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Press kit
GENERALI GROUP PRESS OFFICE
APRIL 2011
GENERALI
AN INTERNATIONAL PLAYER SINCE 1831
Trieste, Italy
more than 60 countries worldwide
70 million clients
73 billion Euro of premiums
85,000 employees
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release APRIL 2011 GENERALI GROUP PRESS OFFICE
Among the leading insurers in Europe
A leading international asset manager with assets totalling more than € 400 billion
A unique real estate operator with a property portfolio worth more than € 24 billion
THE GENERALI GROUP
The Generali Group is a leading player in the global insurance and financial markets. Established
in Trieste in 1831, today the Group is one of Europe’s largest insurance providers and the European
biggest Life insurer. It is also one of the world’s top asset managers with assets totalling more
than € 400 billion. With an employed sales force of more than 100,000 people serving 70 million
clients in more than 60 countries, the Group occupies a leadership position in Western Europe and
Florence, Italy an increasingly important place in Eastern Europe and Asia.
The Group strategy aims to consolidate Generali’s pre-eminence on its key markets and achieve a
premier position on markets with high growth potential, establishing its leadership in profitability.
AN INTERNATIONAL LEADER
The Generali Group is active all over the world. The Group is not only the market leader in Italy, but
also a primary player in Germany, France, Austria, Spain, Switzerland, Israel and Argentina.
Generali is a strong player on markets offering high growth potential. In Central Eastern Europe,
in particular, thanks to the Generali PPF Joint Venture, it is one of the primary players. Generali
also has Joint Ventures in India and China, where, within a few years after its entrance, it has
already become one of the top foreign insurance providers.
2010 Gross Written Premiums: € 73 bln
By area By segment
3.2%
Other Countries 3.1%
Spain
29% 20.9%
Italy France
69.8% 30.2%
Life Non-Life
1.2%
Asia
5.5%
CEE
22.9%
2.4% Germany
South America
11.8%
Other Europe
Market shares
(As of 31 December 2009)
33.6%
8.7% 14.8% 17.3%
8.4%
4.3%
Spain
France
Germany
Austria
Italy
Czech
Republic
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THE GROUP IN THE WORLD
Principal markets Central Eastern Other
Asia Americas
of operations Europe countries
ITALY GENERALI PPF CHINA ARGENTINA BELGIUM
Generali Italia HOLDING Generali China Caja de Ahorro y Seguro Generali Belgium
Ina Assitalia CZECH REPUBLIC Insurance Company Generali Corporate Generali Employee
Alleanza Toro Generali Pojistovna Generali China Life BRAZIL Benefits
Genertel - Genertel Life Ceska Pojistovna Insurance Company Generali Brasil Seguros NETHERLANDS
Fata Ceska Pojistovna ZDRAVI HONG KONG Generali
Banca Generali MEXICO
CP Pension Fund Hong Kong Branch Seguros Banorte Verzekeringsgroep
Genagricola Part. Maat. Graafschap
HUNGARY THAILAND Generali
GERMANY Generali Providencia Generali Thailand Life Pensiones Banorte Holland (Holding)
Paris, France Generali Deutschland Biztosito Assurance Generali GREECE
Holding Európai Utazási Biztosito Generali Thailand Afore Banorte Generali Generali Hellas
Generali Versicherungen Genertel Biztosito Insurance
Aachen Münchener USA UNITED KINGDOM
CosmosDirekt SLOVAKIA PHILIPPINES Generali USA Life United Kingdom Branch
Dialog Generali Slovensko Generali Pilipinas Life Reassurance PORTUGAL
Generali Deutschland Poistovna Insurance U.S. Branch Generali Vida
Pensionskasse SLOVENIA Generali Pilipinas Generali U.S. Holdings Portugal Branch
Generali Deutschland Generali Zavarovalnica Insurance GUATEMALA TURKEY
Pensionsfonds CROATIA INDIA Aseguradora General Generali Sigorta
Central Generali Osiguranje Future Generali India ECUADOR
ENVIVAS Life Insurance GUERNSEY
BULGARIA Generali Ecuador Generali Worldwide
Advocard Future Generali India
Badenia Bausparkasse Generali Life Insurance Insurance COLOMBIA Insurance
Generali Insurance Generali Colombia IRELAND
FRANCE Generali Zakrila Health JAPAN
Generali France Japan Branch PANAMA Generali PanEurope
Insurance Panama Branch
Europ Assistance VIETNAM
Generali Vie RUSSIA
Generali PPF Russia Generali Vietnam Life
Generali Iard
L'Equité Generali PPF Pension INDONESIA
Européenne de Fund PT Asuransi Jiwa
Protection Jur. (EPJ) POLAND Generali Indonesia
SPAIN Generali PTE UNITED ARAB
Generali España Holding Generali Zycie EMIRATES
Generali Seguros Generali Towarzystwo UAE Branch
Cajamar Vida ROMANIA
Cajamar Seguros Generali Asigurari
Generales ARDAF
SWITZERLAND Generali Fondi de Penzii
RAI
Generali (Schweiz)
Holding SERBIA
Generali Delta Generali
Personenversicherungen Osiguranje
Generali Allgemeine Delta Generali Pension
Versicherungen Fund
Fortuna Rechtsschutz MONTENEGRO
Fortuna Delta Generali
Lebensversicherung Osiguranje
Vaduz
BSI Banca Svizzera UKRAINE
Italiana Generali Life Insurance
AUSTRIA BELARUS
Generali Holding Vienna Generali Foreign
Generali Versicherung Insurance
Generali KAZAKHSTAN
Rückversicherung JSC Generali Life
BAWAG P.S.K.
