generali group international since 1831 more than million over 82, billion euro countries in the world in 5 continents customers

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1 PRESS KIT MAY 2012

2 generali group international since 1831 more than 60 countries in the world in 5 continents 65 million customers 69 billion euro in premiums over 82,000 employees PRESS OFFICE 2

3 generali group international since 1831 One of the leading insurance companies in the world, the leader for Life insurance in Europe one of the world s leading asset managers with over 460 billion under management A leader in real estate, with 28 billion property assets An International Leader Founded in Trieste (Italy) in 1831, Generali Group is one of the foremost international insurance companies, and the European leader in the Life insurance sector. The Group operates in more than 60 countries in the world with more than 70% of its premium income from foreign markets. A leading position in the main European markets: Italy, Germany, France, Austria and Central-Eastern Europe High growth rates in high potential markets: China, India and Brazil With 69 billion in premiums, Generali Group operates in the Life insurance (67% of premiums) and Non- Life insurance sectors and services over 65 million customers with a distribution network of over 100,000 professionals. Generali has a total of 460 billion assets under management of which 28 billion are in real estate. The Group s management expertise is available for third-party institutional investors. PRESS OFFICE 3

4 COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING BRANCH AND OTHER ACTIVITIES ASSET MANAGEMENT COMPANY LISTED COMPANIES AMERICAS ARGENTINA CAJA DE AHORRO Y SEGURO GENERALI CORPORATE BRAZIL GENERALI BRASIL SEGUROS MEXICO SEGUROS BANORTE GENERALI PENSIONES BANORTE GENERALI USA GENERALI USA LIFE REASSURANCE U.S. BRANCH GENERALI U.S. HOLDINGS GUATEMALA ASEGURADORA GENERAL ECUADOR GENERALI ECUADOR COLOMBIA GENERALI COLOMBIA PANAMA PANAMA BRANCH OTHER COUNTRIES BELGIUM GENERALI BELGIUM GENERALI EMPLOYEE BENEFITS NETHERLANDS GENERALI VERZEKERINGSGROEP PART. MAAT. GRAAFSCHAP HOLLAND (HOLDING) GREECE GENERALI HELLAS UNITED KINGDOM UNITED KINGDOM BRANCH PORTUGAL GENERALI VIDA PORTUGAL BRANCH TURKEY GENERALI SIGORTA GUERNSEY GENERALI WORLDWIDE INSURANCE IRELAND GENERALI PANEUROPE the group in the world PRINCIPAL MARKETS OF OPERATIONS ITALY GENERALI ITALIA INA ASSITALIA ALLEANZA TORO GENERTEL - GENERTEL LIFE FATA BANCA GENERALI GENAGRICOLA GERMANY GENERALI DEUTSCHLAND HOLDING GENERALI VERSICHERUNGEN AACHENMÜNCHENER COSMOSDIREKT DIALOG GENERALI DEUTSCHLAND PENSIONSKASSE GENERALI DEUTSCHLAND PENSIONSFONDS CENTRAL ENVIVAS ADVOCARD BADENIA FRANCE GENERALI FRANCE EUROP ASSISTANCE GENERALI VIE GENERALI IARD L EQUITÈ E-CIE VIE GENERALI PPF HOLDING CZECH REPUBBLIC GENERALI POJISTOVNA CESKA POJISTOVNA CESKA POJISTOVNA ZDRAVI CP PENSION FUND HUNGARY GENERALI PROVIDENCIA BIZTOSITO EURÓPAI UTAZÁSI BIZTOSITO GENERTEL BIZTOSITO SLOVAKIA GENERALI SLOVENSKO POISTOVNA SLOVENIA GENERALI ZAVAROVALNICA CROATIA GENERALI OSIGURANJE BULGARIA GENERALI LIFE INSURANCE GENERALI INSURANCE GENERALI ZAKRILA HEALTH INSURANCE RUSSIA GENERALI PPF LIFE GENERALI PPF GENERAL INSURANCE ASIA CHINA GENERALI CHINA INSURANCE COMPANY GENERALI CHINA LIFE INSURANCE COMPANY HONG KONG HONG KONG BRANCH THAILAND GENERALI LIFE ASSURANCE (THAILAND) GENERALI INSURANCE (THAILAND) PHILIPPINES GENERALI PILIPINAS LIFE INSURANCE GENERALI PILIPINAS INSURANCE SPAIN GENERALI ESPAÑA HOLDING GENERALI SEGUROS CAJAMAR VIDA CAJAMAR SEGUROS GENERALES SWITZERLAND GENERALI (SCHWEIZ) HOLDING GENERALI PERSONENVERSICHERUNGEN GENERALI ALLGEMEINE VERSICHERUNGEN FORTUNA RECHTSSCHUTZ FORTUNA LEBENSVERSICHERUNG VADUZ BSI BANCA SVIZZERA ITALIANA AUSTRIA GENERALI HOLDING VIENNA GENERALI VERSICHERUNG GENERALI RÜCKVERSICHERUNG BAWAG P.S.K. VERSICHERUNG EUROPÄISCHE REISEVERSICHERUNG GENERALI BANK ISRAEL MIGDAL INSURANCE & FINANCIAL HOLDING MIGDAL INSURANCE POLAND GENERALI PTE GENERALI ZYCIE GENERALI TOWARZYSTWO ROMANIA GENERALI ROMANIA GENERALI ADMINISTRARE PENSII SERBIA DELTA GENERALI OSIGURANJE DELTA GENERALI PENSION FUND MONTENEGRO DELTA GENERALI OSIGURANJE UKRAINE GENERALI LIFE INSURANCE BELARUS GENERALI FOREIGN INSURANCE KAZAKHSTAN JSC GENERALI LIFE INDIA FUTURE GENERALI INDIA LIFE INSURANCE FUTURE GENERALI INDIA INSURANCE JAPAN JAPAN BRANCH VIETNAM GENERALI VIETNAM INDONESIA GENERALI INDONESIA UNITED ARAB EMIRATES UAE BRANCH PRESS OFFICE 4

