MAY 2012 PRESS KIT
Mar 10, 2016
may 2012press kit
Generali Group may 2012press OFFiCe 2
generali groupinternational since 1831
over 82,000employees
more than 60 countries in the worldin 5 continents
65 millioncustomers
69 billion euroin premiums
Generali Group may 2012press OFFiCe 3
generali groupinternational since 1831
an international leaderFounded in Trieste (italy) in 1831, Generali Group is one of the foremost international insurance companies, and the european leader in the life insurance sector. The Group operates in more than 60 countries in the world with more than 70% of its premium income from foreign markets.
A leading position in the main european markets: italy, Germany, France, Austria and Central-eastern europe
High growth rates in high potential markets: China, india and Brazil
With € 69 billion in premiums, Gene-rali Group operates in the Life insu-rance (67% of premiums) and Non-Life insurance sectors and services over 65 million customers with a distribution network of over 100,000 professionals.
Generali has a total of € 460 billion assets under management of which € 28 billion are in real estate. the Group’s management expertise is available for third-party institutional investors.
One of theleading
insurance companies in the world, the leader for life
insurancein europe
one of theworld’s leadingasset managers
with over€ 460 billion under management
a leader inreal estate, with
€ 28 billionproperty assets
Generali Group may 2012press OFFiCe 4
Generali ppF HolDinG
aSia
CZeCH repuBBliCGeNerALi pOjistOvNACeskA pOjistOvNACeskA pOjistOvNA ZDrAviCp peNsiON FuND
HunGaryGeNerALi prOviDeNCiA BiZtOsitOeurópAi utAZási BiZtOsitOGeNerteL BiZtOsitO
SloVaKiaGeNerALi sLOveNskO pOistOvNA
SloVeniaGeNerALi ZAvArOvALNiCA
CroaTiaGeNerALi OsiGurANje
BulGariaGeNerALi LiFe iNsurANCeGeNerALi iNsurANCeGeNerALi ZAkriLA HeALtH iNsurANCe
ruSSia GeNerALi ppF LiFeGeNerALi ppF GeNerAL iNsurANCe
polanDGeNerALi pteGeNerALi ZyCieGeNerALi tOWArZystWO
romaniaGeNerALi rOmANiAGeNerALi ADmiNistrAre peNsii
SerBiaDeLtA GeNerALi OsiGurANjeDeLtA GeNerALi peNsiON FuND
monTeneGroDeLtA GeNerALi OsiGurANje
uKraineGeNerALi LiFe iNsurANCe
BelaruSGeNerALi FOreiGN iNsurANCe
KaZaKHSTanjsC GeNerALi LiFe
CHinaGeNerALi CHiNAiNsurANCe COmpANyGeNerALi CHiNA LiFeiNsurANCe COmpANy
HonG KonGHONG kONG BrANCH
THailanDGeNerALi LiFeAssurANCe (tHAiLAND)GeNerALi iNsurANCe (tHAiLAND)
pHilippineSGeNerALi piLipiNAsLiFe iNsurANCeGeNerALi piLipiNAs iNsurANCe
inDiaFuture GeNerALi iNDiALiFe iNsurANCeFuture GeNerALi iNDiA iNsurANCe
JapanjApAN BrANCH
VieTnam GeNerALi vietNAm
inDoneSiaGeNerALi iNDONesiA
uniTeD araB emiraTeSuAe BrANCH
COmpANy OperAtiNG iN BOtH LiFe AND NON-LiFe seGmeNts
COmpANy OperAtiNG mOstLy iN NON-LiFe seGmeNt
BrANCH AND OtHer ACtivities
COmpANy OperAtiNGmOstLy iN LiFeseGmeNt
HOLDiNG
Asset mANAGemeNt COmpANy
ListeD COmpANies
iTalyGeNerALi itALiAiNA AssitALiA ALLeANZA tOrOGeNerteL - GeNerteL LiFeFAtABANCA GeNerALiGeNAGriCOLA
GermanyGeNerALi DeutsCHLAND HOLDiNGGeNerALi versiCHeruNGeNAACHeNmüNCHeNerCOsmOsDirektDiALOGGeNerALi DeutsCHLANDpeNsiONskAsseGeNerALi DeutsCHLANDpeNsiONsFONDsCeNtrALeNvivAsADvOCArDBADeNiA
FranCeGeNerALi FrANCeeurOp AssistANCeGeNerALi vieGeNerALi iArDL’eQuitè e-Cie vie
SpainGeNerALi espAñA HOLDiNGGeNerALi seGurOsCAjAmAr viDACAjAmAr seGurOs GeNerALes