Versicherung
Europäische LEGEND
Reiseversicherung Company operating in both Life and Non-life segments
Generali Bank Company operating mostly in Non-life segment
ISRAEL Company operating mostly in Life segment
Migdal Insurance & Holding
Financial Holding Branch and other activities
Migdal Insurance Asset Management company
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THE FIVE MAJOR MARKETS
Italy Germany
(since 1831) (since 1837)
Leader in Life sector. 2nd insurance provider, 8.7% market share*.
1st insurance provider, 17.3% market share*. Leading player in direct channel and main
More than 10 million clients. provider of “Riester” pension plans, unit-linked
Premium income € 21.2 billion. products and “term-life” policies.
1st insurance provider for on line business in More than 13 million clients.
Life, Non-Life and private Pensions. Premium income € 16.8 billion.
Multi-brand and multi-channel strategy based
Recently
on three pillars: traditional distribution
1994: launch of Genertel, the first online
channels, DVAG financial advisors, COSMOS
Non-Life insurance provider in Italy.
Prague, Czech Rep. Direkt direct channel.
1998: creation of Banca Generali.
2000: acquisition of INA Assitalia. Recently
2006: acquisition of Toro. 1998: acquisition of the AMB Group.
2009: merger of Toro and Alleanza and 2009: establishment of the Generali Deutschland
launch of GenertelLife, the first online Life Holding for all operations in Germany; imple-
insurance provider in Italy. mentation of the merger between Generali
Versicherungen and Volksfürsorge.
Spain France Central Eastern Europe
(since 1834) (since 1832) (since 1832)
Among the leading insurers 2nd insurance provider*, 7.7% More than 10 million clients.
with a 4.3% market share*. market share. Premium income € 4 billion.
More than 2 million clients. More than 5.5 million clients. Present in 14 countries.
Premium income € 2.3 billion. Premium income € 15.3 billion.
Recently
Leader in online Life business;
Recently 1989: start-up of local expan-
first insurer to test retail
1992: establishment of Generali sion plan.
Non-Life channel.
España Holding as an equally 2008: creation of Generali PPF
owned JV with Banco Central Recently Holding, a JV combining
Hispano. 1995: establishment of Generali insurance operations in CEE
1995: acquisition of full control France Holding. carried out by Generali and
of the Holding. 2003: acquisition of Continent the global financial group
2004: creation of Cajamar Vida Holding. PPF.
through a bancassurance 2006: merger of the various
agreement with Cajamar (900 companies (approximately 20)
agencies). into 2 operating companies,
2009: creation of Generali Generali IARD and Generali Vie.
España, start of the merger
between Vitalicio and Estrella.
* As of 31 December 2009
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…AND THE REST OF THE WORLD
South America Asia
Sao Paulo, Brazil
Operating in 7 countries: Argentina, Mexico, Brazil, Present in 8 Countries: China, India, Thailand,
Panama, Guatemala, Ecuador and Colombia. Philippines, Japan, Hong Kong, Indonesia and
Solid presence dating back to 1925 when the first Vietnam.
local agency opened, in Brazil. A strategic area for the Group given low insurance
penetration levels, high savings rates and strong
Recently
economic outlook.
1994: start of Generali Argentina.
1998: in Argentina, acquisition of controlling Recently
stake in La Caja, the leading market player. 2002: in China, start-up of Life operations with
1998: in Mexico, start-up of insurance product China National Petroleum Corporation.
sales through the bancassurance channel. 2005: in China, stipulation of a record-breaking
pension plan covering 390,000 CNPC employees.
