Generali Asia News...letter

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1 Generali Group: Mario Greco MILAN At a meeting on August 1 st chaired by Gabriele Galateri di Genola, the Board of Directors of Assicurazioni Generali coopted Mario Greco, and appointed him to the posts of Group CEO and General Manager of the company. Mario Greco, 53, has worked in the insurance business for many years at an international level, holding senior management positions at a number of leading insurance groups in Italy and abroad. Mario Greco also becomes a member of the Executive Committee and Chairman of the Investment Committee. Mr. Mario Greco, Group CEO and Managing Director, Generali Group Milan On August 2 nd, at a meeting chaired by Gabriele Galateri di Genola, the Board of Directors of Assicurazioni Generali approved the consolidated results at 30 th June. In an economic and financial scenario that gradually worsened during the second quarter, due to the severe pressure on sovereign debt and uncertainty over the stability of the euro, the Generali Group closed the first half with an improvement in net profit to 842 million (+4.5%, 806 million 1H11), and strong progress in the second quarter (+44.5% from 2Q11). Factors contributing to the halfyear result were growth in premiums, excellent operating performance with an improvement in non-catastrophic and Life technical margins, and the result for financial operations. The Group s strategic focus on the development of its proprietary networks and product innovation fuelled growth in total gross premiums to 35,648 million (+2%), of which 73% came from outside Italy. Production was driven by Non-Life premiums ( 12,418 million; +5.2%), which improved across all lines of business. Life premiums totalled 23,230 million (+0.4%), reflecting high premium quality thanks to a better production mix; this was also seen in the growth in new business margins to 21.6% (20.4% YE 2011). The overall operating result, at 2,343 million (-0.1%), reached the excellent levels of the first half of 2011, despite the sharp decline in the economic and financial environment and the significant impact of catastrophic events. Operating performance was buoyed by the Life operating result, which rose to 1,651 million (+3.1%) with an acceleration in the second quarter (+11.4%). Both the technical margin and the financial margin improved. The Non-Life operating result was 755 million (-5.9%), reflecting the impact of severe catastrophic events for 255 million of which 155 million related to the earthquake in Emilia Romagna compared with 33 million in the first half of Catastrophes had an impact of 2.4 percentage points on the combined ratio which was 97.1% (96.5% 1H11, with catastrophe-related claims accounting for 0.3 p.p.). Net of catastrophic events in both periods, the ratio improved by 1.5 percentage points, thanks to control of expenditure, premium growth and a prudent underwriting policy. The non-operating result showed an improvement of 20%, benefiting in particular from the decrease in impairment losses of 179 million. The Group results were accompanied by an improvement in the capital structure, with shareholders equity rising to 17,359 million (+12.1% from YE 2011), thanks specifically to the improvement in the reserve for net gains on available-for-sale financial assets. The trend was also reflected in an improvement in the Solvency I ratio, to 130% (117% YE 2011), with a surplus of 5.4 billion. 1

2 Highlights of the Net profit up to 842 mln (+4.5%) with the operating result stable at 2.34 bn despite significant catastrophic events Total gross premiums 35.6 bn (+2%), driven by Non-Life business (+5.2%) Shareholders equity up to 17.4 bn (+12.1% from YE 2011). Solvency I at 130% (117% YE 2011) Outlook: improved operating result compared with 2011 Life. Operating result rose to 1.7 bn (+3.1%). New business margins up to 21.6% (20.4% YE 2011) Life premiums 23.2 bn (+0.4%) with strong growth in Central-Eastern Europe and Latin America. Improvement in savings products (+0.9%) and protection covers (+4.1%) Non-Life. Premiums 12.4 bn (+5.2%) with a healthy performance in all lines of business, thanks to performances in Germany, CEE Countries and Latin America. Non-motor premiums +6.5%; motor premiums +2.6% Operating result 755 mln (-5.9%), reflecting a 222 mln increase in the impact of catastrophic events Combined ratio 97.1% (96.5% 1H11), impacted by a 2.1 p.p increase in catastropherelated claims Financial services. Operating result 211 mln (+2.4%) with third-party assets under management up to 90.7 bn (+7.6% from YE 2011) first South East Asia Worksite Marketing Conference in Thailand BANGKOK. Promoted by the Head of Regional Operations Life South East Asia, Mr. Terence Wong, organized by the Head of Regional Distribution, Asia Regional Office, Ms. See See Ooi, the Marketing Conference took place in Bangkok from August 22 nd to 24 th. The three day meeting was attended by the CEOs and senior management from Generali Indonesia, Generali Philippines, Generali Thailand and Generali Vietnam with the participation of representatives from the Asia Regional Office. The workshop provided the delegates with a unique opportunity to discuss and strategise Generali's approach to the emerging worksite marketing channel in Asia. In this occasion, two guest speakers shared their experiences in worksite marketing practices, process models and implementations in Hong Kong and Japan. The delegates' feedback on the conference was very positive. Several countries have since decided to launch pilot programs to assess the market potential of worksite marketing locally and requested Asia Regional Office to provide further technical support." Participants of Worksite Marketing Workshop. (photo credit: Alice Ng) 2