SWiTZerlanDGeNerALi (sCHWeiZ) HOLDiNGGeNerALi persONeNversiCHeruNGeNGeNerALi ALLGemeiNeversiCHeruNGeNFOrtuNA reCHtssCHutZFOrtuNA LeBeNsversiCHeruNG vADuZBsi BANCA sviZZerA itALiANA
auSTriaGeNerALi HOLDiNG vieNNAGeNerALi versiCHeruNGGeNerALi rüCkversiCHeruNGBAWAG p.s.k. versiCHeruNGeurOpäisCHe reiseversiCHeruNGGeNerALi BANk
iSraelmiGDAL iNsurANCe &FiNANCiAL HOLDiNGmiGDAL iNsurANCe
prinCipal marKeTS oF operaTionS
ameriCaSarGenTinaCAjA De AHOrrO y seGurOGeNerALi COrpOrAte
BraZilGeNerALi BrAsiL seGurOs
meXiCoseGurOs BANOrte GeNerALipeNsiONes BANOrte GeNerALi
uSaGeNerALi usA LiFe reAssurANCeu.s. BrANCH GeNerALi u.s. HOLDiNGs
GuaTemalaAseGurADOrA GeNerAL
eCuaDorGeNerALi eCuADOr
ColomBia GeNerALi COLOmBiA
panamapANAmA BrANCH
oTHer CounTrieSBelGiumGeNerALi BeLGiumGeNerALi empLOyee BeNeFits
neTHerlanDSGeNerALi verZekeriNGsGrOeppArt. mAAt. GrAAFsCHApHOLLAND (HOLDiNG)
GreeCeGeNerALi HeLLAs
uniTeD KinGDomuNiteD kiNGDOm BrANCH
porTuGalGeNerALi viDApOrtuGAL BrANCH
TurKeyGeNerALi siGOrtA
GuernSeyGeNerALi WOrLDWiDe iNsurANCe
irelanDGeNerALi pANeurOpe
the group in the world
Generali Group may 2012press OFFiCe 5
the growth strategyThe Group’s strategy is to consolidate leadership in its core business markets and to expand in those with high growth potential, with the aim of becoming leader in terms of profitability.
Launching innovative products that best meet the customer’s insurance needs, among which pension and Assistance products
Focusing on the distribution network quality and on expansion in innovative channels
Focusing on profitability and efficiency
coremarkets
main focus:
profitability
exporting best practice strategies and supporting growth
expanding, even through joint ventures with local organisations
Launching ‘green-field’ business operations in high growth potential markets
meeting new market needs, also focusing on innovative distribution channels
developing markets
main focus:
growth
2005
% on total group
3.7 euro bln
2005 126 euro mln
2011 6.7 euro bln
2011 655 euro mln
CaGr+10.2%
CaGr+31.6%
ToTal premiumS
ToTal operaTinG reSulT
5.9%
10%
14.7%
3.6%
Developing markets
Generali Group may 2012press OFFiCe 6
main markets
iTaly 1°17.4%
1°CZeCH rep. 34.6%
1°arGenTina 8.7%
2°FranCe 7.2%
2°Germany 9.1%
2°HunGary 15.2%
3°auSTria
market shares and rankings in several countries
italymarket leader with € 20.2 billion in premiumspresent since 183110.5 million customersleader in direct channels
Genertel roll-out, first online insurance in Italy in the Non-Life sector
Banca Generali, the Group’s bank was founded
iNA Assitalia take-over
toro take-over
Toro-Alleanza merger and GenertelLife roll-out, the first online Life insurance in italy
purchase of majority shares in Citylife, one of the largest real estate re-qualification projects in Europe
199419982000200620092011
in re
cent
yea
rs
15.2%
Generali Group may 2012press OFFiCe 7
main markets
Francepresent since 18325.9 million customers€ 13.1 billion in premiumsDirect channel leader in the Life insurance sector; first insurance company to explore the online retail non life insurance segment
establishment of Generali France Holding
Continent Holding take-over
merger of various companies (about 20) in the 2 operating companies Generali iard and Generali vie
199520032006
in re
cent
yea
rs
Germanypresent since 183713.6 million customers€ 16.6 billion in premiumsleader in direct channels
1998
2009