Argentina 2006: in China, expansion of operations into the
Market leader with a 8.6% share1. Non-Life segment.
Premium income exceeding € 610 million. 2007: in India, start-up of operations through a
Operates through two main companies: Generali JV with Future Group.
Argentina and La Caja. 2009: closure of an agreement to operate in the
Asset Management industry in China.
Brazil 2010: entrance in Vietnam.
Today it operates in 8 Confederation’s States.
Strategic market due to its potential of China
expansion: +6.7% premium income in 2009. Among the leading foreign groups in terms of
premiums, with a market share of 13% among
Life providers controlled by foreign companies2.
Active in 10 cities with a sales force of more than
6,000 agents and 800 financial advisors.
The Chinese authorities have chosen the Group
as the advisor on pension plans for former State
Israel employees.
Business partner: China National Petroleum
(since 1934) Corporation (CNPC), 10th in the Fortune Global
1st Life insurance provider with a market 500, employs more than 1.6 million people.
share of 32%.
India
More than 1.7 million clients.
Widespread presence with more than 50,000
Premium income € 1.7 bln.
agents and 3,400 financial advisors.
Beyond Life and Non-Life insurance operations,
Launch of “Mall Assurance”, an innovative
Generali-owned company Migdal is one of the
insurance marketing method at Future sales
leading companies in asset management and
outlets.
private equity markets.
Business partner: Future Group, India’s leading
Recently mass retailer.
1997: Migdal’s IPO at the Tel Aviv stock exchange 2 As of 30 June 2010.
and acquisition of the controlling stake by Generali.
2004: Migdal, through some strategic
acquisitions, becomes the 2nd player in the
local pension funds market.
1 As of 31 December 2009.
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THE GEOGRAPHICAL STRATEGY:
MATURE VS. EMERGING MARKETS
WELL-ESTABLISHED MARKETS DEVELOPING MARKETS
Beijing, China
EXPORT THE BEST PRACTICES
AND SUSTAIN THE DEVELOPMENT
Main focus on:
Profitability Growth
Focus on efficiency and technical profitability Grow also externally and through Joint
Ventures with local entities
Improve quality of distribution network and Set up “green field” business operations in
customer service selected areas
Grow in the online channel Tap into the needs of younger social
environments, leveraging also the new
distribution channel
Launch products that best cater to the Explore and carry out direct channel operations
insurance needs of a modern society
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THE DISTRIBUTION STRATEGY
In the insurance field, the Generali Group deploys a multi-channel, multi-brand distribution
strategy in every market where it operates. Its core customer targets are the retail segment and
the small-medium businesses.
The group’s own sales network employs more than 100,000 people
Agents: 3,400
Italy
Mogliano Veneto, Italy Salaried salesforce: 4,200 - Financial advisors: 2,300
1st in the Direct channel
Agents: 3,400
Germany Salaried salesforce: 3,600 - Financial advisors: more than 35,000
1st in the Direct channel
Agents: more than 1,000
France
Salaried salesforce: 2,000 - Financial advisors: more than 2,000
1st in the Direct Life
Spain Agents: 7,500
Central Eastern Europe Agents: 30,400 - Financial advisors: 4,600
THE LEADING PLAYER IN THE DIRECT CHANNEL
The Generali Group is the Continental Europe’s leading provider of insurance products through
direct channels. In 1994, with the launch of Genertel, Generali created in Italy the first Non-Life
direct insurance service and, in 2009, by launching GenertelLife, the first Italian on line platform
offering Life, Non-Life and supplementary Pension products.
Generali has the leadership of the direct business both in Germany, through CosmosDirekt, the
leading provider of Life and Non-Life products via the web and telephone, and in France, through
Generali France, the leader in online Life covers. In Hungary, Genertel.hu was formed two years
ago and has already become the leader on the local direct market, with a focus on motor covers.
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THE BUSINESS
THE CORE BUSINESS: INSURANCE
In its core insurance business, the Generali Group is primarily focused on the life segment, in
which it remains the European leader.
Its product line in the life segment consists mainly of saving and protection policies, which account
for the majority of the portfolio, alongside unit-linked and supplementary pension policies.
In the non-life segment, the Group is primarily focused on the retail market, on which it provides
coverage of the entire insurance portfolio.
Milan, Italy
In addition, Generali is among the world’s major players in the field of assistance, through the
Europ Assistance Group, which provides worldwide services in the motor, travel, health, home and
family segments.
COMPLEMENTARY OPERATIONS
Generali Investments Generali Immobiliare
An asset manager heading the Generali Group’s A lead company established to develop and coordinate
investment management companies around the world. real estate operations for the entire Generali Group.
