Annual Integrated
Report and
Consolidated Financial
Statements 2018

Logo Generali


Letter from the Chairman and the Group CEO

Although 2018 was a challenging year for many economies, especially in Europe, Generali has once again achieved excellent results. The Group closed the year with improvements in premium income, technical and operating performance and net profit. These results made it possible to meet, and in some cases even exceed, the expectations of the 2016-2018 strategic plan, demonstrating the Group’s excellent execution capacity and its tireless commitment to excellence.

President and CEO

The integrated overview of our reports

The Group reporting approach is based on the integrated thinking and Core&More concept also this year the Annual Integrated Report is our Core report, centred on material financial and non-financial information while other reports and channels of communication (More) present more detailed information, some of which targets a specialized audience.

Core&More is a reporting approach developed by Accountancy Europe which provides for a core report, including a summary of all key information required to evaluate and understand a company, and more reports, presenting more detailed information. for further information.

Our purpose and the value creation

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Group highlights




Asset Management

Holding and other business segment

The gross written premiums in the Life segment continued the growth in place during the year, standing at € 46,084 million (+5.7%). The net cash inflows were amongst the highest levels in the market, reaching € 11,369 million.

The gross written premiums in the Property & Casualty (P&C) segment continued the growth observed during the year, standing at € 20,607 million, growing by 3.3%, thanks to the positive performance of both business lines.

The operating result of Asset Management increased from € 261 million in 2017 to € 335 million in 2018 (+28.2%).

The operating result of the Holding and other businesses segment came to € -70 million, an improvement compared to € -163 million at 31 December 2017.

Gross written premiums


€ 46,084 mln

Life net cash inflows € 11,369 mln (+5.2%)



€ 1,877 mln

Operating result


€ 3,067 mln

Gross written premiums


€ 20,607 mln


+0.1 pps


Operating result


€ 1,992 mln

Operating result


€ 335 mln

Net result


€ 235 mln

Cost/Income ratio

-8 pps


Operating result


€ -70 mln

Financial and other businesses


€ 397 mln

Holding operating expenses


€ -467 mln

Consolidated Non-Financial Statement

Non-financial information is disclosed in the Annual Integrated Report of the Generali Group in compliance with the provisions of legislative decree of 30 December 2016, no. 254 (leg. decree 254/2016), in implementation of European directive 2014/95. This information is clearly identified through a specific infographic (NFS) created for the purposes of simplifying the fulfilments required by the decree and improving accessibility to the information itself.

To the extent necessary for an understanding of the Group development, performance, position and impact of its activity, information relating to environmental matters, social and employee-related matters, respect for human rights, anti-corruption and bribery matters - which is relevant to the activities and characteristics of the Group - is reported together with a description of the:

  • organization and management model
  • policies applied
  • non-financial key performance indicators
  • principal risks related to the matters mentioned above and their management