press kit - generali€¦ · balanced and diversified portfolio ranges from mass-market coverage...

FEBRUARY 2015PRESS KIT

GENERALI GROUP FEBRUARY 2015MEDIA RELATIONS 1

generali groupat a glance

more than 60countries in the world

65 millioncustomers

66 billion Euroin premiums (2013), over 70% from outside Italy

460 billionEuro of AUM

77,000employees

one of the world’s

50 largestcompanies*

One of the leading insurers in the world

*Source: Fortune Global 500

Other countries in which Europ Assistance operates

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


the core insurance business

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 well-balanced 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.

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.

PRODUCT INNOVATION

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.

Generali offers an extensive line of products in the Life and Property & Casualty segments to meet all the clients’ needs.

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.


distribution

TRADITIONAL CHANNELSTraditional channels account for most of the Group’s premium collection. Generali relies on agencies, financial advisors, 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.

BANCASSURANCEGenerali 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.

DIRECT CHANNELSGenerali 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

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.


markets

PLAN FOR GROWTHGenerali 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

In recent years

1994Genertel roll-out, first online insurance provider in Italy

1998Banca Generali is founded

2000Ina Assitalia take-over

2006Toro take-over

2012Announcement of the new plan for growth

2013Launch of Generali Italia following the incorporation of the Group’s main insurance activities and shareholdings in Italy

FROM 10 TO 3 BRANDSBy 2015, only three Group brands will operate in Italy.

GENERTELLife and P&C company on the alternative channels (phone, web and bancassurance), Italy’s market leader in this segment.

GENERALILife 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.

ALLEANZACompany dedicated to Italian families, with its network of direct producers and a range of Life and P&C products.

€ 19.6 bln premium income in 2013Operating since 1831More than 10 mln customersMarket’s leading insurerLeading player in direct channels3,200 agents, 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

Italy


markets

€ 18.4 bln premium income in 2013Operating since 1837More than 13.5 mln customersSecond-largest primary insurance group in the marketLeading player in direct channelsPartnership with the largest financial advisory network in Germany - DVAG - with approximately 37,000 financial advisors4,300 agents. Network supported by over 15,000 brokers and multiple agents

€ 10.4 bln premium income in 2013Operating since 1832More than 7 mln customersAmong the leading operators in the marketLeading player in internet savingsAlmost 900 agents and 1,700 employed producers, supported by 1,900 financial advisors

MAIN COMPANIESGENERALI DEUTSCHLAND HOLDINGGENERALI VERSICHERUNGENAACHENMUNCHENERCOSMOSDIREKT

MAIN COMPANIESGENERALI FRANCEGENERALI VIEGENERALI IARDEUROP ASSISTANCE

Germany

France

In recent years

1995Establishment of Generali France Holding

2003Continent Holding take-over

2006Merger of about 20 controlled companies in 2 operating companies - Generali Iard and Generali Vie

In recent years

1998AMB Group take-over

2009Establishment of Generali Deutschland to control all the German businesses. Merger between Generali Versicherungen and Volksfürsorge completed

2013Squeeze-out of the minority shareholdings in Generali Deutschland Holding

COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS

COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT

DIRECT CHANNELS

COMPANY OPERATINGMOSTLY IN LIFESEGMENT

HOLDING ASSISTANCE SERVICES


€ 3.5 bln premium income in 2013Operating since 1832More than 11 mln customers2,500 salaried sales professionals and 14,600 agents

In recent years

1989Expansion plan launched in the area

2008Creation of Generali PPF Holding, JV between Generali and PPF Group

2013Agreement to terminate the partnership with PPF Group and take full control of GPH

markets

Central-Eastern EuropeMAIN COMPANIESCESKA POJISTOVNA - CZECH REPGENERALI BIZTOSITO - HUNGARYGENERALI PTE - POLANDGENERALI ZYCIE - POLANDGENERALI TOWARZYSTWO - POLAND

GENERALI LEADER IN CEEThe Group is an indisputed leader in Central-Eastern Europe in terms of profitability, with a combined ratio among the best in the sector.

