press kit - Generali

press kit
june 2013
generali group
international since 1831
more than 60
countries in the world
in 5 continents
65 million
customers
Founded in Trieste (Italy) in 1831,
Generali Group is one of the leading
insurers in Italy, Germany, France,
Austria, Spain and Switzerland and
boasts strong market positioning in
Central-Eastern Europe, China and
other high-growth countries.
The Group operates in more than 60
countries in the world with over 70%
70 billion euro
in premiums
80,000
employees
Generali group
press OFFICE
One of the leading insurers
in the world
june 2013
of its premium income from foreign
markets.
The Group’s core business is insurance.
With an annual premium income of €70
billion, Generali serves over 65 million
customers with 80,000 employees and
a strong distribution network of 100,000
professionals.
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generali in 2015
The Group’s goal is to reshape its approach to improve shareholder
returns trough discipline, simplicity and focus.
Generali as a value story
Focus on:
Greater contribution from the P&C segment
core
business
clients
Life products with higher value and lower
capital absorption
Clear geographic strategy, maximising
returns in mature markets and investing
to enhance profitability in high-growth
countries
Client-centred business model to become
the leading insurer in the retail and affluent
segment
Better client segmentation and enhanced
product innovation to drive a more targeted
approach to clients and improve retention
A true multi-channel model
capital
strength
and control of
cost base
Synergies from Italian business
restructuring and centralisation of
shared operations and improvement of
procurement costs
Disciplined investment approach and
revision of investment strategy
Rigorous focus on cash flow generation
Generali group
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june 2013
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the core insurance business
Generali offers an extensive line of products in the Life and Property
& Casualty segments to meet all the clients’ needs.
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, its wellbalanced and diversified portfolio
ranges from mass-market 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.
PRODUCT INNOVATION
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.
Life segment
Every new product will be approved ex-ante by the Group’s Head Office.
Products are assessed periodically to ensure Group’s standards are met.
P&C
Generali will enhance the performance of the P&C offer. It is improving
the sophistication of its products and services for a better definition of
clients’ profiles, and enhancing 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 medium and large companies
at international level leveraging the Group’s global reach and its strong ties
with international brokers.
Generali group
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june 2013
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distribution
Generali Group operates in the insurance sector with a multichannel
distribution strategy through a global proprietary sales network of
agents, financial advisors and brokers, supported by bancassurance
and direct channels.
Traditional channels
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.
Direct channels
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
Leader in Hungary, where Genertel.hu was launched in 2007
Rapidly growing in Slovakia, where Genertel.sk was launched in 2010
Bancassurance
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 in increasing the share of
capital-light products in Western Europe, Asia and Latin America, and in the
P&C segment in boosting sales, especially in Latin America.
Generali group
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june 2013
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markets
Market share and ranking in several countries (2011)
CZECH REP.
34.6%
1°
ITALY
17.4%
1°
HUNGARY
15.2%
2°
AUSTRIA
15.2%
3°
GERMANY
9.1%
2°
FRANCE
7.2%
2°
Generali aims to be among the leading insurers in the markets where it
operates. In mature markets where Generali has a clear footprint and strong
market positions, the Group will focus on maximising returns to fuel high-growth
businesses in high-growth insurance markets.
mature markets
Focus on
maximising
returns
Generali group
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june 2013
high-growth markets
Focus on
investing to enhance
competitive
position and
profitability
5
markets
Italy
€20.1 bln premium income in 2012
Operating since 1831
10.5 mln customers
3,200 agents, 15,000 subagents and employed producers, 23,000
independent producers and self-employed agency professionals.
Networks supported by 3,200 financial advisors.
Plan for growth
Generali will invest more than €300 mln in the next three 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
In recent years
From 10 to 3 brands
1994
Genertel roll-out, first online
insurance provider in Italy
1998
Banca Generali is founded
2000
Ina Assitalia take-over
2006
Toro take-over
2012
Announcement of the new
plan for growth
Generali group
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june 2013
By 2015, only three Group brands will operate in Italy.
Generali
Life and P&C company with a single distribution network made up of more
than 2,000 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.
6
markets
Germany
MAIN COMPANIES
Generali Deutschland Holding
Generali Versicherungen
AachenMunchener
CosmosDirekt
In recent years
1998
AMB Group take-over
2009
Establishment of Generali
Deutschland to control all the
German businesses. Merger
between Generali Versicherungen
and Volksfürsorge completed.
€17.6 bln premium income in 2012
Operating since 1837
13.5 mln customers
Partnership with the largest financial advisory network
in Europe – DVAG – with 37,000 associates.
5,000 agents and over 11,000 subagents.
Network supported by over 16,000 brokers.
