Press Kit - Generali

Press Kit
generali.com
OCTOBER 2016
2
Generali Group
at a glance
more than
60 countries
in the world
One of the leading insurers
in the world
55 million
customers
500 billion Euro
of AUM
* MIT Technology Review
**Fortune Global 500
76,000
employees
74 billion Euro
in premiums (2015)
over 66% from outside Italy
Among the 50
smartest companies
in the world*
one of the world’s
50 largest
companies**
3
Generali Group
at a glance
Through Generali Employee Benefits,
the Group operates
in more than 100 countries
Insurance operations of Generali Group
Branches: New York, United Kingdom, Hong Kong, Tokyo, Dubai, Panama
Other countries in which Europ Assistance operates
4
The Core
Insurance business
An extensive line of products in the Life and Property & Casualty segments to meet all the clients’ needs.
LIFE AND P&C
PRODUCT INNOVATION
In the Life segment, its offer ranges from savings and family protection
policies to unit-linked policies and complex plans for multinationals.
In the P&C segment, the well-balanced portfolio goes from massmarket coverage such as Car, Home, Accident &Health, to sophisticated
commercial and industrial risk coverage.
The Group is committed to achieving the optimal client segmentation and
enhancing product innovation in order to deliver a targeted approach to
clients. Generali aims to be best-in-class for client retention and satisfaction.
Generali relies on innovation as a key driver for future growth. Innovation
allows for more tailored solutions and quicker product development.
Through innovation, Generali will achieve product excellence.
In the Life segment, every new product is approved ex-ante by the
Group’s Head Office. Products are assessed periodically to ensure Group’s
standards are met.
In the P&C segment, Generali is committed to enhancing the performance
of the P&C offer, by improving the sophistication of its products and services
for a better definition of clients’ profiles, and its claims management services.
Generali is a leader in the retail segment and it is increasing the contribution
of the Commercial business, in which it serves from small to large companies
at international level leveraging the Group’s global reach and its strong ties
with international brokers.
5
Distribution
The Generali Group operates in the insurance sector with a multichannel distribution strategy
through a global proprietary sales network of agents and financial advisors, supported by brokers,
bancassurance and direct channels.
TRADITIONAL CHANNELS
DIRECT CHANNELS
BANCASSURANCE
Traditional channels account for most of the
Group’s premium collection.
Generali relies on agencies, financial advisiors,
brokers and other partners to distribute its
products and solutions with a view to providing a
convenient and excellent service to clients.
Generali adopts optimised sales processes to
increase sales effectiveness and profitability. In
particular, the Group is streamlining the structure
with simplified and modern processes tailored to
the clients’ needs.
Generali is Europe’s leader in direct channels
(internet and telephone) and intends to further
improve its position by launching new initiatives in
high-growth markets.
 Leader in Italy, where it created, through
Genertel, the first italian online Life, P&C and
Pension insurance portal
 Leader in Germany, where it has been present
since 1982 through COSMOS Direkt
 Leader in France in the online Life insurance
segment
 First operator in Hungary, where Genertel.hu
was launched in 2007
 Rapidly growing in Slovakia, where Genertel.sk
was launched in 2010, and in Turkey, where the
multi-access platform started in 2014
Generali plans to enhance its bancassurance
channel by maximising the full potential of the
existing partnerships as well as exploring new
initiatives. Bancassurance will be key in the Life
segment to increase the share of capital-light
products and in the P&C segment to boost sales.
Italy
6
In recent years
1994
Genertel roll-out,
first online
insurance
provider in Italy
1998
Banca Generali
is founded
PLAN FOR GROWTH
From 10 to 3 brands
Starting from the end of 2015, only
three Group brands operate in Italy.
Generali Life and P&C company with a
single distribution network made up of
more than 1,500 agencies for the retail
and middle market business. Dedicated
Commercial business unit.
Alleanza Company dedicated to Italian
families, with its network of direct
producers and a range of Life and P&C
products.
Genertel Life and P&C company on the
alternative channels (phone, web and
bancassurance), Italy’s market leader in
this segment.
Generali is investing more than €300
mln in the next years to become
profitability and market leader in its
core market. The new structure will
strengthen the Generali brand and
sales networks and simplify its business model.
 Full consolidation of businesses
and brands with similar characteristics: from 10 to 3 brands; from 6
independent distribution networks
to one integrated network
 Full integration of operating models, including centralisation of IT
and streamlining of overlapping
products and services
2000
Ina Assitalia
take-over
2006
Toro
take-over
€ 25.3 bln premium
income in 2015
2012-13
Announcement of the new plan for growth.
Launch of Generali Italia following the
incorporation of the Group’s main insurance
activities and shareholdings in Italy
Market’s leading
insurer
3,200 agents,
Leading player in
direct channels
more than 14,500 subagents
and employed producers,
more than 21,000
independent producers
and self-employed agency
professionals.
Networks supported
by 1,500 financial advisors
Germany
7
In recent years
1837
Start operating
1998
AMB Group
take-over
THE STRATEGIC REPOSITIONING
ON THE GERMAN MARKET
Main companies

