Our business

Our business

We are an international insurance Group, widespread in more than 60 countries: we are leaders in Italy, among the first insurance players in Germany, France, Austria, Spain, Switzerland and we are present also in the potential high-growth markets, such as Central-Eastern Europe and China.

We develop simple, integrated, customized and competitive life and P&C insurance solutions for our clients in order to satisfy their needs: our solutions range from savings and family-protection policies to unit linked policies and complex solutions for multinational companies, from mass market coverages, such as motor third-party liabilities, households and health policies, to sophisticated products covering commercial and industrial risks.

Customer management

We, demain is one of the key projects in France, developing a closer client orientated business model aimed at all the stages of interaction. It focuses on three pillars: Clients (with dedicated approaches for different client segments), offer (modular offers) and Multi-distribution (with the development of integrated channels).

From: Investor Day - France

New insurance solutions

The development of products with a unit-linked component, enabling customers to access the benefits offered by the financial markets, is one of the key elements offered in the Life business. Valore Futuro and BG Stile Libero in Italy have experienced considerable success among our clients.

From: Investor Day - Italy

We distribute our products and offer our services through a multi-channel approach, enabling our clients to contact us in various ways. We aim to become an excellent provider of insurance solutions, available through a variety of channels and accessible in different ways thanks to new technologies, not only through our global agents and financial promoters, but also through brokers, bancassurance and direct channels. These channels allow clients to be more independent, since they can easily obtain information on alternative products, compare alternative options, purchase the preferred product and get a good post-sale service.

Distribution strategies and new technologies

Digitalization is a continuous stimulus in developing our offering and improving interaction with our clients, our sales channels and our partners. In Germany, through CosmosDirekt, we provide innovative services that support our leadership in direct insurance.

From: Investor Day - Germany


Our services

Loss prevention
Since its inception in 2013, Generali Global Corporate & Commercial has harnessed the skills, expertise and competences of the Group’s risk engineers in a global network. As insurance transfers the impact of present and future risks away from our customers’ business, loss prevention curtails these risks and the potential losses that they can generate.
Our companies and customers are served by a global team of 100 risk engineers, located in more than 30 countries and reporting to a central unit.
Every year our professionals inspect and visit more than 5,000 plants, implementing surveys and desktop assessment for our clients and brokers in each and every country of the world.

Our risk engineers draw from their broad international experience to identify and recommend risk mitigation plans to our corporate partners and help implement them in the most effective way supporting their future growth and development. Generali loss prevention is a technical excellence center that ensures the sustainability of the business and the environment in which customers operate. Furthermore, loss prevention acts as an underwriting risk level stabilizer for our companies.
The risk engineers work together with underwriters, claims experts and client relationship managers to offer integrated solutions to our customers.
They have a mature and extensive corporate and commercial expertise that is further supplemented by specialized partners and consultants who address the most sophisticated needs of our customers.

Global construction

GC&C Global Construction caters extensive and homogeneous products and services built around brokers’ and clients’ needs with a 360° innovative approach that includes P&C, Employee Benefits and Assistance solutions. Thanks to our experience in international risk portfolio in several sectors, our offer was enhanced to better suit the needs of clients belonging to specific industries. Generali has over 50 years of leading presence in the construction industry being the insurer of some of the biggest and most complex infrastructure projects worldwide.


New technologies


The development of connectivity through telematics technologies applied, for example, to Motor and Home lines of business are crucial for the development of our offer. Generali just in Italy alone has a portfolio of over 600 thousand policies that contributed to the improvement of the loss ratio and customer retention.

From: Investor Day - Italy

E-commerce distribution platform
Plug&Sell is the e-commerce distribution platform of Europ Assistance (EA) group. It enables to sell and promote customized assistance and insurance offers for all markets and business models (B2C, B2B2C, B2B). It has been rolled out in 5 main distribution solutions:

  • eShop: to sell insurance in a few steps under EA brand or from EA partner site (Home Away group);
  • mShop: to sell insurance on a dedicated mobile framework;
  • Telesales: to sell insurance inside an on-line authenticated and secured environment for agents;
  • GDS/Amadeus connection: to sell travel insurance through an international booking platform connected to millions of customers (SAS, HOP!).;
  • Cross-Sell: to sell complementary insurance products inside a fully integrated partner site (Voyages-sncf.com, CosmosDirekt.de).

