portfolio. Furthermore, Generali is one of the world’s major players in the field of assistance, through the Europ Assistance Group, which provides worldwide services in the motor, travel, health, home and family segments.

The Group has also expanded its business from insurance to a full line of asset management, properties and financial services. In particular, the Banca Generali Group is one of Italy’s leaders in the personal financial services market, whereas the BSI Swiss Group provides a full range of private-banking financial services.

Market leader in Italy, the Group has consolidated its position as one of the major insurance groups worldwide, becoming increasingly more important in Western European market, its main area of operations, where it remains among the leading operators in Germany, France, Austria, Spain and Switzerland.

In addition, Generali have a strong presence in markets with high development potential. More specifically, through Generali PPF Holding, the Group is one of the main operators in Central and Eastern Europe. It is also present in China, where after few years since it entered the market, it has become one of the leading foreign-owned insurance companies.

Especially with regard to distribution channels, the Group was able to develop new distribution solutions which it adopted alongside the traditional ones and financial promoters. The attention paid to changes in society and the markets, combined with its consolidated diversification policy have, in fact, enabled the company to promote original initiatives linked to insurance services as more specifically proven by the experience made in Italy by Genertel, specialised in phone direct sale. This policy allowed the Group to become leader in the sale of policies through alternative channels such as the Internet and the telephone also in France and Germany.up

Social and environmental commitment

In the Generali Group, the long-term business sustainability takes part of the insurance business. This can be confirmed by a development lasting more than 180 years, in which the enhancement of employees and attention to the expectations of customers, shareholders and the community are deeply rooted.

In the most recent years, the commitment to sustainability has become progressively stronger, creating a solid culture within the Group and moving toward a continually more systemic approach. This has led to increase the efficiency of actions on various aspects of sustainability over time, thanks, in particular, to the definition of objectives on which to report the Group performance.

In the last few years, results obtained in the various areas of sustainability have led to a general increase in the ratings assigned to Assicurazioni Generali by specialized agencies, which are continually more numerous considering the financial instruments issued by the Company as socially responsible investments (SRI). Subsequently, the Company is included in many of the most prestigious ethical indices such as FTSE4Good (which ranks the Company among the top 5 insurers globally), ASPI (Advanced Sustainable Performance Indices) Eurozone, STOXX ESG Leaders Indices, developed to help investors include social, environmental and governance criteria in their investment decisions.

The social and environmental aspects associated with operations shall be reported in a detailed manner in the Sustainability Report, usually published in the month of May. However, this financial statement provides again in advance with the most important non-financial information that supplement the financial one as to provide a more complete overview of the business and the results obtained by the Group during the year.

The sustainability approach of the Group is based on the following main management elements: the Code of Conduct, the Sustainability Commitments Chart, the Environmental Management System and a constant dialogue with stakeholders.

The new Code of Conduct, accompanied by the Group Rules, was approved by the Board of Directors of the Parent Company on 14 December 2012. The document, which replaces the Ethical Code of the Generali Group, represents a tool for practical and constant consultation, which, to this end, includes explanatory notes and concrete suggestions. The Code of Conduct sets the minimum standards of behaviour that employees and third parties acting on behalf of the Group must observe. The fundamental principles that guide Generali are provided, including that of fair conduct and honesty with explicit reference also to the commitments undertaken by the Group in the field of sustainability. In that regard, the roles assigned to people that have management positions, who are required to display exemplary conduct and to promote the culture of ethical conduct pursuant to the rules in their respective areas of competence, are provided.

To guarantee respect for the Code of Conduct, the Employees are encouraged to report inappropriate behaviour that they have witnessed and anyone making a report in good faith is protected against any retaliation. Despite this, so that no one is afraid to report incidents that could potentially endanger the business and reputation of the Group, reports can be made also anonymously.

Among the contents of the new Code, note, in particular, the significant focus on promoting diversity with an aim of inclusion, on transparency and accuracy in the communications towards all stakeholders, and on fighting against bribery, corruption, money laundering and the financing of terrorism.

