Compensation Policy

We aim to attract, motivate and retain our people who - for their technical and managerial competencies and their different profiles in terms of origin, gender and experiences - create a real advantage for the Group.

We believe that an effective compensation policy can positively reinforce employee engagement and alignment with organizational goals consistent with our Group mission, culture and values.

  • Balanced remuneration packages based on role, responsibilities, skills & abilities demonstrated;
  • Same approach acrosss countries/regions/business and functions.
  • Structured incentive systems linked to the achievement of sustainable Group results;
  • Targets setting on an annual and multi-year basis to maintain a sustainable level of performance in terms of results and risks taken.
  • Constant monitoring of our peers’ practices and general remuneration trends of the market;
  • Competitive total compensation in terms of levels and structure;
  • Alignment with business strategy and direction.
  • Variable compensation based on performance, differentiation and selectivity;
  • Strong connection between remuneration and Group results;
  • Performance-based compensation as a key driver of motivation, retention and alignment with organizational goals.
  • Clear and transparent governance;
  • Sound guidelines on remuneration compliance with global and local regulatory requirements and in line with Group values;
  • Dialogue with institutional investors and proxy advisor.

Group Governance on compensation is primarily focused on Group executives:

  • Group CEO;
  • Group Management Committee (GMC) and executives directly reporting to the Group CEO - presently 17 roles;
  • Global Leadership Group (GLG) - presently Top 200 Group roles.

Equity and Consistency

The pillars of our compensation policy are consistently cascaded throughout the organization taking into account business and local specificities and regulations within Group approach and standards.

Alignment with corporate strategy

Our incentive systems are structured so tha t roles are remunerated according to the achievement of annual and multi-year results in order to maintain a sustainable level of performance over time.

Total target compensation


The Group intention is to align the executive compensation policy between the median and top quartile in terms of total target compensation of the European financial peers market with individual positioning set according to the performance and potential assessment and people strategy.

Value merit and performance

The variable remuneration structure of Group executives is made up of a short and a long-term component:

  • the Group Short-Term Incentive (STI) is the annual cash bonus system for the Group CEO, GMC and GLG providing for an individual bonus from 0% to 200% of baseline target depending on:
    •  Group funding capacity linked to the Solvency ratio, operating result and net profit at Group level;
    • individual balanced scorecards based on 5 to 9 goals linked to value creation, risk adjusted profitability, process effectiveness and customer and people management.
  • the Group Long-Term Incentive (LTI) is the multi-year program for Group executives and selected key resources, settled in Generali shares under the Group shareholders’ approval:
    • in line with market practice and investor expectations, payment is set within a 6-year timeframe subject to Group performance conditions (Solvency ratio, RORC, RoE and relative total shareholder return);
    • in line with regulatory requirements, any payment is subject to malus and claw back provisions based on the risk adjusted framework and the plan provides for a holding period on shares up to 2 years.

For control functions (Internal Audit, Risk and Compliance) specific guidelines are applied in line with regulatory requirements.

Governance and Compliance

The compensation policy of Assicurazioni Generali is approved by the General Meeting, upon the Board of Directors proposal and the Remuneration Committee recommendation, according to the regulatory and governance requirements.

In line with our compliance culture, an individual assessment on adherence of compliance, audit and Group values is performed acting as malus/clawback provision on all incentives.

Particular attention is paid to developing a proactive and constructive dialogue on remuneration with our main investors and proxy advisors. The feedback we receive on these key topics is analysed in the Remuneration Report, that gathers, in a single document, all compensation-related information, in order to enhance stakeholder awareness of our compensation policy, practices and outcomes.

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