AmB Group take-over
establishment of Generali Deutschland, the holding that controls all business in Germany; merger between Generali versicherungen and volksfürsorge completed
in re
cent
yea
rs
Central-eastern europepresent since 183214 million customers€ 3.9 billion in premiumsoperating in 14 countries
expansion plan launched in the area
Creation of Generali ppF Holding, joint venture between Generali and the PPF financial group
establishment of Generali romania from the merger between Asigurari and Ardaf
198920082011
in re
cent
yea
rs
Generali Group may 2012press OFFiCe 8
Spainpresent since 1834more than 2.1 million customers€ 2.4 billion in premiums
establishment of Generali españa Holding in equal jv partnership with the Banco Central Hispano
Full take-over of the Holding company
establishment of Cajamar vida from a bancassurance partnership with Cajamar
establishment of Generali españa from the merger between vitalicio and estrella
1992
1995
2004
2009
in re
cent
yea
rs
austriapresent since 1832more than 4 million customersmore than € 2.5 billion in premiumsleader in the Car segment
1998
2007
establishment of Generali versicherung from the merger between Generali Leben and erste Allgemeine
purchase of majority shares in Bawag psk versicherung; introduction in the bancassurance channel through Bawag branches, one of the leading banks in Austriain
rece
nt y
ears
main markets
Generali Group may 2012press OFFiCe 9
asiaoperating in 8 markets: China, india, Thailand, the philippines, Japan, Hong Kong, indonesia and Vietnam
high growth potential markets
present in the Life insurance market since 2011 strategic area for the Group due to the low insurance penetration, high savings rates and sustained forecasted economic growth
VieTnam
present since 2007 On the market with a sales force of over 60,000 agentspartner: Future Group, leader in mass distribution Launched “mall Assurance”, the innovative and exclusive marketing method c/o Future pOp
inDia
present in the Life insurance market since 2002, Non Life insurance market since 2007 One of the leading foreign groups in Life insurancepartner: China National petroleum Corporation (CNpC), ranked 6th in the 2011 Fortune Global 500 ranking, with more than 1.6 million employees Operating in 11 municipalities and provinces with over 6,000 agents and more than 850 financial promotersselected by the Chinese authorities as a pension plan consultant for former civil service employees
CHina
Generali Group may 2012press OFFiCe 10
meXiCo
present since 1925Operating in 8 Confederate states with 14 agencies and branchespremium growth rate: +5.5% in 2011
present since 1997 in partnership with the Banorte financial groupOne of the leading bancassurance operatorsOperates through seguros Banorte and pensiones Banorte
high growth potential markets
arGenTina
BraZil
present since 1948market leader with more than 1.5 million customersOperates through Generali Argentina and La Caja, which was acquired in 1998
South america mainly operating in Brazil, argentina and mexico
Generali Group may 2012press OFFiCe 11
the insurance businessGenerali Group is one of the leading insurance players in europe and leader in the life insurance sector. The Group primarily services retail customers and small and medium enterprises, with a selective approach to the corporate sector.