The Sustainability Commitments Chart, being drafted, represents another important step towards managing the various sustainability aspects in a perspective of continual improvement. In fact, with this document, drafted this year for the first time, the systematic approach that has thus far been focused on environmental issues shall be extended to relations with other stakeholders. The Commitments Chart shall contain strategic goals that the Group intends to pursue with priority and commitments that it will then assume in the social and environmental field. For each strategic goal, mid and short-term objectives will also be identified and the results and actions that the Group undertakes to perform in the three year period from 2013 to 2015 will be indicated in detail.

The sustainability objectives and commitments included in the Chart will not be separate from the industrial ones but, on the contrary, will be integrated with these goals in order to support their achievement by creating value for all stakeholders. Therefore, they shall be based, first and foremost, on the contents of the new Code of Conduct and in the Industrial Plan of the Group. The Sustainability Commitments Chart is so strategic that it shall be presented and approved by the Board of Directors of the Parent Company in the first half of 2013. The document shall simplify and make the reporting of results reached more transparent: henceforth, the results shall refer to commitments in the Chart.

Generali’s commitment to protecting the environment is declared in the Environmental Policy, which requires choices compatible with its environmental needs in conducting its business. To this end, the Group places the efficient management of its natural resources among its top goals, which minimizes the environmental impact of energy, paper and water consumption, the production of waste and greenhouse gas emissions. The use of renewable energy is encouraged in order to prevent and mitigate the consequences of climate change. To reach the goals contained in the Policy, the Group is committed to implementing an Environmental Management System, aimed at continual improvement and at reducing the risks related to the environment. In 2012, the implementation of the System continued with an audit by the Group Internal Audit department that verified the correct and complete fulfilment of the provisions contained in the Group procedures in Italy. Moreover, for the first time, the RINA Services S.p.A. Certification Body certified the 2011 greenhouse gas emissions of the System based on the ISO 14064-1 regulations; certification has already been requested for 2012.

The systematic approach to sustainability has led the Group to assign ever more importance to dialogue with stakeholders, which are continually more involved in decision-making processes. Generali is actually aware of the fact that their contribution is essential in defining shared improvement methods on which to base mutually satisfactory relationships, key to maintain and increase the success of the Group over time and to contribute to the economic and social growth of the communities in which it operates.

The cornerstone of the sustainability issues of the Group is respect for human rights, considered essential in all the relationships with stakeholders. Employees are the main sphere of influence. The Group guarantees them a discrimination and harassment free work environment and recognizes freedom of association and collective bargaining. Any form of irregular work and exploitation is also prohibited, as well as any type of compulsory, forced or child labour. Respect for the aforementioned international core standards of the International Labour Organization (ILO) – explicitly referred to in the Code of Conduct – is constantly monitored throughout the Group and promoted with specific training programs. In particular, in 2011, an e-learning course was launched on the Ethical Code of the Group with specific focus on respect for human and labour rights, which has thus far involved almost 19,000 employees, giving priority to those that work in countries where this respect is not always guaranteed.

Insurance, by nature, is a business focused on the long-term and bases its sustainability on the centrality of people since only competent and motivated people can allow to develop the performance of the Group in an integrated way, building good relationships, contributing to the growth of the community and protecting the natural environment.

The Group constantly offers to its employees, who are considered as a fundamental asset, opportunities for professional growth and training to develop their skills and potential. The enhancement of human capital also occurs through policies aimed at attracting and maintaining young talented workers within the organization.

Customer satisfaction is a top goal of the Group, which tries to accomplish this with the high quality of products offered and services provided, constantly adapted to suit the new needs detected through the various forms of surveying carried out by Group companies. Managing customer relations is considered a crucial aspect: to guarantee support and service level that are in line with expectations, specific training courses are provided for the sales force who are asked to act fairly, professionally and transparently and to cooperate with customers to identify the most suitable solutions to protect their needs.

