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ANNUAL INTEGRATED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS 2024
193
rd
YEAR
generali.com
ANNUAL INTEGRATED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS 2024
In compliance with the provisions of Directive 2004/109/EC and Delegated Regulation 2019/815/EU (European Single Electronic reporting Format - ESEF), this Annual Integrated Report and
Consolidated Financial Statements 2024 is drafted also in XHTML format and will be available in its final version on the Group website.
Please note that the Report is translated into English solely for the convenience of international readers.
Starring on the covers of the
2024 Reports are the energy and
enthusiasm of the Generali people
who were portraited as part of the
campaign for the latest Generali
Global Engagement Survey.
A key tool designed to let all Group
employees have their say and express
their opinions on various aspects of our
organization, the survey helps us gain a
deeper understanding of our strengths
and areas for improvement, to make
Generali an even better place to work
thanks to the voices of our people.
ANNUAL INTEGRATED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS 2024
Annual Integrated Report and Consolidated Financial Statements 2024
2
Generali Group
CORPORATE BODIES AT 12 MARCH 2025
Chairman
Andrea Sironi
Managing Director and Group CEO
Philippe Donnet
Board members
Marina Brogi
Flavio Cattaneo
Alessia Falsarone
Clara Furse
Umberto Malesci
Stefano Marsaglia
Antonella Mei-Pochtler
Diva Moriani
Lorenzo Pellicioli
Clemente Rebecchini
Luisa Torchia
Board of Statutory Auditors
Carlo Schiavone (Chairman)
Sara Landini
Paolo Ratti
Michele Pizzo (Alternate Auditor)
Board secretary
Giuseppe Catalano
Contacts available at the end of this document
Assicurazioni Generali S.p.A.
Company established in Trieste in 1831
Registered office in Trieste (Italy), piazza Duca degli Abruzzi, 2
Share capital € 1,602,736,602.13 fully paid-up
Fiscal code and Venezia Giulia Companies’ Register
no. 00079760328
VAT no. 01333550323
Company entered on the Register of Italian insurance
and reinsurance companies under no. 1.00003
Parent Company of the Generali Group, entered
on the Register of insurance groups under no. 026
Pec: assicurazionigenerali@pec.generaligroup.com
ISIN: IT0000062072
Reuters: GASI.MI
Bloomberg: G IM
3
INDEX
The integrated overview of our reports ...............................................................4
Letter from the Chairman and the Group CEO .....................................................6
Management Report
WE, GENERALI ...............................................................................................9
Group’s highlights ..............................................................................................10
2024 key facts ...................................................................................................14
Significant events after 31 December 2024
and 2025 corporate event calendar ...................................................................20
Our strategy .......................................................................................................22
OUR FINANCIAL PERFORMANCE ..........................................................25
Group’s performance .........................................................................................26
Group’s financial position ..................................................................................31
Life segment ......................................................................................................36
P&C segment .....................................................................................................44
Asset & Wealth Management segment ..............................................................51
Holding and other businesses segment ............................................................52
Our main markets: positioning and performance ..............................................53
Share performance ............................................................................................66
SUSTAINABILITY STATEMENT ...............................................................69
General information ...........................................................................................70
Environmental information ..............................................................................109
Social information ...........................................................................................143
Governance information ..................................................................................170
RISK REPORT .............................................................................................177
OUTLOOK .....................................................................................................201
APPENDICES TO THE MANAGEMENT REPORT ..............................205
Notes to the Management Report ....................................................................206
Methodological notes on alternative performance measures .........................208
Consolidated Financial
Statements
CONSOLIDATED FINANCIAL STATEMENTS .....................................217
NOTES ...........................................................................................................227
APPENDICES TO THE NOTES ................................................................383
Attestations and Reports
ATTESTATION OF THE SUSTAINABILITY STATEMENT .................405
ATTESTATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS ......................................................................409
BOARD OF STATUTORY AUDITORS’ REPORT .................................413
INDEPENDENT AUDITOR’S REPORT
ON THE SUSTAINABILITY STATEMENT .............................................431
INDEPENDENT AUDITOR’S REPORT
ON THE CONSOLIDATED FINANCIAL STATEMENTS .....................439
Glossary ...........................................................................................................450
Contacts ...........................................................................................................456
Annual Integrated Report and Consolidated Financial Statements 2024
4
Generali Group
THE INTEGRATED OVERVIEW OF OUR REPORTS
Our story of creating sustainable value continues to be based on the evolutionary adoption of integrated
thinking, allowing us to live according to our values, which describe what is important for us and are
what we stick to, and to implement practices and processes aligned with our purpose, which is the
reason why we exist and what inspires us, guiding us in improving people’s lives.
Enable people to shape a safer and  
more sustainable future by caring  
for their lives and dreams.
OUR PURPOSE
www.generali.com/who-we-are/our-culture
OUR VALUES
DELIVER ON THE PROMISE
We tie a long-term contract of mutual trust with our people, clients
and stakeholders; all of our work is about improving the lives of our clients.
We commit with discipline and integrity to bringing this promise to life
and making an impact within a long lasting relationship.
VALUE OUR PEOPLE
We value our people, encourage diversity and invest in continuous
learning and growth by creating a transparent, cohesive and
accessible working environment. Developing our people will ensure
our Company’s long term future.
LIVE THE COMMUNITY
We are proud to belong to a global Group with strong, sustainable
and long lasting relationships in every market in which we operate.
Our markets are our homes.
BE OPEN
We are curious, approachable and empowered people with open and
diverse mindsets who want to look at things from a different perspective..
5
We tell our story of creating sustainable value by adopting a Core & More
1
 approach, which allows to
connect the information contained among the Group’s different reports and communication channels
intended for a specialized audience or for actors who intend to deepen some specific issues.
ANNUAL INTEGRATED REPORT
AND CONSOLIDATED FINANCIAL STATEMENTS
The Annual Integrated Report and
Consolidated Financial Statements includes
financial and sustainability information identified
as material, useful for the evaluation and
understanding of the Group, and provides
details of the financial performance in
compliance with national and international
regulations, also connecting with other Group
reports and communication channels with the
aim to present more detailed information for
specific stakeholders.
CORPORATE GOVERNANCE
AND SHARE OWNERSHIP REPORT
It outlines the corporate governance system
of Assicurazioni Generali and its ownership structure.
REPORT ON REMUNERATION POLICY AND PAYMENTS
It provides specific information on the remuneration policy adopted
by the Group and its implementation.
MANAGEMENT REPORT AND PARENT COMPANY
FINANCIAL STATEMENTS
It provides information on the performance of Assicurazioni Generali, in
accordance with currently effective regulations.
GROUP ACTIVE OWNERSHIP REPORT
It reports how the Group implements its engagement policy, including
a description of dialogue with investee companies, exercise of voting
rights and cooperation with other investors.
CLIMATE-RELATED FINANCIAL DISCLOSURE
It provides investors and other stakeholders with relevant information
to assess the adequacy of the Group’s approach to climate change,
and its ability to manage the risks and opportunities it brings.
GREEN BOND REPORT
It outlines the use of proceeds collected from the Generali’s green
bond issuance and the related quantitative impacts in terms of lower
GHG emissions and qualitative impacts in terms of selected assets’
ESG features.
SUSTAINABILITY BOND REPORT
It outlines the use of proceeds collected from the Generali’s
sustainability bond issuance as well as the related impacts in terms
of lower GHG emissions and the expenses for the social initiatives
undertaken.
GREEN INSURANCE-LINKED SECURITIES REPORT
It describes how the freed-up capital coming from the green ILS is
allocated and the related impacts in terms of lower GHG emissions.
TAX TRANSPARENCY REPORT
It describes the pillars of Generali sustainable tax outcomes and details
the Group Total Tax Contribution, which is the contribution of our
companies to the jurisdictions in which they operate in terms of taxes
borne and collected.
THE HUMAN SAFETY NET’S SOCIAL IMPACT REPORT
It provides an overview of Generali’s The Human Safety Net
Foundation’s contribution to early childhood development and to the
integration of refugees through work and entrepreneurship.
generali.com for further information on the Group and the Core & More reporting
1.  The Core & More approach was developed by Accountancy Europe, which unites 50 professional organisations from 35 countries that represent one million qualified accountants, auditors and advisors. www.accountancyeurope.
eu/ for further information..
CORE & MORE
Annual Integrated Report and Consolidated Financial Statements 2024
6
Generali Group
Dear Shareholders,
As usual, with this opening letter to the Report we would like to present you with a short overview of the past twelve months
.
In recent years, global markets have been facing increasing uncertainties. In 2024, in particular, concerns about the American
elections and their potential geopolitical and commercial implications added to the dramatic news coming from the war fronts.
While global inflation showed signs of slowing thanks to lower rates, tighter monetary policies and a drop in energy prices, risks of
a new surge of pressure on prices remained significant. Against this backdrop, the European insurance sector benefited from solid
capitalization and showed sustained growth, mainly driven by digitalization and the adoption of policies related to protection against
climate risks. The profitability of the sector improved as well, thanks to the higher returns generated by the investment portfolios.
For Generali, the past year marked the conclusion of Lifetime Partner 24: Driving Growth, our ambitious three-year plan aimed at
delivering sustainable growth for all stakeholders and at confirming the Group as a customer and data-focused leading global insurer
and asset manager. Even in the uncertain external environment, the great work carried out by the management team and by all
colleagues, under the supervision of the Group Head Office and with the contribution of all our Business Units worldwide, allowed us
to over-achieve all the financial targets announced to the financial community at the end of 2021. This was made possible also by the
teamwork established between the management team and the Board of Directors, which constructively challenged and supported
our leaders in the key decisions that were made.
During this strategic cycle, we made some very important acquisitions such as those of Liberty Seguros and Conning Holdings and
its affiliates, which were key to consolidate the insurance leadership in Spain and Portugal and to further successfully develop a
global and diversified asset management ecosystem. At the same time, we strengthened our presence in some high-growth potential
insurance markets such as India and China, while completing the sale of our activities in a number of non-core countries. We also
continued to successfully pursue the ambition of being a Lifetime Partner to all our customers, strengthening the first position versus
our main peers in terms of Relationship Net Promoter Score, an indicator that measures customer loyalty and satisfaction. Finally,
the 6.5 billion euros of capital redistributed through dividends and share buybacks are the best proof of the strong focus on value
creation for all shareholders.
The successful completion of the third consecutive strategic plan, which testifies Generali’s great ability to deliver on all its promises,
was also enabled by our 2024 results. The Group achieved once more record operating result and adjusted net result, led by all
LETTER
FROM THE CHAIRMAN  
AND THE GROUP CEO
7
business segments, while gross written premiums increased significantly, and the capital position remained solid. This allows us
to propose a dividend of € 1.43 per share, nearly 12% higher than last year, demonstrating our continued commitment to your
remuneration.
The continuous evolution of Generali as a global and integrated insurer and asset manager led to the definition of a new organizational
structure to further accelerate the Group’s growth and support its ambitions, with the creation of the Insurance Division in charge
of the insurance activities in all geographies, and Generali Investments Holding overseeing most of the asset management activities
globally.
We are proud to highlight how Generali continued to pursue its social and environmental sustainability strategy with determination,
consistently with its role of responsible investor, insurer, employer, and corporate citizen. In our vision, the significant contribution
that we can provide in the global economic and social context can be even greater if supported by public-private partnerships,
which are key for intervening in broad areas such as decarbonisation or climate resilience. For this reason, the Group has activated
several collaborations aimed at combining the strengths of the public and private sectors, involving leading institutions such as the
United Nations Development Programme, the OECD, and the Insurance Development Forum, with the aim to facilitate dialogue with
governments, close insurance protection gaps in fragile and climate-exposed areas, and promote the adoption of policies that can
reduce inequalities and improve financial protection.
We would also like to mention the activities of our Foundation, The Human Safety Net, operating in 26 countries through a network
model, with its programs aimed at supporting vulnerable families with young children and promoting the integration of refugees. To
date, The Human Safety Net has already reached over 800,000 beneficiaries, also thanks to the volunteering done by many of our
colleagues worldwide.
The results achieved and the consistency of our work over the past nine years, even in the field of sustainability, were recognised
once more by the financial community.
In October, Moody’s Ratings confirmed Generali’s financial strength rating at A3 with a stable outlook, three notches above the Italian
sovereign rating, testifying to the Group’s excellent business profile. A few weeks later, Fitch confirmed its rating at A+ with a positive
outlook, while AM Best raised its financial strength rating to A+ and its long-term issuer credit rating to AA-. Furthermore, Generali
was confirmed for the seventh consecutive year in the Dow Jones Sustainability World Index and for the sixth consecutive year in
the Dow Jones Sustainability Europe Index, while MSCI confirmed the Group’s ESG rating at AAA, the highest possible, for the third
year in a row.
The company also maintained its top positions in the Extel rankings for the European insurance sector, reconfirming its first position
in many categories including Best CEO, Best CFO, and Best Investor Relations team.
In conclusion, we begin the new strategic cycle Lifetime Partner 27: Driving Excellence with the utmost enthusiasm and ambition, as
well as with the awareness that in nearly two hundred years of history, the Group’s position has never been so strong.
We are thankful to all colleagues, agents, and directors, who, with their skills and synergies and each according to their role, continue
to allow the Group to become increasingly solid, profitable, and innovative. And of course, to you, our Shareholders, for the support
and trust you demonstrate every day.
Philippe Donnet
Group CEO
Andrea Sironi
Chairman
WE, GENERALI
Group’s highlights ............................................................................... 10
2024 key facts .................................................................................... 14
Significant events after 31 December 2024
and 2025 corporate event calendar .................................................... 20
Our strategy ........................................................................................ 22
Annual Integrated Report and Consolidated Financial Statements 2024
10
Generali Group
GROUP’S HIGHLIGHTS
1
We are one of the largest global players in the insurance industry and asset management. With
almost 87 thousand employees and almost 161 thousand agents serving 71 million customers, we
have a leading position in Europe and a growing presence in Asia and America.
Glossary available at the end of this document
Gross written premiums
€ 95,190 mln
+14.9%
Operating result
€ 7,295 mln
+8.2%
Adjusted net result
2
€ 3,769 mln
+5.4%
Net result
€ 3,724 mln
-0.6%
Earnings per share (EPS)
(range CAGR 2021-2024)
5
11.3%
Proposed dividend per share
€ 1.43
+11.7%
Proposed total dividend
3
€ 2,172 mln
+9.3%
Cumulative dividends
(2022-2024)
6
€ 5.5 bln
Solvency Ratio
4
210%
-10 p.p.
Cumulative net cash flow
(2022-2024)
7
€ 9.6 bln
Total Assets Under Management (AUM)
€ 863 bln
+31.6%
1.  Year-end 2023 figures have been restated considering: 1) LTIP and other share-based payments (including WeShare plan) have been moved from non-operating results to operating results; 2) AWM segment now includes all
the operating and non-operating costs that were previously considered as holding expenses, including the aforementioned LTIP and other share-based payments. For any further details refer to the Methodological notes on
alternative performance measures chapter.
  Changes in premiums, Life net inflows and new business were presented on equivalent terms. Changes in total AUM and Solvency Ratio were calculated considering the previous year-end data.
  The amounts were rounded and may not add up to the rounded total in all cases. The percentages presented can be affected by the rounding.
2.  Adjusted net result includes adjustments for 1) profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments on non-participating business and shareholders’ funds, 2) hyperinflation
effect under IAS 29, 3) amortisation of intangibles related to M&A, if material 4) impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the first year from the
acquisition, if material.
3.  The proposed total dividend, which is subject to all relevant approvals, takes into account all the transactions resolved by the Board of Directors up to 12 March 2025 or carried out on the share capital up to the same date, and
excludes the own shares held by the Company.
Target Lifetime Partner 24: Driving Growth strategy
Achieved Almost achieved
We, Generali
11
LIFE
Life net inflows
€ 9,674 mln
n.m.
Gross written premiums
€ 33,756 mln
+7.7%
New Business Value (NBV)
€ 2,383 mln
+2.3%
Undiscounted combined ratio (CoR)
95.9%
-0.8 p.p.
Operating result
€ 3,982 mln
+6.6%
Operating result
€ 3,052 mln
+5.1%
Operating result
€ 1,176 mln
+22.6%
Operating result
€ -536 mln
+29.1%
ASSET & WEALTH
MANAGEMENT
HOLDING
AND OTHER BUSINESSES
Share performance for further information on the dividendOur financial performance for further information
4.  The Solvency Ratio has to be intended as preliminary since the definitive Regulatory Solvency Ratio will be
submitted to the supervisory authority in accordance with the timing provided by the Solvency II regulations
for the official reporting.
5.  3-year CAGR based on 2024 Adjusted EPS, versus 2021 Adjusted EPS.
6.  The cumulative dividends are expressed on cash basis (i.e. cash flows are reported under the year of
payment). The total cumulative distribution for the period 2022-2024, including the share buyback, amounts
to € 6.5 billion.
7.  The cumulative net cash flow is expressed on cash basis (i.e. cash flows are reported under the year of
payment).
   PROPERTY  
& CASUALTY (P&C)
Annual Integrated Report and Consolidated Financial Statements 2024
12
Generali Group
8.  Insurance solutions with ESG components is a definition used for internal identification purposes.
9.  The indicator spans 23 markets where we operate under the Generali brand: Argentina, Austria, Bulgaria, Croatia, Czech Republic, France, Germany, Greece, Hungary, India, Indonesia, Italy, Malaysia, Poland, Romania, Serbia,
Slovakia, Slovenia, Spain, Switzerland, Thailand, Turkey and Vietnam.
10.  The indicator refers to insurance consolidated line-by-line companies that are part of the Technology, Data & Digital program, which has kicked-off the transformation initiatives aimed to scale and converge expertise, drive
cost efficiencies and improve service through adoption of the latest technologies, unleash the power of data, ensure security and release innovation potential, in line with Generali’s Lifetime Partner model.
   RESPONSIBLE 
INVESTOR
   RESPONSIBLE  
INSURER
www.generali.com/sustainability/responsible-investor
www.generali.com/sustainability/responsible-insurer/becoming-a-life-
time-partner-to-our-customers
www.generali.com/investors/reports-and-presentations/investor-day
Sustainability Statement, Environmental information for further details
Sustainability Statement,
Environmental information for further details
Sustainability Statement,
Social information for further details
Carbon footprint of
investment portfolio (EVIC)
89 tCO
2
e/€ mln
-51.1% vs 2019 (baseline)
New green and sustainable
investments (2021-2024)
€ 13,921 mln
Fenice 190 (2020-2024)
€ 3,656 mln
Investments in Digital & Technology
(2022-2024)
10
€ 1.2 bln
Premiums from insurance solutions
with ESG components
8
€ 25,193 mln
+12.3% (CAGR 2021-2024)
Relationship NPS
9
22.4
+0.9
We, Generali
13
11. The achieved result of 38.6%, compared to the 40% target, is considered positive given the highly
challenging initial ambition set against the starting point of 30% recorded in 2021. This is especially
significant considering that, despite changes in scope and reorganizations between 2022 and 2024, the
target remained unchanged. Considering the Group’s insurance scope, the achieved result is 40.5% and
exceeds the target.
   RESPONSIBLE  
EMPLOYER
   RESPONSIBLE  
CORPORATE CITIZEN
www.generali.com/sustainability/responsible-citizen/the-human-safety-net
www.generali.com/sustainability/responsible-employer/
greenhouse-gas-emissions
Sustainability Statement, Social information for further details
GHG emissions from Group operations
75,322 tCO
2
e
-46.1% vs 2019 (baseline)
Women in strategic positions
11
38.6%
+3.8 p.p.
Upskilled employees
84%
+16 p.p.
Entities working hybrid
100%
0 p.p.
Engagement rate
83%
0 p.p.
Active countries
26
0.0%
Active partners
85
+10.4%
Annual Integrated Report and Consolidated Financial Statements 2024
14
Generali Group
2024 KEY FACTS
JAN 2024
Generali placed two new Euro denominated senior bonds, due in January 2029 and in January 2034 respectively, both issued in
green format in accordance with its Green, Social & Sustainability Bond Framework. They are the sixth and seventh green bonds
issued, for a total amount equal to € 1,250 million. The transaction is in line with Generali’s sustainability commitment: indeed,
an amount corresponding to the net proceeds of the notes will be used to finance/refinance Eligible Green Projects. During the
book building process, the notes attracted an order book in excess of € 2 billion from more than 80 highly diversified international
institutional investors, including a significant representation of funds with Sustainable/SRI mandates.
Generali signed an agreement for the acquisition of 51% of Generali China Insurance Company Limited (GCI) for a consideration
of approximately € 99 million
12
. The completion of the transaction is subject to regulatory approvals. The estimated impact on the
Group’s Solvency Ratio is approximately -1 p.p.. The acquisition represents a long-term strategic investment to develop a fully owned
and controlled general insurance business in China, positioning Generali well to capture an increasing share of the growing Chinese
market. Upon completion, Generali will become the 100% shareholder of GCI and the first foreign player to acquire a controlling
stake of a P&C insurance company from a single state-owned entity in China purely via a Mandatory Public Auction process.
Generali updated the financial community on the progress of the Lifetime Partner 24: Driving Growth strategic plan, confirming that it
is on track to meet all the key financial targets, as well as on the recent acquisitions of Liberty Seguros and Conning Holdings Limited,
its Protection business, and Group cash and capital. During the Investor Day it also announced a € 500 million share buyback plan,
which is to be submitted to the Annual General Meeting in April 2024 and launched during the same year, subject to all relevant
approvals.
Following the receipt of all regulatory approvals, Generali completed the acquisition of Liberty Seguros, announced in June 2023.
The deal is fully aligned with the Lifetime Partner 24: Driving Growth strategy and aims to improve the Group’s earnings profile,
boost the P&C business, and strengthen its leadership position in Europe, reaching the fourth position in the Spanish P&C market,
consolidating its second position in Portugal, and gaining a top ten market share positioning in Ireland.
Notes, Information on consolidation area and related operations for the impact of the transaction
MAR 2024
Generali completed the disposal of TUA Assicurazioni S.p.A. to Allianz, with which it had reached an agreement in October 2023.
The transaction is aligned with the implementation of the Group’s Lifetime Partner 24: Driving Growth strategy in Italy to pursue
profitable growth, reduce complexity with the aim of making its operating machine more efficient and to increase P&C diversification.
Notes, Information on consolidation area and related operations for the impact of the transaction
Within the partnership established between Generali and the United Nations Development Programme (UNDP), designed to reduce
the protection gap for vulnerable communities worldwide through access to innovative insurance and risk finance solutions, an event
to present concrete solutions on how to boost small and medium-sized enterprises (SMEs) resilience against climate change and
other risks took place in Asia. The following were presented: Building MSME Resilience in Southeast Asia, a joint research report
focusing on selected value chains in Thailand and Malaysia, which proposes an alternative approach to identifying the risks and
needs of micro, small and medium-sized enterprises (MSMEs), developing risk management and insurance services, and delivering
these solutions to the MSME community; SME Loss Prevention Framework, a digital tool leveraging the power of data to raise the
readiness and awareness of SMEs to the risks facing vulnerable communities, starting in Malaysia with the flood risk.
The Board of Directors of Assicurazioni Generali approved the following Reports: the Annual Integrated Report and Consolidated
Financial Statements, the Parent Company Financial Statements Proposal and the Corporate Governance and Share Ownership
Report at 31 December 2023 and the Report on Remuneration Policy and Payments. The Board also established:
•  a capital increase of up to € 387,970.87 to implement the Group Long Term Incentive Plan (LTIP) 2019-2021, having ascertained the
occurrence of the conditions on which it was based. The execution of the resolution of the Board was subject to the authorisation
of the related amendments to the Articles of Association by IVASS, which was received on 10 April 2024;
www.generali.com/media/press-releases/all
12.  Consideration in local currency is approximately RMB 774 million.
We, Generali
15
•  a capital increase of up to € 9,700,477.94 to implement the Group Long Term Incentive Plan (LTIP) 2021-2023, having ascertained
the occurrence of the conditions on which it was based. The execution of the resolution of the Board was subject to the authorisation
of the related amendments to the Articles of Association by IVASS, which was received on 10 April 2024;
•  to submit to the approval of the Shareholders’ Meeting the proposal related to the Group Long Term Incentive Plan (LTIP) 2024-
2026, supported by buyback programme for the purposes of the Plan.
Within the partnership established between Generali and UNDP, in collaboration with the Italian Ministry of Foreign Affairs and
International Cooperation and The Human Safety Net Foundation, the 2023/2024 edition of the Human Development Report (HDR),
Breaking the Gridlock: Reimagining cooperation in a polarized world was presented in Europe. The report focuses on the gridlock
resulting from uneven development progress, intensifying inequality, and escalating political polarization and distrust, proposing a
path forward where multilateralism plays a pivotal role. The presentation was followed by an in-depth dialogue with leaders on the
policy recommendations from the report, focusing particularly on the European context.
APR 2024
Following the receipt of all regulatory approvals, Generali completed the acquisition of Conning Holdings Limited (CHL) and its affiliates
from Cathay Life, a subsidiary of Cathay Financial Holdings, as announced on 6 July 2023. All shares of CHL were contributed into
Generali Investments Holding S.p.A. (GIH), in exchange for newly issued shares, and Cathay Life became a minority shareholder of
GIH, with a stake of 16.75%, establishing a long-term partnership with Generali in the asset management business. In line with the
Lifetime Partner 24: Driving Growth strategic plan, the combination enhances the global asset management business of the Group
by strengthening its investment capabilities, growing its third-party client business and expanding its presence in the US and Asia.
Notes, Information on consolidation area and related operations for the impact of the transaction
Assicurazioni Generali increased the share capital in execution of the Group Long Term Incentive Plan (LTIP) 2019-2021 approved by
the 2019 Shareholders’ Meeting and of the Group Long Term Incentive Plan (LTIP) 2021-2023 approved by the 2021 Shareholders’
Meeting, as resolved by the Board of Directors in its meeting on 11 March 2024.
At 12 April 2024, the share capital amounted to € 1,602,462,715.77 fully subscribed and paid up, subdivided into 1,569,151,811
ordinary shares with no explicit par value.
The Board of Directors of Assicurazioni Generali approved a new organizational structure to reflect the Group’s main activities, as
proposed by the Group CEO, Philippe Donnet. Starting from 1 June 2024, the Generali Group will operate as a diversified financial
group focused on two main businesses: insurance and asset management. This transformational change in structure is designed to
further accelerate growth and address key business priorities for the insurance and asset management businesses more effectively,
fully aligned with the ambitions of the Lifetime Partner 24: Driving Growth strategic plan. It establishes a robust foundation for
continued success and innovation, ensuring the Group’s ability to capture future opportunities even more effectively and preparing
the Group for the next strategic cycle.
The Insurance Division, led by CEO Insurance Giulio Terzariol, will drive insurance business performance across all geographies,
enhancing coordination, strategic alignment and a closer proximity to markets, by adopting a streamlined and simplified organizational
model.
Generali Investments Holding (GIH), led by CEO Woody Bradford, will oversee all global asset management activities within the
Group, with the exception of operations in China. GIH will focus on delivering world-class performance and service to existing clients,
while continuing to grow the business with global third-party clients. Outside the GIH perimeter, Banca Generali, led by the CEO
Gian Maria Mossa, will continue to focus on providing comprehensive financial advisory services and wealth management solutions.
David Cis, Group Chief Operating Officer reporting to General Manager Marco Sesana, will join the Group Management Committee,
in line with the strategic ambition to achieve best-in-class service levels and operating efficiency leveraging on digitization and AI,
core process automation and shared technology platforms.
Within this new organizational structure, the Group Head Office remains in charge of defining the overarching strategy and corporate
goals, while effectively steering, controlling and supporting all business areas with a tailored focus and approach.
The Shareholders’ Meeting approved: the Parent Company Financial Statements at 31 December 2023, setting forth the distribution
of a dividend of € 1.28 per share to shareholders; the share buyback scheme for the purposes of cancelling own shares as part of
the implementation of the 2022-2024 strategic plan for a total disbursement of up to € 500 million and in any case for a maximum
number of shares not exceeding 3% of the Company’s share capital; in an extraordinary session, amendments to the Articles of
Association; the Report on the Remuneration Policy, expressing also a non-binding positive resolution on the Report on payments;
and the Group Long Term Incentive Plan (LTIP) 2024-2026, authorising the purchase and disposal of its own shares to service the
remuneration and incentive plans for a maximum number of 10.5 million treasury shares.
Annual Integrated Report and Consolidated Financial Statements 2024
16
Generali Group
MAY 2024
The Board of Directors of Assicurazioni Generali approved the Financial Information at 31 March 2024.
Assicurazioni Generali started a share buyback for the purposes of the Group Long Term Incentive Plan (LTIP) 2023-2025 approved
by the Shareholders’ Meeting of 28 April 2023 as well as of all remuneration and incentive plans approved by the Shareholders’
Meeting and still under execution. The buyback transaction has as its object the purchase of a maximum number of treasury shares
equal to 11 million and 300 thousand and the carrying out of any subsequent disposition of the same - also jointly with those
previously repurchased - within the framework of the aforementioned plans. The authorisation has a term of 18 months from the date
of the Shareholders’ Meeting, while the authorisation to dispose of treasury shares purchased under the plans was granted without
any time limits. The buyback started on 22 May 2024 and ended on 1 August 2024.
The 2023 dividend payout of Assicurazioni Generali, equal to € 1.28 per share, was distributed.
JUN 2024
Generali announced the appointment of Cécile Paillard as Group Chief Transformation Officer, effective as of 2 September 2024,
directly reporting to the General Manager, Marco Sesana. In her role, Cécile Paillard will be responsible for accelerating the Group’s
transformation, driving the execution of its strategy towards greater digitalization across the organization and innovation in terms of
customer experience and distribution networks, key drivers for the Lifetime Partner model. She will also join the Group Management
Committee (GMC).
Assicurazioni Generali announced the change in the denomination of the listed share on Euronext Milan, from the current GENERALI
ASS to GENERALI, effective as of 1 July 2024. The change is consistent with the evolution of the Company, which has already
operated for some time as a diversified financial group focused on its two core businesses - insurance and asset management -
and aims to provide continuity to the Generali brand use in Italy and abroad. The ISIN code of the share (IT0000062072) will not be
changed and there will be no change to the Company’s Articles of Association. The same change will also concern all non-equity
instruments listed on the other markets organized and managed by Borsa Italiana. At the same time and in line with the change in
the denomination, a similar procedure will be managed with the Luxembourg Stock Exchange in relation to the bonds issued by the
Company and listed on the Luxembourg market.
The Board of Directors of Assicurazioni Generali verified that the conditions required have been met for the payout of the second
tranche of the shares under the co-investment Share Plan linked to the 2019-2021 mandate of the Group CEO Philippe Donnet,
as approved by the Shareholders’ Meeting on 30 April 2020 and has thus resolved to proceed with the payout. More specifically,
on 22 June 2022, the Board - upon assessment of the results achieved as of 31 December 2021 in terms of EPS Growth, and as
of 20 June 2022 in terms of TSR (Total Shareholders Return), and having verified the occurrence of all the additional conditions
set forth under the plan - had resolved a capital increase for the purpose of granting the Group CEO 50% of the shares under
the plan equal to 239,893 shares of the Company with implied par value, including the additional shares calculated based on
the amount of the overall dividends distributed during the three-year performance period according to the dividend equivalent
mechanism. After two years from the granting of the shares of the first tranche, having verified the occurrence of the further
conditions set forth in the Plan rules - i.e. (i) the achievement of the predetermined Regulatory Solvency Ratio thresholds and
(ii) the lack of occurrence of any malus events - the Board approved the grant of the remaining 50% of the shares related to the
second tranche and resolved for the relevant capital increase in order to perform the granting of 268,193 shares, including the
additional shares calculated based on the amount of the overall dividends distributed during the additional two years of deferral
based on the dividend equivalent mechanism. A portion of 50% of the shares granted under the second tranche will be subject
to a lock up period for one year from the grant as per the Plan rules. The execution of this resolution is subject to IVASS approval
with regard to the relevant amendments to the Articles of Association. Following this approval, which was granted in July 2024,
the share capital was increased to € 1,602,736,602.13 and subdivided into 1,569,420,004 ordinary shares with no explicit par
value.
AUG 2024
The share buyback for the purposes of the Group Long Term Incentive Plan (LTIP) 2023-2025 as well as the Group’s incentive and
remuneration plans under execution was completed, since the resolution of the Shareholders’ Meeting of 28 April 2023 authorizing
the purchase of a maximum number of 11 million and 300 thousand treasury shares was fully implemented. The weighted average
purchase price of the shares was € 23.36. Following these purchases, the Company and its subsidiaries own 28,359,872 treasury
shares, equal to 1.81% of the share capital.
We, Generali
17
The Board of Directors of Assicurazioni Generali approved the Half-Yearly Consolidated Financial Report 2024.
Assicurazioni Generali started the share buyback approved by the Shareholders’ Meeting of 24 April 2024. The buyback transaction
has as its object the purchase, for the purposes of cancellation, in one or more transactions, without reducing the share capital,
of treasury shares for a total disbursement of up to € 500 million and in any case for a maximum number of shares not exceeding
3% of the Company’s share capital, within and no later than 18 months from the Generali Shareholders’ Meeting resolution. The
buyback programme is part of the capital management policy of the Lifetime Partner 24: Driving Growth strategic plan with the
aim to provide shareholders with remuneration in addition to the distribution of dividends by using part of the excess liquid funds
accumulated by the Company during the three-year period 2022-2024. The buyback started on 12 August 2024 and ended on
13 December 2024.
SEP 2024
Generali Group CEO, Philippe Donnet, was confirmed Best CEO in the European insurance sector in the 2024 edition of the annual
survey by Extel (formerly Institutional Investor), the specialist magazine and independent research company in the field of international
finance. This success was mirrored across a number of key categories, with Generali Group CFO, Cristiano Borean, confirmed as
the Best CFO in the insurance sector. The Investor & Rating Agency Relations team also ranked first in the Best IR Team, Best IR
Professional, Best IR Program and Best Investor/Analyst Day categories. In addition, Generali was awarded first position in the Best
ESG Program category.
Generali placed a new Euro denominated Tier 2 bond due 3 January 2035, targeting institutional investors for an overall amount of
€ 750 million. During the book building process, an order book in excess of € 2.4 billion was attracted, more than 3.2 times the size
of the new issue, from around 185 highly diversified institutional investors.
OCT 2024
Within the partnership established between Generali and UNDP, the joint report Parametric insurance to build financial resilience was
presented. It demonstrates how parametric, or index-based, insurance can support governments, businesses and communities
around the world to financially prepare for increasingly frequent and severe natural hazards, from drought, extreme heat and tropical
cyclones to storm surges, earthquakes and other shocks.
The report explores how this alternative insurance solution can help close the protection gap, which is the difference between insured
and uninsured losses, and speed up recovery from climate-related hazards and other shock events, especially for communities in
vulnerable contexts, with faster pre-agreed payouts based on triggers rather than assessed losses. As a complementary risk transfer
mechanism to fill gaps left by traditional indemnity-based insurance, the report highlights how parametric insurance can also help
governments, financial institutions, businesses and households increase productivity and incentivise investments that are necessary
for a sustainable future. However, collaboration among all stakeholders involved is of critical importance to make an impact and
protect especially vulnerable communities.
Moody’s confirmed Generali’s Insurance Financial Strength Rating (IFSR) at A3 with a stable outlook; the affirmation of the rating,
three notches above the Italian sovereign rating, reflects the Group’s very strong business profile, which benefits from leading
positions in Europe, diversified business lines and relatively low product risk. The rating also reflects Generali’s good financial profile.
Fitch upgraded Generali’s outlook from stable to positive and affirmed the Insurer Financial Strength Rating (IFSR) at A+ and the
Long-Term Issuer Default Rating (IDR) at A. The positive outlook follows Fitch’s revision of Italy’s sovereign outlook to positive on 18
October 2024 and also reflects the company’s reduced exposure to Italian sovereign bonds. The affirmation of IFSR at A+ and IDR
at A continues to reflect Generali’s very strong company profile and excellent capitalisation and financial leverage.
NOV 2024
The Board of Directors of Assicurazioni Generali approved the Financial Information at 30 September 2024.
Fitch affirmed Generali’s Insurer Financial Strength Rating (IFSR) at A+, with a positive outlook and Generali’s Long-Term Issuer
Default Rating (IDR) at A. The ratings reflect the Group’s very strong capitalisation, low financial leverage and very strong company
profile.
Annual Integrated Report and Consolidated Financial Statements 2024
18
Generali Group
DEC 2024
Generali reached an agreement for the sale of its 100% stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance
Company, Ltd.. The transaction is aligned with the Group’s Lifetime Partner 24: Driving Growth strategic plan to drive sustainable
growth, enhance its earnings profile and optimize its geographical footprint focusing on the insurance markets in which Generali
has a leading presence. The transaction is expected to be completed by the first half of 2025, subject to obtaining the necessary
authorisations from the competent authorities.
Notes, Information on consolidation area and related operations for the impact of the transaction
On 5 December 2024 the Consent Solicitation announced in November by Genertel expired. The company had invited the holders
of its € 500,000,000 Fixed/Floating Rate Subordinated Notes due December 2047 callable December 2027 (ISIN: XS1733289406)
to consider and, if thought fit, approve the substitution of Assicurazioni Generali in place of Genertel as principal debtor and issuer
in respect of the notes and certain other modifications of the terms and conditions of the notes and consequential and/or related
amendments to the transaction documents of the notes, by way of an extraordinary resolution of the noteholders to be proposed at
a meeting of the noteholders convened by Genertel and to be held in accordance with the Terms and Conditions and the Agency
Agreement of the notes, all as further described in the Consent Solicitation Memorandum. Genertel had subsequently announced
also the extension of the Consent Fee Deadline and increase of the Consent Fee, pursuant to the terms of the Consent Solicitation
Memorandum.
On 9 December 2024 Genertel announced that at the meeting of the noteholders held on that same day, the extraordinary resolution
was duly passed by noteholders holding 94.50% of the notes represented at the meeting. The substitution of Assicurazioni Generali
in place of Genertel as principal debtor and issuer in respect of the notes took effect from (and including) 14 December 2024,
following execution of the Deed Poll and the Supplemental Agency Agreement.
AM Best upgraded Generali’s Financial Strength Rating (FSR) from A to A+ and the Long-Term Issuer Credit Rating (Long-Term
ICR) from A+ to AA-. The outlook is stable. The ratings reflect Generali’s very strong balance sheet, as well as its strong operating
performance, very favourable business profile and appropriate enterprise risk management.
The share buyback for the purposes of cancelling own shares was completed, since the resolution of the Shareholders’ Meeting
of 24 April 2024 authorizing the purchase of treasury shares for a total disbursement of up to € 500 million was fully implemented.
The weighted average purchase price of the shares was € 25.36. Following these purchases, the Company and its subsidiaries own
47,994,953 treasury shares, equal to 3.06% of the share capital.
Following the receipt of all regulatory approvals, Generali completed the sale of its 99.99% stake in Generali Sigorta A.Ş. (Generali
Sigorta Anonim Şirketi) to several local market players, with which it had reached an agreement in September 2024. The transaction
is fully in line with Generali’s Lifetime Partner 24: Driving Growth strategic plan to drive sustainable growth and enhance the Group’s
earnings profile, focusing on the insurance markets in which Generali has a leading presence. The contribution of the Turkish business
to the Group’s operating result was negligible and the transaction generates an immaterial impact on the Generali’s Solvency II
position.
Notes, Information on consolidation area and related operations for the impacts of the transaction
MSCI confirmed the AAA ESG rating of Assicurazioni Generali for the third consecutive year. Among the main factors considered in
this assessment, MSCI highlighted Generali’s integration of advanced climate risk management practices, through the measurement
of the impact of different climate scenarios on underwriting activities and the investment portfolio. MSCI also underlined the Group’s
leadership in promoting sustainable investing, human capital development and governance practices.
Generali was also confirmed in the Dow Jones Sustainability World Index (DJSI World) for the seventh consecutive year and in the
Dow Jones Sustainability Europe Index (DJSI Europe) for the sixth consecutive year, demonstrating the Group’s distinctive approach
in terms of transparency and reporting, tax strategy, human capital management, attention to cybersecurity and climate change
strategy.
We, Generali
19
Annual Integrated Report and Consolidated Financial Statements 2024
20
Generali Group
SIGNIFICANT EVENTS AFTER 31 DECEMBER 2024
AND 2025 CORPORATE EVENT CALENDAR
JAN 2025
Generali placed a new Euro denominated Tier 2 bond due 2035 issued in green format in accordance with its Sustainability Bond
Framework. It is the eight green bond of Generali issued for an amount equal to € 500 million. This transaction is in line with Generali’s
sustainability commitment. During the book building process, the notes attracted an order book of € 2.1 billion, more than 4 times
the offered amount, from around 180 highly diversified institutional investors base including a significant representation of funds with
Green/SRI mandates.
The new bond was issued in conjunction with the cash buyback offer for three series of subordinated notes up to € 500 million
in aggregate principal amount. At offer expiration, the aggregate principal amount of the notes validly tendered amounted to €
1,190,585,554 equivalent, of which Generali accepted for purchase an aggregate principal amount of € 499,994,000 of the EUR
4.596% notes, subject to the terms and conditions of the offer. The transaction is in line with Generali’s approach of proactively
managing its debt and optimizing its regulatory capital structure.
Generali Investments, a leading global investment management firm and part of the Generali Group, and MGG Investment Group,
a U.S. private direct lending investment firm, signed a definitive agreement under which Generali Investments’ wholly owned
subsidiary, Conning & Company, will acquire a majority stake in MGG (77%) and its affiliates for $ 320 million at closing with additional
amounts payable subject to the achievement of certain operating milestones. Current shareholders, including MGG’s management
and McCourt Global, will retain a minority ownership interest. The transaction is expected to close in 2025, subject to customary
approvals and closing conditions. The estimated impact on the Group’s Solvency Ratio is approximately -2 p.p..
Assicurazioni Generali and Groupe des Banques Populaires et des Caisses d’Epargne (BPCE) announced that they had signed
a non-binding Memorandum of Understanding to create a joint venture between their respective asset management operations
Generali Investments Holding (GIH)
13
 and Natixis Investment Managers (NIM). The company would be co-controlled by both financial
institutions, each holding a 50% stake, and would operate under a joint governance structure with equal representation and control
criteria. It would combine the asset management activities of GIH and NIM establishing a global operator with € 1.900 billion
14
in
assets under management, ranking #1 by revenues and #2 by AUM in Europe, #9 by AUM globally, and #1 in insurance asset
management by AUM
15
. The joint venture would serve a diversified client base with a comprehensive range of strategies across asset
classes. The employee representative bodies will be consulted before any definitive transaction documents are signed. The closing
of the potential combination would be subject to customary regulatory approvals and expected by early 2026.
www.generali.com/media/Generali-Natixis for further information on the transaction
In the context of the guidance for shareholders on the dimension and composition of the Board of Directors, as the reference
regulatory framework for the renewal of the Board of Directors was not yet complete and the expected timing was not compatible
with the authorization and approval process required to amend the Company’s bylaws, the Board of Directors of Assicurazioni
Generali decided not to proceed with the presentation of a slate for the renewal of the Board. The Board furthermore defined the
requirements and competences required for the best composition of the future management body, which will serve as a reference for
the formation and evaluation of the shareholder lists, also indicating that the majority of the Directors in office (including the Chairman
and the Group CEO) have expressed their availability to consider a possible candidacy.
Approved by the Board of Directors of Assicurazioni Generali, the Group’s new three-year strategy, Lifetime Partner 27: Driving
Excellence, was presented to the financial community. Building on the strong platform established since 2016, and the over-delivery
against all key financial targets of the 2022-2024 plan, the new strategy focuses on driving excellence in customer relationships, in
its core insurance and asset management capabilities, as well as in its operating model. It is powered by its people, AI & data, and
sustainability.
www.generali.com/investors/Strategy for further information
Assicurazioni Generali started a share buyback for the purposes of the Group Long Term Incentive Plan (LTIP) 2024-2026 approved
by the Shareholders’ Meeting of 24 April 2024 as well as of all remuneration and incentive plans approved by the Shareholders’
www.generali.com/media/press-releases/all
13.  The perimeter does not include Guotai AMC and Generali China AMC.
14.  Data at 30 September 2024.
15.  Based on general account AUM.
We, Generali
21
Meeting and still under execution. The buyback transaction has as its object the purchase of a maximum number of treasury shares
equal to 10 million and 500 thousand and the carrying out of any subsequent disposition of the same - also jointly with those
previously repurchased - within the framework of the aforementioned plans. The authorisation has a term of 18 months from the date
of the Shareholders’ Meeting, while the authorisation to dispose of treasury shares purchased under the plans was granted without
any time limits. The buyback started on 31 January 2025 and will end by April 2025. The minimum purchase price of the shares may
not be lower than the implicit par value of the share while the maximum purchase price may not exceed 5% of the reference price
recorded by the share during the stock exchange session on the day prior to the completion of each individual purchase transaction,
and in any case for a total maximum countervalue of no more than € 350 million.
FEB 2025
On 17 February 2025 Prof. Avv. Giuseppe Melis, alternate Auditor elected from the list presented by the shareholder VM2006 Srl,
communicated his resignation from the office, due to supervening reasons. Therefore, the appointment of a new alternate Auditor to
replace the resigning member will be included on the agenda of the next Shareholders’ Meeting.
MAR 2025
As for the share buyback started on 31 January 2025, at 7 March 2025 Generali and its subsidiaries held 55,757,071 treasury
shares, representing 3.55% of the share capital.
12 March 2025. Board of Directors: approval of the Annual Integrated Report and Consolidated Financial Statements, the Parent
Company Financial Statements Proposal and the Corporate Governance and Share Ownership Report at 31 December 2024 and
the Report on Remuneration Policy and Payments
13 March 2025. Release of the results at 31 December 2024
APR 2025
24 April 2025. Shareholders’ Meeting
www.generali.com/governance/annual-general-meeting for more information
MAY 2025
21 May 2025. Dividend payout on the share of Assicurazioni Generali
21 May 2025. Board of Directors: approval of the Financial Information at 31 March 2025
22 May 2025. Release of the results at 31 March 2025
AUG 2025
6 August 2025. Board of Directors: approval of the Consolidated Half-Yearly Financial Report at 30 June 2025
6 August 2025. Release of the results at 30 June 2025
NOV 2025
12 November 2025. Board of Directors: approval of the Financial Information at 30 September 2025
13 November 2025. Release of the results at 30 September 2025
Annual Integrated Report and Consolidated Financial Statements 2024
22
Generali Group
Accelerate growth in preferred profit pools,
increase technical proficiency and scale
Group-wide assets to enhance effectiveness
Enable our people to thrive through
continuous skills development and a culture
of excellence, meritocracy, and diversity
Drive a positive impact on profit, people
and the planet by supporting a green and just
transition and fostering societal resilience
-30% emissions by 2030
for insurance
20
-60% emissions by 2030
for investments
21
and own
operations
22
www.generali.com/sustainability/
responsible-employer/
greenhousegas-emissions for
further details on own operations
Sustainability Statement, Environmental
information for further details
Sustainability Statement,
Environmental information for
further details on investments
+ € 12 billion
Investments in climate solutions
23
Sustainability Statement, Environmental
information for further details
8 - 10%
GWP CAGR in climate
insurance solutions
24
Sustainability Statement, Environmental
information for further details
Strengthen #1
position in RNPS
16
90%
Customer retention rate
17
≥ 90%
Upskilled employees
18
≥ Market benchmark
19
Engagement rate
Sustainability Statement, Social information for further details
8 - 9%
P&C operating result
CAGR 2024-2027
4 - 5%
Life operating result  
CAGR 2024-2027
OUR STRATEGY
Driving excellence in everything we do as a
Lifetime Partner for our customers
EXCELLENCE
IN CORE
CAPABILITIES
EXCELLENCE
IN GROUP
OPERATING
MODEL
EXCELLENCE  IN  
CUSTOMER
RELATIONSHIPS
SUSTAINABILITY
ROOTED
EXCELLENCE
PEOPLE
POWERED
EXCELLENCE
AI & DATA
DRIVEN
EXCELLENCE
LIFETIME
  PARTNER 27
DRIVING EXCELLENCE
OUR STRATEGIC
PRIORITIES
16.  Relationship Net Promoter Score among European international peers.
17.  European perimeter.
18.  Percentage of target population successfully completing their upskilling journey on strategic skills (technical excellence, AI/GenAI, behavioural skills) during 2025-2027.
19.  Benchmark from independent consulting firm administering Generali Global Engagement Survey.
20.  The target refers to the motor portfolio and is defined as reduction by year-end 2030 compared to year-end 2021, measured by carbon intensity weighted on GWP. It includes motor underwriting private portfolios of Italy, 
Germany, France, Switzerland, Austria, Czech Republic, Hungary, Slovenia, Poland, Spain, and Portugal. Subject to market environment and constraints.
21.  The target for investments includes listed equity, corporate bonds, and real estate within the general account portfolio and is defined as reduction by year-end 2029 compared to year-end 2019. For listed equity and corporate bonds,
the reduction is measured by carbon intensity weighted on € million invested, whereas for real estate it is measured by carbon intensity per square meter. Subject to market environment and constraints.
22.  The target includes Scope 1, 2, and 3 emissions, defined as reduction by year-end 2030 compared to year-end 2019, and calculated in absolute GHG emissions. Net-zero target for own operations is anticipated to 2035. Subject
to market environment and constraints.
23.  The target covers a broad range of asset classes, both direct investments and funds, and includes bonds, corporate, government infrastructure debt-equity, and real estate. It is measured as 2025-2027 cumulated net new
investments. Subject to market environment and constraints.
24.  2024-2027 GWP CAGR for direct premiums (GDWP). The target includes car coverages for green mobility, energy efficiency, and renewable energy business. Subject to market environment and constraints.
Enhance seamless customer experience,
innovative Group value propositions
and strengthened distribution network
We, Generali
23
Evolve Group operating model to provide
distinctive competences, scalable services
and productivity gains
Boost AI & Data capabilities to improve customer
and distributor experience, and drive operational
efficiency and technical excellence
6 - 8%
NBP CAGR for underserved customers
27
Sustainability Statement, Social
information for further details
€ 1.2 - 1.3 billion
Cumulative Group investments
in AI and technology
25
2.5 - 3.0 p.p.
Insurance cost/income ratio
improvement
26
100% 
Business Units scaling high 
impact GenAI applications
STRONG EARNINGS
PER SHARE GROWTH
8 - 10% EPS CAGR
28
2024-2027
SOLID CASH
GENERATION
> € 11 billion 
Cumulative Net Holding
Cash Flow
29
2025-2027
INCREASING
DIVIDEND
PER SHARE
> 10% DPS CAGR
29, 30
2024-2027
with a ratchet policy
www.generali.com/investors/Strategy
OUR
FOUNDATIONS
25.  Group investments in AI & technology strategic initiatives; 2025-2027 cumulative investments cash view.
26.  Cost/income ratio on insurance perimeter (i.e., excluding A&WM and Europ Assistance). Cost defined as General expenses. Income defined as EBT before general expenses, excluding: P&C discounting, IFIEs, Life and P&C loss
component, non-operating investment result, interest expenses on financial debt and the other components excluded from the IFRS 17 adjusted net result.
27.  The target includes life protection, health and pension premiums for category of customers internally identified as more exposed to the gap: women, young/elderly people, families, and migrants/refugees.
28.  3-year CAGR based on the Group’s adjusted net result.
29.  Expressed on cash basis.
30.  3-year CAGR with 2024 baseline at € 1.28 per share. Subject to all relevant approvals.
OUR FINANCIAL
PERFORMANCE
Group’s performance .......................................................................... 26
Group’s financial position ................................................................... 31
Life segment ....................................................................................... 36
P&C segment ...................................................................................... 44
Asset & Wealth Management segment ............................................... 51
Holding and other businesses segment ............................................. 52
Our main markets: positioning and performance ............................... 53
Share performance ............................................................................. 66
Annual Integrated Report and Consolidated Financial Statements 2024
26
Generali Group
Gross written premiums at € 95.2 billion (+14.9%) thanks to
the positive performance of Life segment (+19.2%) and P&C
segment (+7.7%).
Operating result increased to € 7.3 billion (+8.2%), thanks
to positive development of Life, P&C and Asset & Wealth
Management segments.
Adjusted net result of the period
2
at € 3,769 million (+5.4%). Net
result at € 3,724 million (-0.6%).
95,190
82,466
7,295
6,742
3,575
31/12/2024
31/12/2024
31/12/2024
31/12/2023
31/12/2023
31/12/2023
3,769
GROSS WRITTEN PREMIUMS (€ mln)
OPERATING RESULT (€ mln)
ADJUSTED NET RESULT (€ mln)
GROUP’S PERFORMANCE
1
1.  Year-end 2023 figures have been restated considering: 1) LTIP and other share-based payments (including WeShare plan) have been moved from non-operating results to operating results; 2) AWM segment now includes all
the operating and non-operating costs that were previously considered as holding expenses, including the aforementioned LTIP and other share-based payments. For any further details refer to the Methodological notes on
alternative performance measures chapter.
  Changes in premiums, Life net inflows and new business were presented on equivalent terms. 
  The amounts were rounded and may not add up to the rounded total in all cases. The percentages presented can be affected by the rounding.
2.  Adjusted net result includes adjustments for 1) profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments on non-participating business and shareholders’ funds, 2) hyperinflation
effect under IAS 29, 3) amortisation of intangibles related to M&A, if material 4) impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the first year from the
acquisition, if material.
Our financial performance
27
Operating result
Total operating result by segment
(€ million) 31/12/2024 31/12/2023 Change
Total operating result 7,29 5 6,742 8.2%
Life 3,982 3,735 6.6%
Property & Casualty 3,052 2,902 5.1%
Asset & Wealth Management 1,176 959 22.6%
Holding and other businesses -536 -415 29.1%
Consolidation adjustments -379 -439 -13.8%
Operating result grew by 8.2%, standing at € 7,295 million (€ 6,742 million at 31 December 2023) thanks to the positive development
of Life, P&C and Asset & Wealth Management segments.
The operating result of the Life segment was up to € 3,982 million (+6.6%), supported by the improvement of both the operating
insurance service result and operating investment result.
The operating result of the P&C segment grew to € 3,052 million (+5.1%), driven by the improvement of the operating insurance
service result, with a combined ratio undiscounted at 95.9% (-0.8 p.p.). The operating result benefitted from lower current year loss
ratio undiscounted (excluding Nat Cat), partly offset by lower discounting effect benefit, higher impact from natural catastrophe
claims and lower contribution from prior years development.
The operating result of the Asset & Wealth Management segment amounted to € 1,176 million (+22.6%). The improvement come
from a better result of Banca Generali group, equal to € 560 million (+27.6%), which reflected higher performance fees, as well as a
better result from Asset Management, equal to € 616 million (+18.3%) also thanks to Conning Holdings Limited contribution.
The operating result of the Holding and other businesses segment decreased at € -536 million (€ -415 million at 31 December 2023)
mainly for lower operating result from Other businesses.
Lastly, the change in the consolidation adjustments (-13.8%) was due to lower intragroup dividends.
Non-operating result
Non-operating result
(€ million) 31/12/2024 31/12/2023 Change
Consolidated non-operating result -1,255 -1,125 11.5%
Non-operating investment result 28 64 -57.3%
Net non-operating gains from investments at FVTPL and gains and losses on foreign currency 82 -115 n.m.
Net non-operating realized gains on other investments 135 421 -67.9%
Net non-operating ECL and impairment losses on other investments -190 -241 -21.1%
Net other non-operating expenses -710 -677 4.8%
Non-operating holding expenses -572 -512 11.6%
Interest expenses on financial debt -493 -447 10.4%
Other non-operating holding expenses -79 -66 20.4%
The non-operating result amounted to € -1,255 million (€ -1,125 million at 31 December 2023). In particular:
•  net non-operating gains from investments at FVTPL and gains and losses on foreign currencies improved to € 82 million compared
to € -115 million at 31 December 2023, mainly thanks to the performance of the financial markets;
•  net non-operating realized gains on other investments amounted to € 135 million (€ 421 million at 31 December 2023) and
included the gains from the disposal of TUA Assicurazioni (€ 88 million
1
), while at 31 December 2023 were included the gains from
a London real estate development (for € 221 million
2
) and the disposal of Generali Deutschland Pensionskasse (for € 255 million
3
);
•  net non-operating ECL and impairment losses on other investments amounted to € -190 million (€ -241 million at 31 December
2023), mainly from real estate investment;
3.  Impact net of taxes amounting € 58 million.
4.  Impact net of taxes amounting € 193 million.
5.  Impact net of taxes amounting € 255 million.
Annual Integrated Report and Consolidated Financial Statements 2024
28
Generali Group
•  net other non-operating expenses amounted to € -710 million (€ -677 million at 31 December 2023). This item included € -101
million of restructuring costs (€ -312 million at 31 December 2023), € -124 million relating to amortization of intangible assets
generated by business combinations and bancassurance agreements (€ -39 million at 31 December 2023), where the increase
was an effect of the acquisition concluded during 2024, and other non-operating net expenses for € -485 million (€ -326 million
at 31 December 2023). The other non-operating net expenses included higher non-recurring costs for local projects in certain
countries, higher impact from the application of IAS 29 in Argentina, an accounting standard dedicated to economies characterised
by hyperinflation, and by higher M&A costs in Asset Management for the acquisition concluded during 2024 and the absence of
non-recurring positive effects coming from the pension reform in France;
•  non-operating holding expenses amounted to € -572 million (€ -512 million at 31 December 2023) mainly reflecting the double
cost of interest triggered by the transactions executed during 2024.
Group’s result of the period
From operating result to result of the period
(€ million) 31/12/2024 31/12/2023 Change
Consolidated operating result 7,29 5 6,742 8.2%
Consolidated non-operating result -1,255 -1,125 11.5%
Non-operating investment result 28 64 -57.3%
Net other non-operating expenses -710 -677 4.8%
Non-operating holding expenses -572 -512 11.6%
Earnings before taxes 6,041 5,617 7.6%
Income taxes -1,843 -1,579 16.7%
Earnings after taxes 4,198 4,037 4.0%
Profit or loss from discontinued operations -31 84 n.m.
Consolidated result of the period 4,167 4,122 1.1%
Result of the period attributable to the Group 3,724 3,747 -0.6%
Result of the period attributable to minority interests 442 375 18.1%
Adjusted net result 3,769 3,575 5.4%
The result of the period attributable to the Group stood at € 3,724 million (-0.6% respect € 3,747 million at 31 December 2023) and
included:
•  the performance of the operating and non-operating result commented above;
•  the higher tax rate, which increased from 27.6% to 30.5%, due to the absence, in 2024, of the benefit from the disposal of a
London real estate development and Generali Deutschland Pensionskasse booked in 2023 and, in 2024, the computation of the
Global Minimum Tax and higher net non-deductible charges;
•  the lower result of discontinued operations, equal to € -31 million (€ 84 million at 31 December 2023), that includes the loss from
the disposal of Generali Sigorta and the unrealized losses following the agreement to sell Generali Life Assurance Philippines, while
at 31 December 2023 included the result for the period of the bancassurance JVs of Cattolica (Vera and BCC) and the net capital
gain deriving from their disposal (equal to € 49 million);
•  the result attributable to minority interests, amounting to € 442 million (€ 375 million at 31 December 2023), which corresponds to
a minority rate of 10.6% (9.1% at 31 December 2023), increased mainly for Banca Generali and Asset Management results, also
considering the contribution of Conning Holdings Limited result.
The adjusted net result increased to € 3,769 million, improving from the € 3,575 million at 31 December 2023, and adjust the net
result amounting to € 3,724 million the following items:
•  € -50 million coming from profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments
on non-participating business and shareholders’ funds (€ 84 million at 31 December 2023);
•  € 71 million coming from the hyperinflation effect under IAS 29, an accounting standard dedicated to economies characterised by
hyperinflation (€ 48 million at 31 December 2023);
•  € 51 million coming from the amortization of intangible assets generated by business combinations and bancassurance agreements
(nil at 31 December 2023);
•  € -27 million coming from the gains and losses from business acquisitions and disposals, including possible restructuring costs
incurred during the first year from the acquisition (€ -304 million at 31 December 2023).
Our financial performance
29
Other information on the Group
From operating result to result of the period
(€ million) 31/12/2024 31/12/2023 Change
Consolidated operating result 7,29 5 6,742 8.2%
Insurance services results 5,795 5,548 4.4%
Operating investment result (*) 2,459 2,317 6.2%
Other operating income and expenses -959 -1,123 -14.6%
of which operating holding expenses -693 -667 3.8%
Consolidated non-operating result -1,255 -1,125 11.5%
Non-operating investment result 28 64 -57.3%
Net non-operating gains from investments at FVTPL and gains and losses on foreign currency 82 -115 n.m.
Net non-operating realized gains on other investments 135 421 -67.9%
Net non-operating ECL and impairment losses on other investments -190 -241 -21.1%
Net other non-operating expenses -710 -677 4.8%
Non-operating holding expenses -572 -512 11.6%
Interest expenses on financial debt -493 -447 10.4%
Other non-operating holding expenses -79 -66 20.4%
Earnings before taxes 6,041 5,617 7.6%
Income taxes (*) -1,843 -1,579 16.7%
Earnings after taxes 4,198 4,037 4.0%
Profit or loss from discontinued operations -31 84 n.m.
Consolidated result of the period 4,167 4,122 1.1%
Result of the period attributable to the Group 3,724 3,747 -0.6%
Result of the period attributable to minority interests 442 375 18.1%
Adjusted net result 3,769 3,575 5.4%
(*)  At 31 December 2023 the amount is net of non-recurring taxes shared with the policyholders for € -43 million.
Operating result by country
(€ million) 31/12/2024 31/12/2023 Change
Italy 2,213 1,957 13.1%
France 1,211 1,259 -3.8%
Germany 955 1,037 -7.9%
Austria 328 320 2.6%
Switzerland 134 127 5.6%
CEE 705 653 7.9%
Spain 398 276 44.6%
Portugal 134 110 21.1%
Asia 260 336 -22.5%
Europ Assistance 153 146 4.6%
Wealth Management 560 439 27.6%
Asset Management 616 520 18.3%
Group holdings, other companies and consolidation adjustments -372 -438 -15.1%
Total 7,295 6,742 8.2%
Annual Integrated Report and Consolidated Financial Statements 2024
30
Generali Group
Total gross written premiums by country
(€ million) 31/12/2024 31/12/2023
Italy 32,195 27,328
France 19,185 15,496
Germany 14,950 14,823
Austria 3,135 2,973
Switzerland 1,843 1,824
CEE 5,078 4,827
Spain 3,825 2,645
Portugal 1,809 1,354
Asia 7,367 6,000
Europ Assistance 2,196 2,072
Group holdings and other companies 3,608 3,124
Total 95,190 82,466
Our financial performance
31
The Group Shareholders’ Equity stood at € 30,389 million, up
by 4,9% attributable to the Group’s result of the period partially
offset by the 2023 dividend for a total of € 1,987 million.
Notes, Shareholders’ equity for further information
The Group capital position is confirmed solid, with the Solvency
Ratio at 210% (-10 p.p.). The robust contribution of normalized
capital generation has been more than offset by the impact
of regulatory changes, M&A operations, variances and capital
movements.