5 the growth strategy The Group s strategy is to consolidate leadership in its core business markets and to expand in those with high growth potential, with the aim of becoming leader in terms of profitability. core markets main focus: profitability Launching innovative products that best meet the customer s insurance needs, among which Pension and Assistance products Focusing on the distribution network quality and on expansion in innovative channels Focusing on profitability and efficiency exporting best practice strategies and supporting growth developing markets main focus: growth Expanding, even through Joint Ventures with local organisations Launching green-field business operations in high growth potential markets Meeting new market needs, also focusing on innovative distribution channels Developing markets TOTAL PREMIUMS Euro bln Euro bln CAGR +10.2% % on total group 5.9% 10% TOTAL OPERATING RESULT Euro mln Euro mln CAGR +31.6% 3.6% 14.7% PRESS OFFICE 5

6 main markets CZECH REP. 34.6% Market shares and rankings in several countries ITALY 17.4% 1 1 HUNGARY 15.2% 2 AUSTRIA 15.2% 3 GERMANY 9.1% ARGENTINA 8.7% FRANCE 7.2% Italy Market leader with 20.2 billion in premiums Present since million customers Leader in direct channels In recent years Genertel roll-out, first online insurance in Italy in the Non-Life sector Banca Generali, the Group s bank was founded INA Assitalia take-over Toro take-over Toro-Alleanza merger and GenertelLife roll-out, the first online Life insurance in Italy Purchase of majority shares in Citylife, one of the largest real estate re-qualification projects in Europe PRESS OFFICE 6

7 in recent years in recent years Germany Present since million customers 16.6 billion in premiums Leader in direct channels AMB Group take-over main markets Establishment of Generali Deutschland, the holding that controls all business in Germany; merger between Generali Versicherungen and Volksfürsorge completed France Present since million customers 13.1 billion in premiums Direct channel leader in the Life insurance sector; first insurance company to explore the online retail Non Life insurance segment Establishment of Generali France Holding Continent Holding take-over Merger of various companies (about 20) in the 2 operating companies Generali Iard and Generali Vie in recent years Central-Eastern Europe Present since million customers 3.9 billion in premiums Operating in 14 countries Expansion plan launched in the area Creation of Generali PPF Holding, Joint Venture between Generali and the PPF financial group Establishment of Generali Romania from the merger between Asigurari and Ardaf PRESS OFFICE 7

8 main markets in recent years Austria Present since 1832 More than 4 million customers More than 2.5 billion in premiums Leader in the Car segment Establishment of Generali Versicherung from the merger between Generali Leben and Erste Allgemeine Purchase of majority shares in Bawag PSK Versicherung; introduction in the bancassurance channel through Bawag branches, one of the leading banks in Austria Spain Present since 1834 More than 2.1 million customers 2.4 billion in premiums 1992 Establishment of Generali España Holding in equal JV partnership with the Banco Central Hispano in recent years Full take-over of the Holding company Establishment of Cajamar Vida from a bancassurance partnership with Cajamar Establishment of Generali España from the merger between Vitalicio and Estrella PRESS OFFICE 8