France
MAIN COMPANIES
Generali France
Generali Vie
Generali Iard
Europ Assistance
In recent years
1995
Establishment of Generali France
Holding
2003
Continent Holding take-over
€13.1 bln premium income in 2012
Operating since 1832
5.8 mln customers
900 agents and 1,900 employed producers,
supported by 2,300 financial advisors
2006
Merger of about 20 controlled
companies in 2 operating
companies – Generali Iard and
Generali Vie
COMPANY OPERATING IN
BOTH LIFE AND NON-LIFE
SEGMENTS
Generali group
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COMPANY OPERATING
MOSTLY IN NON-LIFE
SEGMENT
june 2013
COMPANY OPERATING
MOSTLY IN LIFE
SEGMENT
Holding
Direct
channels
Assistance
services
LISTED COMPANIES
7
markets
Central-Eastern Europe
MAIN COMPANIES
Ceska Pojistovna – Czech Rep
Generali Biztosito – Hungary
Generali PTE – Poland
Generali Zycie – Poland
Generali Towarzystwo – Poland
In recent years
€4.1 bln premium income in 2012
Operating since 1832
14 mln customers
30,000 agents supported by 4,400 financial advisors
1989
Expansion plan launched in the
area
2008
Creation of Generali PPF Holding,
JV between Generali and PPF
Group
2013
Agreement to terminate the
partnership with PPF Group, take
full control of GPH and dispose
of consumer finance insurance
business in Russia, Belarus,
Ukraine and Kazakhstan
Generali leader in CEE
The Group is an indisputed leader in Central-Eastern Europe in terms of
premium income and profitability, with a combined ratio among the best in
the sector.
Market ranking (2011)
CZECH REP. #1
SERBIA #2
HUNGARY #2
SLOVAKIA #3
POLAND among top 10
CROATIA among top 10
Generali in CEE - 2007 vs 2012
early 2007
PREMIUM INCOME
CLIENTS
COMPANY OPERATING IN
BOTH LIFE AND NON-LIFE
SEGMENTS
Generali group
press OFFICE
COMPANY OPERATING
MOSTLY IN NON-LIFE
SEGMENT
june 2013
end 2012
1bln
4.1bln
4mln
COMPANY OPERATING
MOSTLY IN LIFE
SEGMENT
14mln
Holding
Direct
channels
Assistance
services
LISTED COMPANIES
8
markets
Spain
MAIN COMPANIES
Generali España Holding
Generali Seguros
In recent years
1992
Establishment of Generali España
Holding equally owned by Generali
and Banco Central Hispano
€2.6 bln premium income in 2012
Operating since 1834
2.3 mln customers
5,900 agents supported by 3,900 brokers
1995
Full take-over of Generali España
Holding
2009
Establishment of Generali España
from the merger between Vitalicio
and Estrella
Austria
MAIN COMPANIES
Generali Holding Vienna
Generali Versicherung
In recent years
1998
Establishment of Generali
Versicherung from the merger
between Generali Leben and Erste
Allgemeine
COMPANY OPERATING IN
BOTH LIFE AND NON-LIFE
SEGMENTS
Generali group
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COMPANY OPERATING
MOSTLY IN NON-LIFE
SEGMENT
june 2013
€2.5 bln premium income in 2012
Operating since 1832
4 mln customers
2,000 agents supported by 4,100 brokers and 500 financial advisors
COMPANY OPERATING
MOSTLY IN LIFE
SEGMENT
Holding
Direct
channels
Assistance
services
LISTED COMPANIES
9
markets
Asia and Latin America
In Asia, the Group operates in 8 markets: China, India, Thailand, the
Philippines, Japan, Hong Kong, Indonesia and Vietnam. In Latin America,
the Group operates in 6 markets: Argentina, Brasil, Guatemala, Ecuador,
Colombia and Panama.
MAIN COMPANIES
Generali China Life Insurance
Future Generali India
Future Generali India Life
Generali Brasil Seguros
La Caja de Ahorro y Seguro – Argentina
China
Generali boasts a strong presence in
the most important Asian market and
is one of the leading foreign and JV
players. Present in the Life segment
since 2002 and in the P&C segment
from 2007, Generali was the first
international operator to provide
products in both markets. Generali
operates in China in partnership
with China National Petroleum Corporation (CNPC), ranked 6th in
COMPANY OPERATING IN
BOTH LIFE AND NON-LIFE
SEGMENTS
Generali group
press OFFICE
COMPANY OPERATING
MOSTLY IN NON-LIFE
SEGMENT
june 2013
COMPANY OPERATING
MOSTLY IN LIFE
SEGMENT
Holding
Direct
channels
the 2012 Fortune Global 500, with
more than 1.6 million employees.
Leveraging its multi-channel distribution, it operates in 10 municipalities and provinces with over 5,000
agents and more than 850 financial
promoters, supported by bancassurance ties. Generali has been
selected by the Chinese authorities
as a pension plan consultant for
former civil service employees.
