Our business

Generali Group is one of the leading global insurance and financial entities, led by Assicurazioni Generali S.p.A., established in Trieste in 1831. It has always been internationally oriented and is now present in more than 60 Countries: At the end of 2013 the Group’s insurance turnover was over € 66 billion.

As regards its core insurance business the Generali Group remains among the Europe’s leading operators in the life segment. Its product line in this segment comprises savings and protection policies, which account for the majority of its portfolio, alongside the Health business and Supplementary pension policies. In the property&casualty segment the Group is currently focused on the retail market, offering coverage for the entire insurance portfolio. Furthermore, Generali is one of 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. In doing that, Generali applies Asset-Liability Matching Strategies that means the assets management according to the liability profile in order to meet obligations towards policyholders. Insurance liabilities are generally long-term and generally have stable cash flow profiles. Therefore, we are substantially able to match long-term liability profiles with cash flows of investments held for the long-term.

The Group has also expanded its business from insurance to a full line of asset management, properties and financial services. In particular, the Banca Generali Group is one of Italy’s leaders in the personal financial services market.

Market leader in Italy, the Group has consolidated its position as one of the major insurance groups worldwide, becoming increasingly more important in Western European market, its main area of operations, where it remains among the leading operators in Germany, France, Austria, Spain and Switzerland.

In addition, Generali have a strong presence in markets with high development potential. More specifically, through Generali PPF Holding, the Group is one of the main operators in Central and Eastern Europe. It is also present in China, where after few years since it entered the market, it has become one of the leading foreign-owned insurance companies.

Especially with regard to distribution channels, the Group was able to develop new distribution solutions which it adopted alongside the traditional ones and financial promoters. The attention paid to changes in society and the markets, combined with its consolidated diversification policy have, in fact, enabled the company to promote original initiatives linked to insurance services as more specifically proven by the experience made in Italy by Genertel, specialised in phone direct sale. This policy allowed the Group to become leader in the sale of policies through alternative channels such as the Internet and the telephone also in France and Germany.

Reference markets and Group’s competitive position*


Italy - gross written premiums

With almost 10.1 million customers and 17.9% market share, Generali is leader in the Italian insurance market. The Group offers its customers - in the retail, SME and Corporate segments - a full range of insurance solutions both in the life and property&casualty segments; the Italian turnover is approximately 30% of the total Generali Group premiums. As far as distribution is concerned, Generali can rely on a sales force of well over 7,200 tied agents and internal producing brokers, almost 33,000 sub-agents and independent producing brokers, 2,800 financial promoters as well as consolidated relationships with approximately 1,700 brokers. Generali also holds a consolidated position in the direct channel, through Genertel –Genertellife, the first online insurer launched in Italy. Finally, through Banca Generali, the Group offers its customers a wide and complete range of financial products in the pension and savings segment.

In 2013 an integration process has been started aiming at unify the existing brands into three brands with a clear strategic positioning: Generali Italia (retail and middle market), Alleanza (households) and Genertel (alternative channels).


France - gross written premiums

After Italy and Germany, France represents the third market of the Generali Group, with a turnover of approximately 16% of the total Generali Group premiums. Generali France is the third largest general insurer in France. It is market leader in the Private savings segment and, in particular, in the Internet savings segment; it is also leader in the pension, self-employed professional and small enterprise segment. It operates with a multi-channel approach, through agents, brokers, financial promoters and banking partnerships as well as internet, offering a complete range of products that can meet the needs of around 6 million customers.


Germany - gross written premiums

Generali Deutschland is Germany’s second insurance Group in terms of direct written premiums; it represents the second reference market, with 25% of Group total written premiums. Generali Deutschland is market leader in unit-linked business, biometric risks coverage, and pension segment, with reference to the Germany’s second pillar pension scheme (so-called Riester policies). The Group, focused on the retail segment, offers a full range of innovative products that can meet the needs of its 13.5 million customers, in the life, property&casualty and health lines as well as in the financial services segment. The strategy is aimed to enhance the competitive advantage generated by the multi-channel distribution system, in which Generali Deutschland is leader over all distribution alternatives (financial promoters of the DVAG network, direct channel, traditional distribution channels). At the same time the Group is concentrated on exploiting the synergies between the various operating units, by integrating and optimising back-office activities in shared service companies.

In July 2013 Generali Group set out the squeeze out formal procedure to acquire the entire ordinary share of Generali Deutschland Holding, still owned by minority’s’ shareholders. The squeeze out has been approved by the Generali Deutschland shareholders’ meeting on 4 December 2013. The transfer of all outstanding ordinary shares of Generali Deutschland Holding still held by minority shareholders will be effective upon registration of the shareholders’ resolution in the Commercial Register in Germany, which is expected to take place in the first semester of 2014. The delisting of GDH’s shares will follow immediately thereafter.