Risk Report for other information on Group capital position
Contractual service margin for insurance and reinsurance
contracts, gross of reinsurance, amounts to € 31,228 million, of
which € 30,283 million come from the Life segment and € 945
million come from the P&C segment.
Groups total Asset Under Management (AUM) at € 863,004
million, significantly increased compared to 31 December 2023,
thanks to the contribution of Conning Holdings Limited, the
positive trend of financial markets and the contribution of net
inflows.
30,389
28,968
31,228
31,807
31/12/2024
31/12/2024
31/12/2024
31/12/2024
31/12/2023
31/12/2023
31/12/2023
31/12/2023
863,004
655,783
GROUP SHAREHOLDERS’ EQUITY (€ mln)
SOLVENCY RATIO (%)
CONTRACTUAL SERVICE MARGIN (€ mln)
TOTAL ASSETS UNDER MANAGEMENT (€ mln)
GROUP’S FINANCIAL POSITION
210%
220%
Annual Integrated Report and Consolidated Financial Statements 2024
32
Generali Group
Investments
Group investments
(€ million) 31/12/2024 31/12/2023 Change
Equity investments 27,229 25,291 7.7%
Fixed income investments 294,159 280,665 4.8%
Bonds 244,258 233,835 4.5%
Other fixed income investments 49,900 46,830 6.6%
Land and buildings (investment properties and similar investments) 26,687 27,038 -1.3%
Other investments 7,805 8,233 -5.2%
Investments in subsidiaries, associated companies and joint ventures 2,840 2,712 4.7%
Derivatives 165 -164 n.m.
Other investments 4,799 5,685 -15.6%
Cash and cash equivalents 17,187 17,352 -1.0%
Total General Account investments 373,065 358,578 4.0%
Financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts, and reserves linked to
pension funds 123,855 108,265 14.4%
Group's total investments 496,920 466,843 6.4%
Third-party Assets Under Management* 366,084 188,940 93.8%
Group total Assets Under Management 863,004 655,783 31.6%
At 31 December 2024, the Group’s total investments amounted to € 496,920 million (+6.4% compared to 31 December 2023),
following in particular the increase of financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts (€ 123,855 million, +14.4% compared to 31 December 2023),
thanks to the contribution of Conning Holdings Limited, the positive trend of financial markets and the contribution of net inflows, and
to the significant increase of General Account investments (€ 373,065 million, +4.0% compared to 31 December 2023).
This performance benefits from new acquisitions and the positive market trend, in particular for equity instruments and, among fixed
income investments, for corporate bonds.
Group’s asset allocation is stable compared to 31 December 2023, in terms of composition of investment classes.
Equity instruments amounted to 7.3% (7.1% at 31 December 2023), while fixed income instruments to 78.8% (78.3% at  
31 December 2023).
The Group’s Land and buildings (investment properties and similar investments) slightly decreased in 2024, amounting to € 26,687
million (€ 27,038 million at 31 December 2023).
The Group’s total Assets Under Management amounted to € 863,004 million (+31.6% compared to 31 December 2023).
In particular, the third-party Assets Under Management increased significantly to € 366,084 (+93.8% compared to 31 December
2023), mainly thanks to the contribution of Conning Holdings Limited, the positive trend of financial markets and the contribution of
net inflows.
Our financial performance
33
Return on investments
(€ million) 31/12/2024 31/12/2023
Economic components
Current income from fixed income instruments 9,624 8,804
Current income from equity instruments 815 800
Current income from real estate investments (*) 1,108 976
Net realized gains -33 783
Expected credit losses -202 -129
Net unrealized gains 912 -392
Average stock 365,002 352,301
Ratio (%)
P&L return 3.5% 3.1%
Current return 3.3% 3.2%
Harvesting rate 0.2% 0.1%
Return from gains/losses through equity 1.0% 3.7%
Comprehensive return 4.5% 6.8%
(*) Net of drepreciation of the period.
The current income increased to 3.3% (3.2% at 31 December 2023). This increase is mainly due to the growth of current income
from fixed income instruments.
The P&L return recorded a substantial increase, amounting to 3.5% (3.1% at 31 December 2023). The harvesting rate is stable at
0.2% (0.1% at 31 December 2023).
The return from profits/losses recognised directly in equity, although positive, decreased, reaching 1.0% (3.7% at 31 December
2023) due to the lower contribution from bond investments, particularly government bonds.
Insurance liabilities
Gross insurance liabilities
(€ million) 31/12/2024 31/12/2023
Total insurance liabilities 438,150 412,010
Life insurance liabilities 400,251 376,663
Property & Casualty insurance liabilities 37,899 35,347
Gross insurance liabilities stood at € 438,150 million, up 6.3% compared to € 412,010 million at 31 December 2023. The insurance
liabilities of the Life segment, whose contribution to the total insurance liabilities is equal to 91.4%, amounted to € 400,251 million
(+6.3% compared to 31 December 2023) while the liabilities of the P&C segment stood at € 37,899 million (+7.2% compared to  
31 December 2023).
Annual Integrated Report and Consolidated Financial Statements 2024
34
Generali Group
Debt and liquidity
Debt
Group debt is composed as follows:
Group debt
(€ million) 31/12/2024 31/12/2023
Operating debt 34,418 33,025
Financial debt 11,160 10,965
Subordinated liabilities 9,784 9,040
Senior bonds 1,286 1,767
Other financial debt 90 157
Total 45,578 43,990
The increase in the Group’s operating debt was mainly attributable to the increase of the payables to bank customers.
The increase in Group’s financial debt primarily stems from the increase in Subordinated liabilities item, partially mitigated by the
decrease of Senior bonds item.
The increase in Subordinated liabilities primarily stems from the issuance occurred in October, totaling € 750 million, aimed to
prefinance the 2025 and 2026 maturities.
The reduction in the Senior bonds item is mainly due to the contractual maturity of securities that occurred in September for a total
nominal amount of € 1,750 million, partially offset by two securities issuances that took place in January for a total nominal amount
of € 1,250 million.
The weighted average cost of financial debt stood at 4.16%, showing a decrease compared to year-end 2023, mainly due to the
lower cost of new issuances compared to the expired one.
The interest expenses on financial debt equals to € 493 million at 31 December 2024 (compared to € 447 at 31 December 2023).
The increase in interest expenses is a one-off effect, mainly attributable to the double cost of interest triggered by the transactions
executed during 2024.
Details on financial debt
Details on subordinated liabilities and senior bonds
(€ million) 31/12/2024 31/12/2023
Nominal
value
Book value Accrued
interest
expenses
Average
weighted
cost % (*)
Nominal
value
Book value Accrued
interest
expenses
Average
weighted
cost % (*)
Subordinated liabilities 9,612 9,784 388 4.24% 8,867 9,040 357 4.25%
Senior bonds 1,250 1,286 105 3.51% 1,744 1,767 89 5.13%
Total 10,862 11,071 493 4.16% 10,611 10,808 447 4.39%
(*)  The weighted average cost of debt is the annualized cost of financial debt considering the nominal amount of the liabilities at the reporting date and the related transactions of currency and interest rate
hedging.
Details of issues and redemptions of subordinated liabilities and senior bonds
(nominal value in € million) 31/12/2024 31/12/2023
Issuances Redemptions Issuances net of
redemptions
Issuances Redemptions Issuances net of
redemptions
Subordinated liabilities 750 750 1,000 600 400
Senior bonds 1,250 1,750 -500
Total 2,000 1,750 250 1,000 600 400
Our financial performance
35
Revolving credit facilities
Assicurazioni Generali has revolving credit facilities for a total amount of € 4.0 billion. They represent, in line with the best market
practice, an efficient tool to protect the Group’s financial flexibility in case of adverse scenarios.
The two revolving credit facilities, syndicated for a value of € 2.0 billion each, have a duration until 2026 and 2028, respectively.
The revolving credit facilities also present innovative features in terms of sustainability since their cost is linked to the targets on green
investments. This transaction further strengthens Generali’s commitment to sustainability and the environment, as set out in the
Charter of Sustainability Commitments and in the Generali Group Strategy on Climate Change.
This will only impact the Group’s liabilities linked to financing activities if the facilities are drawn down.
Liquidity
Cash and cash equivalents
(€ million) 31/12/2024 31/12/2023
Cash at bank and short-term securities 6,760 6,070
Cash and cash equivalents 230 148
Cash and balances with central banks 933 578
Money market investment funds unit 12,466 13,978
Other net cash and cash equivalents -3,203 -3,423
Cash and cash equivalents 17,187 17,352
The Group’s cash and cash equivalents exposures are substantially stable, moving from € 17,352 million at 31 December 2023 to €
17,187 million at 31 December 2024.
The average duration stood at 4.89 years at 31 December 2024 compared to 4.43 years at 31 December 2023.
Notes, Financial liabilities for further information
Details on maturity of subordinated liabilities and senior bonds (nominal value, € mln)
2,000
1,800
1,600
1,400
1,200
1, 000
800
600
400
200
€ mln 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Senior debt Subordinated debt Hybrid debt
Annual Integrated Report and Consolidated Financial Statements 2024
36
Generali Group
LIFE SEGMENT
6
6.  Changes in premiums, Life net inflows and new business were presented on equivalent terms. Changes in the operating result, general account investments and Life technical provisions excluded any assets under disposal or
disposed of during the same period of comparison.
  The amounts were rounded and may not add up to the rounded total in all cases. The percentages presented can be affected by the rounding.
Life net inflows at € 9.7 billion, entirely concentrated in the unit-
linked and protection lines. Gross written premiums rose to  
€ 61.4 billion (+19.2%).
New business (expressed in terms of present value of new
business premiums - PVNBP) at € 51,832 million, increasing
by 28.8%.
New Business Value (NBV) at € 2,383 million (+2.3%), supported
by high volume.
Operating result at € 3,982 million (+6.6%) thanks to the
operating insurance services result and operating investment
result improvement.
51,832
40,300
3,982
3,735
31/12/2024
31/12/2024
31/12/2024
31/12/2024
31/12/2023
31/12/2023
31/12/2023
31/12/2023
9,674
-1,313
2,383
2,331
GROSS WRITTEN PREMIUMS AND NET INFLOWS (€ mln)
PVNBP (€ mln)
NBV (€ mln)
OPERATING RESULT (€ mln)
Gross written premiums
Net inflows
61,434
51,346
Our financial performance
37
Performance of the Life segment
Premiums development
Life premiums
7
were € 61,434 million (+19.2% on equivalent terms) thanks to contribution of all the business lines. Savings and
pension line (+23.3%) grew especially in Italy (+21.5%), France (+65.3%) and Asia (+30.5%). Protection line (+9.7%), grew in almost
all the countries in which the Group operates, while the improvement in the unit-linked line (+23.2%) is concentrated in particular in
Italy (+42.5%), France (+23.1%) and Germany (+11.2%).
Net inflows - premiums collected, net of claims and surrenders - were € 9,674 million. Net inflows of the protection line rose to  
€ 5,206 million (€ 4,552 million at 31 December 2023), thanks to the development in Italy, France and Asia. Net inflows of the
unit-linked line improved to € 5,772 million (€ 4,357 million at 31 December 2023), thanks to the performance of Italy and France.
The net outflows of the savings and pension line amounted to € -1,303 million (€ -10,222 million at 31 December 2023) also as a
consequence of the commercial actions implemented from 2023.
New Business Value
The NBV represents the expected value of future profits net of taxes referred to the new contracts issued over the reporting period
within the Life segment. The Full year NBV is calculated as the simple sum of the NBV of each quarter, each of them calculated with
beginning of period operating and economic assumptions.
The NBV is defined as the contribution of the new business to the Life CSM (NB CSM) including the following elements to provide a
more accurate economic representation of the performance indicator:
•  the value of short-term business measured under the Premium Allocation Approach (PAA);
•  the value of investment contracts falling under IFRS 9;
•  the look-through profits emerging outside the Life segment (mostly related to fees paid to internal asset managers);
•  the impact of taxes, minority interests and other factors, that also include the cost of external reinsurance.
The following table compares the NBV, the present value of future premiums related to New Business Production (PVNBP) and
the profitability expressed in terms of PVNBP (NBM) in 2024 with the correspondent value in 2023. The changes are reported on a
comparable basis, neutralizing the impact of variations in the scope and exchange rates.
7.  Including premiums from investment contracts equal to € 1,566 million (€ 1,383 million at 31 December 2023).
31/12/2024 31/12/2023
Gross direct premiums by line of business (€ mln)
12,838
11,420
16,169
13,095
30,027
24,488
Savings and Pension
Protection
Unit-linked
Annual Integrated Report and Consolidated Financial Statements 2024
38
Generali Group
New business value
(€ million) 31/12/2024 31/12/2023 Change
Total New Business premiums 30,991 22,152 40.2%
Annual premiums 2,705 2,202 22.9%
Single premiums 28,286 19,949 42.1%
PVNBP 51,832 40,300 28.8%
NBV 2,383 2,331 2.3%
NBM 4.60% 5.78% -1.19 p.p.
From 2023 to 2024, the PVNBP experienced a significant increase (+28.8%), reaching €51.8 billion. This growth, primarily supported
by a strong production in Italy, France and Asia, was further emphasized by the IFRS 17 accounting treatment for the NB recognition
of French protection business
8
. Neutralizing this effect, i.e. allocating the new business, also in 2023, to the time when the insurance
coverage started, the total Group PVNBP increase would have been +23.2%.
In terms of lines of business, saving volumes experienced a significant growth (+33.9%) thanks to a notable production in Italy to
support net inflows, strong hybrid sales with a significant saving component in France, and an exceptional contribution of PVNBP
in China.
Regarding the Protection line, a remarkable improvement (+37.8%) is observed, mainly driven by France, with additional positive
contribution from almost all other countries. This trend would have remained consistent even after neutralizing the accounting impact
of French protection business, resulting in a 14.8% growth in protection PVNBP.
Also Unit-linked business increased (+16.2%) primarily on account of hybrid products sales in Italy (+35.6%) and France (+12.1%).
The new business profitability measured in PVNBP terms stood at 4.60%, decreasing by 1.19 p.p.. After neutralizing the accounting
effect of French protection business, the margin reduction would have been limited to about -0.90 p.p., reflecting commercial
initiatives in Italy (-0.50 p.p.), the effect of lower interest rates (-0.30 p.p.) and other minor effects spread across the Group.
The table below displays the main elements of the NBV derivation starting from New business CSM.
New Business Value derivation
(€ million) 31/12/2024 31/12/2023
New business CSM 2,827 2,796
Perimeter 192 189
Look-through profits 531 466
Taxes, minorities and other -1,167 -1,120
New business value 2,383 2,331
In particular, as mentioned earlier, the value of contracts measured with the PAA and investment contracts (Perimeter) and Look-
through profits are added to the CSM of new production, from which the impacts of taxes, third-party interests, and other factors,
such as the cost of extra-group reinsurance (taxes, third parties, and others), are finally deducted.
8.  French collective protection business underwritten in 4Q2023 with coverage starting in 2024 was deemed to be profitable and hence, according to IFRS17 contract recognition requirements, was recognized entirely in 1Q2024.
The majority of business underwritten in 4Q2022 with coverage starting in 2023, being considered onerous, was instead recognized earlier in 4Q2022.
Our financial performance
39
Operating result
Life operating result stood at € 3,982 million (€ 3,735 million at 31 December 2023). The operating insurance services result improved,
from € 2,901 million at 31 December 2023 to € 3,039 million, as well as the operating investment result, from € 833 million at 31
December 2023 to € 943 million.
Operating insurance services result
Life segment operating result: operating insurance services result
(€ million) 31/12/2024 31/12/2023 Change
Life segment operating insurance services result 3,039 2,901 4.8%
CSM release 2,986 3,035 -1.6%
Risk adjustment release 145 155 -6.2%
Loss component -231 -149 54.9%
Experience variance and other technical result 204 -32 n.m.
Other operating income and expenses -65 -108 -39.3%
The operating insurance services result amounted to € 3,039 million (€ 2,901 million at 31 December 2023) and its main component
is the CSM release amounting to € 2,986 million (€ 3,035 million at 31 December 2023). The increase was mainly due from the
experience variance and other technical result which included non-recurring negative items last year.
Operating investment result
Life segment operating result: operating investment result
(€ million) 31/12/2024 31/12/2023 Change
Life segment operating investment result 943 833 13.2%
Operating investment income 1,555 1,279 21.5%
Interest income and other income 11,540 10,342 11.6%
Net operating realized gains on financial instruments and land and buildings (investment
properties) -475 264 n.m.
Net operating unrealized gains on financial instruments and land and buildings (investment
properties) 807 -237 n.m.
Net operating ECL and impairment losses on financial instruments and land and buildings
(investment properties) -85 58 n.m.
Other expenses from other financial instruments and land and buildings (investment
properties) -364 -306 19.0%
Interest expenses on operating debt -236 -222 6.3%
Income from financial investment backing investment contracts and back to unit-linked and
index-linked policies 9,984 8,630 15.7%
Insurance finance expenses from VFA business and policyholders participations share -19,617 -17,250 13.7%
Insurance finance expenses from GMM and PAA business -612 -446 37.2%
31/12/2024 31/12/2023
943
3,982
3,039
833
3,735
2,901
Operating result (€ mln)
Operating insurance services result
Operating investment result
Annual Integrated Report and Consolidated Financial Statements 2024
40
Generali Group
Operating investment result amount to € 943 million (€ 833 million at 31 December 2023) and comprises:
•  interest income and other income, which includes dividends and other recurring income, amounting to € 11.540 million (€ 10.342
million at 31 December 2023);
•  net operating realized gains on financial instruments and land and buildings (investment properties) for € -475 million (€ 264 million
at 31 December 2023);
•  net operating unrealized gains on financial instruments and land and buildings (investment properties) which improved to € 807
million (€ -237 million at 31 December 2023), thanks to the performance of the financial markets;
•  net operating ECL and impairment losses on financial instruments and land and buildings (investment properties) for € -85 million
(€ 58 million at 31 December 2023);
•  other expenses from other financial instruments and land and buildings (investment properties) for € -364 million (€ -306 million at
31 December 2023);
•  interest expenses on operating debt for € -236 million (€ -222 million at 31 December 2023);
•  income from financial investment backing investment contracts and back to unit-linked and index-linked policies for € 9,984 million
(€ 8,630 million at 31 December 2023);
•  insurance finance expenses from VFA business and policyholders participations share for € -19,617 million (€ -17,250 million at
31 December 2023);
•  Insurance finance expenses from GMM and PAA business for € -612 million (€ -446 million at 31 December 2023).
Other information on the Life segment
Life segment operating result and non-operating result
(€ million) 31/12/2024 31/12/2023 Change
Life segment operating result 3,982 3,735 6.6%
Operating insurance services result 3,039 2,901 4.8%
Operating investment result 943 833 13.2%
Life segment non-operating result -175 176 n.m.
Life segment earnings before taxes 3,807 3,911 -2.6%
Life segment indicators by country
(in milioni di euro) Operating result CSM release
31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 1,567 1,586 1,325 1,263
France 852 788 590 658
Germany 513 556 407 485
Austria 92 81 91 81
Switzerland 149 95 93 131
CEE 315 284 196 183
Spain 224 216 72 55
Portugal 28 22 19 14
Asia 241 297 184 139
Group holdings and other companies (*) 0 -190 9 27
Total 3,982 3,735 2,986 3,035
(*) The data relating to Operating result also include country adjustments.
Our financial performance
41
Life segment indicators by country
(€ million) Gross written premiums Net inflows
31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 23,360 18,538 1,536 -3,022
France 15,255 11,553 2,946 -1,685
Germany 10,572 10,693 881 657
Austria 1,246 1,189 84 -94
Switzerland 1,076 1,084 88 199
CEE 1,224 1,171 354 290
Spain 908 759 -57 -52
Portugal 224 117 71 -25
Asia 5,893 4,646 3,432 2,239
Group holdings and other companies 1,676 1,597 338 182
Total 61,434 51,346 9,674 -1,313
Life segment direct written premiums by line of business and by country
(€ million) Savings and Pension Protection Unit-linked Total
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 16,981 13,975 895 714 5,483 3,849 23,360 18,538
France 5,314 3,215 3,244 2,713 5,256 4,269 13,815 10,197
Germany 2,379 2,951 4,792 4,684 3,402 3,058 10,572 10,693
Austria 400 419 529 482 316 287 1,246 1,188
Switzerland 158 162 134 135 785 786 1,076 1,083
CEE 168 171 698 636 352 359 1,218 1,167
Spain 324 228 350 313 235 218 908 759
Portugal 19 14 79 61 125 41 224 117
Asia 4,241 3,303 1,434 1,115 203 211 5,877 4,629
Group holdings and other companies 41 50 684 567 12 16 737 633
Total 30,027 24,488 12,838 11,420 16,169 13,095 59,033 49,003
Life segment indicators by country
(€ million) PVNBP NBV NBM
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 20,691 15,617 1,036 1,030 5.01% 6.60%
France 13,881 9,199 469 502 3.38% 5.45%
Germany 8,656 8,607 352 361 4.07% 4.19%
Austria 1,238 1,020 65 62 5.24% 6.12%
Switzerland 537 489 44 39 8.17% 7.98%
CEE 1,159 965 133 93 11.48% 9.68%
Spain 723 610 76 70 10.53% 11.54%
Portugal 236 233 17 44 7.37% 18.84%
Asia 4,070 3,027 188 126 4.62% 4.16%
Group holdings and other companies 642 534 3 4 0.41% 0.74%
Total 51,832 40,300 2,383 2,331 4.60% 5.78%
Annual Integrated Report and Consolidated Financial Statements 2024
42
Generali Group
Financial position of the Life segment
Investments
Life segment investments
(€ million) 31/12/2024 31/12/2023 Change
Equity investments 23,289 21,812 6.8%
Fixed income investments 246,635 236,649 4.2%
Bonds 204,539 197,940 3.3%
Other fixed income investments 42,096 38,709 8.8%
Land and buildings (investment properties and similar investments) 23,865 23,875 0.0%
Other investments 6,152 6,164 -0.2%
Investments in subsidiaries, associated companies and joint ventures 3,499 3,129 11.8%
Derivatives 112 -197 n.m.
Other investments 2,541 3,233 -21.4%
Cash and cash equivalents 7,538 10,542 -28.5%
Total General Account investments 3 07,479 299,042 2.8%
Financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts, and reserves linked to
pension funds 123,855 108,265 14.4%
Group's total investments 431,334 407,307 5.9%
At 31 December 2024 the Group’s total investments in Life segment amounted to € 431,334 million (+5.9% compared to  
31 December 2023), following in particular the increase of financial assets linked to technical reserves where the investment risk is
borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds (€ 123,855
million, +14.4% compared to 31 December 2023 ), thanks to the positive market trends, positive net inflows, and the increase of
General Account investments (€ 307,479 million, +2.8% compared to 31 December 2023). This performance benefits by a positive
marker trend, in particular with regard to equity instruments and corporate bonds, and positive net inflows.
The Group’s asset allocation is stable compared to 31 December 2023, in terms of composition of investment classes. Equity
instruments amounted to 7.6% (7.3% at 31 December 2023), while fixed income instruments amounted to 80.2% (79.1% at  
31 December 2023).
The Group’s land and buildings (investment properties and similar investments) do not record significant changes, amounting to  
€ 23,865 million (€ 23,875 million at 31 December 2023).
The average duration of the bond portfolio amounted to at 8.7 years (8.7 at 31 December 2023).
Life Segment Return of Investments
(%) Total Life of which: Contracts with direct participation
features
31/12/2024 31/12/2023 31/12/2024 31/12/2023
P&L return 3.3% 3.1% 3.2% 2.9%
Current return 3.2% 3.1% 3.1% 3.0%
Harvesting rate 0.1% 0.1% 0.1% 0.1%
Return from gains/losses through equity 1.0% 3.9% 0.6% 4.1%
Comprehensive return 4.3% 7.0% 3.8% 7.0 %
The P&L return of Life segment increased, reaching 3.3% (3.1% at 31 December 2023), thanks to the current return, increasing to
3.2% (3.1% at 31 December 2023) and to the stable harvesting rate, where unrealized gains offset lower realized gains and higher
unrealized losses compared to the previous period. The increase of the return on investments was mainly recorded in fixed income
investments, which also benefited by indirect bond component.
Our financial performance
43
Life insurance liabilities
Life insurance liabilities
(€ million) 31/12/2024 31/12/2023
Life insurance liabilities 400,251 376,663
Present value of future cash flows 368,337 344,325
Risk Adjustment 1,630 1,427
Contractual Service Margin 30,283 30,911
At 31 December 2024, the gross insurance liabilities of the Life segment stood at € 400,251 million, increasing by € 23,588 million
from the previous year-end value of € 376,663 million (+6.3%). The increase was driven by the present value of future cash-flows
that moved from € 344,325 million to € 368,337 million, mainly on account of new business contribution and unwinding of discount,
partially counterbalanced by the impact of operating variances mostly due to the surrenders experienced over the period. The risk
adjustment for non-financial risks slightly increased from € 1,427 million in 2023 to € 1,630 million in 2024. The CSM decreased
by 2.0% compared to 31 December 2023, moving from € 30,911 million to € 30,283 million. CSM movement details are provided
below.
CSM Life development
(€ million) 31/12/2024 31/12/2023
Opening CSM 30,911 30,207
Change in scope and other - opening 38
New business CSM 2,827 2,796
Expected return 1,757
1,692
Economic variances -875 804
Operating variances -1,388 -1,164
CSM before release 33,270 34,336
CSM release -2,986 -3,035
Change in scope and other - closing -391
Closing CSM 30,283 30,911
The drivers that explained CSM variation were:
•  change in scope & other – opening, equal to € 38 million, on account of Liberty Seguros acquisition;
•  new business contribution equal to € 2,827 million, mainly driven by Italy (€ 1,215 million), France (€ 572 million) and Germany  
(€ 406 million);
•  expected return (€ 1,757 million), including the unwinding of discount and the systematic variance due to expected realization of
real-world assumptions;
•  economic variances (€ -875 million), driven by the widening of non-Italian government bonds spread (with an impact particularly
severe in France also in view of the actions taken to finance higher policyholders’ crediting rates) and by the decrease of interest
rates (especially in China), only partially compensated by the positive performance of equity markets. Additionally, regulatory
changes introduced by EIOPA in Solvency 2 on certain parameters underlying the risk-free curves, which are also reflected in
the IFRS 17 framework (e.g., the reduction of the Ultimate Forward Rates for almost all currencies), contributed further to the
unfavorable variances development;
Notes, Basis of presentation and accounting principles for further details on the Ultimate Forward Rates
•  operating variances (€ -1,338 million), mainly driven by the experience due to lapses in Italy and France, which was also reflected
in updated future surrender assumptions;
•  CSM release to P&L (€ -2,986 million), including both the systematic variance due to expected realization of real-world assumptions
and a quota of CSM released according to the pattern of services rendered over the reporting period.
Annual Integrated Report and Consolidated Financial Statements 2024
44
Generali Group
Premiums grew to € 33.8 billion (+7.7%), thanks to the
performance of both business lines.
Group CoR at 94.0%, in line with last year. CoR undiscounted
at 95.9% (-0.8 p.p.).
Operating result grew to € 3,052 million (+5.1%); thanks to the
positive development of operating insurance services result.
33,756
31,120
31/12/2024
31/12/2024
31/12/2024
31/12/2023
31/12/2023
31/12/2023
3,052
2,902
GROSS WRITTEN PREMIUMS (€ mln)
COMBINED RATIO (%)
OPERATING RESULT (€ mln)
P&C SEGMENT
9
9.  Changes in premiums were presented on equivalent terms. Changes in the operating result and general account investments excluded any assets under disposal or disposed of during the same period of comparison.
  The amounts were rounded and may not add up to the rounded total in all cases. The percentages presented can be affected by the rounding.
94.0% 94.0%
Our financial performance
45
Performance of the Property & Casualty segment
Premiums development
P&C premiums stood at € 33,756 million (+7.7% on equivalent terms) thanks to the positive performance of both business lines.
The non-motor line improved (+6.6%) achieving widespread growth across all the main areas in which the Group operates.
The motor line rose by 10.5% thanks to the growth across all the main areas in which the Group operates but mainly in CEE,
Germany, Italy and Argentina. Excluding the contribution from Argentina, a country impacted by hyperinflation, motor line premiums
would have increased by 6.6%.
Operating result
The operating result of the P&C segment amounted to € 3,052 million (€ 2,902 million at 31 December 2023). The operating result
benefitted from the increase of the operating insurance services result, from € 1,807 million to € 1,976 million, partly offset by the
reduction of the operating investment result amounting to € 1,076 million (€ 1,095 million at 31 December 2023).
31/12/2024 31/12/2023
Gross direct premiums by line of business (€ mln)
Motor
Non-motor
20,222
12,038
19,055
10,599
31/12/2024 31/12/2023
1,076
3,052
1,976
1,095
2,902
1,807
Operating result (€ mln)
Operating insurance services result
Operating investment result
Annual Integrated Report and Consolidated Financial Statements 2024
46
Generali Group
Operating insurance services result
Property & Casualty segment operating result: operating insurance services result
(€ million) 31/12/2024 31/12/2023 Change
Property & Casualty segment operating insurance services result 1,976 1,807 9.3%
Insurance contract revenues 32,936 30,207 9.0%
Total incurred claims -20,997 -19,585 7.2%
Insurance expenses -9,183 -8,445 8.7%
Reinsurance result -467 -8 n.m.
Other operating income and expenses -313 -361 -13.3%
Operating insurance services grew to € 1,976 million (€ 1,807 million at 31 December 2023) thanks mainly to the increase in volumes.
Stable CoR, despite a lower discounting effect benefit.
Technical indicators
31/12/2024 31/12/2023 Change
Loss ratio 65.2% 64.9% 0.3 p.p.
Current year loss ratio 67.2% 67.9% -0.7 p.p.
Current year loss ratio undiscounted (excl. Nat Cat) 65.5% 66.9% -1.4 p.p.
Natural catastrophe losses undiscounted 3.6% 3.7% -0.1 p.p.
Current year discounting -1.9% -2.7% 0.8 p.p.
Prior year's loss ratio -2.1% -3.0% 1.0 p.p.
Expense ratio 28.8% 29.2% -0.3 p.p.
Acquisition expenses 20.4% 20.4% 0.0 p.p.
Administration expenses and other attributable expenses 7.4% 7.6% -0.1 p.p.
Other operating income and expenses 1.0% 1.2% -0.2 p.p.
Combined ratio 94.0% 94.0% 0.0 p.p.
Combined ratio undiscounted 95.9% 96.7% -0.8 p.p.
The combined ratio was 94.0% (94.0% at 31 December 2023) with a higher loss ratio at 65.2% (+0.3 p.p.), compensated by a lower
expense ratio at 28.8% (-0.3 p.p.). The dynamics in the loss ratio reflected a lower current year loss ratio undiscounted (excluding
Nat Cat), natural catastrophes claims undiscounted impacting the Combined Ratio for 3.6% (3.7% at 31 December 2023), and
amounted to € -1,202 million (€ -1,127 million at 31 December 2023) and lower discounting effect benefit. The contribution from
prior years development decrease to -2.1% (-3.0% at 31 December 2023).
The undiscounted combined ratio - which excludes the discounting effect from claims reserved - improved to 95.9% (96.7% at  
31 December 2023).
Our financial performance
47
Operating investment result
Property & Casualty segment operating result: operating investment result
(€ million) 31/12/2024 31/12/2023 Change
Property & Casualty segment operating investment result 1,076 1,095 -1.8%
Operating investment income 1,710 1,389 23.1%
Interest income and other income 2,144 1,684 27.3%
Other expenses from other financial instruments and land and buildings (investment
properties) -192 -194 -1.0%
Interest expenses on operating debt and other expenses -242 -101 n.m.
Insurance finance expenses -634 -294 n.m.
The operating investment result amounted to € 1,076 million (€ 1,095 million at 31 December 2023) and comprises:
•  interest income and other income, which includes dividends and other recurring income, for € 2,144 million (€ 1,684 million at 31
December 2023) mainly thanks to the contribution of fixed-income instruments;
•  other expenses from other financial instruments and land and buildings (investment properties) for € -192 million (€ -194 million at
31 December 2023);
•  interest expenses on operating debt and other expenses amounting to € -242 million (€ -101 million at 31 December 2023), where
the interest expenses on operating debt were stable and the increase is entirely explained by the other expenses;
•  insurance finance expenses increase to € -634 million (€ -294 million at 31 December 2023), growing also following the interest
rate dynamics.
Other information on the Property & Casualty segment
Property & Casualty segment operating and non-operating result
(€ million) 31/12/2024 31/12/2023 Change
Property & Casualty segment operating result 3,052 2,902 5.1%
Operating insurance services result 1,976 1,807 9.3%
Operating investment result 1,076 1,095 -1.8%
Property & Casualty segment non-operating result -410 -675 -39.2%
Property & Casualty segment earnings before taxes 2,641 2,227 18.6%
Property & Casualty segment indicators by country
(€ million) Gross written premiums Operating result
31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 8,836 8,790 711 440
France 3,929 3,943 355 406
Germany 4,378 4,130 485 511
Austria 1,888 1,785 247 249
Switzerland 766 740 3 44
CEE 3,854 3,656 385 385
Spain 2,917 1,886 186 70
Portugal 1,585 1,238 107 90
Asia 1,474 1,354 73 87
Europ Assistance 2,196 2,072 187 172
Group holdings and other companies (*) 1,932 1,527 313 451
Total 33,756 31,120 3,052 2,902
(*) The data relating to Operating result also include country adjustments.
Annual Integrated Report and Consolidated Financial Statements 2024
48
Generali Group
Property & Casualty segment direct written premiums by line of business and by country
(€ million) Motor Non-motor Total
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Italy 3,095 3,167 5,512 5,333 8,607 8,500
France 1,278 1,241 2,557 2,631 3,836 3,872
Germany 1,627 1,503 2,742 2,614 4,370 4,117
Austria 765 717 1,119 1,064 1,885 1,780
Switzerland 307 304 459 437 766 740
CEE 1,944 1,774 1,862 1,841 3,806 3,614
Spain 1,124 495 1,695 1,302 2,818 1,797
Portugal 649 478 934 758 1,584 1,236
Asia 428 394 738 705 1,166 1,099
Europ Assistance 63 77 1,870 1,697 1,934 1,773
Group holdings and other companies 757 449 732 676 1,489 1,125
Total 12,038 10,599 20,222 19,055 32,261 29,654
Technical indicators by country
Combined ratio (*) Loss ratio Expense ratio
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2022
Italy 94.1% 97.4% 67.2% 70.5% 26.9% 26.9%
France 94.1% 92.8% 71.0% 68.5% 23.1% 24.3%
Germany 92.5% 91.7% 62.5% 62.5% 30.0% 29.2%
Austria 92.2% 91.4% 65.0% 63.3% 27.2% 28.1%
Switzerland 101.7% 96.4% 72.6% 68.1% 29.1% 28.3%
CEE 92.4% 91.8% 58.2% 58.4% 34.3% 33.4%
Spain 96.2% 97.5% 73.4% 71.8% 22.8% 25.6%
Portugal 95.9% 94.9% 72.1% 70.8% 23.9% 24.0%
Asia 99.0% 97.9% 66.3% 65.5% 32.8% 32.4%
Europ Assistance 94.2% 93.7% 60.7% 60.7% 33.4% 33.1%
Group holdings and other companies (**) 96.5% 94.0% 73.8% 75.4% 22.8% 18.6%
Total 94.0% 94.0% 65.2% 64.9% 28.8% 29.2%
(*)  NAT CAT claims undiscounted impacted on the Group combined ratio for 3.6 p.p., of which 2.7 p.p. in Italy, 3.0 p.p. in France, 4.0 p.p. in Germany, 6.3 p.p. in Austria, 0.8 p.p. in Switzerland, 5.7 p.p. in
CEE, 0.5 p.p. in Spain, 0.1 p.p. in Portugal, 0.2 p.p. in Asia, 0.1 p.p. in Europ Assistance, 7.0 p.p. in Group holdings and other companies (at 31 December 2023 NAT CAT claims undiscounted impacted
on the Group combined ratio for 3.7 p.p., of which 7.5 p.p. in Italy, 2.7 p.p. in France, 3.9 p.p. in Germany, 5.5 p.p. in Austria, 1.3 p.p. in Switzerland, 3.4 p.p. in CEE, 0.9 p.p. in Spain, 0.0 p.p. in Portugal,
0.4 p.p. in Asia, 0.0 p.p. in Europ Assistance, -1.0 p.p. in Group holdings and other companies).
(**)  Group Holdings and other companies exclude the country adjustments. Considering the country adjustments, the CoR of Group Holdings and other companies would have been 87.8% (76.8% at
31 December 2023).
Our financial performance
49
Financial position of the Property & Casualty segment
Investments
Property & Casualty segment investments
(€ million) 31/12/2024 31/12/2023 Change
Equity investments 3,624 3,137 15.5%
Fixed income investments 33,716 32,690 3.1%
Bonds 29,697 27,602 7.6%
Other fixed income investments 4,019 5,088 -21.0%
Land and buildings (investment properties and similar investments) 2,809 3,154 -11.0%
Other investments 2,592 2,598 -0.2%
Investments in subsidiaries, associated companies and joint ventures 2,317 2,197 5.5%
Derivatives 39 42 -8.4%
Other investments 237 359 -34.1%
Cash and cash equivalents 4,643 3,817 21.7%
Total investments 47,383 45,397 4.4%
At 31 December 2024, investments in the Property & Casualty segment amounted to € 47,383 million (+4.4% compared to  
31 December 2023), benefiting by the contribution of the new consolidated company Liberty Seguros.
In terms of asset allocation, cash and cash equivalents increased to € 4,643 million (€ 3,817 million at 31 December 2023); exposures
to equity instruments also increased to € 3,624 million (€ 3,137 million at 31 December 2023). Fixed income investments amounted
to € 33,716 million (€ 32,690 million at 31 December 2023).
Land and buildings (investment properties and similar investments), on the other hand, decreased to € 2,809 million (€ 3,154 million
at 31 December 2023).
The average duration of the bond portfolio amounted to 4.7 years (4.8 at 31 December 2023).
Property & Casualty segment Return on Investments
(%) 31/12/2024 31/12/2023
P&L return 4.6% 3.1%
Current return 4.4% 3.6%
Harvesting rate 0.3% -0.2%
Return from gains/losses through equity 1.4% 3.4%
Comprehensive return 6.0% 6.4%
The P&L return of the Property & Casualty segment substantially increased, reaching 4.6% (3.1% at 31 December 2023), benefiting
in particular by the increase in current return, amounting to 4.4% (3.6% at 31 December 2023), thanks in particular to the increase
in fixed income investments return.
The harvesting rate similarly performed positively, reaching 0.3% (-0.2% at 31 December 2023), as a result of higher net realized
gains.
Annual Integrated Report and Consolidated Financial Statements 2024
50
Generali Group
P&C insurance liabilities
Property & Casualty insurance liabilities
(€ million) 31/12/2024 31/12/2023
Property & Casualty insurance liabilities
37,899 35,347
Liabilites for Remaining Coverage 5,354 4,920
Liabilities for Incurred Claims 32,544 30,428
Gross insurance liabilities of P&C segment increased by 7.2%, from € 35,347 million to € 37,899 million.
The overall increase reflected the acquisition of Liberty Seguros during the year, on top of the evolution of liabilities for incurred claims
which, mainly following the growth in gross premiums at Group level, increased by € 2,116 million compared to the value of the
previous year, amounting to € 32,544 million at the end of 2024.
For the same reasons above described, the liability for remaining coverage, amounting at € 5,354 million, increased by € 434 million
compared to the value at 31 December 2023.
Our financial performance
51
ASSET & WEALTH MANAGEMENT SEGMENT
Asset & Wealth Management segment operating result
(€ million) 31/12/2024 31/12/2023 Change
Asset & Wealth Management segment operating result 1,176 959 22.6%
Asset Management 616 520 18.3%
Banca Generali (*) 560 439 27.6%
(*) Operating contribution from Banca Generali group as per Generali’s view.
The operating result of the Asset & Wealth Management segment stood at € 1,176 million (+22.6%).
In particular, the Asset Management result stood at € 616 million (+18.3%) including € 70 million from Conning Holdings Limited
(CHL), excluding CHL the increase in the operating result would have been 4.8%.
The operating result of Banca Generali group stood at € 560 million (+27.6%) thanks to the positive contribution of the net interest
margin, the continuous diversification of fee income sources and the positive development of financial markets that contributes to
higher performance fees.
Banca Generali group net inflows for 2024 amounted to € 6.6 billion, up by 14% compared to the previous year.
Focus on Asset Management
Key figures
(€ million) 31/12/2024 31/12/2023 Change
Operating revenues 1,450 1,089 33.1%
Operating expenses -834 -569 46.7%
Adjusted net result
10
343 353 -2.7%
Cost/Income ratio 57.5% 52.2% +5.3 p.p.
(€ billion) 31/12/2024 31/12/2023 Change
Asset Under Management 695 516 34.8%
of which third-party Assets Under Management 271 105 n.m.
Operating revenues positive development (+33.1%, +7.7% excluding CHL) reflected on one hand the contribution of CHL (€ 278
million, including performance fees for around € 29 million) and, on the other hand, the increase in performance fees for € 29 million
with respect 2023 (excluding CHL). Both the recurring fees grew (+4.1% excluding CHL), driven by higher average AUM, and non-
recurring fees, originating from real estate and infrastructure investments (+19.8% excluding CHL).
Operating expenses rose to € 834 million (+46.7%, +10.3% excluding CHL), including CHL for € 207 million, mainly for higher
compensation costs.
The overall cost/income ratio - calculated as the ratio of operating costs to operating revenues - was 57.5%, also as a consequence
of the inclusion of CHL, whose cost/income ratio was 74.7%.
Adjusted net result
11
of the Asset Management segment was € 343 million (-2.7%). Besides the operating impacts mentioned above,
the net result was also affected by one-off transaction and integration costs related to the acquisition of CHL and other extraordinary
projects expenses, as well as by the dilution effect related to the 16.75% held by Cathay Life in Generali Investments Holding.
Assets Under Management were € 695 billion (+34.8% compared to YE23) mainly thanks to the CHL acquisition.
Third-party AUM stood at € 271 billion, including € 160 billion of CHL.
Third-party net flows were positive for € 1.8 billion, including € -1.3 billion of CHL, thanks to positive net inflows in the fourth quarter
of € 3.8 billion.
10.  After minorities.
11.  After minorities.
Annual Integrated Report and Consolidated Financial Statements 2024
52
Generali Group
HOLDING AND OTHER BUSINESSES SEGMENT
Holding and other businesses segment operating result
(€ million) 31/12/2024 31/12/2023 Change
Holding and other businesses segment operating result -536 -415 29.1%
Other businesses (*) 157 252 -37.8%
Operating holding expenses -693 -667 3.8%
(*) Including other financial businesses, pure financial holdings, international service activities and any other non-core businesses.
Operating result of the Holding and other businesses segment decreased to € -536 million (€ -415 million at 31 December 2023).
Lower contribution from Other businesses, standing at € 157 million (€ 252 million at 31 December 2023), mainly due to decreasing
result in France from less infragroup dividends.
Operating holding expenses increased by 3.8% mainly for the increase in costs related to long term incentive plan and shared-based
payments and for internal projects.
Our financial performance
53
Italy
Gross written premiums
€ 32,195 mln
+19.1%
Total operating result
€ 2,213 mln
+13.1%
In a global context characterised by persistent geopolitical tensions, including the conflicts in Ukraine and the Middle East, which
continue to represent a risk to economic and financial stability, Generali is once again confirmed as one of the leading companies
in the Italian insurance market. The company has stood out for its resilience and solidity, proposing innovative solutions for its
customers in the Life and P&C segments, in an economic scenario that is still fragile, but with signs of recovery, favoured by less
restrictive monetary measures, such as the reduction in interest rates.
The sales strategy continues to focus on the agency channel, with the historic leadership of Generali Italia, Alleanza Assicurazioni and
Cattolica. This is accompanied by a solid position in the P&C and Life direct channels, through Genertel and Genertellife. The latter,
in particular, was the focus of a planned merger into Alleanza Assicurazioni concluded at the end of 2024 and aimed at optimising
operating synergies and expanding the range of services. The strategic partnership with Banca Generali has also made it possible
to enrich the insurance, pension and asset management offer thanks to distribution through a highly qualified network of financial
advisors.
Again in 2024, Generali presented itself to the Italian market with five distinct brands, each with a clear strategic positioning: Generali
Italia and Cattolica (retail market, SME market, third sector, religious organisations and the agricultural world), Alleanza (households),
DAS (legal protection and assistance), and Genertel and Genertellife (digital channels).
The 2024 saw the conclusion of the strategic plan Partner di Vita 24 - Pronti al Futuro, based on three objectives: pursuing profitable
growth, guaranteeing an excellent customer experience with an omni-channel approach and valuable consulting, and improving
operational efficiency. All the objectives set were amply achieved, laying solid foundations for a new strategic plan capable of
responding to the opportunities offered by emerging trends and rapidly evolving customer expectations. The easing of restrictive
monetary policies following the challenging economic context characterised by high inflation in previous years provided an opportunity
for significant recovery in insurance business, supported by renewed interest in the Life insurance offer, also facilitated by shares
performance. The P&C sector also saw growth across all business lines, with the launch of initiatives aimed at improving profitability,
despite the increase in average costs. Moreover, existing partnerships were consolidated and new collaborations were developed
in order to build ecosystems in the sector of mobility, home, health and technology. A key example of this strategy is the creation of
Smart Clinic, a joint venture with the San Donato Group that aims to develop a network of around 100 healthcare facilities throughout
Italy by 2030. The growth of Welion and Jeniot, companies created by Generali Italia to develop innovative services in the health and
welfare sectors and connected insurance, respectively, also continues.
LIFE SEGMENT
Life premiums
€ 23,360 mln
+26.0%
Life OR
€ 1,567 mln
-1.1%
PVNBP
€ 20,691 mln
+32.5%
NBV
€ 1,036 mln
+0.6%
Life premiums amounted to € 23,360 million, an increase of 26.0%. This increase came from protection line (consolidating market
leadership and creating synergy with the Health offer) and the growth of the savings and pension line to protect liquidity balance
in the segregated funds, aiming to maintain positive net inflows and directing all distribution networks to focus on inflows and
retention. Specifically, in the protection sector, given the demographic changes and ageing of the population, an attempt was made
to exploit synergies with the health offer by developing decumulation products to direct older customers towards intergenerational
sustainability solutions.
OUR MAIN MARKETS: POSITIONING
AND PERFORMANCE
Annual Integrated Report and Consolidated Financial Statements 2024
54
Generali Group
New business (expressed in terms of present value of new business premiums - PVNBP) amounted to € 20,691 million, reflecting
a 32.5% increase compared to 2023. The positive PVNBP trend was mainly driven by the commercial initiatives to support the net
inflows, the agreements with collective pension funds and the issuance of new hybrid products. In terms of business lines there was
a remarkable development of saving and unit-linked lines (respectively +31.9% and +35.6%), along with a positive trend of protection
business (+26.3%).
Mainly in view of the impact of lower interest rates and the commercial actions undertaken to sustain volumes, including the
agreements with collective pension funds, the profitability of new business on the PVNBP (NBM) slowed down by 1.59 p.p. on
equivalent terms, from 6.60% to 5.01% in 2024.
New business value (NBV) amounted to € 1,036 million (+0.6%).
P&C SEGMENT
P&C premiums
€ 8,836 mln
+4.0%
P&C OR
€ 711 mln
+61.7%
CoR
94.1%
-3.3 p.p.
P&C premiums amounted to € 8,836 million, with an increase of 4.0%, thanks to growth in both business lines.
In direct business, the motor line recorded growth of +3.7%, thanks to development of the single car segment (+4.6% vs YE23) due
to the gradual recovery of inflationary impacts, with the average premium up by +8.0%; the fleets segment was stable (-0.3% vs
YE23). The increase observed in the non-motor segment (+5.6%) is driven by renewal of the product range through the development
of new services and related products and by significant growth in the health line.
The combined ratio was down by -3.3 p.p., equal to 94.1%, thanks to the lower natural catastrophes losses, which more than offset
the negative impact deriving from the development of prior years.
France
Gross written premiums
€ 19,185 mln
+23.8%
Total operating result
€ 1,211 mln
-3.8%
Generali has been active in France since 1831 with one of the Group’s first foreign branches. The operating structure was consolidated
toward the mid-2000s, when the merger of the various brands forming the Group led to the creation of one of the country’s largest
insurance companies. Generali France operates with a multi-channel approach of agents, employed sales persons, brokers, financial
advisors, banks, direct channels and affinity groups. The multiplicity of the distribution forms reflects the market segment served
and the type of product sold, with focus always placed on the customer. Generali France boasts a leadership position in Life
savings and pension products distributed via the Internet and for the so-called affluent customers, just as holds true in the market
of supplementary pensions for self-employed workers. The presence of professionals, SMEs and personal risks in the segments is
also significant.
Also in France, as in the main geographical areas in which the Group operates, the strategic initiative Performance 2024, launched
in 2022 in line with Lifetime Partner 24: Driving growth, was completed. Based on three pillars, three levers and clear objectives,
the strategy aimed to consolidate the bond of trust in the relationship with customers, supporting them throughout life, in order to
strengthen the brand and image in the area. Furthermore, sustainability was a key element of the strategy with a view to profitable
and responsible growth.
Generali France continued its advertising campaign on multiple channels (television, press, billboards and digital platforms) aimed at
generating more contacts and increasing the number of leads.
In 2024, Generali France continued its expansion in all insurance sectors, developing tailor-made offers for individuals, professionals
and companies through its various branches. This year was also characterised by the continued integration of the insurance company
La Médicale, with the successful migration of portfolios, the agents network and employees. This transaction allowed Generali
France to consolidate its position in the Healthcare and Professionals market. At the same time, Generali France has implemented
innovative initiatives as part of the development of Risk Care, with a view to optimising the risk profile in the face of new challenges
and diversifying the lower capital-intensive activities. In addition, the Generali Climate Lab has played a crucial role in improving the
understanding of climate issues and in providing personalised prevention and protection services for individual and professional
customers. 2024 was a year of growth and consolidation for Generali France, thanks to strategic initiatives aimed at strengthening
its market position and promoting sustainable and responsible growth.
Our financial performance
55
12.  French collective protection business underwritten in 4Q2023 with coverage starting in 2024 was deemed to be profitable and hence, according to IFRS17 contract recognition requirements, was recognized entirely in 1Q2024.
The majority business underwritten in 4Q2022 with coverage starting in 2023, being considered onerous, was instead recognized earlier in 4Q2022.
LIFE SEGMENT
Life premiums
€ 15,255 mln
+28.5%
Life OR
€ 852 mln
+8.2%
PVNBP
€ 13,881 mln
+50.9%
NBV
€ 469 mln
-6.5%
Life  premiums increased by 28.5% compared to 2023, in particular in the savings and pension (+65.3%) and unit-linked lines
(+23.1%), while the protection increased by 6.9%.
New business (expressed in terms of present value of new business premiums - PVNBP) recorded a significant increase (+50.9%).
The strong development was mainly attributable to the accounting effect
12
related to the initial recognition of profitable collective
protection business at the beginning of 2024, and to the progress of hybrid sales (+61.2% on saving and +12.1% on unit-linked).
Neutralizing the accounting effect on the collective protection business, the PVNBP increase would have been equal to +25.9%.
The profitability of new business on the PVNBP (NBM) decreased by 2.08 p.p., from 5.45% to 3.38% in 2024.
The slowdown was primarily due to the decline of hybrid products margin (which was affected by lower interest rates and model
refinements on investment management fees) further compounded by the higher share of the less profitable collective protection
business. Neutralizing the different recognition effect on the collective protection business, the NBM decrease would have been less
pronounced (-1.09 p.p.).
New business value (NBV) amounted to € 469 million (-6.5%).
P&C SEGMENT
P&C premiums
€ 3,929 mln
+8.5%
P&C OR
€ 355 mln
-12.4%
CoR
94.1%
+1.3 p.p.
P&C premiums grew by 8.5%, driven by the dynamic recovery of the portfolio, both in the motor and non-motor lines. Worsening of
the combined ratio (+1.3 p.p.) is attributable to a very favourable 2023 and to the higher natural catastrophes losses of 2024.
Germany
Gross written premiums
€ 14,950 mln
+1.5%
Total operating result
€ 955 mln
-7.9%
The Group, present in Germany since 1837, currently ranks third with regard to Total Premiums in the primary insurance sector,
thanks to a market share of 7.7% in the Life segment, where it confirms its strong position in biometric insurance products and as
leader in unit-linked insurance, and a 4.8% share in the P&C segment, characterised by an innovative and highly profitable offer.
In 2024, Generali Deutschland continued to improve its performance through disciplined implementation of its strategy, aiming to be
a leading insurance company in Germany in terms of profitable growth, return on investments and innovation, fully in line with the
Group’s strategic plan. The innovative platform of products and services, along with rigorous technical and operational regulation,
have contributed to the excellent results of Generali Deutschland, despite a very difficult market context, characterised by the impact
of the conflict in Ukraine and the Middle East, by the relative generalised increases in prices, particularly for claims, and by the
growing legislative requirements.
Annual Integrated Report and Consolidated Financial Statements 2024
56
Generali Group
A fundamental pillar, both for premium income and profitability, is represented by the distribution network of Deutsche
Vermögensberatung (DVAG), of which Generali holds 40%. This network, made up of around 18,000 full-time agents, has an exclusive
agreement with the Generali Group for the sale of insurance solutions, and is able to effectively combine qualified consultancy,
complete understanding of the needs of customers and digital tools to provide highly effective customer interaction.
In line with its strategic objectives, Generali Deutschland continued to strengthen its market position in 2024, not only through its
DVAG network of agents, where it operates under the Generali, Advocard and Deutsche Bausparkasse Badenia brands, but also
with the CosmosDirekt brand, dedicated to the digital channel, where the Generali Group is the market leader in Germany. As a pure
insurance broker, the niche brand Dialog completes the portfolio. This is in line with the Generali Group’s ambitions to transform the
classic concept of insurance into protection, prevention and partnership with the customer.
LIFE SEGMENT
Life premiums
€ 10,572 mln
-0.3%
Life OR
€ 513 mln
-7.7%
PVNBP
€ 8.656 mln
+0.6%
NBV
€ 352 mln
-2.3%
The performance of Life premiums recorded a slight decline (-0.3%) in an unfavourable macroeconomic context and a market that
recorded a decrease in total collection in 2024. Generali adjusted its offer, recording satisfactory performance of the protection line,
consistent with the Group’s strategic decision to focus on low capital absorption products. There was a decrease, especially in the
Digital channel, offset by growth sustained by the exclusive DVAG network.
New business (expressed in terms of present value of new business premiums - PVNBP) slightly increased (+0.6%) thanks to the
positive development of protection (+5.6%) and unit-linked (+5.5%) lines, partially offset by the decrease of saving business (-21.9%).
The profitability of new business on the PVNBP (NBM) mildly decreased from 4.19% to 4.07%, on account of a lower contribution
of look-through profits and refinements of expense assumptions.
New business value (NBV) amounted to € 352 million (-2.3%).
P&C SEGMENT
P&C premiums
€ 4,378 mln
+6.0%
P&C OR
€ 485 mln
-5.1%
CoR
92.5%
+0.8 p.p.
Performance of P&C premiums recorded strong growth (+6.0%) driven by the motor segment (+8.3%), benefiting from strong tariff
increases that confirm the focus on profitability. Growth is mainly supported by the positive performance of the exclusive network.
The non-motor segment also recorded positive, but more limited growth (+4.9%), benefiting in particular from the sales success of
retail multi-risk products and tariff increases.
The deterioration of the combined ratio (+0.8 p.p.) is mainly attributable to the lower contribution of discounting. Net of this effect,
the CoR worsened by 0.3 p.p. mainly due to a lower contribution from prior years.
Austria
Gross written premiums
€ 3,135 mln
+5.4%
Total operating result
€ 328 mln
+2.6%
Generali, present in Austria since 1832, the year after the company established itself in Trieste, operates in the country through the
insurance companies Generali Versicherung and BAWAG P.S.K. Versicherung. Generali Austria, with over € 3 billion in gross direct
premiums, ranks third in the insurance market in terms of premium volumes. The company operates through a multi-channel distribution
model and boasts excellent development of the Life business mix with a focus on the new business of low capital absorption products;
Our financial performance
57
the P&C segment also has good diversification in terms of products and business lines, with a strong strategic orientation towards the
retail segment and small and medium-sized enterprises.
Sustainability has been a pillar of the Lifetime Partner 24: Driving Growth strategy and will continue to be central to the new Lifetime
Partner 27: Driving Excellence strategic plan, which aims to offer customised and innovative solutions through a unique and reliable
distribution network. Generali Austria is committed to supporting stakeholders throughout their lives, from generation to generation,
making sustainability an intrinsic element of its very nature.
LIFE SEGMENT
Life premiums
€ 1,246 mln
+4.9%
Life OR
€ 92 mln
+13.8%
PVNBP
€ 1,238 mln
+19.3%
NBV
€ 65 mln
+2.6%
The increase in Life premiums is attributable to double-digit growth in the unit-linked lines (driven by greater new business, especially
in single premium policies) and health lines (deriving from greater new business and adjustment of the prices of the policies). Positive
performance also in the protection line.
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 19.3%, driven by the positive
performance of all lines of business: the remarkable development of the protection line (+20.1%) was coupled with the favorable
trend of the unit-linked and saving lines (respectively +19.7% and +15.7%).
The profitability of new business on the PVNBP (NBM) decreased by 0.84 p.p., from 6.12% to 5.24% in 2024, mainly on account of
unfavourable revision of expense assumptions and future premium development in the health sector.
New business value (NBV) amounted to € 65 million (+2.6%).
P&C SEGMENT
P&C premiums
€ 1,888 mln
+5,8%
P&C OR
€ 247 mln
-0,6%
CoR
92.2%
+0.8 p.p.
High and profitable growth in P&C premiums, driven by a sharp increase in the average premium and a higher number of contracts.
The motor business line recorded an improvement in the cancellation rate and an increase in the new business premium, thanks
to the recovery in vehicle registrations market after the car delivery issues of 2023. The non-motor lines grew thanks to solid new
business premiums combined with tariff adjustments.
The increase in the combined ratio (+0.8 p.p.) is attributable to a higher natural catastrophes losses. This negative impact is
mitigated by the improvement in the current year undiscounted loss ratio (excluding catastrophes claims) and the expense ratio.
The positive contribution of the discounting decreased over the last year due to the reduction in interest rates.
Switzerland
Gross written premiums
€ 1,843 mln
-1.0%
Total operating result
€ 134 mln
+5.6%
The Generali Group has been operating in Switzerland since 1987, where it has been able to consolidate its position through the
acquisition and merger of several insurance companies. In line with the strategy defined by the Group, Generali focuses on the
retail business and provides high quality and innovative services through various distribution channels: agents, brokers, financial
promoters and direct channels.
Generali ranked as the market leader in terms of premium income in the Life segment, considering exclusively the individual unit-
linked products, with an approximate 26% market share, and was eighth in the P&C segment with a 3.4% market share.
Annual Integrated Report and Consolidated Financial Statements 2024
58
Generali Group
In 2023, Generali concluded the process, launched in 2020, to accelerate the strengthening of reserves linked to guaranteed
products in the Life segment, while introducing a more robust ALM (Asset Liabilities Management), in order to improve the cash flow
matching of this portfolio.
LIFE SEGMENT
Life premiums
€ 1,076 mln
-2.6%
Life OR
€ 149 mln
+57.0%
PVNBP
€ 537 mln
+8.5%
NBV
€ 44 mln
+10.9%
Life premiums decreased by 2.6% as a result of the slowdown in the premiums of unit-linked products combined with the increase
in the maturities of the contracts relating to portfolios in run-off.
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 8.5%, reflecting the significant
contribution of saving business, which together with the positive performance of protection (+7.3%) more than offset the reduction
of unit-linked business (-9.0%).
The profitability of new business on the PVNBP (NBM) increased from 7.98% to 8.17% in 2024. This change was mainly due to the
positive impact of the decrease of interest rates on protection business and more favorable product features.
New business value (NBV) amounted to € 44 million (+10.9%).
P&C SEGMENT
P&C premiums
€ 766 mln
+1.5%
P&C OR
€ 3 mln
-94.0%
CoR
101.7%
+5.3 p.p.
P&C premiums grew by 1.5%, driven by the non-motor segment, mainly characterised by tariff increases on accident and health
products.
The combined ratio stood at 101.7% (+5.3 p.p.), mainly due to lower positive contributions from prior years and the lower benefit
deriving from discounting, impacted by lower interest rates.
CEE
Gross written premiums
€ 5,078 mln
+6.9%
Total operating result
€ 705 mln
+7.9%
The Generali Group operates in Central-Eastern Europe through Generali CEE Holding, a company that heads up ten geographic
areas (Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia) with a total of
11,939 employees. In terms of gross written premiums, the Group is the third largest insurer in the region, with a market share of
10.9%.
The Group has been present in the central-eastern European area for nearly 200 years and, after the re-opening of the markets in
1989, has strengthened its position over the years, becoming one of the largest insurance companies in the CEE countries in which
Generali operates.
Both insurance and asset management operations are managed by the regional office of Generali, established in Prague in 2008,
following the creation of a joint venture with the Czech financial giant PPF Holding. In 2013, PPF Holding sold the Czech insurance
leader, Česká pojišt’ovna, to the Generali Group. After a successful partnership, the Generali Group acquired full control and powers
over Generali CEE Holding in 2015.
Our financial performance
59
Following an internal reorganisation of the Group, Austria and Russia joined Generali CEE in 2018. In the same year, Generali
strengthened its presence in the area through two important acquisitions: Adriatic Slovenica in Slovenia and Concordia in Poland.
These acquisitions made it possible to balance and diversify portfolios, sales channels and operations in the area. Lastly, Generali
signed a collaboration agreement with Unicredit for the distribution of insurance solutions, mainly concerning Credit Protection
Insurance (CPI), throughout the region.
In line with the Group’s strategy for a profitable growth trajectory, the acquisition of Union Investment TFI SA in Poland from the
German group Union Asset Management Holding AG was completed. In addition, an agreement was concluded to acquire all Life,
P&C and mixed portfolios of three companies of ERGO International AG in Hungary and Slovakia.
To further extend its regional footprint in 2020, Generali CEE Holding completed the acquisition of the Izvor osiguranje portfolio in
Croatia. With the aim of improving existing strategies and streamlining operations, Generali’s operations in Slovakia were merged
with those in the Czech Republic in 2021. In the same year, following the Russian invasion of Ukraine, the Group decided to close
its representative office in Moscow and freeze its assets.
In 2023, to pursue the strategic objectives outlined in the Lifetime Partner 24 strategy, the Generali Group completed a geographical
reorganisation by moving the country Austria outside of the CEE perimeter.
In line with the goal of strengthening the Life and Health segment in the CEE region, Generali CEE Holding finalised the agreement
for the purchase of 4LifeDirect, a company that sells Life policies in Poland, in 2023. In addition, to further support growth of the
health business in the region, Generali CEE Holding acquired Doverie ZAD, becoming the second largest health insurance operator in
Bulgaria, and introduced the AdvanceCare platform in Serbia to accelerate automation of the Generali’s Health Business ecosystem
in the CEE region in 2024.