Decidedly business oriented, Plug&Sell is constantly improving since 2007 and provides to its partners key features such as multi currency secure-payment interface, segmented and customized offering management, quote/contract management, up-sell/ cross-sell management and promotion management.


Global broker relationship management

We managed in an integrated way the relationship with the global brokers - on a worldwide basis and across all business lines and segments through Generali Global Corporate & Commercial (GC&C). This global management guarantees a focused business planning and execution approach. Together with our partner brokers we identify pecific activities, lines of business and target clients’ segments and industries.

As of the second quarter of 2014, Generali started entering in strategic agreements with the global brokers. These agreements entitle Generali entities to access the global brokers’ platforms based on risk and underwriting data. This enables the Group to better communicate its risk appetite and value propositions, with the aim of understanding the clients’ needs and of providing them with the best products and services.


Premiums collected are properly managed in order to ensure the payment of claims to our policyholders. The amounts received are invested in financial instruments


After the flood that hit the city of Genoa (Italy), we prepared a plan of benefits providing immediate help for the benefit of our customers. We defined measures and incentives for our clients, residents in the town of Genoa, who had suffered damage caused by flooding, such as suspension, deferring and rescheduling of premiums payments. A task force was set up for the coordination of the activities of our experts and vehicle repairers, to promptly proceed in the assessment and payment of the damages to our policyholders. We handled more than 600 claims for a total value of over € 16 million.

In Serbia, that was heavely hit by floods in May, Generali Osiguranje Serbia prepared a set of actions to support its clients. Specifically, we supported local communities by means of various donations and specific in-kind actions. For our clients we opened 24/7 call centers to speed the notifications of claims. Over 148 claims or 95 % of total claims reported were paid in 45 days for a total amount of € 1.1 million.


Socially Responsible Investments

With regards to investments, we have showed great awareness of sustainable development topics since 2006.
In Generali Investments Europe (GIE), our asset management company, a socially responsible investment process was developed by a team of 6 dedicated analysts. This process is based on an innovative, transparent and rigorous methodology that involves:

  • the identification of 34 environmental, social and governance criteria, such as product quality, employees, supply chain, natural resources exploitation, emissions, composition and functioning of the Board of Directors;
  • the mapping of six environmental, social and governance risks such as reputational risk and damage to brand image, normative pressures, class actions, competitive advantage, intangible assets and carbon emissions;
  • the analysis of the main criteria identified and assignement of a rating to the company that enable to identify socially responsible investments;
  • the selection of socially responsible investments also applying a financial filter.

The process also envisages the dialogue with the companies aimed at helping them understand their areas of improvement. Generali Investments Europe currently manages over € 22 billion in socially responsible portfolios in accordance with such ESG (Environmental Social and Governance) methodology. GIE also tries to influence on the governance of the companies through the voting policy: the process envisages the identification of specific voting reccomendations - on the basis of the GIE voting policy principles - in the annual general meetings of the main European companies of which GIE is a shareholder.


Reference markets and Group's competitive position 2


Generali is the leader in the Italian insurance market with an overall share of 15.4%. The Group offers its clients – retail, SME and corporate – a complete variety of insurance solutions, in both Life and P&C segments. The Italian turnover makes up over 30% of the overall Group revenues. At a distributive level, Generali operates through a multi-channel distribution network mainly concentrated on agents. The Group has a strong position in the direct distributive channel, through Genertel – Genertellife, the first online insurance company in Italy. Furthermore, through Banca Generali the Group offers a variety of financial products in the previdential and asset–management sectors and also develops and sells new hybrid financial products. The integration process, launched in 2013 aiming at the unification of all the existing brands into three main brands, - Generali (retail market and SME), Alleanza (households) and Genertel (alternative channels) – is proceeding as scheduled.

With reference to the macroeconomic scenario, Italy remained in with a negative GDP growth rate in 2014 (-0.52% the annual growth of the third quarter).
The financial markets experienced a sensible drop of the bond yield (e.g. the 10y BTP yield went from 4.13% at 31 December 2013 to 1.89% at the end of 2014). The stock market was stable (FTSE Mib + 0.23% with respect to 31 December 2013).