CEE - gross written premiums

*CZ: Czech Republic; HU: Hungary; SK: Slovak Republic; PL: Poland

In Central and Eastern European countries, Generali operates through Generali PPF Holding (GPH), a joint venture with the PPF group, a financial leader in the region, and enjoys a leadership position. The Holding company, with operating office in Prague, provides operating and professional know-how to insurance companies in 10 countries – Bulgaria, Croatia, the Czech Republic, Hungary, Montenegro, Poland, Rumania, Serbia, Slovakia and Slovenia.

Since it was established in January 2008, GPH has obtained the best profitability of the region both in the life and property&casualty segments. The diversification of the distribution channels surely represents a strength and in the last few years, in particular, the Group has reorganised its networks of agencies in many countries, strengthening at the same time the collaboration with many external partners (brokers, banks, financial promoters, leasing companies).

In January 2013 Generali and the PPF Group entered into an agreement defining the conditions for the termination of the GPH joint venture that will give the opportunity to Generali to obtain a 100% stake and full management control within the end of 2014. In March the Generali Group completed the purchase from PPF Group of the first tranche of GPH shares of 25%, under the terms of the agreement announced in January. Generali now holds 76% of GPH taking the full management control of the company. Simultaneously with the closing of the first tranche, GPH sold to PPF Group its operations in Russia and other countries of the Commonwealth of Independent States (CIS).


EMEA - gross written premiums

*ES: Spain; AT: Austria; CH: Switzerland

With regards to the EMEA region, the main territories where Generali is present:

Austria: Generali has been operating in Austria since 1832, the year after the Company was established in Trieste. Generali, which operates in the Country through the insurance companies Generali Versicherung, BAWAG P.S.K. Versicherung and Europäische Reiseversicherung, today is the country’s third insurance company, with a total share of 15.2%, and is leader in the Motor segment.

Today, in Austria, the group has over 4 million customers, to which it offers a full range of life and property&casualty products, both in the retail, small-medium enterprises and corporate segments. The distribution strategy is multi-channel and can count on a widespread network of agencies (approximately 2,000 tied agents), over 4,000 brokers, almost 400 financial promoters and 775 bank desks of BAWAG P.S.K. and 3Banken.

Spain: Generali España is one of Spain’s main insurance groups, with a total market share of 4.4%. The Group provides a wide range of life and property&casualty policies dedicated to both private individuals and enterprises and operates through a multi-channel distribution strategy which includes over 1,500 bank desks and a network of agents and brokers that is one of the most widespread in Spain. Thanks to its presence across the country, the Group stands out for the excellent service offered to its 3.2 million customers (through 1,500 service points) and the quality of its products.

Switzerland: Generali has been operating in Switzerland since 1987 and in the following decade it consolidated its presence through the acquisition and merger of many insurance companies, today Generali operates through the Generali and Fortuna brands in the life, property&casualty. The Group is focused on the retail business and is characterised by the provision of innovative and high-quality services offered through diverse distribution channels: agents, brokers, financial promoters, direct channel. In the life segment, with reference to individual policies sector, the Group is in third place with a market share exceeding 15%. In particular for unit-linked policies the Group is the market leader with a market share exceeding 50%. In the property&casualty segment the Group operates in all the insurance lines and ranks 6th with a 4.5% market share. In Switzerland, Generali exceeded one million customers and more than one and a half million policies.

1 EMEA includes Austria, Belgium, Greece, Guernsey, Ireland, Netherlands, Portugal, Spain, Switzerland, Tunisia, Turkey and Dubai.


LATAM - gross written premiums

*AR: Argentina

The Generali Group has long been present in many countries in Latin America. Its main operations are in Argentina, where the Group is the leader of the market and Brazil, which recorded in 2013 a strong market.

Smaller but significant are operations in Colombia, Guatemala (where the Group is the 3th player in the market), Ecuador and Panama (where the Group is the 4th), particularly through agents and brokers. They offer a wide range of P&C, life and accident products for retail and corporate clients.

2 LatAm includes Argentina, Brazil, Colombia, Ecuador, Guatemala and Panama.


Asia - gross written premiums

*CN: China – between foreign players

The Generali Group has worked in the Far East since 1980. The branches in Japan and Hong Kong have been slowly added to the ones in the Philippines, China, Thailand, India and Indonesia. In 2011, the Life Insurance Company was finally established in Vietnam. The main operation is in China, where the JV incorporated with the local CNPC (China National Petroleum Corporation) Partner has become one of the top life foreign insurance groups. In China, the Group adopted a multi-channel distribution strategy, selling its own Life Insurance products through agents, brokers and bank tellers. The range of products includes Damages and Savings, Accident and Illness and Simple Risk and involves both the individual and
Multinational operating in China.

*Indicated shares and market positions, based on turnover, refer to official data or to the most recent available estimates.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328