LIFE SEGMENT
Life premiums
€ 1,224 mln
+6.4%
Life OR
€ 315 mln
+11.1%
PVNBP
€ 1,159 mln
+23.0%
NBV
€ 133 mln
+46.4%
The growth in Life premiums derives mainly from the good performance of the protection lines (+11.3% - mainly recurring premium
policies), supported by a slight increase in savings and pension lines (+0.6% - thanks to single premium policies), while the unit-linked
segment remained stable.
The growth in volumes was mainly recorded in the Czech Republic (€ 39 million/+6.8% - linked to the increase in protection
products), Hungary (€ 21 million/+13.1% - attributable to greater unit-linked insurance coverage, followed by protection products)
and Poland (€ 6 million/+3% - thanks to higher recurring premium policies in the protection business).
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 23.0%. All countries of the
CEE area experienced a positive development, especially thanks to a strong production of protection business (+27.7%). The main
contributors to the growth are Czech Republic, Hungary and Poland.
The profitability of new business on the PVNBP (NBM) increased from 9.68% to 11.48% in 2024, particularly in relation to the
performance in Czech Republic, Hungary and Poland, thanks to better operating assumptions, lower discount rates and expense
inflation decrease.
New business value (NBV) amounted to € 133 million (+46.4%).
P&C SEGMENT
P&C premiums
€ 3,854 mln
+7.0%
P&C OR
€ 385 mln
-0.1%
CoR
92.4%
+0.6 p.p.
P&C premiums grew by 7.0%, driven by the satisfactory overall performance of the main businesses and are attributable to the
increase in tariffs in the main areas. The motor line recorded an increase of 11.4%, with the main contributions recorded in Romania
(€ 72 million/+36.4%), the Czech Republic including Slovakia (€ 37 million/+4.7%), Poland (€ 28 million/+13.2%) and in the rest of
the region.
The non-motor business grew by 2.6% thanks to the increase in premiums recorded in all countries of the region, with the
exclusion of Slovenia (-41% - due to nationalisation of the Health business), more than offset by the positive trend recorded in the
Annual Integrated Report and Consolidated Financial Statements 2024
60
Generali Group
Czech Republic including Slovakia (€ 57 million/+8.1%), Hungary (€ 43 million/+15%), Poland (€ 25 million/+7.6%) and in the rest
of the region.
Deterioration of the combined ratio (+0.6 p.p.) is mainly due to the impact of higher natural catastrophes losses for +2.3 p.p., the
lower contribution of the discounting (linked to the drop in the interest rate curve), as well as the increase in expense ratio (essentially
linked to nationalisation of the Health business in Slovenia, characterised by a very low level of fees and commissions), only partly
offset by improvement in the current year loss ratio attritional undiscounted and the higher contribution of prior years.
Spain
Gross written premiums
€ 3,825 mln
+7.7%
Total operating result
€ 398 mln
+44.6%
Generali has been present in Spain since 1834 and operates in the country through Generali España, and two bancassurance
joint ventures with Cajamar (Life and P&C), which guarantee the Group exposure to the main Life distribution channel, as well as
continuous expansion in P&C.
The original agreements with Cajamar were renewed in 2022 and extended until 2035, strengthening the partnership in all lines of
business.
Generali is one of the leading insurance groups in Spain. The Generali España group offers a wide range of Life and P&C policies
dedicated to private individuals and companies, using a multi-channel distribution strategy including not only bank offices, but also
a network of agents and brokers which is among the most extensive in Spain.
In June 2023, Generali announced the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A. from Liberty Mutual
Generali, a Spanish insurance company operating in Spain, Portugal, the Republic of Ireland and Northern Ireland. The transaction
was concluded on 31 January 2024 and the company is now fully involved in the process of creating the new Generali of the future.
LIFE SEGMENT
Life premiums
€ 908 mln
+9.4%
Life OR
€ 224 mln
+3.4%
PVNBP
€ 723 mln
+18.5%
NBV
€ 76 mln
+8.1%
Life premiums recorded an increase of 9.4% as a result of the positive development linked to individual savings and pension products
in line with the Group’s strategy, and the performance of Cajamar in individual protection products. Liberty’s contribution included
for 11 months was € 77 million.
New business (expressed in terms of present value of new business premiums - PVNBP) grew by 18.5%, driven by a 60.9% increase
in saving line production and a 15.5% rise in protection business, which offset a 6.9% decline in Unit linked business.
The profitability of new business on the PVNBP (NBM) decreased by 1.01 p.p., from 11.54% to 10.53% in 2024, on account of a
slight decline of protection business, still highly profitable.
New business value (NBV) amounted to € 76 million (+8.1%).
P&C SEGMENT
P&C premiums
€ 2,917 mln
+7.0%
P&C OR
€ 186 mln
n.m.
CoR
96.2%
-1.2 p.p.
P&C premiums increased by 7%, mainly driven by the motor segment (+10.1%) and to a lesser extent by the non-motor segment
(+5.5%). This growth is mainly due to the continuous tariff increases over 2024 and to the strategic decision to abandon unprofitable
products in the non-motor segment. Liberty’s contribution included for 11 months was € 900 million.
Our financial performance
61
The  combined ratio stood at 96.2% (-1.2 p.p.), mainly thanks to the non-motor segment, mainly due to improvement in the
undiscounted current year loss ratio.
Portugal
Gross written premiums
€ 1,809 mln
+17.1%
Total operating result
€ 134 mln
+21.1%
The Generali Group has been present in Portugal since 1942, where it operates in the P&C and Life segments. In January 2020, the
Generali Group acquired 100% of Seguradoras Unidas and AdvanceCare. The merger of the three Generali insurance companies
operating in Portugal led to the creation of Generali Seguros, S.A. and permitted Generali to rapidly proceed with the integration and
the development of growth plans in the country.
Generali Seguros, S.A. offers a wide range of policies for private individuals and businesses, sold mainly under the brand name
Generali Tranquilidade (new brand launched in March 2024) and, by adopting a multi-channel distribution strategy, can count on a
solid network of agents (around 60% of total P&C premiums issued), brokers and a direct channel, via the Logo brand.
Following the acquisition of Liberty Mutual, completed at the beginning of 2024, the contribution of the Portuguese branch is already
allocated at the consolidated level within Portugal.
At the end of 2024, a multi-year distribution agreement for insurance products was signed with CTT (Correios de Portugal -
Portuguese postal services) and Banco CTT (Bank of the Portuguese postal services).
LIFE SEGMENT
Life premiums
€ 224 mln
+80.5%
Life OR
€ 28 mln
+26.8%
PVNBP
€ 236 mln
+1.4%
NBV
€ 17 mln
-60.4%
Life premiums recorded an increase of 80.5%, also thanks to the collaboration with Banco CTT, mainly concentrated in the unit-
linked line. Liberty’s contribution included for 11 months was instead equal to € 13 million.
New business (expressed in terms of present value of new business premiums - PVNBP) showed a significant contraction in the
protection business, mainly due to a revision in the application of IFRS17 principles regarding contract boundaries. However, this
decline was offset by a substantial increase in sales of saving and unit-linked products, favored by a new banking agreement, leading
to an overall increase of 1.4%.
For the same reasons mentioned above, the mix of products sold is also less beneficial in terms of profitability of new business on
the PVNBP (NBM), which recorded a decrease of 11.47 p.p., from 18.84% to 7.37%.
New business value (NBV) amounted to € 17 million (-60.4%).
P&C SEGMENT
P&C premiums
€ 1,585 mln
+11.1%
P&C OR
€ 107 mln
+19.9%
CoR
95.9%
+1.1 p.p.
P&C premiums grew by 11.1%, driven by both the motor business (+12.6%) and the non-motor business (+10.2%), mainly thanks
to the Accident and Health segment (+14.2%). Liberty’s contribution included for 11 months was € 210 million.
The combined ratio stood at 95.9% (+1.1 p.p.), with the deterioration attributable to the lower contribution of prior years in the motor
segment and to a lesser extent in the non-motor segment.
Annual Integrated Report and Consolidated Financial Statements 2024
62
Generali Group
Asia
Gross written premiums
€ 7,367 mln
+24.8%
Total operating result
€ 260 mln
-22.5%
Generali is one of the key European insurers in the Asian market, and currently operates in eight territories. In particular, the Group is
present both as Life and P&C insurer in China, Hong Kong (where it also coordinates the activities of the entire region and has been
operating since 1980), India, Malaysia and Thailand. It is also present as a Life insurer in Indonesia and Vietnam.
The predominant segment is Life, with premium income mostly concentrated in the protection line and savings and pension line.
Generali offers its products in the entire region adopting a distribution strategy that includes agents, brokers, digital channels and
agreements with banking groups.
Generali operates in China with Generali China Life, in partnership with China National Petroleum Corporation (CNPC), which is
one of the largest Chinese state-owned companies as well as one of the major energy groups in the world. Owing to its prominent
presence in the Chinese market, Generali China Life is the leading contributor to the turnover and operating result of the entire region.
Generali has a joint venture agreement with CNPC for the P&C products range as well with Generali China Insurance Company
Limited (GCI). In January 2024, Generali signed an agreement with CNPC to become a 100% shareholder in GCI, from the current
49% stake. This transaction, subject to the approval of the local authorities, will strengthen Generali’s strategic position in China,
creating the basis for future growth in the P&C segment.
In 2022, Generali completed the following M&A transactions in the region:
•  acquisition of the majority stake in Future Generali P&C and Life insurance companies, becoming the first operator among
international insurers to achieve this in the Indian Life and P&C companies under Joint Venture since the new foreign ownership
limit came into force;
•  acquisition in Malaysia of the majority stake of the AXA-Affin joint ventures and increase of its stake in MPI Generali Insurans
Berhad to 100%. On 1 April 2023, the two units were merged as a single Generali Malaysia brand, positioning itself as one of the
largest insurance companies in the Malaysian market.
In addition, in 2024, Generali reached an agreement for the sale of 100% of its equity investment in Generali Life Assurance
Philippines, Inc.
LIFE SEGMENT
Life premiums
€ 5,893 mln
+29.3%
Life OR
€ 241 mln
-18.9%
PVNBP
€ 4,070 mln
+35.3%
NBV
€ 188 mln
+50.0%
Life premiums grew by 29.3%, in particular thanks to the contribution of China, especially in the savings and pension line.
New business (expressed in terms of present value of new business premiums - PVNBP) recorded a positive progression (+35.3%)
mostly thanks to saving (+46.8%, mainly in China) and protection business (+17.2%, mostly in Vietnam and Thailand), while the unit-
linked line reported a contraction (-15.4%, predominantly in Vietnam).
The profitability of new business on the PVNBP (NBM) increased by 0.45 p.p. at 4.62% mainly driven by a more favorable product
mix and a lower incidence of acquisition costs in light of strong volume growth in the saving line in China, partially compensated by
the decrease of unit-linked marginality.
New business value (NBV) amounted to € 188 million (+50.0%).
P&C SEGMENT
P&C premiums
€ 1,474 mln
+9.6%
P&C OR
€ 73 mln
-16.1%
CoR
99.0%
+1.1 p.p.
Our financial performance
63
In the P&C segment, premiums recorded an increase of 9.6%, thanks to the contribution of India, while Malaysia remained stable
compared to the previous period, following risk selection measures in motor business.
The combined ratio is equal to 99.0% with a deterioration of 1.1 p.p. compared to last year, mainly due to the negative development
of prior years.
Europ Assistance
Total turnover
€ 3,671 mln
+9.0%
Total operating result
€ 153 mln
+4.6%
Established in 1963, Europ Assistance, which falls within the scope of responsibility of the Country Manager France, is one of the
leading global brands in the field of private assistance, with a presence in over 200 countries thanks to its assistance centers and its
network of partner suppliers. EA offers insurance coverage and assistance in the travel sector, the automotive area with road-side
assistance, personalized coverage for assisting the elderly, cyber-security, and medical and concierge services.
In 2024, the turnover of the EA group amounted to € 3.7 billion, recording a 9% increase compared to the previous year, spread
across all channels and with similar growth rate observed across Travel, Mobility and Personal care. The Group continued to champion
International B2B2C insurance and assistance with new important commercial partnerships with international customers (Flight Center
Group, American Express).
In an international context, characterized by persisting high inflation and an increasingly uncertain geopolitical scenario, 2024 EA
recorded its best performance to date in terms of turnover and results, thanks to the resilience of its diversified business model, and
to a relentless focus on competitiveness, quality of service and People excellence. Europ Assistance continues to pursue a growth
strategy focused on strengthening its leadership position in the travel sector, while at the same time expanding and diversifying its range
of services to the whole P&C space and into Health Services supporting the rest of the Generali Group.
P&C SEGMENT
P&C premiums
€ 2,196 mln
+6.0%
P&C OR
€ 187 mln
+8.8%
CoR
94.2%
+0.4 p.p.
P&C premiums at € 2,196 million growing by 6.0%: positive development observed in US travel business, in France and in Italy. All
lines of business contributed to turnover increase.
The combined ratio stood at 94.2% (+0.4 p.p.). The increase is entirely related to expense ratio trend following transformation
initiatives, scope changes, and onboarding costs of new partnerships.
Banca Generali - Wealth Management
Total operating result
€ 560 mln
+27.6%
Banca Generali stands out on the Italian financial scene for its focus on financial consulting and wealth planning services, aimed at
customers in the Private and Affluent segments.
The relationship of trust between consultant and customer is placed at the centre and is enriched by the offer of products, services
and support models made available by the Bank.
Annual Integrated Report and Consolidated Financial Statements 2024
64
Generali Group
Banca Generali’s offer includes:
•  Banking services: a range of accounts and banking services that can be adapted to the needs of customers, making daily
operations simple and efficient, guaranteeing maximum security in mobile payments and digital transactions;
•  Administered savings: Banca Generali handles the administered component of portfolios, providing consulting on the purchase
and sale of securities on the secondary and primary markets, as well as the possibility of subscribing to certificates;
•  Asset management: the Bank offers its customers a wide range of mutual funds in an open architecture environment, with the
possibility of choosing the best asset management products from thousands of international asset manager products. The offer is
completed by in-house products, such as Luxembourg SICAVs and portfolio management, which allow the construction of tailor-
made solutions, always keeping risk protection as a priority;
•  Insurance savings: in the area of insurance investments and, in particular, in the use of asset management for protection and
personalisation of the investment, Banca Generali relies on the synergies and expertise of the Generali Group, enhanced by its
experience and focus on innovation;
•  Wealth management and trust services: the Bank offers a wide range of wealth advisory solutions, allowing it to establish a 360°
relationship with households, interacting not only on investment issues, but also on pension and equity business (corporate
finance), real estate and art (art advisory), examining the potential optimisation in the protection for the future and the challenges
related to the generational transition (family protection).
The operating profit of Banca Generali amounts € 560 million and recorded an increase of 27.6%, thanks to a significant increase in
both recurring and non-recurring fees and commissions.
Asset Management
Total operating result
€ 616 mln
+18.3%
In the area of asset management, Generali Investments is the Group’s main management entity operating in savings management
activities, both for insurance companies of the Generali Group and for external customers.
In line with the Group’s strategy, in April 2024, Generali’s Board of Directors approved the new organisational structure, effective
from June 2024, assigning to Generali Investments Holding (GIH) the role of supervision of all global asset management activities of
the Group, with the exception of companies based in China. The objective is to further strengthen Generali’s asset management
capabilities and expand global activities for third-party customers, also optimising on the synergies deriving from the recent acquisition
of Conning Holdings Limited (CHL).
In April 2024, Generali completed the acquisition of CHL and its affiliates from Cathay Life, a subsidiary of Cathay Financial Holdings.
This acquisition included Conning, specialised in the management of fixed-income insurance assets, and its subsidiaries such
as Octagon Credit Investors, active in the CLO (Collateralised Loan Obligation) market and specialised credit, Global Evolution,
specialised in emerging market debt products, and Pearlmark, which specialises in debt products or direct investments in commercial
real estate.
Following the transaction, all CHL shares were transferred to GIH, in exchange for newly issue shares, and Cathay Life became a
minority shareholder of GIH with a stake of 16.75%.
This transaction is in line with the Group’s strategy, which envisages the acquisition of companies on the market or the creation of
companies in partnership with managers with recognised expertise in investments in highly specialised asset classes, both traditional
and alternative. Prior to CHL, the subsidiaries acquired or created in partnership by GIH from 2017 include:
•  Infranity, partnership created to invest in infrastructure debt with a diversified portfolio, both in terms of geography and sector.
•  Aperture Investors, innovative asset management company based on a different revenue model and on alternative management
open to investments in various credit and equity instruments and multiple geographies.
•  Sycomore Factory, benchmark player in ESG/SRI investment solutions in France.
•  Sosteneo, boutique specialising in investments in greenfield infrastructure related to energy transition, with a focus on clean energy
projects.
•  Plenisfer Investments, which offers an approach based on active investment management, without allocation constraints and
focused on investment by strategy, not by asset class.
•  Lumyna, leader in the development and distribution of alternative strategies through UCITS liquid vehicles (Undertakings for the
Collective Investment of Transferable Securities).
Our financial performance
65
In 2024, the operating result of the Asset Management segment reached € 616 million (+18.3%), thanks to a contribution of € 70
million from CHL; excluding CHL, the operating result would have been +4.8% compared to last year.
Group’s Holding and other companies
The Group’s holding and other companies includes the Parent Company’s management and coordination activities, including Group
reinsurance, Generali Employee Benefits, Generali Global Corporate & Commercial, Argentina, Greece, Brazil and other countries
of the Latam area, financial holding companies and international service providers not included in the previous geographic areas.
Generali Employee Benefits (GEB) is an integrated network based on a global platform of services that protect and improve the well-
being of employees throughout the world. It represents the Generali Group’s line of business, a leading provider of global employee
benefit solutions and re-insurance services, designed for local and seconded employees of multinational companies and made up of
life protection (health, accident and invalidity), emotional support (e.g. prevention of mental health problems) and financial protection
(life and pension). The network supports customers in the implementation of financial solutions better known as captive, pooling and
reinsurance only and offers them guidance to meet the needs of a world in continuous evolution. Guided by innovation, by people
and by knowledge, GEB is based on an ecosystem of partnerships to provide customers with support on their ESG path. Its global
presence in 127 countries, with the support of 136 local network partners, permits it to provide skills and support to 62 captive
clients, 298 pooling clients and 324 coordinated multinational programmes, with a volume of premiums totalling € 1.6 billion.
The GEB network is an entity of partnerships based on reinsurance, which operates through its regional offices worldwide, that cover
the APAC, EMEA and Americas regions, coordinated centrally by its head office in Luxembourg.
Generali Global Corporate & Commercial (GC&C) provides insurance solutions and services to medium-large companies in over
180 countries worldwide. Backed by its solid global experience and knowledge of the local markets and of the corporate sector,
structured solutions that can be personalised in the Property, Casualty and Specialty Lines are provided. In addition, through the
experts of Multinational Programs, Claims and Loss Prevention, GC&C is able to provide companies with uniform levels of service
and protection at the global level. GC&C’s total earned premiums were € 2.9 billion in 2024.
The volume of premiums grew in 2024, despite a competitive market context characterised by a reduction in rates in some business
lines. The operating result benefited from technical excellence initiatives and the drop in the frequency of man-made claims. From a
technical perspective, in 2024 GC&C continued to pursue a policy to develop through Multinational Programs, Parametric Solutions
and Engineering Risks, focusing on the medium-large companies segment at the global level.
Argentina, where Generali represents the third largest player in terms of premiums, is the main South American market for the Group
and is characterised by a historically elevated rate of inflation and by high volatility.
In this context, the Group implemented some best practices, investing in digital transformation projects based on business needs,
which enabled the Argentinian company to stand out in terms of service quality and innovation.
Generali also operates in Brazil, where, after several years of loss related to the motor portfolio and related restructuring, Generali
recorded satisfactory recovery. The successful implementation of a recovery plan allowed the company to return to being profitable
as early as 2022, a trend then confirmed in 2023 and further consolidated in 2024. Focused on Life business, and in particular on
the protection line, the company benefited from a significant increase in revenues, a stable loss ratio and a strong investment result.
In Chile, Generali operates through AFP PlanVital, a company active in the management of pension and savings funds. PlanVital
has 1.6 million active customers, 0.2 million pensioners and total assets under management of around € 10.5 billion. In addition to
managing mandatory pension contributions, PlanVital sells voluntary savings and pension products (mainly through direct channels),
providing financial advice for savings and pension purposes.
In Greece, the Group acquired the company AXA Insurance in 2021, whose integration plan was successfully completed in 2024.
The company has continued to show growth in all sectors, showing dynamic development for another year: total gross written
premiums reached € 549 million, for an increase of 8.2% compared to the end of 2023.
Annual Integrated Report and Consolidated Financial Statements 2024
66
Generali Group
€ 1.50
€ 1.25
€ 1.00
€ 0.75
€ 0.50
€ 0.25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
SHARE PERFORMANCE
Dividend per share Payout ratio
90%
80%
70%
60%
50%
40%
30%
20%
KPI per share
31/12/2024 31/12/2023
Earnings per share (EPS) 2.42 2.43
Adjusted EPS (*) 2.45 2.32
Dividend per share (DPS) (**) 1.43 1.28
Total dividend (in € million) (**) 2.172 1.987
Adjusted payout ratio (***) 57.6% 55.6%
Share price 27.27 19.11
Minimum share price 19.34 16.78
Maximum share price 28.30 20.00
Average share price 23.82 18.62
Weighted average number of ordinary shares outstanding 1,538,690,704 1,541,766,041
Market capitalization (in € million) 42,798 29,790
Average daily number of traded shares 3,127,871 3,253,086
Total shareholders’ return (TSR) (****) 47.8% 22.4%
(*)  Refer to the Methodological notes on alternative performance measures for the definition of adjusted net result also used as numerator of adjusted EPS calculation.
(**)  The proposed total dividend, which is subject to all relevant approvals, takes into account all the transactions resolved by the Board of Directors up to 12 March 2025 or carried out on the share capital
up to the same date, and excludes the own shares held by the Company.
(***)  The adjusted payout ratio is calculated as the ratio of the total dividend to the adjusted net result. Also the 31 December 2022 figures were presented in accordance to the new IFRS 17 and IFRS 9
accounting standards.
(****) The total shareholders’ return (TSR) is the measure of performance which combines share price variation and dividends paid to show the total return to the shareholder expressed as an annualized
percentage.
2024 total shareholders’ return performance
FTSE MIB
ASSICURAZIONI GENERALI Stoxx Europe 600 Ins
50%
40%
30%
20%
10%
0%
-10%
31/12/23 31/01/24 28/02/24 31/03/24 30/04/24 31/05/24 30/06/24 31/07/24 31/08/24 30/09/24 31/10/24 30/11/24 31/12/24
Our financial performance
67
SUSTAINABILITY
STATEMENT
General information ............................................................................ 70
Environmental information ............................................................... 109
Social information ............................................................................ 143
Governance information ................................................................... 170
Annual Integrated Report and Consolidated Financial Statements 2024
70
Generali Group
GENERAL INFORMATION
Basis for preparation
General basis for preparation of the Sustainability Statement
In compliance with the provisions of Legislative Decree 2024/125 which implements Directive 2464/2022/EU (known as Corporate
Sustainability Reporting Directive - CSRD), the Sustainability Statement of the Generali Group is prepared according to European
Sustainability Reporting Standards (ESRS). It is subject to a limited assurance by the external auditor, whose Report is included in
Attestations and Reports. References to complementary information compared to what is required by the ESRS are reported in
the Sustainability Statement. The Independent Auditor’s Report on the Sustainability Statement does not extend to the content of
complementary information
The Sustainability Statement does not include voluntary information provided by the ESRS and disclosure requirements or their
datapoints that are not applicable in the first year(s) of reporting, as they are phased-in.
The Sustainability Statement is prepared on a consolidated basis, referring to the same scope used for the Consolidated Financial
Statements.
The controlled companies, which meet the requirements set by European directive or local laws regarding the exemption from
publishing an individual Sustainability Statement, have adhered to this regulatory provision. According to current regulations, the
Banca Generali group is required to prepare its own Sustainability Statement (www.bancagenerali.com/investors/reports-and-
relations).
The Group has not used the option to omit a specific piece of information corresponding to intellectual property, or a disclosure
on ongoing extraordinary transactions at 31 December 2024. Please refer to Significant events after 31 December 2024 and 2025
corporate event calendar for possible extraordinary transactions resolved after year-end 2024.
Disclosures in relation to specific circumstances
The Sustainability Statement includes metrics that are partially determined through the use of estimates derived directly from internal
sources, customers, or external data providers; the methodologies are detailed alongside each metric, in accordance with the
minimum disclosure requirements. Note that the metrics subject to higher level of uncertainty are those referred to the measurement
of Scope 3 GHG emissions, category 15, since they come from data providers collecting data from public sources (e.g., financial
statements and/or issuer websites or databases for government bonds), which mostly refer to previous fiscal years, and/or using
estimates whenever public data are not available.
The Group incorporates information by reference to the Notes, Information on climate change concerning how the climate scenarios
used are compatible with the fundamental climate assumptions reported in the financial statements.
In this first year of reporting under the CSRD, the Group uses the transitional provision regarding comparative information and it
therefore does not provide information on significant changes compared to previous reporting periods.
Strategy
Market and business model
Group business model and value chain
Generali is one of the largest global insurance and asset management providers
1
. With almost 87 thousand employees worldwide,
an extensive network of agents and a large customer base, it plays a leadership role in Europe and has an increasingly significant
presence in Asia and the Americas.
Social information, Own workforce for information on the number of employees by geographical area
1.  The Group is not active in the fossil fuel sector, manufacturing of chemical products, controversial weapons, or tobacco cultivation and production.
Sustainability Statement
71
The diversified business model, based on Life, Property and Casualty (P&C) and Asset & Wealth Management
2
, is characterised by
a clear strategy, the focus on technical excellence, a strong multi-channel distribution network, the solid capital position, innovation
and the ability to offer solutions to customers that meet the changing needs of the market.
The Group develops simple, integrated, customized and competitive Life and P&C insurance solutions targeted at both retail
customers, small and medium enterprises (SMEs) and corporate customer: the offer ranges from savings, individual and family
protection policies, unit-linked policies for investment purposes, as well as motor third-party liability (MTPL), home, accident and
health policies, to sophisticated coverage for commercial and industrial risks and tailored plans for multinational companies. Among
the products offered, there are also insurance solutions which, according to an internal classification, include, more than others,
environmental and/or social components that contribute to creating shared value for all stakeholders and for which the Group has
set a specific target.
Environmental information, Responsible insurer for further details
Social information, Demographic changes for further details
Generali expands its offer to asset management solutions addressed to institutional (such as pension funds and foundations) and
retail third-party customers.
The Group distributes its products and services using a multi-channel strategy, relying on new technologies, through a global network
of agents, financial advisors, brokers, bancassurance and direct channels, that allow customers to obtain information on alternative
products, compare options, acquire the preferred product and rely on an excellent quality service and after-sales experience.
The premiums received from insurance contracts are responsibly invested in high-quality assets, with a particular attention to their
environmental and social impact.
In addition to insurance activities, the Group’s business model also includes investment activities, including commercial relationships
with the companies in which the premiums are invested.
Finally, the Group’s supply chain is mainly characterised by data and service providers linked to the core business, as well as a
smaller number of suppliers of goods and support services. Suppliers considered fundamental or essential are subject to a specific
control framework to guarantee service continuity, also in line with industry regulations.
In defining the elements of the value chain for the purposes of the double materiality assessment, the business model and the
responsible roles identified by the Group to create sustainable long-term value were considered: Responsible investor, Responsible
insurer, Responsible employer and Responsible corporate citizen. Generali’s value chain is divided into four main segments:
•  investment - refers to the role of Responsible investor and concerns the allocation of the company’s own financial assets, mainly
deriving from insurance activities, and those of third parties;
•  insurance - refers to the role of Responsible insurer and includes the provision of Life and P&C insurance policies through the
distribution channel, including claims management;
•  own operations - refers to the role of Responsible employer, both in terms of managing the Group’s employees, including the
activities carried out by employees to ensure the Group’s activities take place properly, and in terms of the effective management
of the Group’s own operations;
•  supply chain - concerns supplies connected to the Group’s activities.
Formally introduced in 2004, sustainability has been embedded in Generali Group’s activities for decades: it is integrated into the
business model and corporate processes, with the aim of achieving a social, environmental and good governance impact on
stakeholders, towards sustainable transformation.
Over the years, the role of sustainability has undergone an ongoing evolution, reaching a significant milestone in 2021, when it was
recognised as the originator of the Lifetime Partner 24: Driving Growth strategy, becoming an integrated part of the Group’s strategy.
Below are the targets that the Group has set with reference to both Lifetime Partner 24: Driving Growth and the new Lifetime Partner
27: Driving Excellence strategy.
Material impacts, risks and opportunities and their interaction with strategy and business model for reconciliation
between material topics and topics integrated into the strategy divided by segment of the value chain
Strategy Lifetime Partner 24: Driving Growth
Being at the origin of the strategy means shaping the way all decisions are made, leading Generali to be a transformative and
impact-driven company, able to create shared value. The goal is to achieve social, environmental, and good governance impact for
all stakeholders for a sustainable transformation, further integrating sustainability into business and corporate processes.
2.  Life, P&C, Asset & Wealth Management together with Holding segment and other activities represent the segments identified in accordance with the provisions of IFRS 8, each with specific activities and services offered. For a
description, please refer to Notes.
Annual Integrated Report and Consolidated Financial Statements 2024
72
Generali Group
Below are the main strategic targets defined by the Group, organised according to the roles:
Responsible investor
Integration of ESG criteria into investment activities, reduction of greenhouse gas emissions from the investment portfolio, and
increase in new green and sustainable investments:
•  Direct investment portfolio in listed equities and corporate bonds to achieve net zero emissions by 2050, with an intermediate
target of a 25% reduction by 2024;
•  € 8.5 - 9.5 billion in new green and sustainable investments in the period 2021-2025.
Environmental information, Responsible investor for further details
Responsible insurer
Development of insurance solutions with ESG components, with a particular focus on social and environmental issues, the latter
supporting the transition of the Group’s clients, with particular reference to SMEs:
•  Development of insurance solutions with ESG components (environmental and social) with an increase in related premiums of
5-7% CAGR in the period 2021-2024.
Environmental information, Responsible insurer for further details
Social information, Demographic changes for further details
Responsible employer
Promotion of diversity, equity and inclusion in the work environment, continuous employees upskilling, fostering of a shared corporate
culture and people engagement in all its forms and implementation of more flexible and sustainable ways of working:
•  40% of women in strategic position
3
;
•  80% of upskilled employees;
•  100% of entities working hybrid;
•  engagement rate > market benchmark.
Social information, Own workforce for further details
Commitment to measure and reduce emissions from own operations:
•  reduction of Scope 1, 2, and 3 greenhouse gas emissions related to the Group’s offices, data centres, and corporate mobility by
at least 35% by 2025 compared to levels measured in 2019.
Strategy Lifetime Partner 27: Driving Excellence
In the 2025-2027 strategic plan, sustainability is one of the three strategic foundations, together with Generali’s people, and artificial
intelligence and data, which support the enhancement of excellence across customer relationships, in Groups operating model and
in core capabilities.
In this context, sustainability aims to be a driver for the profitable growth of the Group, considering the positive and negative impacts
it can have on the planet and people. The strategic initiatives aim to address three topics identified as material for the Group through
the double materiality assessment: climate change (both climate change mitigation and climate change adaptation), demographic
changes, and workforce transformation. 
Below are presented:
•  a description of the three strategic topics, which represent the sustainability priorities;
•  how the Group’s sustainability strategy intends to address them, through the implementation of specific strategic initiatives,
organised according to the Group’s responsible roles.
Climate change (mitigation and adaptation)
4
Climate change mitigation refers to efforts to reduce or prevent the emission of greenhouse gases in order to limit the increase
in global temperature. Since the beginning of the industrial revolution, the global average temperature has increased by 1.48°C
compared to pre-industrial levels (1850-1900). This phenomenon is mainly caused by the increase in greenhouse gas concentrations
in the atmosphere, resulting from the use of fossil fuels. To avoid the worst effects of climate change, the 2015 Paris Agreement set
the goal of limiting the global temperature increase to well below 2°C, with efforts to keep the increase within 1.5°C. For financial
3.  Group Management Committee (GMC), Generali Leadership Group, and their direct reports. For Generali Investments Holding and Banca Generali, the indicator takes into consideration the leadership positions (and their direct
reports) as defined by the compensation policy and/or internal documentation.
4.  Please refer to Notes, Information about climate change for information on how climate scenarios are compatible with climate-related assumptions in the financial statements.
Sustainability Statement
73
companies like the Generali Group, contributing to climate change mitigation becomes an absolute priority, both to reduce the
negative impacts caused by their business on the external world and to mitigate the financial risk they face.
Climate change adaptation refers to measures taken to protect society and the environment from the negative effects of global
warming, such as the increased frequency and severity of extreme weather events. In 2024, estimated global economic losses from
natural events were $ 310 billion, of which 56% was uninsured, highlighting the need for adaptation solutions to protect individuals
and businesses. It becomes a priority for the Group to contribute to the resilience and adaptation of the communities in which it
operates, which increasingly face the consequences of extreme events, as well as to mitigate the financial risk that Generali might
suffer as a result of these same events.
The Group is committed to carrying out the following initiatives organised according to three responsible roles:
•  Responsible investor: reduce the carbon intensity of the proprietary investment portfolio (corporate and real estate) by 60%
compared to 2019 and by 2030
5
, and increase investments in climate solutions
6
by € 12 billion in the period 2025-2027 to support
the transition.
Environmental information, Responsible investor for further details
•  Responsible insurer: reduce the carbon intensity of the insurance portfolio related to private-use vehicles by 30% and the Corporate
& Commercial portfolio by 40% by 2030 compared to 2021; support the climate transition by increasing premiums from climate
insurance solutions by 8-10% CAGR in the period 2024-2027 and increase the offer of specific solutions and services aimed at
mitigating the consequences of the increase in extreme natural events and strengthening social resilience, with particular attention
to SMEs.
Environmental information, Responsible insurer for further details
•  Responsible employer: reduce the absolute carbon emissions of own operations by 60%, including Scope 1, 2, and 3 by 2030
compared to 2019. Although the topic is not material for own operations according to the double materiality assessment, Generali
believes that the fight against climate change must be addressed with all available levers. Therefore, the Group has set reduction
and a net-zero targets also for its own operations, in line with the identified responsible roles.
www.generali.com/sustainability/responsible-employer/greenhouse-gas-emissions for further details
Demographic Changes
Addressing the growing gaps in healthcare and pension systems becomes a priority, particularly for the insurance sector. This is
important both because the business could contribute to increasing social resilience and because addressing the consequences of
demographic changes could have a positive impact on communities, as well as represent an opportunity for the Group.
To fulfil its role as a Responsible insurer, the Group is committed to growing the health, protection and pension business with the
aim of bridging the insurance gap in these business areas, with particular attention to clients most exposed to this gap (so-called
underserved clients
7
) for various reasons, such as economic, geographic, and/or health barriers that expose them to higher risks,
preventing access to products and services; lack of familiarity with financial tools and offers; shortage or limited accessibility to
providers of such products and services.
This commitment is articulated in the ambition to increase the New Business Premium (NBP) for pension and health and protection
insurance solutions for underserved clients by 6-8% CAGR in the period 2024-2027.
Social information, Demographic changes for further details
Workforce transformation
Generali is a human-centric Group that considers it essential, also for developing a solid sustainability strategy, to work on building a
resilient workforce that best responds to future challenges, in line with its role as a Responsible employer.
The Group aims to further strengthen its focus on sustainability as a fundamental part of its mission, both by leveraging and
further strengthening its cultural framework, promoting knowledge and sustainable work practices, and investing in people’s skills.
5.  The timeline by 2030 refers to the data at year end 2029.
6.  Investments that contribute to decarbonization and climate resilience.
7.  The clients internally identified as most exposed to the insurance gap are: women, young people (<35 years), elderly (>55 years), families, and migrants/refugees.
Annual Integrated Report and Consolidated Financial Statements 2024
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Generali Group
In recent years, the Group has adopted hybrid work models and witnessed the evolution of workforce demographics, which now
include four generations, increasingly oriented to social and environmental aspects. Working on Diversity, Equity and Inclusion
(DEI), on the well-being and energy of the Group’s employees and on the promotion of sustainability has therefore become even
more important to ensure their engagement. Furthermore, generational shift, together with a rapid technological evolution, require a
strategic approach to workforce planning and a further evolution of the training offering to maintain or increase our people professional
relevance in a rapidly changing environment.
The achievement of these objectives translates into the following ambitions:
•  engagement rate ≥ market benchmark in the period 2025-2027;
•  upskilled employees ≥ 90% in the period 2025-2027.
Social information, Own workforce for further details
Interests and views of stakeholders
Generali believes it is essential to establish and maintain a solid and ongoing relationship with its stakeholders. Dialogue and active
engagement with stakeholders are essential for the Group’s sustainable success and long-term value creation.
Understanding the specific needs and priorities of stakeholders is crucial to defining an effective strategy and guiding business
decisions. In this perspective, it is essential to use the most effective communication channels to promote dialogue and monitor the
expectations, needs and opinions of stakeholders.
The Group identifies the following main stakeholder groups, each of them reached through appropriate channels:
Sustainability Statement
75
The opinions and interests of Generali’s stakeholders were also considered as part of the double materiality assessment process,
which involved both internal and external stakeholders of the Group
8
, in order to identify sustainability matters, that highlight material
impacts, risks and opportunities, with a focus on the three priorities that underpin the Lifetime Partner 27: Driving Excellence strategy.
The results of the analyses, which include the feedback received from the stakeholders involved, were shared with the Innovation and
Sustainability Committee and subsequently approved by the Board of Directors.
General information, Governance and Impact, risk and opportunity management for further details
8.  The categories of stakeholders involved in the double materiality assessment include employees and customers. For the list of stakeholders engaged in the double materiality assessment, please refer to Processes to identify
and assess material impacts, risks and opportunities.
CONTRACTUAL
PARTNERS
COMMUNITY
EMPLOYEES
AGENTS AND
DISTRIBUTORS
CLIENTS
FINANCIAL
COMMUNITY
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V
I
R
O
N
M
E
N
T
E
N
V
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Engaged through global surveys,
individual performance assessment
interviews, meetings with trade
unions and workers’ representatives
(also through the European Works
Council, the representative body
for Generali Group employees in
Europe), engagement activities
connected with business ethics and
reflection on the company culture,
and communications via Group
intranet and portal.
Engaged through brand
surveys and surveys
to monitor satisfaction
levels, market research,
and dedicated
communication
channels.
Engaged through
satisfaction surveys,
roadshow, meetings
and conventions,
workshop, and dedicated
communication channels.
Engaged through
meetings and conventions,
workshop, and dedicated
communication channels.
Engaged through meetings and interviews
with analysts, investors and proxy advisors,
company points of contact dedicated to
financial investor relations and policy for
the management of engagement between
the Board of Directors and investors.
Engaged through multi-stakeholder meetings, meetings with representatives of NGOs, institutions
and civil society associations, press conferences, company contact points dedicated to relations
with the media and institutions, joining voluntary initiatives supported by the United Nations, and
contributing to public consultations to define new legal measures and industry regulations.
GLOBAL ENGAGEMENT SURVEY AND GLOBAL PULSE SURVEY
In line with its commitment to ensuring to its employees fair working conditions and a safe environment, Generali places particular emphasis on gathering
and evaluating the opinions of its employees to guide its strategy and business model. Employees’ opinions feed also into the considerations in defining
DEI policies, ensuring that every employee is treated with respect and has equal opportunities for growth. Generali adopts an inclusive and engaging
approach, ensuring that employees’ voices are heard and integrated into the decision-making processes. One of the main tools used by the Group is
the Global Engagement Survey, conducted every three years, which collects detailed feedback from employees on various aspects of their work and the
working environment. The results of the survey provide valuable insights into areas for improvement and strengths, directly influencing company policies
and strategic initiatives. Furthermore, as part of the Generali People Strategy, GPeople24 - Ready for the Next, it was decided to enhance the approach
to listening to employees with more active and regular interaction, thanks to the introduction of the Global Pulse Survey, conducted annually between two
editions of the Global Engagement Survey, thus increasing the touchpoints with employees to receive input.
Social information, Own workforce for further details
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Generali Group
Material impacts, risks and opportunities and their interaction with
strategy and business model
To identify and evaluate material impacts, risks and opportunities (IRO) related to sustainability matters, Generali’s double materiality
assessment considered the Group’s business model through the articulation of the four main segments of its value chain: investments,
insurance, own operations and supply chain.
The outcomes of the double materiality assessment of each of the four segments of the value chain were analysed taking into
consideration the elements of Generali’s core business and used as key input for the new strategy Lifetime Partner 27: Driving
Excellence. This process allowed the identification of the following topics which, besides being material, are also strategic for the
Group: climate change, demographic changes and workforce transformation. The link between the double materiality assessment
and the strategy definition process allows the Group to orient its medium-term sustainability targets to better manage the impacts
associated with its business model, manage the risks and pursue the opportunities identified.
The strategic topics for the segments of the Group’s value chain included in the Lifetime Partner 27: Driving Excellence strategy are
linked to ESRS topics/sub-topics:
Strategic topics for the Group
Value chain segment ESRS topics ESRS sub-topic
Climate change
Investment
E1 - Climate change
Climate change mitigation
Insurance Climate change adaptation
Demographic changes Insurance S4 - Consumers and end-users
Demographic changes (Entity-specific sub-
topic)
Workforce transformation Own operations S1 - Own workforce
Working conditions
Equal treatment and opportunities for all
The outcomes of the double materiality assessment performed by the Group are presented below. For each segment of the value
chain, the material impacts, risks and opportunities are reported and, where applicable, the link with the strategic targets of both
Lifetime Partner 24: Driving Growth and the new Lifetime Partner 27: Driving Excellence strategy, including demographic changes as
an entity-specific sub-topic related to consumers and end users.
Investment
Topic/Sub-topic Material IRO  Link with strategy
Lifetime Partner 24: Driving Growth Lifetime Partner 27: Driving Excellence
E1 - Climate change
Climate change mitigation
Negative impact on the environment
generated by Generali’s investment
activities, considering the exposure of the
investment portfolio to highly emissive
sectors and the consequent carbon
footprint.
Transition risk for the investment portfolio.
•  Decarbonisation of corporate
portfolio: reduction of the carbon
intensity of the corporate investment
portfolio by 25% by 2024
•  Decarbonisation of the corporate
portfolio: engagement with 20
companies to support the climate
transition by 2024
•  Decarbonisation of the Real Estate
portfolio: at least 30% of GRE
real estate portfolio aligned to the
CRREM pathway by 2024
•  Support to the climate transition:
new green and sustainable
investments equal to € 8.5-9.5
billion by 2025
•  Decarbonisation of corporate
portfolio: reduction of the carbon
intensity of the corporate investment
portfolio by 60% by 2030 (*)
•  Decarbonisation of the corporate
portfolio: engagement with 20
companies to support the climate
transition by 2030 (*)
•  Decarbonisation of the Real Estate
portfolio: reduction of the carbon
intensity of GRE real estate portfolio
by 60% by 2030 (*)
•  Support to the climate transition:
increase of € 12 billion of
investments in climate solutions
E1 - Climate change
Climate change adaptation
Potential positive impact on the
environment in the medium – long term
generated by capital allocation in economic
activities that contribute to climate
change adaptation and by the possibility
of directing capitals towards funds that
promote climate change adaptation.
Physical risk for the investment portfolio.
E4 - Biodiversity and ecosystems
Direct impact drivers of biodiversity
loss - Impacts and dependencies on
ecosystem services
Potential negative impact in the medium
– long term due to the exposure of the
investment portfolio to sectors that
contribute to the loss of biodiversity and
the degradation of ecosystems.
   
(*) The deadline is to be intended as year-end 2029.
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77
Insurance
Topic/Sub-topic Material IRO  Link with strategy
Lifetime Partner 24: Driving Growth Lifetime Partner 27: Driving Excellence
E1 - Climate change
Climate change mitigation
Negative impact on the environment
generated by Generali’s insurance
activities, considering the exposure of
the P&C underwriting portfolio to highly
emissive sectors and the consequent
carbon footprint.
Transition risk for the P&C underwriting
portfolio.
•  Development of insurance
solutions with ESG components -
environmental and social: +5-7%
GDWP CAGR of premiums from
insurance solutions with ESG
components
•  Decarbonisation of the insurance
portfolio relating to vehicles for
private use: reduction of emission
intensity by 30% by 2030
•  Decarbonisation of the insurance
portfolio related to the Corporate
& Commercial segment: 40%
reduction in emission intensity by
2030
•  Climate transition support: +8-10%
GDWP CAGR of premiums from
climate insurance solutions in the
period 2024-2027
E1 - Climate change
Climate change adaptation
Potential positive impact on the
environment in the medium to long term
due to the extension of NAT CAT coverage
and insurance products for climate
adaptation.
Physical risk for the P&C underwriting
portfolio. NAT CAT Claims recorded by
Generali.
•  Development of insurance
solutions with ESG components -
environmental and social: +5-7%
GDWP CAGR of premiums from
insurance solutions with ESG
components
•  Support the reduction of the
protection gap against natural
and catastrophic risks, expanding
the offer on specific solutions and
services, with particular attention to
Small and Medium Enterprises
S4 - Consumers and end-users
Demographic changes (Entity-specific
sub-topic)
Potential positive impact in the medium –
long term on people linked to the reduction
of life, health and pension insurance
protection gaps due to demographic
changes, including customers highly
exposed to such gaps.
Potential financial opportunity in the
medium – long term from the expansion
of life, health and pension insurance
protection, including coverage involving
customers highly exposed to such gaps.
•  Development of insurance
solutions with ESG components -
environmental and social: +5-7%
GDWP CAGR of premiums from
insurance solutions with ESG
components
•  Insurance solutions to reduce life,
health and pension gap: 6-8% NBP
CAGR increase for life, health and
pension solutions for underserved
customers in 2024-2027
E4 - Biodiversity and ecosystems
Direct impact drivers of biodiversity
loss - Impacts and dependencies on
ecosystem services
Potential negative impact in the medium
– long term due to the exposure the P&C
underwriting portfolio to sectors that
contribute to the loss of biodiversity and
the degradation of ecosystems.
   
S4 - Consumers and end-users
Information-related impacts for
consumers and/or end-users
Risk related to the complexity, size and
nature of the personal data processed by
the Group, together with the severity of
the penalties associated with violating the
relevant legislation.
Risk linked to customer protection
due to failure to manage customer
information and documentation, as well as
deficiencies in product development and
documentation.
   
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Generali Group
Own operations
Topic/Sub-topic Material IRO  Link with strategy
Lifetime Partner 24: Driving Growth Lifetime Partner 27: Driving Excellence
S1 - Own workforce
Working conditions - Equal treatment
and opportunities for all
Generali’s positive impact on its employees
given the Group’s focus on promoting
diversity, equity and inclusion in the
workplace. Generali values its people
through training and upskilling programs
and implements flexible and sustainable
working models.
Financial opportunity linked to continuous
investment in the development and well-
being of employees, leading to greater
attraction and retention of talent, as well
as a greater sense of belonging and,
indirectly, better performance.
•  Increase in the presence of women
in strategic positions: 40% of
women in strategic positions
•  Skills development: 80% of
upskilled employees
•  Adoption of hybrid working models:
100% of entities working hybrid
•  Nurture employees’ engagement:
engagement rate > market
benchmark
•  Nurture employees’ engagement:
engagement rate ≥ market
benchmark
•  Skills development: upskilled
employees ≥ 90%
G1 - Business conduct
Corporate culture
Positive impact on Generali employees
due to the adoption of a Generali Group
Code of Conduct that establishes clear and
shared values and principles that guide the
Group's activities, promoting a positive and
widespread corporate culture.
   
G1 - Business conduct
Corruption and bribery
Positive impact in terms of compliance,
reputation, trust, operational efficiency
and risk management by implementing an
internal control system aimed at preventing
and contrasting active and passive
corruption. Generali promotes ethical and
transparent behaviour both within the
Group, through specific training courses
aimed at the company population, and
externally, requiring all its stakeholders
to adopt behaviour that counteracts the
outbreak of episodes of corruption.
   
G1 - Business conduct
Protection of whistle-blowers
Positive impact from adopting robust
whistleblowing practices, including
dedicated channels, guidelines for
whistleblower protection and timely
resolution of reports. These practices
foster a safe and confidential workplace,
promoting organisational transparency
and integrity and encouraging a speak-up
culture.
   
Supply chain
Topic/Sub-topic Material IRO  Link with strategy
Lifetime Partner 24: Driving Growth Lifetime Partner 27: Driving Excellence
G1 - Business conduct
Management of relationships with
suppliers
Positive impact generated by favouring and
establishing commercial relationships with
counterparts that excel in ESG practices,
encouraging the adoption and maintenance
of responsible and virtuous behaviour from
an environmental and social point of view,
as well as good governance, in line with
Generali’s commitments, in a perspective
of continuous improvement.
   
The Group expects the identified impacts to manifest themselves over the medium term. This time horizon allows for the planning
and implementation of effective strategies to manage the impacts, risks and opportunities related to the material topics.
It is worth specifying that, as defined in the Own Risk and Solvency Assessment (ORSA) process and reported in the related Group
Report, in addition to the risks related to the topics highlighted in the table above, a series of other risks, including emerging and
Sustainability Statement
79
sustainability ones like demographic and social changes, geopolitical instability and digitalisation, has been also analysed
9
. Therefore,
the assessments of both risks related to Solvency II categories (e.g., operational risks) and cross-cutting ones, such as emerging and
sustainability risks, has supported the above-mentioned double materiality assessment.
Further information on material IROs
In relation to the positive impacts and opportunities regarding the own workforce, the results of the double materiality assessment concern
the Group’s entire employed workforce.
Almost all the Group’s employees have a permanent contract, which demonstrates Generali’s attention and continuous commitment to
promoting stable and secure employment. At the same time, there is also a minority of employees with temporary contracts, a situation
that particularly arises in businesses subject to seasonality or project-based needs.
With reference to positive impacts, Generali, as a responsible employer, has implemented a series of initiatives and activities in several areas
to promote a positive impact on employees who work for the Group. In particular, the initiatives primarily aim to promote diversity, equity,
and inclusion in the workplace, promoting fair treatment and equal access to opportunities for all employees, as well as gender pay equity.
In addition, the initiatives aim to value active listening to employees with the aim of promoting people engagement and empowerment, also
adopting a performance management model that promotes flexibility, transparency and meritocracy. Other initiatives are aimed at training
and continuously developing employees’ skills to face future challenges and support the Group’s strategic objectives. In addition, some
initiatives have been implemented with the aim to: adopt flexible and sustainable working models that guarantee the increasing well-being
of workers and a better work-life balance; promote social dialogue and relations with workers’ representatives; constantly safeguard health,
safety and the work environment.
Considering their positive impact, the initiatives described also represent a concrete way to pursue opportunities, as they can also have a
positive impact on Group performance. This is because constant attention to the development and well-being of employees can lead to
greater attraction and retention of talent, a greater sense of belonging and, indirectly, improved performance. In addition, human capital
development is among the aspects most considered in the assessments of ESG rating agencies that are used by investors in their decision-
making.
All initiatives apply to the entire workforce, unless otherwise specified in Own workforce.
Social information, Own workforce for further details
In relation to the risks concerning consumers and end-users, the outcomes of the double materiality assessment concern all types of
customers of the Group.
The risks associated with personal data processing concern the possibility that customer data is not processed in an adequate, safe and
secure way and the possibility of data breaches that involve, for example, unauthorised use of data, undesired changes, or accidental
disclosure.
Taking into account the nature, scope, purpose of processing and type of data to be processed, even with adequate and constantly
updated technical and organisational measures, the protection of customers’ personal data results as being a relevant risk.
Concerning the risks associated with the management of information and documentation to customers, this refers to the information
provided to the customer during the quotation, subscription and updating phases throughout the life of the policy. In particular, the risk is
significant for the Group in light of the regulatory framework associated with product development and distribution processes.
The Group constantly monitors these risks, and the actions taken are primarily aimed at minimising non-compliant treatments and mitigating
the risks where they materialise, so as to guarantee the rights and freedoms of customers.
Social information, Privacy and Access to quality information for further details
The resilience of the Group’s business model in relation to the impacts, risks and opportunities identified as material is confirmed,
on one hand, by the link between material topics and the definition of strategic targets, as illustrated above, and, on the other hand,
with regard to the topics not included in the strategy, through the definition and implementation of adequate controls as described in
each topic section. In relation to the risk of climate change, the Group’s resilience has also been assessed through scenario analysis
applied to investments (including real estate for own use), P&C underwriting and Life underwriting.
Process to identify and assess material impacts, risks and opportunities for the methodology and results of the scenario analysis
9.  Differently from climate change, risk assessment models for measuring other sustainability risks are less mature. Therefore, by leveraging on current market frameworks, the risk of biodiversity loss has been analysed based on
the United Nations’ Taskforce on Nature-related Financial Disclosure (UN TNFD) which provides a list of economic sectors that are strongly dependent on natural resources. The analysis has been conducted on the investment
portfolio through a top-down approach, with the aim of identifying the main exposures at Group level to sectors and countries linked to the above-mentioned sustainability topics.
Annual Integrated Report and Consolidated Financial Statements 2024
80
Generali Group
Governance
The role of the administration, management and control bodies
In a challenging economic and financial context, the Group is convinced that its governance, in line with international best practices,
is adequate to effectively support the pursuit of its strategy. In line with the principles and recommendations of the Corporate
Governance Code, the Group’s sustainable success consists in the creation of long-term value for the benefit of all shareholders,
taking into account the interests of other stakeholders relevant to the Company.
Generali adopts the traditional Italian corporate governance model with a tripartite organisational structure that includes:
•  a General Meeting, which passes resolutions on the topics falling within its powers, thereby expressing the will of the shareholders;
•  a Board of Directors, holding full powers for ordinary and extraordinary management of the Company and the Group;
•  a Board of Statutory Auditors, which oversees administration and compliance with the law and the Articles of Association.
Generali’s corporate governance system, as an issuer under Italian law, does not provide for worker representation within its
corporate bodies.
The Board of Directors has structured its organisation, also through the setting up of specific Board Committees with recommendatory,
advisory and preparatory functions, in line with the need to define a strategic plan in line with the Group’s purpose, values and culture
and, at the same time, to monitor its pursuit with a view to creating sustainable value in medium-long term.
Corporate Governance and Share Ownership Report 2024 for further information
GROUP
MANAGEMENT
COMMITTEE
RISK AND CONTROL COMMITTEE
NOMINATIONS AND CORPORATE
GOVERNANCE COMMITTEE
INNOVATION, SOCIAL AND ENVIRONMENTAL
SUSTAINABILITY COMMITTEE
INVESTMENT COMMITTEE
RELATED-PARTY TRANSACTIONS COMMITTEE
REMUNERATION AND HUMAN RESOURCES
COMMITTEE
INDEPENDENT
AUDITORS
BOARD OF
DIRECTORS
GROUP CEO
GENERAL
MEETING
BOARD OF
STATUTORY
AUDITORS
SURVEILLANCE
BODY
Main responsible for Company management, in the
capacity of Managing Director, as well as acting as
the Director responsible for the internal control and
risk management system, and beneficial owner
pursuant to leg. decree 2007/231.
Sustainability Statement
81
The Board of Directors consists of 13 members, including 1 executive director - Philippe Donnet, Managing Director and Group
CEO - and 12 non-executive directors - Andrea Sironi (Chairman), Marina Brogi, Flavio Cattaneo, Alessia Falsarone, Clara Furse,
Umberto Malesci, Stefano Marsaglia, Antonella Mei-Pochtler, Diva Moriani, Lorenzo Pellicioli, Clemente Rebecchini and Luisa
Torchia. The Board of Statutory Auditors is composed of 3 permanent auditors - Carlo Schiavone (Chairman), Sara Landini and
Paolo Ratti - and 2 alternate auditors - Giuseppe Melis
10
and Michele Pizzo: given the legal nature of this body, all its members are
non-executive.
With regard to the independence requirement, 77% of the Board members meet the requirement set forth in Recommendation no. 7 of
the Corporate Governance Code, as implemented by art. 11 of the Regulation of the Board of Directors and Committees (Regulation
of the BoD and Board Committees). The requirement of independence is in fact met by the following 10 of the 13 members: Andrea
Sironi (Chairman), Marina Brogi, Flavio Cattaneo, Alessia Falsarone, Clara Furse, Umberto Malesci, Stefano Marsaglia, Diva Moriani,
Antonella Mei-Pochtler and Luisa Torchia. On the other hand, 100%
11
of the members of the Board of Statutory Auditors meet the
independence requirement set forth in Recommendation no. 7 of the Corporate Governance Code, as implemented by art. 11 of the
Regulation of the BoD and Board Committees.
Assicurazioni Generali has adopted a Diversity Policy for the members of its corporate bodies.
The policy provides illustrative and non-binding indications on relevant aspects regarding diversity, defining and formalising
the criteria and tools adopted to ensure a diversified and inclusive composition of the Board of Directors and the Board of
Statutory Auditors, in order to mitigate the risks deriving from the absence of these elements and with the aim of ensuring a
better understanding of the needs and demands of stakeholders; reducing the risk of standardisation of the opinions among the
members of the corporate bodies; making the decision-making process more effective and thorough; enriching the discussion
in the corporate bodies thanks to skills of a general strategic or specific technical nature, acquired outside Generali; nurturing
the discussion; allowing the members of the corporate bodies to constructively question management decisions; encouraging
turnover within the corporate bodies.
The policy is approved by the Board and periodically reviewed to take into account the interests of relevant stakeholders (e.g., current
and potential shareholders, institutional investors and proxy advisors), as well as market best practices. The policy is available on the
company website (www.generali.com/governance/corporate-governance-system/diversity-policy).
Among other things, the policy emphasises gender diversity. In particular, 46% of the total number of members of the Board are
women, while 33.3% of the Statutory Auditors are women.
The Board of Directors and the Board of Statutory Auditors have an adequate collective composition that allows the former to carry
out the role of guidance and supervision and the latter to carry out the role of control, leveraging adequate experience and knowledge
with respect to the Group’s strategy, its business model and the markets and geographical areas in which it operates.
Integrated governance also relies on the varied and in-depth professional skills present in the corporate bodies and guarantees
effective supervision of the management’s work. In terms of professional skills and educational background, the Board of Directors
includes entrepreneurs operating in diversified economic sectors, managers from leading Italian and foreign companies, university
professors of economic, financial and legal subjects and exponents from the world of the professions. The majority of the Directors
have specific sectoral skills: financial and actuarial, financial markets and institutions and internal control and risk management
systems. In addition, all the Directors have developed varied experiences in the international arena.
Non-executive directors must be chosen according to criteria of professionalism and competence, from among people who have at
least three years’ experience through the exercise of administration or control activities in the insurance, credit, financial or securities,
or administration or control activities or management tasks at listed companies or other companies of a size and complexity greater
than or similar to that of Generali. Enhanced requirements are required for the Chairman of the Board, the Managing Director and
Group CEO and for some of the members of the Board of Statutory Auditors, in accordance with the regulations.
The Board of Statutory Auditors has a varied range of professional profiles, also in terms of internationality, being able to draw on
skills in the internal auditing, financial auditing, in the academic field and in the Group’s sector of operation.
www.generali.com/governance/board-of-directors to consult the CVs for more information on the experience of each Director
www.generali.com/governance/board-of-directors to consult the CVs for more information on the experience of each Statutory Auditor
10.  On 17 February 2025 Giuseppe Melis, due to supervening reasons, resigned from his position as Alternate Auditor of the Company. The Board therefore resolved to submit to the 2025 General Meeting the integration of the
Board of Statutory Auditors through the appointment of an Alternate Auditor in office until the date of the General Meeting called to approve the 2025 financial statements, to replace the resigned member.
11.  The percentages shown here indicate the degree of presence of members who meet the independence requirement in accordance with the best practices recognised on the Italian market by the Corporate Governance Code. 
In addition, all non-executive members of the Board of Directors and all members of the Board of Statutory Auditors meet the independence requirements established by the regulations applicable to the Company, as an issuer
of listed securities and an insurance company. For more information on this subject, please refer to the details provided in the Corporate Governance and Ownership Structure Report.
Annual Integrated Report and Consolidated Financial Statements 2024
82
Generali Group
With reference to the skills of the members of the Board of Directors and the Board of Statutory Auditors, in line with the recommendation
contained in the Guidance for the 2022 General Meeting, the composition of the Board reflects the need for adequate environmental,
social and governance skills. In light of the results of the self-declarations on sustainability skills, a widespread presence of these skills
among the Directors has been ascertained. In particular, the presence of skills, developed during the course of their working career,
applicable to the following areas has been ascertained:
•  underwriting insurance risks, with some Directors having experience, for example, in integrating sustainability factors into the
development of strategies for adapting to climate risks and environmental transition, in the selection of data and development of
de-risking models at the country level, as well as monitoring the impact of ESG factors on corporate risk;
•  investment activities, with experience for several Directors, for example, in the development of projects aimed at reducing CO
2
emissions and in direct investment in public and private markets for the construction of institutional portfolios with targets related
to environmental and social sustainability;
•  activities related to its own operations, including those concerning human resources, corporate governance and business conduct,
with experience for several Directors, for example, in supporting the administrative body in the development of environmental,
social and governance policies in accordance with the strategy;
•  the supply chain through experiences for some Directors, for example, in the research and development of guidelines and
assessment tools on the sustainable management of environmental and human resources with reference to complex procurement
processes.
The members of the corporate bodies also participate in update and in-depth sessions on sustainability issues. In particular, in 2024
they were updated on the EIOPA report on guidance to supervisors for identifying and mitigating the risks of greenwashing, which
can lead to reputational, business conduct, regulatory and judicial risks. In addition, further training sessions were organised for both
bodies on the challenges and opportunities of natural disasters for the insurance sector and on the CSRD regulation and its strategic
and reporting implications.
In light of the above, the competences of the corporate bodies are considered to be relevant to the impacts, risks and opportunities
resulting from the double materiality process.
With regard to roles and responsibilities, the Board is also responsible for supervising the management of impacts, risks and
opportunities related to sustainability issues: these impacts, risks and opportunities are assessed in relation to the Group’s own
operations, investment and risk underwriting in the placement of its insurance products, as well as the supply chain.
