PRESS KIT

AUGUST 2015
 generali group
at a glance

Insurance operations of Generali Group

Branches: New York, United Kingdom, Hong Kong, Tokyo, Dubai, Panama
Other countries in which Europ Assistance operates

One of the leading insurers

in the world
more than 60 480 billion
countries in the world Euro of AUM

72 million 78,000
customers employees

70 billion Euro one of the world’s

in premiums (2014), over 50 largest
67% from outside Italy companies*
*Source: Fortune Global 500

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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 well-
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.

In the Life segment, every new product is approved ex-ante by the Group’s

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

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.

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 distribution
The Generali Group operates in the insurance sector with a
multichannel distribution strategy through a global proprietary sales

bancassurance and direct channels.

TRADITIONAL CHANNELS
Traditional channels account for most of the Group’s premium collection.

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

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.

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

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 to increase the share of
capital-light products and in the P&C segment to boost sales.

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 markets

Italy
€ 23.5 bln premium income in 2014
Operating since 1831
More than 10 mln customers
Market’s leading insurer
Leading player in direct channels
3,200 agents, more than 14,500 subagents and employed producers,
more than 21,000 independent producers and self-employed agency

PLAN FOR GROWTH

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

1994

insurance provider in Italy

FROM 10 TO 3 BRANDS
1998
Banca Generali is founded By 2015, only three Group brands will operate in Italy.

2000
Ina Assitalia take-over
2006
Toro take-over
2012
Announcement of the new
plan for growth
2013
Launch of Generali Italia
following the incorporation of the
Group’s main insurance activities
and shareholdings 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.

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 markets

Germany
MAIN COMPANIES
GENERALI DEUTSCHLAND HOLDING
GENERALI VERSICHERUNGEN
AACHENMUNCHENER
COSMOSDIREKT
In recent years
1998
AMB Group take-over € 17.2 bln premium income in 2014
2009 Operating since 1837
Establishment of Generali More than 13.5 mln customers
Deutschland to control all the Second-largest primary insurance group in the market
German businesses. Merger
between Generali Versicherungen Leading player in direct channels
and Volksfürsorge completed
2013
Squeeze-out of the minority 4,300 agents. Network supported by over 15,000 brokers and multiple
shareholdings in Generali agents
Deutschland Holding

France
MAIN COMPANIES
GENERALI FRANCE
GENERALI VIE
GENERALI IARD
EUROP ASSISTANCE

In recent years € 10.9 bln premium income in 2014

Operating since 1832
1995
Establishment of Generali France
More than 7 mln customers
Holding Among the leading operators in the market
Leading player in internet savings
2003
Continent Holding take-over Almost 900 agents and 1,700 employed producers,
2006
Merger of about 20 controlled
companies in 2 operating
companies - Generali Iard and
Generali Vie

COMPANY OPERATING IN COMPANY OPERATING COMPANY OPERATING DIRECT ASSISTANCE

BOTH LIFE AND NON-LIFE MOSTLY IN NON-LIFE MOSTLY IN LIFE HOLDING
CHANNELS SERVICES
SEGMENTS SEGMENT SEGMENT

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 markets

Central-Eastern Europe
MAIN COMPANIES
CESKA POJISTOVNA - CZECH REP.
GENERALI POJISTOVNA - CZECH REP.
GENERALI BIZTOSITO - HUNGARY
GENERALI TOWARZYSTWO - POLAND

€ 3.3 bln premium income in 2014

In recent years Operating since 1832
More than 10 mln customers
1989 2,500 salaried sales professionals and 14,600 agents
Expansion plan launched in the
area
2008
Creation of Generali PPF Holding,
JV between Generali and PPF
Group
GENERALI LEADER IN CEE
2015
Full control of GPH. The Group is an indisputed leader in Central-Eastern Europe in terms of
Company name changed into
Generali CEE Holding

Market ranking
CZECH REPUBLIC #1
HUNGARY #2
SERBIA #2
SLOVAKIA #3
POLAND, ROMANIA, BULGARIA,
CROATIA, SLOVENIA, MONTENEGRO among top 10