9 high growth potential markets Asia Operating in 8 markets: China, India, Thailand, the Philippines, Japan, Hong Kong, Indonesia and Vietnam CHINA Present in the Life insurance market since 2002, Non Life insurance market since 2007 One of the leading foreign groups in Life insurance Partner: China National Petroleum Corporation (CNPC), ranked 6th in the 2011 Fortune Global 500 ranking, with more than 1.6 million employees Operating in 11 municipalities and provinces with over 6,000 agents and more than 850 financial promoters Selected by the Chinese authorities as a pension plan consultant for former civil service employees INDIA Present since 2007 On the market with a sales force of over 60,000 agents Partner: Future Group, leader in mass distribution Launched Mall Assurance, the innovative and exclusive marketing method c/o Future POP VIETNAM Present in the Life insurance market since 2011 Strategic area for the Group due to the low insurance penetration, high savings rates and sustained forecasted economic growth PRESS OFFICE 9

10 high growth potential markets South America Mainly operating in Brazil, Argentina and Mexico BRAZIL Present since 1925 Operating in 8 Confederate states with 14 agencies and branches Premium growth rate: +5.5% in 2011 ARGENTINA Present since 1948 Market leader with more than 1.5 million customers Operates through Generali Argentina and La Caja, which was acquired in 1998 MEXICO Present since 1997 in partnership with the Banorte financial group One of the leading bancassurance operators Operates through Seguros Banorte and Pensiones Banorte PRESS OFFICE 10

11 the insurance business Generali Group is one of the leading insurance players in Europe and leader in the Life insurance sector. The Group primarily services retail customers and small and medium enterprises, with a selective approach to the corporate sector. Life Insurance SAVINGS AND PROTECTION UNIT / INDEX LINKED HEALTH GROUP TOTAL TOTAL LIFE GROSS DIRECT PREMIUMS 60.8% 18.3% 8.7% 12.3% 45,002 mln NON-LIFE 33% 2011 PREMIUM INCOME Complete line of products ranging from savings and family protection policies to unit-linked policies and complex plans for multinationals Continuous innovation and development of new products to offer customers a wider range of investment opportunities, maintaining the typical guarantees offered by traditional policies, such as minimum yields Growth opportunities for supplementary pension plans and assistance for core markets Non-Life Insurance MOTOR ACCIDENT / HEALTH PERSONAL COMMERCIAL TOTAL LIFE 67% TOTAL P&C GROSS DIRECT PREMIUMS 40.3% 15.1% 22.2% 22.4% 22,092 mln Well-balanced and diversified portfolio in all lines of business, ranging from mass-market coverage such as Car, Home and Accident insurance, to sophisticated commercial and industrial risk coverage Innovative products and high technological components, such as the payas-you-drive policies Liquidation process efficiency and high commitment to underwriting discipline The Corporate Business Focus on medium-size corporate customers 3.5 billion premium income in 2011 Strong ties with international brokers International Networks Europ Assistance: one of the leading international assistance service operators (e.g. road and travel assistance) operating throughout the world with 36 local companies and 7,000 associates Generali Employee Benefits: the global insurance coverage leader for multinational corporate employees, a network of 120 insurance company affiliates in around 100 countries and a portfolio of 1,500 multinational customers PRESS OFFICE 11

12 the insurance business Distribution Generali Group operates in the insurance sector with a multichannel distribution strategy through a global proprietary sales network of agents, financial advisors and brokers. The proprietary networks are supported by bancassurance, especially in France, Spain and Mexico. Traditional channels are complemented by innovative ones, such as internet, which the Group seeks to develop. The Generali Group looks for distribution effectiveness and efficiency through initiatives aimed at enhancing the customer base. In particular, the Group launched the Customer As An Asset program based on initiatives in the fields of customer loyalty and satisfaction and crossselling. ITALY Multi-brand approach More than 2,100 agencies, with 4,000 agents, over 11,300 subagents and over 23,600 self-employed agency workers Over 2,000 brokers Over 4,500 financial advisors Along with traditional channels, the Group focuses on developing innovative channels. The Group is the leader in the direct channel (internet and telephone) in Europe and intends to further increase its leadership by launching new initiatives in high growth potential markets. In Italy, Generali is the sector leader and created, through Genertel, the first Italian online Life, Non Life and Pension insurance portal. In Germany, the Group is the sector leader, present in the market since 1982 through COSMOS Direkt. In France, Generali France is the leader in the online Life insurance sector. In Hungary, Generali launched Genertel.hu in 2007 and, after just two years, is now the sector leader with a focus on Car insurance products. In Slovakia, Genertel.sk was successfully launched in GERMANY Multi-brand approach Partnership with the largest financial advisors network in Europe, DVAG, with more than 36,800 associates More than 3,200 agencies, with over 5,500 agents and 12,000 subagents Over 14,300 brokers FRANCE Over 1,000 agents Over 4,000 brokers Over 2,200 financial advisors CENTRAL-EASTERN EUROPE Multi-brand approach 30,000 agents 4,300 brokers AUSTRIA Over 1,000 agents Over 4,500 brokers SPAIN Over 6,100 agents Over 3,800 brokers PRESS OFFICE 12