To carry out this activity, the Board makes use of the Board Committees that also deal with the analysis and monitoring of impacts,
risks and opportunities related to sustainability issues, as provided for in the Board and Committee Regulations. More specifically:
•  the Risk and Control Committee (RCC) provides advisory, recommendatory and preparatory functions for the Board, with a
particular focus on internal controls and risk management. It assists the Board in defining the guidelines of the internal control
and risk management system, periodically verifying its adequacy and functioning. The RCC is informed about the identification,
assessment and management of the main corporate risks, including those related to sustainability, such as climate risk. The RCC
coordinates with the ISC on matters within its competence;
•  the Nominations and Corporate Governance Committee (NGC) supports the Board on matters of nomination and corporate
governance. It helps to define the optimal composition of the Board and its internal Committees, expressing opinions both on the
proposed diversity policy relating to the composition of the corporate bodies, monitoring its implementation, and on proposals
to modify the corporate governance structure of the Company and the Group. The NGC expresses a prior assessment on the
policy proposal for the management of dialogue with stakeholders and an opinion on the measures proposed to promote equal
treatment and opportunities between genders within the entire company organisation, supporting the Board in monitoring their
concrete implementation;
•  the Remuneration and Human Resources Committee (RHRC) supports the Board in remuneration matters and in defining roles
within the Company and the Group. It expresses opinions and makes proposals to the Board on the definition of remuneration
policies and on the determination of the remuneration due to the Managing Director and Group CEO, the Chair, the other Directors
and Statutory Auditors as well as other key figures. With regard to the remuneration due to executive directors, other directors
who hold particular positions, as well as members of the Group Management Committee (GMC) who are not responsible for
Key Functions, it formulates proposals on the setting of performance objectives, including ESG objectives, and verifies their
achievement;
•  the Innovation, Social and Environmental Sustainability Committee (ISC) has advisory, recommendatory and preparatory functions
with regard to the Board on issues of technological innovation and social and environmental sustainability. The ISC supports
the integration of sustainability within corporate strategies, with particular reference to relevant issues such as climate change,
diversity, equity and inclusion, and inequalities, also taking into account the outcomes of the assessment of double materiality
as required by sustainability regulations: these aspects are essential for the creation of long-term value for the Company and the
Group. In addition, the ISC examines and evaluates the Sustainability Group Policy to guide and pursue the sustainable success
of the organisation, overseeing the implementation of the sustainability strategy and the transformation of key processes. The
Committee expresses an opinion on the methodology for reporting sustainability information and on performance indicators,
collaborating with the RCC to ensure consistency with the internal control and risk management system;
Sustainability Statement
83
•  the Investment Committee (IC) is dedicated to examining strategic investment issues, including crucial aspects such as investment
allocation strategy and the management of the Group’s assets and liabilities. The IC supports the Board in its assessment and
monitoring activities, ensuring that investment activities are consistent with the Group’s objectives and strategies, including
sustainability, and that the choices made are aligned with Generali’s long-term vision.
The chair of each Committee informs the Board at the next meeting about the work carried out, so as to ensure that the Board
is constantly monitoring the above issues. In particular, thanks also to the support of the relevant Board Committees, the Board
ensures that the Group’s organisation and management system is comprehensive, functional and effective in monitoring the impacts
related to sustainability issues.
The Board’s responsibilities include the examination and approval of strategic, industrial and financial plans at Group level, defined
in line with the objective of pursuing sustainable success. In addition, the Board monitors its implementation on a quarterly basis,
assessing the general performance of operations and taking into account, in particular, the information received from the delegated
bodies and the results of the analysis of issues relevant to the generation of value, including in the long term. This evaluation is
mainly carried out with the support of the ISC as regards issues relating to social and environmental sustainability, as well as through
periodical comparisons of the results achieved against those planned. The Board and the RCC are also periodically informed about
the impacts and risks associated with climate change.
Within the framework of its responsibilities in the field of corporate governance, the Board has long pursued an approach based on
the sustainability of business management, with strategic planning oriented on a time horizon of approximately three years, but with
objectives that are even longer term, integrating financial and sustainability objectives.
The Board of Statutory Auditors also has a supervisory role in relation to impacts that may have an effect on the company’s risk
profile. In particular, the Board of Statutory Auditors, in accordance with its designated tasks and role, constantly monitors the
Group’s correctness, transparency and adherence to the obligations prescribed by current legislation with regard to, among other
things, sustainability information and the proper management of related issues. In order to carry out the above-mentioned activities,
the Board of Statutory Auditors actively participates in the meetings of the Board of Directors and all the Board Committees, providing
its own observations and/or opinions for this purpose. It meets regularly with company departments/senior management, also on
sustainability issues, and liaises with the auditing firm as part of the verification procedures carried out by the latter, exchanging the
necessary information flows, in accordance with the relevant legal provisions.
Generali has incorporated sustainability responsibilities also within the Group Management Committee (GMC). Specifically, the GMC
is responsible for ensuring the integration of sustainability along the value chain and the continuous implementation of related
objectives in business practices and in the Company’s functions. The Committee is composed of the Group’s top managers who
support the Group CEO to evaluate key strategic decisions, including setting priorities among sustainability issues, identifying risks
and opportunities, and monitoring progress and results achieved.
There is also a Group Chief Sustainability Officer (GCSO), who reports to the Group CEO through the General Manager (GM), and is
responsible for defining the Group’s sustainability framework.
This framework, approved by the GM, outlines how Sustainability is managed within the Generali Group. To ensure the framework
is properly implemented throughout the Group, the GCSO is supported by the Sustainability GHO Task-force and the Sustainability
Council, as well as local Sustainability functions, local business owners, and local CEOs, taking into account the principles of
proportionality.
Based on the double materiality assessment, the Group’s business owners, i.e. the individual managerial functions reporting to the
Group CEO and thus to the Board, are responsible for integrating relevant sustainability matters into business processes, internal
regulations, and activities, identifying business approaches and defining metrics to be included in the internal regulation of their
functional areas, as well as in the processes and controls defined for managing sustainability risks.
In order to ensure the overall alignment with the framework and to achieve the strategic sustainability objectives, a specific escalation
process has been defined to be activated by Group or local business owners, promptly informing the GCSO function and/or local
Sustainability functions when, in the course of their activities, a decision could:
•  infringe public sustainability commitments taken by the Group and those approved at Local level;
•  be misaligned with the sustainability strategic goals of the Group and those approved at Local level;
•  entail a reputational risk for the Group or a Local entity due to a misalignment with Group appetite and ambition, as outlined in the
Sustainability Group Policy.
The escalation process entails for the progressive involvement of increasing levels of responsibility, including the GCSO function and
Group control functions, and, where necessary, the GM up to the Group CEO, who is responsible for the final decision.
Annual Integrated Report and Consolidated Financial Statements 2024
84
Generali Group
Further information regarding the role of corporate bodies on the subject of corporate conduct
With specific reference to the roles and responsibilities of corporate bodies connected to the subject of corporate conduct, the Board is
responsible for defining strategies and guidelines on internal control and risk management, also with regard to information flows within the
Group organisation and towards the Board itself, as well as to guarantee its adequacy and durability over time, in terms of completeness,
functionality and effectiveness, by means of an evaluation carried out at least once a year.
The Board examines the opinions and reports coming from the various actors that make up the internal control and risk management
system. Coordination between these parties and the Board is pursued through the reports provided by the Chair of the RCC and the
constant presence of the Board of Statutory Auditors at the meetings of the Board and the RCC, as well as through the systematic
participation in the meetings of the Board and the RCC of the heads of the Key Functions and the Group CFO, also as the Appointed
Executive.
The Board of Statutory Auditors - in addition to actively participating in the meetings of the RCC and the Board, during which, among other
things, the opinions and reports of the members of the internal control and risk management system are discussed - maintains constant
dialogue with the Key Functions, which are invited to participate in the meetings of the Board according to a predefined calendar. In order to
ensure the most comprehensive supervision of the adequacy and functioning of the internal control and risk management system at Group
level, the Board of Statutory Auditors also plans annual meetings with the control bodies of the strategic or otherwise relevant companies
that make up the Group.
With particular reference to the issue of corporate conduct, the Board of Statutory Auditors also meets with the Surveillance Body of the
Parent Company during specific joint meetings.
The Board approves the Generali Group Code of Conduct, the Ethical Code for Suppliers of the Generali Group and internal policies,
including those relating to the issue of corporate conduct.
Governance information for more information
Sustainability information provided to the administrative,
management and control bodies
The Board defines and approves both the Group-level strategy, which includes both financial and sustainability aspects, through the
three-year strategic plan, and the outcomes of the double materiality assessment process.
During the year, at least quarterly, the Board, the relevant Board Committees and the Board of Statutory Auditors, which actively
participates in the meetings, are informed by the Group’s management about the relevant impacts, risks and opportunities in terms
of sustainability, as well as the effectiveness of the policies, actions, metrics and targets adopted. The activities of the Committees
are coordinated by their respective chairmen. The Board is then informed of the investigation carried out through a written report that
summarises the information provided, the in-depth analyses carried out, the areas of attention that emerged, any positions of dissent
or abstention and the related motivations.
The Board is engaged in the evaluation and definition of the main elements, objectives and actions underlying the definition and
implementation of the strategic plan for the three-year period and is the recipient, together with the Board - which oversees the
overall adequacy of the internal control and risk management system, including sustainability risks - of specific strategic in-depth
meetings (Strategy Day), which are also attended by members of the GMC and other Group managers. These meetings are an
opportunity for the members of the corporate bodies and top management to discuss the progress of the strategy approved by
the Board and the development of the future strategy, also in relation to the definition of the annual budgets and the monitoring of
the three-year targets. The analyses and issues addressed in these meetings help to outline and review the operational methods by
which the Group operates and will operate in the future.
In these contexts, the Board also takes into account the consistency between relevant sustainability issues and the Group’s strategy,
requesting, where appropriate, adjustments in relation to the strategic issues to be addressed and the definition of targets, as well as
any interventions on policies and action plans for the management of priority environmental, social and governance issues.
For example, during 2024, the Board examined the outcomes of the double materiality assessment process, the implementation
of the Group strategy on climate change and the related objectives and the sustainability elements in the remuneration systems,
with the support of the ISC, as well as the progress of the project on the management of climate change-related risk, aimed at
identifying, monitoring, managing and mitigating these types of current and future risks to which the Group is exposed, with the
support of the RCC.
Incentives systems
In accordance with regulatory requirements and best international market practices, no variable remuneration is envisaged for Non-
Executive Directors and Statutory Auditors.
Sustainability Statement
85
The Managing Director and Group CEO, as the sole executive director, receives a total remuneration package that includes a fixed
remuneration, a variable remuneration subject to malus and clawback mechanisms, and benefits.
The variable remuneration
12
is based on a meritocratic approach and a multi-year horizon, comprising:
•  annual cash component - Group Short Term Incentive (STI):    
A bonus with a maximum cap equal to 200% of fixed remuneration. The bonus is linked to the achievement of financial (risk-
adjusted), economic, and operational objectives, as well as non-financial/ESG objectives, the latter accounting for 20%
13
of the
total;
•  deferred component in shares - Group Long Term Incentive (LTI):   
A multi-year plan based on Assicurazioni Generali shares, with a maximum cap of 200% of fixed remuneration. The plan provides
for the allocation of shares with deferral and lock-up periods over a 7-year timeframe
14
. The allocation is linked to an overall three-
year performance assessment, with performance indicators referring to relative TSR
15
(with payout starting from the median), Net
Holding Cash Flow
16
, and internal, measurable ESG objectives, which also have a 20% weighting.
These components are based on a combination of sustainable business objectives, ensuring a direct link between incentives and
both Group and individual results, covering financial (risk-adjusted), economic, operational, and non-financial objectives, including
specific measurable ESG performance indicators.
For Generali, sustainability is a key driver of market competitiveness, contributing to the attraction, motivation, and retention of talent.
This approach aims to conduct business activities with a positive impact on the environment, communities, social inclusion, and
employees. This is achieved through initiatives aimed at improving working conditions, equity, and pay equity. For this reason, the
variable remuneration of the Managing Director/Group CEO is also linked to the following ESG objectives within the Lifetime Partner
24: Driving Growth strategy:
•  annual cash component - Group Short Term Incentive (STI):
 - Sustainability Commitment: priority is given to the percentage of gross direct premiums from insurance solutions with ESG
components relative to the Group’s total gross direct premiums;
 - People Value: priority is given to the quality and solidity of the succession plan
17
, the percentage of employees upskilled, and the
reduction of the Group-wide Equal Pay Gap;
•  deferred component in shares - Group Long Term Incentive (LTI):
 - Sustainability Commitment: priority is given to new green and sustainable investments;
 - People Value: priority is given to the percentage of women in strategic positions.
The weighting of Sustainability Commitment objectives, related to climate considerations, is set at 10% for both components.
The level of achievement of ESG objectives is assessed against predefined ambitions, with measurability determined by setting
specific performance ranges to support the evaluation. The final assessment (and the corresponding payout level) is calculated using
a five-point scale, where 1 represents not achieved (with a payout of 0% of the so-called baseline) and 5 represents far exceeded
(with a payout of 200% of the baseline). This evaluation is approved by the Board of Directors upon the recommendation of the
Remuneration and Human Resources Committee (RHRC), supported by an assessment of actual results against the ambitions and
performance ranges set and considering strategic projects’ achievements.
The Group incentives system operates under corporate governance aligned with best international practices. This system carefully
monitors all activities, ensuring compliance with sustainability parameters and their concrete integration into daily decision-making
processes across all aspects of the business, as well as their correct reporting.
The corporate governance system related to ESG objectives includes a rigorous internal control process carried out by the Board
of Directors upon the recommendation of the RHRC, involving the Key Control Functions. This process includes, for each ESG
objective:
•  Identification of strategic priorities and annual and three-year ambitions, defined in line with the strategic plan set with the support
of the relevant and responsible corporate Functions;
•  Approval within the individual (STI) Balanced Scorecards (BSC) and the Group Long Term Incentive plan (LTI) of predefined ESG
goals and related levels of ambition, in line with the Group Remuneration Policy;
•  The constant and continuous monitoring of the performance of ESG goals;
12.  The variable remuneration structure outlined here also applies to the members of the Group Management Committee (GMC).
13.  The Balanced Scorecard is approved annually. The weighting of each component, including the ESG component, is reviewed every year.
14.  At the end of the three-year performance period, 50% of the accrued shares are granted based on the objectives achieved; 25% is immediately available, while the remaining 25% is subject to a one-year lock-up period from
the grant date. The remaining 50% of accrued shares is subject to an additional two-year deferral period, during which the accrued portion may be forfeited if the Group Gate required by the plan is not met or in the event of a
malus scenario as per the plan’s regulations.
  Once the achievement of the required thresholds has been verified and no malus conditions are met, and provided that the employment relationship with the Company (or another Group company) is still in place at that date,
the remaining 50% of accrued shares is granted. Of this, 25% (half of the second tranche of shares) is immediately available (allowing beneficiaries to cover tax obligations related to the grant), while 25% (the remaining half
of the second tranche) is subject to a one-year lock-up period from the grant date.
15.  The total return on investment for shareholders, calculated as the change in the market price of shares, including dividend distributions or dividends reinvested in shares.
16.  The net cash flow available at the Parent Company level within a given period, after holding expenses and interest costs. Its main components, considered from a cash flow perspective, include: remittances from subsidiaries, 
the result of centralised (re)insurance, financial debt interest, expenses and taxes paid or reimbursed at the Parent Company level.
17.  The definition and methodology for evaluating the Group CEO’s succession plan are detailed in the Remuneration Report.
Annual Integrated Report and Consolidated Financial Statements 2024
86
Generali Group
•  Overall assessment and reporting on the extent to which the ESG goals have been achieved (using a Missed, Met, Exceeded
scale) based on the actual results of predefined KPIs rated against the ambitions set, whose measurability has been further
enhanced by determining new specific performance ranges to support their evaluation;
•  Determination of the remuneration to be paid to beneficiaries;
•  Verification of the Company’s financial and economic position for the allocation of the remuneration accrued, in compliance with
the regulatory provisions and the Group’s Risk Appetite Framework;
•  Ex-post monitoring of the sustainability of performance over time for the payout of the deferred components of variable remuneration;
•  Verification that no conditions of malus, clawback and hedging exist.
Report on Remuneration Policy and Payments for further details on the internal control process
Statement on due diligence
The due diligence process refers to a series of practices and procedures that companies adopt to identify and assess, prevent,
mitigate or remediate, and monitor the actual and potential negative impacts of their activities, as outlined in the OECD Guidelines for
Multinational Enterprises. The objective is to ensure that companies conduct their business responsibly, considering all stakeholders
within the value chain.
The due diligence process is structured in the following phases:
•  identification and assessment of negative impacts: this initial phase involves identifying adverse negative impacts, both actual and
potential;
•  prevention of potential negative impacts: in this phase, specific measures are developed and implemented to prevent potential
adverse negative impacts;
•  mitigation or remediation of negative impacts: in case of material negative impacts, mitigation measures are implemented through
processes aimed at reducing or bringing to an end existing exposure and/or business relationship. Additionally, mechanisms for
the engagement of counterparties are foreseen to identify remedial actions;
•  monitoring the effectiveness of due diligence measures: periodic assessment mechanisms are established to monitor the
effectiveness of the measures adopted in the due diligence process;
•  implementation of procedures for reporting and managing concerns: operational mechanisms are established to receive and
manage concerns reported by all stakeholders.
The Group adopts the due diligence process with respect to the key areas of the value chain related to investment and insurance
processes, own operations and the supply chain.
In particular, based on the results of the process for the material negative impacts identification, linked to the double materiality
process, the Group discloses in this document its framework for managing negative impacts deriving from investment and insurance
activities related to climate change and biodiversity. Below are the references to the due diligence process described within the
Sustainability Statement:
Core elements of due diligence Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy and
business model
•  GOV-1: The role of the administrative, management and supervisory bodies 
•  GOV-2: Sustainability information provided to administrative, management and supervisory bodies
•  SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business 
model
b) Engaging with affected stakeholders in all key steps of the
due diligence
•  SBM-2: Interests and views of stakeholders
c) Identifying and assessing adverse impacts
•  IRO-1: Process to identify and assess material impacts, risks and opportunities
•  SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business 
model
d) Taking actions to address those adverse impacts
•  E1 Policies: Responsible Investor and Responsible Insurer
•  E1 Actions for climate change mitigation and adaptation: Responsible Investor and Responsible
Insurer
•  E4 Policies: Responsible Investor and Responsible Insurer
•  E4 Actions: Responsible Investor and Responsible Insurer
e) Tracking the effectiveness of these efforts and
communicating
•  E1 Climate change mitigation and adaptation targets: Responsible Investor and Responsible Insurer
•  E4 Metrics Responsible Investor
Sustainability Statement
87
Impact, risk and opportunity management
Process to identify and assess material impacts, risks and
opportunities
The double materiality assessment is the process through which the Group identifies material environmental, social and governance
sustainability matters, taking into consideration both the impact dimension and the financial dimension. Group Chief Sustainability
Officer oversees this process, with the support and engagement of the main internal business and control functions, as well as local
sustainability functions. To guarantee the quality of the process, data and information, an internal organisational procedure has been
formalised that describes the double materiality process performed by the Group. This internal document includes an indication of
the key figures involved in each phase, the roles and responsibilities of each of them, as well as the main controls.
In order to identify material impacts, risks and opportunities for the Group and its value chain, a process based on four key phases
was followed, inspired by the guidelines issued by EFRAG.
Methodology tuning
The first phase of the process aims at defining the methodological foundations of the double materiality process, in particular:
•  scope of the assessment: the assessment of the impact and financial materiality was performed considering the sub-topics related
to the 10 topics identified by the ESRS and further analysing entity-specific topics taking into account the business, industry trends
and previous materiality assessments carried out by the Group. The assessment has been performed on each sustainability matter
at sub-topic level to better identify material impacts, risks, and opportunities;
•  value chain: Generali Group’s value chain is divided into four segments: investments, insurance, own operations, and supply chain.
This breakdown considered the business model and the responsible roles identified by the Group.
Strategy, Group business model and value chain for further details
•  time horizon: the three time horizons provided for by the regulations were considered (short – up to 1 year; medium - 1-5 years;
long term - over 5 years). The final output of the double materiality is the result of the aggregation of the three time horizons
weighted based on the weights identified by the Group, giving greater value to the medium-term perspective (60%), followed by
the long-term (30%) and short-term (10%);
•  stakeholder to engage: internal and external stakeholders have been identified, as well as the methods for involving them during
the different phases of the process, including:
 - data owner functions at Group Head Office (GHO) level, directly involved in the double materiality process by providing data,
commenting on, and validating analyses and results;
 - the Sustainability GHO Taskforce, an inter-functional forum that includes the main Group Business Owners, which was involved
both in defining the methodological choices and in reviewing and commenting on the results of the analysis;
 - the Sustainability Community, a network that includes representatives of local Sustainability function, and the Sustainability
Council, made up of representatives of BU-level Sustainability function, who were involved through an ad hoc survey to gather
the local point of view;
 - Group Management Committee (GMC) members, involved through one-to-one interviews, to gather further feedback on the
results of the analyses and strategic implications;
 - selected external stakeholders identified among Generali’s partners to cover the Group’s entire value chain and weighted
according to the Salience Model
18
. The engagement took place through interviews with representatives of relevant initiatives,
industry organisations, NGOs and companies representing the stakeholder categories identified by Generali, to gather comments
and insights on the results obtained.
18.  The Salience Model is a tool that allows the analysis and classification of stakeholders based on three main attributes: power (the ability of a stakeholder to influence the project or its outcome), legitimacy (the degree of authority
or legitimacy that a stakeholder has in the context of the project) and urgency (the level of priority with which the stakeholder's requests require an immediate response).
Definition of the main
methodological choices that
guided the double materiality
process.
Desk analysis of positive
and negative impacts, risks,
and opportunities for each
sub-topic.
Engagement activities
with internal and external
stakeholders to gather
feedback and preliminary
results.
Validation of results by top
management and sharing
with the Innovation and
Sustainability Committee
and approval by the Board of
Directors.
METHODOLOGY TUNING PRE-ASSESSMENT FEEDBACK COLLECTION FINAL VALIDATION
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Generali Group
To guarantee the soundness and effectiveness of the process, the methodological choices underlying the double materiality
assessment were shared with the members of the Sustainability GHO Taskforce and with the local Sustainability representatives.
Pre-assessment
The double materiality assessment was performed considering all ESRS sub-topics, as well as additional topics, for each of the
four value chain segments: investments, insurance, own operations, and supply chain. Each sub-topic was assessed from both an
impact and a financial perspective, with a short- and medium-term time horizon and considering the specific characteristics and
geographical areas in which the Group operates.
Both impact and financial dimensions were assessed on a scale from 1 (minimum) to 5 (maximum), based on the criteria of severity
and likelihood, which were also measured on an intensity scale from 1 to 5, with a materiality threshold set at 4 (significant).
As for impact materiality, the analysis was performed by assessing both positive and negative impacts. Any positive and/or negative
impact with an assessment above the materiality threshold was considered material. The assessment was calculated considering:
•  severity: calculated as the sum of the scale, scope, and irremediable nature of the impact (only in the case of a negative impact);
•  likelihood of the impact.
As regards financial materiality, both risks, in terms of inherent risk and in line with the Group’s Risk Management process regarding
assessments of operational risks and climate risks, and opportunities were analysed and assessed. Any risk and/or opportunity with
an assessment above the materiality threshold, was considered material. The assessment was calculated considering:
•  severity: determined as a combination of the dependencies that may influence the ability to continue to use or obtain needed
resources in business processes and the dependencies that may affect the ability to rely on relationships needed in business
activities at acceptable conditions;
•  likelihood that the risk or opportunity may occur.
Risk Management process
Within the impacts and risks identification process for the double materiality assessment, the results of the risk assessment activities
conducted at Group level have been considered.
The risk management framework, defined in the Risk Management Group Policy, is founded on four processes:
•  risk identification;
•  risk measurement;
•  risk management and control;
•  risk reporting.
The Group risk identification process aims at guaranteeing that all material risks to which the Group and its Legal Entities are exposed are
properly identified.
To this end, Generali relies on a group-wide process called Main Risk Self-Assessment (MRSA). According to this process, at both Group
and local level, the risk management function liaises with the respective business functions to ensure that main risks are identified and
assessed, based on their likelihood of occurrence and severity, and that possible mitigation actions are identified.
All risks are considered, both quantifiable, included in the calculation of the Solvency Capital Requirement (SCR), and non-quantifiable
ones, i.e., not included in the calculation of the SCR, among which emerging and sustainability risks, for which no capital requirement is
allocated. Specific prescriptions for managing the different risk categories are provided in the respective Group Policies and in the related
Group Guidelines, as well as in the Group Risk Appetite Framework.
The results of the Risk Management process are reported to the Board of Directors and to the Supervisory Authority through the ORSA
report, as well as included in several public disclosures such as Solvency and Financial Condition Report. Specifically, emerging and
sustainability risks’ descriptions are provided in the Emerging and Sustainability Risks Booklet.
In performing its analyses, Generali relied on internal data and analyses, where available, such as climate scenario analysis,
operational risk assessments, metrics, and existing targets. In addition to internal data, external data and information from data
providers, industry studies and market-recognised institutions/associations were used. In case quantitative analyses were not
possible, qualitative analysis was carried out, supported by the expert judgement of the key functions involved in the process.
Sustainability Statement
89
Examples of the main sources
19
used in the analyses are listed below:
Dimension Environment Social Governance
Impact
•  P&C underwriting portfolio
•  Investment portfolio
•  ENCORE UN database for impact across
industries
•  WWF Risk Filter heatmap by country
•  Standard setters for nature impact in the
financial space (e.g., TNFD)
•  P&C underwriting portfolio
•  Investment portfolio
•  Refinitiv and MSCI database for HR-related
metrics
•  International Trade Union Confederation for
human rights ratings
•  UN Global Compact principles and UN
Guiding principles
•  P&C underwriting portfolio
•  Investment portfolio
•  Refinitiv and MSCI database for
governance-related metrics
•  Internal documents on several governance
topics (e.g., Ethical Code for Suppliers of
the Generali Group, Generali Group Code of
Conduct, other internal policies)
Financial •  P&C underwriting portfolio
•  Investment portfolio
•  ENCORE UN database for impact across
industries
•  ORSA Report 2023 (Group risk assessment)
which, in addition to capital risk
assessments, also includes the results of
the Main Risk Self Assessment (MRSA)
and the analyses of Clim@risk and of
operational risks through the Overall Risk
Assessment (ORA)
•  Carbon footprint baseline
•  P&C underwriting portfolio
•  Investment portfolio
•  Peers’ initiatives and positioning on social
topics
•  Position papers on social sustainability in
insurance (e.g., Geneva Association)
•  Group Operational risk heatmap
•  P&C underwriting portfolio
•  Investment portfolio
•  Peers’ initiatives and positioning on 
governance topics
•  Monetary sanctions/fines for compliance
violations
•  Group Operational risk heatmap
The analyses and assessments of the financial impacts associated with each sub-topic under analysis included, where applicable,
any significant implications highlighted by the impact analysis. For example, with regard to climate change, the negative impact
associated with GHG emissions and portfolio exposures entails a transition risk that affects operating results and net asset values,
with a varying magnitude depending on the climate scenario considered. Another example concerns workforce-related topics: in this
case, the positive impact in terms of training, skills development, well-being and a stimulating work environment entails a financial
opportunity since a stimulating and growth-oriented work environment, with a strong focus on people’s well-being, can lead to better
employee performance.
The Group Risk Management function also contributes through controls over reputational risks arising from the management and
communication of the Group’s impacts on sustainability factors (e.g., greenwashing risks), as well as by performing second-level
controls on certain business processes, such as the negative screening led by the Group Chief Investment Officer function.
Feedback collection
Stakeholder views and interests are a key step in identifying the impacts, risks and opportunities that are material to Generali and
its value chain.
The results obtained in the pre-assessment phase were initially commented on and validated by the data owner functions at GHO
level and by the Sustainability GHO Task Force to assess the soundness and consistency of the results. To also include the local point
of view, Generali involved over 40 countries in which it operates, through an ad hoc survey sent to local sustainability representatives
belonging to the Sustainability Community and the Sustainability Council, in which they were asked to provide feedback on the
results obtained in the pre-assessment phase, also considering short and long-term time horizons.
Together with internal stakeholders, the feedback collection phase actively involved selected external stakeholders, who provided
a significant external perspective to integrate material topics into the Group’s business model and strategy. The stakeholders were
involved through individual interviews, with the aim of presenting the results of the double materiality assessment and gathering
feedback and comments on the impacts, risks and opportunities related to the sustainability matters analysed, with a focus on both
the short and medium term and the long term.
The following table shows, for each stakeholder category identified by the Group, the stakeholders involved in the double materiality
process in addition to the data owner functions and the internal relevant communities, along with the link to the value chain segment
to which they refer.
19.  With reference to the portfolios within the double materiality process, the P&C underwriting portfolio includes, unless otherwise indicated, GC&C and Commercial SMEs - NZIA scope, and the investment portfolio includes general
account direct investments of the Group's insurance companies in listed corporate bonds and equities.
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90
Generali Group
Value chain segment Stakeholder group Participants Representative of
Cross-segment Employees •  European Works Council •  Over 70% of Generali employees
Investment Financial community •  UNEP FI-PRI 
UNEP FI-PSI
•  Over 5,000 signatories
•  33% of global premiums
Insurance/Investment Clients •  Better Finance (financial users)
•  EU Entrepreneurs CEA-PME (SME)
•  Broker
•  4 million users of financial services
•  2.6 million SMEs in the EU
•  Broker most relevant to Generali by
company size
Insurance Agents •  Agents for Italy and France •  Network of agents in key markets by 
total operating results
Own operations Community •  Share Action
•  Finance Watch
•  Over 10,000 promoters of responsible 
investment policies
•  European non-profit association
with over 110 non-profit members to
coordinate actions on financial reform
Supply chain Contractual partners •  Service providers  •  Most significant expense categories at
Group level
The views and interests gathered from each stakeholder were formalised and consolidated in the analyses, influencing the
assessments of the segments of the value chain to which they referred.
Once all the feedback received during the analyses had been collected and consolidated, the final results of the double materiality
assessment were shared individually with the members of the GMC to gather further feedback on the results of the analyses and
the strategic implications.
The impacts, risks and opportunities related to sustainability matters identified as material for Generali and its value chain are those
which, following the analyses and feedback obtained, have an assessment of 4 (significant) and 5 (highest assessment). Any impact,
positive or negative, risk or opportunity assessed above the materiality threshold is included in the Sustainability Statement.
Final validation
The last step of the process requires both the methodology and the final results to be formalised and presented to the GMC and the
Innovation and Sustainability Committee (ICS) respectively. Subsequently, the final results were presented to the Board of Directors
of Assicurazioni Generali S.p.A., which approved them on 20 May 2024.
During the double materiality assessment performed at Group level, representatives from all Group companies were involved,
including those belonging to the so-called ancillary businesses which mainly consist of banking and agricultural businesses. Detailed
analyses were carried out to identify any additional considerations and potential significant differences. In particular, for Banca
Generali Group, a comparative analysis was performed between the results of the Generali Group’s double materiality assessment
and those that emerged from the double materiality assessment carried out by the banking group, as it is required to prepare its
own Sustainability Statement in accordance with Legislative Decree 2024/125; for Leone Alato Group and the company Deutsche
Bausparkasse Badenia Aktiengesellschaft, which are exempt from regulatory obligations, an analysis was requested focusing only
on impact materiality, the results of which were compared with the results of the analysis carried out at Group level. The analyses
did not reveal any significant differences
20
between the Group’s risk profile and the risk profiles of the respective ancillary businesses.
Below are the details of the methodological approach adopted by the Group to assess, through double materiality assessment,
the impacts, risks and opportunities associated with each environmental topic and, with regard to climate change, also the Group’s
resilience analysis and the related outcomes assessed through scenario analysis.
Processes to identify and assess material climate-related impacts, risks
and opportunities
In order to identify and assess climate impacts of Generali and its value chain, the carbon footprint related to own operations,
investment and insurance has been taken into consideration.
The emissions of Generali Group own operations
21
, calculated in accordance with GHG Protocol - Corporate Accounting and
Reporting Standard, recognized by the European Sustainability Reporting Standards on Climate Change, includes direct and indirect
Scope 2 market-based and Scope 3
22
GHG emissions. The emissions of the investment portfolio (indirect Scope 3 emissions,
20.  According to the methodology and approach adopted by Generali Group, for any subsidiary, including those of ancillary businesses, which carries out its own materiality assessment, a difference is considered significant only
if there are material topics identified that differ from those identified at Group level.
21.  The gases included in the calculation are CO
2
, CH
4
, and N
2
O for combustion processes and all greenhouse gases reported in the IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs).
22.  Indirect Scope 3 greenhouse gas emissions related to the Group’s own operations include: category 1 purchased goods and services; category 3 fuel- and energy-related activities (not included in Scope 1 or 2); category 5
waste generated in operations; category 6 business travel.
Sustainability Statement
91
category 15 investments) are calculated based on the last available data provided by MSCI. Regarding the insurance portfolio, the
total emissions related to the insurance portfolio for Personal Motor Retail and Corporate & Commercial insurance portfolios are
considered, with specific reference to clients who publish data on their own emissions.
In addition to the metrics mentioned, the exposure of Generali and its value chain to highly emitting sectors has been analysed: the
level of impact on climate change
23
of the sectors included into both investment and P&C underwriting portfolio, as well as those
related to the Group main spend categories, was assessed, weighted respectively by portfolio exposure or by spending distribution.
Regarding own operations, the level of impact on climate change associated with the financial sector was considered.
As a result of the analyses, material negative impacts and risks related to climate change mitigation, as well as material potential
positive impacts and risks related to climate change adaptation have been identified for investment and insurance segments.
Generali recognizes the importance of the financial sector in limiting climate change and accelerating the transition to a low-emission
economy. The double materiality assessment allowed the identification of the most material climate impacts and risks for the Group,
focusing on investment and insurance activities rather than own operations.
This assessment is based on the fact that direct climate impacts associated with the financial sector, together with the assessment
of greenhouse gas emissions associated with Group’s own operations, are lower compared to other sectors, as reported by the info
provider ENCORE. However, the climate impacts related to investment and insurance segments have been identified as material,
and the Group can act through its climate strategy.
Although the topic is not material for own operations, Generali believes that climate change must be addressed with all available
levers. Therefore, it has set reduction and a net-zero targets for own operations as well, in line with the responsible roles identified.
In assessing the financial materiality of climate change, the Group considered the results of the risk assessment performed by the
Group Risk Management (GRM) function as part of the annual Group Own Risk and Solvency Assessment (ORSA) process and
considered the regulatory pressure to which the financial sector is subject.
As part of the ORSA process, a scenario analysis on climate change is also carried out, which is explained below to provide evidence
of the resilience analysis.
Climate scenarios methodology
The impact of climate change risk on the Group’s portfolios is assessed using the proprietary Clim@risk methodology used through
the internally developed Aeolus tool.
The methodology allows to assess, for each reference climate scenario, the impact on the Group’s exposures through the application
of different levels of climate stress
24
.
The following risks are covered:
•  physical risk due to the variation in frequency and severity of climate-related natural events;
•  transition risk due to the variation in costs and revenues deriving from the transition to a green economy;
•  litigation risk due to higher costs deriving from legal cases and controversies due to climate matters.
The assessment is performed on the following portfolios:
•  investments: general account (which includes financial instruments and real estate, including buildings for own use), and unit-
linked. For the investment portfolio, all types of climate risk are assessed where relevant
25
;
•  P&C underwriting: Motor and Fire and other property damage lines of business, for which physical and transition risk are assessed;
and to the Directors & Officers (D&O) line of business, for which litigation risk is assessed;
•  life underwriting: for which physical and transitional risk are assessed.
Physical and transition risks considered in the climate scenario analysis, along with the value chain components (investment portfolio
and insurance portfolio), represent the Group’s significant elements considering its business model.
23.  The level of impact of each sector on climate change is based on ENCORE methodology and database.
24.  The Group has developed an internal tool (Aeolus) aimed at progressively enabling Group companies and business functions to access climate change analyses for activities related to reporting, business decisions (e.g., pricing
but also real estate portfolio management) and assessment of individual counterparties for asset allocation choices within decarbonisation strategies.
25.  The perimeter of analysis excludes cash and other types of assets not relevant from a climate perspective.
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Generali Group
The calculation made can be represented as follows:
Climate stress is determined starting from climate scenarios representing different levels of changes in the global temperature
expected at the end of the century compared to the pre-industrial period (1900-2100). Such changes mainly derive from the
assumptions of higher or lower emissions of CO
2
and other greenhouse gases in the atmosphere and their effect on the Earth’s
climate, whose output is a set of climate variables (e.g., temperature, precipitation, etc.).
The climate scenarios of the Intergovernmental Panel on Climate Change (IPCC) and of the Network for Greening the Financial
System (NGFS) sources are used, respectively:
•  IPCC for climate variables used for physical risks;
•  NGFS for energetic and macroeconomic variables used for transition and litigation risks
26
.
The following climate scenarios are considered to analyse transition and litigation risks
27
:
•  Low Demand: assumes the introduction of stringent climate policies and a change in population’s behaviours as well as in the
production processes, distinguished by strong technological developments aimed at energy efficiency. This scenario is consistent
with reaching global net-zero CO
2
emissions around 2050 in an orderly manner, limiting global warming to 1.5°C by 2100 compared
with pre-industrial period;
26.  In 2024, the scenarios defined by the NGFS Phase IV, published in November 2023, and for the physical risk, the IPCC Coupled Model Intercomparison Project, Phase 6 (CMIP6), were used.
27.  The Divergent Net-Zero (DNZ) scenario present in NGFS Phase III and used for non-financial disclosure at YE23, has been deleted in the NGFS Phase IV update due to the low plausibility of achieving the transition targets in a
disorderly manner. The Low Demand and Fragmented World scenarios have been introduced in NGFS Phase IV.
SCENARIO
IMPACT
CLIMATE STRESS EXPOSURES
X
The chart is simplified based on the NGFS Phase IV documentation.
Low HighPHYSICAL RISK
Low HighTRANSITION RISK
Net-Zero 2050
Stringent policies
and innovation
Delayed Transition
Stringent policies
from 2030
Below 2°C
Less stringent
policies
Low Demand
Stringent policies, lower
energy demand
Fragmented World
Late and divergent policies
Nationally Determined
Contributions (NDCs)
Pledged policies
Current Policies
No policies,
business-as-usual
Disorderly
Orderly
Too little, too late
Hot house
Sustainability Statement
93
•  Net-Zero 2050: assumes a gradual and homogenous introduction of stringent climate policies for all economic sectors (orderly
transition), and an increasing penetration of innovative low-carbon power generation technologies. Also this scenario is consistent
with reaching net-zero CO
2
emissions around 2050 and limiting global warming to 1.5°C;
•  Below 2°C: assumes an orderly transition like the Net-Zero 2050 (orderly transition), but with policies that become progressively
more stringent and a more contained technological development. Therefore, it is consistent with a more contained limitation of
global warming, equal to 2°C, as well as with the commitments defined with the 2015 Paris Agreement (COP 21);
•  Delayed Transition: assumes the introduction of very stringent policies only from 2030 onwards, keeping current policies in place
until that time. The scenario is consistent with a limitation of warming to around 2°C;
•  Nationally Determined Contributions (NDCs): assumes the achievement of all announced decarbonisation targets by 2030,
followed by a scenario where no further climate policies are introduced. The projected temperature increase consistent with this
scenario is above 2°C by 2100 given the not sufficient policy measures implemented (hot house);
•  Fragmented World: assumes the delayed and fragmented introduction of policies among countries globally, due to the increasing
geopolitical instability. Some countries follow the Current Policies scenario with no further policies (too little, too late). This scenario
is consistent with a little limitation of global warming;
•  Current Policies: assumes a scenario with no further climate policies introduced nor technological development to support the
transition. Also in this scenario, the target of limiting the temperature increase to below 2°C by 2100 is not achieved (hot house).
The NGFS scenarios provide the projections of energetic and climate variables used as a basis for the assessment of transition and
litigation risks. They include different potential evolutions of climate change mitigation policies, considering different levels of policies
ambition in terms of decarbonisation targets, technological innovation and speed of transitioning to a low-carbon economy.
The scenarios’ underlying variables allow to assess expected trends for the various economic sectors and/or transition related events
such as those:
•  political and legal, through the projection of variables linked to carbon cost, used for example to assess impacts on the real estate
portfolio;
•  technological, through the projection of variables linked to electricity demand and final energy consumption, both fossil and
renewable, dependent on the energy mix evolution in various countries as well as on the penetration of less emissive technologies
to assess economic impacts on each sector;
•  market, through variables linked to energy consumption in the transport sector, to assess the impact on this sector and on the
related insurance lines of business.
For the litigation risk assessment, further reputational aspects are considered for example by referring to ongoing litigations.
The geographical scale of the above-mentioned variables is at country level, when available. The value of the key macroeconomic
and financial variables like inflation and interest rates, is held constant in order to determine the impacts solely related to climate
trends.
For physical risks the Shared Socioeconomic Pathways (SSP) scenarios considered were SSP1-2.6, SSP2-4.5 and SSP5-8.5
28
.
The IPCC scenarios provide the projections of climate variables to assess the increase in severity and frequency of climate events
and the resulting physical risk impact on portfolios.
They represent a broad spectrum of possible future developments, which in turn depend on different levels of greenhouse gas
emissions and socio-economic developments. For this purpose, the following variables are considered for hazards linked to:
•  temperature: temperature and humidity variables are used to analyse the impact of chronic increases in temperature, heatwaves
and wildfires;
•  wind: wind speed variable is used to assess the impact of tropical cyclones and windstorms;
•  water: precipitation, wind speed, temperature and humidity variables are used to assess the impact of floods (distinguishing
coastal floods, river floods and pluvial floods) and hailstorms;
•  solid mass: soil moisture content variable is used to assess the impact of subsidence.
The above-reported climate variables are obtained from the regional-scale climate models of the CORDEX
29
project, which represents
the state-of-the-art of regional climate models in terms of spatial resolution. The analysis of physical risks for the investment and P&C
underwriting portfolios is based on a geographical grid with a resolution
30
that depends on data availability. For the life underwriting
portfolio, the physical risk analysis is made at country level.
28.  To assess the combined impact of transition, physical and litigation risks, the IPCC scenarios used for transition and litigation risk are associated to the NGFS scenarios used for physical risk, on the basis of the expected increase
in temperature in 2050. Specifically, the NGFS Low Demand, Net-Zero 2050 and Below 2°C scenarios are associated to the IPCC SSP1-2.6 scenario; the NGFS Delayed Transition and Nationally Determined Contributions (NDCs)
scenarios are associated to the IPCC SSP2-4.5 scenario; the NGFS Fragmented World and Current Policies scenarios are associated to the IPCC SSP5-8.5 scenario.
29.  Cordex is a program sponsored by the World Climate Research Program (WRCP) aimed at organising an international framework to improve regional climate projections on a global scale.
30.  Up to 90 m x 90 m for coastal and river floods, and generally up to 11 km x 11 km for the other above-described events, in the areas with the main Group exposures.
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Generali Group
To capture the most significant expected impacts, short, medium and long-term time horizons, respectively 2027, 2034, and 2050
31
have been considered. The analyses have been performed on the portfolios as at the closing date of the financial year, or with the most
recent update available, and they do not consider the impacts of future managerial and business actions, future adaptation measures
or changes in the macroeconomic and financial context. The representation of the results of the resilience analysis conducted is
based on the following three scenarios described above, representing three different levels of climate policy implementation and
three different levels of global warming: Net-Zero 2050, Delayed Transition and Fragmented World.
The resilience analysis is conducted on an annual basis and in any case revised in case of significant changes due to new regulatory
requirements (e.g., stress tests), updates in climate scenarios or significant methodological improvements during the year.
The findings are reported in the broader analysis described in the ORSA report, prepared on an annual basis with the support of
other corporate functions and subject to the Management and the Board of Directors review according to the process defined in the
Risk Management Group Policy.
The methodological specificities of Clim@risk for each portfolio in scope are reported below.
Investment portfolio
The climate stress is represented:
•  for transition risk, by a change in revenues of the Group investees, taking into account their economic sector and their decarbonisation
strategies, or, for real estate, by the costs necessary to reach the scenario’s decarbonisation targets;
•  for physical risk, by the costs due to change in frequency and severity of climate perils (i.e., impact of floods, storms for Group
investees and properties), considering the geolocation of the assets, such as properties, plants and equipments (Property, Plant
and Equipment - PPE);
•  for litigation risk by the cost for legal cases and controversies of investees.
The exposures include equities, corporate bonds, government bonds and real estate assets of the general account and unit-linked
portfolios
32
.
For the equity and corporate bond portfolio, to identify the most material exposures we analysed the economic sectors to which the
Group portfolio is most exposed and a major emphasis has been put to comprehend the ones most vulnerable to climate change,
classified according to the Climate Policy Relevant Sectors (CPRS
33
) literature and to the geographical distribution of the activities.
In particular, finance and other sectors less impacted by climate change represent the main part of the Group corporate investment
portfolio. Investments in sectors that are more impacted remain limited, such as fossil fuel, which represents a small part of the
portfolio, or energy (which also includes fossil fuels) and materials. For the purposes of the physical risk assessment, the exposures
were identified on the basis of their locations and production facilities
34
.
Government bonds were classified based on the reference country, mostly attributable to European countries, and assessed on the
basis of the sectoral composition of the related GDP.
The real estate portfolio has been analysed on the basis of the buildings’ energy consumption characteristics, of the CO
2
equivalent
emissions, and of their geolocation. The Group’s portfolio appears to be diversified across all energy classes, and as described in
Environmental information, mostly aligned with CRREM decarbonisation targets as of 2024. For the purposes of assessing physical
risk, it is taken into account that buildings are mostly offices in the European countries where the Group operates, characterised by
high levels of resilience to natural events.
The impact is reported as the change in Net Assets Value (NAV) determined through financial models to take into account the
economic impacts on the Group investees and properties arising from climate change stresses.
P&C underwriting portfolio
The climate stress is represented:
•  for transition risk, by a change in premium volume of the lines of business analysed;
•  for physical risk, by the change in frequency and severity of climate-related claims (e.g., flood, hailstorm, etc.), considering the
geolocation of the insured assets;
•  for litigation risk, by the cost of climate-related legal claims in D&O.
31.  2027, used for the short-term assessment, represents the strategic plan horizon; 2034, used for the medium-term assessment, represents a 10 year period which corresponds to the time-horizon on which emerging risks are
analysed within the MRSA risk identification process; 2050, used for the long-term assessment, represents the timeframe on which the mid-century decarbonisation targets of the 2015 Paris Agreement have been defined.
32.  The exposures exclude assets that are not relevant from a climate perspective such as, for example, cash. Investment funds are included in the assessment.
33.  Classification of economic activities for transition risk assessment, initially defined in the work of Battiston et al. (2017) www.finexus.uzh.ch/en/projects/CPRS.html.
34.  Exposures’ geographical location has been approximated based on each company’s revenues through its main business activities.
Sustainability Statement
95
The exposures include premiums and claims of the Solvency II lines of business most relevant for the Group, namely Motor and Fire
and other damage to property. D&O line of business is considered only with regards to litigation risk.
For the analysis we considered also the different geographies where the Group underwrites.
The financial impact is calculated in terms of:
•  higher claims resulting from the change in perils’ frequency and severity, also considering the different vulnerabilities of each
insured asset, and the increasing frequency of climate-related litigation cases;
•  change in premiums as a result of higher/lower demand for insurance coverage in each economic sector.
The impact is presented in terms of change in operating result
35
(on premiums for the transition risk and on climate-related claims for
physical and litigation risks) for each combination of line of business, sector and geography at a given future point in time.
Life underwriting portfolio
The climate stress is represented by the effects of changes in future mortality and morbidity rates respectively:
•  for transition risk, due to changes in air pollution following the introduction of decarbonization climate policies;
•  for physical risk, due to the increase in yearly average temperatures, but also due to heatwaves and vector-borne diseases
36
.
In terms of exposures, coherently with the implemented framework, include all of the Group life portfolios. In particular, for mortality,
stresses are applied both to portfolios exposed to mortality risk (e.g., term contracts) and to portfolios exposed to longevity risk (e.g.,
annuities), leading to possible offsetting effects which are consistent with the Group product diversification.
The impact resulting from the occurrence of the expected effects of climate scenarios, in terms of both changes in events related
to human life (mortality and morbidity rates) and changes in the value of investments covering liabilities for portfolios with profit
participation, was assessed through sensitivity analyses conducted using actuarial models and quantified in terms of changes in the
Best Estimate of Liabilities (BEL).
Considering the long-term horizon, and not having implemented either specific management actions in response to climate scenarios
or assumptions on future new business, this exercise is not intended to predict actual impacts, should a given climate scenario
materialise in the future, but aims at providing useful indications on the Group’s portfolios most exposed to climate change.
Results of climate change scenario analysis
The results of the analyses are reported for each portfolio included in the perimeter, for three reference climate scenarios
37
:
•  Net-Zero 2050, showing the orderly and timely policies as of the Paris Agreement and underpinning several decarbonisation
targets;
•  Delayed Transition, showing some late implementation of above-mentioned policies and an already occurring intensification of
climate trends;
•  Fragmented World, showing a geopolitical context characterised by increasing uncertainties and divergencies with regards to the
implementation of climate policies.
It should be noted that the results of climate scenarios depend on data of long-term climate and macroeconomic projections,
with modelling methodologies that are still evolving and maturing in the market
38
. At the same time, second-order impacts,
interconnections with other socio-demographic trends, and changes in the levels of current macroeconomic and financial variables
are not considered.
The impacts presented may therefore be subject to change and may not be comparable year on year due to improvements in
underlying methodologies, and developments in assumptions and data availability, as well as due to regulatory requirements and/or
alignment to market standards. The results reported below refer to YE24 data and will be subject to further in-depth analysis as part
of the risk assessments conducted for the purposes of the ORSA process.
35.  The operating result is to be considered as a technical result, derived from premiums net of claims and expenses.
36.  For vector-borne diseases, initial estimates have been made in the absence of mature measurement models in the relevant scientific literature. The diseases considered are: Dengue, Chikungunya and Zika.
37.  Also the other climate scenarios have been analysed and present results comparable to the abovementioned scenarios, specifically:
  •  Low Demand and Below 2°C scenarios show impacts similar to Net-Zero 2050 scenario in terms of physical risk, while impacts for transition risk are overall more limited;
  •  Nationally Determined Contributions (NDCs) scenario shows impacts similar to Delayed Transition scenario in terms of physical risk, while impacts for transition risk are overall more limited in absence of long-term climate
policies;
  •  Current Policies scenario shows impacts similar to Fragmented World scenario in terms of physical risk, while impacts for transition risk are not assessed given the absence of climate policies defining the specific scenario.
  Litigation risk remains limited also in these scenarios.
38.  In 2024, the Clim@risk methodology has been enhanced especially regarding transition risk on the real estate portfolio and physical risk, with a more comprehensive and detailed analysis of climate perils.
Annual Integrated Report and Consolidated Financial Statements 2024
96
Generali Group
Investment portfolio
The following chart shows the impacts of transition, physical and litigation risks for the general account investment portfolio, in terms
of change in net asset value (NAV), calculated as the difference between its values before and after the climate stress
39
.
For the general account portfolio, it can be observed that:
•  impacts deriving from transition risk:
 - under Net-Zero 2050 and Delayed Transition scenarios, estimated overall losses are equal to less than 2% of total investments
and are driven by Equities and Corporate Bonds. Impacts remain limited given the low concentration in high-risk sectors, such
as the fossil fuel sector, due to decarbonisation and restriction policies already in place within the Group, or other highly emissive
sectors. The lower contribution of government bonds is mostly attributable to investments in sovereign bonds of economies
with transition plans already aligned to the scenarios’ decarbonisation targets. Finally, real estate investments present an overall
limited exposure as they constitute a minor portfolio portion; the impact is due to the adaptations required to meet long-term
decarbonisation targets
40
;
 - in the Fragmented World scenario are generally similar to Delayed Transition scenario as transition policies are enforced late and
with less effectiveness since they are not pursued in a globally coordinated manner;
•  impacts deriving from physical risk:
 - under Net-Zero 2050 scenario are limited as a consequence of the underlying assumptions of implementing effective policies
to limit global warming;
 - under Delayed Transition scenario, are just over 5%, due to losses related to a series of investees in areas of high physical
risk in European countries, and to a number, even if lower, of investees in US and Asian areas exposed to even more extreme
phenomena such as tropical cyclones. The contribution of government bonds is lower than the one of equities and corporate
bonds, due to the higher resilience of countries compared to the one of individual private issuers against climate-related losses.
Similarly, impacts on the real estate portfolio are limited, as assets are located in low-risk areas as well as due to their level of
resilience and the adaptation measures already in place;
 - under Fragmented World scenario are lower than 10%. The largest impact compared to the Delayed Transition scenario is due
to the worsening of climate phenomena in the absence of effective transition policies to limit global warming;
•  impacts deriving from litigation risk:
 - under all scenarios remain limited and result in estimated losses less than 1% due to the Group’s limited exposure to economic
sectors that are more prone to legal cases climate-related.
39.  The following assumptions have been considered for the interpretation of the results: financial markets are considered efficient hence market values fully reflect climate scenarios’ future assumptions; asset allocation is kept
unchanged for the whole projected period and bonds at maturity are reinvested at same conditions; financial market variables (e.g. inflation, interest rates) are based on financial scenarios as at end of the previous year and
kept unchanged over the projection period, without considering how they can be affected by climate.
40.  The real estate portfolio shows impacts mainly related to the transition to the energy efficiency requirements represented by the alignment with the CRREM (Carbon Risk Real Estate Monitor) targets. Transition risk impacts on
real estate portfolio benefit from the increasing availability of buildings' CO
2
, emission data, showing a higher share of real estate portfolio already aligned to the CRREM targets. It is worth noting that the physical risk impacts
are less significant because properties are mainly located in areas less exposed to the intensification of climate events.
Changes in asset values under climate scenarios assumptions (reference year 2050)
0.0%
-5.0%
-10.0%
Delta NAV
Transition risk
Physical risk
Litigation risk
Delayed
Transition
Fragmented
World
Net-Zero
2050
Sustainability Statement
97
The unit-linked portfolio presents higher overall impacts due to the higher weight of the corporate equity and bond portfolio compared
to the government one. At asset class level, the profile presents no significant changes.
P&C underwriting portfolio
The analyses carried out show the impacts of transition, physical and litigation risks for the P&C underwriting portfolio
41
, in terms of
change in operating result, calculated as the difference between its values before and after the climate stress
42
.
It can be observed that:
•  impacts deriving from transition risk:
 - under Net-Zero 2050 and Delayed Transition scenarios are mainly driven, in the Motor business, by the worse penetration of
private transports and the higher use of public transport or shared mobility. For the Fire and Other Property Damage business
line, a positive impact is observed due to the increase in the value of insured real assets and thus to a higher premium at
unchanged rates, subject to renovation for energy efficiency;
 - under Fragmented World scenario, are more limited as a consequence of lower adaptation efforts;
•  impacts deriving from physical risk:
 - under Net-Zero 2050 scenario are overall limited;
 - under Delayed Transition scenario are material and driven by exposures in the Fire and other property damage line of business
largely located in high-risk areas:
 ∙ flood in Italy, France and Central Europe, where events are expected to be up to three times more intense and frequent than
today. Specifically, among floods, Italy observes a significant increase in coastal and pluvial floods; France in coastal and fluvial
floods, while Central Europe is exposed to a greater increase of fluvial floods;
 ∙ hailstorms in Germany, Switzerland and Austria, with events on average twice as intense and frequent than today;
 ∙ tropical cyclones in certain parts of Asia with events up to three times more frequent than today, although their impact remains
limited due to the Group’s low exposure in these areas. An increase in phenomena similar to tropical cyclones, so-called
extratropical cyclones, is also observed in European territories on the Atlantic coast;
 - under Fragmented World scenario are expected to further increase given the scenario’s underlying hypotheses of intensification
of long-term climate events. In this scenario, an increased intensity of climate phenomena and a greater extension of the
territories affected is observed;
•  impacts deriving from litigation risk:
 - under all scenarios remain limited due to the Group’s marginal exposure to the D&O line of business.
Life portfolio
The analyses carried out show the impacts of transition and physical risks for the Life underwriting portfolio, in terms of change in
Best Estimate Liabilities (BEL), calculated as the difference between its values before and after the climate stress. It is worth noting
that a negative sign implies a positive effect.
It can be observed that:
•  impacts deriving from transition risk are marginal and generally positive on portfolios exposed to mortality risk, as for protection
products, as a result of improved air quality, partly offset by the opposite effect on the portfolio exposed to longevity risk, as for
annuity products;
•  impacts deriving from physical risk:
 - under Delayed Transition scenario are driven by increased mortality rates in countries where an intensification of acute heatwaves
and spread of vector-borne diseases are expected. This is observed especially in southern European countries, where heatwaves
alone are expected to cause an increase in mortality of up to +50 deaths per 100,000 inhabitants, although partly offset by
reduced mortality due to fewer deaths in winter months. Similar impacts are also observed in terms of increased morbidity risk;
 - under Fragmented World scenario are worse due to the intensification of heatwaves and higher vector-borne diseases
contribution, with a consequent increase in mortality of up to +80 deaths per 100,000 inhabitants in some Asian and southern
European countries;
 - under Net-Zero 2050 scenario are slightly better due to a lower intensification of heatwaves and a lower vector-borne diseases
contribution.
In addition to these resilience analyses, controls are also carried out regarding the respect of the decarbonisation plan, aimed at
reducing transition risks, and the alignment with exclusion policies towards sectors with particular climate-related impacts, such as
coal and unconventional oil and gas.
Moreover, climate change risk management is integrated into decision-making processes through the definition of a specific
framework, including limits and remedial actions in case of breaches.
41.  For the purpose of identifying P&C underwriting portfolio exposures and their location, the latest available data at the measurement date have been considered.
42. The following assumptions have been considered for the interpretation of the results: combined ratio is kept unchanged as premiums change (for calculating transition risk’s impacts); price adjustments and changes to
reinsurance structure are not considered; external market conditions like reinsurance availability and legislation are kept unchanged.
Annual Integrated Report and Consolidated Financial Statements 2024
98
Generali Group
Limits have been defined for the investment portfolio, complementing the already existing set of controls related to the application of
the ESG principles in the investment processes. The aim is to maintain the Group’s risk profile within the thresholds defined based
on measurements made and to monitor the achievement of carbon intensity reduction objectives by setting annual tolerance limits
defined on the basis of intermediate targets as well as the adoption of mitigation measures.
Environmental information, Responsible investor for further information
Processes to identify and assess material pollution-related impacts, risks
and opportunities
The assessment of impacts on pollution is based on the exposure of Generali and its value chain to sectors that impact on pollution.
The level of impact on pollutants
43
of the sectors included into both investment and P&C underwriting portfolio, as well as those
related to Group main spend categories, was assessed, weighted respectively by portfolio exposure or by spending distribution.
Regarding own operations, the level of impact associated with the financial sector was considered. An analysis was also performed
on Generali and its value chain exposure to sectors that impact on microplastics and substances of concern
44
.
In addition, the assessment considered also the exposure to countries with very high levels of pollution
45
where Generali operates as
an insurer or investor and where there is at least one office of the Group.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on the
quality of resources
46
, weighted by portfolio exposure or by spending distribution. As for own operations, the level of dependency
associated with the financial sector was considered. Additionally, a qualitative assessment was performed on the sectors most
exposed to pollution-related controversies, including the financial sector, using Refinitiv Database.
The analyses to identify and assess impacts, risks, and opportunities related to pollution did not involve affected communities.
However, the results of the double materiality assessment were presented and discussed with selected external stakeholders,
representative of the main categories identified by the Group.
As a result of the analyses, no material impacts, risks, or opportunities related to pollution were identified in any segment of Generali’s
value chain, including its own operations.
Processes to identify and assess material water and marine resources-
related impacts, risks and opportunities
The assessment of impacts on water and marine resources is based on the exposure of Generali and its value chain to sectors that
impact water resources: the level of impact on water resource consumption
47
of the sectors included into both investment and P&C
underwriting portfolio, as well as those related to Group main spend categories, was assessed, weighted respectively by portfolio
exposure or by spending distribution. As for own operations, the level of impact associated with the financial sector was considered.
In addition, the assessment considered also the exposure to areas with high water scarcity
48
in each country where Generali operates
as an insurer or investor and where there is at least one office of the Group.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on surface
water, groundwater, and water quality
49
, weighted by portfolio exposure or by spending distribution. As for own operations, the level
of dependency associated with the financial sector was considered.
The analyses to identify and assess impacts, risks, and opportunities related to water and marine resources did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
As a result of the analyses, no material impacts, risks, or opportunities related to water and marine resources were identified in any
segment of Generali’s value chain, including its own operations.
43.  Pollutants considered in the analysis: non-GHG air pollutants; soil pollutants and water pollutants. The level of impact of each sector on pollutants is based on ENCORE methodology and database. 
44.  Sources: European Chemicals Agency (ECHA) and United Nations Environment Programme (UNEP).
45.  The level of pollution of each country was identified using the WWF Risk Filter Suite methodology, applied to the indicator based on nutrient, pesticide, and air pollution. High-risk areas are those with high levels of nitrogen and
pesticides per hectare of cultivated land, high concentrations of nitrogen in freshwater, and a high impact of nutrient and chemical pollution in marine areas.
46.  The analyses considered dependencies on the following types of resources: surface water, groundwater, water quality and soil quality. The level of dependency of each sector is based on ENCORE methodology and database.
47.  The level of impact of each sector on water resource consumption is based on ENCORE methodology and database.
48.  The level of water scarcity in each country was identified using the WWF Risk Filter Suite methodology, applied to the indicator related to the physical abundance or lack of freshwater resources.
49.  The level of dependency on surface water, groundwater, and water quality of individual sectors is based on ENCORE methodology and database.
Sustainability Statement
99
Processes to identify and assess material biodiversity and ecosystem-
related impacts, risks and opportunities
The assessment of impacts related to biodiversity and ecosystems is based on the exposure of Generali and its value chain
to sectors that impact biodiversity and ecosystems. The level of impact on the different areas that have a direct impact on
biodiversity
50
change of the sectors included into both investment and P&C underwriting portfolio, as well as those related to
Group main spend categories, was assessed, weighted respectively by portfolio exposure or by spending distribution. Regarding
own operations, the level of impact associated with the financial sector was considered. Additionally, an analysis of biodiversity
exposure was carried out for each country where Generali operates
51
as an insurer or investor and where there is at least one
office of the Group.
Generali has sites located near
52
biodiversity sensitive areas
53
. In accordance with European regulations and their national
implementations
54
, Generali is not required to implement biodiversity mitigation measures for these sites.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on
biodiversity and ecosystems
55
, weighted by portfolio exposure or by spending distribution. As for own operations, the level of
dependency associated with the financial sector was considered. Systemic risks were not considered in the assessment.
The analyses to identify and assess impacts, risks, and opportunities related to biodiversity and ecosystems did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
As a result of the analyses, potential negative impacts on biodiversity were identified for investment and insurance segments. No
material risks and opportunities were identified regarding biodiversity and ecosystems, and no material dependencies on biodiversity,
ecosystems, and their services were identified in any segment of Generali’s value chain, including own operations.
Processes to identify and assess material resource use and circular
economy-related impacts, risks and opportunities
The analysis of impacts, risks and opportunities performed for assessing the topic resource use and circular economy are based on
qualitative assessments and considered Group’s own operations, investment and insurance activities, and supply chain activities,
mainly related to services. With reference to the assessment of the impact on the sub-topic waste, an analysis of exposure to sectors
impacting solid waste
56
production was performed with reference to both investment and P&C underwriting portfolio. Regarding
own operations, a qualitative assessment was carried out, considering the impact associated to the adoption of internal regulations
related to the topic.
The assessment of impacts, risks, and opportunities related to resource use and circular economy did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
As a result of the analyses, no material impacts, risks, and opportunities were identified regarding resource use and circular economy
in any segment of Generali’s value chain, including own operations.
50.  The direct impact factors on biodiversity loss considered in the analysis are: climate change, land-use change, fresh water-use change and sea-use change, resource exploitation, invasive alien species, and pollution. The level
of impact of each sector is based on ENCORE methodology and database.