The Group is also committed to promoting responsible behaviour among consumers, contractual partners and issuing companies from a social and environmental standpoint.

To involve customers in protecting the environment and/or helping those who are in need, the Group includes in its offer products like policies with discounts for those who drive low emission or short mileage vehicles, saving products investing in SRI funds, etc..

To influence the conduct of issuing companies, leading them to act responsibly, the Group excludes financial instruments issued by companies that produce weapons that may violate fundamental humanitarian principles and are involved in serious or systemic violations of human rights, severe environmental damage or serious corruption from its investments.

Generali considers the quality of the goods and services provided also on the basis of social and environmental criteria in selecting its suppliers. In particular, in the Ethical Code for suppliers of the Group, contractual partners are required to comply with all applicable national and international rules and regulations and to be aligned with the Group policies, ensuring compliance for all levels of the respective supply chains.

The Group contributes to improving society with an active role in the social fabric of the establishment. Its commitment to the community takes the form of providing funds or other types of support to a large number of social, cultural, environmental and sports initiatives, in addition to implementing projects of mutual interest with institutions, non-profit associations, research and training centres. In the last few years, Generali has also launched several microinsurance initiatives, particularly in China, India, Indonesia, Brazil and Colombia as to provide the poorest members of society who would otherwise remain excluded with insurance products, thus improving their living conditions.up

Reference markets and Group's competitive position(1)



With almost 10.5 million customers and 17.9% market share, Generali is leader in the Italian insurance market. The Group offers its customers - in the retail, SME and Corporate segments - a full range of insurance solutions both in the Life and Non-life segments; the italian turnover is approximately 29% of the total premiums Generali Group. As far as distribution is concerned, Generali can rely on a salesforce of well over 9,000 tied agents and internal producing brokers, almost 35,000 sub-agents and independent producing brokers, 4,500 financial promoters as well as consolidated relationships with approximately 1,400 brokers. Generali also holds a consolidated position in the direct channel, through Genertel insurance company – Genertellife, the first online insurance launched in Italy. Finally, through Banca Generali, the Group offers its customers a wide and complete range of financial products in the pension and savings segment.



Generali Deutschland is Germany’s second insurance Group in terms of directly written premiums; it represents the second reference market with 25% in written premiums over the Group’s total. Generali Deutschland is market leader in the supplementary pension segment of Germany's second pillar pension schemes (so-called Riester policies), in unit-linked contracts and covers against biometric risks. The Group, focused on the retail segment, offers a full range of innovative products that can meet the needs of its 13.5 million customers in the life, non-life and health lines as well as in the financial services segment. The strategy is aimed at enhancing the competitive edge generated by the multi-channel distribution system, that wins over all other distribution alternatives (financial promoters of the DVAG network, direct channel, traditional distribution channels). At the same time the Group is concentrated on exploiting the synergies between the various operating units, by integrating and optimising back-office activities in shared service companies.



After Italy and Germany, France represents the third market of the Generali Group with a turnover of approximately 20% of the Group’s total. Generali France is the second largest general insurer in France. It is market leader in the Private savings segment and, in particular, in the Internet savings segment; it is also leader in the self-employed professional and small enterprise pension segment, and number one in Assistance through Europ Assistance. I operates through 7,000 collaborators and diverse distribution channels: Agents, brokers, financial promoters and banking partnerships as well as internet, basically through a tied agency and multi-channel approach, offering a range of products that can meet the needs of its 6 million customers and 800,000 companies and professionals.



In Central and Eastern European countries, Generali operates through Generali PPF Holding (GPH), a joint venture with the PPF group, a financial leader in the region, and enjoys a leadership position. The Holding company, with operating office in Prague, provides operating and professional know-how to insurance companies in 14 countries – Belarus, Bulgaria, Croatia, the Czech Republic, Hungary, Kazakhstan, Montenegro, Poland, Rumania, Russia, Serbia, Slovakia, Slovenia and Ukraine.  The Group has a catchment area of approximately 14 million customers for a total of € 14.8 bn managed assets.