Generali Deutschland Ag
p Generali Versicherungen
p Aachenmunchener
x
Cosmosdirekt
p
COMPANY OPERATING IN BOTH LIFE
AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

COMPANY OPERATING MOSTLY IN LIFE SEGMENT

HOLDING
x
DIRECT CHANNELS
ASSISTANCE SERVICES
The aim is to better serve customers
leveraging on distribution strength;
to offer smarter products with a focus on technologies, and to have a
streamlined governance achieving
higher efficiency.
The pillars of our strategy:
 A simpler and closer-to-business
governance
 Customized
offer on three
distribution pillars: Generali,
Aachen-Münchener and CosmosDirekt.
 A “New normal” in Life insurance
 Smart insurance
2009
Establishment of Generali Deutschland
to control all the German businesses.
Merger between Generali Versicherungen
and Volksfürsorge completed
€ 17.8 bln premium
income in 2015
2013
Squeeze-out of the
minority shareholdings
in Generali Deutschland
Holding
2015
Launch
of a strategic
repositioning
in the market
Second-largest
primary insurance
group in the market
Partnership with the largest
financial advisory network
in Germany - DVAG with approximately
Leading player in
direct channels
37,000 financial
advisor
4,300 agents.
Network supported by
over 15,000 brokers
and multiple agents
France
8
In recent years
1832
Start operating
1995
Establishment
of Generali France Holding
2003
Continent
Holding take-over
2006
Merger 20 controlled companies
in 2 operating companies:
Generali Iard and Generali Vie
€ 11.3 bln premium
income in 2015
Among the leading operators
in the market
Leading player in
internet savings
Almost 900 agents
and 1,700 employed producers,
supported by 1,900 financial
advisors
Main companies
Generali France
Generali Vie
Generali Iard
Europ Assistance


p
COMPANY OPERATING IN BOTH LIFE
AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

COMPANY OPERATING MOSTLY IN LIFE SEGMENT

HOLDING
x
DIRECT CHANNELS
ASSISTANCE SERVICES
Central
Eastern
Europe
9
In recent years
1832
Start operating
1989
Expansion plan
launched in the area
2008
Creation of Generali PPF Holding,
JV between Generali
and PPF Group
€ 3.6 bln premium
income in 2015
2015
Full control of GPH.
Company name changed
into Generali CEE Holding
2,500 salaried sales
professionals
and 14,600 agents
Main companies
pCeska Pojistovna - Czech Rep.
GENERALI LEADER IN CEE
MARKET RANKING
GENERALI IN CEE - 2007 VS 2015
pGenerali Pojistovna - Czech Rep.
pGenerali Biztosito - Hungary
Generali Towarzystwo - Poland
p
COMPANY OPERATING IN BOTH LIFE
AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

