Generali Asia. News...letter. In this number. GENERALI Group NEWS JUNE 2011

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1 GENERALI GROUP NEWS Mr. Sergio Balbinot, Managing Director of Generali Group, was unanimously elected president of the CEA, the European insurance and reinsurance federation, at the federation s General Assembly held in June in Athens. He will serve for three years. Setting out the priorities for his term, Balbinot focused on Solvency II, the regulatory regime for insurers that is due to come into force at the start of Referring to the complexities of drawing up the detail of the new regime, he stressed the need to ensure that the Solvency II rules enhance the resilience of EU insurance companies. We must get Solvency II right and the whole insurance industry is firmly committed to aligning its levels of capital against the underlying risks. However such a development should not harm the strategic role fulfilled by the industry in the modern economy, said Balbinot. In the current environment, the work of insurers is vital in removing risks from society, in filling the gap left by the reduced role of state pension systems in retirement provision, and in acting as long-term and conservative investors, added the newly appointed president. All of these key roles could be undermined if Solvency II is not properly calibrated. The correct implementation of Solvency II is therefore vital for Europe s insurers, for its economy and for consumer protection. The CEA will contribute to ensure that the principles of the Solvency II Framework Directive are upheld and that the new regulatory framework is appropriate and fit for purpose. Balbinot then outlined the strategy that will underpin his presidency. I will work with the CEA s member associations to develop the best possible business environment for Europe s insurers, championing best practice and creating an environment in which they can innovate and grow. Here I would highlight the macro-economic debates on systemic risk, the discussions on pensions and the level playing field with pension providers, the development of global standards and accounting rules as challenges, he stated. Balbinot s first speech to the annual General Assembly of delegates from the CEA s 33 member associations also mentioned the focus of the industry on dealing with environmental issues and climate change. The federation is keen to cooperate with the public and private sector wherever possible in setting up risk management frameworks to deal with natural disasters, he said. The industry has a wealth of expertise and knowledge, and I will be seeking to facilitate ways that insurers can collaborate with government bodies to reduce the devastating effects of catastrophes. If interested you may also visit Mr. Sergio Balbinot, Managing Director, Generali Group (Photo Credit: Marco Marianella) 1

2 The year 2010 saw Generali intensify action on the eco-sustainability front with important results in the use of clean energy, which now covers half of Group consumption, and in the formulation of green guidelines for the Group s real estate assets, worth more than 24 billion. Generali accelerated the roll-out of the Group Environmental Management System that is applied in its six core markets: Italy, Austria, France, Germany, Spain and Switzerland. One of the most important results is the increase in the proportion of electric energy from renewable sources, which reached 50% of total consumption (47.9% in 2010 compared with 27.3% in 2009). The companies in Germany and BSI in Switzerland already use hydroelectric sources to cover 100% of their power requirement, followed by the companies in Austria with 83%. In Italy, use of energy from renewable sources will begin this year in the Rome and Mogliano Veneto offices. In choosing clean energy, the Group cut CO2 emissions from use of electric power from fossil fuels by 31.1%. Its attention to energy sources is also demonstrated by the biomass power plant located at Generali s Genagricola Ca Corniani farm in Caorle. The 1 MWh plant began operations in May 2009 and uses more than 50% of maize grown on the farm. Reflecting the broad application of the eco-sustainable approach in the Generali Group, in 2010 Generali also launched Green Building Workshop, a European project to draw up and apply green guidelines to Group real estate, including properties used by third parties, in order to improve environmental performance and guarantee high performance standards. Generali Group real estate assets are worth more than 24 billion. Generali s environmental policy has helped the Group improve all its socio-environmental and governance performance ratings, confirming its existing ethical index rankings (ASPI Eurozone and the ECPI Ethical Index) and leading to its entry into new indices including the FTSE ECPI Italia and, in March 2011, the FTSE4Good. For example, its environmental performance to mitigate the impact of climate change was rewarded with a near excellent score of 69/100 by the Carbon Disclosure Project, which the Group joined just one year ago. Looking at human resources, Group employment levels remained unchanged, despite continuing uncertainty and the difficult economic recovery. Women account for 45.8% of the Group workforce, with an above-average proportion of female employees among the younger age groups: women predominate in the under-35 group (53.3%), and they hold a growing number of managerial posts (32.8% of total managers and middle managers, an increase of 1.2 percentage points from 2009). Distribution of Global Added Value mln Δ Company 1, % Shareholders 1,015 1, % Employees 4,144 3, % Agents and financial advisors 5,318 5, % State % Lenders 1,237 1,263-2% Community % Global Added Value 13,633 12, % 2