51.  The level of biodiversity exposure for each reference country has been identified using the WWF Risk Filter Suite methodology, applied to the indicators Provisioning services, Pressures on biodiversity, and Environmental Factors.
52.  Within 2 kilometers of biodiversity sensitive areas.
53.  Areas included in the Natura 2000 Network and KBAs.
54.  In accordance with Directive 2009/147/EC of the European Parliament and of the Council on the conservation of wild birds; Council Directive 92/43/EEC on the conservation of natural habitats and of wild fauna and flora;
Environmental Impact Assessment (EIA) as defined in Article 1(2), point (g), of Directive 2011/92/EU of the European Parliament and of the Council on the assessment of the effects of certain public and private projects on the
environment; and for activities located in third countries, in accordance with equivalent national provisions or international standards, such as the International Finance Corporation (IFC) Performance Standard 6: Biodiversity
Conservation and Sustainable Management of Living Natural Resources.
55.  The following types of dependencies were considered in the analyses: ecosystem services that constitute a direct physical input in a production process, those that are an enabling factor for all or part of a production process, 
those that help mitigate the direct impacts associated with a production process, and those that provide protection from disruptions to the production process. The level of dependency of individual sectors is based on ENCORE
methodology and database.
56.  The level of impact of each sector on solid waste production is based on ENCORE methodology and database. 
Annual Integrated Report and Consolidated Financial Statements 2024
100
Generali Group
Process to identify and assess material business conduct impacts, risks
and opportunities
The assessment of impacts, risks, and opportunities regarding business conduct
57
was performed considering own operations and
the Group’s core business, including supply activities.
The assessment of impacts on business conduct is based on both qualitative evaluations that considered the impact derived from
the adoption of internal regulations
58
, which set the fundamental conduct rules to be adopted in the development of Group’s activities
and business, and on analyses of Generali and its value chain exposure
59
to sectors that impact business conduct. Additionally, with
reference to the impact of the Group’s own operations on the sub-topic corruption and bribery, the level of corruption in the countries
where Generali operates was considered
60
.
Regarding the financial dimension, the results of the risk assessment activity on operational risks associated with business conduct
were considered. A qualitative assessment
61
was also carried out on the sectors most exposed to controversies on the topic.
Following the analyses carried out, positive impacts were identified for own operations segment regarding the sub-topics of corporate
culture, protection of whistle-blowers, corruption and bribery, and a positive impact on the sub-topic of management of relationships
with suppliers for the supply chain segment.
Disclosure requirements covered in the Sustainability
Statement
In compliance with Directive 2022/2464/EU (Corporate Sustainability Reporting Directive - CSRD), transposed by Legislative Decree
2024/125, and with the Delegated Regulation 2023/2772/EU regarding the European Sustainability Reporting Standards (ESRS),
the information to be included in the Sustainability Report was identified based on a double materiality assessment. This process
assessed, on a scale from 1 (minimum) to 5 (maximum) the positive and negative impacts (impact dimension) and the risks and
opportunities (financial dimension) of the 37 sub-topics listed in the ESRS, including an entity-specific sub-topic, for each segment
of the value chain.
In consideration of the current ESRS, which are sector agnostic, the material impacts, risks and opportunities related to the investment
and insurance value chain segments, which relate to climate change mitigation, climate change adaptation, demographic changes
and biodiversity and ecosystems, are addressed through entity-specific reporting - while following the approach set out in the
disclosure for each topic - in order to reflect the specific characteristics of these matters.
Disclosures concerning own workforce, privacy and access to quality information, corporate culture, protection of whistle-blowers,
corruption and bribery and management of relationships with suppliers are provided in accordance with the relevant ESRS. All
information relating to the impacts, risks and opportunities material for each segment of the value chain at sub-topic level is reported.
This approach is applied to all sub-topics, with two specific exceptions:
•  for the sub-topic working conditions of own workforce, material for the own operations segment, a specific analysis was carried
out on the materiality of the sub-sub-topic adequate wages. Benchmarking and internal analyses confirmed that the financial/
insurance sector is one of the most competitive sectors, thus excluding the materiality of this sub-sub-topic;
•  for the sub-topic management of relationships with suppliers, material for the supply chain segment, a specific analysis was
performed on payment practices towards Small and Medium Enterprises, concluding that the sub-topic payment practices is
not material. This conclusion is supported by the One Procurement Group Guideline, which directs and harmonises procurement
practices at Group level, and by the absence of significant passive litigations.
The following table serves as a content index for all disclosure requirements, whether material or mandatory, that have been
considered in the preparation of the Sustainability Statement. In order to provide an integrated and more accessible overview, it also
includes the datapoints derived from other EU legislative acts listed in Appendix B of the ESRS 2 standard, indicating their relevance
and where they can be found in the Sustainability Statement.
Minimum disclosure requirements (MDR) about policies, actions, metrics, and targets are detailed in the chapters related to each
material topic. With reference to MDRs about policies requiring scope of application and availability of policies, all Group internal
regulations are adopted and implemented in compliance with applicable laws, regulations, and collective agreements. This is done
while taking into account dimension, internal organisation, and nature of the Group companies, as well as the scope of activities and
57  Topics related to business conduct include: corporate culture, protection of whistle-blowers, animal welfare, political engagement and lobbying, management of relationships with suppliers, and corruption and bribery (source:
ESRS G1).
58.  Examples of internal regulations considered in the analysis: Generali Group Code of Conduct, Ethical Code for Suppliers of the Generali Group, AFC Group Policy and Guideline, Anti-Bribery and Anti-Corruption Group Policy.
59.  Analyses performed based on MSCI and Refinitiv databases. 
60.  Level of corruption by country according to the Corruption Perceptions Index provided by Transparency International.
61.  Analyses performed based on MSCI and Refinitiv databases. 
Sustainability Statement
101
the complexity of the business managed. These internal regulations are available to employees through the Group intranet. They are
also subject to a governance framework assigning to Group functions the responsibility of monitoring the implementation status of
such regulations and to local functions the responsibility of providing the necessary data for such monitoring.
Content index and summary of datapoints in ESRS 2 and topical ESRS that derive from other EU legislation
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 BP-1
General basis for preparation of the
sustainability statements
- - - - - p. 70
ESRS 2 BP-2
Disclosures in relation to specific
circumstances
- - - - - p. 70
ESRS 2 GOV-1
The role of the administrative,
management and supervisory
bodies
- - - - - p. 80
ESRS 2 GOV-1 - 21 (d)
Board's gender diversity
-
- p. 81
ESRS 2 GOV-1 - 21 (e)
Percentage of independent board
members
- -
- p. 81
ESRS 2 GOV-1 - G1
The role of the administrative,
management and supervisory
bodies
- - - - - p. 82, 84
ESRS 2 GOV-2
Information provided to
and sustainability matters
addressed by the undertaking’s
administrative, management and
supervisory bodies
- - - - - p. 84
ESRS 2 GOV-3
Integration of sustainability-
related performance in incentive
schemes
- - - - - p. 84
ESRS 2 GOV 3 - E1
Integration of sustainability-
related performance in incentive
schemes
- - - - - p. 85
ESRS 2 GOV-4
Statement on due diligence
- - - - - p. 86
ESRS 2 GOV-4 - 30
Statement on due diligence
- - - p. 86
ESRS 2 GOV-5
Risk management and internal
controls over sustainability
reporting
- - - - - p. 107
ESRS 2 SBM-1
Strategy, business model and value
chain
- - - - - p. 70
ESRS 2 SBM-1 - 40 (d) i
Involvement in activities related to
fossil fuel activities
  
- Not material (*)
ESRS 2 SBM-1 - 40 (d) ii
Involvement in activities related to
chemical production
-
- Not material (*)
ESRS 2 SBM-1 - 40 (d) iii
Involvement in activities related to
controversial weapons
-
- Not material (*)
Annual Integrated Report and Consolidated Financial Statements 2024
102
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 SBM-1 - 40 (d) iv
Involvement in activities related to
cultivation and production of tobacco
- -
- Not material (*)
ESRS 2 SBM-2
Interests and views of
stakeholders
- - - - - p. 74
ESRS 2 SBM-2 - S1
Interests and views of
stakeholders
- - - - - p. 75
ESRS 2 SBM-2 - S4
Interests and views of
stakeholders
- - - - - p. 75
ESRS 2 SBM-3
Material impacts, risks and
opportunities and their interaction
with strategy and business model
- - - - - p. 76
ESRS 2 SBM-3 - E1
Material impacts, risks and
opportunities and their interaction
with strategy and business model
- - - - - p. 76
ESRS 2 SBM-3 - E4 - 16 (a) i
Describe the activities negatively
affecting biodiversity sensitive areas
- - - Not material (*)
ESRS 2 SBM-3 - E4 - 16 (b)
Describe whether the Group has
identified material negative impacts
with regards to land degradation,
desertification or soil sealing
- - - Not material (*)
ESRS 2 SBM-3 - E4 - 16 (c)
Specify whether the Group has
operations that affect threatened
species
- - - Not material (*)
ESRS 2 SBM-3 - S1
Material impacts, risks and
opportunities and their interaction
with strategy and business model
- - - - - p. 76
ESRS 2 SBM-3 - S1 - 14 (f)
Risk of incidents of forced labour
- - - Not material
ESRS 2 SBM-3 - S1 - 14 (g)
Risk of incidents of child labour
- - - Not material
ESRS 2 SBM-3 - S2 - 11 (b)
Significant risk of child labour or
forced labour in the value chain
- - - Not material
ESRS 2 SBM-3 - S4
Material impacts, risks and
opportunities and their interaction
with strategy and business model
- - - - - p. 76
ESRS 2 IRO-1
Description of the processes
to identify and assess material
impacts, risks and opportunities
- - - - - p. 87
ESRS 2 IRO-1 - E1
Description of the processes
to identify and assess material
climate-related impacts, risks and
opportunities
- - - - - p. 90
ESRS 2 IRO-1 - E2
Description of the processes
to identify and assess material
pollution-related impacts, risks
and opportunities
- - - - - p. 98
Sustainability Statement
103
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 IRO-1 - E3
Description of the processes to
identify and assess material water
and marine resources-related
impacts, risks and opportunities
- - - - - p. 98
ESRS 2 IRO-1 - E4
Description of processes to identify
and assess material biodiversity
and ecosystem-related impacts,
risks and opportunities
- - - - - p. 99
ESRS 2 IRO-1 - E5
Description of the processes
to identify and assess material
resource use and circular
economy-related impacts, risks
and opportunities
- - - - - p. 99
ESRS 2 IRO-1 - G1
Description of the processes
to identify and assess material
impacts, risks and opportunities
- - - - - p. 100
ESRS 2 IRO-2
Disclosure requirements in ESRS
covered by the undertaking's
sustainability statement
- - - - - p. 100
ESRS E1-1 - 14
Transition plan to reach climate
neutrality by 2050
- - -
(*****) p. 124
ESRS E1-1 - 16 (g)
Undertakings excluded from Paris-
aligned Benchmarks
-
 
p. 121
ESRS E1-2
Policies related to climate change
mitigation and adaptation
- - - - - (**) p. 124, 125,
133, 135
ESRS E1-3
Actions and resources in relation to
climate change policies
- - - - - (**) p. 125, 133,
135
ESRS E1-4
Targets related to climate change
mitigation and adaptation
- - - - - (**) p. 127, 137
ESRS E1-4 - 34
GHG emission reduction targets
  
- (**) p. 127, 131, 
138
ESRS E1-5 - 38
Energy consumption from fossil
sources disaggregated by sources
(only high climate impact sectors)
- - - Not material
ESRS E1-5 - 37
Energy consumption and mix
- - - Not material
ESRS E1-5 - 40 a 43
Energy intensity associated with
activities in high climate impact
sectors
- - - Not material
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG
emissions
- - - - - p. 121
ESRS E1-6 - 44
Gross Scope 1, 2, 3 and Total GHG
emissions
  
p. 121
ESRS E1-6 - 53 a 55
Gross GHG emissions intensity
  
Not material
(****)
Annual Integrated Report and Consolidated Financial Statements 2024
104
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS E1-7 - 56
GHG removals and carbon credits
- - -
Not material
ESRS E1-9 - 66
Exposure of the benchmark portfolio
to climate-related physical risks
- -
Not material
(***)
ESRS E1-9 - 66
(a) Disaggregation of monetary
amounts by acute and chronic
physical risk
(c) Location of significant assets at
material physical risk
-
- - Not material
(***)
ESRS E1-9 - 67 (c)
Breakdown of the carrying value
of its real estate assets by energy-
efficiency classes
-
- - Not material
(***)
ESRS E1-9 - 69
Degree of exposure of the portfolio to
climate- related opportunities
- -
- Not material
(***)
ESRS E2-4 - 28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air, water
and soil
- - - Not material
ESRS E3-1 - 9
Water and marine resources
- - - Not material
ESRS E3-1 - 13
Dedicated policy
- - - Not material
ESRS E3-1 - 14
Sustainable oceans and seas
- - - Not material
ESRS E3-4 - 28 (c)
Total water recycled and reused
- - - Not material
ESRS E3-4 - 29
Total water consumption in m3 per net
revenue on own operations
- - - Not material
ESRS E4-2
Policies related to biodiversity and
ecosystems
- - - - - (**) p. 139, 141,
142
ESRS E4-2 - 24 (b)
Sustainable land / agriculture
practices or policies
- - - Not material
ESRS E4-2 - 24 (c)
Sustainable oceans / seas practices
or policies
- - - Not material
ESRS E4-2 - 24 (d)
Policies to address deforestation
- - - Not material
ESRS E4-3
Actions and resources related to
biodiversity and ecosystems
- - - - - (**) p. 139, 141,
142
ESRS E5-5 - 37 (d)
Non-recycled waste
- - - Not material
ESRS E5-5 - 39
Hazardous waste and radioactive
waste
- - - Not material
ESRS S1-1
Policies related to own workforce
- - - - - p. 144
ESRS S1-1 - 20
Human rights policy commitments
- - - p. 144
Sustainability Statement
105
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS S1-1 - 21
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
- -
- p. 145
ESRS S1-1 - 22
Processes and measures for
preventing trafficking in human beings
- - - Not material
ESRS S1-1 - 23
Workplace accident prevention policy
or management system
- - - p. 162
ESRS S1-2
Processes for engaging with
own workers and workers'
representatives about impacts
- - - - - p. 147
ESRS S1-3
Processes to remediate negative
impacts and channels for own
workers to raise concerns
- - - - - p. 164
ESRS S1-3 - 32 (c)
Grievance/complaints handling
mechanism
- - - p. 164
ESRS S1-4
Taking action on material impacts
on own workforce, and approaches
to mitigating material risks and
pursuing material opportunities
related to own workforce, and
effectiveness of those actions
- - - - - p. 150 – 163
ESRS S1-5
Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
- - - - - p. 147, 152,
155, 157, 161
ESRS S1-6
Characteristics of the
undertaking's employees
- - - - - p. 148
ESRS S1-8
Collective bargaining coverage and
social dialogue
- - - - - p. 159
ESRS S1-9
Diversity metrics
- - - - - p. 152
ESRS S1-11
Social protection
- - - - - p. 159
ESRS S1-12
Persons with disabilities
- - - - - p. 153
ESRS S1-13
Training and skills development
metrics
- - - - - p. 157
ESRS S1-14
Health and safety metrics
- - - - - p. 162
ESRS S1-14 - 88 (b), (c)
Number of fatalities and number and
rate of work-related accidents
-
- p. 163
ESRS S1-14 - 88 (e)
Number of days lost to injuries,
accidents, fatalities or illness
- - - Not material
(***)
ESRS S1-15
Work-life balance metrics
- - - - - p. 161
Annual Integrated Report and Consolidated Financial Statements 2024
106
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS S1-16
Compensation metrics (pay gap
and total compensation)
- - - - p. 155
ESRS S1-16 - 97 (a)
Unadjusted gender pay gap
-
- p. 156
ESRS S1-16 - 97 (b)
Excessive CEO pay ratio
- - - p. 156
ESRS S1-17
Incidents, complaints and severe
human rights impacts
- - - - - p. 164
ESRS S1-17 - 103 (a)
Incidents of discrimination
- - - p. 164
ESRS S1-17 - 104 (a)
Non-respect of UNGPs on Business
and Human Rights and OECD
-
- Not material
ESRS S2-1 - 17
Human rights policy commitments
- - - Not material
ESRS S2-1 - 18
Policies related to value chain workers
- - - Not material
ESRS S2-1 - 19
Non-respect of UNGPs on Business
and Human Rights principles and
OECD guidelines
-
- Not material
ESRS S2-1 - 19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
-
- Not material
ESRS S2-4 - 36
Human rights issues and incidents
connected to its upstream and
downstream value chain
- - - Not material
ESRS S3-1 - 16
Human rights policy commitments
- - - Not material
ESRS S3-1 - 17
Non-respect of UNGPs on Business
and Human Rights, ILO principles or
and OECD guidelines
-
- Not material
ESRS S3-4 - 36
Human rights issues and incidents
- - - Not material
ESRS S4-1
Policies related to
consumers and end-users
p. 164, 166,
167
ESRS S4-1 - 16
Policies related to consumers and
end-users
- - - p. 164
ESRS S4-1 - 17
Non-respect of UNGPs on Business
and Human Rights and OECD
guidelines
-
- p. 165
ESRS S4-4
Taking action on material impacts
on consumers and end-users, and
approaches to managing material
risks and pursuing material
opportunities related to consumers
and end users, and effectiveness of
those actions
- - - - - p. 164, 166, 
167
ESRS S4-4 - 35
Human rights issues and incidents
Not material
Sustainability Statement
107
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS G1-1
Corporate culture and business
conduct policies and corporate
culture
- - - - - p. 170
ESRS G1-1 - 10 (b)
United Nations Convention against
Corruption
- - - p. 170
ESRS G1-1 - 10 (d)
Protection of whistleblowers
- - - p. 170
ESRS G1-2
Management of relationships with
suppliers
- - - - - p. 173
ESRS G1-3
Prevention and detection of
corruption and bribery
- - - - - p. 172
ESRS G1-4
Confirmed incidents of corruption
or bribery
- - - -
p. 173
ESRS G1-4 - 24 (a)
Fines for violation of anti-corruption
and anti-bribery laws
-
- p. 173
ESRS G1-4 - 24 (b)
Standards of anti-corruption and
anti-bribery
- - - p. 173
(*)  Not applicable.
(**) Entity-specific.
(***)  Disclosure Requirement subject to phase-in provision.
(****)  In accordance with the provisions of Appendix E of ESRS 1, Group emission intensity is not reported as it is deemed not representative of Group-wide performance, considering the diversification of
Generali’s businesses. However, the emission intensity is strategic for some components of the value chain, as reported in the dedicated sections.
Responsible investor and Responsible insurer for information on emission intensity
(*****) The Group has defined its decarbonisation strategy aligned to the climate neutrality by 2050, as described in the Technical Note on Generali Group Strategy on Climate Change.
Climate change for further information
Risk management and internal controls over the
Sustainability Statement
In order to ensure the quality and integrity of sustainability data, as well as the adequacy and effectiveness of the administrative
and accounting procedures underlying the Sustainability Statement, the Group has established a specific integrated internal control
system for data quality. With regard to the Sustainability Statement, the Group CFO, in the role of Dirigente Preposto (i.e. the
Manager in charge of preparing the Company’s Financial Reports and Sustainability Statement), has adopted a system of controls
aimed to ensure the quality of data related to the Sustainability Statement.
In compliance with the established requirements, all Group employees, operating in accordance with the Generali Group Code
of Conduct, must adopt the general principles of accuracy, completeness, appropriateness, integrity, and traceability, defined in
accordance with applicable laws and regulations, including the new context defined by sustainability standards (ESRS), for effective
and efficient management of data quality.
In this context, the Sustainability Reporting Playbooks aim to ensure standardized and homogeneous management of information
and data at the Group level for sustainability reporting. These tools provide a description of the sustainability indicators reported in
the Sustainability Statement, including definitions, scope of application, calculation and estimation methodologies, data collection
flows, and reporting methods. The Sustainability Reporting Playbooks also contain a catalog of applicable sustainability reporting
risks, a catalog of control objectives dedicated to the processes of producing and reporting sustainability data and information, as
well as a framework outlining the roles and responsibilities of the key actors involved in the generation, management, and reporting
of sustainability indicators.
The implementation and monitoring of the aforementioned processes are managed through specific local and Group functions
supporting the Data Owners (i.e. the individuals responsible for the data and its management) involved in the sustainability reporting.
Annual Integrated Report and Consolidated Financial Statements 2024
108
Generali Group
In addition, the function responsible at the Group level supports the Dirigente Preposto, to whom it reports directly, in operational
activities related to the portion of internal control over financial and sustainability reporting to the market. Similarly, the local appointed
function supports the Local CFO in these activities and is responsible for informing the Group responsible function and the relevant
local governing bodies about the status of implementation and monitoring.
The standard catalog of sustainability reporting risks is a useful tool to support Data Owners in identifying risks throughout the
entire chain of data generation, management, and reporting, ensuring uniformity and comparability across different business areas
and various Group companies. The sustainability reporting risks applicable to the Sustainability Statement reflecting the general
principles of data quality of the Group and current sustainability regulations, mainly concern the correct interpretation and adoption
of Group methodologies. They also ensure adherence to ESRS principles for the collection and calculation of sustainability indicators,
the completeness, appropriateness, integrity, and accuracy of data and estimation results, the availability of data along the value
chain, as well as the related traceability (audit trail) and conformity to the requirements for comparability, neutrality, and timeliness of
information.
To mitigate the reporting risks that affect data management processes and to ensure data quality, the internal control model provides
for the responsibility of Group and local Data Owners to adopt adequate data quality controls within administrative and accounting
procedures and to ensure their timely execution and the prompt updating of related documentation.
The risk prioritization model and the definition of the Dirigente Preposto’s activity plan first involve a process of identifying significant
companies. The model applies to all Group companies according to a principle of proportionality and modularity, also through the
monitoring of cascading attestations on data quality (Integrated Confirmation Letter). For a set of significant companies, identified
according to a risk-based approach driven by quantitative and qualitative criteria, a structured process of control and monitoring has
been applied with the aim of identifying and subsequently mitigating sustainability reporting risks.
The mitigation of sustainability reporting risks involves documenting administrative and accounting procedures according to a Group
approach that allows for the identification of: activities and data flows, specifying, in particular, the sustainability reporting risks and
key controls applicable to the Sustainability Statement; the organizational areas and IT systems involved in the process and the
governance system in terms of roles and responsibilities. Once the process detection is finalized, activities are carried out to assess
the effectiveness of controls in mitigating risks and the following verification.
The integrated internal control model for data quality includes a detailed multi-level monitoring system of the adequacy of the internal
control system for sustainability information, involving both internal and external actors of the Group. In particular, it includes:
•  integrated entity-level control, aimed at understanding how management directs the internal control system concerning the
Group’s companies;
•  the mapping of administrative and accounting procedures and the identification of key controls;
•  verification activities conducted also by independent third parties.
The results of the risk and control assessment within the activities of Group functions and internal processes are monitored through
the remediation action management process. It relates to both contingency actions, in order to promptly address sustainability
reporting risks concerning the current reporting, and the definition and implementation of structural remediation plans.
The results of the monitoring activities are communicated both at Group level and at local level through dedicated information flows,
including the use of dedicated platforms at Group level.
In carrying out its duties, the Dirigente Preposto reports to the corporate bodies of Assicurazioni Generali (Board of Directors,
Risk and Control Committee, Innovation and Sustainability Committee, Board of Statutory Auditors and Surveillance Body) and
collaborates with the Key Functions (Group Audit, Group Compliance, Group Risk Management, Group Actuarial Function and
Group Anti-Financial Crime). It also interacts with the Group’s independent auditor, maintaining a constant dialogue and information
exchange while preserving the principle of the auditor’s independence.
Regarding the Sustainability Statement, the Dirigente Preposto reports - at least annually, as well as whenever necessary - to
the corporate bodies regarding the methods by which the management and control activities on the process of preparing the
Sustainability Statement are carried out and the results of the monitoring activities.
The model of the Dirigente Preposto is periodically evaluated by external advisors through an assessment of the model’s compliance
with regulatory requirements and best practice references. Following the extension of the Dirigente Preposto’s scope of responsibility
to Sustainability Statement, in line with the evolution of regulations, the model has also been positively evaluated for the 2024 fiscal
year.
Sustainability Statement
109
ENVIRONMENTAL INFORMATION
Disclosure pursuant to art. 8 of Regulation 2020/852/EU
(Taxonomy Regulation)
The European Union developed an ambitious strategy for sustainable development and the transition to a low-carbon economy, in
line with the objectives of the 2015 Paris Agreement on climate, committing to becoming the first net-zero continent by the end of
2050. To achieve such objectives, the European Union is promoting investments in eco-sustainable activities with the use of both
public and private resources. In this perspective, the European Commission adopted an initial Sustainable Finance Action Plan in
2018, where it defined a strategy for redirecting capital flows towards sustainable investments, in order to achieve a sustainable and
inclusive growth.
In this context, the European Union established a significantly evolving, standardized system of classification of sustainable activities
(known as EU Taxonomy), outlined in Regulation 2020/852/EU, Delegated Regulation 2021/2139/EU, Delegated Regulation
2022/1214/EU, and Delegated Regulations 2023/2485/EU and 2023/2486/EU, which define the criteria for determining whether an
economic activity can be considered eco-sustainable in order to identify the degree of eco-sustainability of an investment. Activities
that contribute to at least one of the following environmental objectives are considered eco-sustainable:
•  climate change mitigation;
•  climate change adaptation;
•  sustainable use and protection of water and marine resources;
•  transition towards a circular economy;
•  prevention and control of pollution;
•  protection of ecosystems and biodiversity;
provided that they do not cause significant damage to the other objectives (so-called DNSH principle) and that they are carried out
in compliance with minimum safeguards in accordance with the art. 18 of Regulation 2020/852/EU.
According to the EU Taxonomy, insurance companies can contribute to EU climate objectives both by developing and offering
insurance coverage to protect against climate change-related perils and by leveraging their role as long-term investors by reorienting
capital flows towards eco-sustainable businesses and activities.
The instrument for the classification of economic activities is complemented by a mandatory disclosure regime for financial and
non-financial undertakings, which provides for the inclusion of specific indicators regarding their contribution to the EU Taxonomy
objectives. In particular, for disclosures relating to 2024, financial undertakings are required to provide for the following EU Taxonomy
alignment indicators in line with art. 7 of Delegated Regulation 2021/2178/EU, based on the reporting templates of Annex X of the
same Delegated Regulation:
•  the alignment indicator relating to non-life insurance economic activities
Aligned non-life insurance economic activities
3.0%
+0.0 p.p.
•  the alignment indicator for the proportion of investments aimed at financing or associated with activities aligned with the EU Taxonomy
Exposures in economic activities aligned
on the basis of turnover
4.4%
+0.8 p.p.
Exposures in economic activities aligned
on the basis of capital expenditure
5.7%
+0.8 p.p.
•  the indicators related to exposures to certain activities connected to nuclear energy and fossil fuels, as reported in Exposures in
economic activities related to nuclear and fossil gas.
As recommended by the ESMA guidelines, the Group has also taken into account the provisions of the guidelines and reporting
communications published by the European Commission in December 2021, October 2022, and October 2023. The Group has
also assessed the Commission’s Communication published in November 2024 and has determined that it can only be partially
considered applicable for the purposes of this reporting, such as for the detailed representation of premiums covering climate-related
perils within multi-risk policies (the so-called unbundling, FAQ 67). In particular, for the current reporting period, the Group has not
adopted the indications related to Section B - Scope of consolidation of disclosure and Section D - Assessment of groups in relation
to the Taxonomy, as they were deemed not relevant for the Group’s purposes.
Delegated Regulation 2021/2178/EU also requires the reporting of qualitative information for companies in the financial sector, in
accordance with Annex XI of the same Delegated Regulation.
Annual Integrated Report and Consolidated Financial Statements 2024
110
Generali Group
Exposures to aligned, non-aligned but eligible, and non-eligible
economic activities to the EU Taxonomy
At 31 December 2024 the total assets covered by the EU Taxonomy indicators were calculated as the difference between total
assets of the Group
62
, amounting to € 541,493 million, and exposures to central governments, central banks and supranational
issuers (including cash and cash equivalents), which amounted to € 134,065 million (24.8% of total assets of the Group), as well as
the sum of intangible assets, tangible assets (excluding self-used buildings), insurance activities, other financial activities and other
assets, which amounted to € 34,153 million (6.3% of total assets of the Group). The assets covered by the EU Taxonomy indicators
therefore were equal to € 373,274 million or 68.9% of total assets and do not include assets managed on behalf of third parties, in
line with the requirements for insurance undertakings set out in Annexes IX-X of the Delegated Regulation 2021/2178/EU.
The approach adopted for calculating the indicators in 2024 was based on the following activities:
•  the alignment analysis with the EU Taxonomy was conducted on investments where the Group has direct control and for which the
Group itself is the undertaking carrying out the Taxonomy activities, particularly on real estate and infrastructure assets, assessing
the compliance of investments with the applicable technical screening criteria;
•  the collection of alignment data with the environmental objectives of mitigation and adaptation under the EU Taxonomy included
financial and non-financial counterparties of the Group’s direct and indirect investments that are required to publish the Non-
Financial Statement (NFS)
63
, using the EU Taxonomy data made available by these entities during 2024 and provided by the data
provider MSCI. This allowed the Group to identify exposures in specific economic activities classified as aligned, non-aligned
but eligible, and non-eligible under the EU Taxonomy, as described in Annexes I and II of Delegated Regulation 2021/2139/EU
64
(climate change mitigation and adaptation) and subsequent amendments;
•  for non-financial issuers, the collected eligibility indicators also include performance data related to the remaining four environmental
objectives. Starting from next year’s reporting, in compliance with regulation, a detailed breakdown by environmental objective will
be provided for alignment indicators (numerator) and, for financial issuers, the eligibility indicators related to the aforementioned
four environmental objectives;
•  where possible within the Group’s tools, the alignment of indirect investments has been assessed using look-through data from
funds to weight the exposure based on the alignment level of the underlying investment, as required by applicable regulation.
The aligned exposures totaled € 16,427 million, 4.4% of total covered assets (€ 12,210 million at 31 December 2023, 3.6% of total
covered assets) on the basis of turnover and € 21,447 million, 5.7% of total covered assets (€ 16,638 million at 31 December 2023,
4.9% of total covered assets) on the basis of capital expenditure. The alignment indicators consist of:
•  the value of direct and indirect investments aligned with the EU Taxonomy towards non-financial undertakings subject to the
obligation to publish non-financial information, weighted by the share of turnover attributable to economic activities aligned with
the EU Taxonomy of the companies benefiting from the investments for € 10,592 million, or
•  the value of direct and indirect investments aligned with the EU Taxonomy towards non-financial undertakings subject to the
obligation to publish non-financial information, weighted by the share of capital expenditure attributable to economic activities
aligned with the EU Taxonomy of the companies benefiting from the investments for € 15,502 million
to which is added the value of real estate and infrastructural investments aligned with the EU Taxonomy for €5,835 million (1.6% of
total covered assets) on the basis of turnover and € 5,945 million (1.6% of total covered assets) on the basis of capital expenditure.
62.  For reporting purposes pursuant to Delegated Regulation 2021/2178/EU, the Group reported performance indicators on balance sheet values, with the exception of real estate investments and instrumental properties for which
the market value was considered, as it is more suitable to represent the appreciation of properties connected to their degree of environmental sustainability. In accordance with art. 7.1 of Delegated Regulation 2021/2178/EU,
the Group also excluded government bonds connected to unit-linked insurance solutions from the denominator of the KPI.
63.  Undertakings subject to the disclosure obligations under Articles 19a and 29a of Directive 2013/34/EU, including subsidiaries of another parent company that fulfills this obligation.
64.  Climate Delegated Regulation: it supplements Regulation 2020/852/EU of the European Parliament and of the Council by establishing the technical screening criteria that determine under which conditions an economic activity
can be considered as making a substantial contribution to climate change mitigation or climate change adaptation, while ensuring that it does not cause significant harm to any other environmental objective.
Sustainability Statement
111
Real Estate portfolio
The Group leveraged the property management activities of Generali Real Estate (GRE) to analyze the compliance of properties with the
technical screening criteria defined for activity 7.7 Acquisition and ownership of properties of Annex I-II of Delegated Regulation 2021/2139/
EU.
Substantial contribution to climate change mitigation
The presence of class A energy performance certificates (EPC) was considered or, alternatively, the inclusion of the property in the first 15%
of the national building stock in terms of primary energy demand, comparing the performance of the property with those of the comparable
national building stock built before 31 December 2020.
To this end, GRE compared property performance to the thresholds defined by property type and country developed by an external data
analytics provider
65
. Furthermore, in the case of a large non-residential buildings
66
, the presence of energy performance contracts or
automation and control systems was verified.
Do No Significant Harm (DNSH principle)
With reference to the assessment of compliance with the principle of not causing significant damage to the objective of adaptation to
climate change (Appendix A of Delegated Regulation 2021/2139/EU), the Group estimated the financial impacts of physical phenomena
(flood, storm, hail, and subsidence) on the value of properties and considering specific climate scenarios (SSP-RCP 4.5 and SSP5-8.5).
General information for further details on the Clim@risk model for assessing the impact of the risk deriving from climate change on the Group’s real estate portfolio
For properties for which a material impact of climate factors was estimated, the Group identifies the most suitable adaptation measures to
reduce such risks.
Minimum safeguards
The Group verified compliance with the requirements of the minimum safeguards in carrying out its activities, with particular reference to
companies exercising ownership over properties.
The Group considered among the exposures in economic activities eligible but not aligned with the EU Taxonomy real estate
investments not aligned with the technical screening criteria, mortgage loans guaranteed by residential property and the eligible and
non-aligned share of turnover and capital account communicated by non-financial issuers.
In line with Delegated Regulation 2021/2178/EU, the Group considered among the exposures in economic activities not eligible for
the EU Taxonomy investments in active derivative instruments, cash and cash equivalents (excluding those with central banks) and
investments in undertakings not subject to the obligation to publish non-financial information.
Active derivatives, which amount to € 687 million, represent 0.2% of total covered assets, while cash and cash equivalents (excluding
those with central banks), which amount to € 7,382 million, represent 2.0% of total covered assets. To date, these exposures cannot
be assessed for eligibility in line with Delegated Regulation 2021/2178/EU and the communication of the European Commission of
October 2022.
With regard to exposures in undertakings not subject to the obligation to publish non-financial information, as an official data source
at community level that allows to identify such companies is not yet available, the Group used the indication provided by MSCI based
on a reference perimeter defined by the Centre for European Policy Studies (CEPS). In particular, also on the basis of the information
provided by the data provider, undertakings not obliged to publish non-financial information include European undertakings excluded
from the scope of application of Articles 19a and 29a of Directive 2013/34/EU which did not provide data relating to EU Taxonomy
eligibility, issuers belonging to third countries, and alternative investments, mainly private equity, as they are towards unlisted issuers.
Such assets amounted to € 95,070 million (21.8% of total covered assets).
65.  The benchmark is publicly available on Deepki’s website (index-esg.com) for further details.
66.  Large-scale buildings refer to non-residential buildings with an effective rated output for heating systems, systems for combined space heating and ventilation, air-conditioning systems or systems for combined air-conditioning
and ventilation of over 290 kW.
Annual Integrated Report and Consolidated Financial Statements 2024
112
Generali Group
Template: The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding, or are associated with,
Taxonomy-aligned in relation to total investments
The weighted average value of all the investments of insurance or reinsurance undertakings that
are directed at funding, or are associated with Taxonomy-aligned economic activities relative to
the value of total assets covered by the KPI, with following weights for investments in undertakings
per below:
The weighted average value of all the investments of insurance or reinsurance undertakings that
are directed at funding, or are associated with Taxonomy-aligned economic activities, with following
weights for investments in undertakings per below:
Turnover-based (%) 4.4% Turnover-based (€ million) 16,427
Capital expenditures-based (%) 5.7% Capital expenditures-based (€ million) 21,447
The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance
undertakings (total AuM). Excluding investments in sovereign entities.
The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.
Coverage ratio (%) 68.9% Coverage (€ million) 373,274
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI. The value in monetary amounts of derivatives.
Percentage of derivatives relative to total assets covered by the KPI (%) 0.2% Monetary amount (€ million) 687
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a
and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings (%) 18.9% For non-financial undertakings (€ million) 70,506
For financial undertakings (%) 6.6% For financial undertakings (€ million) 24,564
The proportion of exposures to financial and non-financial undertakings from non-EU countries not
subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings from non-EU countries not subject to
Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings (%) 16.0% For non-financial undertakings (€ million) 59,893
For financial undertakings (%) 5.7% For financial undertakings (€ million) 21,391
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and
29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings (%) 20.5% For non-financial undertakings (€ million) 76,706
For financial undertakings (%) 11.6% For financial undertakings (€ million) 43,118
The proportion of exposures to other counterparties and assets over total assets covered by the KPI: Value of exposures to other counterparties and assets:
Percentage (%) 13.0% Monetary amount (€ million) 48,427
The proportion of the insurance or reinsurance undertaking’s investments other than investments held
in respect of life insurance contracts where the investment risk is borne by the policy holders, that are
directed at funding, or are associated with, Taxonomy-aligned economic activities (*):
Value of insurance or reinsurance undertaking’s investments other than investments held in respect of
life insurance contracts where the investment risk is borne by the policy holders, that are directed at
funding, or are associated with, Taxonomy-aligned economic activities (*):
Percentage (%) 46.4% Monetary amount (€ million) 173,209
The value of all the investments that are funding economic activities that are not Taxonomy-eligible
relative to the value of total assets covered by the KPI (**):
Value of all the investments that are funding economic activities that are not Taxonomy-eligible (**):
Percentage (%) 80.3% Monetary amount (€ million) 299,575
The value of all the investments that are funding Taxonomy-eligible economic activities, but not
Taxonomy-aligned relative to the value of total assets covered by the KPI (**):
Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-
aligned (**):
Percentage (%) 15.3% Monetary amount (€ million) 57,272
(*)  In line with the European Commission Communication of November 2024, the Group considered the value and share of financial investments, identifiable in the systems used, as different from financial investments held
in relation to life insurance contracts in which the investment risk is borne by the policyholder.
(**)  Investments in economic activities that are not Taxonomy-eligible amount to € 293,438 million (78.6% of covered assets) on the basis of capital expenditure. Investments in Taxonomy-eligible economic activities, but not
Taxonomy-aligned amount to € 58,389 million (15.6% of covered assets) on the basis of capital expenditure.
Sustainability Statement
113
The Group has established and monitored the process of implementing the latest European legislative provisions, particularly with
regard to the requirements introduced by Regulation 2019/2088/EU on sustainability-related disclosures in the financial services
sector (known as Disclosure Regulation) and Regulation 2020/852/EU on the establishment of a framework to facilitate sustainable
investments (known as EU Taxonomy Regulation).
The Group has also updated the framework for the integration of sustainability factors into the investment policies as Asset Owner,
in line with the commitments described in the Technical Note on Generali Group Strategy on Climate Change and to encourage the
investments necessary to achieve the objectives of the European Green Deal of net-zero GHG emissions by 2050, committing to
making the investment portfolio net-zero by 2050.
The adoption of the EU Taxonomy represents an important step to ensure the transparency of investments in activities considered
as environmentally sustainable. In order to increasingly integrate information from the EU Taxonomy into its framework for the
incorporation of ESG criteria into investments, the Group is carefully assessing the availability and quality of the data retrievable
on the market. Once issuers make available the information about their sustainable activities in line with the six environmental
objectives outlined by the EU Taxonomy, this will provide a comprehensive overview of their sustainability strategy in both current
terms (revenues from sustainable activities) and prospective terms (capital expenditure from sustainable activities). Consequently,
the Group will be able to enhance its investment and product strategies with such information. In the meanwhile, the Group is using
information about EU Taxonomy alignment to select the investments that may qualify as climate solutions.
Environmental information, Climate change for further details
Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject
to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles
19a and 29a of Directive 2013/34/EU:
Turnover-based (%) for non-financial undertakings 2.6% Turnover-based (€ million) for non-financial undertakings 9,725
Capital expenditures-based (%) for non-financial undertakings 3.9% Capital expenditures-based (€ million) for non-financial undertakings 14,507
Turnover-based (%) for financial undertakings 0.2% Turnover-based (€ million) for financial undertakings 867
Capital expenditures-based (%) for financial undertakings 0.3% Capital expenditures-based (€ million) for financial undertakings 994
The proportion of the insurance or reinsurance undertaking’s investments other than investments
held in respect of life insurance contracts where the investment risk is borne by the policy holders,
that are directed at funding, or are associated with, Taxonomy-aligned:
Value of insurance or reinsurance undertaking’s investments other than investments held in respect of
life insurance contracts where the investment risk is borne by the policy holders, that are directed at
funding, or are associated with, Taxonomy-aligned:
Turnover-based (%) 2.6% Turnover-based (€ million) 9,743
Capital expenditures-based (%) 3.8% Capital expenditures-based (€ million) 14,136
The proportion of Taxonomy-aligned exposures to other counterparties and activities in over total
assets covered by the KPI:
Value of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by
the KPI:
Turnover-based (%) 1.6% Turnover-based (€ million) 5,835
Capital expenditures-based (%) 1.6% Capital expenditures-based (€ million) 5,945
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities - provided “do-not-significant-harm” (DNSH) and social safeguards positive
assessment:
Climate change mitigation
Turnover-based (%) 4.4%
Capital expenditures-based (%) 5.7%
Transitional activities (Turnover %) 0.2%
Transitional activities (CapEx %) 0.2%
Enabling activities (Turnover %) 1.2%
Enabling activities (CapEx %) 2.0%
Climate change adaptation
Turnover-based (%) 0.0%
Capital expenditures-based (%) 0.0%
Enabling activities (Turnover %) 0.0%
Enabling activities (CapEx %) 0.0%
Annual Integrated Report and Consolidated Financial Statements 2024
114
Generali Group
Exposures to economic activities related to nuclear and fossil gas
The Group reports the share of exposures to economic activities in certain energy sectors (nuclear and fossil gas) in accordance with
Annex XII of Delegated Regulation 2022/1214/EU.
Compared to 2023, and in light of new data published in 2024, exposures to economic activities related to nuclear and fossil gas
now also include those connected to investments in financial undertakings.
Template 2 - Taxonomy-aligned economic activities (denominator)
Row
Economic activities Amount and proportion (the information is to be presented in monetary 
amounts and as percentages) - CAPEX-based
Amount and proportion (the information is to be presented in monetary
amounts and as percentages) - Turnover-based
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
1
Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
2 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 1 0.0% 1 0.0% 0 0.0%
3 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
1 0.0% 1 0.0% 0 0.0% 3 0.0% 3 0.0% 0 0.0%
4 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
5 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
2 0.0% 2 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
6 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
7 Amount and proportion of other
taxonomy-aligned economic
activities not referred to in rows 1
to 6 above in the denominator of
the applicable KPI
21,444 5.7% 21,272 5.7% 172 0.0% 16,422 4.4% 16,346 4.4% 76 0.0%
8 Total applicable KPI
373,274 100.0% 0 0 373,274 100.0% 0 0
Template 1 - Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from
the fuel cycle.
No
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production, as well as their safety upgrades, using best available technologies.
Yes
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production from nuclear energy, as well as their safety upgrades.
Yes
Fossil gas related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
Yes
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
Yes
6 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.
Yes
Sustainability Statement
115
Template 3 - Taxonomy-aligned economic activities (numerator)
Row
Economic activities Amount and proportion (the information is to be presented in monetary
amounts and as percentages) - CAPEX-based
Amount and proportion (the information is to be presented in monetary
amounts and as percentages) - Turnover-based
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
1 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
2 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 1 0.0% 1 0.0% 0 0.0%
3 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
1 0.0% 1 0.0% 0 0.0% 3 0.0% 3 0.0% 0 0.0%
4 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
5 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
2 0.0% 2 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.2%
6 Amount and proportion of taxonomy-
aligned economic activity referred to
in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
7 Amount and proportion of other
taxonomy-aligned economic
activities not referred to in rows
1 to 6 above in the numerator of
the applicable KPI
21,444 100.0% 21,272 100.0% 172 100.0% 16,422 100.0% 16,346 100.0% 76 99.8%
8 Total amount and proportion
of taxonomy-aligned economic
activities in the numerator of the
applicable KPI (*)
21,447 100.0% 21,275 100.0% 172 100.0% 16,427 100.0% 16,350 100.0% 77 100.0%
(*)  The indicators may differ from the aligned total reported in Template - The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding, or are associated with, Taxonomy-aligned in
relation to total investments, as the exposures have been weighted on indicators on the numerator of the alignment KPIs.
Annual Integrated Report and Consolidated Financial Statements 2024
116
Generali Group
Template 4 - Taxonomy-eligible but not taxonomy-aligned economic activities
Row
Economic activities Amount and proportion (the information is to be presented in monetary
amounts and as percentages) - CAPEX-based
Amount and proportion (the information is to be presented in monetary
amounts and as percentages) - Turnover-based
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
CCM + CCA Climate Change Mitigation 
(CCM)
Climate Change Adaptation
(CCA)
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
Amount (€
million)
%
1 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
2 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
3 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
1 0.0% 1 0.0% 0 0.0% 5 0.0% 5 0.0% 0 0.0%
4 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
34 0.0% 33 0.0% 1 0.0% 94 0.0% 94 0.0% 0 0.0%
5 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
34 0.0% 34 0.0% 0 0.0% 40 0.0% 40 0.0% 0 0.0%
6 Amount and proportion of taxonomy-
eligibile but not taxonomy-aligned
economic activity referred to in
Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
10 0.0% 10 0.0% 0 0.0% 5 0.0% 5 0.0% 0 0.0%
7 Amount and proportion of
other taxonomy-eligible but not
taxonomy-aligned economic
activities not referred to in rows 1
to 6 above in the denominator of
the applicable KPI
58,311 15.6% 0 0.0% 0 0.0% 57,127 15.3% 0 0.0% 0 0.0%
8 Total amount and proportion
of taxonomy-eligible but not
taxonomy-aligned economic
activities in the denominator of
the applicable KPI
58,389 15.6% 0 0.0% 0 0.0% 57, 272 15.3% 0 0.0% 0 0.0%
Sustainability Statement
117
Template 5 - Taxonomy non-eligible economic activities
Row
Economic activities Amount CAPEX-based (€ million) Percentage CAPEX-based Amount Turnover-based (€ million) Percentage Turnover-based
1 Amount and proportion of economic activity referred to in row 1 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0%
2 Amount and proportion of economic activity referred to in row 2 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.0% 9 0.0%
3 Amount and proportion of economic activity referred to in row 3 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
3 0.0% 6 0.0%
4 Amount and proportion of economic activity referred to in row 4 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.0% 1 0.0%
5 Amount and proportion of economic activity referred to in row 5 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0%
6 Amount and proportion of economic activity referred to in row 6 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0%
7 Amount and proportion of other taxonomy-non-eligible economic activities not referred
to in rows 1 to 6 above in the denominator of the applicable KPI
293,435 78.6% 299,558 80.3%
8 Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the applicable KPI
293,438 78.6% 299,575 80.3%
Annual Integrated Report and Consolidated Financial Statements 2024
118
Generali Group
Non-life insurance: underwriting of climate-related perils
The Group identifies EU Taxonomy aligned non-life insurance business as those insurance solutions that fall within certain business
lines - identified according to the Solvency II
67
classification - that cover climate-related perils and that comply with the technical
screening criteria as defined in Annex II of EU Delegated Regulation 2021/2139.
The Group established the following process for reporting non-life insurance business aligned to the EU Taxonomy:
01. Identification of eligible business
In line with the Delegated Regulation 2021/2178/EU, gross written premiums of the P&C segment are reported as aligned, limited to
those lines of business considered eligible under the Regulation and to covers related to climate-related perils.
In light of the European Commission Communication C/2024/6691 of November 2024, the Group considered the portion of the
insurance premium relating exclusively to climate-related perils to be eligible for the EU Taxonomy. This approach represents a
change from the previous years, when the Group considered eligible the total gross premiums attributable to business lines including
at least one product providing explicit coverage for climate-related hazards as defined by the EU Taxonomy, and not only the portion
of the premium of such products and policies attributable to climate-related events. This new approach results in a significant
limitation of the scope of eligibility compared to what was reported in the previous year, while managing to clearly segregate gross
premiums covering climate-related perils.
02. Analysis of the substantial contribution to climate change adaptation
For a product or policy to be considered aligned with the EU Taxonomy, it must comply with all the following technical screening
criteria. Below is the Group’s approach to these criteria:
a. Leadership in modelling and pricing of climate risks
The Group is continually optimizing the modelling and pricing of climate risk, including through the use of actuarial models, which
are periodically updated, to estimate potential losses, including catastrophic losses affected by climate change. As a result, the
Group has confirmed its flexible approach to pricing adjustments, also in view of the increase in reinsurance costs resulting from the
increased catastrophe losses in recent years. Pricing methodologies have been identified and described in the Natural Catastrophe
Technical Pricing Blueprint issued to all Group insurance companies. These methodologies are based on an extensive use of external
NAT CAT models, possibly enriched with historical company data. These methodologies adequately reflect the risk arising from
climate change, as they rely not only on historical losses but also on forward-looking scenarios when relevant. In fact, if relevant
elements emerge during the year (e.g. extraordinary climate events), the Group takes prompt action to ensure that these aspects are
updated in the calibration of the models as soon as possible.
67.  Insurance services (non-life insurance) as defined in Annex I of the European Commission Delegated Regulation 2015/35/EU of 10 October 2014.
01 03 05
02 04
Identification of
eligible economic
activities
Analysis of substantial
contribution
Verification of minimum
safeguards
Assessment of the principle of Do
No Significant Harm (DNSH) to other
environmental objectives
Calculation of
financial metrics
Sustainability Statement
119
b. Product design
EIOPA defines preventive actions as structural measures and services implemented by the policyholder ex-ante in the event of a
loss that reduce the policyholder’s physical exposure to climate-related risks by reducing the likelihood or severity of a climate-
related loss. The Group encourages the adoption of such adaptation measures and preventive actions by the insured, reflecting the
reduction of climate risks in policy terms and conditions.
The use of adaptation measures is currently more widespread for corporate clients, leveraging typically customised risk assessment
activities and insurance contracts, compared to the more standardised business for individuals and small and medium-sized
enterprises. In particular, the Group provides consultancy services to make technical and organisational improvements that can
enhance the protection of insured assets from extreme natural events, defining loss prevention programmes and periodically
monitoring their implementation.
With reference to the retail and SME segment, the Group aims to make policyholders aware of the potential impact of climate risks
and the most appropriate prevention measures to reduce the risk. In this sense, the initiative ‘Semplice Come... ascoltare le previsioni
meteo’ (Simple as... listening to weather forecasts) is worth mentioning, the Generali Italia podcast that talks about atmospheric
events and how they are changing, from the past to the future, from causes to consequences, from risks to adaptation, to help
understand them and face them with awareness.
c. Innovative insurance coverage solutions
The Group offers modular solutions that cover climate-related risks according to customer demand. Policyholder demand for
climate-related risk coverage and how the insurance product responds to this demand are documented at the product level in the
product development process.
d. Data sharing
Through a special form, the Group makes available to public authorities and research institutions a significant part of the data on
climate risk-related losses in order to improve research and climate change adaptation policies by providing a level of granularity of
information sufficient for the use declared by the respective institutions.
www.generali.com/sustainability/responsible-insurer/EU-Taxonomy-TSC-4-Data-sharing for further information about data sharing
e. High level of service in post-disaster situations
Group companies are required to implement adequate claim flow management systems in the event of catastrophic events (e.g. the
Generali Qui per Voi service of Generali Italia), in accordance with the dedicated procedures for NAT CAT events.
03. Assessment of the principle of not causing significant harm (DNSH) to climate change mitigation
The assessment requires that the insurance does not cover activities related to the extraction, storage, transport or production of
fossil fuels or the insurance of vehicles, property or other assets used for such purposes. With respect to fossil fuel activities, since
2018, the Group has applied restrictions on customers for coal-related activities, avoiding new underwriting and reducing existing
exposures. In addition, the Group does not insure customers for both conventional and unconventional upstream oil and gas
activities. For the unconventional oil sands and fracking (hydraulic fracturing) oil and gas sectors, the exclusions also apply to the
midstream segment.
04. Verification of minimum safeguards
Minimum safeguards are provided for in Articles 3 and 18 of the EU Regulation 2020/852 to ensure that companies conducting
environmentally sustainable activities in accordance with the technical screening criteria of the EU Taxonomy comply with certain
minimum governance standards and do not violate social norms. In order to ensure compliance with regulatory requirements,
companies are required to conduct their activities in line with the OECD Guidelines for Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights, including the principles and rights set out in the eight core conventions identified in the
International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work and the International Bill of Human
Rights. In implementing these procedures, companies are also required to comply with the principle of not causing significant harm
(DNSH) set out in Article 2(17) of EU Regulation 2019/2088 (Sustainable Finance Disclosure Regulation).
The Group conducts an in-depth analysis of its activities along the entire value chain, with particular reference to issues related to
human rights, corruption, competition, and taxation. To ensure compliance with the minimum safeguards, the Group verifies that the
policies and guidelines adopted by its companies take into account the requirements of the aforementioned international frameworks
and reflect the Group’s commitment to these issues.
The Group’s policies and procedures ensure the implementation of a due diligence and/or risk assessment process, as well as the
identification of remedial procedures for major negative impacts and/or risks related to the aforementioned issues.
Finally, the Group confirms the effectiveness of the existing procedures and processes in managing issues related to the minimum
safeguards.
General information, Declaration on the due diligence duty
Annual Integrated Report and Consolidated Financial Statements 2024
120
Generali Group
05. Calculation of financial metrics
When calculating aligned premiums, the Group has decided, in the case of multi-risk products, to report only the portion of premiums
that relates to the coverage of climate-related risks, adopting a specific methodology to calculate the alignment indicator. The
Group estimated the reinsured component of aligned premiums, identifying within gross premiums the climate component of ceded
premiums, based on the catastrophe models used or the catastrophe loss ratio.
Template: The underwriting KPI for non-life insurance and reinsurance undertakings
Substantial contribution to climate change adaptation DNSH (Do No Significant Harm)
Economic activities Absolute
premiums,
year t
Proportion of
premiums,
year t
Proportion of
premiums,
year t-1
Climate change
mitigation
Water and
marine
resources
Circular
economy
Pollution Biodiversity and
ecosystems
Minimum
safeguards
Currency  
(€ million)
% % Y/N Y/N Y/N Y/N Y/N Y/N
A.1
Non-life insurance and reinsurance
underwriting Taxonomy-aligned
activities (environmentally
sustainable)
1,006 3.0% 3.0% Y Y Y Y Y Y
A.1.1 Of which reinsured 226 0.7% 0.6% Y Y Y Y Y Y
A.1.2
Of which stemming from reinsurance
activity
0 0.0% 0.0% Y Y Y Y Y Y
A.1.2.1 Of which reinsured (retrocession) - 0.0% 0.0% Y Y Y Y Y Y
A.2
Non-life insurance and reinsurance
underwriting Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-aligned
activities)
- 0.0% 0.0%
B.
Non-life insurance and reinsurance
underwriting Taxonomy-non-eligible
activities
32,750 97.0 % 9 7.0%
Total (A.1 + A.2 + B)
33,756 100.0% 100.0%
The Group has introduced mandatory compliance with technical screening criteria for all newly issued products with climate-related
hazard guarantees/coverages.
Generali and the United Nations Development Program (UNDP) have entered into a partnership to help reduce the protection gap for
communities living in vulnerable contexts, through access to insurance and risk financing solutions.
In 2024, Generali and the United Nations Development Program (UNDP) presented a joint report demonstrating how parametric, or
index-based, insurance can help governments, businesses and communities financially prepare for increasingly frequent and severe
natural hazards such as droughts, extreme heat, tropical cyclones, storm surges, earthquakes and other shock events.
The report Parametric Insurance to build financial resilience analyses how this alternative insurance solution can close the protection
gap - the difference between insured and uninsured losses.
With parametric solutions, pre-defined indemnities are linked to independently verified triggering events and parameters, such as
excessive or insufficient rainfall, rather than on actual assessed losses. As a result, covers are activated and payments are made
more quickly, allowing for faster recovery from shocks resulting from climate-related events and natural disasters.
Outlining this complementary risk-transfer mechanism compared to traditional indemnity-based insurance, the report shows how
parametric insurance can also help governments, financial institutions, businesses and households to increase productivity and
incentivize the investments needed for a sustainable future. However, collaboration between all stakeholders is crucial to make a real
impact and protect particularly vulnerable communities.
In addition, Generali and UNDP’s Insurance and Risk Finance Facility presented a joint report entitled Building MSME Resilience in
Southeast Asia, focusing on selected value chains in Thailand and Malaysia, which proposes an alternative approach to identify the
risks and needs of micro, small and medium-sized enterprises (MSMEs), develop insurance and risk management services, and
distribute these solutions to businesses. The report notes that the growth and survival of SMEs are threatened by a number of risks,
including climate change, business disruption and limited access to capital markets. These are intensified by the lack of adaptation
and risk management mechanisms as well as insurance coverage: less than 5% of SMEs in South East Asia have some form of
insurance. In addition to contributing to the goal of adapting to climate change, the Group’s insurance underwriting activities also aim
to contribute to climate change mitigation. In fact, Generali is committed to playing a leading role in the transition process towards
zero greenhouse gas emissions also through the development of renewable energy sources.
Sustainability Statement
121
Climate change
The fight against climate change is one of the main challenges to be addressed in the context in which we live.
The Generali Group, which is included in the EU Paris-aligned Benchmarks, is committed to contribute to the mitigation of the climate
impact generated by its activities and its value chain, and to adapting to the effects of climate change.
This chapter describes the approach followed by the Group on the subject, focusing on the calculation of direct and indirect
emissions and delving into the specifics related to own and third-party investment activities and underwriting ones, through the
description of policies, actions, metrics, and targets in place.
Gross Scope 1, 2, 3 greenhouse gases emissions and total
greenhouse gases emissions
The Group’s greenhouse gas (GHG) emissions, defined and calculated according to the principles of the GHG Protocol - Corporate
Accounting and Reporting Standard and those of the PCAF (Partnership for Carbon Accounting Financials), both recognised by the
sustainability reporting standard related to climate change, are reported in the table below. The metrics refer to the Group’s own
operations and investments, as segments of the value chain. In particular, they represent the Group’s own operations - including
those related to the agricultural business of the Leone Alato group - the emissions linked to investments in financial instruments -
including those of the Banca Generali group - and those related to real estate investments.
Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3
(tCO
2
e) 31/12/2024
Scope 1 GHG emissions (*)
Gross Scope 1 GHG emissions 60,502
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) (**) 0
Scope 2 GHG emissions (*)
Gross location-based Scope 2 GHG emissions
175,906
Gross market-based Scope 2 GHG emissions
84,325
Significant Scope 3 GHG emissions (***)
Total gross indirect (Scope 3) GHG emissions
22,828,202
1. Purchased goods and services
25,828
3. Fuel and energy-related activities
23,798
4. Upstream transportation and distribution
1,128
5. Waste generated in operations
1,036
6. Business travel
9,616
9. Downstream transportation and distribution
1,127
10. Processing of sold products
1,429
12. End-of-life treatment of sold products
806
13. Downstream leased assets
85,605
15. Investments
22,677,829
Total GHG emissions
Total GHG emissions (location-based)
23,064,610
Total GHG emissions (market-based)
22,973,029
(*)  Scope 1 and 2 emissions related to the Group’s consolidation scope are 215,947 tCO
2
e considering Scope 2 location-based, and 136,263 tCO
2
e considering Scope 2 market-based, while those related
to investees are 20,462 tCO
2
e considering Scope 2 location-based, and 8,564 tCO
2
e considering Scope 2 market-based.
(**)  The percentage of Scope 1 emissions covered by the Emissions Trading System (ETS) is zero (0%), as the emission sources in the Group’s inventory are not attributable to activities included in the sectors
within the scope of the system.
(***) The emissions reported in the table do not include those related to insurance portfolios, as they are not included in the categories provided by the standard.
Environmental information, Responsible insurer for further information
  0.4% of Scope 3 emissions are calculated using primary data; the percentage is affected by the weight of emissions under category 15 resulting from data provider.
The Scope 1, 2, and 3 emissions attributable to the Group’s own operations, excluding those of the agricultural business, detailed
in the paragraph below, refer to the companies within the consolidation scope. Specifically, the companies included are those for
which, following an analysis of the operational control of emission sources as defined by the GHG Protocol, the Group has full
authority to introduce and implement its own operational policies that influence environmental performance.
Annual Integrated Report and Consolidated Financial Statements 2024
122
Generali Group
Scope 1, 2, and 3 emissions represent the emissions related to 100% of the workforce under operational control, of which those
measured (88.4%) concern the organizational units in the following countries: Argentina, Austria, Bulgaria, Chile, Croatia, Czech
Republic, France (including Europ Assistance), Germany, Greece, Hungary, India, Ireland, Italy (including the Banca Generali group
and Europ Assistance), Malaysia, Poland, Portugal, Romania, Slovakia, Slovenia, Serbia, Spain, Switzerland, the UK, and the USA.
The GHG emissions of organizational units in countries not listed here and under operational control are extrapolated
68
(11.6%).
The gases included in the calculation are CO
2
, CH
4
, and N
2
O for combustion processes and all greenhouse gases reported in the
IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs); the remaining greenhouse gases (HFC, PFC, SF
6
, and
NF
3
) are excluded from the calculation as they are not material within the scope of the Group’s activities. Emissions are calculated
using the emission factors of VfU (Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstitutionen), DEFRA (Department
for Environment, Food & Rural Affairs), and the GaBi database. The calculations are performed automatically with the Sphera Cloud
Corporate Sustainability system, which integrates the aforementioned emission factors.
Scope 1, 2, and 3 emissions of the agricultural business of the Leone Alato group, present in Italy and Romania, refer to 2023.
More up-to-date data have not been retrievable at the time of this reporting, despite efforts made to obtain them. However, during
2025 the Leone Alato group has started a data collection process to report emissions aligned with the reporting period. They are
calculated using an approach that combines methodologies based on primary data and established calculation models, utilizing
emission factors from the Italian Institute for Environmental Protection and Research (ISPRA), Environmentally Extended Input-
Output (EEIO) Eurostat, the Department for Environment, Food and Rural Affairs of the United Kingdom (DEFRA), Ecoivent, and
the Intergovernmental Panel on Climate Change (IPCC). Scope 1 emissions for FLAG (Forest, Land, and Agriculture) and Energy &
Industry are calculated using company data related to agricultural and livestock activities (e.g., number of livestock and hectares of
crops), data analysed in accordance with the guidelines of the IPCC (2006, 2019) and the ISPRA report (2023).
The GHG emissions of the real estate portfolio managed by GRE are calculated based on consumption data
69
collected at property
level and are divided into the following three categories:
•  Scope 1: direct emissions from sources owned or controlled by the Group. This category includes emissions resulting from the
consumption of fossil fuels attributed to the owner;
•  Scope 2: indirect emissions resulting from energy consumption. This category includes emissions related to the consumption of
electricity and centralized heating/cooling purchased by the owner;
•  Scope 3: other indirect emissions from sources not owned or controlled by the Group. This category includes emissions produced
by the utility consumption of tenants.