13 asset management business TOTAL bln As an Asset Management company, Generali aims to expand its third party business and position itself as a global operator for institutional and private investors. Of the over 460 billion assets under management over 97 billion are managed for third parties. Furthermore, the Group manages real estate assets worth about 28 billion, of which 25 billion of own investments and 3 billion of third parties bln 97.5 THIRD PARTIES AUM 58.3 UNIT LINKED FIXED INCOME INSTRUMENTS 77.6% OWN INVESTMENTS OTHER 4.0% CASH & EQUIVALENT 7.9% Investments growth in the last 5 years +17.6% REAL ESTATE 4.9% EQUITY 5.5% PRESS OFFICE 13

14 asset management business GENERALI INVESTMENTS generali investments Single organisation that oversees the Group s main asset management companies with more than 300 billion in assets under management A dual mission: to ensure Group financial asset management; to manage third party institutional investor portfolios and investment funds BANCA GENERALI banca generali Established in 1998, it operates in the integrated financial, banking and insurance product distribution sector, through a network of 1,500 financial consultants With 1.3 billion net inflows in 2011 and over 23 billion in assets under management, Banca Generali is one of the leading industry players in Italy BSI bsi Founded in 1873, it is one of the oldest Swiss banks in the investment management industry and has been part of the Generali Group since 1998, with more than 64 billion in assets under management in 2011 Operates in leading financial markets in Europe, Latin America, the Middle East and Asia and invested in expanding Hong Kong and Singapore branches since 2010 GUOTAI guotai With a 30% stake controlled by Generali, it is one of the few Chinese companies authorised to manage all asset classes, among which the funds of the new Chinese supplementary pension system. It was the first Chinese company to be granted the licence for the asset management activity in 1998 In 2011, Generali received the QFII status, which enables the Group to invest in China s financial markets through Guotai PRESS OFFICE 14

15 asset management business GENERALI REAL ESTATE Combines Generali Group real estate investments and infrastructure management and services on an international level generali real estate Business based on asset management, for asset improvements and rotation, and on real estate services (Property, Project and Facility Management), for property asset preservation and requalification Strong expertise in Property Funds: Generali Immobiliare Italia SGR, operating in Italy since 2006, manages 8 property funds with 5 billion of assets under management OTHER 7% REST OF THE WORLD 20% LOGISTICS 3% BREAKDOWN BY COUNTRY RESIDENTIAL 10% BREAKDOWN BY USE GERMANY 16% FRANCE 21% ITALY 43% RETAIL 15% OFFICES 65% PRESS OFFICE 15

16 key figures 2011 Gross Written Premiums: 69 bln 3.1% SOUTH AMERICA 7.2% OTHER EUROPE 3.7% AUSTRIA 5.7% CEE 29.2% ITALY 24% GERMANY BY AREA 3.7% OTHER COUNTRIES 3.5% SPAIN 1% ASIA 18.9% FRANCE Group s Key Figures ( mln) Premium income evolution by geographic region 39% ITALY 29% ITALY GROSS WRITTEN PREMIUMS 73,188 69,159 LIFE PREMIUMS 51,098 46,394 NON-LIFE PREMIUMS 22,090 22,765 ANNUAL PREMIUM EQUIVALENT 5,333 4, % REST OF THE WORLD % REST OF THE WORLD EXPENSE RATIO 15.3% 16.6% COMBINED RATIO 98.8% 96.5% NET RESULT OF THE PERIOD 4,077 3,928 UTILE NETTO 1, Key Equity Data ( mln) 31 DECEMBER DECEMBER 2011 CHANGE INSURANCE PROVISIONS* 343, ,167 +1% INVESTMENTS 372, , % SHAREHOLDERS EQUITY AT BOOK VALUE 17,490 15, % *Taking into eccount financial liabilities related to policies of the life segment and excluding deferred policyholders liabilities. PRESS OFFICE 16