Gross written life premiums increased by 31.3% compared to the prior year. A strong contribution for this performance was given by new business (+46.5% in the first nine months of the year). Infact, despite aforementioned economic crisis and the continuing weak saving capacity of families, the current scenario with low interest rates makes minimumyield insurance products appealing and fosters the demand for long-term saving products. Premiums per distribution channel illustrate strong increases in demand in all the channels: banks (+51.7%), agencies (+27.3%) and promoters (+57.8%). With regards to the life segment, all lines of business have registered a significantly positive variation respect to the previous year.
The P&C segment has witnessed a decrease (-3.1%) compared to the prior year. Despite the increase in registrations (+4.2% at the end of the year), the persistence of the economic crisis together with strong competition have resulted in a decrease in premiums written.


Generali Deutschland is Germany’s second largest insurance Group in terms of Life and P&C premium collection. The market share for P&C was 5.7%, while for life insurance was 11.5% (including Health business).

Generali Deutschland is market leader in the unit-linked and protection life business. The strategy aims to enhance the competitive advantage generated by the multi-channel distribution system, in which Generali Deutschland operates over a variety of distribution alternatives (financial promoters of the DVAG network, direct channel, traditional distribution channels).
At the same time the Group concentrates on exploiting the synergies between the various operating units, by integrating and optimizing back-office activities in shared service companies. The squeeze-out procedure, aiming at the acquisition of the entire shareholding in Generali Deutschland Holding, was completed in the first half of 2014.

The German economic context was overall positive. The GDP has grown by 1.2% (annual growth at the 3rd trimester), however the growth is slowing down after a positive first quarter. The German Bund is steady - the 10y Bund went from 1.93% at the end of 2013 to 0.54% at 31 December 2014 - while the stock market has registered a positive trend. (Frankfurter Dax + 2.65% with respect to year end 2013).

The German life-insurance market experienced a weak first quarter (-3.5%), followed by a very positive second quarter (+7.7%). This fluctuating trend is in the past, attributable to single premiums. The economic uncertainty over the medium-long term, the good reputation of the German life insurance sector and satisfactory yields (if compared to those granted by the bunds) has allowed a good volume of sales, even though, the spread between the minimum guarantee and the profitability of government bonds is straining the profitability of the sector. The Motor line showed a positive trend (+4.7%) despite signs of slowdown. The Property line also registered positive growth rates.


After Italy and Germany, France represents the third market of the Generali Group, 16% of the premiums. Generali France represents a major player in the French market, with a strong position and a multi-channel distribution network. Its sales force is composed of tied agents, salaried networks, commercial relations with brokers and IFAs and partnerships agreements (Generali France is a key player through P&C partnerships). Leader in Internet Savings, number one provider for IFAs and Private Banks, and leader in Pensions for Professionals. Since 2014, Generali France introduced the We, demain program, a strategic long-term project aimed at reshaping its business model, to achieve a sustainable growth in profitability.
To achieve the pursued client centricity, Generali France has changed its organizational structure, dividing itself between four client areas (Individuals, Affluent, Professional & Small Enterprises, Commercial).

The economic growth in France was weak (+0.4% annual growth at the third quarter). With regards to the financial markets, the yield of the 10y bond (OAT) decreased from 2.56% at the end of 2013 to 0.83%. The Paris Stock Index (Cac) was stable during the year (-0.54%).

With respect to the insurance market, in November, life premiums registered an increase of 7% compared to the same period in 2013. Unit-linked insurance has grown (+26%) due to the positive trend of the stock index whereas traditional products experienced a slower growth (+4%), boosted by the lowering of the deposits yield.
P&C segment has also grown by 1.5% compared to the previous year. Specifically, household-related products sales increased by 4%, due to the numerous weatherrelated damages which occurred during 2013 and in the first month of 2014. The increase in motor premiums (+1.5%) is in line with the performance in the prior year.


In the Central-Eastern European countries Generali operates through Generali CEE Holding B.V., after having finalized the acquisition of Generali PFF Holding (GPH) in January 2015, by acquiring the minorities of the PPF Group.
The Holding, with operating headquarters based in Prague, provides professional and operational know-how to insurance companies in 10 countries: Bulgary, Croatia, Czech Republic, Hungary, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia.

