Press Kit. generali.com

Transcription

1 Press Kit generali.com APRIL 2018

2 Generali Group at a glance 2 One of the leading insurers in the world more than 60 countries in the world 57 million customers 71,000 employees 542 billion Euro of AUM 68 billion Euro in premiums (2017) over 67% from outside Italy * MIT Technology Review (2015) ** Fortune Global ranked 57th Among the 50 smartest companies in the world* one of the world s largest companies**

3 Generali Group at a glance 3 Through Generali Employee Benefits, the Group operates in more than 100 countries Insurance operations of Generali Group Branches: New York, United Kingdom, Hong Kong, Tokyo, Dubai Other countries in which Europ Assistance operates

4 The Core Insurance business 4 An extensive line of products in the Life and Property & Casualty segments to meet all the clients needs. LIFE AND P&C 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, the well-balanced portfolio goes from massmarket 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 Head Office. Products are assessed periodically to ensure Group s standards 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 for a better definition of clients profiles, and its claims management 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.

5 Distribution 5 The Generali Group operates in the insurance sector with a multichannel distribution strategy through a global proprietary sales network of agents and financial advisors, supported by brokers, bancassurance and direct channels. TRADITIONAL CHANNELS DIRECT CHANNELS BANCASSURANCE Traditional channels account for most of the Group s premium collection. Generali relies on agencies, financial advisiors, brokers and other partners 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 and profitability. In particular, the Group is streamlining the structure with simplified and modern processes tailored to the clients needs. 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. Leader in Italy, where it created, through Genertel, the first italian online 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 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.

6 Italy In recent years 1994 Genertel roll-out, first online insurance provider in Italy 1998 Banca Generali is founded 2000 Ina Assitalia take-over 2006 Toro take-over Announcement of the new plan for growth. Launch of Generali Italia following the incorporation of the Group s main insurance activities and shareholdings in Italy From 10 to 3 brands Starting from the end of 2015, only three Group brands operate 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. PLAN FOR GROWTH Generali Italia has launched a simplification programme of its key processes, which aims to redesign 20 industrial processes of the Company within 3 years to offer the best customer experience to clients and agents. A new way of working: 6 Simplification Labs, new spaces where 400 employees could work together in cross-functional teams to design the new process in weeks. A simpler, smarter & faster approach based on the collaboration with clients and agents. The new way of working includes a collaborative design of new processes and instruments with the active involvement of clients and agents bln premium income in mln customers Leading player in direct channels Market s leading insurer 3,200 agents, more than 14,500 subagents and employed producers, more than 21,000 independent producers and self-employed agency professionals. Networks supported by 1,500 financial advisors

7 Germany In recent years 1837 Start operating 1998 AMB Group take-over 2009 Establishment of Generali Deutschland to control all the German businesses. Merger between Generali Versicherungen and Volksfürsorge completed 2013 Squeeze-out of the minority shareholdings in Generali Deutschland Holding Launch of a strategic repositioning in the market Main companies Generali Deutschland AG p Generali Versicherungen p AachenMünchener x CosmosDirekt p COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING x DIRECT CHANNELS ASSISTANCE SERVICES THE STRATEGIC REPOSITIONING ON THE GERMAN MARKET The aim is to better serve customers leveraging on distribution strength; to offer smarter products with a focus on technologies, and to have a streamlined governance achieving higher efficiency. The pillars of our strategy: Top management close to customers and sales networks New normal Life, realignment P&C Smart insurance Focus on customers; Customised offer in three distribution pillars: Generali Versicherungen, AachenMünchener/DVAG and CosmosDirekt 16 bln premium income in mln customers Leading player in direct channels Second-largest primary insurance group in the market Partnership with the largest financial advisory network in Germany - DVAG - with more than 3,400 regional and branch offices 3,100 agents. Network supported by over 15,000 brokers and multiple agents