2011premiuminCome
NON-LiFe 33%
LiFe 67%
life insuranceSaVinGS anD proTeCTion
uniT / inDeXlinKeD HealTH Group ToTal
2011DireCT premiumS 60.8% 18.3% 8.7% 12.3% € 45,002 mln
Complete line of products ranging from savings and family protection poli-cies to unit-linked policies and complex plans for multinationals
Continuous innovation and development of new products to offer custo-mers a wider range of investment opportunities, maintaining the typical guarantees offered by traditional policies, such as minimum yields
Growth opportunities for supplementary pension plans and assistance for core markets
non-life insurancemoTor aCCiDenT /
HealTH perSonal CommerCial ToTal
2011DireCT premiumS 40.3% 15.1% 22.2% 22.4% € 22,092 mln
Well-balanced and diversified portfolio in all lines of business, ranging from mass-market coverage such as Car, Home and Accident insurance, to sophisticated commercial and industrial risk coverage
innovative products and high technological components, such as the “pay-as-you-drive” policies
Liquidation process efficiency and high commitment to underwriting discipline
international networksThe Corporate Business
Focus on medium-sizecorporate customers
€ 3.5 billion premiumincome in 2011
strong ties withinternational brokers
europ assistance: one of the leading international assistance service operators (e.g. road and travel assistance) operating throughout the world with 36 local companies and 7,000 associates
Generali Employee Benefits: the global insurance coverage leader for multinational corporate employees, a network of 120 insurance company affiliates in around 100 countries and a portfolio of 1,500 multinational customers
Generali Group may 2012press OFFiCe 12
DistributionGenerali Group operates in the in-surance sector with a multichannel distribution strategy through a global proprietary sales network of agents, financial advisors and brokers. The proprietary networks are suppor-ted by bancassurance, especially in France, spain and mexico.traditional channels are complemented by innovative ones, such as internet,
which the Group seeks to develop.the Generali Group looks for distri-bution effectiveness and efficiency through initiatives aimed at enhan-cing the customer base. in particu-lar, the Group launched the Custo-mer As An Asset program based on initiatives in the fields of customer loyalty and satisfaction and cross-selling.
the insurance business
multi-brand approachiTaly
more than 2,100 agencies, with 4,000 agents, over 11,300 subagents and over 23,600 self-employed agency workersOver 2,000 brokersOver 4,500 financial advisors
SpainOver 6,100 agentsOver 3,800 brokers
Along with traditional channels, the Group focuses on developing inno-vative channels.
the Group is the leader in the direct channel (internet and telephone) in eu-rope and intends to further increase its leadership by launching new initiatives in high growth potential markets.
in italy, Generali is the sector le-ader and created, through Genertel, the first Italian online Life, Non Life and pension insurance portal.
in Germany, the Group is the sec-tor leader, present in the market since 1982 through COsmOs Direkt.
in France, Generali France is the leader in the online Life insurance sector.
in Hungary, Generali launched Genertel.hu in 2007 and, after just two years, is now the sector leader with a focus on Car insurance pro-ducts.
in Slovakia, Genertel.sk was suc-cessfully launched in 2010.
FranCeOver 1,000 agents
Over 4,000 brokers
Over 2,200 financial advisors
CenTral-eaSTern europemulti-brand approach 30,000 agents 4,300 brokers
auSTriaOver 1,000 agentsOver 4,500 brokers
multi-brand approachPartnership with the largest financial advisors network in Europe, DVAG, with more than 36,800 associates
Germany
more than 3,200 agencies, with over 5,500 agents and 12,000 subagentsOver 14,300 brokers
Generali Group may 2012press OFFiCe 13
asset management business
As an Asset management company, Generali aims to expand its third party business and position itself as a global operator for institutional and private investors. Of the over € 460 billion assets under manage-
ment over € 97 billion are managed for third parties. Furthermore, the Group manages real estate assets worth about € 28 billion, of which 25 billion of own investments and 3 bil-lion of third parties.