17 key figures Payout Ratio 41.5% 41.7% 35.9% 39.7% 41.8% 41.6% 41.1% 36.4% 24.6% Generali vs. Peers in 2011 COMBINED RATIO (%) ALLIANZ 97.8 AXA 97.9 GENERALI 96.5 ZURICH 98.8 LIFE NET INFLOWS ( bn) ALLIANZ 1.3 AXA 3.3 GENERALI 5.8 ZURICH* 2.8 * US $ bln Generali s ratings assigned by the primary agencies RATING FINANCIAL STRENGTH OUTLOOK STANDARD & POOR S A STABLE MOODY S A1 NEGATIVE FITCH A- NEGATIVE AM BEST A UNDER REVIEW WITH NEGATIVE IMPLICATIONS PRESS OFFICE 17

18 capital and shareholders Corporate Information Subscribed and paid-in share capital: 1,556,873, Number of shares in issue: 1,556,873,283 Nominal value per share: dividend: 0.20 per share 69.52% OTHER INSTITUTIONAL AND RETAIL INVESTORS 13.24% MEDIOBANCA GROUP 4.49% BANK OF ITALY 3.00% LEONARDO DEL VECCHIO 2.84% BLACKROCK GROUP 2.43% B&D HOLDING GROUP SHAREHOLDER STRUCTURE 2.27% CALTAGIRONE GROUP 2.21% EFFETI PRESS OFFICE 18

19 corporate social responsibility Generali is included in the following ethical indexes: ASPI Eurozone ECPI Ethical Index Euro & Global FTSE 4Good Europe & Global Indexes FTSE ECPI Italia SRI STOXX Europe Sustainability MSCI ESG Indices ASI Axia Sustainable Index ESI Ethibel Sustainability Index As one of the leading international insurance and financial companies, Generali Group is at the centre of attention and demand from a variety of stakeholders: associates, shareholders and investors, customers, issuers, institutions and local communities. Generali s sustainability strategy is defined by four key objectives: Pursue ongoing sustainable growth Release the potential of those who work for the Group Support the communities where the Group works, participating in welfare, cultural and sports initiatives Promote the reduction of direct and indirect environmental impacts 2009 introduction of a Group Environmental Management System that meets ISO standards 2010 adoption of a Group Code of Ethics 2012 first Sustainability Committee meeting, arranged to provide advice to the Board of Directors on environmental and social matters Global Added Value, which represents the wealth generated for stakeholders from Group activities, totalled 12.7 billion in Generali Millennium Launched by the Group in India to support the Millennium Development Goals initiative, promoted by the United Nations, the project aims to encourage growth and improve social and economic conditions in emerging countries. The Group has created some insurance and health coverage products specifically designed to meet the needs of the country s poorest classes. 33.5% EMPLOYEES 5.1% GOVERNMENT 0.4% COMMUNITY 42.1% AGENTS AND ADVISORS GAV S DISTRIBUTION IN % SHAREHOLDERS 9.8% LENDERS 4.3% COMPANY PRESS OFFICE 19

20 corporate governance Top Management Gabriele Galateri di Genola CHAIRMAN Giovanni Perissinotto GROUP CEO Sergio Balbinot MANAGING DIRECTOR Raffaele Agrusti* GENERAL MANAGER AND CFO Paolo Vagnone GENERAL MANAGER (ITALY) Francesco Garello DEPUTY GENERAL MANAGER Manlio Lostuzzi DEPUTY GENERAL MANAGER Valter Trevisani DEPUTY GENERAL MANAGER *Member of the Investment Committee Board Members EXECUTIVE NON EXECUTIVE INDEPENDENT C.C.R. C.R. C.E. C.C.G. C.S. C.INV. Board of Auditors Eugenio Colucci CHAIRMAN Gaetano Terrin PERMANENT AUDITOR Giuseppe Alessio Vernì PERMANENT AUDITOR Maurizio Dattilo SUBSTITUTE Francesco Fallacara SUBSTITUTE Gabriele Galateri di Genola CHAIRMAN Vincent Bolloré VICE-CHAIRMAN Francesco Gaetano Caltagirone VICE-CHAIRMAN Giovanni Perissinotto GROUP CEO Segio Balbinot MANAGING DIRECTOR Cesare Calari Carlo Carraro Claudio De Conto Diego Della Valle Petr Kellner C.C.R. RISK AND CONTROL COMMITTEE C.R. REMUNERATION COMMITTEE C.E. EXECUTIVE COMMITTEE C.C.G. APPOINTMENTS AND CORPORATE GOVERNANCE COMMITTEE C.S. SUSTAINABILITY COMMITTEE C.INV. INVESTMENT COMMITTEE Angelo Miglietta Alessandro Pedersoli Lorenzo Pellicioli Reinfried Pohl Clemente Rebecchini Paola Sapienza Paolo Scaroni PRESS OFFICE 20