early 2007 end 2013

PREMIUM INCOME 1bln 3.5bln

CLIENTS 4mln

Generali in CEE - 2007 vs 2013

> 11mln

Market rankingCZECH REPUBLIC #1HUNGARY #1SERBIA* #2SLOVAK REPUBLIC #3POLAND, ROMANIA, BULGARIA,CROATIA, SLOVENIA, MONTENEGRO among top 10



DIRECT CHANNELS



*2013 Q3


€ 9.9 bln premium income in 2013Operating since 1832More than 5 mln customers11,300 agents supported by over 14,800 brokers

In recent years

1995Full take-over of Generali España Holding

1998Estabishment of Generali Versicherung from the merger between Generali Leben and Erste Allgemeine in Austria

1999Establishment of Generali PanEurope

2006Merger between Generali Schweiz Holding and Albula Verwaltungs und Beteiligungs AG

2009Establishment of Generali España from the merger between Vitalicio and Estrella

EMEA regionMAIN COMPANIESGENERALI ESPAÑA - SPAIN GENERALI SEGUROS - SPAIN GENERALI HOLDING VIENNA - AUSTRIA GENERALI VERSICHERUNG - AUSTRIAGENERALI SCHWEIZ - SWITZERLANDGENERALI PAN EUROPE - IRELAND

GENERALI LEADER IN AUSTRIA, SWITZERLAND AND SPAINThe 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.

markets



DIRECT CHANNELS






DIRECT CHANNELS



markets

AsiaOver the last years, the Group has expanded its footprint in Asia, a region characterized by low insurance penetration, high saving rates and strong estimated economic growth.In Asia, the Group operates in 10 markets: China, Indonesia, India, Thailand, the Philippines, Vietnam, Hong Kong, Malaysia, Japan and Singapore.

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.

MAIN COMPANIESGENERALI CHINA LIFE INSURANCEPT ASURANSI JIWA GENERALI INDONESIAFUTURE GENERALI INDIAFUTURE GENERALI INDIA LIFE

MAIN COMPANIESGENERALI BRASIL SEGUROSLA CAJA DE AHORRO Y SEGURO - ARGENTINA

Latin AmericaThe 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.

CHINAIn recent years

2013Acquisition of full control of Generali Asia, the holding company of the Group’s operations in the Philippines, Thailand and Indonesia


global business linesWith the aim of developing the businesses with global outreach, the Group has established a single platform comprising three units dedicated to corporate clients (Global Corporate & Commercial, Generali Employee Benefits) and care services (Europ Assistance).

globalcorporate & commercial

europ assistance

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.

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.

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.

generaliemployeebenefits


key figuresGroup’s Key Figures (€ mln)

2012 2013

GROSS WRITTEN PREMIUMS 69,613 66,055

OPERATING RESULT 4,219 4,207

NET RESULT OF THE PERIOD 90 1,915

SHAREHOLDERS’ EQUITY AT BOOK VALUE 19,828 19,778

2013 Gross Written Premiums: € 66 bln

Premium income evolution by geographic region

2003

ITALY 39%

61% 71%

2013

29% ITALY

REST OF THE WORLD

REST OF THE WORLD

BYAREA

30.5% ITALY

ASIA 1.6%

GERMANY 28.6%

EMEA 15.4%

16.2% FRANCE

LATIN AMERICA

CENTRALEASTERNEUROPE

2.3%

5.4%


key figures

RATING FINANCIAL STRENGTH OUTLOOK

AM BEST A STABLE

MOODY’S Baa1 STABLE

FITCH A- STABLE

Generali ratings assigned by the primary agencies

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

2013 dividend: € 0.45 per share

Share information

SHAREHOLDER STRUCTURE

13.24% MEDIOBANCA GROUP

2.43% B&D HOLDING GRUP

2.01% PEOPLE BANK OF CHINA

2.23% CALTAGIRONE GRUP

3.01% LEONARDO DEL VECCHIO

77.08% OTHER INSTITUTIONAL AND RETAIL INVESTORS


Generali is included in the following ethical indexes:

and received the following ESG rating:Prime C+ (Oekom Research)

NYSE Euronext Vigeo World 120 ECPI Ethical Global & Euro EquityFTSE 4GoodFTSE ECPI Italia SRIMSCI Global Sustainability IndexesMSCI Global SRI IndexesSTOXX Global ESG LeadersSTOXX Europe SustainabilityESI Excellence GlobalEthibel EXCELLENCE RegisterCDP Global 500 CPLI

corporate social responsibilityAs one of the leading 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.