Generali in CEE - 2007 vs 2014

early 2007 end 2014

PREMIUM INCOME 1bln 3.3bln

CLIENTS 4mln > 10mln

COMPANY OPERATING IN COMPANY OPERATING COMPANY OPERATING DIRECT ASSISTANCE

BOTH LIFE AND NON-LIFE MOSTLY IN NON-LIFE MOSTLY IN LIFE HOLDING
CHANNELS SERVICES
SEGMENTS SEGMENT SEGMENT

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 markets

EMEA region
MAIN COMPANIES
GENERALI ESPAÑA - SPAIN
GENERALI SEGUROS - SPAIN
GENERALI HOLDING VIENNA - AUSTRIA
GENERALI VERSICHERUNG - AUSTRIA
GENERALI SCHWEIZ - SWITZERLAND
GENERALI PAN EUROPE - IRELAND

€ 11.1 bln premium income in 2014

In recent years Operating since 1832
More than 5 mln customers
1995
Full take-over of Generali 11,300 agents supported by over 14,800 brokers
España Holding
1998
Estabishment of Generali
Versicherung from the merger GENERALI LEADER IN AUSTRIA, SWITZERLAND AND SPAIN
between Generali Leben and The Generali Group is one of the leading insurers in Austria, Spain and
Erste Allgemeine in Austria Switzerland. In addition to these markets, the EMEA region includes
1999 Belgium, Greece, Guernsey, Ireland, Netherlands, Portugal, Tunisia, Turkey
Establishment of Generali and Dubai.
PanEurope
2006
Merger between Generali
Schweiz Holding and Albula
Verwaltungs und Beteiligungs AG
2009
Establishment of Generali
España from the merger between
Vitalicio and Estrella

COMPANY OPERATING IN COMPANY OPERATING COMPANY OPERATING DIRECT ASSISTANCE

BOTH LIFE AND NON-LIFE MOSTLY IN NON-LIFE MOSTLY IN LIFE HOLDING
CHANNELS SERVICES
SEGMENTS SEGMENT SEGMENT

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 markets

Asia
Over 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.

MAIN COMPANIES
GENERALI CHINA LIFE INSURANCE
PT ASURANSI JIWA GENERALI INDONESIA
FUTURE GENERALI INDIA
FUTURE GENERALI INDIA LIFE

CHINA
In recent years
Generali boasts a strong presence in the most important Asian market and
2013
Acquisition of full control of is one of the leading foreign JV players. Present in the Life segment since
Generali Asia, the holding 2002 and in the P&C segment since 2007, Generali operates in China in
company of the Group’s partnership with China National Petroleum Corporation (CNPC). Leveraging
operations in the Philippines, its multi-channel distribution, it operates in 10 municipalities and provinces
Thailand and Indonesia
bancassurance ties. Generali has been selected by the Chinese authorities
as a pension plan consultant for former civil service employees.

Americas
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

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.

MAIN COMPANIES
GENERALI BRASIL SEGUROS
LA CAJA DE AHORRO Y SEGURO - ARGENTINA

COMPANY OPERATING IN COMPANY OPERATING COMPANY OPERATING DIRECT ASSISTANCE

BOTH LIFE AND NON-LIFE MOSTLY IN NON-LIFE MOSTLY IN LIFE HOLDING
CHANNELS SERVICES
SEGMENTS SEGMENT SEGMENT

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 global business lines
With 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,

GEB is the strategic business unit of the

Generali Group dealing exclusively with

generali solutions to multinational companies that wish

employee 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
global services for medium and large companies.
The unit acts on a global scale and deploys
corporate & an integrated approach at Group level with a
central management team and specialised
commercial 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

europ focus on innovation. Europ Assistance serves

more than 300 million people around the world
assistance through 8,000 staff and 44 companies and
branches in 33 countries. It is the leading global
brand for care services.

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 key
Group’s Key Figures (€ mln)

2013 2014

GROSS WRITTEN PREMIUMS 66,055 70,430

OPERATING RESULT 4,207 4,508

NET RESULT OF THE PERIOD 1,915 1,670

SHAREHOLDERS’ EQUITY AT BOOK VALUE 19,778 23,204

2014 Gross Written Premiums: € 70 bln

ASIA 2% 2% AMERICAS

EMEA 16%
33% ITALY
CENTRAL
EASTERN 5%
EUROPE
BY
AREA

2% INTERNATIONAL
GERMANY 24% OPERATIONS
16% FRANCE

Premium income evolution by geographic region

ITALY 39% 33% ITALY

2003 2014

REST OF REST OF
THE WORLD 61% 67% THE WORLD

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 key

Generali ratings assigned by the primary agencies

RATING FINANCIAL STRENGTH OUTLOOK

AM BEST A STABLE

MOODY’S Baa1 STABLE

FITCH A- STABLE

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
2014 dividend: € 0.60 per share