€ 400 billion of assets under management. The Group’s real estate assets worth approximately € 24.8
Different centres are in charge of the investment billion are located mainly in Italy (40%), France (20%),
transactions for different asset classes: fixed income Germany (17%). The portfolio consists of office properties
in Trieste, equity in Paris, research in Cologne. (74%), residential properties (8%) and other real estate
Generali Investments coordinates captive asset (hotels, logistics, mixed).
management operations (segregated funds and Through Generali Immobiliare Italia Sgr, one of
pension funds) as well as third-party operations the leading real estate operator in Italy, it runs four
(investment funds and SICAV open-end collective real estate funds with total assets amounting
investment schemes). to € 3,2 billion.
BEYOND THE CORE BUSINESS
Banca Generali BSI
Banca Generali was established in 1998 for integrated BSI SA is Canton Ticino’s oldest bank. Established in
distribution of financial, bank and insurance products, 1873 in Lugano with the name ‘Banca della Svizzera
through a network of financial advisors. Italiana’, today it specialises in wealth management
With net inflows of € 1.3 bln in 2010 and administered and services for private clients and external asset
assets for € 23.6 billion, the Group is one of the primary managers. The bank joined the Generali Group in 1998.
players in this field in Italy. BSI is one of the top players on the Swiss wealth
management market, with assets under management
of more than € 61 billion in 2010.
In 2010, BSI invested in development on markets with
high growth potential, in particular in Asia through the
offices in Hong Kong and Singapore.
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RECENT DEVELOPMENTS
Minority buy-out of
Alleanza and launch
of Alleanza - Toro
Banca del Gottardo (Italy)
(Switzerland)
Purchase of a 30%
Bawag JV stake in Guotai AMC
(Austria) (China)
First step in the
United Arab Emirates
Toro
Bucharest, Romania (Italy) First step in
Prize for the
Orel Vietnam
best deal of the year
(Bulgaria)
in the emerging
€1.2 bln
Garant markets*
of investments in
(Ukraine)
real estate
Cajamar JV Libertas Generali PPF JV
(Spain) (Croatia) (Czech Republic)
Delta Osiguranje Ardaf e RAI
(Serbia) (Romania)
Future Generali JV Generali Belarus
(India) (Belarus)
73.2
70.5
68.8
64.5 66.2
Aggregate gross 62.8
premiums (€ billion) 55.7
2004 2005 2006 2007 2008 2009
2010
Alleanza - Toro Guotai AMC
The goals planned for the merger of Alleanza Guotai AMC was the first company in China to be granted
Assicurazioni and Toro Assicurazioni for this the licence for the asset management activity in 1998.
year – expanding the products available to the sales A company authorized to manage all asset classes,
network and achieving cost synergies – were reached among which the funds of the new Chinese supplementary
in 2010. pension system.
Since October 2009, when the new company Alleanza By means of this operation, Generali will be able to
Toro became effective, the Alleanza network placed expand its offer in China to the pension plans for
over 63 thousands non-life policies, specifically related employees.
to accident, health and household covers, and the Toro
network recorded a significant increase in the life
segment, with high value-added products.
* Assigned by “Acquisitions Monthly”.
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KEY FIGURES
GROUP’S KEY FIGURES (€ MLN)
2009 2010
Gross Written Premiums 70,530 73,188
Change* +6.2% +2.8%
Life Premiums 48,894 51,098
Change* +9.5% +3.6%
P&C Premiums 21,636 22,090
Change* -0.5% +1.1%
Annual Premium Equivalent 5,188 5,333
Expense ratio 15.4% 15.3%
Rome, Italy Combined ratio 98.3% 98.8%
Net result of the period 1,309 1,702
* On a like-for-like basis.
KEY EQUITY DATA (€ MLN)
31 December 2009 31 December 2010 Change
Insurance provisions* 315,421 339,222 +7.5%
Investments 349,752 372,074 +6.4%
Shareholders’ equity, at book value 16,652 17,490 +5%
* Taking into account financial liabilities related to policies of the life segment.
CASH DIVIDEND (€)
0.75 0.90
0.33 0.43 0.54
0.35 0.45**
2003 0.15*
2004
2005
2006
2007
2008
2009
2010
* Dividend for FY 2008 implied also a free share distribution, corresponding to 1 share every 25 held.
** Proposed.
THE GROUP’S DEVELOPMENT: 2002 TO PRESENT
Combined Ratio (%) Normalised RoEV (%) Net profit (€ mln)
108.2
98.8%
10.6% 1,702
Group performance has strongly 9.2
improved since December 31,
2002
2002.