COMPANY OPERATING MOSTLY IN LIFE SEGMENT

HOLDING
x
DIRECT CHANNELS
ASSISTANCE SERVICES
The Group is an indisputed leader
in CEE in terms of profitability, with
a combined ratio among the best in
the sector.
Czech Republic
#1
Hungary
#2
Serbia
#2
Slovakia
#3
Poland, Romania, Bulgaria,
Croatia, Slovenia,
Montenegro
Among Top 10
 early 2007  end 2015
Premium income
1 bln
3.6 bln
Clients
4 mln
> 10 mln
10
Global Business Lines & International / 1
Since May 2016 Global Business Lines & International has been consolidated the existing
Global Business Lines unit and three regions: EMEA, Asia and the Americas.
EMEA region
In recent years
1995
Full take-over
of Generali
España Holding
Main companies

Generali España - Spain
pGenerali Seguros - Spain
Generali Holding Vienna - Austria
pGenerali Versicherung - Austria
 Generali Schweiz - Switzerland
Generali Pan Europe - Ireland
1998
Estabishment of Generali
Versicherung from the merger
between Generali Leben and
Erste Allgemeine in Austria
11,300 agents
supported by over
14,800 brokers
1999
Establishment
of Generali
PanEurope
€ 10.9 bln premium
income in 2015

p
COMPANY OPERATING IN BOTH LIFE
AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

COMPANY OPERATING MOSTLY IN LIFE SEGMENT

HOLDING
x
DIRECT CHANNELS
ASSISTANCE SERVICES
Operating since 1832
2006
Merger between Generali
Schweiz Holding and
Albula Verwaltungs und
Beteiligungs AG
2009
Establishment of
Generali España from
the merger between
Vitalicio and Estrella
GENERALI LEADER IN AUSTRIA,
SWITZERLAND AND SPAIN
The Generali Group is one of the leading insurers in Austria, Spain and
Switzerland. In addition to these
markets, the EMEA region includes
Belgium, Greece, Guernsey, Ireland,
Netherlands, Portugal, Tunisia, Turkey and Dubai.
Asia
In recent years
Americas
2013
Creation of Americas region in line
with the strategy to semplify the Group
and its governance
CHINA
Main companies

Generali China Life Insurance
 Pt Asuransi Jiwa Generali Indonesia
Future Generali India
 Future Generali India Life
p
COMPANY OPERATING IN BOTH LIFE
AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