3 First Regional Compliance Meeting held HONG KONG. The first Regional Compliance Meeting for Asia and the Middle East, opened by a speech of Mr. Sergio Di Caro, Generali Group Regional General Manager Asia and Middle East, was held s Regional office, on June 7 th. The Chief Compliance Officers from China, Hong Kong, India, Indonesia, Japan, Middle East, Philippines, Thailand, Vietnam and representatives from the Hong Kong's Regional Office and BSI-GA attended the meeting. The event saw the participation of representatives from the Head Office, Mr. Antonio Cangeri, Generali Group Chief Compliance Officer, Ms. Viviana Bucovaz, Generali Group Head of Foreign Compliance, and via video-conference Mr. Maurizio Basso, Head of Compliance, Italy. This first Regional Compliance Meeting touched different topics such as the newly established Group Compliance Policy, the compliance plan, the structure of Compliance departments and some other requirements, plus an outlook on the different compliance requirements and structures established across the region. Regional Compliance Meeting participants (Photo Credit: Tammy Ng) Recently, during the first Summit of Brand Competitiveness in Chinese Insurance Industry held in Beijing, in the activity of Top 10 selection of Insurance Industry, Generali China Life was awarded the Prize of. Moreover, Mr. Renzo Isler, General Manager of Generali China Life, as the only foreigner selected, was declared one of the 10 Personages of Insurance Industry. The Summit is co-organized by the School of Insurance at the University of International Business and Economics, China Finance Online and Insurance Weekly of Securities Daily. It aims at building a platform to exchange and update the news of insurance brand building. GCL was awarded the Prize of. (Photo credit: Song Feng) 3

4 Generali Asia Development Program: Leaders in (Photo Credit: Chally Gutierrez) Generali Pilipinas LIT s moments MANILA. With the overall objective to develop a core team of high quality Bancassurance sales managers, in mid-2010, Generali Pilipinas launched its Leadership Development Program, Leaders in (LIT). The vision of Generali Pilipinas Training and Sales Development team is to define GP s Bancassurance Leadership Team through a process of transition, so that eventually all its members may fully develop their potential and become well-defined, highly qualified sales managers. LIT is an ongoing and continuing leadership development program. On July 1 st and 2 nd in Laurel, Batangas, Generali Pilipinas organized a team building activity. Game Plan, jumpstarted the sessions on Team Building, and took the Bancassurance Leadership Team through a process of making them aware that their sales team is not limited to the area, or the region, or the channel, but the broader and all-important Generali Pilipinas team. Renato Vergel De Dios, President and CEO concluded the program by stressing the importance of building a successful Generali Team. GENSOCIETY- GENCULTURE Generali Pilipinas LIT s moments (Photo Credit: Chally Gutierrez) 4

5 First Regional Leadership Education Workshop held in Hong Kong: Leader of the Future HONG KONG. Hong Kong s Regional Office, Generali Asia, Learning & Development organized and hosted the first Regional Leadership education workshop Leader. The three day workshop, opened by a speech of Mr. Sergio Di Caro, Generali Group Regional General Manager Asia and Middle East, was attended by the senior managers from China, Hong Kong, India, Indonesia, Philippines, Vietnam and representatives from Hong Kong s Regional Office. Leader is an intensive and highly interactive program for leaders to develop a deeper understanding of Generali s Managerial Competencies and its leadership application. It represents a unique knowledge sharing regional platform targeting the development of key human capital in the organization. The participants of Leader (Photo Credit: Titah Wahyuningrias) Mr. Leo Fan - Senior Manager - Employee Benefits of Life Division - Generali Hong Kong Branch Prior to joining Generali, Leo assumed various senior management roles in AXA China Region Insurance Co. Ltd. and Manulife (International) Ltd. Mr. Kelvin Cheng - Manager - Corporate Planning & Control - Generali Asia Regional office Kelvin is a member of Australia CPA and has broad experience in Finance and Accounting. Prior his joining the Asia Regional Office, he worked with various business corporations including The Bank of Tokyo Mitsubishi UFJ Limited, AIG investments, ING Real Estate Canada and Manulife Financial (Canada). 5