(Italian GAAP)
Group results will continue to
2002 2010 2002 2010 2010
benefit from the combined (Italian GAAP) (Italian GAAP)
effect of local initiatives and
(754)
Group’s plans.
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FINANCIAL STRENGTH
Since its establishment, the Generali Group has always held a reputation for its capital and
financial strength. Its solidity derives from prudent investment management and a focus on
achieving a correct match between risk and medium/long-term profitability.
Investments’ breakdown as of 31 December 2010 (total € 322 bln)*
Venice, Italy
8.5% 7.5%
Equity 4 Other investments 1
4.9%
Real Estate 3
79.2%
Fixed Income 2
Government securities account for 55.9% of the bond portfolio.
High-quality corporate bonds, 80.7% with a ≥ A rating.
Limited net exposure to structured finance: € 1 billion.
* Own investments, excluding unit/index linked investments and third-party assets.
1 Including investments in non-consolidated subsidiaries, derivatives, receivables from banks or customers, cash and cash equivalent.
2 Including quoted and unquoted bonds, loans including deposits under reinsurance business accepted, term deposits with credit institutions.
3 Excluding own used properties.
4 Including quoted and unquoted equities and alternative investments.
GENERALI’S RATINGS ASSIGNED BY THE PRIMARY AGENCIES
Rating Financial Strength Outlook
Standard&Poor's AA- Stable
Moody's Aa3 Stable
Fitch Ibca AA- Stable
AM Best A+ Stable
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CAPITAL AND SHAREHOLDERS
KEY CORPORATE DATA
Subscribed and paid-up company capital € 1,556,873,283.00
Madrid, Spain Number of shares 1,556,873,283
Per-share par value €1
2010 proposed dividend € 0.45 per share
Shareholder structure
13.46%
Mediobanca Group
4.49%
Bank of Italy
2.82%
Blackrock Group
2.43%
B&D Holding Group
2.27%
Effeti
2.25%
Caltagirone Group
70.26% 2.02%
Other institutional and Petr Kellner
retail investors
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CORPORATE SOCIAL RESPONSIBILITY
As one of the leading players in the global insurance and financial services industry, the Generali
Group is a focus of interest for the expectations of a broad range of stakeholders: employees,
shareholders and investors, clients, issuers, institutions and local communities.
The Generali sustainability strategy has four main priorities:
To pursue lasting sustainable growth.
Cologne, Germany To enhance the capabilities of the people who work in the Group.
To support the communities in which the Group operates by taking part in social, cultural and
sports initiatives.
To reduce direct and indirect environmental impacts.
In 2010, Global Value Added - the wealth generated for stakeholders by Group activities - amounted
to € 13.6 billion.
GVA’s distribution in 2010
9%
Lenders (€ 1,237 mln) 7.4%
6.4% Company (€ 1,003 mln)
Government (€ 869 mln) 7.4%
Shareholders (€ 1,015 mln)
30.4%
Employees (€ 4,144 mln)
39%
Agents and advisors (€ 5,318 mln)
0.3%
Community (€ 46 mln)
Generali is included in the ethical indexes:
ASPI Eurozone
ECPI Ethical Index Euro & Global
FTSE 4Good Europe & Global Indexes
FTSE ECPI Italia SRI
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STATUTORY BODIES
CHAIRMAN
Gabriele Galateri di Genola
VICE-CHAIRMEN
Manila, Philippines
Vincent Bolloré / Francesco Gaetano Caltagirone / Alberto Nicola Nagel
MANAGING DIRECTORS
Giovanni Perissinotto (Group CEO) / Sergio Balbinot
DIRECTORS
Cesare Calari / Carlo Carraro / Diego Della Valle / Petr Kellner / Angelo Miglietta* /
Alessandro Pedersoli / Lorenzo Pellicioli* / Reinfried Pohl / Paola Sapienza /
Paolo Scaroni / Francesco Saverio Vinci
* An asterisk marks the names of those Directors who, together with the Chairman, the Vice-Chairmen and the CEOs, form the Executive Committee
BOARD OF AUDITORS
Eugenio Colucci (Chairman)
Gaetano Terrin / Giuseppe Alessio Verni (permanent Auditors)
Maurizio Dattilo / Michele Paolillo (Substitutes)
GENERAL MANAGERS
Raffaele Agrusti* / Paolo Vagnone
* Chief Financial Officer
DEPUTY GENERAL MANAGERS
Attilio Invernizzi / Andrea Mencattini / Aldo Minucci / Valter Trevisani
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GENERALI GROUP PRESS OFFICE