The scope of the properties therefore includes both those held directly in terms of ownership and properties indirectly owned through
a joint venture, joint operation, or co-ownership. Emission sources are included only if they pertain to assets for which the Group
maintains operational control.
Utility consumption data is collected, consolidated and stored in a data analysis system (Deepki) for calculating the emissions of the
real estate portfolio managed by GRE.
With reference to Scope 1, 2, and 3 emissions attributable to all the Group’s own operations, Scope 1 biogenic emissions resulting
from the combustion or biodegradation of biomass, totalling 91 tCO
2
e, depend on the presence of a biogenic emission source
related to the consumption of biogas at the Adliswil office (Switzerland) and the production of electricity carried out by companies
operating in the agricultural business through the combustion of biogas produced by bioreactors or digesters fed with manure from
self-managed livestock and crops.
The Group does not report Scope 2 biogenic emissions resulting from the combustion or biodegradation of biomass separately from
fossil greenhouse gas emissions, as the applied emission factors do not distinguish the percentage of biomass or biogenic CO
2
.
There are no Scope 3 biogenic emissions resulting from the combustion or biodegradation of biomass.
With reference to Scope 2 market-based emissions, the Group does not sell produced or purchased electricity, and the renewable
nature of the purchased electricity is certified by guarantees of origin (GO) in Europe and by International Renewable Energy
Certificates (I-REC) in other jurisdictions. Its main activity, being predominantly insurance-based, is not attributable to high-energy
intensity operational sectors; therefore, the percentage shares of bundled (combined with electricity purchase) or unbundled (stand-
alone instruments) contractual instruments used are not relevant and are not quantified.
68.  Extrapolation of emissions consists of projecting the personnel-weighted average carbon intensity of measured companies onto the personnel of those companies that by materiality do not provide primary data.
69.  If the information is not available, the location-based methodology is applied, according to which emissions are calculated using the national or local emission factors provided by CRREM (Carbon Risk Real Estate Monitor) -
version 2.05 (2024), to reflect the physical reality of emissions associated with the national energy mix.
Sustainability Statement
123
The following table illustrates, for each Scope 3
70
category, the reporting scope and some elements regarding the calculation
methodology.
Category Name Scope and methodology (*)
1 Purchased goods and services
The emissions derive from the production of consumed paper and water consumption for the Group's own
operations and from the production and purchase of the following for the agricultural business: seeds, animal
feed, bulk or processed wine, agricultural products (sorghum, corn silage, etc.), pigs, pet food line, bulbs, must,
paper-cardboard and wood packaging, sugar, olive oil, fertilizers.
3
Fuel and energy-related activities (not
included in Scope 1 o 2)
The emissions derive from the production, transmission, and distribution of purchased energy, which includes
electricity, natural gas, diesel, and other fuels used for the Group's own operations, including those of the
agricultural business but excluding those of the real estate portfolio.
4 Upstream transportation and distribution
The emissions derive from upstream transportation and distribution activities related to the agricultural
business. Specifically, the calculated emissions are linked to road transport and cargo ships.
5 Waste generated in operations
The calculated emissions refer to separated waste destined for recycling, unseparated waste for disposal, and
unseparated waste destined for incineration and energy recovery, for the Group's own operations. The data are
derived from measurements, where possible, or estimated when the latter are not available.
6 Business travel The emissions derive from travel by airplane, private car or short-term rental, and train.
9
Downstream transportation and
distribution
The Group assesses the relevance of the emission category only in relation to the transportation of products
from the agricultural business, considering the tons of product sold, the average kilometers travelled, the
average load per trip, and the total number of kilometers. The storage of final products in retail stores is also
considered to determine the associated emissions.
10 Processing of sold products
The category refers to the agricultural business, which calculates emissions related to: fattening pigs for
slaughter, animal feed production, flour production, sugar production, and brown rice processing.
12 End-of-life treatment of sold products
The category refers to the agricultural business, which calculates emissions related to the end-of-life treatment
for glass, cardboard, and plastic packaging, as well as food waste.
13 Downstream leased assets
These are indirect emissions from sources not controlled by the Group. The category includes emissions
produced by the utility consumption of tenants occupying the Group's properties.
15 Investments
The emissions refer to the following classes of investments belonging to the direct investment portfolios and
proprietary portfolios of the insurance companies of the Group and the Banca Generali group: listed equities,
listed corporate bonds, and government bonds, calculated according to the PCAF (Partnership for Carbon
Accounting Financials) methodology (**).
With reference to the portfolios of the insurance companies, the emissions associated with listed equities
and corporate bonds are obtained through the data provider MSCI, which collects data from the most recent
and available public sources (financial statements and/or issuer websites) at the time of calculation for this
reporting (therefore, they mostly refer to the previous fiscal year), supplemented with estimates. The emissions
associated with government bonds, also calculated by MSCI, are based on data provided by sources such as the
United Nations and the World Bank. The scope includes only sovereign securities. Sub-sovereign, supranational,
and municipal securities are excluded from the total emissions calculation.
With reference to the portfolios of the Banca Generali group, the emissions associated with listed shares,
listed corporate bonds, and government bonds are obtained through the data provider MainStreet Partners.
The emissions associated with government bonds, which include only sovereign securities, are based on data
provided by UNFCCC and World Bank Open Data.
(*)  The methodologies adopted for the relevant Scope 3 emission categories are consistent with those defined by the GHG Protocol - Corporate Accounting and Reporting Standard.
  The methodology used for estimating Scope 3 emissions for the Group’s own operations, excluding the agricultural business, involves the use of primary data for the measured scope and an extrapolation
of emissions for the unmeasured scope, in line with what is indicated above. The methodologies used for estimating emissions for the agricultural business vary depending on the Scope 3 category. For
categories 1, 3, 4, 6, and 9, primary data related to the volume of materials consumed or activities performed were used as input, which were converted into tCO
2
e using emission factors from public
sources (DEFRA, Eurostat) and scientific literature. For categories 5 and 12, the volumes of waste generated and the related treatment methods were estimated based on public reports (World Bank,
ISPRA), subsequently applying emission factors published by DEFRA.
  The methodology used for estimating emissions related to the real estate portfolio managed by GRE involves the precise measurement of utility consumption (heating, electricity) through meters and/or
bills, and the corresponding conversion into CO
2
e. Where complete data is not available, it is possible to estimate the final data using gap filling or benchmark techniques.
(**)  The PCAF methodology recognizes an intrinsic component of double counting between the emissions of equities and corporate bonds, and the emissions of government bonds related to the use of the
production-based approach, thus considering the GDP generated in the geographical area of a given country.
In accordance with the provisions of Appendix E of ESRS 1, Group emission intensity is not reported as it is deemed not representative
of Group-wide performance, considering the diversification of Generali’s businesses. However, the emission intensity is strategic for
some components of the value chain, as reported in the dedicated sections.
Responsible investor and Responsible insurer for information on emission intensity
70.  The emissions related to employee commuting (category 7) and emissions from IT equipment and services (categories 1 and 2) are not reported, although they are relevant to the Group, as they are not available at the time
of this reporting. The emissions related to upstream leased assets (category 8), the use of sold products (category 11), and franchises (category 14) are not reported as they are considered not relevant within the scope of the
Group's activities.
Annual Integrated Report and Consolidated Financial Statements 2024
124
Generali Group
Policies on climate change
Sustainability Group Policy
The Sustainability Group Policy, approved by the Board of Directors of the Parent Company and subsequently by the boards of the
Group companies included in the scope of application, defines the sustainability management methods within the Generali Group
through the Group Sustainability Framework, which is divided into the following components: Ambition and Appetite, Sustainability
Integration, Foundations.
In the context of the first component, the policy defines the ambition that the Group has adopted in relation to climate change: to
contribute to keeping global warming well below 2°C (WB2D), and possibly as close as 1.5°C by the end of the century compared
to pre-industrial levels, throughout the Group’s value chain, with a particular focus on investment and underwriting activities, as well
as its own operations.
Technical Note on Generali Group Strategy on Climate Change
The Technical Note on Generali Group Strategy on Climate Change defines the commitments, approved by the Board of Directors
and operationally implemented by the competent Group and local functions, to promote the just transition towards a net-zero
greenhouse gas emissions economy. The commitments concern investment and underwriting activities, as well as own operations;
although the latter is not material for these purposes according to the double materiality assessment, Generali believes that the fight
against climate change must be tackled with all available levers.
In particular, as a Responsible investor, the Group is committed to supporting the just transition of the global economy by investing
in solutions that support mitigation and/or adaptation to climate change, gradually reducing its investments in companies involved in
the most carbon-intensive activities and using engagement approaches to push issuers to adopt sound decarbonisation strategies.
As a Responsible insurer, the Group is committed to increasing climate insurance solutions to support the just transition of its
customers, gradually reducing its insurance coverage of the most carbon-intensive activities and using engagement approaches to
help its customers reduce the greenhouse gas emissions of insured assets.
The strategy, available on the Group’s institutional website (www.generali.com/sustainability/our-commitment-to-the-environment-
and-climate), is in line with the Paris Pledge for Action initiative, defined at the 21
st
Conference of the Parties (COP21), which the
Group has supported since 2015. To follow up on this commitment, the Group participates as a member in the work of the Net-Zero
Asset Owner Alliance (NZAOA) and the Forum for Insurance Transition to Net-Zero (FIT). In addition, Generali supports the Task Force
on Climate-related Financial Disclosure (TCFD), voluntarily committing itself to the dissemination of transparent reporting of the risks
and opportunities that climate change entails.
Responsible investor
Asset Owner
Strategy
As an Institutional investor and Asset Owner, the Group has identified the fight against climate change as one of the pillars of its
strategy, considering both the potential risks to the financial performance of its investments and the potential negative impacts on
the environment and society.
Our financial performance, Group’s financial position for further information on Group’s investments
Generali is exposed to financial risks arising from the loss of value of assets and investments in its portfolio in a context of increasing
frequency and intensity of natural events and energy transition, which result in regulatory and business model impacts on various
industrial sectors. At the same time, it has a great responsibility towards the environment and society in general, to be exercised also
through investments made responsibly, favoring activities that contribute to the energy transition and avoiding and/or limiting those
that are more harmful to the environment and climate.
The Group has outlined in the Technical Note on Generali Group Strategy on Climate Change the commitments made to pursue the
long-term goal of supporting the transition to a low-carbon economy and decarbonising its investment portfolio to achieve net-zero
greenhouse gas emissions by 2050, in line with the goals of the Paris Agreement to limit global warming to 1.5°C above pre-industrial
levels.
Generali has set medium-term climate targets for 2024 and subsequently for 2030, based on data referring to the end of 2029, in
accordance with the protocol shared by participants in the Net-Zero Asset Owner Alliance (NZAOA), which it has adhered to since
2020.
The scope of application of the Group’s strategy extends to proprietary investments detained by insurance companies, excluding
investments managed on behalf of third parties.
The link between the actions taken to implement the Group’s strategy and the decarbonisation levers adopted is described in
Actions.
Sustainability Statement
125
Policies
Investment Governance Group Policy
The Investment Governance Group Policy is the policy approved by the Board of Directors that defines the governance of the
investment process for the insurance portfolios and the related methods of integrating material sustainability factors, including
climate change.
Integration of Sustainability into Investments and Active Ownership Group Guideline
To implement the Investment Governance Group Policy, the Integration of Sustainability into Investments and Active Ownership Group
Guideline outlines the methods for integrating sustainability factors and implementing Generali Group’s Climate Change Strategy into
the decision-making process for proprietary investments. The guideline’s objective is, among other things, to define the actions for
integrating factors related to climate change into the management of proprietary investments through the definition of an operational
model, within the broader framework of the Group’s investment governance, which allows to reduce negative environmental impacts
and climate risks that the investment portfolio is exposed to.
The guideline was approved by the Group CEO, and the Group Chief Investment Officer is responsible for its implementation to
achieve the objectives established at Group level.
The guideline addresses the issue of climate change with reference to both mitigation and adaptation objectives.
At the time of this reporting, also considering the maturity of market practices, the Group has identified and expressed its strategic
objectives and its metrics by referring to both mitigation and adaptation in a conjoined manner.
The guideline is available in a summary version on the Group’s institutional website (www.generali.com/sustainability/responsible-
investor/sustainability-into-investments).
Confirming its long-standing commitment to sustainability, the Group joined the United Nations Global Compact in 2007, the PRI
(Principles for Responsible Investment) in 2011, signed the Paris Pledge for Action in 2015, and adhered to the Net-Zero Asset Owner
Alliance (NZAOA).
Actions for climate change mitigation and adaptation
The Group translates its climate change guidelines into concrete actions integrated within the investment process and aimed at
reducing negative impacts and risks associated with climate change. These actions are implemented through the following three
approaches: exclusion, integration, and engagement and voting activities.
Exclusion
The Group adopts a guideline aimed at limiting or excluding investments in issuers whose activities (or policies in the case of
governmental issuers) have a significantly negative impact on the climate. These exclusions contribute to the decarbonisation of the
Group’s portfolio over the years and to the achievement of the ultimate goal of net zero emissions by 2050.
The cited guideline applies to both direct investments and funds, as reported below:
Asset type Asset class Exclusion
Direct
investments
Corporate issuers
New investments are prohibited and gradual disinvestment from listed companies operating in sectors and
activities with a significant negative impact on climate change is required. The identification of issuers is based
on specific criteria:
•  thermal coal: companies identified through progressively more restrictive criteria to achieve coal phase out
by 2030 for OECD countries and by 2040 for the rest of the world;
•  unconventional oil and gas: companies identified based on their exposure to tar sands, hydraulic fracturing,
and the extraction and production of fuels in the Arctic Circle;
•  conventional oil and gas: companies in this sector presenting transition plans (strategy, targets, and
decarbonisation plans) that are not adequate and therefore subject to restrictions and limitations on
investments.
Sovereign issuers
New investments are prohibited, and a gradual disinvestment is required from countries that show evident
controversies related to their environmental impact, particularly related to climate change, without a solid
commitment to reducing such an impact.
Indirect
investments
Liquid assets (corporate and
sovereign)
Investments in funds are subject to a due diligence process that includes sustainability criteria. Specifically,
among the criteria used for fund selection, it is verified that the fund or the Asset Manager (AM) has adopted
a policy of excluding companies exposed to thermal coal. The overall evaluation of the fund also includes the
presence of an exclusion policy on unconventional oil and gas.
Private funds & real asset (corporate)
The Group does not provide new funding for infrastructure projects dedicated to thermal coal, oil, and gas
(both conventional and unconventional). However, flexibility (*) is foreseen to authorize, albeit in a limited way,
midstream and downstream projects related to oil and gas, when deemed relevant for a just transition or
aligned with the ambition to limit global warming to 1.5°C.
(*)
www.generali.com/sustainability/our-commitment-to-the-environment-and-climate for further details on the Technical Note on Generali Group Strategy on Climate Change
Annual Integrated Report and Consolidated Financial Statements 2024
126
Generali Group
Integration
The Group promotes, for the different investment classes through which it operates, investment strategies aimed at supporting
economic activities with environmental sustainability characteristics, financing the energy transition, and creating long-term value not
only for investors but also for society as a whole. The Group continues its commitment, started at the end of 2018, progressively
extending its ambitions.
The following table describes how this approach is applied to the main investment classes.
Asset type Asset class Integration
Direct
investments
Corporate and sovereign issuers
In 2021, the Group set a specific target to be achieved by 2025: € 8.5 - € 9.5 billion in new net investments in
green, social, and sustainable bonds aimed at financing projects and activities with a positive impact on the
environment and the society. This target was set concerning net bond investments, issued by companies or
governments, of green, social, and sustainability-linked types that meet the relevant market standards, namely
the ICMA (International Capital Market Association) principles, selected based on an internal methodology
(filter) defined by the Group with the support of Generali Asset Management. The main purpose of this approach
is to evaluate the robustness of the sustainability framework of these bond issues and the level of transparency
towards the market, as well as to monitor the activities financed through the investments themselves. This
approach allows for a higher degree of awareness regarding this type of investment and aims to exclude issues
that present potential criticalities concerning the ESG profile of the framework, as well as the issuer itself.
Real estate
During the purchase phase, specific sustainability factors are considered in the evaluation (due diligence) of
the property, such as external certifications, alignment with the European Taxonomy, and the decarbonisation
trajectory (CRREM model).
The development and/or renovation plans for the real estate assets aim to improve energy performance and
reduce CO
2
emissions.
The management of the real estate assets is focused on the gradual but constant improvement of sustainability
credentials by obtaining/renewing external environmental sustainability certifications (e.g., BREEAM and
LEED), stipulating green clauses with tenants (so-called green leases), or optimizing energy consumption in the
operational management of the properties.
Indirect
investments
(funds)
Corporate
Investments in funds are subject to a due diligence process that includes sustainability criteria. Among the
criteria used for fund selection, it is verified that the fund provides adequate information on climate performance
(carbon intensity) and has integrated climate policies into its investment objectives.
Engagement and voting
In order to pursue the climate goals aimed at decarbonising the investment portfolio, the Group undertakes specific actions known
as active ownership, which includes engagement with both invested companies and investment managers.
These actions are in line with the five-year commitment signed with the NZAOA in 2020. The objectives associated with the NZAOA
commitment are reiterated in the strategic plan Lifetime Partner 27: Driving Excellence.
Stakeholder involved Engagement and voting
Investee companies
Engagement
In line with the commitments made under the NZAOA, the Group engages with companies whose greenhouse gas emissions
significantly impact the overall emissions level of the investment portfolio. The goal of this activity is to influence companies to
adopt transition plans that are aligned with the Group’s expectations and commitments.
Voting
Where the Group holds equity interests, it exercises its voting rights at meetings by supporting proposals that align with its
criteria and expressing negative judgments on climate plans that lack the necessary ambition.
Asset managers
As Asset Owner, the Group delegates the management of its investment portfolios to professional managers based on
mandates that define investment objectives and limits, including those related to sustainable investments. In this context,
the Group entrusts the delegated managers with the implementation of its climate policies and oversees their correct
implementation, also establishing a constant dialogue with the manager to ensure full alignment of expectations and
objectives.
Sustainability Statement
127
Climate change mitigation and adaptation metrics and targets
71
Lifetime Partner 24: Driving Growth
As responsible Investor, within the Lifetime Partner 24: Driving Growth, the Group has committed to integrating climate change into
its investment activities by setting specific targets:
•  in line with the principles of the NZAOA:
 - reduce the carbon intensity of the portfolio of direct investments in listed equities and corporate bonds by 25% compared
to 2019, also through engagement with 20 portfolio companies selected based on the greenhouse gas emissions intensity
produced during their activities;
 - according to the Carbon Risk Real Estate Monitor (CRREM) methodology, align at least 30% of the market value of the real
estate portfolio to the global warming trajectory of 1.5°C.
 These are intermediate decarbonisation targets for the portfolio to be achieved by 2024, reflecting Generali’s continued
commitment to achieving net zero greenhouse gas emissions in its portfolios.
•  make at least € 8.5 - 9.5 billion of new net investments in green, social, and sustainable bonds by the end of 2025.
Metrics and targets of the strategy Lifetime Partner 24: Driving Growth (entity-specific information)
Target Metric Metric value at
31/12/2024
Target level to achieve Target applicaiton time
horizon
Baseline and base year
Decarbonisation of
corporate portfolio
Carbon intensity of
corporate investment
portfolio (EVIC)
89 tCO
2
e/€ mln invested
-25% carbon intensity
of corporate investment
portfolio (EVIC)
2019-2024
182 tCO
2
e/€ mln invested
(2019)
Decarbonisation of
corporate portfolio
Number of companies
engaged on climate
change
31 (*)
20 companies engaged on
climate change
2021-2024
0
(2021)
Decarbonisation of real
estate portfolio
GRE real estate portfolio
aligned to the CRREM
pathway
58.2%
At least 30% of GRE real
estate portfolio aligned to
the CRREM pathway
2019-2024
N/A (**)
(2019)
Support to the climate
transition
New green and
sustainable investments
€ 13,921 mln (***)
€ 8.5-9.5 bln new
green and sustainable
investments
2021-2025
0
(2021)
(*)  The metric refers to the period from 1 January 2021 to 31 December 2024, and is cumulated.
(**)  Due to the limited availability of data for the base year and because, by construction, the target is defined based on the portfolio outcome in the reporting year, regardless of the value recorded in the
base year.
(***) The metric refers to the period from 1 January 2021 to 31 December 2024, and is cumulated. The target is considered incremental with respect to the base year.
The Group has met the commitments made in the Lifetime Partner 2024: Driving Growth strategy, in some cases substantially
exceeding the objectives. The following sections present the reference metrics and outline the main factors that contributed to these
results.
Decarbonisation of corporate portfolio
With reference to the direct investment portfolio of insurance companies, we report below the different metrics monitored by the
Group and their respective performance:
Metrics related to the direct investment portfolio of the Group’s insurance companies in listed equities and corporate bonds
31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024
2019-2024
change
Absolute emissions (mln tCO
2
e) 15.4 12.0 10.4 6.8 6.8 8.1 -47.2%
Coverage - Absolute emissions 71% 74% 73% 75% 75% 88% 24.1%
Carbon intensity (EVIC) (tCO
2
e/€ mln invested) 182 145 128 100 98 89 -51.1%
Coverage - Carbon intensity (EVIC) 71% 74% 73% 75% 75% 88% 24.1%
Carbon intensity (sales) (tCO
2
e/€ mln sales) 277 243 241 188 147 151 -45.7%
Coverage - Carbon intensity (sales) 85% 87% 85% 88% 92% 89% 5.0%
Direct investments in listed equities and cor-
porate bonds (€ bln)
117.5 111.5 110.4 91.0 92.0 102.1 -13.1%
71.  The emissions calculation methodologies are based on the PCAF and GHG Protocol standards. 
Glossary for further infromation
Annual Integrated Report and Consolidated Financial Statements 2024
128
Generali Group
Sectoral contribution to carbon intensity (EVIC) of the investment portfolio
Sector 31/12/2023 31/12/2024
Materials 37.5% 36.3%
Utilities 32.2% 25.7%
Energy 17.1% 17.6%
Industrial 5.5% 7.8%
Financial 0.4% 4.1%
Communication Services 2.3% 3.4%
Consumer Discretionary 2.2% 2.1%
Consumer Staples 1.4% 1.5%
Health care 0.6% 0.6%
Real estate 0.4% 0.4%
Information Technology 0.4% 0.4%
The carbon intensity (EVIC) recorded a reduction of 51.1% between the end of 2019 and the end of 2024, decreasing from 182
tCO
2
e/€ million invested to 89 tCO
2
e/€ million invested.
This decrease, consistent with the Group’s commitments, is the result of several factors. Among the main ones are the continuous
decarbonization efforts of the companies in the portfolio, as well as the constant reduction of exposure to sectors and issuers
negatively impacting the climate. The result was also contributed to by the recent increase in the coverage of carbon intensity data
(EVIC), which allowed the measurement of the carbon intensity of previously uncovered issuers, largely belonging to the financial
sector, and consequently with low carbon intensity.
In terms of dialogue with issuers, from 2020 to 2024, Generali involved 31 invested companies in climate change dialogue initiatives.
These dialogue initiatives were conducted individually (18) and collectively (13). The companies involved belong to highly polluting
sectors (12 materials, 11 energy, 7 utilities, 1 financials) with the greatest impact in Group investment portfolios and they were
selected based on the following criteria:
•  ranked among the top for emissions attributed in Group portfolio (based on the assessment of the portfolio’s carbon footprint at
the end of the year);
•  have not set scientifically validated targets (SBT) or have an SBTi target that is not ambitious enough compared to expectations;
•  belong to sectors that are difficult to decarbonise, such as fossil fuels, steel, cement and petrochemicals.
During 2024, in 73 meetings of 64 investee companies, Generali voted on 101 climate change resolutions (16 proposed by corporate
management and 85 by shareholders). Generali’s votes were distributed as follows: 73.20% in favor, 19.33% against, and 7.47%
abstentions. The companies subject to the vote belong to various sectors (Financials 50, Industrials 16, Energy 11, Consumer
Staples 9, Consumer Discretionary 5, Utilities 4, Information Technology 2, Health Care 2, Communication Services 1, Materials
1), demonstrating the breadth of Generali’s commitment to promoting sustainable practices through voting on climate issues. The
indicator exclusively includes votes on the topic of Climate Change
72
.
72  In order to uniquely identify these resolutions, a flag based on thematic codes is used in the internal database.
182
145
128
100
98
89
-51.1%
Carbon intensity (EVIC) of the investment portfolio (tCO
2
e/€ mln invested)
31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024
Sustainability Statement
129
Decarbonisation of real estate portfolio
Metrics related to GRE real estate portfolio (entity-specific information)
31/12/2019 31/12/2024 2019-2024 change
Absolute emissions of GRE portfolio (tCO
2
e) 405,280 204,639 -49.5%
Carbon intensity of GRE portfolio (kgCO
2
e/m
2
) 61.2 33.5 -45.3%
GRE portfolio aligned to the CRREM pathway N/A (*) 58.2% -
(*)  Due to the limited availability of data in the base year and because, by design, the target is tracked on the portfolio result in the reporting year, regardless of the value reported in the base year.
The Group’s commitment is to align its real estate investments with the 1.5°C scenario by 2050, in line with the NZAOA initiative,
through a decarbonisation strategy that envisages the progressive alignment of the real estate portfolio with the emission intensity
targets defined by the Carbon Risk Real Estate Monitor (CRREM) model. The CRREM model is a global initiative for establishing
targets for operational carbon emissions for real estate investments consistent with the ambitions of the Paris Agreement; it publicly
released decarbonization pathways that translate the ambitions of limiting global warming to 1.5°C and 2°C by 2050 into regionally-
and property-type-specific trajectories against which real estate assets and portfolios can benchmark themselves.
This long-term commitment has been supported by the achievement of the intermediate target of aligning at least 30% of the real
estate portfolio with the 1.5°C global warming trajectory by 2024 and it is a natural consequence of the efforts already made by the
Group over the years for more sustainable management of its real estate assets.
The reduction from the 2019 baseline value in absolute emissions (-49.5%) and emission intensity (-45.3%) reflects Generali Real
Estate’s commitment to decarbonizing its portfolio in line with the Group’s commitments. The main levers that have achieved this
result are: improving data quality (increasingly based on actual data and less on estimates), the growing activation of utility contracts
that provide for the supply of energy from renewable sources for both owners and tenants, the progressive execution of investments
(Capex) that favor decarbonisation and electrification of buildings, and portfolio rotation.
Direct sovereign investments
For the Group, investments in government bonds represent a fundamental component of the overall investment strategy. Consistently
with the commitments made for a gradual decarbonisation of proprietary investments, the Group has started monitoring the carbon
emission intensity of its government bond investments since 2023, aiming for a gradual integration of these metrics and evaluations
into investment decisions. Although measuring CO
2
emissions for this category of investments still has limitations mainly related to
data availability and updating, we believe it is essential to increase transparency towards stakeholders.
Investing in a country’s government bonds means financing its development policies, including its climate change strategy: accurate
monitoring of the performance of various countries is the starting point for defining a strategy aimed at limiting global warming to
1.5°C.
Metrics related to the Group’s sovereign investments (*), based on the emissions produced within a specific country (so-called production-
based approach) (entity-specific information)
31/12/2023 31/12/2024
2023-2024
change
Absolute emissions (production-based approach) - PIL PPA (mln tCO
2
e) 12.9 13.6 5.3%
Carbon intensity (production-based approach) - PIL PPA (tCO
2
e/€ mln invested) 136.6 148.5 8.7%
Coverage - Carbon intensity 99.9% 99.7% -0.2 p.p.
Direct investments in sovereign bonds (€ bln) 94.1 91.5 -2.7%
(*)  The perimeter includes sovereign bonds only. Sub-sovereigns, supra-nationals, and municipals are excluded.
New green and sustainable investments
The Group’s target of €8.5 billion - €9.5 billion by 2025 has been defined in relation to net bond investments, issued by companies
or governments, of green, sustainable, social or sustainability-linked types that meet the relevant market standards, namely the
ICMA (International Capital Market Association) principles, selected based on an internal methodology defined by the Group with
the support of Generali Insurance Asset Management and applied to the assets of the insurance companies managed by the
latter.
Annual Integrated Report and Consolidated Financial Statements 2024
130
Generali Group
The cumulative data from 2021-2024 for new green and sustainable investments amounts to € 13,921 million, an amount
that has allowed us to reach and exceed the set target ahead of schedule. The progressive growth of investments in these
instruments has been accompanied by their increasing penetration, particularly of green bonds, in the primary market of the
Eurozone, especially in certain sectors and segments that present a risk-return profile particularly suitable to the needs of an
insurance group.
Green and sustainable investments (entity-specific information)
31/12/2024
Green and sustainable investments, including social and sustainability-linked bonds (€ bln; nominal value) (*) 21.3(*)
(*)  The figure represents the value of green and sustainable investment in the portfolio as of 31 December 2024, of which € 1.9 billion refer to sustainability-linked bonds, mainly classified in the balance
sheet as financial assets at fair value with impacts on the overall profitability.
Regarding green and sustainable bond investments, the Group considers it increasingly important to analyze the impact on society
and the environment that these investments have generated. To this end, the positive impact on the environment and society
generated by the Group’s investments in these financial instruments was estimated. The analysis is based on data collected from the
official reports of the issuers and through estimates made by the data provider used for the analysis
73
.
With reference to the investments in the portfolio at the end of 2024, the Group mainly financed projects related to renewable energy,
clean transportation, and green buildings, which contributed on a yearly basis to
74
:
•  generate 5.2 mln MWh of renewable energy;
•  avoid 4.7 MtCO
2
of greenhouse gas emissions;
•  save 3.6 mln MWh of energy.
The following chart shows the classification of projects based on the Green and Social Bond Principles of the International Capital
Market Association (ICMA).
Investments allocation towards projects
73.  MainStreet Partners.
74.  Environmental impact indicators were calculated considering the portfolio investments as of 31 December 2024 in green, social, and sustainable bonds (excluding sustainability-linked bonds). The coverage rate of the analysis
for these instruments in terms of managed assets is 98.9%. The reference data is the latest available yearly impact data. MainStreet Partners collects relevant data for each GSS Bond by reference to public documents published
by the issuers themselves. Such data reflects the guidelines established by the ICMA Green Bond Principles and Social Bond Principles, internationally recognized by investors, issuers and financial intermediaries. Data may be
obtained by engaging with the issuer directly, where necessary. Impact results are calculated based on the amount invested in each bond in relation to the nominal amount issued.
Renewable energy
21.0%
Energy efficiency
7.7%
Socioeconomic advancement
6.2%
Affordable housing
4.2%
Green buildings
13.7%
Sustainable management of resources
2.4%
Water management
2.7%
Other
13.3%
Healthcare
2.4%
Clean transportation
26.3%
Sustainability Statement
131
Lifetime Partner 27: Driving Excellence
As part of the Lifetime Partner 27: Driving Excellence strategy, the Group intends to further strengthen its climate change strategy
through the following goals:
Metrics and targets of the strategy Lifetime Partner 27: Driving Excellence (entity-specific information)
Target Metric Metric value at
31/12/2024
Target level to achieve Target application time
horizon
Baseline and base year
Decarbonisation of
corporate portfolio
Carbon intensity of
corporate investment
portfolio (EVIC)
89 tCO
2
e/€ mln invested
-60% carbon intensity
of corporate investment
portfolio (EVIC)
2019-2030 (*)
182 tCO
2
e/€ mln invested
(2019)
Decarbonisation of
corporate portfolio
Number of companies
engaged on climate
change
N/A
20 companies engaged on
climate change
2025-2030 (**)
0
(2025)
Decarbonisation of real
estate portfolio
Carbon intensity of GRE
real estate portfolio
33.5 KgCO
2
e/m
2
-60% carbon intensity of
GRE portfolio
2019-2030 (*)
61.2 KgCO
2
e/m
2
(2019)
Support to the climate
transition
Investments in climate
solutions
€ 26.7 bln
Increase of € 12 bln of
investments in climate
solutions
2024-2027
€ 26.7 bln
(2024)
(*)  The end of the time horizon is intended as year-end 2029.
(**)  The metric refers to the period 1 January 2025 - 31 December 2029.
Decarbonisation of the investment portfolio
The Group set new decarbonisaton targets for both corporate and real estate portfolios in accordance with the NZAOA protocol
guidelines; these require reductions between 40% and 60% by the end of 2029 (compared to the end of 2019) in line with the most
accredited scientific bases available provided by the Intergovernmental Panel on Climate Change (IPCC), the main international
organization responsible for studying the scientific aspects of climate change
75
.
Both for the corporate investment portfolio and the real estate portfolio, the new carbon intensity reduction target is positioned at the
upper end of the range provided by the NZAOA protocol, in coherence with the Group’s ambition.
In the general framework of the Group’s climate policies, the objectives will be pursued by implementing specific actions both
in investment management and active engagement with the involved counterparties (issuers and delegated asset managers). In
particular, with reference to engagement with the issuers in the portfolio, the Group has confirmed the target by maintaining the
same logic as the previous objective, namely identifying year by year until 2029 the engagement opportunities among the 20 invested
companies that each time contribute most to the Group’s carbon intensity.
With reference to delegated asset managers, the Group will continue the ongoing dialogue with its managers to supervise the correct
implementation of climate policies and the achievement of the defined objectives.
Support to climate transition
In line with the commitment to support the climate transition, the Group has set a target for investments in so-called climate
solutions, i.e., investments that contribute to decarbonisation and climate resilience, selected based on criteria consistent with
existing taxonomies and market reference frameworks.
The achievement of the target, subject to market conditions and constraints, will be supported by various types of investments:
•  green, sustainable and sustainability-linked bonds (both corporate and sovereign) where, based on the issuance prospectus, the
proceeds are predominantly invested in projects and/or activities aimed at climate change mitigation and adaptation
76
;
•  real estate investments: properties that contribute to the achievement of the target are aligned with the European Taxonomy or
properties that have high-level sustainability certifications combined with a high level of energy efficiency
77
;
•  funds: the funds are characterized by integrating specific climate mitigation and adaptation objectives into their investment policy,
as defined by the reference transparency regulations (SFDR, ESMA guidelines, and similar). All asset classes may be subject to
investment in this category, with a preference for infrastructure, equity, and debt classes.
These investments will also be pre-screened through the Group’s negative screening criteria to verify their overall sustainability profile.
This objective represents an evolution of the target achieved at the end of 2024 through new green and sustainable investments, with
a specific focus on climate change goals and extending the scope to a wide range of investments.
75.  For the definition of carbon intensity reduction range, NZAOA considered a selection of C1 scenarios included in the IPCC Sixth Assessment Report. 
76.  Based on official labels (such as , the EU Green Bond label) or market reference frameworks (ICMA). For sustainability linked bonds, the predominance is measured on the target KPIs. 
77.  High-level certifications include: BREEAM Very Good or higher; LEED Gold or higher; and equivalent levels of local certifications (HQE, DNGB). High energy efficiency is defined as equal to or better than C or the top 30% in the
reference market.
Annual Integrated Report and Consolidated Financial Statements 2024
132
Generali Group
Asset Manager
The Generali Group comprises a variety of Asset Management firms (AM) specialized in terms of products, solutions and geographical
areas. These AMs offer asset management services both for the Group insurance companies and for third-party clients. Depending
on their business model, target market, client type and size, each AM adopts different environmental, social, and governance (ESG)
integration practices into investments. In line with the fiduciary duty towards clients, the investment practices and ESG objectives are
often customized at individual products or investment portfolios level according to client preferences.
Considering the number of AMs within the Generali Group and the heterogeneity of ESG approaches, the reporting is focused on the
two AMs characterized by a higher degree of ESG ambition and adopting a more structured approach to integrating climate change
and biodiversity and ecosystems into their investment processes (Infranity and Sycomore AM). These AMs manage a marginal share
of the entire portfolio of assets managed by the Generali Group’s AMs: their Assets Under Management (AUM) amount to € 15.9
billion at the end of 2024. However, other AMs within the Generali Group integrate ESG considerations into their investment process
according to the provisions of their policies and processes.
Our financial performance, Group’s financial position for further information on the Group’s investments
Strategy
Infranity’s climate strategy is an integral part of its identity. Through it, the AM aims at contributing to the UN Sustainable Development
Goals (SDGs), focusing on sustainable and resilient infrastructure and environmental transition and to align the climate trajectory
of its portfolios with the Paris Agreement objectives. As part of this objective, Infranity committed to the Net Zero Asset Managers
Initiative (NZAMi) and set specific targets, validated by the IIGCC (Institutional Investors Group on Climate Change), in relation to its
investments.
To implement its climate strategy, the AM has developed a proprietary methodology for target setting and assessing the alignment
of assets with 1.5°C climate scenarios. This internal methodology is consistent with the principles of the Net Zero Investment
Framework and related guidelines for infrastructure assets and with the Net Zero Asset Owner Alliance target setting protocol.
Three main decarbonisation levers are adopted in the investment process:
•  avoid: exclusion of investments in environmentally harmful sectors;
•  integrate: integration of ESG factors into the investment process:
 - by using proprietary methodologies to assess the level of alignment of assets and investments to the net-zero goal;
 - by defining specific targets at individual fund level and for Infranity’s overall investment portfolio.
•  influence: engagement with portfolio assets, with the aim of improving their climate performance.
This strategy is overseen by the Managing Partner responsible for Sustainability.
The Natural Capital Strategy represents the framework through which Sycomore AM aims to promote nature-related issues in
investment decisions. Within this strategy, the AM has defined specific investment objectives, validated by the Science Based
Targets initiative (SBTi) and aligned with the Paris Agreement goal to limit global warming to 1.5°C. The Natural Capital Strategy is
guided by the first two statutory objectives of its mission:
•  provide investment solutions offering clients a source of financial performance and enabling them to be part of a more sustainable
and inclusive economy;
•  measure and enhance the net social and environmental contribution of the investments of the AM, in a rigorous, transparent and
understandable manner.
The approach adopted when addressing environmental issues is the following:
•  multi-issues: covering biodiversity, natural resources and climate change considerations;
•  comprehensive: based on a lifecycle analysis;
•  scientific: based on recognized scientific frameworks;
•  integrated: embedded in the fundamental analysis of all companies within the investment universe;
•  collaborative: conducted through the participation of other stakeholders, to develop indicators as well as to engage investee
companies;
•  transparent: both on environmental measurement methodologies and on results.
Sycomore AM implements its climate strategy in the investment process through three main levers:
•  avoid: selection of investments that reduce Sycomore AM exposure to environmental risks;
•  integrate: definition of different investment strategies. Some of these are focused on climate solutions, while others aim at avoiding
significant ESG risks, including exposure to climate change risks. Additionally, some investment strategies may also be exposed
to companies that are transitioning their business models to align with the objectives of the Paris Agreement;
•  influence: engagement with companies that negatively contribute to climate change either through their direct activities or through
products and services. The aim is to encourage those companies to reduce their GHG emissions.
The Natural Capital Strategy was approved by the Mission Committee in December 2022, that also monitors the achievement of
Sycomore AM mission.
Sustainability Statement
133
Policies
Infranity Sustainable Investment Policy
The Sustainable Investment Policy is the tool through which Infranity expresses its vision as a responsible investor and its approach to
sustainable investments. Through this policy, Infranity integrates sustainability considerations into the management of all investments,
with the aim to fight climate change and support resilient, inclusive and sustainable economies, notably through the rational use of
resources, biodiversity protection, mitigation of pollution, and access to essential services.
The policy has three main objectives:
•  aligning investments with the goals of the Paris Agreement and those of the NZAMi;
•  contributing to the UN Sustainable Development Goals (SDGs);
•  setting ESG standards including meeting minimum social safeguards and DNSH principles (Do Not Significantly Harm).
The policy is supplemented by additional and more specific policies and procedures. It is available on Infranity’s website and is
approved by its Board of Directors upon the proposal of the Managing Partner responsible for Sustainability, who is tasked with its
implementation.
The policy addresses the issue of climate change in relation to both mitigation and adaptation objectives. The Asset Manager has
identified and expressed its strategic objectives without explicitly distinguishing between mitigation and adaptation. In practice,
mitigation is addressed through assets contribution to reducing GHG emissions, either their own or those of others when they provide
climate solutions. Adaptation is addressed through the analysis of climate risks and the risk management measures implemented by
the companies in which the AM invests.
Specifically, the policy outlines the AM strategy, the governance and the ways through which the company integrates climate change
into its investment processes. It includes the following phases:
•  exclusion of investments related to fossil fuels to mitigate climate change also mandating a full phase-out of coal by 2030 in OECD
countries and by 2040 in non-OECD countries;
•  assessment and management of sustainability risks and opportunities throughout the investment decision-making process
through Infranity’s ESG due diligence;
•  engagement on climate change issues with assets in portfolio, particularly through the Net Zero Asset Managers Initiative (NZAMi).
Sycomore AM ESG Integration Policy
The ESG Integration Policy describes how Sycomore AM incorporates ESG factors in investments decisions. The policy describes
the integration of ESG consideration, including those related to climate change, in the investment process to contribute to a more
sustainable and inclusive economy. It covers all the Assets under Management (AUM).
The policy is supplemented by additional and more specific policies and procedures. It is available on Sycomore’s website and is
approved by its CEO, based on the Head of Sustainability recommendations.
The policy addresses the issue of climate change in relation to both mitigation and adaptation objectives. However, at the time of this
reporting, also considering the maturity of market practices, the Asset Manager has identified and expressed its strategic objectives
without explicitly distinguishing between mitigation and adaptation.
Specifically, the policy describes the process of integrating ESG considerations - and in particular those related to climate change -
into Sycomore AM’s investment process. This process is implemented through:
•  the proprietary ESG integration methodology SPICE, through its environmental component;
•  the exclusion of investments in activities and/or companies related to the fossil fuel sector;
•  active ownership with investee companies on issues related to climate change;
•  the consideration of the main adverse impacts of investment decisions on sustainability factors, including climate change.
Actions
To achieve the goals outlined in its policy and meet its climate targets, Infranity integrates sustainability criteria into its investments
through the following main actions, presented by decarbonisation lever. All the actions presented are implemented by Infranity on
an ongoing basis.
Decarbonisation
lever
Perimeter Action
Avoid All AUM
These measures aim to limit exposure to carbon-intensive assets through the exclusion of investments in fossil fuel
sectors, such as coal and unconventional fossil fuels. The exclusions are applied following the specific criteria outlined
in the Sustainable Investment Policy and related policies and procedures.
Integrate
All AUM
Climate analysis of investment opportunities and their impact on funds is performed on every investment to limit the
exposure to assets that are not aligned with a net-zero trajectory and that have a high exposure to climate risks.
Majority of AUM
When possible and relevant, a target is set for the percentage of the fund’s AUM that should be aligned with net-zero
emissions within a specific period of time.
Influence All AUM
Engagement aiming to improve assets’ climate performances. All AUM are considered, but the engagements are
conducted based on a prioritization of the assets in the portfolio based on the materiality of the topic for the asset, the
potential for improvement and the leverage that Infranity can exert on the asset.
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134
Generali Group
The following table represents the tools through which Sycomore AM integrates sustainability within its investments, in line with the
principles guiding its policy. All the actions presented are implemented by Sycomore AM on an ongoing basis.
Decarbonisation
lever
Perimeter Action
Avoid
Exclusion of investments to limit exposure to sectors related to fossil fuels according to the specific criteria outlined
in the ESG Integration Policy and the related policies and procedures. Three levels of exclusion are applicable to
different perimeters:
All direct investments
•  Core: exclusion criteria applied on companies operating in the thermal coal sector or involved in severe
controversies in violation to the principles of the United Nations Global Compact (UNGC);
Open-ended UCITS funds
within Sycomore AM’s SRI
range and SRI-certified
funds; mandates and
dedicated funds managed
according to an SRI strategy
•  SRI: applied in addition to the Core exclusions; these pertain to companies involved in sectors related to thermal
coal, production of carbon-intensive electricity, conventional and unconventional oil and gas sectors and
development of new oil or gas projects;
Label-certified funds and
mandates
•  related to specific certifications: applied in addition to the Core and SRI exclusions, they involve the exclusion of
sectors outlined by the respective sustainability certification (e.g., Towards Sustainability, Label Relance, FNG-
Siegel, Umweltzeichen, and Greenfin).
All sustainable
investments
Consideration of the Principal Adverse Impacts of investment decisions on climate change, with the aim of limiting
exposure to companies that have not established a transition plan compatible with scenarios consistent with an
increase in global average temperatures of 1.5°C.
Integrate All AUM
Systematic ESG integration of climate change-related risks and opportunities into investment decisions through the
proprietary SPICE methodology.
Influence
All AUM
Individual and collective engagement with the highest GHG emitters in its portfolio with the aim to encourage them
to improve their practices.
All AUM Voting on issues related to climate change at investee companies’ general meetings.
Responsible insurer
Strategy
The Group is committed to contributing to the fight against climate change and has defined its own commitments towards climate
change mitigation, included in the Technical Note on Generali Group Strategy on Climate Change. In particular, as a Responsible
insurer, the Group has developed and is developing insurance solutions that offer coverages and services to customers aimed at
supporting their environmentally responsible behaviours and/or that respond to the need for protection against natural and climate-
related risks, in order to reduce the negative impacts caused by its business on the environment and to contribute to the resilience
and adaptation of the communities, that increasingly face the consequences of extreme weather events, as well as to mitigate the
financial risk they may incur. Moreover, Generali intends to progressively decarbonise its insurance portfolio - also by carrying out an
exclusion policy of assets in the fossil fuel sector (coal and oil & gas sector) - to achieve net-zero greenhouse gas emissions by 2050,
in line with the Paris Agreement’s objectives in the scenario of global warming of 1.5°C compared to pre-industrial levels.
Since 2019, the Group has created a sustainability framework that aims to integrate ESG aspects within its underwriting processes
and is mainly focused on climate change objectives that are addressed through three main approaches:
•  avoiding/limiting the underwriting of risks that are not considered to be aligned to the net-zero target at 2050 (e.g. fossil fuel sector);
•  integrating its insurance offer with products that support the right energy transition of our clients (e.g. renewable energy and hybrid
or electric cars) and enable clients to be more resilient in case of adverse climate events;
•  influence customers towards the just transition by accompanying them as Lifetime Partner in this journey and supporting them with
products with climate components designed to reduce their greenhouse gas emissions.
The principles outlined above are now embedded in our underwriting processes. In this regard, the Group has specific documents
aligned with the strategic objectives set and designed to enable the various companies a technically correct and solid management
of the coverage offered, preserving transparency towards customers, the accuracy in the terms and conditions of the policies as well
as the Group’s profitability.
Sustainability Statement
135
Policies
Responsible Underwriting Group Guideline
The Responsible Underwriting Group Guideline outlines principles and rules aimed at factoring-in clients’/companies’ sustainability
matters, including climate change, within the P&C underwriting process.
The Group takes into account the sustainability profile of customers/companies, aiming to minimize the underwriting of risks
belonging to sensitive sectors (e.g. thermal coal and conventional and unconventional oil and gas) to minimize its insurance exposure
to potential sustainability and reputational risks.
The Group aims to play an active role in proper management of sustainability matters promoting acceptance and implementation of
the United Nations Global Compact and the United Nations Environment Programme Finance Initiative (UNEP FI) and the Principles
for Sustainable Insurance (PSI) within the Group.
The Group Guideline has been approved by the Group CEO and the Group Chief P&C and Reinsurance Officer function is responsible
for overseeing and supporting the implementation and monitoring of the Group Guideline across the Group.
Particularly sensitive sustainability issues are discussed in a dedicated intra-functional committee at Group level, where the Group
General Manager is responsible for making the final decision on the issue after consulting the various opinions. Group companies are
responsible for implementing this Guideline locally.
The Guideline applies to contracts negotiated on a case-by-case basis and tailored to specific customer needs for the Small and
Medium-Sized Enterprises (SME) and Corporate & Commercial business segments and is published in a summary version on the
Group’s corporate website (www.generali.com/sustainability/responsible-insurer/sustainability-into-underwriting).
The Technical Note on Generali Group Strategy on Climate Change, described in Policies on climate change, and the Responsible
Underwriting Group Guideline address both climate change mitigation and climate change adaptation. In particular, the strategy
includes the development of insurance solutions that can contribute to the reduction of negative impacts, as well as to the resilience
and adaptation of the communities in which the Group operates, whereas the Guideline provides for the exclusion of certain assets,
when belonging to sensitive sectors (e.g. thermal coal and conventional and unconventional oil and gas), and is therefore more
focused on climate change mitigation.
Climate change mitigation and adaptation actions
The main actions taken by the Group in managing the issue of climate change mitigation can be summarized as follows:
Action Decarbonization lever Perimeter of application  Time horizon of application
Development of insurance solutions with
Environmental components
Integration
Insurance companies of the Group
operating in the P&C segment (including
insurance holding and excluding
corporate business)
Growth targets aligned to strategic plans
Definition of a phase-out plan from the
coal sector
Exclusion
Insurance companies of the Group
operating in the P&C segment (including
insurance holding)
2030 in OECD countries
2038 in the rest of the world
Application of exclusion criteria in the
insurance cover of the oil and gas sector
Exclusion
Insurance companies of the Group
operating in the P&C segment (including
insurance holding)
Continuous actions
The ongoing commitment of the Group to mitigate and adapt to the effects of climate change it is primarily manifested in the
identification and development of insurance solutions that offer cover and services to customers with environmentally friendly habits,
behaviour or activities and/or address the need for protection against natural and climate-related risks. This is an internal classification
aimed at those insurance solutions that have environmental components more than others and are offered by the Group’s insurance
companies operating in the P&C segment, such as: mobility solutions, with the aim of supporting the customer’s transition towards
vehicles with lower environmental impact, alternative means of transport and responsible driving behaviour (by incentivizing the
reduction of annual mileage and monitoring driving habits through telematic devices); solutions dedicated to protecting against
damage from atmospheric events for devices dedicated to renewable energy production, which can be integrated with guarantees
to protect against loss of profit deriving from the interruption or decrease of the production of electricity, solutions for energy efficiency
measures; solutions dedicated to customers operating in the value chain of materials recovery/recycling and to start-ups offering
shared service platforms regarding circular resources.
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136
Generali Group
The Group is committed to decarbonise its P&C insurance portfolio through a gradual phase-out plan from the coal sector
78
by
applying increasingly stringent restrictions to the underwriting of coal-related business. Restrictions are applied to both existing and
new customers. In particular, insurance cover is not renewed for those clients whose decarbonisation and coal sector phase out
policies are assessed as not in line with Generali’s strategy and, since 2018, insurance cover is not offered for the construction of new
coal mines, new infrastructure and new coal-fired power plants. The phase-out plan from the coal sector will be reached by 2030 for
clients operating in OECD countries and by 2038 for clients in the rest of the world.
Exclusions from the oil and gas sector are in place too. Indeed, unconventional oil and gas are among the most carbon-intensive
fossil fuels, due to methane emissions during extraction and/or to a particularly energy-consuming extraction process. For this
reason, the Group does not insure customers’ assets related to oil and gas exploration and extraction (upstream segment) activities,
both conventional
79
and unconventional. Concerning the unconventional tar sands and hydraulic fracturing (fracking) sectors, the
restrictions also apply to transportation infrastructure (midstream segment). In addition, since 1 January 2025, the Group does not
offer new covers for midstream/downstream asset of clients who do not demonstrate to have sufficiently solid commitments to
reduce their emissions.
As a result of its commitments, the Group has managed over the years to increasingly limit its exposures to the oil and gas sector.
To harmonise climate change adaptation objectives with the requirements of Regulation 2020/852/EU and related Delegated
Regulations, the Group has introduced mandatory compliance with the technical screening criteria for all newly issued products that
provide guarantees/covers for climate-related perils.
Given the general increase in extreme natural events, both in terms of frequency and intensity, as well as the low level of penetration
of insurance cover for individuals and enterprises, the Group is committed to mitigate their consequences and strengthen social
resilience by expanding its offer of specific solutions and services with a particular focus on Small and Medium-Sized Enterprises,
which represent the foundation of the world economy.
The increased frequency and intensity of extreme natural events also represents a potential financial risk for the Group. An inadequate
management of exposure to such events, from underwriting to post-event services, could result in the exceeding of the overall cost
of claims compared to the premiums collected. To support the ambition of disciplined growth of this type of insurance solution and
at the same time preserve technical results, the Group intends to create a centre of excellence that facilitates the development of
prevention products and services in the various markets in which it operates, ensuring integrated technical expertise at Group level
and increasingly strengthening knowledge on the evolution of climate risks.
78.  In defining its decarbonisation pathway, the Group took into account the recommendations of the Intergovernmental Panel on Climate Change (IPCC), which call for an accelerated exit from the fossil fuel sector and a shift
towards renewable energy sources, the International Energy Agency (IEA) scenarios, which envisage that advanced economies should eliminate power generation from unabated coal by 2030, and emerging markets and
developing economies by 2040.
  Companies operating in the thermal coal sector (identified as customers) are defined as those with: revenues from coal of more than 20%, electricity generation from coal of more than 20%, installed coal-fired electricity
generation capacity of more than 5 GW, mining of more than 10 million tonnes of coal per year, companies involved in the construction of new mines and/or new coal-fired generation plants and/or new transport infrastructure
dedicated to coal.
79.  Unless residual with respect to the customer's main activity (less than 10% of the value of the covered assets).
Sustainability Statement
137
Metrics on climate change mitigation and adaptation
The insurance solutions with ESG components (environmental sphere) - that include, according to the proprietary definition, those
functional to the achievement of Group’s targets both in terms of climate change mitigation, that result to be prevalent, and in terms
of climate change adaptation, along others - have generated premiums for € 2,820 million
80
, with an increase of 11.6% CAGR 2021-
2024 calculated on a like-for-like basis.
The residual insurance exposure to coal-related business
82
is confirmed to be less than 0.1% of P&C portfolio premiums, whereas
the insurance exposure to oil and gas-related business
83
is confirmed to be 0.0% of the same aggregate, aligned with the risk
appetite of the Group.
The residual exposure to the coal sector
84
showed a constantly decreasing trend compared to 2018, remaining well below than 0.1%
of premiums related to the Group’s P&C portfolio.
Targets on climate change mitigation and adaptation
As a Responsible insurer, within the Lifetime Partner 24: Driving Growth the Group is committed to:
increase the gross direct premiums from insurance solutions with ESG components related to both the environmental and the social
sphere with a Compound Annual Growth Rate (CAGR) of 5-7% during the period 2022-2024.
Below are the metrics related to the current strategic plan, associated with the relevant targets and reporting periods
80.  They refer to the Group's total premiums in direct business, excluding Corporate & Commercial business. They also exclude premiums from companies acquired during 2024.
  Premiums reported for multi-risk products with catastrophe coverages are those unbundled for catastrophe coverage only. If unbundling of catastrophe coverage is not possible, the premiums of those policies where
catastrophe coverage is predominant are reported.
81.  Products related to risk reduction include:
  •  special conditions on policies to companies with environmental certifications such as ISO 14001, EMAS, or that take safety measures to prevent environmental damage;
  •  products for NATCAT events (e.g., windstorm, hail, earthquake, earthquake fire, volcanic eruption, tsunami, flood, landslide, subsidence, snow pressure and freezing, bush fire, meteorite fall);
  •  agricultural products to cover crops;
  •  products related to government incentives.
82.  The metric refers to direct premiums from property, engineering and marine coverage of coal assets related to companies of the coal sector.
83.  The metric refers to the direct premiums from the underwriting of risks related to the exploration/extraction (upstream supply chain) of oil and conventional gas - if not marginal compared to the core activity of the client (less
than 10% of the covered assets’ value) - and unconventional as well as to the infrastructure of midstream oil and extracted through fracking) and/or from tar sands.
84.  The target relating to residual exposure to the coal sector was defined through an engagement process of eight coal companies based in Central and Eastern European countries, which started in July 2018 and ended in 2022
with the interruption, by mutual agreement with the customers still in the portfolio, of residual insurance cover relating to coal assets. In defining this target and the related time horizons, the Group took into consideration the
recommendations of the Intergovernmental Panel on Climate Change (IPCC), which call for an accelerated exit from the fossil fuel sector and a turn towards renewable energy sources, the International Energy Agency's (IEA)
scenarios, which envisage that advanced economies should eliminate power generation from unabated coal by 2030 and emerging markets and developing economies by 2040.
Premiums from insurance solutions with ESG components - environmental sphere
MITIGATION
ADAPTATION
OTHER
  Mobility: products offering coverages and services dedicated to sustainable mobility and/or with reduced environmental impact, including coverages offered to customers that, thanks to their driving
style can contribute to reducing the CO
2
emissions. This category includes insurance products dedicated to electric and hybrid vehicles, and those rewarding low annual mileage and responsible driving
behavior, also thanks to the use of telematics, or those designed for other means of transport, such as bikes, scooter, etc..
  Renewable energies: products covering risks connected with the production of renewable energies. These kinds of products are designed to cover equipment for the production of renewable energy,
to guarantee reimbursement of damage caused by atmospheric events to solar and photovoltaic panels, or similar systems, which can be integrated with guarantees to protect against loss of profit
deriving from the interruption or decrease of the production of electricity.
  Energy efficiency: products supporting the certified measures taken to improve the energy efficiency of buildings. In some cases, consultancy is provided to costumers to identify possible solutions for
optimizing energy consumption, thus reducing the environmental impact.
  Risk reduction: products specifically designed to answer coverage needs against natural and climate risks
81
. Risk prevention and reduction represent a key factor in these cases.
  Circular economy: products supporting companies dealing with materials recovery/recycling or start-ups that manage shared services platforms, etc..
  Pollution liability/Own damages: products targeting sudden and accidental pollution, such as third party liability policies. These solutions, for instance, provide reimbursement of expenses for urgent
and temporary interventions aimed at preventing or limiting the recoverable damage. In some countries, the restoration of the polluted site is guaranteed in order to protect environment and biodiversity.
Risk reduction
40.8%
Pollution liability/Own damages
0.6%
Circular economy
0.2%
Energy efficiency
0.8%
Mobility
55.9%
Renewable energies
1.7%
Annual Integrated Report and Consolidated Financial Statements 2024
138
Generali Group
Metrics and targets (entity-specific information)
Strategic objective Metric Metric value at
31/12/2024
Target and level to
achieve (*)
Target application
time horizon
Baseline and base year
(**)
Development of
insurance solutions
with ESG components -
environmental and social
sphere
Premiums from insurance
solutions with ESG
components
€ 25,193 mln
+5-7% CAGR premiums
from insurance solutions
with ESG components
2021-2024
€ 17,014 mln
(2021)
(*)  The target was defined downstream of Group and local level comparisons. Monitoring is conducted on an annual basis and involves data collection in a centralized system, while the relevant Group
function conducts managerial review of the information collected.
The Group registered an increase in premiums from insurance solutions with ESG components above its commitment of a CAGR
of 5-7% over the period 2021-2024 (+12.3% CAGR on a like-for-like basis). Both the premiums related to the environmental sphere
described above and those related to the social sphere reported in Demographic Change contributed to achieving the target.
As part of the Lifetime Partner 27: Driving Excellence strategy, the Group intends to further strengthen its climate change strategy
through the following targets:
Metrics and targets (entity-specific information)
Strategic objective Metric Metric value at
31/12/2024
Target and level to
achieve (***)
Target application
time horizon
Baseline and base year
Decarbonisation of the
personal motor insurance
portfolio
Emission intensity
monitoring (personal
motor portfolio) (*)
In line with the target (**)
-30% emission intensity
reduction on personal
motor portfolio
2021-2030
0.35 ktCO
2
e/€ mln
(2021) (****)
Decarbonisation of the
Corporate & Commercial
insurance portfolio
Emission intensity
monitoring (Corporate &
Commercial portfolio) (*)
In line with the target (**)
-40% emission intensity
reduction on Corporate &
Commercial portfolio
2021-2030
0.27 ktCO
2
e/€ mln
(2021) (****)
Support to the climate
transition
Premiums from climate
insurance solutions
€ 1,821 mln
+8-10% CAGR Premiums
from climate insurance
solutions
2024-2027
€ 1,821 mln
(2024)
(*)  The emission intensity monitoring (personal motor portfolio) is calculated as the ratio between the emissions of the vehicle associated to the insurer over the premiums of the vehicle’s policies (net of
commissions), while the emission intensity monitoring (Corporate & Commercial portfolio) is calculated as the ratio between the client’s emissions associated to the insurer over the client’s premiums
(net of commissions).
(**)  Although consistent with the 2030 target, the value of the metric available at the time of the reporting and updated at 31 December 2023 is not representative of the completeness of the technical
actions implemented during 2024 aimed at achieving the target. The value of the metric at 31 December 2024 will be published in the 2025 reporting.
(***)  The targets referring to the decarbonization of the P&C insurance portfolio, which are valid on the basis of the European Union’s current climate commitments, were defined thanks to close cooperation
between the Group, its main companies and the Corporate & Commercial BU: not only an excellent level of consensus has been reached on the feasibility of reaching the target, but also on the different
technical levers to be implemented. The definition of the target related to climate transition support was also the result of close cooperation between the Group and the local BUs.
  The target on support to climate transition is based on the internal classification to facilitate the identification of the different categories involved.
  The monitoring of all targets is conducted on an annual basis and involves data collection in a centralized system, while the relevant Group function carries out a managerial review of the information
collected.
(****) The methodology used to calculate the targets referring to the decarbonization of the insurance portfolio is in line with the PCAF standards, as is the scope of application. It is underlined indeed that
the collaboration with the Partnership for Carbon Accounting Financials (PCAF) was instrumental in defining a standardized methodology for measuring greenhouse gas emissions associated with re/
insurance underwriting portfolios (insurance-associated emissions).
The Group has set ambitious targets for reducing the carbon intensity of its portfolios related to personal motor and Corporate &
Commercial, defined considering the IPCC
85
scenarios aligned to the limitation of temperature growth to 1.5°C, to reach the net-zero
target by 2050. In particular, Generali is committed to reducing:
•   30% by 2030 the emission intensity associated with personal motor insurance portfolios in Italy, Germany, France, Switzerland,
Austria, the Czech Republic, Hungary, Slovenia, Poland, Spain and Portugal;
•   40% by 2030 the emission intensity associated with Corporate & Commercial insurance portfolios, with specific reference to
clients who publish data on their emissions.
The Group has also set a growth target for gross direct premiums from climate insurance solutions
86
(+8-10% CAGR 2024-2027).
These insurance solutions consist of the categories defined as mobility, renewable energies and energy efficiency.
In 2024, premiums from climate insurance solutions amount to € 1,821 million.
These targets reinforce the climate targets already set for climate change mitigation, contributing to create a sound framework for
achieving net-zero by 2050.
85.  The target is aligned with the scientific pathway of the IPCC's Sixth Assessment Report, which identifies the emission reductions by 2030 needed to remain in line with the 1.5°C scenario.
86.  The target was inspired by the target re/insuring the transition described in the Target Setting Protocol, a document drafted by the Net Zero Insurance Alliance (discontinued) to facilitate then-members in setting targets toward
net-zero. Specifically, the target re/insuring the transition involved offering insurance solutions toward activities that avoid, reduce or remove emissions. Hence the decision to consider the categories of mobility, renewable
energies and energy efficiency in defining the Group metrics.