With regards to the Czech Republic, the main financial market of the area, the yield of the Czech 10-yrs bond decreased from 2.52% to 0.74% during 2014, similar to the overall trend recorded in the rest of continental Europe.

The life insurance markets in the main countries of Central-Eastern Europe experienced a similar trend. In the Czech Republic, preliminary data illustrated a mild decrease (-0.7%). In Hungary the growth rate was 3%, benefitting from the highly positive trend of life policies, while unit-linked products decreased by 5%. In Poland the result was negative (-3%), even if the decrease in traditional insurance products (-8%) is now slowing down.
In Czech Republic, motor premiums were positive (+3.1% is the preliminary data for 2014) for the first time since 2008, as well as in Hungary (+5.0%), for the first time since 2006. In the P&C segment negative trends are reported for Poland (-3.6%).


With reference to the other European countries which are not aforementioned, highlighted below are the other markets in which the Group is present:

Generali is the third largest insurance operator in terms of Life and P&C premiums written, with a market share of 13.7% for Life insurance and 16.7% for P&C. The Group’s total market share, according to recent estimates, evidences growth over the previous year. Generali has been operating in Austria since 1832, the year after the Company was established in Trieste. Generali operates in the country through the insurance companies Generali Versicherung, BAWAG P.S.K. Versicherung and Europäische Reiseversicherung. Its distributing strategy is multi-channel and can rely on a widespread agency network, brokers, financial promoters and bank desks of BAWAG P.S.K. and 3Banken.

Generali España is one of Spain’s main insurance groups, with a total market share of 3.9% in the Life segment and 4.3% in the P&C segment. The Group provides a wide range of life and property & casualty policies dedicated to both private individuals and enterprises ensuring appropriate responses to complex multinational realities.
The Group operates through a multi-channel distribution strategy which includes in addition to bank branches, a network of agents and brokers which is among the most extensive in Spain. Overall, the Group ranks 8th in Spanish insurance market in terms of premiums.

Generali Switzerland is the 8th insurance group in terms of Life and P&C premium collection. The Life market share is 3.6%, while the P&C one is 5.2%.
Generali has been operating in Switzerland since 1987 and in the following decade it consolidated its presence through the acquisition and merger of many insurance companies. Today Generali operates through the Generali and Fortuna brands in the life and P&C segments. The Group is focused on retail business and its characterized by the provision of innovative and high quality services offered through diverse distribution channels: agents, brokers, financial promoters and direct channel. OK

3 EMEA is made up of Austria, Belgium, Greece, Guernsey, Ireland, Netherlands, Portugal, Spain, Switzerland, Tunisia, Turkey and Dubai.


* Data refers to Argentina

The Generali Group has long been present in many countries in Latin America. Its main operations are in Argentina, where Generali is ranked as the second Group in the country. The Group's distribution network is based on agents, brokers and direct channels.

The local company La Estrella, along with two other smaller companies, are in the process of being sold. In terms of premiums, the second largest market of the Group is that of Brazil; other markets, with lower premiums but significant in terms of positioning, are Colombia, Guatemala, Ecuador and Panama.

4 LATAM embodies Argentina, Brazil, Colombia, Ecuador, Guatemala e Panama


* Data refers to the presence of the Group in the foreign operators' market of China

The Generali Group has worked in the Far East since 1980. It is now present in China, Indonesia, Philippines, Thailand, India and, since 2011, in Vietnam. Two branches have been set up in Japan and Hong Kong, where the Asia Regional Office is based. The main operations are in China, where the JV incorporated with the local CNPC (China National Petroleum Corporation) Partner has become one of the top life foreign insurance groups. In Indonesia, Philippines and Vietnam the business is focused exclusively on life insurance, whereas in Hong Kong, Thailand and Japan, P&C lines are also present.

The strategy of the Region has been outlined according to the Group ambition to increase its focus on emerging markets. The Hong Kong Regional Office has been reinforced in order to provide further support and coordination to the whole Region.An increase in dimension will involve all countries, particularly in China and Indonesia, by expanding the existing distribution channels and the variety of products offered. Growth is pursued also through the identification of M&A opportunities and distribution deals, in order to expand in new lines and segments.


2 Indicated shares and market positions, based on turnover, refer to official data or to the most recent available estimates.

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