76.73% OTHER INSTITUTIONAL AND RETAIL INVESTORS

13.25% MEDIOBANCA GROUP

SHAREHOLDER
3.17% LEONARDO DEL VECCHIO STRUCTURE

2.23% CALTAGIRONE GROUP

2.01% PEOPLE BANK OF CHINA

2.61% BLACKROCK GROUP*

*The 2.61% ownership is referred to the share capital represented at the General Meeting of April 30, 2015. In this regard, we remind that BlackRock Group exercised its right
not to disclose shareholdings below 5% pursuant to 9 Article 120, paragraph 4 d-quater, of the Consolidated Act on Finance, and Article 119-bis, paragraphs 7 and 8, of CON-
SOB Regulation on Issuers.

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 corporate social responsibility
Generali is included in
the following ethical Generali is at the centre of interests and expectations of a multitude
indexes: of stakeholders: shareholders and investors, customers, workforce,
sales force, contractual partners, organizations, institutions and local
NYSE Euronext Vigeo World 120 communities.
ECPI Ethical Global & Euro Equity
FTSE 4Good
FTSE ECPI Italia SRI
MSCI Global Sustainability Indexes
2009 introduction of a Group Environmental Management System
MSCI Global SRI Indexes that meets ISO 14001 standards
STOXX Global ESG Leaders
STOXX Europe Sustainability 2010 adoption of the Group Ethical Guidelines for Investments
ESI Excellence Global 2011 issue of the Group Ethical Code for suppliers
Ethibel EXCELLENCE Register
CDP Global 500 CPLI 2012 adoption of the new Group Code of Conduct
2013 approval of the Group Charter of Sustainability Commitments
by the Board of Directors
and received the
following ESG rating:
Prime C+ (Oekom Research)
In 2013, the Group allocated € 38 million to the community.

38% DONATIONS
€ 14.7 MLN

Resources
allocated to the
community

62% COMMERCIAL
INITIATIVES
€ 22.8 MLN

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 generali in 2015
The 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

Consistent technical excellence and tight control of costs

Through the power of discipline, simplicity and focus, the Group

has delivered on its promise

Key Financial targets for 2015 Achievement

Profitability
Increase operating RoE to 13% √ Achieved
Achieve €750 mln cost saves (€1 bln by 2016) on track

Capital and leverage

Increase 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 Generation
Generate free surplus above €2 bln √ Achieved
Reach remittance ratio above 75% on track

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 group management committee
The Group Management Committee (GMC) is the international committee

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 C. Schildknecht
GROUP CHIEF GROUP CHIEF
RISK OFFICER OPERATING
OFFICER

A. Minali P. Vagnone
GROUP CHIEF GROUP HEAD
FINANCIAL OF GLOBAL
OFFICER BUSINESS LINES

N. Srinivasan G. Liverani
GROUP CHIEF COUNTRY
INVESTMENT MANAGER
OFFICER GERMANY

P. Donnet E. Lombard
COUNTRY COUNTRY
MANAGER MANAGER
ITALY FRANCE

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 corporate governance

T*
EN
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EN

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EP

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Board Members

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C.
D

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.C

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I.C
IN

S.
R

A
Gabriele Galateri di Genola
CHAIRMAN
Board of Auditors Francesco Gaetano Caltagirone
VICE-CHAIRMAN
Carolyn Dittmeier
CHAIRWOMAN Clemente Rebecchini
Lorenzo Pozza VICE-CHAIRMAN
PERMANENT AUDITOR
Antonia Di Bella Mario Greco
PERMANENT AUDITOR GROUP CEO
Francesco Di Carlo
SUBSTITUTE Ornella Barra
Silvia Olivotto BOARD MEMBER
SUBSTITUTE
Flavio Cattaneo
BOARD MEMBER

Jean-René Fourtou
BOARD MEMBER
R.C.C.
RISK AND CONTROL COMMITTEE Alberta Figari
BOARD MEMBER
S.C.R.P.T.
SUB COMMITTEE Lorenzo Pellicioli
FOR RELATED PARTY TRANSACTIONS BOARD MEMBER
R.C. Sabrina Pucci
REMUNERATION COMMITTEE BOARD MEMBER
A.C.G.C. Paola Sapienza
APPOINTMENTS AND CORPORATE
GOVERNANCE COMMITTEE BOARD MEMBER

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

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