Sustainability Statement
139
Biodiversity and ecosystems
Biodiversity plays a fundamental role in human well-being and economic activities, as it is a key element in the provision of ecosystem
services by nature for the benefit of humanity. Legislators, central banks, and regulators recognize the risks that biodiversity loss
poses to economic activities and financial systems.
In December 2022, at the United Nations Conference of the Parties (COP15) in Montreal, the Kunming-Montreal Global Biodiversity
Framework, which includes 23 new goals, was adopted. Not all goals are quantitative, and actions are needed to translate them into
quantifiable and standardized objectives for implementation by governments and the private sector.
The Generali Group recognizes the importance of the biodiversity topic and is committed to undertaking a path to mitigate the
potential negative impact arising from the exposure of its own investment portfolio and third-party investments, as well as the
insurance sector, to activities harmful to biodiversity. The disclosure adopt an entity-specific approach through the description of
policies, actions, and metrics in place, in order to reflect the peculiarities of its business.
Responsible investor
Asset Owner
Strategy
As institutional investor and Asset Owner, Generali has identified the conservation and/or restoration of biodiversity as one of the
emerging and most relevant sustainability topics to be developed, also as an extension of the strategy on climate change. The
link between climate change and biodiversity is increasingly evident: the biodiversity of the territory, in fact, suffers the negative
consequences of climate change, but it is also one of the most important defense mechanisms against it; thanks to, for instance, the
sequestration and storage of atmospheric carbon in forests. This link is so strong that Generali’s strategy must be oriented towards
the protection of nature in a broader sense.
The Group implements sustainable investment policies with the goal of mitigating the negative impact of the investments detained by
insurance companies on biodiversity and is committed over the next few years to develop an integrated overall framework (policies
and actions) to manage the risk to which its investments are exposed in terms of potential loss of value and negative impact on
biodiversity generated by them. This goal will be achieved gradually and in parallel with the availability of scientific methodologies and
complete and reliable databases to measure the biodiversity indicators of its investment portfolio and quantify the impacts (positive
and negative) generated. During 2024, the Group initiated collaborations with relevant initiatives and carried out a pilot exercise, on a
reduced perimeter of Generali France’s portfolio, which allowed for an in-depth study of the various metrics available on the market
and their use.
Policies
The Investment Governance Group Policy and the Integration of Sustainability into Investments and Active Ownership Group Guideline
outline the methodologies of integrating sustainability factors into the decision-making process of the proprietary investments,
including considerations related to biodiversity as specified in the Actions section.
Climate change for further details on policies
Actions
In addition to the actions taken to limit climate change, the actions presented below aim to demonstrate how investment decisions
can limit the negative impact on biodiversity. In particular, the concrete actions that Generali integrates within the investment process
to limit the negative impacts of its investments on biodiversity refer to two of the three approaches already active on the topic of
climate change: exclusion, engagement and voting activities.
Exclusion
The Group adopts policies aimed at limiting and/or excluding investments in issuers whose activities (or policies in the case of
sovereign issuers) have a significantly negative impact on biodiversity.
In addition to the exclusions already mentioned in Climate Change (which can also limit the loss of biodiversity of the territory, such
as unconventional oil and gas), other specific exclusions apply to both direct investments and funds, as detailed below:
Annual Integrated Report and Consolidated Financial Statements 2024
140
Generali Group
Asset type Asset class Exclusion
Direct investments
Corporate issuers
New investments are prohibited and gradual disinvestment from issuers responsible for serious environmental
abuses, including the destruction of natural capital and damage to the biodiversity of the territory, is required.
Sovereign issuers
New investments are prohibited, and gradual divestment is required from countries that show evident
controversies related to their environmental impact, where the analysis of such impact also includes the
deforestation of the territory.
Indirect investments
(funds)
Liquid assets (corporate
and sovereign)
Investments in funds are subject to a due diligence process that also includes sustainability criteria. In
particular, among the criteria used for fund selection, it is verified that the fund or the asset manager has
adopted an exclusion policy for companies accused of major environmental controversies, including those
related to biodiversity loss.
Engagement and voting
The Group undertakes specific active ownership actions to encourage them to reduce their negative environmental impact and
adopt measures to safeguard biodiversity.
Stakeholders involved  Engagement and voting
Investee companies
Engagement
The Group engages with companies that in recent years have been involved in biodiversity controversies on various issues such as
packaging pollution, palm oil sourcing, pollinator insects’ protection and industrial site pollution. The companies with which to seek dialogue
are identified through two approaches:
•  annual screening of the Group’s portfolios, carried out using data from the provider MSCI, to identify companies involved in
environmental controversies.
•  annual comparison of Generali’s holdings with the companies identified as priorities for engagement by the Nature Action 100 initiative, 
according to their methodology.
The result is a list of priority companies, with which Generali has initiated either direct individual engagement or collective engagement
through Nature Action 100.
Voting
As for voting activities, the Group’s voting principles are aligned with the content of the environmental objectives of EU Regulation 2020/852
(known as the Taxonomy Regulation). Generali uses voting to assess companies’ responsibility in biodiversity-sensitive areas and requires
companies to carefully assess risks related to material environmental factors (as well as to disclose the results of such an assessment, the
management measures in place and the outcomes achieved). In cases of serious or systematic violations or lack of compliance processes
and mechanisms, the Group reserves the right to hold the management accountable.
Metrics
In terms of dialogue with issuers, starting from 2023, Generali has implemented a thematic engagement plan on biodiversity,
engaging in discussions with 20 selected companies in its investment portfolio. In particular, the Group directly engaged with 8 of
the most significant companies in its portfolios, analyzing sustainability strategies and assessing the alignment of top management
incentives with environmental goals. It also launched 12 activities within the Nature Action 100 collective engagement initiative. In
terms of industrial sectors, the engagements are largely related to the consumer staples sector.
Asset Manager
The context in which Asset Management firms (AMs) operate within Generali Group guides the structure of the disclosures for
Biodiversity and Ecosystems as well as Climate Change and is described in detail in Climate change.
Strategy
Due to the limited maturity of the market and availability of reliable metrics and data on the topic of biodiversity and ecosystems,
Infranity has not defined a dedicated strategy on biodiversity and ecosystems for its investments. Nonetheless, the AM integrates the
topic within its investments decision-making process, as regulated by its Sustainable Investment Policy.
Sycomore AM has adopted the Natural Capital Strategy which is founded upon a multi-dimensional approach covering key
environmental impacts, including climate change, biodiversity, and resources. The strategy aims to increase the contribution of its
investments to the environmental transition by 2030.
The Natural Capital Strategy is inspired by the requirements of the Taskforce on Nature-Related Financial Disclosures (TNFD); it
assesses impacts and dependences of investments on biodiversity and contributes to the objectives of the Kunming-Montreal
Global diversity Framework, as well as setting specific environmental targets for 2030.
Sustainability Statement
141
To implement the strategy, Sycomore AM adopts three main levers:
•  avoid: exclusion of investments in environmentally harmful sectors, particularly those affecting biodiversity and ecosystems;
•  integrate: investments in companies that contribute to the environmental transition through their products and services;
•  influence: engagement with portfolio companies to support them in managing their impacts and dependencies on natural capital.
Climate change for more details on Sycomore AM’s Natural Capital Strategy
Policies
The policies of both Asset Management firms (AM), described in Climate Change, also address the integration of biodiversity and
ecosystem considerations into the investment process and apply to all Assets Under Management (AUM).
Specifically, the Infranity Sustainable Investment Policy, along with related policies and procedures, outlines the AM strategy, the
governance and the ways through which the company integrates biodiversity and ecosystems into its investment processes. It
includes the following phases:
•  exclusion from the investment universe of specific sectors whose activities are harmful to biodiversity and ecosystems, as well as
investments that pose an excessively high sustainability risk;
•  analysis of negative impacts on biodiversity and ecosystems, addressed through Infranity’s ESG due diligence by identifying
potential adverse impacts as well as existing mitigations;
•  engagement of assets on sustainability-related issues, including considerations related to biodiversity and ecosystems, which are
deemed particularly relevant for the infrastructure asset class.
Sycomore AM disciplines the integration of ESG considerations into the investment process, including the topic of biodiversity and
ecosystems, in its ESG Integration Policy and the related policies and procedures. This process is implemented through:
•  the proprietary ESG integration methodology SPICE, through its environmental component;
•  the exclusion of investments in specific sectors aimed at limiting the negative impact on biodiversity and ecosystems from
Sycomore AM’s investment decisions;
•  the active ownership (voting and engagement) with investee companies on issues related to biodiversity and ecosystems;
•  the consideration of the main adverse impacts of investment decisions on sustainability factors, including biodiversity and
ecosystems.
Climate change for more details on the AM policies
Actions
Infranity has implemented actions related to the protection of biodiversity and ecosystems in line with the objectives of its Sustainable
Investment Policy. The actions, presented by decarbonization lever, are applied on an ongoing basis.
Lever Perimeter Action
Avoid
Exclusion of investments in the following sectors, according to the specifications of the Sustainable Investment
Policy and the related policies and procedures, with the aim to limit exposure to investments in sectors harmful
to biodiversity and ecosystems:
All AUM
•  the pesticide, chemical, plastics, agricultural materials related to deforestation, palm oil production, GMOs,
mining and conventional and unconventional fossil fuels sectors;
•  investments with a direct impact on biodiversity and ecosystems: (i) activities located in areas at high
risk of deforestation; (ii) activities that use palm oil for energy production, unless they comply with RSPO
(Roundtable on Sustainable Palm Oil) standards and commit not to contribute to deforestation; (iii) activities
that use biomass as an energy source that may have a high risk of contributing to deforestation.
Integrate All AUM
ESG analysis of all investment opportunities through an ESG score calculated using a proprietary methodology,
which considers issues related to biodiversity and ecosystems.
Influence All AUM Engagement activities with assets to enable improvement in the performance on biodiversity and ecosystems.
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Generali Group
To implement the objectives of its Natural Capital Strategy and to enforce the provisions of the ESG Integration Policy, Sycomore AM
integrates the topic of biodiversity and ecosystem protection through various actions, applied on an ongoing basis and categorized
by type of lever.
Lever Perimeter Action
Avoid
Application of exclusion criteria for investments aimed at limiting exposure to environmentally harmful sectors
according to the specifications described in the ESG Integration Policy and the related policies and procedures.
Specifically, Sycomore AM implements three levels of exclusions, applicable to different perimeters:
All direct investments
•  Core: exclusion of investments in companies involved in the thermal coal sector, synthetic chemical
pesticides, palm oil or involved in severe controversies related to non-compliance with UNGC principles;
Open-ended UCITS funds
within Sycomore AM’s SRI
range and SRI-certified
funds; mandates and
dedicated funds managed
according to an SRI
strategy
•  SRI: applied in addition to the Core exclusions, these pertain to companies involved in sectors related to 
thermal coal, production of carbon-intensive electricity, conventional and unconventional oil and gas sectors
and development of new oil or gas projects;
Label-certified funds and
mandates
•  related to specific certifications: applied in addition to the Core and SRI exclusions, they involve the 
exclusion of sectors specifically outlined by sustainability certifications (e.g., Towards Sustainability,
Relance label, FNG-Siegel, Umweltzeichen ecolabel and Greenfin ecolabel).
All sustainable  
investments
Consideration of the Principal Adverse Impacts of investment decisions on biodiversity and ecosystems, with
the aim of limiting exposure to activities that negatively affect sensitive areas from a biodiversity perspective.
Integrate
All AUM
Use of proprietary SPICE methodology for the environmental analysis of potential investments. The aim is
to integrate considerations related to risks and opportunities concerning biodiversity and ecosystems into
investment decisions.
Funds from the Eco
Solutions range and some
mandates
Development of funds and management of mandates with environmental investment objectives, including
issues related to biodiversity and ecosystems.
Influence All AUM
Voting activities at the meetings of portfolio companies, in line with the objectives of Sycomore AM’s Natural
Capital Strategy. The action is carried out on a case-by-case basis for specific investments.
Responsible insurer
Biodiversity protection is an issue that is becoming increasingly important also within the Group underwriting activities.
The Responsible Underwriting Group Guideline (RUGG) outlines, as described in Climate change, specific restrictions toward sectors
that are sensitive from a climate change perspective and also have a potential negative impact on biodiversity, including thermal coal
and conventional and unconventional oil and gas.
In addition, the Group has specifically identified so-called sensitive sectors toward biodiversity, such as mining, hydrocarbon mining,
fishing and livestock, and large dams for hydropower plants. As they are potentially impactful toward biodiversity, the Group has
developed an additional safeguard i.e., it has adopted a local escalation process (which may also involve local top management)
aimed at limiting their subscription as much as possible. This escalation process consists of shared decision-making with cross-
functional committees at the local level to ensure a fair and independent assessment of sustainability risks and an appropriate level
of decision-making authority to decide whether to proceed or not.
The Group is also considering possible developments to be implemented over the next few years in order to further mitigate the
potential medium- and long-term negative impact generated by the exposure of P&C insurance portfolio to sectors that contribute
to biodiversity’s loss and ecosystems’ impoverishment.
Sustainability Statement
143
SOCIAL INFORMATION
Own workforce
Group People Strategy
For Generali, being a Responsible employer means incorporating sustainability into all processes for people within the Group. This
primary objective is pursued through the Generali People Strategy, GPeople24 - Ready for the Next, that has guided the key priorities
and initiatives for our people in the period 2022-2024. The Generali People Strategy has the objective of promoting a culture based
on the ambition of being a Lifetime Partner for all its stakeholders, emphasizing sustainability and meritocracy values. It also focuses
on creating a work environment oriented towards employee listening and that fosters diversity, equity, and inclusion. Additionally, it
aims to develop and update the skills of its employees and to create an effective organization that embraces hybrid and sustainable
work models. In particular, the initiatives implemented were structured based on the following four pillars.
Generali aims to be recognized as an extraordinary workplace capable of attracting, nurturing and developing its people and talents,
the driving force behind its excellence.
The Group People Strategy is designed in coherence with and in support of the business strategy, and is therefore redesigned every
three years, when a new strategic cycle is launched. During 2024, we worked on identifying new People strategic initiatives to be
activated - or already in progress to be reinforced - to support the competitiveness and growth objectives of the new Group Strategic
Plan 2025-2027.
Generali has strongly encouraged the theme of employees’ listening with the aim of promoting the engagement and
empowerment of our people, and has further strengthened the Group’s cultural framework, consisting in shared purpose,
values and behaviors, already underpinning the People Strategy launched in 2019.
In line with this objective, the Generali Global Engagement Survey and the Global Pulse Survey play a key role in providing active
and regular interaction with employees, receiving their input and identifying opportunities for improvement. Furthermore, in light
of the adoption of a hybrid working model, on the one hand the Group has equipped itself with a performance management
model that promotes flexibility, transparency and meritocracy, and on the other hand it has invested in strengthening the
management style towards an approach based on trust and ownership of our people and on the development of talents and
leaders to drive Generali’s sustainable growth.
Generali has promoted fair treatment and equal access to opportunities for all employees, working
on initiatives to eliminate unconscious biases, such as the revision of the DEI Group Guideline, the
enhancement of Employee Resource Groups (ERGs), the organization of an Inclusion Day, and the work
done on gender pay equity. In addition, the Group has increased the number of women in strategic
and managerial positions, pursuing, among other initiatives, acceleration programs to feed the Group’s
leadership pipeline.
With the aim of preparing employees for future challenges and supporting the Group’s strategic
objectives, the Group Academy has launched new upskilling courses on key topics through highly
specialized and technical training programs and paths. A key element of the Group’s training program
was the flexible, customized and user-friendly We LEARN global platform, which offers a single point
of access to digital training paths for all Group employees.
Generali’s work approach is characterized by a hybrid model, where employees alternate between working in the office and
remotely. The introduction of this new way of working entailed a profound cultural transformation, with an increasing shift
towards goal-oriented working methods, based on a relationship of trust between managers and employees and on the
promotion of individual ownership and empowerment. The Generali model is therefore a balanced model, effectively combining
the benefits of flexibility and personal-work-life balance, typical of remote work, with the benefits in terms of collaboration,
sense of belonging and engagement that come from working in person. The introduction of hybrid working was accompanied
by, and has been an opportunity for, an improvement in people’s digital experience and the progressive simplification of
organizational and business processes. In addition, to confirm the centrality of people in our strategy and to further support
social dialogue, a joint declaration was signed with the European Works Council (EWC), the representative body of the Generali
Group’s employees, on the new sustainable way of working in a Next Normal scenario.
CULTURE
DIVERSITY, EQUITY
AND INCLUSION (DEI)
SKILLS
ORGANIZATION
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Generali Group
To this end, the new People Strategy will drive the Group’s ambition to be more and more an Employer of Choice by leveraging its
distinctive culture, the enhancement of the sense of purpose, Diversity, Equity & Inclusion, well-being, collaboration and participation
of people in the achievement of corporate goals. A central role will be dedicated to employee engagement and upskilling:
•  Engagement: Generali fosters the sense of belonging and participation among its people through their engagement and listening.
The Global Engagement Survey and the Global Pulse Survey will continue to play a central role in periodically monitoring the level
of people engagement, motivating and involving them in the continuous improvement of the Group, and ultimately strengthening
their connection to it.
•  Upskilling: Generali aims to be a high quality, stimulating and inclusive learning environment, providing all employees globally
with the technical, functional, managerial and digital skills needed to maintain or increase their professional relevance in a rapidly
changing environment. The identification of these skills will also be supported by the analysis of the evolution of organizational roles
within the Strategic Workforce Planning activities across all the Group’s BUs.
The Group People Strategy 2025-27 will be implemented in a hybrid working environment, based on values of flexibility and trust,
and leveraging the potential of new technologies (e.g., AI/GenAI).
The Group Chief People & Organization Officer is responsible for the definition and implementation of the Generali People Strategy,
with the support of the HR Council, formed by the Group HR Centers of Excellence (CoE) and the HR Directors of the Group’s main
Business Units (BUs) and geographies, and the sponsorship of the Group CEO, General Manager and CEO Insurance Officer, which
ensures consistency with other Group initiatives and policies. The Group Sustainability Officer and the manager accountable for The
Human Safety Net
87
are also involved in defining the Generali People Strategy in order to ensure that sustainability, the environment
and community support through volunteering, are key principles for inspiring and prioritizing initiatives. Finally, the EWC is informed
from the very beginning of the definition phase of the Generali People Strategy regarding its priorities and key initiatives.
Given the relevance and significance of the Generali People Strategy and the resulting initiatives, the Group actively maintains a
constant dialogue with all stakeholders. In particular, the Group People & Organization Officer is committed to gathering the needs
and priorities of all employees both through focus groups and listening initiatives (i.e., the la Global Engagement Survey and the
Global Pulse Survey) and by involving representatives of all BUs and geographies, in order to define initiatives that respond to
everyone’s needs. All functions, including those relating to the commercial area, are also involved in proposing initiatives to consider
the interests of external stakeholders, particularly customers, in line with the Group’s objective of being Lifetime Partner.
Considering the topics addressed and the objectives it pursues, the Generali People Strategy applies across to all types of
employees and in all countries where the Group operates. This means promoting the Group’s values uniformly, disseminating key
skills independently of local training capacities, and spreading best practice models wherever they are applicable. The Generali
People Strategy also inspires local HR-related initiatives, such as the development of skills of local interest and applicability, and
hybrid working models consistent with country-specific regulations.
In terms of sharing, all potentially involved stakeholders are informed on the contents and initiatives of the Generali People Strategy
during the activation phase. In particular, employees, who are the main protagonists of the Generali People Strategy, are the recipients
of an extensive communication plan regarding the initiatives, which includes various tools: an illustrative and summary handbook, a
video in which the Group Chief People & Organization Officer illustrates the key points of the Generali People Strategy, as well as a
training course that covers the entire content of the Group Strategy and including a chapter that delves specifically into the People
initiatives. The main initiatives of the Generali People Strategy are published on the Group’s website, allowing all stakeholders to
consult them.
Policies related to own workforce
As a leading global insurance Group driven by its purpose, to enable people to shape a safer and more sustainable future by
caring for their lives and dreams, Generali Group is committed to safeguarding and promoting respect for human and labour rights
across all spheres within its influence. As a responsible company and member of the U.N. Global Compact (UNGC), Generali
recognises human rights as a fundamental aspect of its broader sustainability framework, formally upheld within the Sustainability
Group Policy. Generali Group is committed to respect and promote all human rights as defined in the United Nations International
Bill of Human Rights and in the International Labour Organization (ILO). In particular, in line with its strategic goals, Generali
actively promotes and supports the respect for human rights, including the fundamental rights of all workers, at all levels of the
organisation.
87.  The Human Safety Net is a social innovation hub for the community dedicated to unlocking the potential of people living in vulnerable conditions.
Sustainability Statement
145
As furtherly detailed in the Human Rights Public Statement, the Group has implemented a due diligence process to identify, assess,
prevent, mitigate or remediate, and monitor any potential direct and indirect adverse impacts on human rights, in accordance with
the United Nations Guiding Principles on Business and Human Rights and with the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. The identification and assessment of adverse impacts aligns with the double materiality assessment,
which has involved both internal and external stakeholders, like, for example, workers’ representatives, the financial community and
contractual partners.
The Group includes the respect of human rights and the related international principles in its policies and internal regulations related
to its own workforce. In particular, the Generali Group Code of Conduct, the Diversity, Equity and Inclusion (DEI) Group Guideline,
the Group Remuneration Policy, the European Social Charter and EWC Agreement represent the internal regulations that most
effectively support the Group commitment in addressing the respect of all workers’ human rights. In addition, they include the
constant measures implemented by the Group to prevent any potential adverse impacts on human rights considered relevant for
employees. Generali adopts dedicated processes to identify remedial measures and address any behaviours or unlawful conduct
linked to human rights violation, monitored through specific reporting channels.
Reporting processes and ways for further details
In line with the strategic targets, the Group’s regulatory framework, which is composed of internal policies and regulations, plays a
key role in the implementation of GPeople24 - Ready for the Next. Below are reported the Group’s key documents that address the
main topics related to workforce.
Group Code of Conduct
The Generali Group Code of Conduct defines the fundamental rules to be adopted and requires all employees and members
of administrative, management or supervisory bodies of the Group companies to respect integrity and ethical values to prevent
misconducts for which its companies may be held accountable.
Information on governance for further details
Reporting Concerns and Anti-Retaliation Group Guideline
The Reporting Concerns and Anti-Retaliation Group Guideline disciplines how to report violations, even only potential or alleged, of
the Group Code of Conduct or other internal and external regulations and how to manage whistleblowing reports. This document
also provides with a description of the anti-retaliation policy against people who report, collaborate and facilitate the report and/ or
the investigation, conduct the investigation and third parties - including legal persons - connected with reporters, that may suffer
retaliation in a work-related context.
Information on governance for further details
DEI Group Guideline
The DEI Group Guideline defines the reference framework concerning DEI principles. Specifically, the guideline illustrates how these
principles are managed within the Group, integrated into core human resources processes, and implemented through governance.
This enables the Group not only to ensure compliance with DEI principles but also to foster an inclusive environment by protecting
employees against discrimination and defining its own inclusion path in alignment with strategic objectives.
As stated in the Code of Conduct, the guideline further emphasizes the Group’s rejection of any form of irregular or work exploitation,
as well as any kind of forced or compulsory and child labour, and any other practice not in line with the principles contained in the
UNGC and ILO standards.
The guideline is approved by the Group CEO, while the Group Chief People & Organization Officer is responsible for overseeing,
supporting the implementation, and monitoring the guideline across the Group, with the Senior Management’s support in line with
the DEI governance.
The scope of application follows the principle of proportionality; the rules outlined in the guideline must be adopted with particular
attention to the size and organisational structure of individual companies, especially in terms of the number of employees. Smaller
companies must at least implement the fundamental principles of the guideline, including those related to handling harassment and
retaliation issues. The Group Guideline is drafted according with the Joint Declaration on DEI signed by the EWC and Assicurazioni
Generali.
European Social Charter
The European Social Charter defines key objectives for promoting social dialogue, respecting the fundamental rights of Group’s
employees, the rights of freedom of association, the establishment of workers representations and their functions (such as collective
bargaining). It also aims to minimise social impacts for employees by promoting the implementation of job protection and retraining
measures for employees in the event of corporate restructuring.
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Generali Group
The Charter, further testament to the Group’s continuous commitment to all aspects related to its workforce and social dialogue,
recalls the fundamental principles of the ILO. These include respect for human dignity, freedom, equality, solidarity, health and safety,
the prohibition of child labour and the banning of all forms of discrimination and harassment, both moral and sexual. In this respect,
it takes inspiration from the United Nations’ Declarations of Human Rights and the Charter of Fundamental Rights of the European
Union.
The document applies to all employees in the countries of the European Union and the European Economic Area where the Group
operates and is available on the Group’s website (www.generali.com/sustainability/responsible-employer/european_social_charter).
The Charter has been developed in cooperation with workers representatives from the EWC, the Group’s unique European employee
representative body. It has been validated by the Group CEO and the Group Chief People & Organization Officer and is implemented
through the EWC Relations & Labour Network function.
The EWC Agreement
The EWC Agreement regulates the duties, establishment procedures and activities of the EWC, as well as the working groups
formed within it to develop knowledge on specific topics (e.g., Artificial Intelligence), along with the activities of the EWC Secretary
and Deputy Secretary.
The agreement, which is referenced in the European Social Charter, also includes specific provisions related to: the designation and
composition of council members, the topics of information and consultation, the Select Committee and Plenary Meetings, the leaves
of EWC members and their training activities. The agreement also regulates the rules for the functioning of the dialogue between
management and the EWC.
This type of periodic info-consultation process on an annual basis supports the corporate transformation projects of interest to
workers in at least two countries of the European Union and the European Economic Area where the Group operates, through
the socially responsible approach adopted by the Group. In the dialogue with the EWC, the Parent Company is represented by
the Group Chief People & Organization Officer, who, through the EWC Relations & Labour Network function, informs and consults
the EWC on topics of transnational relevance. These may include, for example: the economic and financial situation, the expected
evolution of activities, significant investments, fundamental changes in the structure of the Group, new mergers/acquisitions and
significant downsizing or closure of companies (sites or their essential parts), the actual and expected evolution of employment, as
well as other specific topics to be agreed between the parties.
The perimeter of the agreement includes the countries belonging to the European Union and the European Economic Area
88
. All
Group employees have the opportunity to learn about the contents of the social dialogue as well as to obtain detailed and up-to-
date information on the most significant results achieved within the framework of the European Forum with the EWC through specific
communication channels, such as the company intranet and the Group’s website (www.generali.com/sustainability/responsible-
employer/European_Works_Council).
The agreement was concluded between the Group Chief People & Organization Officer, through the EWC Relations & Labour
Network function, and the EWC of the Generali Group.
Group Remuneration Internal Policy
The Group Remuneration Internal Policy (GRIP) is prepared annually following the approval of the Group Remuneration Policy by the
Annual General Meeting of Shareholders of Assicurazioni Generali. It defines the Group’s internal remuneration policy in compliance
with international and national regulations, ensuring the correct fulfilment of the Group Remuneration Policy across all insurance
companies and its consistent implementation within other Group companies, as required by IVASS Regulation No. 38/2018, in
accordance with the applicable business-specific regulatory framework for these entities.
The policy is based on clear, shared, and globally consistent principles, applicable to the entire organisation, which are translated into
the Group’s various remuneration programs.
Any intervention in remuneration policies follows these guiding principles, which underpin all decisions taken:
•  equity and consistency of remuneration in terms of responsibilities assigned and capabilities demonstrated;
•  alignment with the strategy and long-term sustainable value creation for all stakeholders;
•  competitiveness with respect to market practices and trends;
•  recognition of merit and performance-based reward, in terms of sustainable results, behaviours, and adherence to Group values;
•  clear governance and compliance with the regulatory framework.
The Group Chief People & Organization Officer is responsible for overseeing and supporting the implementation and monitoring
of the GRIP across the Group, with the support of Group Senior Management and the HR & Organization functions of Business
Units (BUs). The local HR & Organization functions and local Senior Management are responsible for managing the implementation
of the GRIP at the local level within their scope of responsibility, under the coordination and with the support of the relevant HR &
Organization functions of BUs.
88.  In accordance with Directive 2009/38/EC on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and
consulting employees.
Sustainability Statement
147
Processes for engaging with own workforce
In line with the Group’s key principles and the Generali People Strategy, employees’ engagement is one of the fundamental elements
to ensure Group’s competitiveness and growth. Among the diverse approaches for active and recurring employees listening, the
Group leverages dedicated surveys, such as the Generali Global Engagement Survey and the Global Pulse Survey. Additionally, in
the European context, Generali ensures employees engagement through their designated representatives in the EWC, in accordance
with local engagement methods as per the practices and regulations of the respective countries.
The Global Engagement Survey and the Global Pulse Survey are open to all employees of the fully consolidated Group companies
and are centrally managed by the Group People & Organization function, with the support of local HR and Communication structures
for the related communication and the involvement of employees. In line with the Group’s strategic objectives, the surveys aim to
measure and promote employees’ engagement, increase opportunities for connection and feedback, and integrate the perspectives
of all employees within our processes and corporate strategy.
Specifically, the Generali Global Engagement Survey is conducted every three years and explores various aspects of the work
environment, from the relationship with both top management and managers, to career topic, training and development, DEI
principles, hybrid work model, well-being, empowerment and trust, and collaboration between teams and between departments.
The Global Pulse Survey, introduced since 2022 to further improve employee listening approach in line with the objectives of
Gpeople24 - Ready for the Next, adopts a shorter and more specific version of the questionnaire and is conducted annually in the
period between two editions of the Global Engagement Survey.
Each survey requires a detailed analysis of the feedback received from employees to identify where improvements and accelerations
are needed to make Generali an even better place to work, thereby developing dedicated initiatives. Dedicated moments of sharing
with the EWC representatives are set at various stages, from the definition of the surveys to the implementation of the related
initiatives and actions.
In 2024, we conducted the fifth edition of the Generali Global Engagement Survey, achieving the highest participation rate ever.
This result reflects the success of this initiative and the broad participation of our people, with over 76,000 employees invited to
participate
89
and approximately 69,000 respondents. The key metric is the engagement rate, which measures employees’ belief in
the company’s goals and objectives (rational connection), their sense of pride from working at Generali (emotional connection), and
their willingness to go the extra mile to support the company’s success (behavioural connection). In 2024, the Group engagement
rate remained stable at 83%, in line with previous years and slightly above the market benchmark, achieving the defined target. This
result reflects the resilience, passion, and commitment of our people.
Engagement rate (entity-specific information)
Strategic objective Metric (*)
Metric value at
31/12/2024
Target and level to
achieve (**)
Target application
time horizon
Baseline and base year
Nurture Group’s
employees engagement
Engagement rate 83%
Engagement rate above
market benchmark
2022-2024 N/A
(*)  This index is calculated as the average of the results of six specific questions in the Group survey that capture various elements of engagement. It is evaluated both in relation to the Group’s historical
evolution and against an external benchmark of comparable financial services companies.
(**)  The market benchmark refers to the European HQ Financial Services Norm by Willis Towers Watson. The target was established as part of the Group’s strategic plan definition. The identification of
the target, the monitoring of the results obtained, and the identification of potential target improvements do not involve the participation of employees or their representatives. Employees and/or their
representatives are recipients of a communication plan regarding the defined targets, the level of achievement compared to the target, and the related supporting actions identified.
The survey has been translated into nearly 30 languages to ensure immediate global accessibility. The perspectives of particularly
vulnerable workers are addressed and equally considered, with the possibility of analysing any differences in feedback among various
population segments, for example, through self-declared gender identity. This approach enables the implementation of specific
initiatives to maintain high engagement and satisfaction among all employees. Following the results of each Global Engagement
Survey, the Group identifies selected areas of opportunity to launch specific actions, complemented by local initiatives in each BU.
The cascading in terms of communication, information, and engagement is the responsibility of the local HR and Communication
teams, which can either precisely adhere to the Group’s proposals or reinforce or integrate them based on local needs. Periodic
updates are shared to communicate the progress of these improvement initiatives.
The inputs of employees have supported the Group in identifying key areas for improvement, which will be part of the Generali
People Strategy 2025-2027. Further local opportunities and initiatives will be added, and they will be monitored in terms of both
implementation and results in the upcoming annual survey editions. The key metric of the engagement rate remains confirmed for
the next three years, with the ambition to be above or equal to the market benchmark.
89.  The discrepancy between the total number of employees and those actually invited is primarily due to the number of employees who left the Group between the launch of the initiative and the actual distribution of the survey,
as well as the exclusion of selected recently acquired companies or those with specific business peculiarities.
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Generali Group
Engagement rate (entity-specific information)
Strategic objective Metric (*) Metric value Target and level to 
achieve (**)
Target application
time horizon
Baseline and base year
Nurture Group’s
employees engagement
Engagement rate N/A
Engagement rate above
or equal to the market
benchmark
2025-2027 N/A
(*)  This index is calculated as the average of the results of six specific questions in the Group survey that capture various elements of engagement. It is evaluated both in relation to the Group’s historical
evolution and against an external benchmark of comparable financial services companies.
(**)  The market benchmark refers to the European HQ Financial Services Norm by Willis Towers Watson. The target was established as part of the Group’s strategic plan definition. The identification of
the target, the monitoring of the results obtained, and the identification of potential target improvements do not involve the participation of employees or their representatives. Employees and/or their
representatives are recipients of a communication plan regarding the defined targets, the level of achievement compared to the target, and the related supporting actions identified.
To support social dialogue, the Group has implemented an employee engagement process through workers representatives. This
process is considered essential for establishing a constructive dialogue that allows the integration of the results of understandings
and agreements reached within company policies. The employee representative body of the Group at European level is the EWC.
EWC delegates are appointed in their respective countries based on local regulations and legislation and receive annual training
sessions, including training on collective bargaining and workers representation issues in the EWC plenary meeting.
As illustrated in Policies on Own Workforce, the EWC Agreement regulates the tasks and activities of the EWC, which operates in
line with the objectives defined in the European Social Charter, the latter inspired by the fundamental principles of the ILO. According
to the Addendum to the EWC Agreement, defined between the parties in 2022, in-depth meetings are planned to monitor the
initiatives and processes resulting from the implementation of the corporate strategy and the joint declarations signed with the
EWC. The dialogue between the Parent Company Management, represented by the Group Chief People & Organization Officer, the
management and the EWC take place quarterly in the Select Committee and once a year with all EWC members in plenary session.
The EWC can express an opinion regarding transnational measures with significant impacts on employees (e.g., corporate
restructuring, relocation or spin-off of activities and employees, affecting at least two countries) in the information and consultation
processes. The opinions can be taken into account during the Group’s decision-making process. Representatives are also involved
in other transnational projects and initiatives, such as, for example, the Group People Strategy, the Global Engagement Survey, the
Group Pulse Survey and the Group’s strategic multi-year plan, in relation to the business and specific topics related to our people.
In addition, dedicated local structures involve workers representatives in information events on topics and initiatives of interest to the
workers themselves, such as, for example, the implementation of the new hybrid work model.
The dialogue between the parties is further promoted through periodic meetings, the frequency of which is determined by the
parties at local level. Initiatives dedicated to the active participation of all workers, such as Town Halls, are organised more and more
frequently.
Characteristics of employees
At 31 December 2024, the Group has 86,851 employees.
It should be noted that the number of employees is always reported by headcount at the end of the reporting period (i.e., 31
December 2024) and includes all personnel considered employed by the Group, including, for example, employees on long-term
leave and parental leave, in accordance with the applicable regulatory definitions.
Notes, Additional information for information about employees
As illustrated in the table below, the gender distribution at the Group level remains balanced, with a ratio of 52.2% female and 47.8%
male.
Information on employee head count by gender
Gender Number of employees (head count)
31/12/2024
Male 41,545
Female 45,304
Other 2
Not reported 0
Total 86,851
Sustainability Statement
149
Italy, Germany, and France represent the countries where the Group is present with at least 10% of its total employees.
Employee head count in countries where the undertaking has at least 50 employees >= 10% of its total number of employees
Country Number of employees (head count)
31/12/2024
Italy 18,733
Germany 11,388
France 9,991
The table below shows the geographical distribution of employees, reflecting Generali’s strong presence in Europe with 78.7% of
the Group’s total employees. In the rest of the world, the Asia Pacific & Middle East region, Latin America, and North America follow
in terms of numbers, where Generali’s presence is mainly linked to the expansion of the Europ Assistance business and Asset
Management with the recent acquisition of Conning.
Number of employees per Region
(head count) 31/12/2024
Europe 68,310
Asia Pacific & Middle East 13,787
Latin America 3,314
North America 1,440
Total 86,851
The majority of the Group’s employees (93.6%) have a permanent contract, demonstrating the Group’s attention and continuous
commitment to promoting stable and secure employment. At the same time, there is also a minority of employees (6.3% of the total)
with temporary contracts, a situation that particularly arises in businesses subject to seasonality or project-based needs.
Information on employees by contract type, broken down by gender
(head count) 31/12/2024
Female Male Other Not reported Total
Number of employees 45,304 41,545 2 0 86,851
Number of permanent employees 41,995 39,327 2 0 81,324
Number of temporary employees 3,297 2,214 0 0 5,511
Number of non-guaranteed hours employees (*) 12 4 0 0 16
(*) Non-guaranteed hours employees are employed by the Group without a guarantee of a minimum or fixed number of working hours
During 2024, a total of 12,597 employees left the Group, to be read as the total number of people who left the workplace voluntarily
or due to dismissal, retirement, or death in service. The corresponding turnover rate is 14.5%. This value also takes into account
the higher levels of turnover typical of certain geographical areas, such as Asia, where the labour market is particularly dynamic, as
well as of specific business lines, such as the assistance sector, and of the sales force.
Employees who left the Group during the reporting period
31/12/2024
Number of employees who left the Group 12,597
Turnover rate 14.5%
Annual Integrated Report and Consolidated Financial Statements 2024
150
Generali Group
1
st
Pillar of the Generali People Strategy: Culture
The first pillar defines the topics related to performance management.
Performance Management
The Generali People Strategy, GPeople24 - Ready for the Next, has placed particular emphasis on promoting a corporate culture
that effectively integrates a hybrid work model, which in turn offers our people greater flexibility and results orientation. One of the key
elements that supports a meritocratic corporate culture, based on trust, responsibility, empowerment and performance orientation,
is the performance management process (GPM). With the aim of accelerating the transition towards the Next Normal, the GPM aims
to rethink the Group’s ways of working, facilitating long-term transformation, the development of our people, and the achievement
of results.
The Group has designed the new GPM process, while simultaneously carrying out various initiatives to ensure an effective
implementation. The GPM consists of the following main phases:
•  goal setting: the goal-setting phase is inspired by granting greater flexibility and further enhancement of employee accountability,
primarily through effective and transparent communication by managers of the strategic priorities to focus on during the year.
In defining achievable and measurable goals, three components are considered: what (goals describing achievements that
employees are expected to accomplish), how (goals focused on developing skills related to the Group’s behaviours), know-how 
(goals describing technical skills relevant for future business challenges and career growth). Employees then identify the internal
stakeholders with whom they collaborate throughout the year and from whom they seek feedback on performance during the
year;
•  sharing feedback: this is the foundational element of the performance evaluation process and an enabling factor for a continuous,
deep, and inclusive feedback culture, which is structured on three levels. The first level consists of feedback provided by a
variety of sources, aiming to collect transparent and continuous feedback from key stakeholders, thus improving performance
and development. The second level is continuous and informal feedback, which provides an opportunity for all employees to
ask for and share feedback at any time. The third level is the mid-year check-in, a formal meeting with one’s manager to review
performance, the goals set at the beginning of the year, the progression of the Individual Development Plan (IDP), and the feedback
received. This moment is crucial for promoting a culture based on constructive and continuous feedback, showing the value of
meaningful and frequent conversations about performance and development;
•  performance appraisal: this is the phase in which employees firstly provide a comprehensive qualitative self-assessment of the
year’s performance, which, even more in a hybrid work environment, creates an additional opportunity for our people to reflect
on the results achieved and supports managers in providing the final performance evaluation. The year-end feedback is a key
moment for the employee and manager to review overall performance during the year and discuss the achievement of the goals
set at the beginning of the performance cycle, the progression of the IDP, the feedback received from key stakeholders, and the
final evaluation;
•  continuous and individual development plan: this is the key result of performance management. In light of this, the employee is the
main actor in defining his/her own development and autonomously proposes his/her own IDP, which can be updated at any time
during the year, to ensure flexibility in a constantly evolving context. In defining their IDP, employees specify the three development
targets for the following year, also considering the performance of recent years, which consist of: further leveraging and improving
their strengths, working on areas for improvement, and expressing their professional ambitions and aspirations.
To implement the process at Group level and drive our people through the change, initiatives have been identified aiming at providing
digital support, continuous training, and practical tools for managers and employees, as well as monitoring the adoption and
effectiveness of the process through key performance indicators. Below are the actions
90
carried out by the Group with regards to
the performance management process:
•  the development of the new GPM app, which complements the digital solutions already supporting the performance management
process and in use in the various BUs and geographies of the Group. The new app is available to the entire Group and is already
used in various perimeters (e.g., Group Head Office, GOSP, GC&C Central Team, Control Functions, Argentina, Insurance
Division Central Team), and is undergoing further adoption as a digital support in line with all the characteristics of the new
process;
•  the definition of a training program provided by the Group for local HR, structured in various modules for each phase of the process,
to further increase knowledge and full awareness of the process, supporting change and implementation at the local level;
•  the design, production, and availability of 16 training pills on the Group’s training platform (We LEARN) for employees and managers
that describe the process according to the two paths, translated into 13 languages;
•  the development of a toolkit for managers and employees on the characteristics of the new process with practical tools for the
adoption of the GPM, on which dedicated sessions have been organised to delve into each phase of the process;
90.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
151
•  the supervision of the effectiveness of the process described above is monitored by tracking the adoption of the following key
characteristics for the related process phases:
 - what, how and know-how goals;
 - mid-year feedback meeting;
 - qualitative self-evaluation;
 - continuous and open IDP.
The actions are open to the eligible population (sometimes excluding the sales force) of all companies operating in the
geographies where the Group operates and have been completed during the 2022-2024 strategic cycle.
The GPM foresees the periodic review of employee performance, considered as the entire performance evaluation cycle in which
employees are formally involved and evaluated during the year (excluding check-ins or mid-year reviews conducted with their
manager). As illustrated in the table below, 0.76 performance reviews per employee have been completed, calculated on the total
number of employees (in number of people), highlighting a gender balance. The gap between the number of performance reviews
and the total number of employees is mainly due to the population not included in the GPM process, such as the sales force in some
BUs (which follows different performance evaluation processes), certain types of temporary contracts, new hires not yet included
in the process, and employees on long-term leave. Additionally, 95.6% of the agreed performance reviews have been completed,
confirming a gender balanced completion rate.
Periodic review of employee performance by gender
31/12/2024
Number of performance
reviews per employee (*)
Percentage of completion of
performance reviews (**)
Male 0.75 95.6%
Female 0.77 95.6%
Other 0.50 100.0%
Not reported - -
Total 0.76 95.6%
(*)  It is calculated as the number of total performance reviews completed during 2024 by employees divided by the total number of employees at 31 December 2024. The performance reviews of employees
who left the Group during 2024 are not included in the count.
(**)  It is calculated as the ratio between the number of performance reviews completed during 2024 multiplied by the number of employees at 31 December 2024, and the total number of performance
reviews expected per employee in 2024 multiplied by the number of employees at 31 December 2024. The performance reviews of employees who left the Group during 2024 are not included in the
count.
In terms of organisational resources dedicated to performance management, the processes and initiatives delivered within the Group
are overseen by the Group Talent Management function. At the local level, the initiatives are managed by the respective Leadership
& Development (L&D) referents, who are responsible for promoting and monitoring the implementation of the process and initiatives
in the GPM area, alongside other activities carried out in the L&D field. To ensure continuous alignment with the countries, the
Group Talent Management function regularly organises periodic meetings with the L&D Community, where, among other topics,
performance management issues are addressed.
2
nd
Pillar of the Generali People Strategy: Diversity, Equity, and
Inclusion
The second pillar defines topics related to diversity and remuneration.
Diversity
The DEI Group Guideline illustrates how DEI principles are managed within the Group. It expresses the Generali Group commitment
to promoting diversity, equity and inclusion in the belief that a diverse, equitable and inclusive workplace expands perspectives, fuels
innovation, strengthens corporate culture, and ultimately contributes to the Group’s sustainable success and competitiveness.
Generali endeavours to create an environment that recognizes the value of each employee’s individual attributes, acknowledging
their significant contributions to the progress and advancement of the business. Furthermore, it strives to eliminate systemic biases
and ensure that all employees have fair and equal access to opportunities for learning, development and advancement considering
meritocracy as one of the key components in decision-making processes.
In line with these objectives, the main HR processes (i.e., recruitment, training, development, appraisal, compensation policies,
promotion and appointment) integrate DEI principles at all organisational levels and are based on merit, work performance, skills,
and behaviours, rather than individual characteristics (such as gender, gender identity, sexual orientation, ethnicity, age, mental and
physical abilities, culture, beliefs, perspectives or any other category protected by law in local jurisdictions).
The Group is also committed to actively supporting employees belonging to particularly vulnerable categories, such as women and
Annual Integrated Report and Consolidated Financial Statements 2024
152
Generali Group
people with disabilities, and ensuring that all employees have equal access to opportunities and feel valued and respected in the
workplace.
The Group promotes inclusion by recognizing the diverse needs of employees, fostering inclusive behaviours and language, and
supporting work-life balance, well-being and a barrier-free environment.
The Group encourages employees to speak up and report any inappropriate behaviour. A zero-tolerance standard is in place for any
form of discrimination and harassment, whether sexual or non-sexual, including bullying, mobbing, and any type of discrimination
based on gender, gender identity, sexual orientation, ethnicity, age, mental and physical abilities, culture, beliefs, perspectives or any
other category protected by law in local jurisdictions.
The DEI Group Guideline is subject to a process that oversees and monitors its implementation. Additionally, it explicitly references
other Group guidelines, such as the Reporting Concerns and Anti-Retaliation Group Guideline, which regulates the process for
handling reports of violations of internal or external regulations, including any form of discrimination.
As an integral part of GPeople24 – Ready for the Next, the DEI strategy revolves around three pillars: diversity, equity, and inclusion.
For each of these pillars, actions have been implemented to generate a positive impact within the Group while also representing an
opportunity for growth.
Diversity
In terms of our commitment to fostering an increasingly diverse work environment, the Group focuses on two main areas: gender
diversity and generational diversity.
Regarding gender diversity, the goal is to maintain a balanced distribution within the Group and at all levels of the organisation. In
particular, Generali aims to increase the presence of women in strategic positions, targeting 40% at Group level by the end of 2024,
as well as to enhance the representation of women in managerial roles.
The achieved result of 38.6%, compared to the 40% target, is considered positive given the highly challenging initial ambition set
against the starting point of 30% recorded in 2021. This is especially significant considering that, despite changes in scope and
reorganisations between 2022 and 2024, the target remained unchanged. Considering the Group’s insurance scope, the achieved
result is 40.5% and exceeds the target.
Gender diversity in top management
Strategic objective Metric (*) Metric value at
31/12/2024
Target and level to
achieve (**)
Target application time
horizon
Baseline and base year
Increasing the presence
of women in strategic
positions
Women in strategic
positions
38.6% (647) women in
strategic positions
40% of women in strategic
positions
2022-2024
30%
(2021)
(*)  The calculation is based on the number of employees, in terms of headcount, present in the Group at 31 December 2024.
(**)  The target is calculated on all Group companies consolidated as of 31 December 2024, with non-material exclusions due to local specificities. The indicator refers to the percentage of women in strategic
positions out of the total number of strategic positions, defined as those in Group Management Committee (GMC), Generali Leadership Group, and their direct reports. For Generali Investments Holding
and Banca Generali, the indicator takes into consideration the leadership positions (and their direct reports) as defined by the compensation policy and/or internal documentation. The data source is
Orion, the Group’s IT system. The ambition to increase the number of women in strategic positions is supported by an annual monitoring process that assists countries and BUs in evaluating progress and
identifying any specific actions to achieve the set target. The target was established as part of the Group’s strategic plan definition. The identification of the target, the monitoring of the results obtained,
and the identification of potential target improvements do not involve the participation of employees or their representatives. Employees and/or their representatives are recipients of a communication
plan regarding the defined targets, the level of achievement compared to the target, and the related supporting actions identified.
To support the ambition of increasing the presence of women in strategic positions, Generali is committed, both at Group level and
locally, with a series of concrete actions
91
:
•  in July 2024 the Group launched the third edition of the Elevate Program for women managers. The objective is to equip participants
with the skills and tools to advance to strategic positions, thus nurturing the Group’s leadership pipeline. The journey is aimed
at fostering their development through three key elements: executive presence coaching, sponsorship and active contribution to
our global women and allies network (TOGETHER). The program lasts longer than a year and will end in September 2025. It is
potentially open to all the companies of the Group, and the pool of participants is selected based on performance and growth
potential. It aims to represent the full spectrum of the Group’s geographical, professional, and background diversity;
•  as for TOGETHER, it is a key element in supporting our ambition. It is the first global network of women and allies aimed at
promoting an equitable culture throughout the organisation and increasing awareness of gender equality. The network, launched
in 2023, has a yearly schedule of activities and in 2024, it designed, organised, and hosted an event on inclusive leadership, a
training program on overcoming unconscious biases, and supported the preparation of an event on women and technology,
launched at the beginning of 2025. The Network is open to all the employees of the Group, including Generali’s CEOs and leaders
and, from May 2023, it hosted totally over 7,000 participants.
91.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
153
In addition to these Group initiatives, approximately 100 actions were implemented locally, including women empowerment programs,
networking events, mentoring programs, return-to-work after parental leave initiatives, parents’ communities, development activities
with external partners (i.e., Valore D and FinŽeny), gender violence trainings and campaigns, scholarships and job orientation events
dedicated to female students in STEM subjects (i.e., science, technology, engineering, and mathematics).
Regarding generational diversity, to support the ambition to create a workplace free from bias and discrimination, Generali focused
particularly on the theme of having four different generations currently working together, distributed across different age groups, as
shown in the following table.
Distribution of employees by age group (*)
31/12/2024
Under 30 years old 11,303
Between 30 and 50 years old 50,437
Over 50 years old 25,111
Total 86,851
(*) The figures are provided in terms of headcount. Employees who left the Group during 2024 have not been included in these figures.
The Group’s goal is to leverage the strengths, skills, and unique experiences of people of all ages, promoting the exchange of
competencies at all levels to attract, retain, and engage its people. To further support this ambition:
•  in 2024 the Group launched the Jump into the Future! program which brought together 31 early-career talents from 15 countries,
empowering them to contribute to our new strategic plan with their innovative and fresh ideas, while exploring key strategic topics
(i.e., New Technologies, Data & AI, Customer Trends, Strategic Communication, Business Trends, Sustainability and Climate
Change, Intercultural Teams) through customized learning initiatives with internal and external experts;
•  the DEI Community of Practice designed and organised a workshop open to all employees entitled Generational Bridges. This
event provided an opportunity to understand what it means to have four distinct generations coexisting in the workplace and how
ethical behaviours can be interpreted differently across generations.
These programs are complemented by about 40 locally launched actions, including generational awareness workshops, cross-
generation cooperation initiatives, reciprocal mentoring programs, internships, buddy programs, employer branding activities for
talents and programs focused on more experienced colleagues.
Equity
In 2024, the DEI Group Guideline was implemented, as the outcome of a collaborative effort with all the BUs. It aims at defining
the Group DEI Principles and framework, detailing the DEI Governance, integrating DEI principles within core human resources
processes thus ensuring equal opportunities, supporting an inclusive workplace. It endorses the establishment of Employee
Resource Groups (ERG) to spread inclusivity throughout the Group and recalls reporting and transparency procedures in cases of all
forms of harassment, bullying and retaliation.
In order to promote a culture based on gender balance and pay equity, specific analyses have been conducted at the local level since
2020, applying a common methodology across the Group. This methodology focuses on equity in terms of the gender pay gap for
the same role or for roles of equal value.
Remuneration for further details
Inclusion
To support the goal of promoting an inclusive culture and environment, a series of awareness initiatives, communication campaigns,
and training programs have been implemented, along with concrete projects aimed at supporting the Group’s evolution.
In 2019 the Group Diversity, Equity and Inclusion Community of Practice (DEI CoP) was set up and it comprises over 300 members.
This community is open to all the employees of the Group who voluntarily choose to become DEI ambassadors and to actively
contribute to promoting DEI across the Group. Through its activity, the CoP raises awareness about DEI topics, shares internal
and external best practices and co-creates innovative initiatives. In 2024 the CoP organised an event on generational diversity and
contributed to a program aimed at further raising awareness within the organisation about the impact of biases.
Annual Integrated Report and Consolidated Financial Statements 2024
154
Generali Group
Starting from 2020, to support the inclusion of all gender identities and sexual orientations, WeProud - the Global LGBTQI+ Employee
Resource Group (ERG) was established. The ERG is open to all the employees of the Group and today it has approximately 1,000
members. WeProud’s objective is to raise awareness on inclusion topics, prevent and fight against any discrimination, advocate
for LGBTQI+ rights. Moreover, WeProud orchestrates the enhanced participation of the Group in the Pride parades. On top of the
two global ERGs, WeProud and Together, there are numerous local ERGs focused on DEI topics, including gender, generations,
LGBTQI+, cultures, parenthood, and disability.
On International Women’s Day and for the seventh consecutive year, Generali has celebrated BeBoldforInclusion, the initiative
embodying the Group’s commitment to promoting DEI and to further strengthening efforts to create a more gender-balanced
organisation as well as a more inclusive and equitable work environment. The internal and external communication campaign is
orchestrated at Group level and cascaded in all geographies with a wide array of events locally, from conferences to workshops
which run for the whole week commencing from 8 March.
Always in support of our inclusive culture, in 2024 the Group organised the first edition of Inclusion Day, an event open to all
employees globally which aims to celebrate the 400+ DEI actions carried out within our organisation. The event was also aimed at
informing about progress and achievements and to envision the DEI way forward. More than 2,000 employees participated and it
was accompanied by local initiatives organised by CEOs with the same purpose in a two-week time span.
Regarding the topic of disability, the Group actively advocates for both physical and digital accessibility, ensuring that everyone,
regardless of their abilities, can fully and equally participate in all aspects of employees’ work experience.
At 31 December 2024, employees with disabilities amount to 2,612, representing 3.0% of the overall workforce.
Persons with disabilities amongst employees
31/12/2024
Persons with disabilities amongst employees (*) 3.0%
(*)  In calculating this indicator, the number of employees with disabilities is defined in accordance with the definition of disability established by local national laws. Therefore, the disclosure of this
information in certain countries where the Group operates may be subject to legal restrictions or limitations on data collection (e.g., the United States). The percentage is based on the employees’
headcount out of the total Group workforce.
The Group promotes a series of initiatives dedicated to this topic. Every year, on International Day of Persons with Disabilities,
Generali runs the Disability Week Initiative where the Group shares its commitment to promote disability inclusion both within the
organisation and across the broader community. In 2024, at the Group level, together with ERGs and the DEI CoP, the impact of
biases on the work experience of persons with disabilities was explored, and possible counteracting strategies were reflected upon.
To support the commitment to eliminate systemic biases and ensure that all employees have fair and equal access to opportunities
for learning, development and advancement, in 2024 the Overcome our biases to shape an inclusive culture program was launched,
a three-module journey open to all employees. This transformational journey, which started in June and lasted until December, saw
the participation of over 2,500 employees. The training offers concrete tools to facilitate conversations on biases with colleagues in
order to eradicate or mitigate them and is based not only on rigorous scientific research, but also on real-world scenarios and case
studies that help participants see how unconscious biases manifest in different situations, and day-to-day interactions.
In 2022 the Accessibility Manifesto was created, a guide that establishes the leading principles to provide Group’s stakeholders with
digital products in line with the European Accessibility Act directive, with the goal of making them accessible by 2025. Furthermore,
since 2022, the Group has also been member of Valuable 500, a global collective of 500 CEOs, whose mission is to use the power
of global business to drive systemic change for all people living with a disability. Thanks to the international reach, network and best
practices of Valuable 500, Generali participated in Generation Valuable. The next edition of the program aimed to address the gap in
disability talent across all levels of organisations is planned in 2025.
At the end of 2023, a Joint Declaration on DEI was signed with the EWC, following the previous Joint Declaration on Diversity
and Inclusion signed in 2019. This new declaration incorporates the concept of equity to promote, among other things, a fair and
transparent environment and to ensure equal access to opportunities for all Group employees.
All the mentioned activities are complemented by a series of actions on disability at local level, including initiatives to improve
accessibility, specific training projects, as well as the establishment of partnerships with companies and associations aimed at
identifying potential candidates with disabilities to be involved in job shadowing programs or internships.
Sustainability Statement
155
With regard to inclusion in general, the Group’s initiatives are complemented by more than 300 locally organised inclusion actions,
including communication campaigns on unconscious bias, local employee resource groups, awareness raising programs on
disability, mental health initiatives, numerous collaborations with LGBTQI+ and disability associations, participation in Pride events.
The impact of our DEI initiatives is measured annually through Group surveys, such as the Global Engagement Survey and the Global
Pulse Survey. In 2024, the results of the Global Engagement Survey demonstrated the positive impact of the Group’s DEI activities
in relation to employee satisfaction and organisational culture.
Processes for engaging with own workforce for further details
The effectiveness of actions aimed at increasing the presence of women in strategic positions is also measured through the
corresponding metric.
In terms of organisational resources dedicated to DEI topics, a governance structure has been defined at the Group, BU, and local
levels. The Group DEI Council, chaired by the Group’s DEI sponsor and the Chief People and Organization Officer, includes selected
members of the Group’s Senior Management. It sets DEI priorities, contributes to shaping and orchestrating the Group’s DEI strategy
and defines specific ambitions for its implementation. All its members play an active role as DEI ambassadors, promoting DEI initiatives
at both global and local levels. The Group Leadership Development and Academy function, which also has DEI responsibilities and
reports to the Chief People and Organization Officer, leads and monitors the implementation and execution of the Group’s DEI
strategy, orchestrating the work of local HR teams (or DEI teams where present). Additionally, it monitors progress through KPIs,
defines awareness-raising actions at the Group level, and promotes training and awareness initiatives across the organisation.
Remuneration
The Group’s remuneration policies are based on clear, shared, and globally consistent principles, applicable across the entire
organisation and translated into remuneration programs that comply with regulatory requirements and local laws.
Generali believes that by adhering to these principles, remuneration programs can be effectively managed as a key factor to attract,
develop, and retain top talents and key professionals with critical skills and high potential, while engaging all employees. This
approach also helps align employees’ performance with business results, laying the foundation for solid and sustainable outcomes
over time.
Specifically, the principle of fair and consistent remuneration holds particular importance for the Group and is implemented through
several complementary commitments in defining remuneration programs.
In particular, Generali:
•  defines remuneration in compliance with local laws and regulations, as well as national and company collective agreements,
ensuring fairness in relation to tasks and responsibilities assigned, roles held, and competencies and skills demonstrated;
•  commits to promoting equal treatment and gender pay equity, fostering a meritocratic and fair culture where equal work or work
of equal value correspond to equal pay;
•  promotes fair remuneration practices, ensuring that employee salaries adequately meet their needs, taking into account national
economic and social conditions;
•  structures remuneration packages in line with principles of fairness and consistency, as well as the position and tasks performed,
balancing different remuneration components while considering market best practices.
In this context, and in line with the DEI strategy, in 2020, the Group began its journey towards pay equity, progressively developing
a structured approach that includes gender pay equity analysis and the definition of ambitions and specific actions to promote fairer
remuneration across the organisation.
The Group’s commitment has primarily focused on reducing pay gaps by analysing and comparing salaries of men and women
performing the same work or work of equal value across the organisation. This initiative has been made possible through the
monitoring of a dedicated indicator, the Equal Pay Gap, with the ambition of achieving a gap towards zero by the end of the 2022-
2024 strategic cycle.
Over the years, the analysis methodology, indicators used, processes, and actions undertaken have been developed and implemented
throughout the Group, in line with widely recognized international standards, the latest regulatory developments, and market best
practices.
All analyses and related actions
92
, linked to targeted salary adjustments, have involved a yearly growing reference population, of
69,500 employees (equal to 80% of the Group’s employees). The scope includes all fully consolidated entities or aggregated BUs
with more than 200 employees, ensuring statistical significance, with a few exceptions due to business or local context-specific
factors.
92.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
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156
Generali Group
This approach has led to a consistent reduction in the Equal Pay Gap over recent years, zeroing it out with a result of 0.35% at the
end of 2024. The commitment to achieving this goal has involved the entire organisation, starting from top management, led by
HR community, responsible for conducting gender pay equity analyses and implementing related gap reduction actions. Within this
context, the Group Reward function has coordinated the project by adopting an advanced data analytics model and setting specific
annual Equal Pay Gap closure targets for each country or BU.
During the 2022-2024 strategic cycle, in addition to the Equal Pay Gap, the Group has monitored two additional and complementary
indicators developed to enhance oversight of pay equity dynamics: the Gender Pay Parity Gap, which measures the overall pay gap
between men and women across the organisation, regardless of role, and the Accessibility Gap to Variable Remuneration between
males and females, which reflects the percentage difference in the access rate to variable remuneration between men and women
across the organisation. Similar to the Equal Pay Gap, these indicators are calculated at the country and BU level and consolidated
at the Group level to enable a more detailed understanding of geographical differences, which are influenced by varying market
dynamics and local specificities.
Throughout the entire process, the Fair Pay Innovation Lab, acting as an external and independent assessor, has supervised annually
the analysis and monitoring phases, evaluating the methodology, reference scope, remuneration components, and identified factors
for gender pay equity assessment.
Equal Pay Gap, Gender Pay Parity Gap and Accessibility Gap to Variable Remuneration (entity-specific information)
Strategic objective Metric (*) Metric value at
31/12/2024
Target and level to
achieve (**)
Target application time
horizon
Baseline and base year
Reduce Gender Pay
Disparity
Equal Pay Gap 0.35%
Equal Pay Gap of 0%  
(±1% considered achieved)
2022-2024
1.8%
(2021)
Gender Pay Parity Gap 14.2% N/A N/A N/A
Accessibility Gap to
Variable Remuneration
between males and
females
0.6% N/A N/A N/A
(*)  The Equal Pay Gap is calculated using a specific statistical model based on multiple regression, which considers, in addition to job family and organisational level, the most relevant and gender-neutral
objective factors of pay differentiation, reflecting the remuneration policies of each country and Business Unit (BU). Identified objective factors may include, for example, tenure in the role or being a people
manager. If the result is positive, the gap indicates that male employees are paid more; conversely, if the result is negative, it indicates that female employees are paid more. Results are calculated with
a specific focus on base salary and aggregated at the Group level as a weighted average of the results of individual countries/BUs, based on the number of employees.
  The Gender Pay Parity Gap is calculated as the percentage difference between the median remuneration of male employees and that of female employees, divided by the median remuneration of male
employees. If the result is positive, the gap indicates that male employees are paid more; conversely, if the result is negative, it indicates that female employees are paid more. Results are calculated
with a specific focus on base salary and aggregated at the Group level as a weighted average of the results of individual countries/BUs, based on the number of employees.