COMPANY OPERATING MOSTLY IN LIFE SEGMENT

HOLDING
x
DIRECT CHANNELS
ASSISTANCE SERVICES
In recent years
2013
Acquisition of full control of Generali Asia,
the holding company of the Group’s
operations in the Philippines, Thailand
and Indonesia
Generali boasts a strong presence
in the most important Asian market
and is one of the leading foreign JV
players. Present in the Life segment
since 2002 and in the P&C segment since 2007, Generali operates
in China in partnership with China
National Petroleum Corporation
(CNPC). Leveraging its multi-channel distribution, it operates in 10
municipalities and provinces with
over 4,000 agents and more than
1,900 financial advisors, supported by bancassurance ties. Generali
has been selected by the Chinese
authorities as a pension plan consultant for former civil service employees.
11
Main companies
pGenerali Brasil Seguros
pLa Caja De Ahorro
Y Seguro - Argentina
The Group is one of the largest foreign insurance operators in Latin
America and intends to expand its
business further in this attractive
market. Generali has developed a
vast range of solutions customized
for the needs of local clients, leveraging a significant expertise in the
region.
In Latin America, the Group operates in 6 markets: Brasil, Argentina,
Colombia, Guatemala, Ecuador
and Panama.
With Generali U.S. Branch, the
Group is also active in Northern
America, providing a wide range
of services and insurance products and working closely with the
Group’s companies and their international clients.
Global Business Lines & International / 2
12
With the aim of developing the businesses with global outreach, the Group has developed an insurance
offering platform unique to the market. Global Business Lines provide access to integrated insurance
and assistance solutions to cover the business risks regarding employees and assets linked to property
and people, comprising four units: Generali Global Corporate & Commercial, Generali Employee
Benefits, Generali Global Health, and Europ Assistance.
GLOBAL CORPORATE & COMMERCIAL
GENERALI GLOBAL HEALTH
GC&C is the new Generali Group unit that develops the P&C business and
insurance services for medium and large companies. The unit acts on a
global scale and deploys an integrated approach at Group level with a central
management team and specialised teams active in individual countries. Through
the new unit, Generali aims to become a key world player in this segment.
Generali Global Health is a Generali Group business unit that offers health
insurance solutions that are valid worldwide, dedicated to international
companies, organisations and bodies, and expatriate and travelling employees.
With particular focus on multinational clients Generali Global Health offers:
modular and flexible health products, insurance management with the broadest
geographic coverage, a widespread network of hospitals and outpatient care
in the major world markets, and personalised and multilingual client service.
GENERALI EMPLOYEE BENEFITS
GEB is the strategic business unit of the Generali Group dealing exclusively
with Employee Benefits, offering sophisticated solutions to multinational
companies that wish to provide Life, Accident, Disability, Health and Pension
cover to their employees. GEB is the global market leader in its business
segment with more than 1,500 multinational clients. The GEB network is
present in more than 100 countries.
EUROP ASSISTANCE
Europ Assistance offers Care services with a focus on innovation. Europ
Assistance serves more than 300 million people around the world through
8,000 staff and 44 companies and branches in 33 countries. It is the leading
global brand for care services.
13
Key figures /1
GROUP’S KEY FIGURES (€ MLN)
2014
2015
GROSS WRITTEN PREMIUMS
70,430
74,165
OPERATING RESULT
4,508
4,785
NET RESULT OF THE PERIOD
1,670
2,030
SHAREHOLDERS’ EQUITY AT BOOK VALUE
23,204
23,565
2015 GROSS WRITTEN PREMIUMS: € 74 BLN
Asia 3%
PREMIUM INCOME EVOLUTION BY GEOGRAPHIC REGION
Americas 2%
Italy 39%
Italy 35%
Emea 15%
Central
Eastern
Europe 5%
Italy 35%
By area
2003
International
operations 1%
Germany 24%
France 15%
Rest of
the world
61%
2015
Rest of
the world
65%
14
Key figures /2
GENERALI RATINGS ASSIGNED BY THE PRIMARY AGENCIES
AM BEST
Rating financial strength
Outlook
A
STABLE
MOODY’S
Rating financial strength
Outlook
BAA1
STABLE
FITCH
Rating financial strength
Outlook
A-
STABLE
SHARE INFORMATION
Subscribed and paid-in share capital
€ 1,559,883,538.00
Number of shares in issue
1,559,883,538
Other institutional and retail investors 80.31%
Mediobanca Group 13.04%
Nominal value per share
€1
Caltagirone Group 3.49%
2015 dividend
€ 0.72 per share
Delfin S.a.r.l. (Leonardo del Vecchio Group) 3.16%
Shareholder
structure
15
Corporate social responsibility
As one of the leanding international insurance and financial groups, Generali is at the centre of interests
and expectations of a multitude of stakeholders: shareholders and investors, customers, workforce,
sales force, contractual partners, organizations, institutions and local communities.
GENERALI IS INCLUDED
IN THE FOLLOWING ETHICAL INDEXES:
NYSE Euronext Vigeo World 120
ECPI Global Ethical Equity
FTSE4Good
FTSE ECPI Italia SRI
MSCI Global Sustainability Indexes
STOXX Global ESG Leaders
STOXX Europe Sustainability
ESI Excellence Global
Ethibel EXCELLENCE Register
CDP Global 500 CPLI
ESG rating
Oekom Research Prime C
Ethibel Pioneer and Excellence
Investment Register
2009
Introduction of a Group Environmental Management System
that meets ISO 14001 standards
2010
Adoption of the Group Ethical Guidelines for Investments
In 2015, the Group allocated over 26 million
euro to the community.
54%
donations
2011
Issue of the Group Ethical Code for suppliers
2012
Adoption of the new Group Code of Conduct
Resources
allocated to the
community
2013
Approval of the Group Charter of Sustainability Commitments
2014
Approval of the new Group Policy for the Environment
and Climate
46%
commercial
initiatives
16
Generali, the new strategy to become
the retail insurance leader in Europe
The Generali Group aims to be recognized as a leader in retail insurance in Europe, consistent with its
history, business approach and expertise.
Retail leader in Europe