3 Ho Chi Minh City Generali Vietnam Life (GVL) has recently launched its E-Services G-Link a client portal which is a proprietary development by an expert team in GVL based on the thorough understanding of the needs and expectations of the employers and employees in the group employee benefits program. Through this platform, GVL integrates its products and services offerings with the Health Care Services Network it has created for the beneficial use of its corporate clients and their employees as well as medical services providers. The launch of GVL-Link is a strategic response by GVL to the Vietnam group employee benefits market where services to the corporate clients and their employees can be further improved. This is the first software for group business on the market with outstanding features which allows customers who are insured members and medical units to access conveniently. Within friendly interface, it allows the insured members having address and member code to easily register and search all information regarding his/her benefits, claims, progress of claim settlement, maximum insurance limits. Besides being a supporting function for group members, GVL-Link is also a quick and effective administrative tool for medical units. Whenever customers take an exam, medical units can quickly check balance of insurance limits and update cost of the exam. System then will check the required cost to ensure it will not exceed balance of insurance limitations. As soon as making any payment, a notice is also sent to relevant parties for monitoring purpose. In a nutshell, GVL-Link can benefit different users in appropriate ways: corporate clients can manage their employee benefits program more efficiently, insured members can make best use of their insurance benefits, and medical service providers can provide faster, higher-quality services to insured members. With the Copyright Certificate issued by the Copyright Office of Vietnam, Ministry of Culture, Sports and Tourism on July 16 th,, the proprietary rights over this application of GVL has been endorsed. This is the strong legal ground for GVL to go on deploying its GVL-Link across its clients as well as Health Care Services Network. Mr. Simon Lam, GVL General Director, stated: As a new player in the market with rich heritage from the Group, we have been working hard to bring in positive differentiation to the market place based on the past development of the market and our experience and expertise. We believe one of the keys to our success is the satisfaction of our customers and partners. Therefore, innovative products and superior services are always among our strategic focuses. The launch of this client portal GVL-Link is a concrete evidence of our commitment to bringing innovation and better choice to our customers in the Vietnam insurance market. Copyright Certificate issued by the Copyright Office of Vietnam, Ministry of Culture, Sports and Tourism 3

4 To create long-lasting and strong impact, GVL has created the layout of mighty, flying lion together with the motto Lion roars. Generali soars pertaining to all of its collective staff activities. HO CHI MINH CITY. Generali Vietnam s first employees outing trip, "Moving Forward as One, was held from August 11 th to 13 th. GVL s employees have gone through an eventful program which included team building activities, a gala dinner and the company s core value workshop. On the 2 nd day of the outing trip, the Core Value workshop, Bringing GVL Core Values into life was organized to discuss the practical and effective ways to apply GVL core values and key behaviors to each department as well as to every member The participants of GVL Lion Day. (Photo Credit: Courtesy from Generali Vietnam) of GVL. At the end of the workshop, six teams representing six core values of GVL presented action plans that will be further fine-tuned and implemented. Our Activities GENSOCIETY GENCULTURE Life: Hong Kong s CSR Project is HONG KONG. Generali Hong Kong Branch s Generali Rainbow Life supporting project is. The first parent-child activity, i.e. the Night Squid Fishing, took place on August 11 th. The activity aimed at strengthening the relationship between parents and children in a very popular outdoor activity in Hong Kong. The Generali Rainbow Life Volunteers organized a half hour ice-breaking game session for the children and their families. Volunteering moment during the parentchild activity. (photo credit: Francis Hui) The Stage I of the English Language Workshop was successfully rolled out during summer. The workshop aimed at enhancing the children s English communications skills, and their everyday vocabulary. The volunteers acted as teaching assistants to support the workshop. The Workshop s Stage II will continue from September to October. 4

5 Nicky Hayden injured his right hand in a qualifying crash at the Indianapolis Grand Prix and did not take part in the race and the following Czech Republic Grand Prix. The American stayed in the United States to recover. At the Indianapolis Grand Prix on August 19 th and at the race in the Czech Republic two weeks after, Valentino Rossi also finished in seventh place. EVENT CALENDAR when event where Sept 27 th Board of Directors Meeting Generali Philippines For details you may check the following links: Calendar of Moto GP World Championship Moto GP website for the results of Ducati Manila, Philippines latest series of Non-life insurance The and the economic development Part 1 and Part 2, written by the Generali s R&D Department, are now on-line. The final goal is to provide a better understanding of the purpose of the insurance sector and of the factors underlying its growth in the economy, and to provide an indication of those elements that allow it the best interplay with other economic forces as well as to best perform its economic and social function. You may find more details in : Photo Credit: All Seasons Property Co., Ltd. Asteco Dubai Int l Financial Center Feng Song GCL Corporate Affairs Dept Mr. Suzuki Nicolle Samonte, Generali Philippines Phodio Tech Studio (HK) Sunanda Parekh Uy Truong Wiwin Yulius Part 1: What's in a policy, why do people buy insurance and why do firms buy insurance Part 2: Why we sell insurance: the role of insurers in the economy 5