Assistance
services
LISTED COMPANIES
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key figures
Group’s Key Figures (€ mln)
2012
2011
GROSS WRITTEN PREMIUMS
69,613
69,159
OPERATING RESULT
4,219
3,928
NET RESULT OF THE PERIOD
90
856
SHAREHOLDERS’ EQUITY AT BOOK VALUE
19,828
15,486
2012 Gross Written Premiums: € 70 bln
5.9% CEE
3.7% SOUTH AMERICA
7.5% OTHER EUROPE
3.6% AUSTRIA
25.3% GERMANY
28.9% ITALY
BY AREA
OTHER
1.3% COUNTRIES
1.2% ASIA
3.7% SPAIN
18.9% FRANCE
Premium income evolution by geographic region
28.9% ITALY
ITALY 39%
2003
REST OF
THE WORLD 61%
Generali group
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june 2013
2012
REST OF
71.1% THE WORLD
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key figures
Generali ratings assigned by the primary agencies
RATING FINANCIAL STRENGTH
OUTLOOK
STANDARD & POOR’S
A
negative
moody’s
Baa1
NEGATIVE
FITCH
A-
NEGATIVE
AM BEST
A
NEGATIVE
Share information
Subscribed and paid-in share capital: € 1,556,873,283.00
Number of shares in issue: 1,556,873,283
Nominal value per share: € 1
2012 dividend: € 0.20 per share
72.47% OTHER INSTITUTIONAL AND RETAIL INVESTORS
13.24% MEDIOBANCA GROUP
4,48% Fondo Strategico Italiano
3.00% LEONARDO DEL VECCHIO
2.43% B&D HOLDING GROUP
Shareholder
structure*
2.23% CALTAGIRONE GROUP
2.15% EFFETI
*as of April 23, 2013
Generali group
press OFFICE
june 2013
12
corporate social responsibility
Generali is included in
the following ethical
indexes:
ASPI Eurozone
ECPI Ethical Global & Euro Equity
FTSE 4Good
FTSE ECPI Italia SRI
STOXX Europe Sustainability
STOXX ESG Leaders
MSCI ESG Indices
ASI Axia Sustainable Index
ESI Excellence Global & Euro
As one of the leading international insurance and financial companies,
Generali Group is at the centre of attention and demand from a variety
of stakeholders: associates, shareholders and investors, customers,
issuers, institutions and local communities.
Generali’s sustainability strategy is defined by four key objectives:
Pursue ongoing sustainable growth
Maximise the potential of those who work for the Group
Support the communities where the Group works, participating in welfare,
cultural and sports initiatives
Promote the reduction of direct and indirect environmental impacts
2009 introduction of a Group Environmental Management System that
meets ISO 14001 standards
2012 first Sustainability Committee meeting, arranged to provide advice to
the Board of Directors on environmental and social matters
2012 adoption of the new Group Code of Conduct
Generali Millennium
Launched by the Group in India
to support the UN “Millennium
Development Goals” initiative, the
project aims to encourage growth
and improve social and economic
conditions in emerging countries.
The Group has created some
insurance and health coverage
products specifically designed to
meet the needs of the country’s
poorest classes.
Generali group
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june 2013
13
group management committee
The Group Management Committee (GMC) 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.
M. Greco
GROUP CEO
S. Panizza
GROUP chief
risk officer
S. Balbinot
GROUP chief
insurance
officer
A. Minali
GROUP chief
financial
officer
C. Schildknecht
GROUP chief
operations
officer
N. Srinivasan
GROUP chief
investment
officer
P. Vagnone
GLOBAL
BUSINESS
LINES
R. Agrusti
country
manager
italy
Generali group
press OFFICE
june 2013
C. Tendil
country
manager
france
D. Meister
country
manager
germany
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.C
.G
.C
.
I.C
.
A
Board Members
Board of Auditors
governance
IN
D
EP
EN
R
D
.C
EN
.C
T*
.
S.
C.
R
.P
.T
R
.
.C
.
corporate
Gabriele Galateri di Genola
CHAIRMAN
Eugenio Colucci
CHAIRMAN
Giuseppe Alessio Vernì
PERMANENT AUDITOR
Gaetano Terrin
PERMANENT AUDITOR
Maurizio Dattilo
SUBSTITUTE
Francesco Fallacara
SUBSTITUTE
Vincent Bolloré
VICE-CHAIRMAN
Francesco Gaetano Caltagirone
VICE-CHAIRMAN
Mario Greco
GROUP CEO
Ornella Barra
BOARD MEMBER
Alberta Figari
BOARD MEMBER
R.C.C.
RISK AND CONTROL COMMITTEE
S.C.R.P.T.
Sub Committee
for Related Party Transactions
Lorenzo Pellicioli
BOARD MEMBER
Sabrina Pucci
BOARD MEMBER
R.C.
REMUNERATION COMMITTEE
Clemente Rebecchini
BOARD MEMBER
A.C.G.C.
APPOINTMENTS AND CORPORATE
GOVERNANCE COMMITTEE
Paola Sapienza
BOARD MEMBER
I.C.
INVESTMENTS COMMITTEE
Paolo Scaroni
BOARD MEMBER
* Independence criteria as per article 3.C.1 of the Issuers’ Self-Regulatory Code
Generali group
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june 2013
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