A distinctive brand
Stronger relationship with
distributors and customers
Fast, lean, agile
Simple & Smart
Rationalization of cost
base to invest in business
transformation
 Focus on cash generation



Improving client satisfaction
Maximizing efficiency
Leveraging on technology
and partnership
Further develop telematics
solutions
 New partnership to
complement current
capabilities (e.g. My Drive)

KEY FINANCIAL TARGETS FOR 2018
Net Free Cash Flow*
> € 7 bln
Cumulative gross expenses
reduction 2017-2018
Dividends*
> € 5 bln
€ 0,5 bln
(€ 1,5 bln since 2012)
* Cumulative total 2015-2018
Total investments*
€ 1,25 bln
17
Group management
committee
P. Donnet
The Group Management Committee
is the international committee
in charge of defining the Group’s
strategic priorities. The Committee
aims to improve alignment between
the Group’s business units
and ensure that decision making
is more effective and cohesive.
MANAGING DIRECTOR AND GROUP CEO
COUNTRY MANAGER ITALY
F. de Courtois
A. Minali
CEO GLOBAL BUSINESS LINES
& INTERNATIONAL
GENERAL MANAGER AND GROUP
CHIEF FINANCIAL OFFICER
S. Panizza
L. Cirinà
GROUP CHIEF
RISK OFFICER
CEE REGIONAL OFFICER
N. Srinivasan
G. Liverani
GROUP CHIEF
INVESTMENT OFFICER
COUNTRY MANAGER GERMANY
V. Trevisani
GROUP CHIEF INSURANCE OFFICER
E. Lombard
COUNTRY MANAGER FRANCE
18
BOARD OF AUDITORS
Carolyn Dittmeier
CHAIR
BOARD MEMBERS
Gabriele Galateri di Genola CHAIR
Lorenzo Pozza
Francesco Gaetano Caltagirone VICE-CHAIR **
PERMANENT AUDITOR
Clemente Rebecchini VICE-CHAIR
Antonia Di Bella
PERMANENT AUDITOR
IND
IPE
N
R. DEN
C.
C. T*
R.
P.T
.C
.
A.
R.
C.
C.
S.C
.
I.C
.
Corporate governance




Romolo Bardin BOARD MEMBER

SUBSTITUTE
Ornella Barra BOARD MEMBER

Paolo Di Benedetto BOARD MEMBER

Alberta Figari BOARD MEMBER

Diva Moriani BOARD MEMBER

SUBSTITUTE
R.C.C.
RISK & CONTROL COMMITTEE
R.P.T.C.
RELATED PARTY TRANSACTIONS COMMITTEE
A.R.C.
APPOINTMENTS & REMUNERATION COMMITTEE
C.S.C.
CORPORATE GOVERNANCE, SOCIAL & ENVIRONMENTAL
SUSTAINABILITY COMMITTEE
I.C.
INVESTMENTS COMMITTEE

Philippe Donnet MANAGING DIRECTOR AND GROUP CEO
Francesco Di Carlo
Silvia Olivotto








Lorenzo Pellicioli BOARD MEMBER


Roberto Perotti BOARD MEMBER


Sabrina Pucci BOARD MEMBER **


Paola Sapienza BOARD MEMBER

* Independence criteria as per article 3.C.1 of the Issuers’ Self-Regulatory Code
** Members of the A.R.C. on the occasion of the meetings devoted to the appointments