FixeD iNCOme iNstrumeNts
CAsH & eQuivALeNtOtHer
reAL estAte
eQuity
oWn inVeSTmenTS
77.6%
7.9%
5.5%
4.9%
4.0%2006 2011
€ 396.7bln
+17.6%
investments’ growthin the last 5 years
uniT linKeD
THirD parTieS aum
ToTal
€ 466.6bln
310.8
58.3
97.5
Generali Group may 2012press OFFiCe 14
asset management business
Generali inVeSTmenTS
single organisation that oversees the Group’s main asset management companies with more than € 300 billion in assets under management
A dual mission: to ensure Group financial asset management; to manage third party institutional investor portfolios and investment funds
BanCa Generali
Established in 1998, it operates in the integrated financial, banking and insurance product distribution sector, through a network of 1,500 financial consultants
With € 1.3 billion net inflows in 2011 and over € 23 billion in assets under management, Banca Generali is one of the leading industry players in italy
banca generali
BSi
Founded in 1873, it is one of the oldest swiss banks in the investment ma-nagement industry and has been part of the Generali Group since 1998, with more than € 64 billion in assets under management in 2011
Operates in leading financial markets in Europe, Latin America, the Middle east and Asia and invested in expanding Hong kong and singapore bran-ches since 2010
bsi
GuoTai
With a 30% stake controlled by Generali, it is one of the few Chinese compa-nies authorised to manage all asset classes, among which the funds of the new Chinese supplementary pension system. It was the first Chinese com-pany to be granted the licence for the asset management activity in 1998
in 2011, Generali received the QFii status, which enables the Group to invest in China’s financial markets through Guotai
guotai
generali investments
Generali Group may 2012press OFFiCe 15
BreaKDoWnBy uSe
LOGistiCs
retAiL
OtHer 7%
3%
15%
resiDeNtiAL10%
OFFiCes 65%
Generali real eSTaTe
Combines Generali Group real estate investments and infrastructure ma-nagement and services on an international level
Business based on asset management, for asset improvements and rota-tion, and on real estate services (property, project and Facility manage-ment), for property asset preservation and requalification
strong expertise in property Funds: Generali immobiliare italia sGr, ope-rating in italy since 2006, manages 8 property funds with € 5 billion of assets under management
BreaKDoWnBy CounTry
rest OF tHe WOrLD
GermANy
20%
16%
FrANCe 21%itALy 43%
generalireal estate
asset management business
Generali Group may 2012press OFFiCe 16
key figures2011 Gross Written premiums: € 69 bln
premium income evolution by geographic region
Group’s Key Figures (€ mln)
Key equity Data (€ mln)
2003
39% itALy
61% rest OF tHe WOrLD
71% rest OF tHe WOrLD
2011
29% itALy
*Taking into eccount financial liabilities related to policies of the life segment and excluding deferred policyholders liabilities.
31 DeCemBer 2010
31 DeCemBer 2011 CHanGe
inSuranCe proViSionS* 343,584 347,167 +1%
inVeSTmenTS 372,155 369,126 -0.8%
SHareHolDerS’ eQuiTy aT BooK Value 17,490 15,486 -11.5%
2010 2011
GroSS WriTTen premiumS 73,188 69,159
liFe premiumS 51,098 46,394
non-liFe premiumS 22,090 22,765
annual premium eQuiValenT 5,333 4,787
eXpenSe raTio 15.3% 16.6%
ComBineD raTio 98.8% 96.5%
neT reSulT oF THe perioD 4,077 3,928
uTile neTTo 1,702 856
By area
1% AsiA
24% GermANy
7.2% OtHer eurOpe
3.7% AustriA
3.1% sOutH AmeriCA
29.2% itALy
18.9% FrANCe
3.7% OtHer COuNtries
3.5% spAiN
5.7% Cee
Generali Group may 2012press OFFiCe 17
Generali’s ratings assigned by the primary agencies
Generali vs. peers in 2011
key figures
payout ratio
raTinG FinanCial STrenGTH ouTlooK
STanDarD & poor’S a STaBle
mooDy’S a1 neGaTiVe
FiTCH a- neGaTiVe
am BeST a unDer reVieW WiTH neGaTiVe impliCaTionS
liFe neT inFloWS (€ bn) allianZ 1.3
aXa 3.3
Generali 5.8
ZuriCH* 2.8
ComBineD raTio (%)allianZ 97.8
aXa 97.9
Generali 96.5
ZuriCH 98.8
* uS $ mld
2003
41.5%
2004
41.7%
2005
35.9%
2006
39.7%
2007
41.8%
2008
24.6%
2009
41.6%
2010
41.1%
2011
36.4%
Generali Group may 2012press OFFiCe 18
capital and shareholders
Corporate 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
2011 dividend: € 0.20 per share
SHareHolDer STruCTure
13.24% meDiOBANCA GrOup
4.49% BANk OF itALy
2.43% B&D HOLDiNG GrOup
2.84% BLACkrOCk GrOup
2.21% eFFeti
2.27% CALtAGirONe GrOup
3.00% LeONArDO DeL veCCHiO
69.52% OtHer iNstitutiONAL AND retAiL iNvestOrs
Generali Group may 2012press OFFiCe 19
corporate social responsibilityAs one of the leading international insurance and financial companies, Generali Group is at the centre of attention and demand from a varie-
ty of stakeholders: associates, sha-reholders and investors, customers, issuers, institutions and local com-munities.