2009 introduction of a Group Environmental Management System that meets ISO 14001 standards

2010 adoption of the Group Ethical Guidelines for Investments

2011 issue of the Group Ethical Code for suppliers

2012 adoption of the new Group Code of Conduct

2013 approval of the Group Charter of Sustainability Commitments by the Board of Directors

38% DONATIONS€ 14.7 MLN

62% COMMERCIAL INITIATIVES€ 22.8 MLN

Resources allocated to the

community

In 2013, the Group allocated € 38 million to the community.


generali in 2015The Group’s goal is to reshape its approach to improve shareholder returns through discipline, simplicity and focus.

Focus on core insurance business, with greater contribution from P&C

Stronger capital position and disciplined balance sheet management

Superior customer acquisition and retention; focus on retail and affluent space

Consistent technical excellence and tight control of costs

Key Financial targets for 2015 Achievement

ProfitabilityIncrease operating RoE to 13% ahead of schedule

Achieve €750 mln cost saves (€1 bln by 2016) on track

Capital and leverageIncrease Solvency to above 160% √ Achieved

Generate app. 20 p.p. of Solvency / disposals of app. €4 bln of non-core assets √ Achieved

Reduce leverage, interest cover to app. 7x on track

Cash GenerationGenerate free surplus above €2 bln √ Achieved

Reach remittance ratio above 75% on track

Through the power of discipline, simplicity and focus, the Group has delivered on its promise


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.

group management committee

* Country Manager Germany from 1st April 2015

P. VagnoneGROUP HEADOF GLOBALBUSINESS LINES

A. MinaliGROUP CHIEF FINANCIAL OFFICER

N. SrinivasanGROUP CHIEF INVESTMENT OFFICER

P. DonnetCOUNTRYMANAGERITALY

E. LombardCOUNTRYMANAGERFRANCE

D. MeisterCOUNTRYMANAGERGERMANY

G.Liverani*EMEAREGIONAL OFFICER

M. GrecoGROUP CEO

S. PanizzaGROUP CHIEF RISK OFFICER

C. SchildknechtGROUP CHIEF OPERATINGOFFICER


corporate governance

R.C.C.RISK AND CONTROL COMMITTEE

S.C.R.P.T.SUB COMMITTEE FOR RELATED PARTY TRANSACTIONS

R.C.REMUNERATION COMMITTEE

A.C.G.C.APPOINTMENTS AND CORPORATE GOVERNANCE COMMITTEE

I.C.INVESTMENTS COMMITTEE

Carolyn DittmeierCHAIRWOMANLorenzo PozzaPERMANENT AUDITORAntonia Di BellaPERMANENT AUDITORFrancesco Di CarloSUBSTITUTESilvia OlivottoSUBSTITUTE

Board of Auditors

* Independence criteria as per article 3.C.1 of the Issuers’ Self-Regulatory Code

Gabriele Galateri di GenolaCHAIRMAN

Francesco Gaetano CaltagironeVICE-CHAIRMAN

Clemente RebecchiniVICE-CHAIRMAN

Mario GrecoGROUP CEO

Ornella BarraBOARD MEMBER

Flavio CattaneoBOARD MEMBER

Jean-René FourtouBOARD MEMBER

Alberta FigariBOARD MEMBER

Lorenzo PellicioliBOARD MEMBER

Sabrina PucciBOARD MEMBER

Paola SapienzaBOARD MEMBER

INDEPENDENT*

R.C.C.

S.C.R.P.

T.

R.C.A.C.G

.C.

I.C.Board Members

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