8 France In recent years 1832 Start operating 1995 Establishment of Generali France Holding 2003 Continent Holding take-over Merger 20 controlled companies in 2 operating companies: Generali Iard and Generali Vie 11.7 bln premium income in 2017 Among the leading operators in the market Main companies Generali France Generali Vie Generali Iard Europ Assistance p COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING x DIRECT CHANNELS ASSISTANCE SERVICES 7.8 mln customers Leading player in internet savings Almost 900 agents and 1,700 employed producers, supported by 1,900 financial advisors

9 Austria CEE & Russia In recent years 1832 Start operating 1989 Expansion plan launched in the area 1998 Estabishment of Generali Versicherung from the merger between Generali Leben and Erste Allgemeine in Austria 2008 Creation of Generali PPF Holding, JV between Generali and PPF Group 2015 Full control of GPH. Company name changed into Generali CEE Holding Creation of Austria, CEE & Russia Region to strengthen Generali s presence in markets where it already posts strong results. 6.1 bln premium income in mln customers 2,000 salaried sales professionals and 9,000 agents Main companies p Ceska Pojistovna - Czech Rep. p Generali Pojistovna - Czech Rep. p Generali Biztosito - Hungary Generali Towarzystwo - Poland Generali Holding Vienna - Austria p Generali Versicherung - Austria p COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING x DIRECT CHANNELS ASSISTANCE SERVICES GENERALI LEADER IN CEE The Group is an indisputed leader in CEE in terms of profitability, with a combined ratio among the best in the sector. MARKET RANKING (2017) Hungary #1 Czech Republic #2 Serbia #2 Slovakia #3 Austria #3 Romania, Bulgaria, Poland Croatia, Slovenia, Montenegro Among Top 10 GENERALI IN CEE VS 2017 early 2007 end 2017 Premium income 1 bln 3.6 bln Clients 4 mln > 10 mln

10 Global Business Lines & International / Global Business Lines 10 With the aim of developing the businesses with global outreach, the Group has developed an insurance offering platform unique to the market. Global Business Lines provide access to integrated insurance and assistance solutions to cover the business risks regarding employees and assets linked to property and people, comprising four units: GLOBAL CORPORATE & COMMERCIAL GC&C is the new Generali Group unit that develops the P&C business and insurance services for medium and large companies. The unit acts on a global scale and deploys an integrated approach at Group level with a central management team and specialised teams active in individual countries. Through the new unit, Generali aims to become a key world player in this segment. GENERALI EMPLOYEE BENEFITS GEB is the strategic business unit of the Generali Group dealing exclusively with Employee Benefits, offering sophisticated solutions to multinational companies that wish 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. GENERALI GLOBAL HEALTH Generali Global Health is a Generali Group business unit that offers health insurance solutions that are valid worldwide, dedicated to international companies, organisations and bodies, and expatriate and travelling employees. With particular focus on multinational clients Generali Global Health offers: modular and flexible health products, insurance management with the broadest geographic coverage, a widespread network of hospitals and outpatient care in the major world markets, and personalised and multilingual client service. EUROP ASSISTANCE Europ Assistance offers Care services with a focus on innovation. Europ Assistance serves more than 300 million people around the world through 8,000 staff and 44 companies and branches in 33 countries. It is the leading global brand for care services.

11 Global Business Lines & International / Countries 11 Since January 2018 Global Business Lines & International has been improved with the aim to boost empowerment, speed up decision making on main mature markets, enable growth of profitability, underpin development of insurance business to ensure full alignment and accelerate transformation. The new structure includes: Spain, Switzerland, Ireland, Guernsey, Dubai, Belgium, Asia, Americas & Southern Europe s regions. In recent years 1995 Full take-over of Generali España Holding 1999 Establishment of Generali 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 Main companies Generali España - Spain p Generali Seguros - Spain Generali Schweiz - Switzerland Generali Pan Europe - Ireland p COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING x DIRECT CHANNELS ASSISTANCE SERVICES 11,300 agents and 14,800 brokers 4.6 mln customers 16.3 bln premium income in 2017 * Operating since 1834 GENERALI LEADER IN SWITZERLAND AND SPAIN The Generali Group is one of the leading insurers in Spain and Switzerland. In addition to these markets, Generali operates in Belgium, Greece, Guernsey, Ireland, Portugal, Tunisia, Turkey and Dubai. * Total gross written premium for GBL & International, taking into consideration the Global Business Lines business underwritten in the various countries, amounted to 16,324 mln. Overall, the Global Business Lines recorded 4,102 million in premium from: Global Corporate&Commercial 1,887; Generali Employee Benefits e Generali Global Health 1,462 mln and Europe Assistance 753 mln.