6 Our Activities GENSOCIETY GENCULTURE Generali China Life Guangdong Branch always at the forefront in supporting and education to encourage children s participation in cultural activities donated over 2,000 books to support the establishment of a new library in Shadi Primary School, Shangchuan Island, Taishan city, Guangdong province. For the third time Generali China Life Guangdong Branch, with a donation of RMB 45,000, contributed to Shadi Primary School s school supplies, including some school furniture to enhance the teaching environment and scholarships to sponsor the students with financial difficulties. During this occasion, the staff, agents and clients 180 Volunteering Team Members received a hand-written thank you card drawn by the students. Children received the new school bags donated by GCL Guangdong Branch. The school staff, student and the volunteers team of GCL Guangdong Branch. (Photo credit: Chen Dao e, the reporter of Information Times) At the Iveco TT Assen Grand Prix in Netherlands on June 25 th, Ducati Team Valentino Rossi and Nicky Hayden crossed the finish line in fourth and fifth places respectively. The two riders both had a comeback race at the Mugello circuit on July 3 rd. Valentino Rossi was left behind to find himself in twelfth place in the beginning and crossed the line in sixth. Nicky Hayden placed himself tenth after went off the track and re-entered in last place. To find the 2011 Moto GP calendar and follow the results of Ducati, you may check: 6

7 EVENT CALENDAR when event where July 25 th July 28 th Audit Committee Meeting Generali China Life Executive Committee Meeting Audit Committee Meeting Generali Pilipinas Beijing, China Manila, Philippines Photo Credit: Report of the Generali Group has been published on line? 2010 SUSTAINABILITY REPORT. The 2010 Sustainability Report of the Generali Group, has been published. The seventh edition of the document reports on the progresses made by our Group for sustainability since 2004, that have been acknowledged by a number of rating agencies assessing social, environmental and governance aspects. Thanks to the improvements made in ratings in these sectors, the Group has been recently included in new important ethical indexes.the sustainability report opens with a first section dedicated to governance, tools, strategies and some economic, social and environmental data concerning our Group in its whole, followed by a second part in three chapters containing information for three categories of stakeholders: direct (employees, sales agents and shareholders), competitive (clients, contractual partners and issuing companies) and social-environmental (society and environment). The document aims at outlining a detailed frame on the organization and on the activities of the Group in the eight major markets where it operates (Italy, Austria, France, Germany, Israel, Czech Republic, Spain and Switzerland making up for over 67.9 % of its workforce and 85.2 % of total gross direct premiums. Its focus is insurance and bank business, including service business. FOR EMPLOYEES OF THE GROUP. Interesting information for staff members of the Group is contained in the report, including data on workforce, equal opportunities and life-work balance initiatives. Moreover, a number of social, cultural and sport initiatives organized in 2010 with the support of the Group and many volunteering activities by employees for disadvantaged people, promoted and often directly supported by Companies are outlined in chapter Community. The chapter dedicated to environment contains information on the environmental policy of the Group, the pursued aims, the commitment in this regard, implemented activities to meet the targets and environmental performances (resources consumption, greenhouse gas emissions, selective waste collection) of the Group. This year, the images illustrating the Sustainability Report are drawn from initiatives for children and young people supported by the Group. They are meant to give an immediate overview of a bunch of actions with different features and targets: medical assistance, educational projects, volunteering initiatives, company day nursery, and their distribution in every geographical area where the Group operates. Wiwin Yulius Twins Tower Development Co., Ltd. All Seasons Property Co., Ltd. Phodio Tech Studio (HK) Sunanda Parekh Hien Khau The whole document is available here: sustainabilityreport 7