Since 1831 we are an Italian, independent Group, with a strong international presence. We are one of the largest global players in the insurance industry, a strategic and highly relevant sector for the growth, development and welfare of modern societies. In almost 200 years we have built a Group that operates in 50 countries through more than 400 companies.
of which € 12,420.4 mln premiums from
social and environmental products2
Operating Return on Equity (RoE) 2015-2018
is applied (-2.2%) and € 33.2 bln SRI (-2.1%)3
local actions implemented after the Generali Global Engagement Survey6
Good performance: both net cash inflows and gross written premiums increased.
Both operating result and Life new business profitability grew.
Premiums increased in both lines of business.
Operating result grew; CoR confermed at excellent level.
1 All changes in this Report are calculated on 2017, unless otherwise reported. Changes in Life net cash inflows and premiums are on equivalent terms, i.e. at constant exchange rates and consolidation scope pursuant to IFRS 5. Changes in Operating result, Assets Under Management and Operating RoE consider, in accordance with IFRS 5, 2017 comparative data restated following the divestment of Belgian, German and Guernsey businesses as well as the disposal of the Dutch and Irish operations completed in February and June 2018, respectively. Please refer to the paragraph Changes in the presentation of the performance indicators of the Group in the Note to the Management Report for further information.
2 Premiums from social and environmental products refer to companies that represent 94.4% of total gross direct written premiums contributing to the analysis. Their amount is hardly comparable with that of 2017 due to some methodological improvements made during 2018.
3 RIG is the Responsible Investment Guideline that codifies responsible investment activities at Group level. SRI are assets managed according to Generali Insurance Asset Management’s SRI (Socially Responsible Investment) proprietary methodology both on behalf of Group insurance companies and third-party clients (two funds and three mandates). Their change considers 2017 comparative data restated following a change in methodology.
4 Total emissions refer to 42% of the total Group employees in the following countries: Austria, France, Germany, Italy, Czech Republic, Spain and Switzerland. They are calculated according to the location-based method; they are also discolsed according to the market-based method on our website.
5 Top management refers to the Group Management Committee (GMC) and the Generali Leadership Group (GLG).
6 The Generali Global Engagement Survey (GGES) is launched every two years. During the year when it is conducted, the data monitored are the engagement rate and the response rate while the subsequent year it is the percentage of local actions implemented after the GGES.
7 The number of customers refers to all entities with core insurance business, banks and pension funds (line-by-line consolidated entities, few insurance entities in Asia measured with the equity method where Generali has relevant shareholdings and specific Europ Assistance entities with relevant direct BTC business in Belgium, Italy, France, Spain and USA).
8 The number of distributors refers to all entities with core insurance business with relevant traditional distribution networks (line by line consolidated entities and few insurance entities in Asia measured with the equity method where Generali has relevant shareholdings).