2009 introduction of a Group environmental management system that meets isO 14001 standards 2010 adoption of a Group Code of ethics 2012 first Sustainability Committee meeting, arranged to provide advice to the Board of Directors on environmental and social matters
Global Added value, which repre-sents the wealth generated for sta-
keholders from Group activities, total-led € 12.7 billion in 2011.
Generali millennium Launched by the Group in india to support the “millennium Development Goals” initiative, promoted by the united Nations, 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 is included in the following ethical indexes:aSpi eurozoneeCpi ethical index euro & GlobalFTSe 4Good europe & Global indexesFTSe eCpi italia sriSToXX europe sustainabilitymSCi esG indicesaSi – Axia sustainable indexeSi – ethibel sustainability index
GaV’SDiSTriBuTion
in 2011
42.1% AGeNts AND ADvisOrs
0.4% COmmuNity
33.5% empLOyees 5.1% GOverNmeNt
4.8% sHAreHOLDers
9.8% LeNDers
4.3% COmpANy
Generali’s sustainability strategy is defined by four key objectives:
pursue ongoing sustainable growth
release 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
Generali Group may 2012press OFFiCe 20
corporate governanceTop managementGabriele Galateri di GenolaCHAirmAN
Giovanni perissinottoGrOup CeO
Sergio BalbinotmANAGiNG DireCtOr
raffaele agrusti*GeNerAL mANAGer AND CFO
paolo VagnoneGeNerAL mANAGer (itALy)
Francesco GarelloDeputy GeNerAL mANAGer
manlio lostuzziDeputy GeNerAL mANAGer
Valter TrevisaniDeputy GeNerAL mANAGer
eugenio ColucciCHAirmANGaetano TerrinpermANeNt AuDitOrGiuseppe alessio VernìpermANeNt AuDitOrmaurizio DattilosuBstituteFrancesco FallacarasuBstitute
C.C.r.risk AND CONtrOL COmmittee
C.r.remuNerAtiON COmmittee
C.e.exeCutive COmmittee
C.C.G.AppOiNtmeNts AND COrpOrAteGOverNANCe COmmittee
C.S.sustAiNABiLity COmmittee
C.inV.iNvestmeNt COmmittee
Board of auditors
*member of the investment Committee
Gabriele Galateri di GenolaCHAirmAN
Vincent BolloréviCe-CHAirmAN
Francesco Gaetano CaltagironeviCe-CHAirmAN
Giovanni perissinottoGrOup CeO
Segio BalbinotmANAGiNG DireCtOr
Cesare CalariBOArD memBer
Carlo CarraroBOArD memBer
Claudio De ContoBOArD memBer
Diego Della ValleBOArD memBer
petr KellnerBOArD memBer
angelo migliettaBOArD memBer
alessandro pedersoliBOArD memBer
lorenzo pellicioliBOArD memBer
reinfried pohlBOArD memBer
Clemente rebecchiniBOArD memBer
paola SapienzaBOArD memBer
paolo ScaroniBOArD memBer
eXeCuTiVe
non eXeCuTiVe
inDepenDenT
C.C.r.
C.r.
C.e.C.C.G
.
C.S.C.in
V.Board members