12 Global Business Lines & International / Regions Asia 2013 Acquisition of full control of Generali Asia, the holding company of the Group s operations in the Philippines, Thailand and Indonesia Americas & Southern Europe 2013 Creation of Americas region in line with the strategy to semplify the Group and its governance 12 Main companies Generali China Life Insurance Pt Asuransi Jiwa Generali Indonesia Future Generali India Future Generali India Life p COMPANY OPERATING IN BOTH LIFE AND NON-LIFE SEGMENTS COMPANY OPERATING MOSTLY IN NON-LIFE SEGMENT COMPANY OPERATING MOSTLY IN LIFE SEGMENT HOLDING x DIRECT CHANNELS ASSISTANCE SERVICES CHINA Generali boasts a strong presence in the most important Asian market and is one of the leading foreign JV players. Present in the Life segment since 2002 and in the P&C segment since 2007, Generali operates in China in partnership with China National Petroleum Corporation (CNPC). Leveraging its multi-channel distribution, it operates in 10 municipalities and provinces with over 12,500 agents and more than 1,800 back office staff, supported by bancassurance ties. Generali has been selected by the Chinese authorities as a pension plan consultant for former civil service employees. Main companies p Generali Brasil Seguros p La Caja De Ahorro Y Seguro - Argentina 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 clients, leveraging a significant expertise in the region. In Latin America, the Group operates in: Brasil, Argentina and Ecuador. 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. 9.9 mln customers

13 Key figures /1 13 GROUP S KEY FIGURES ( MLN) GROSS WRITTEN PREMIUMS 70,513 68,537 OPERATING RESULT 4,830 4,895 NET RESULT OF THE PERIOD 2,081 2,110 SHAREHOLDERS EQUITY AT BOOK VALUE 24,545 25, GROSS WRITTEN PREMIUMS: 68 BLN International operations 21% Italy 33% PREMIUM INCOME EVOLUTION BY GEOGRAPHIC REGION Italy 39% Italy 33% Central Eastern Europe 5% By area Group Holding and other companies 0,1% Germany 23% France 17% Rest of the world 61% Rest of the world 67%

14 Key figures /2 14 GENERALI RATINGS ASSIGNED BY THE PRIMARY AGENCIES AM BEST Rating financial strength Outlook MOODY S Rating financial strength Outlook FITCH A STABLE BAA1 STABLE Rating financial strength A- Outlook STABLE SHARE INFORMATION Subscribed and paid-in share capital 1,565,165, Number of shares in issue 1,565,165,364 Nominal value per share dividend 0.85 per share Other institutional and retail investors 76.85% Mediobanca Group 12.95% Caltagirone Group 4.00% Delfin S.a.r.l. (Leonardo del Vecchio Group) 3.15% Edizione S.r.l. (Benetton Group) 3.05% Shareholder structure

15 Corporate social responsibility 15 Generali contributes towards a healthy, resilient and sustainable society where people can develop and flourish. This is how Generali lives its role as a corporate citizen, creating long-term value for its stakeholders. GENERALI IS INCLUDED IN THE FOLLOWING ETHICAL INDEXES: MSCI Global Sustainability Indices FTSE4Good NYSE Euronext Vigeo Index World 120 STOXX ESG Leaders Ethibel Sustainability Index Excellence Global, Ethibel Sustainability Index Excellence Europe ECPI Global Ethical Equity Corporate Knights Global 100 Most Sustainable Corporations in the World Introduction of a Group Environmental Management System that meets ISO standards Adoption of the Group Ethical Guidelines for Investments Issue of the Group Ethical Code for suppliers Adoption of the new Group Code of Conduct Approval of the new Group Policy for the Environment and Climate Sustainable and Responsible Investment (SRI) Over 30 billion Funds allocated to the community 14.6 million Total greenhouse gas emissions* t thousand CO2e -5.6% ESG rating Oekom Research Prime C Ethibel Pioneer and Excellence Investment Register Approval of the Responsible Investment Guideline Approval of the new Charter of Sustainability Commitments by the Board of Directors * The data refer to the Group Environmental Management System (base year 2013)