Since it was established in January 2008, GPH has obtained the best profitability of the region both in the Life and Non-life segments. The diversification of the distribution channels surely represents a strength and in the last few years, in particular, the Group has reorganised its networks of agencies in many countries, strengthening at the same time the collaboration with many external partners (brokers, banks, financial promoters, leasing companies).

In January 2013 Generali and the PPF Group entered into an agreement defining the conditions for the termination of the GPH joint venture that will give the opportunity to Generali to obtain a 100% stake and full management control within the end of 2014.



With regards to the remaining European countries, the following are territories where Generali is present:

Austria: Generali has been operating in Austria since 1832, the year after the Company was established in Trieste. Generali, which operates in the Country through the insurance companies Generali Versicherung, BAWAG P.S.K. Versicherung and Europäische Reiseversicherung, today is the country’s third insurance company, with a total share of 15.2%, and is leader in the Motor segment.

Today, in Austria, the group has over 4 million customers, to which it offers a full range of Life and Non-life products, both in the retail, mall-medium enterprises and corporate segments. The distribution strategy is multi-channel and can count on a widespread network of agencies (approximately 2,000 tied agents), over 4,000 brokers, almost 400 financial promoters and 775 bank desks of BAWAG P.S.K. and 3Banken.

Spain: Generali España is one of Spain’s main insurance groups, with a total market share of 4.4%, capable of providing a wide range of Life and Non-life policies dedicated to both private individuals and enterprises, guaranteeing solutions that suit the most complex multinational entities. The Group uses a multi-channel distribution strategy which includes over 1,500 bank desks ad a network of agents and brokers that is one of the most widespread in Spain. Thanks to its presence across the country with over 1,500 assistance points serving more than 3.2 million insured in Spain, the Group stands out for the excellent service offered to its customers and the quality of its products. Always open to innovation, the Group proposes new insurance solutions as a dynamic response to market needs, focusing on value generation for its insured.

Switzerland: Generali has been operating in Switzerland since 1987 and in the following decade it consolidated its presence through the acquisition and merger of many insurance companies, today Generali operates through the Generali and Fortuna brands in the life, non-life and financial services segments, where also BSI, one of the main private banking groups operates. The Group is focused on the retail business and is characterised by the provision of innovative and high-quality services offered through diverse distribution channels: agents, brokers, financial promoters, direct channel. In the life segment, with reference to individual policies sector, the Group is in second place with a market share exceeding 15 %. In particular for unit-linked policies the Group is the market leader with a market share close to 50%. In the non-life segment the Group operates in all the insurance lines and ranks 6th with a 4.5% market share. In Switzerland, Generali exceeded one million customers and more than one and a half million policies.



As regards the presence of the Generali Group in non-European countries, the following areas have been highlighted:

Far East: The Generali Group has worked in the Far East since 1980. The JVs in Japan and Hong Kong have been slowly added to the ones in the Philippines, China, Thailand, India and Indonesia. In 2011, the Life Insurance Company was finally established in Vietnam. Particularly in China, the JV incorporated with the local CNPC (China National Petroleum Corporation) Partner has become one of the top life insurance groups. In China, the Group adopted a multi-channel distribution strategy, selling its own Life Insurance products through agents, brokers and bank tellers. There are more than 5,000 agents exclusively for the Generali China Life service while 510 are financial agents. The range of products includes Damages and Savings, Accident and Illness and Simple Risk and involves both the individual and Multinational operating in China that is the market leader among all foreigners in the segment.

Latin America: The Generali Group has long been present in many countries in Latin America. Its main operations are in Mexico and Argentina.

Smaller but significant are operations in Colombia, Guatemala, Ecuador and Panama, particularly through agents and brokers. They offer a wide range of life and accident products for retail and corporate clients. The Group works in Brazil as well with a limited market share.up

(1)Indicated shares and market positions, based on turnover, refer to official data or to the most recent estimates available.