16 Generali, the new strategy to become the retail insurance leader in Europe 16 The Generali Group aims to be recognized as a leader in retail insurance in Europe, consistent with its history, business approach and expertise. Retail leader in Europe A distinctive brand Stronger relationship with distributors and customers Fast, lean, agile Rationalization of cost base to invest in business transformation Focus on cash generation Simple & Smart Improving client satisfaction Maximizing efficiency Leveraging on technology and partnership Further develop telematics solutions New partnership to complement current capabilities (e.g. My Drive) KEY FINANCIAL TARGETS FOR 2018 Net Free Cash Flow* Dividends* Cumulative gross expenses reduction > 7 bln > 5 bln 0,5 bln ( 1,5 bln since 2012) Total investments* 1,25 bln * Cumulative total

17 Group management committee 17 P. Donnet MANAGING DIRECTOR AND GROUP CEO The Group Management Committee is the international committee in charge of defining the Group s strategic priorities. The Committee aims to improve alignment between the Group s business units and ensure that decision making is more effective and cohesive. J. Anchustegui GROUP CHIEF OPERATIONS & INSURANCE OFFICER L. Lubelli GROUP CHIEF FINANCIAL OFFICER S. Panizza GROUP CHIEF RISK OFFICER T. Ryan GROUP CHIEF INVESTMENT OFFICER F. de Courtois CEO GLOBAL BUSINESS LINES & INTERNATIONAL L. Cirinà CEE REGIONAL OFFICER M. Sesana COUNTRY MANAGER ITALY G. Liverani COUNTRY MANAGER GERMANY I. Conner GROUP CHIEF MARKETING & CUSTOMER OFFICER J.L. Granier COUNTRY MANAGER FRANCE M. Possa GROUP CHIEF HR & ORGANIZATION OFFICER

18 Corporate governance 18 BOARD OF AUDITORS Carolyn Dittmeier CHAIR Lorenzo Pozza PERMANENT AUDITOR Antonia Di Bella PERMANENT AUDITOR Francesco Di Carlo SUBSTITUTE Silvia Olivotto SUBSTITUTE R.C.C. RISK & CONTROL COMMITTEE R.P.T.C. RELATED PARTY TRANSACTIONS COMMITTEE A.R.C. APPOINTMENTS & REMUNERATION COMMITTEE C.S.C. CORPORATE GOVERNANCE, SOCIAL & ENVIRONMENTAL SUSTAINABILITY COMMITTEE I.C. INVESTMENTS COMMITTEE BOARD MEMBERS Gabriele Galateri di Genola CHAIR Francesco Gaetano Caltagirone VICE-CHAIR ** Clemente Rebecchini VICE-CHAIR Philippe Donnet MANAGING DIRECTOR AND GROUP CEO Romolo Bardin BOARD MEMBER Ornella Barra BOARD MEMBER Paolo Di Benedetto BOARD MEMBER Alberta Figari BOARD MEMBER Diva Moriani BOARD MEMBER Lorenzo Pellicioli BOARD MEMBER R.C.C. R.P.T.C. A.R.C. C.S.C. I.C. INDIPENDENT* Roberto Perotti BOARD MEMBER Sabrina Pucci BOARD MEMBER ** Paola Sapienza BOARD MEMBER * Independence criteria as per article 3.C.1 of the Issuers Self-Regulatory Code ** Members of the A.R.C. on the occasion of the meetings devoted to the appointments