  The Accessibility Gap to Variable Remuneration between males and females is calculated as the percentage difference in the access rate to variable remuneration between male and female employees
across the entire Group. The result is calculated with a specific focus on short-term variable remuneration and aggregated at the Group level as a weighted average of the results of individual countries/
BUs, based on the number of employees.
(**)  The Equal Pay Gap target is considered achieved within a ±1% range, in line with widely adopted market practices. The target applies to the entire organisation and was established as part of the Group’s
strategic plan definition. The identification of the target, the monitoring of the results obtained, and the identification of potential target improvements do not involve the participation of employees or their
representatives. Employees and/or their representatives are recipients of a communication plan regarding the defined targets, the level of achievement compared to the target, and the related supporting
actions identified.
With regard to remuneration, as required by the ESRS, additional indicators provide insights into pay balance within the organisation,
including the Gender Pay Gap and the Total remuneration ratio. The Gender Pay Gap is defined as the difference of average hourly
pay levels between male and female employees, expressed as percentage of the average hourly pay level of male employees.
The Total remuneration ratio is defined as the ratio of the highest-paid individual to the median annual total remuneration for all
employees, excluding the highest-paid individual. The calculation of the indicators takes into account the remuneration components
required by the standard.
At 31 December 2024, the Gender Pay Gap is 28.4%, and the Total remuneration ratio is 187:1.
In a globally operating Group like Generali, these indicators do not fully reflect internal pay equity, as they consider all consolidated
entities as a single unit and compare remuneration across different countries and business lines, without considering the different
distribution of employees across geographies and, more broadly, the varying pay dynamics and socio-economic conditions.
For example, focusing the analysis of the Total remuneration ratio on the main countries in Europe, the index would show a substantial
reduction higher than 20%. Similarly, calculating the Gender Pay Gap on a country basis and then consolidating at Group level, a
significant reduction would be observed, higher than 20%.
Sustainability Statement
157
3
rd
Pillar of the Generali People Strategy: Skills
The third pillar defines the topic related to training and skills development.
Training and skills development
The Generali People Strategy defines the main objectives related to employee training and skills development, an aspect that plays
a fundamental role in the Group’s business strategy.
The increasingly changing external context and the rapid spread of new technologies have boosted the need for the Group to invest
more and more in cutting-edge knowledge and tools, and reinforced the commitment to develop new skills and reinforce employees
competencies, ensuring everyone has access to the necessary resources for their professional development.
The focus on innovation and digital transformation in the current context has led to a profound renewal of the Group’s training
activities. The Group upskilling program called We LEARN has been developed and implemented, and its content is continuously
evolving. It is based on the following main objectives:
•  upskilling: provide our people with the latest and most relevant skills to expand and improve existing knowledge and perform best
in their current or new role, by launching new courses and adopting a new skills assessment solution;
•  strategic workforce planning: improve the approach to strategic planning to gain a clearer understanding of new roles capabilities
needed to successfully execute the Group Strategy and activate consistent HR action plans to drive sourcing, upskilling, and
reskilling (i.e., acquiring new skills to perform a new role or adapt to changing requirements of the current role through training
initiatives that enable tackling new professional challenges);
•  Global Strategic Learning Campaigns: spread awareness of Group strategy, strengthen a customer-centric mindset, promote
sustainability at the core of everything we do, and spread the adoption of new ways of working;
•  Professional learning ecosystem: expand our learning ecosystem by creating collaborations with highly specialized partners, such
as the Data Science & Artificial Intelligence Institute, prestigious universities, and external training service providers. The goal is to
conduct research initiatives, ensure in-trend training contents and innovative learning formats, besides promote the increase of
knowledge and interdisciplinary exchange in the fields of machine learning, data science, and artificial intelligence;
•  Learning Organisation culture: build a learning organisation culture in which our people feel responsible for their upskilling journey,
leveraging on a hybrid learning approach.
In line with these objectives, the Group Academy function has developed several learning initiatives, implemented through the We
LEARN program, which consists of the following main training areas and actions
93
:
•  Strategic Campaigns: training programs dedicated to all Group employees aim to build awareness on both the Group strategy
and the strategic sustainability model, as well as to strengthen a customer-centric mindset and foster the adoption of new ways
of working;
•  upskilling trainings: they drive employees’ professional growth and enable the development of distinctive skills, such as sustainability,
data strategy, artificial intelligence, machine learning, critical thinking and problem solving through digital formats. The Group
Academy function offers a catalogue of over 250 personalized digital trainings translated in 17+ languages, and more than 45
virtual classrooms;
•  New Role Schools (NRS): executive mini master designed to internally train a selected group of talented professional figures,
with the purpose of evolving into news roles in the business areas where the impact of innovation and digital transformation is
increasing. Developed in collaboration with top-tier partners, NRS are delivered by international excellence trainers who combine
academic, corporate and consulting know-how. NRS include a significant number of theoretical and practical training over a period
of approximately 12 months. Throughout 2024, 5 NRS were successfully launched and completed: Data Scientist, Actuary of the
Future, CRM Manager, Accountary and Controller of the Future, and Smart Automation. Among them, Accountary and Controller
of the Future will continue in 2025.
In autumn 2022, the Group Academy function launched a training needs collection, based on the available skills, to gather employees’
level of knowledge on relevant skills related to their professional development. We LEARN | Know Your Skills does not impact the
Performance Management evaluation, but provides to our people, according to Direct Managers, the opportunity to assess their level
of knowledge and receive a personalized learning path. From the first launch, more than 25,000 assessments at Group level have
been completed, engaging over 200 employees in each test.
To give our people the opportunity to continue developing their areas of interest, in June 2023 has been launched We LEARN |
My Skills page to provide a dedicated space with a dashboard to show the learning progress, an assessment tool, and suggested
courses to improve or discover new skills. We LEARN | My Skills is available for the entire Group, except Germany, Austria and
Switzerland. Over 10 BUs translated the page into their local language or included local skills in addition to those already available
in the We LEARN program.
These training programs are available for all the BUs in the regions where the Group operates (Europe, America and Asia), with some
exceptions due to business peculiarities and local context specificities. Our training programs are mostly dedicated to all employees
93.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Annual Integrated Report and Consolidated Financial Statements 2024
158
Generali Group
(e.g., compliance trainings, security trainings) but there are also trainings designed for specific groups (such as GLG, managers,
actuaries, accountants, etc.). All the initiatives planned during the 2022-2024 strategic cycle have been successfully completed.
BUs have the responsibility to implement the program locally, in line with their specific training needs and scope, ensuring to meet
country’s requirements. We LEARN program relies on major external providers and involves a wide network of over 500 internal
experts to support the content definition, the learning objects development (such as videos and interviews), and the participation in
training events. The program is also supported by We LEARN Champions, who are our ambassadors distributed across 50 countries
and all BUs by promoting participation and engagement in trainings through multiple initiatives and dedicated learning sessions.
To support the program’s goals, the total amount of financial resources allocated in 2024 amounts to € 62.5 million
94
. This investment
is related to the activities carried out by Group Academy for the entire Group as well as L&D activities management related to local
trainings.
In 2024, an average of 32.7 training hours per employee has been recorded. This figure also includes employees on long-term leave
and parental leave (since all workforce is counted), those who joined during the year, and considers business and local context
peculiarities.
Average number of training hours per employee
31/12/2024
Male 34.8
Female 30.8
Other 7.5
Not reported -
Total 32.7
To monitor the completions progress of the training initiatives within the Group’s upskilling program, Group Academy has defined the
upskilled employees metric. This metric indicates the percentage of the Group’s population that has successfully completed their
reskilling path during the strategic cycle, especially regarding training on relevant strategic topics such as sustainability, Next Normal,
the use of new technologies related to business evolution, and soft skills. The metric is structured and monitored at Group level:
Group Academy leads and manages the program by providing a learning framework, delivering courses designed at Group level, and
supporting the BUs in planning and delivering the activities. Each BU is responsible for identifying its own learning priorities, develop
and deliver its training plan.
Upskilled employees (entity-specific information)
Strategic objective Metric (*) Metric value at
31/12/2024
Target and level to
achieve (**)
Target application
time horizon
Baseline and base year
(***)
Develop the necessary
skills to grow in the digital
era and support strategic
priorities
Upskilled employees  84%
80% of upskilled
employees
2022-2024 N/A
(*)  It is a composite index that includes two components with weighted importance. The weight reflects the commitment and training objective of each component: Strategic Campaigns (50%) and
New Skills (50%). The Strategic Campaigns component includes two digital training courses aimed at the entire Group, designed to generate and increase awareness of the Group’s strategy and on
sustainability. The New Skills component includes Upskilling courses, NRS, and the Managerial Acceleration Program, called MAP2theNew. The latter is a global training program dedicated to the Group’s
People Managers to promote and strengthen the managerial culture in the hybrid work environment. Upskilled employees metric is defined as a formula that combines the population involved in the
upskilling program, the number of training initiatives proposed and planned in the strategic cycle, and the actual participation in these initiatives.
(**)  Target was defined by considering the percentage of employees involved in the training initiatives, the progress made in the previous strategic cycle, and the increase in the training offer. The criteria by
which the Board of Directors has defined the targets is based on the ambitions of the Group’s strategy, the available training offer, and the results derived from the benchmarks of the reference market.
Each BU is responsible for adapting its reference population and the targets of each training initiative based on organisational changes, and consequently updating the monitored entities. In the event
of target variations, there will be no impact on the results in terms of comparability nor changes on the methodology for the calculation of the indicator. The target to be achieved was revised upwards
by 10 p.p. by the Board of Directors during 2024. The target was established as part of the Group’s strategic plan definition. The identification of the target, the monitoring of the results obtained, and
the identification of potential target improvements do not involve the participation of employees or their representatives. Employees and/or their representatives are recipients of a communication plan
regarding the defined targets, the level of achievement compared to the target, and the related supporting actions identified. The reference perimeter for upskilled employees potentially includes all fully
consolidated companies with at least one employee; the decision to join the program is a managerial choice and is at the discretion of each BU. Therefore, companies that are not relevant for monitoring
purposes, such as those with employees who primarily attend mandatory training courses due to their functions, may be excluded. The sales force is involved based on the specific training needs of
each BU. By the end of each year of the strategic cycle, BUs are responsible for providing to Group Academy with the list of companies within their perimeter.
(***)  Monitoring of the metric begins with data collection in the first quarter of 2022 and does not include a baseline value. Monitoring ends in the last quarter of 2024.
94.  Information on training investments at the Group level is collected annually by the Group Academy function from all companies and, after conversion to euros when necessary, aggregated to produce the total amount.
Sustainability Statement
159
The upskilled employees metric exceeded the 80% target at the end of 2024, reaching 84%. This target was defined based on the
results of the upskilled employees metric from the previous strategic cycle, aligned with market results and industry players, and
consistent with the Group’s size, organisational structure, and strategic plan.
The index has been revised to address the new strategic needs outlined in the Group’s 2025-2027 strategic plan. This revision aligns
with the evolution of the training offer, also considering the trends and results obtained so far. The monitoring remains consistent
with previous cycles, to allow comparison and highlight growth. The metric will measure the adoption and evolution of new skills
developed through various training initiatives, in line with strategic objectives, business priorities, process evolution, and emerging
training needs. To this end, new components have been identified with a relative weighted value that reflects the Group’s strategic
priorities.
Upskilled employees (entity-specific information)
Strategic objective Metric (*) Metric value Target and level to 
achieve (**)
Target application
time horizon
Baseline and base year
(***)
Develop the necessary
skills to grow in the digital
era and support strategic
priorities
Upskilled employees  N/A
90% of upskilled
employees
2025 - 2027 N/A
(*)  Upskilled employees is a composite index that includes different components with weighted importance. The weight reflects the commitment and training objective of each component, which are mainly 
training initiative aimed at generating and increasing awareness of the Group’s strategy, strategic topics related to technologies, AI and GenAI, and skills related to the Lifetime Partner model. A focus is
given to technical excellence, which includes technical training programs dedicated to specific professional families within the Group (e.g., P&C and Health) or aimed at innovating technical knowledge,
supported by a strong emphasis on Group Culture. All components include both Group-level initiatives and local initiative. The metric is defined as a formula that combines the population involved in the
upskilling program, the number of training initiatives proposed and planned in the strategic cycle, and the actual participation in these initiatives.
(**)  Target was defined by considering the percentage of employees involved in the training initiatives, the progress made in the previous strategic cycle, and the increase in the training offer. The criteria by
which the Board of Directors defines the targets is based on the ambitions of the Group’s strategy, the available training offer, and the results derived from the benchmarks of the reference market. The
target was established as part of the Group’s strategic plan definition. The identification of the target, the monitoring of the results obtained, and the identification of potential target improvements do
not involve the participation of employees or their representatives. Employees and/or their representatives are recipients of a communication plan regarding the defined targets, the level of achievement
compared to the target, and the related supporting actions identified. Each BU is responsible for adapting its reference population and the targets of each training initiative based on organisational
changes, and consequently updating the monitored entities. The reference scope for Upskilled Employees is potentially represented by all fully consolidated companies with at least one employee; the
decision to join the program is a managerial choice and is at the discretion of each BU. Therefore, companies that are not relevant for monitoring purposes, such as those with employees who primarily
attend mandatory training courses due to their functions, may be excluded. The sales force is involved based on the specific training needs of each BU. By the end of each year of the strategic cycle, BUs
are responsible for providing to Group Academy with the list of companies within their perimeter.
(***) Monitoring of the metric begins with data collection in the first quarter of 2025 and does not include a baseline value. Monitoring ends in the last quarter of 2027.
The upskilled employees metric for the strategic cycle 2025-2027 is a KPI at Group Level, designed to monitor the progress of learning
initiatives on skills such as technical excellence, new technologies and behavioural skills. This metric highlights the percentage of
Group’s population involved in the upskilling program that has successfully completed their own learning journey during the strategic
cycle, reflecting our commitment to people’s growth, continuous improvement, and development. The strategic target has been set
by the Board of Directors and aims to upskill 90% of our people by the end of 2027. Local HR functions, as responsible for the local
training offer, are involved in monitoring the progress of the metric results in order to reach the targets.
4
th
Pillar of the Generali People Strategy: Organization
The fourth pillar defines topics related to collective bargaining, social dialogue, freedom of association and secure employment,
working time and work-life balance.
Collective bargaining, social dialogue, freedom of association and secure
employment
The Group’s commitment to its employees, social dialogue and relations with workers representatives is reflected in the European
Social Charter. The latter includes the respect of the right of freedom of association and the rights of related functions, while
promoting, through social dialogue, the socially responsible management of potential impacts on people resulting from corporate
restructuring. The Charter applies to countries belonging to the European Union and the European Economic Area, as well as the
EWC Agreement, which regulates the activities of members representing the Group employees in Europe. Aspects such as the
recognition of fundamental workers’ rights, collective bargaining, social dialogue and freedom of association are also referenced in
the Code of Conduct, which applies to employees in all countries where the Group operates.
In 1997, the EWC signed the founding Agreement with the Parent Company concerning the establishment of a European Works
Council or a procedure for informing and consulting employees in Community-scale undertakings and groups of undertakings. The
agreement was then renewed on 4 May 2012 and further amended over time with subsequent additions, with the latest update in
most recently that of 2022.
The agreement is referenced in the Charter, which defines specific objectives for recognizing the right of freedom-of-association and
the rights of related functions, as well as for promoting social dialogue for the socially responsible management of potential impacts
on people resulting from corporate restructuring. These objectives are pursued through periodic activities of sharing, informing and
Annual Integrated Report and Consolidated Financial Statements 2024
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Generali Group
consulting with workers’ representatives which, at a local level, may include, for example, the signing, revision and/or renewal of
existing contractual agreements.
In this respect, the Group has taken concrete actions
95
to improve social dialogue and promote collective bargaining, respect for
freedom of association and the establishment of representations, as well as trade union freedoms. In particular, in recent years, joint
declarations have been signed with the EWC, as the result of a process that began in 1997 with the agreement to set up the EWC.
Over the years, this process has seen some key milestones in the development of social dialogue, such as the adoption of the
European Social Charter in 2006 and the cycle of meetings held in 2010 and 2011 called Sharing Labour and Social Experiences in
a European perspective, aimed at raising awareness among the social partners on all these topics.
The joint declarations are proof of the Group socially responsible approach, which, while respecting local autonomy and specificities,
has established an important dialogue path with the EWC leading to the definition of a set of principles and objectives on topics
relevant to workers. The declarations set out principles aimed at addressing and promoting discussion on topics arising from the
constant transformation of work, the changing context and technological evolution. The most recent declarations signed with the
EWC have addressed the following topics:
•  the emergency crisis due to challenges related to the Covid-19 pandemic (2021);
•  the new sustainable way of working in a Next Normal scenario (2023);
•  DEI (2023).
The declarations typically do not have time restriction and their implementation is continuously monitored to verify their concrete
application.
At European level, the monitoring of these topics is carried out with the EWC. Through the dialogue with this body, and in application
of the Charter, any discrepancies or breaches of recognised rights is brought to the attention of the management. The continuous
dialogue helps identify and promote actions and initiatives of interest to workers aimed at ensuring, on the one hand, sustainable
and socially responsible management of the company’s business and, on the other hand, that an adequate level of labour relations
is maintained. Considering the internal regulatory framework, which consists of the Charter, the EWC Agreement and the joint
declarations recently signed with the EWC, the social partners, should they identify any criticalities, can take action to identify the
most appropriate solutions to remediate any violations of rights.
67.9% of total Group employees are covered by collective agreements, rising to 87.5% in the European Economic Area. In France
and Italy, coverage is nearly complete, while in Germany it is 80%. Moreover, in these countries, worker representation covers almost
the entire workforce. Outside Europe, the Asia Pacific and Middle East region show a low rate of coverage by collective bargaining,
which is, however, in line with coverage rates typically seen in this geographical area across all industry sectors.
The table below shows the coverage rates in countries/regions where the workforce exceeds 10% of the total employees:
Collective bargaining coverage and social dialogue
Coverage Rate
31/12/2024
Collective Bargaining Coverage Social dialogue
Employees - EEA (for countries  
with > 50 empl. representing >  
10% total empl.)
Employees - Non-EEA (estimate 
for regions with > 50 empl.
representing > 10% total empl)
Workplace representation (EEA
only) (for countries with > 50 empl.
representing > 10% total empl)
0-19% Asia Pacific & Middle East
20-39%
40-59%
60-79%
80-100%  France, Germany, Italy  France, Germany, Italy
The Group has dedicated structures and personnel at both the Parent Company and local level for managing relations with workers’
representatives. To this end, the companies operating in the various countries allocate the appropriate financial resources to meet
what has been agreed upon in collective bargaining and to implement any initiatives arising from social dialogue.
In this context, building on its commitment to social dialogue with all key stakeholders and in alignment with its purpose of helping
people build a safer and more sustainable future, the Group also gives high priority to the social protection of its employees, in line
with market best practices, while respecting the specific characteristics of the national contexts in which the Group operates.
95.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
161
All Group employees are covered by social protection schemes for events which include sickness, unemployment, employment
injury and acquired disability, parental leave, and retirement, except for a few very limited cases aligned with the specificities of the
respective country. In particular, unemployment coverage is not available in India, Peru, Singapore, and for temporary employees in
Japan.
There are immaterial cases where coverage is not provided in specific situations: sickness coverage for temporary employees in
Japan; parental leave for temporary employees in Japan and the United States, as well as employees in French Polynesia; retirement
coverage for temporary employees in Japan and for non-citizen employees in Singapore.
For areas not yet covered, the Group is committed to carefully monitoring potential needs and opportunities for coverage improvement,
ensuring continuous alignment with the highest standards, market best practices and the specific contexts and requirements of each
country.
Working time and work-life balance
The Group has always been invested in protecting and reconciling work commitments with personal needs of its employees at all
levels of the organisation and in all countries where it operates. In line with this perspective, the work environment is meant to sustain
the adoption of hybrid, flexible and sustainable working models, which reflect our vision and incorporate our behaviours as well as
enhance the potential of our people.
The principle of promoting work-life balance is outlined in the DEI Group Guideline and it is primarily realized through the recognition
of benefits provided by laws, national collective agreements, corporate supplementary agreements and local regulations. Among the
various measures that facilitate flexible working arrangements, paid leave is provided for pregnancy, breastfeeding for new mothers,
marriage leave, maternity/paternity leave, child illness and care-giver assistance for disabled family members.
Specific actions
96
at the European level stem from the signing of the Joint Declaration on the New Sustainable Way of Working in
a Next Normal Scenario in 2023 with the EWC. It further guarantees the promotion of the right to disconnect, work-life balance,
well-being and compliance with the contractual working hours limit. The declaration includes periodic monitoring sessions involving
EWC representatives who can provide evidence of the actual implementation of the objectives in the countries within the perimeter.
Moreover, through agreements resulting from negotiations with local workers’ representatives, the Group guarantees to its employees
the opportunity to benefit from measures or initiatives aimed at ensuring greater flexibility such as hybrid work, flexible working hours
even on in-office days, part-time work, company nurseries, and leave for parental and family related reasons.
The Manifesto and its seven key Group principles on hybrid work have effectively guided the definition of hybrid working models
across countries, always considering geographical and cultural specificities. Adopted models proved to be balanced between
office and remote work, and have been periodically reviewed and updated over time, also based on new trade union agreements.
More specifically, the Group has continuously invested in creating forward-looking skills to drive growth and transformation in the
new hybrid era, for example with targeted training programs for managers aiming at fostering a managerial culture centred on the
empowerment of people. Furthermore, additional initiatives have been introduced to support the balance between personal and
professional life, as well as to promote inclusive work environments.
The effectiveness of these initiatives is measured through surveys; the results of the Generali Global Engagement Survey 2024
confirmed an extremely positive attitude of our people towards hybrid work models, with an average favourable percentage of 88%
across various questions. More specifically, 93% of respondents believe that the hybrid work model allows them to manage their
work effectively.
In addition to the employees’ surveys, the Group’s social parties share in dedicated forums the opportunity to make any adjustments
to official statements, agreements and regulations of reference.
Furthermore, the Group monitors the indicator that measures the percentage of entities working hybrid; the ambition to have 100%
of organisational entities implementing hybrid work models inspired by the Group’s principles was already achieved in 2022 and
2023 and has been confirmed in 2024.
96.  Reported actions contribute to generate positive impacts as well as to pursue opportunities.
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162
Generali Group
Entities working hybrid (entity-specific information)
Strategic objective Metric (*) Metric value at
31/12/2024
Target and level to
achieve (**)
Target application
time horizon
Baseline and base year
(***)
Adopt hybrid working
models
Entities working hybrid 100%
100% of entities working
hybrid
2022-2024 N/A
(*)  The indicator refers to fully consolidated companies, with some limited exclusions due to business peculiarities and local context specificities.
(**)  The target was established as part of the Group’s strategic plan definition. The identification of the target, the monitoring of the results obtained, and the identification of potential target improvements do
not involve the participation of employees or their representatives. Employees and/or their representatives are recipients of a communication plan regarding the defined targets, the level of achievement
compared to the target, and the related supporting actions identified.
(***)  Baseline and base year are considered not applicable for the target due to the yearly changes in scope and reorganisations that occur throughout the years within the Group.
The percentage of Group employees entitled to family related leave is 99.3%, with a substantial balance between women and men,
while the overall percentage of those who have taken family related leave is 10.6%. The small portion of the population that is not
entitled to take family related leave mainly includes limited cases of employees with permanent contracts, whose rights accrue upon
the conclusion of their probation periods.
Employees entitled to take and that took family-related leave
(%) 31/12/2024
Employees entitled to take family-related leave 99.3%
Male 99.5%
Female 99.1%
Other 100.0%
Not reported -
Entitled employees that took family-related leave (*) 10.6%
Male 31.1%
Female 68.9%
Other 0.0%
Not reported -
(*)  The distribution of employees who took family-related leave by gender (i.e. male, female and others) is expressed as a percentage of total employees who took family-related leave.
Collective bargaining, social dialogue, freedom of association and secure employment for the organisational resources employed to manage this topic
Health & Safety
In the Generali Group’s Code of Conduct is outlined the commitment to ensure a healthy, safe and secure workspace, and guarantees
to its employees fair working conditions, ensuring a safe and healthy environment. Employees are requested to avoid any conduct
that could endanger anyone’s health or safety, instead promoting actions that have a positive impact on the Group’s employees.
The responsibility related to the definition and implementation of health and safety management systems to prevent work-related
accidents is demanded to the legal entities, in accordance with the respective local regulation. Furthermore, the importance of
employee’s health and safety is also outlined as well in the European Social Charter.
In line with this commitment, the Group’s legal entities have launched several initiatives aimed at actively promoting the safety
and well-being of their employees, going beyond the minimum requirements set by current local regulations. More in detail, these
initiatives are mainly aimed at:
•  supporting mental well-being, through services dedicated to the psychological well-being which include, for example, prevention
activities focused on stress management;
•  promoting the physical health of employees through initiatives such as periodical health check-ups and the equipment of health
measures to further protect our people;
•  developing a comfortable work environment through, for example, the integration in the offices of spaces that facilitate work
activities or by providing ergonomic materials and tools;
•  promoting physical activity, by including, for example, fitness rooms in our buildings or supporting the organisation of sport
activities for our people;
•  providing training activities on topics related to well-being, health, ergonomics, and safe driving, through courses, workshops, and
meetings with experts.
Sustainability Statement
163
For each of these initiatives, several specific actions
97
were defined, involving all the types of employees during the 2024. In detail:
•  the initiative aimed at supporting mental well-being was implemented through several dedicated actions; among these, services
and tools aimed at both psychological support (through services such as online sessions with psychologists, workshops, specific
platforms) and mental well-being (through services such as webinars, programs, or workshops) were made available to employees;
•  the initiative related to the promotion of physical health was adopted through different actions that allowed employees to access
specific health services for free, such as the possibility of free vaccination, specific medical visits, as well as medical consultation
through online or call services. Additionally, some health measures, including for example defibrillators or air purifiers, have been
provided to further safeguard our employees’ health;
•  the third initiative aims at developing a comfortable work environment. In this context, actions have been implemented to create
spaces that facilitate both work activities and interaction among colleagues in the workplace, as well as dedicated areas to
facilitate sharing and relaxation, such as break zones and areas equipped for meal consumption. In addition, have been provided
to employees ergonomic tools and supports, including chairs, desks, footrests, dual monitor setups, or larger-sized monitors;
•  the initiative aimed at promoting physical activity was carried-out through different actions including the provision of dedicated
fitness areas within the company spaces, where it is possible to exercise both independently and by participating in specific
courses (e.g., Yoga and Pilates to improve physical well-being and posture) as well as the possibility to benefit from discounts and
agreements for gym memberships/sports events. In addition, employees’ participation in physical activities was promoted through
the organisation of sports events (e.g., marathons);
•  the initiative aimed at providing training activities on topics related to well-being, health, ergonomics, and safe driving, includes the
provision of contents focusing on stress management, physical health, and the importance of sleep. Furthermore, it is possible
to participate in safe driving courses (both online and practical ones), and training materials (such as videos and specific courses)
on ergonomics-related topics are made available. In addition, health informative campaigns are available with the aim to raise
employees’ awareness on topics such as oncological risks or the importance of healthy nutrition.
The initiatives have been adopted by the Group’s legal entities in a differentiated manner, considering the local peculiarities and
context specificities of the different regions where the Group operates. In particular, in Europe all the mentioned initiatives involved
72% of employees. In Asia Pacific & Middle East, initiatives related to supporting mental well-being, promoting the physical health,
promoting physical activity, and training activities on well-being and health matters involved at least 43% of employees, while the
initiative related to developing a comfortable work environment involved 29% of employees. In North America and Latin America,
initiatives related to supporting mental well-being, promoting the physical health, developing a comfortable work environment, and
promoting physical activity involved 60% of employees.
Each BU defines the resources required to implement the key measures to manage health and safety matters, in accordance with
the current local regulations.
Regarding health and safety metrics, the following results are presented, where it is highlighted that all employees are covered by
health and safety management system, based on local legal requirements and/or recognized standards or guidelines. The number of
recordable work-related accidents is particularly influenced by specific business lines where the Group operates, such as caregiving
sector. Furthermore, the number of recordable work-related accidents also includes the injuries occurred during commuting to
and from work, which, in accordance with some national legislations, are considered as work-related and that, regrettably, in one
circumstance caused the fatality of one of our employees.
Health and safety at the workplace
31/12/2024
Percentage of employees who are covered by health and safety management system 100.0%
Number of fatalities as result of work-related injuries and work-related ill health 1
Number of recordable work-related accidents 654
Rate of recordable work-related accidents (by 1,000,000 working hours) (*) 4.7
(*)  It is calculated as the number of work-related accidents divided by the total number of hours worked by our employees and multiplied by 1,000,000. In cases where it was not possible to directly calculate
the number of hours worked, this number has been estimated on the basis of normal or standard hours of work, taking into account entitlements to periods of paid leave of absence from work (e.g., paid
holidays, paid sick leave, public holidays).
97.  Reported initiatives contribute to generate positive impacts as well as to pursue opportunities.
Annual Integrated Report and Consolidated Financial Statements 2024
164
Generali Group
Reporting processes and ways
The Group provides its employees with different options to report potential, alleged or even feared violations to be investigated.
Employees and other reporters can use the Generali Group Whistleblowing Helpline (generali.whispli.com/speakup) available on the
intranets and on the Group corporate web sites. Reporting processes, as disciplined in the Reporting Concerns and Anti-Retaliation
Group Guideline, are described in Information on Governance; for whistleblowing reports, mechanisms of their management and
ways for monitoring actions taken following reports’ handling are provided.
Reports on issues related to the workforce can also be conveyed through EWC representatives, as provided by the European
Social Charter available on the Group’s website and intranet. Violations - or alleged violation - may be brought to the attention
of the Management during ordinary or extraordinary annual meetings with the EWC, as well as in regular correspondence or in
dedicated meetings between the EWC Secretary and/or the EWC representatives and the permanent interlocutor of EWC named
EWC Relations & Labor Network belonging to the Group Chief People & Organization Officer function.
Below is a representation of incidents of discrimination and complaints received on workforce-related issues through the
aforementioned channels.
Incidents and complaints
31/12/2024
Number of incidents of discrimination (*) 25
Number of complaints filed (**) 93
(*)  The number refers to reports, including those from previous periods, that resulted substantiated in the reporting period.
(**)  The number also includes any reports made to the national contact points for multinational enterprises of the OECD and published in the dedicated OECD database (0 in 2024).
Consumers and end users
Privacy
The Group considers the protection of personal data as a priority and promotes respect for the privacy of its customers, employees
and all other stakeholders, as a fundamental right.
The Generali Group’s Code of Conduct, described in detail in the chapter dedicated to business conduct, states that all Group
companies must handle personal data appropriately and in compliance with individuals’ right to privacy, even when, in some cases,
the provisions of the Code are more stringent than those provided for by local legislation. The provisions of the Code are then more
accurately transposed through the Personal Data Protection Group Policy. The policy, taking into account the provisions of the
General Data Protection Regulation (GDPR)
98
, establishes that the processing of personal data of customers, employees and other
stakeholders of the Group companies must be carried out in compliance with the principles of lawfulness, fairness and transparency,
purpose limitation, minimization, accuracy, storage limitation, integrity and confidentiality, accountability. Alongside these principles,
the policy identifies the requirements of the processing, which are concrete actions shaped on the specific provisions of the GDPR
and facilitate the implementation of the principles of the policy.
While the general principles established by the policy are applicable to all Group companies, the more specific requirements deriving
from the GDPR apply only to Group companies that operate in the European Union and to those located outside the European Union
but offer goods and services to people present in the European territory or monitor their behavior, regardless of the citizenship of
the people.
The principles identified in the policy ensure that the companies of the Group manage personal data on the basis of legitimate
reasons, informing the data subjects in a transparent and timely manner on the purposes and methods of processing and also on the
methods of exercising their rights, always facilitated. The requirements guarantee the protection of personal data from the moment
of development in each IT system, product or service (privacy by design) and that only the necessary data are used (privacy by
default) and that each company assesses the impact that the processing it carries out has on the fundamental rights and freedoms
of individuals by adopting the necessary precautions to ensure that these effects are minimal.
Personal data is protected by appropriate technical and organizational measures, including when transfers outside the European
Union may take place.
The Group also verifies that the third parties with whom it collaborates guarantee an adequate and homogeneous level of data
protection with respect to its standards and that the related responsibilities are formalized within the contractual agreements that
are signed.
98.  Regulation 2016/679/EU.
Sustainability Statement
165
In particular, the risk of unlawful processing is mitigated by defining the specific purposes of the processing a priori, using strictly
necessary and updated data and only for the time strictly necessary. In addition, the need for transparency regarding the uses of data
strengthens the safeguards, limiting the possibility that data collected in a context, such as the subscription phase of a product, is
used to other purposes that are not compatible.
The risk of processing that exceeds regulatory limits, which an increasingly data-driven approach can cause, is controlled thanks to
the adoption of an approach that carefully reconciles the needs of the individual with those of the Group.
Finally, the risks of data breaches are also safeguarded thanks to the attention that the policy pays to the adoption of adequate
technical and organizational measures that allow secure data management. This also boosts the possibility for the data subjects to
be in full availability and control of their data, minimizing the negative impacts that could derive to them.
The Personal Data Protection Group Policy was approved by the Board of Directors of the Parent Company and, subsequently, by
the Board of the Group companies included in its scope of application. The task of supervising and supporting the implementation
and monitoring of the policy across the Group is assigned to the Group Chief Compliance Officer function. The local Compliance
functions, in certain justified exceptions the local Data Protection Officer (DPO), are then responsible for ensuring the implementation
of the policy at the local level, ensuring a correct flow of information on its approval and implementation status to the Parent Company.
The policy is periodically updated, considering the best practices that have emerged, recent legal and regulatory guidelines, and the
critical issues reported through complaints and the whistleblowing channel.
A summary of the contents of the policy is public and directly accessible to interested persons, also in application of the Sector
Guidelines (IVASS), through various communication channels including the Group’s institutional website (www.generali.com/info/
privacy/privacy-information).
The Group also demonstrates its concrete and constant commitment to the protection of personal data by adopting international
standards. For example, it implements the guidelines of the United Nations Global Compact, to which it adheres, promoting
sustainable business practices that respect data protection.
It follows the UN Guiding Principles on Business and Human Rights as well, committing to respect the right to privacy. Not only does
it ensure compliance with laws, but it also adopts technical solutions to minimize the risks associated with the processing of personal
data, considering technological developments. This commitment is applied globally.
The Group reaffirms its commitment to respectfully process personal data and to manage the right to privacy, intended as human
right, also through its data governance mechanism. In the register of processing, used in companies subject to the GDPR, the
processing of data in place and the technical-organizational safeguards adopted are mapped and constantly verified, allowing a
precise assessment of their level of risk and the identification of targeted mitigation actions, where required.
The processing of personal data constitutes a regulatory and operational risk for the Group. For this reason, as required by the
aforementioned UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, the
Group has a mechanism in place to control the processing of personal data, implemented through three lines of defense: operational
functions, Compliance/DPO and Risk Management, and Internal Audit. The operational functions, as the first line of defense in the
field of personal data protection, are responsible for the privacy risk in their area of reference and provide for the identification of the
risk and the technical organizational measures that ensure compliant and respectful processing of consumer rights. The Compliance/
DPO function executes an annual control plan, collects risk indicators and involves managers in annual assessments to inform the
Board of Directors of any necessary mitigation actions. The Risk Management and Internal Audit functions, according to their own
methodologies, also regularly carry out control activities to ensure the protection of personal data and identify mitigation actions
to be reported to the Board for adoption. If some of these control functions are not present due to the small size of the company,
compliance, risk management and audit controls can be carried out by the parent company in any case with a risk-based approach,
if deemed necessary.
In addition to the three lines of defense that operate through the aforementioned controls, the local Compliance/DPO functions - if
present - also guarantee constant consultancy and business support activities.
The Group Compliance function also ensures that local action is effective, through coordination and monitoring activities.
In the event of corrective actions, aimed at mitigating the risks to the protection of personal data, the Group has adopted a process to
continuously monitor and report these actions to the Board of Directors of the company responsible for ensuring their implementation.
The Group guarantees the possibility for consumers to constantly interact with individual companies regarding the processing
of personal data, in order not only to exercise their rights, but also to represent critical issues through dedicated communication
channels (e.g., dedicated e-mails, reserved areas, etc.). In addition to the channels provided for by the various data protection
regulations in the countries in which the Group operates, it is also possible to anonymously report critical issues through the
whistleblowing channel.
According to the practices of the individual countries, also through their employers’ associations and the initiatives of the institutions
to which they belong, a direct channel is also made available with consumers to collect the relevant requests.
Due diligence processes are implemented to identify, prevent, mitigate and account for the risk associated with the processing of
personal data, which may have impacts on the right to protection of the processing of personal data of its consumers and/or end
users. All these processes are periodically updated and updated to the specific context, so as to ensure effective supervision.
Annual Integrated Report and Consolidated Financial Statements 2024
166
Generali Group
The Group constantly integrates actions into the processes of the companies, in scope of application of the Personal Data Protection
Group Policy, to reduce the risk for consumers deriving from the processing of their personal data during the use of insurance
services.
The Group uses a methodology to assess and measure the risks of non-compliance, including those related to the protection of
personal data. This methodology is applied to create a risk map, presented annually to the Board of Directors of the individual
subsidiaries and of Assicurazioni Generali, which examines the consolidated map of the Group.
In the risk assessment, the exposure to risk and the ability of the individual Group companies to mitigate it adequately are taken
into account. The mitigation capacity is the determining factor for the positioning of the risk in the map and for the definition of the
mitigation actions to be taken and the periodic checks to be carried out.
In the risk map, the privacy risk concerning consumers is highlighted separately and separated from the other risk components of
personal data protection.
The Group also demonstrates its attention to consumer privacy risk, continuously training its employees on the topic and also
developing dedicated initiatives, which increase awareness on it. Training and initiatives are also customized according to the level of
privacy risk that the individual company functions manage. This training and initiatives are a preventive measure to mitigate the risk
of consumer privacy, which is added to the others.
The Group is also developing an IT platform to manage the risk of personal data protection in an integrated way and ensure
homogeneity in the application of the GDPR, where relevant. Specifically, the platform is a customized IT tool, dedicated to the
management of all the main obligations provided for by the GDPR (Register of processing, impact assessment of processing (DPIA),
impact assessment on data transfer (TIA), balancing of legitimate interest), which adopts a uniform methodology. The platform also
allows the creation of a database, always available for analysis and monitoring of the case.
The Group also monitors privacy risk by collecting and analyzing specific indicators, such as the number of requests on personal
data rights and data breaches. This monitoring activity allows you to quickly identify problems, modify processes and intervene in
operating procedures.
The Group creates working groups and periodically organizes meetings between Data Protection Officers (DPOs) with the aim
of sharing and developing best practices in the world of data protection, discussing critical issues that may have emerged, and
analyzing and commenting on the regulatory trends of greatest interest.
The Group periodically evaluates the resources to be made available, especially for the strengthening of IT systems, infrastructures
and the adaptation of cybersecurity programs over time.
Actions are continuously identified and planned to mitigate risks. For example, work is being done to ensure that Group companies
subject to the GDPR adopt minimum content and standards for customer disclosures, which further simplify the language in use
and take into account the needs of an increasingly data-driven and technologically advanced context, as well as the need to offer
increasingly personalized products and services. The Group ensures adequate financial resources to ensure constant improvement
of all the activities and actions described above. As previously reported, the Group is taking steps to include as many Group
companies as possible in the aforementioned platform, starting with European companies and those that do not have similar IT
solutions and are in any case characterized by a certain operational complexity. The basic development of the platform can be said
to be substantially completed at the beginning of 2025 and will also include the development of special reports based on advanced
data analysis, which will make it possible to highlight changes in the privacy risk profile even more promptly. All to the advantage of
assessing the adequacy of the measures in place and identifying any interventions on the processes.
At the same time, the Group is also focusing on strengthening the support and consultancy activities guaranteed to corporate
functions.
Access to quality information
The Generali Group is committed to identifying the customers’ needs, taking care of their requirements and providing complete and
easily accessible information, while always complying with regulatory requirements on the development and distribution of insurance
products and services.
In this regard, and to oversee the underlying processes, Generali has adopted the Product Oversight and Governance Group Policy 
(POG), that is approved by the Board of Directors of the Parent Company and subsequently implemented by the Group companies
within its scope of application. The responsibility for implementation lies with the relevant local functions.
The policy outlines, among others, the principles and guidelines to mitigate the risk of non-compliance with relevant regulations. It
defines the commitment to ensuring that the distribution network maintains all necessary documentation for the insurance products
intermediated, which must be clear, precise, and updated. Additionally, it specifies the importance of having accurate and transparent
pre-contractual and contractual communication and documentation to customers. The POG establishes the minimum requirements
that each Group insurance company must comply with and implement, also providing the necessary guidelines for the Group’s
European insurance companies to comply with applicable European regulations. The objective is also achieved through the definition
of an insurance product development process, setting out the measures and procedures for the design, monitoring, review and
distribution, including the identification of the target market. This model ensures an adequate offering to customers’ needs and a
distribution process that safeguards transparency and an underwriting of products that meet customers’ needs.
Sustainability Statement
167
To ensure proper and transparent distribution, the Group outlines and updates the standards for distribution networks to enable
them to fully and completely understand the characteristics of the products offered and related services, including the risks and costs
(even implicit) and any changes in price that may occur during renewal. This guarantees complete accessibility to quality information
to all customers who contact the sales networks for the insurance products offered by the Group.
To monitor the effectiveness of the above-mentioned actions, the Group outlines in the POG an insurance product monitoring
process, whose focus is on the customer as well as a distribution channel monitoring process, aimed at assessing the network’s
compliance with the POG’s provisions, with the possibility of implementing remedial actions where necessary.
Demographic changes
Modern communities continue to be influenced by significant demographic and social phenomena that strongly impact their socio-
economic balance.
In Europe, there is an ongoing process of population aging, driven by increased life expectancy and reduced birth rates, which also
contributes to a more imbalanced ratio between the working-age population and the elderly.
International migration phenomena only partially counterbalance this trend, which is nonetheless differently influenced by socio-
political initiatives adopted on a local basis. In most European markets, the working-age adult population is often under pressure
due to the simultaneous demands of work and caregiving responsibilities for the expanding elderly population and for children and
adolescents.
The younger age groups are affected by a reduced and often discontinuous average income capacity, heavily influenced by a flexible
but precarious labor market, which does not ensure reasonable certainty in financing the public welfare system. It remains a strong
characterization of unbalanced communities, where the increase in welfare and healthcare needs is not matched by adequate
funding and coverage of public systems by the active population.
The need for assistance naturally evolves towards increasingly sophisticated and therefore costly services and performances, which
must address new needs. The stable expansion of the older and more fragile age groups highlights the trend of a constant increase
in chronic diseases of prolonged severity and incidence over time. In parallel with these phenomena, there is a greater awareness of
the link between health, lifestyle habits, and the environmental context, thanks to both public social initiatives and greater proactivity
and promotion by the private market.
Strategy
Demographic changes according to the outlined trends can be summarized into two major social issues: insufficient awareness
and/or dissemination of pension protection (the so-called pension gap) and inadequate coverage of healthcare expenses and other
possible present and future needs (the so-called care gap).
The Group has identified these areas of intervention as priority levers for the development and strengthening of the Life and Health
business to address the issue of demographic changes, particularly focusing on generally underinsured and therefore more vulnerable
population groups, such as women, young people, the elderly, families, and migrants/refugees.
Generali positions itself as an active part in strengthening more stable communities, monitoring and addressing the effects of a
changing society. For this reason, it develops and offers flexible and modular solutions with high pension and care content to
cover healthcare expenses and other possible present and future needs, individual, family, and community. Specifically, the senior
customer segment is particularly targeted with modular solutions that combine savings, protection, and services in an assistance
logic. Generali also commits to strengthening dialogue with people through services accessible on a 24/7 basis.
The Group provides customers with complete and easily accessible information on products and services, helping them understand
the main factors that can affect their income capacity, accurately assess their savings capacity, and identify their present and future
needs.
Believing that the insurance service is the most suitable to foresee and address possible human life needs in advance, the Group
takes care of its definition and offer even in market contexts with little knowledge and individual propensity for insurance solutions.
Policies
Life Underwriting and Reserving Group Policy
The Life Underwriting and Reserving Group Policy includes guidelines for the development of products with social value, aligned with
strategic sustainability objectives as well as with the set of guidelines and strategies in the Life and Health business, with particular
reference to demographic changes.
The policy is renewed annually and approved by the Board of Directors of the Parent Company and subsequently by the boards of
the Group companies within the scope of application.
Annual Integrated Report and Consolidated Financial Statements 2024
168
Generali Group
Actions
The Group is continuously committed to identify and develop insurance solutions with social components. To address demographic
changes, Generali has developed insurance solutions that offer coverage and services to customers in need of support, protection,
and/or inclusion, responding to the needs of specific customer categories or promoting a responsible lifestyle. This internal
classification, strengthened during the Lifetime Partner 24: Driving Growth strategy, aims to enhance those insurance solutions
that have more social components and are offered by the Group’s insurance companies operating in the Life and Health segment,
such as: pension products structured to ensure savings to support needs in old age, products to replace or supplement public
health services, aimed at covering the costs of care and assistance, or the reduction of customers’ income in the event of serious
illnesses or non-self-sufficiency; products that promote a responsible and healthy lifestyle, leveraging the opportunities offered by
new technologies, the importance of health prevention, or the benefits of virtuous behaviors adopted by customers.
In line with the approach followed, the Group also intends to focus on insurance solutions that promote and strengthen social
inclusion in the Lifetime Partner 27: Driving Excellence strategy, addressing with renewed interest the mostly underserved and
therefore more vulnerable segments of the population, such as women, young people, the elderly, families, and migrants/refugees,
to whom it proposes pension and protection and health insurance solutions.
Metrics
Insurance solutions with ESG components in the social sphere, which include, according to the proprietary definition, those functional
to achieving the Group’s objectives in response to demographic changes, generated premiums of € 22,373 million
99
, with an increase
by 12.4% CAGR 2021-2024 calculated on a like-for-like basis.
99.  They refer to the total Group premiums in the direct business of insurance companies (including insurance holding companies and excluding corporate business).
Premiums from insurance solutions with ESG components - social sphere
  Products aimed at targeted clients/events: products aimed at enabling and enhancing social inclusion, focusing on the disadvantaged and vulnerable sector of the population, like the young, the
elderly, the disabled, the migrants. To this category also belong those products that respond to specific negative life events, such as disability, loss of independency, unemployment, dread diseases, etc.,
or to different lifestyle needs subsequently, for instance, to the termination of the employment relationship.
  Health products providing pay-out or services: products that integrate or supplement the public health service, designed to help manage the costs of treatment and assistance, as well as the
reduction in earnings of customers in the event of serious illnesses or the loss of self-sufficiency.
  Products promoting responsible behaviours or investing also in ESG components: products that promote responsible and healthy lifestyles, leveraging on the opportunities provided by new
technologies, the importance of preventive healthcare or other virtuous behaviours of policyholders. To this category also belong those Life investment products that allow customers to invest insurance
premiums into financial assets also with ESG components.
Products promoting responsible behaviours  
or investing also in ESG components
13.0%
Health products providing pay-out or services
20.5%
Products aimed at targeted clients/events
66.5%
Sustainability Statement
169
Target
As a Responsible insurer, within the Lifetime Partner 24: Driving Growth strategy, the Generali Group has committed to:
•  increasing direct gross premiums from insurance solutions with ESG components related to both the environmental and social
spheres with a compound annual growth rate (CAGR) of 5-7% in the period 2021-2024.
Below is the metric related to the current strategic plan, associated with the relevant target and reference period.
Metrics and targets (entity-specific information)
Strategic objective Metric Metric value at
31/12/2024
Target and level to
achieve (*)
Target application
time horizon
Baseline and base year
Development of
insurance solutions
with ESG components -
environmental and social
sphere
Premiums from insurance
solutions with ESG
components
€ 25,193 mln
+5-7% CAGR premiums
for insurance solutions
with ESG components
2021-2024
€ 17,014 mln
(2021)
(*)  The target was defined following discussions at both Group and local levels. Its monitoring is conducted on an annual basis and involves data collection in a centralized system, while the competent
Group function performs managerial reviews of the collected information.
The Group recorded an increase in premiums from insurance solutions with ESG components exceeding its commitment of a 5-7%
CAGR in the period 2021-2024 (+12.3% CAGR on a like-for-like basis). Both the premiums related to the social aspect described
above and those related to the environmental aspect reported in Climate Change contributed to achieving the target.
As part of the Lifetime Partner 27: Driving Excellence strategy, the Group intends to further strengthen its strategy in response to
demographic changes through the following objective:
Metrics and targets (entity-specific information)
Strategic objective Metric (*) Metric value at
31/12/2024 (**)
Target and level to
achieve (***)
Target application
time horizon
Baseline and base year
(**)
Development of solutions
to reduce the pension and
welfare gap
New business premiums
(NBP) for pension and
protection and health
insurance solutions for
underserved clients
€ 2,899 mln +6-8% NBP CAGR 2024-2027
€ 2,899 mln
(2024)
(*)  In the case of annual contracts that include accident and health coverage for which new business premiums are not applicable, the reference metric can be replaced by gross written premiums. The
Group has adopted an internal classification to identify pension and protection and health insurance solutions and categories of underserved clients, i.e., those most exposed to the insurance gap:
women, young people (<35 years), elderly (>55 years), families, and migrants/refugees.
(**)  The metric value at 31 December 2024, corresponds to the baseline value of the target, which was defined using forecast data provided, based on standard planning and control procedures, by the main
companies through dedicated interaction between the competent Group and local functions, with the support of the corresponding Sustainability functions.
(***)  The target monitoring is conducted on an annual basis. Both the monitoring and data collection of the metric after 31 December 2024, will be managed through an automated centralized system, while 
the competent Group function will continue to perform managerial reviews of the collected information.
The Group has set a growth target for new business premiums of pension products and protection and health products offered to
clients belonging to typically underserved market segments in terms of CAGR (+6-8%) on a like-for-like basis for the period 2024-
2027.
This target aims to support Generali’s commitment to being a significant player in mitigating the impacts on society induced by the
evolving demographic scenario.
Annual Integrated Report and Consolidated Financial Statements 2024
170
Generali Group
GOVERNANCE INFORMATION
Business conduct
Generali Group conducts its activities in compliance with law provisions, internal regulations, and principles of professional ethics,
and it is committed to positively contribute to the well-being of all its stakeholders. This section describes the most relevant aspects
and initiatives that the Group adopts to ensure a positive impact regarding corporate culture, management of reports, anti-bribery
and anti-corruption phenomena, and relationships with suppliers.
Business conduct policies
Generali Group Code of Conduct
The Generali Group Code of Conduct, together with our Values (Value our people, Deliver on the promise, Be open, Live the
community), constitutes the foundation of the Group’s cultural identity and defines the fundamental rules to be adopted. The set of
values and ethical expectations defined in the Code of Conduct aims to assist in making consistent choices and to ensure that in the
workplace, one can always rely on good principles such as frankness, openness, and impartiality. The Code of Conduct requires all
employees and members of the administrative, management or supervisory bodies of the Group companies to respect integrity and
ethical values, in order to prevent misconduct for which the companies may be held accountable. To this aim, it establishes rules of
conduct related, for example, to fair conduct of business, sustainability, work environment, diversity, equity and inclusion, personal
information and privacy, fair competition and antitrust, conflicts of interest, anti-bribery and anti-corruption, anti-money laundering,
counter terrorist financing and international sanctions. These rules are complemented by a set of implementing regulations that
details principles and provisions of the Code of Conduct. It states the rights to fair treatment and non-discrimination as well as to
work towards the objectives of an organization that consistently promotes and rewards ethical behavior. The Code of Conduct
and its implementing regulations require to adopt appropriate remedial actions for managing any potential violations of the Code of
Conduct and internal regulations, which may lead to the application of disciplinary measures in accordance with current legislation.
The Generali Group requires that third parties acting on its behalf (consultants, suppliers, agents, etc.) adhere to the principles set
out in the Code of Conduct.
Furthermore, the Code of Conduct rejects any form of violation of human rights, including exploitation or irregular work as well as
any kind of forced or compulsory and child labour, and any other practice not in line with the principles contained in the UN Global
Compact and International Labour Organization (ILO) standards, also from its suppliers. The Code of Conduct provides that the
Generali Group stands against any kind of harassment, sexual harassment, bullying, mobbing or retaliation.
The Code of Conduct, which applies to all Group companies, was approved by the Board of Directors of the ultimate Parent
Company and must be adopted by the administrative, management or supervisory body of each company. CEOs are responsible
for overseeing the implementation of the Code and of the implementing regulations in accordance with local legal requirements.
To ensure that it is easily accessible and publicly available, the Code is translated into all the languages of the countries in which the
Group operates and published on the Group website (www.generali.com/sustainability/our-rules/code-of-conduct) and it is required
its publication on the websites of each company of the Group.
Reporting Concerns and Anti-Retaliation Group Guideline
The Reporting Concerns and Anti-Retaliation Group Guideline outlines how to report violations, even only potential or alleged of
the Code of Conduct or other internal or external regulations and how to manage them, with particular reference to the internal
channel provided by the EU Whistleblowing Directive. The document also provides with a description of the anti-retaliation policy for
safeguarding people who report, collaborate and facilitate the report and/ or the investigation, conduct the investigation and third
parties - including legal persons - connected to the reporter that may suffer retaliations in a work-related context.
The guideline has been approved by the Group CEO and the Group Chief Compliance Officer. Its local adoption must be approved
by the local CEOs who, together with the Senior Management, are responsible of its implementation in the Group companies. An
extract of the guideline illustrating the process for managing whistleblowing reports is published on the Group website and on the
Generali Group Whistleblowing Helpline page (generali.whispli.com/speakup).
Anti-Bribery and Anti-Corruption Group Policy
The Anti-Bribery and Anti-Corruption Group Policy (ABC) establishes the framework with which the Group manages its risks relating
to corruption, bribery and abuse of power, defining the standards and requirements applicable to its companies. It has been designed
to prevent corrupt and bribery practices within the Group’s companies, while protecting the Group and its employees from any
corporate or personal liability arising from ABC laws and regulations. The objective of the policy is to safeguard the Group’s reputation
and brand, minimizing the associated risks.
It has been drafted in line with the main international and national standards on the subject, including:
•  the United Nations Convention against Corruption;
•  the OECD Convention on Combating Bribery of Foreign Public Officials in International Commercial Transactions;
•  Wolfsberg Group’s ABC Compliance Program guidelines.
Sustainability Statement
171
The policy was approved by the Board of Directors of the Parent Company and subsequently by that of the Group companies included
in the scope of application. The task of supervising and supporting the implementation and monitoring of the policy throughout the
Group is assigned to the Group Chief Anti-Financial Crime Officer function, supported by the Group’s senior managers and the Anti-
Financial Crime function of the business units. The Anti-Financial Crime functions and the local senior managers are responsible for
implementing policy at the local level, under the coordination and with the support of the Anti-Financial Crime function of the business
unit. The local Anti-Financial Crime functions are responsible for ensuring a correct flow of information on the status of approval and
implementation of the policy.
The principles of the policy are promoted and made accessible to the public in a special section of the institutional website (www.
generali.com/sustainability/our-rules/Anti-Financial-Crime-and-Anti-Bribery-and-Corruption).
Ethical Code for Suppliers of the Generali Group
The Ethical Code for Suppliers of Generali Group, available on the institutional website (www.generali.com/sustainability/our-rules),
addresses the need to communicate to suppliers/contractors the Group’s approach to the most relevant social and environmental
matters, informing them of the rules the Group has established, detailing the principles and values that should establish the basis
for good business relationships: correctness and honesty, transparency and impartiality, prevention of conflicts of interest, fair
competition, confidentiality, workers protection, and environmental protection.
The Ethical Code has been drafted in line with the values promoted by:
•  United Nations Global Compact;
•  Principles for Responsible Investment (UN PRI);
•  Carbon Disclosure Project;
•  International Labour Organization (ILO) Convention;
•  UN Universal Declaration of Human Rights (UDHR).
The Code is approved by the Board of Directors of the Parent Company, and the responsibility for its implementation is assigned to
each local procurement function.
One Procurement Group Guideline
The One Procurement Group Guideline, referring to the Ethical Code for Suppliers of Generali Group
100
, aims to define a framework
of principles, processes, and controls for procurement activities across the Group. Additionally, it seeks to provide a comprehensive
and consistent set of principles and rules for the management of procurement activities, thus ensuring:
•  the incorporation into procurement practices of principles and values inspired by the Code of Conduct and the Ethical Code for
Suppliers;
•  the adoption of common practices for the purchase of goods and services;
•  a uniform approach and alignment among all the Group companies involved;
•  compliance with Group internal regulations.
The guideline was issued by the Group Chief Operating Officer and approved by the Group CEO; the Group Procurement function
is responsible for verifying its effective application through a dedicated annual monitoring activity.
Corporate culture and reporting processes
The Code of Conduct constitutes the foundation of the Group’s cultural identity aimed at promoting an ethical culture and a high
level of compliance and integrity, to deliver long-term success and sustainability and to contribute positively to the well-being of all
stakeholders and to realize Generali’s purpose, Enabling people to shape a safer and more sustainable future by caring for their lives
and dreams.
The senior management of the Group companies promotes continuous training initiatives and communications to foster the effective
adherence of employees to principles of integrity and ethical values with the aim to make the employees fully aware of the importance
and usefulness of internal controls, as well as ensuring that the Code of Conduct and other internal regulations are correctly
understood and effectively acted upon. The provision of annual training programs on the Code of Conduct aims to promote full
awareness of its provisions, encourage the reporting of violations and reassure individuals about the confidentiality of the handling
process and the protection of those involved in reporting and related investigations.
A video on how to use the Generali Group Whistleblowing Helpline has been made available for anyone who intends to report. The
senior management of the Group companies must ensure that employees receive adequate information and training on the reporting
process and provide specific training on handling reports to the Compliance function staff.
The Group provides with different options to report violations or concerns of behaviors that may potentially violate the Code of
Conduct or other internal or external regulations. The reporter, in accordance with Group and local regulations and processes,
can address the HR function, the direct manager or directly the local or Group Compliance Officer, or for whistleblowing reports,
use the Generali Group Whistleblowing Helpline (generali.whispli.com/speakup), a secure and confidential internet platform,
100. The product categories to which the guideline applies are: Indirect Categories: professional services, marketing & communications, travel, other expenses; Information Technologies: IT services, hardware, software, telco, credit
& financial info provider, business and public data provider; Real Estate & Facilities: works and materials, facility services, property services, RE professional services, furniture and utilities, rental, fleet management, other real
estate expenses; Local Categories: general & administrative, logistics & warehousing, black boxes and assistance.
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172
Generali Group
handled by a third-party provider on servers located in the European Union and accessible from the intranet and the Group
website (www.generali.com/sustainability/our-rules/code-of-conduct), which must be made easily available by Group companies.
Reports received through the Generali Group Whistleblowing Helpline are analyzed, evaluated and managed by independent internal
specialists from the Compliance function. Internal regulations provide that the case is managed by the competent local Compliance
function to ensure its timely and close management. If a conflict of interest arises, the case is assigned to the Group Compliance
function that is also competent to receive reports of violations or concerns from the reporter who does not feel comfortable reporting
them locally.
If the Compliance function conducts investigations of the reports and those are deemed substantiated, it proposes remedial actions
(e.g., training session, communication initiative, organizational or procedural change, adoption of a first or second line control),
involving other relevant functions and the competent corporate bodies for the final decision. Group regulations require that decisions
and remedial actions, including any disciplinary measures, are documented and monitored.
Investigations are conducted by the Compliance function with diligence and utmost confidentiality. All information collected during
the case management is handled and archived in accordance with internal and external regulations. Once cases are closed, the
personal information managed is archived and then removed in compliance with applicable internal and external local provisions.
In 2024, reports received and managed via the Whistleblowing tool
101
were 187 related to discrimination, harassment and retaliation
(67), ethical culture and sustainability (51), conflicts of interest (23), internal fraud (20), external fraud (9), distribution (5), customer
relationship (2), personal information and privacy (2), other (8). In 2024, 208 reports were closed, of which 84 resulted as substantiated
(25 about discrimination, harassment and retaliation) leading to the following disciplinary measures: dismissal or termination of the
employment contract (16) and warnings (47).
Social information, Own workforce for further details on reports about HR topics
The Group guarantees protection to all individuals involved in reports and investigations, in line with the provisions of the UE
Whistleblowing Directive, and does not tolerate any form of retaliation
102
, as outlined in the Code of Conduct and internal regulations.
Retaliatory actions against those who report, conduct investigations, participate in investigations, or refuse to participate in or
collaborate with improper or illegal activities are strictly prohibited. Retaliation is an unlawful behavior and, if it occurs, must be
severely punished: it may result in disciplinary measures up to and including termination of the employment contract.
The implementation and observance of the internal and external regulations aim to ensure an environment where employees
and stakeholders feel safe to report and communicate transparently, raising questions or concerns at any time without fearing
retaliation.
Corruption
The Generali Group is firmly committed to fight against corruption and adhere to relevant international and national regulations,
adopting a zero-tolerance approach towards the risks of corruption, bribery and abuse of power. It has issued the Anti-Bribery and
Anti-Corruption Group Policy (ABC), previously described in Business conduct policies, which, supported by operational guidelines,
defines approaches, processes and any additional measures aimed at such prevention.
The Group is committed to embed the principles and implications of the ABC policy in its corporate culture through training activities.
Members of the Board of Directors and the Board of Statutory Auditors of the Parent Company receive periodic induction training,
organised by the Group Chief Anti-Financial Crime Officer function. Members of the two corporate bodies receive detailed analysis
on corruption also when preparing policies and internal regulation updates.
All employees of the Group are involved in corruption training programs focused not only on regulatory references, but also on Group
policies and standards. As a result, 100% of high-risk functions are subjected to training programs. They are provided with online
training, available at Group level, accessible on the We LEARN platform and assigned by the HR functions of each company. The Be
aware of Anti-Bribery and Corruption module, available in English since June 2024, covers:
•  understanding the crime of corruption (active and passive);
•  recognition of risks, red flags, high-risk areas and controls;
•  management of risks associated to public officials relationships and interaction with intermediaries.
At local level, senior management raises awareness among managers and employees about ABC risks through structured training
that covers laws, internal and external regulations, case studies and practical examples, including potential scenarios employees
may face, as well as the appropriate reporting channels.
Additional initiatives are also promoted, including memos and alerts with case studies disseminated across all the companies of
the Group, aimed at increasing awareness of how the reputation of the company may be impacted by an individual’s conduct. The
101. Data has been processed based on the reports received and the cases managed on the Generali Group Whistleblowing Tool according to the Reporting Concerns and Anti-Retaliation Group Guideline.
102. Retaliation is any unfair or negative act against people who report, in good faith, internally or externally, anonymously or by identifying her/himself, facilitates the reporting and collaborates in the investigation, including third
persons who are connected with the reporting person(s) and who could suffer retaliation in a work-related context, conduct the investigation.
  Although there is no exhaustive list, retaliation can include: employment actions, such as termination, denial of promotion, demotion, job duties change or pay cut; other actions affecting employment or having a negative impact
such as threats, unjustified negative evaluations, unjustified negative references, increased surveillance or failure to ensure the employees’ safety in the workplace; harassing and mobbing, including ignoring and avoiding the
employee in an obvious manner, failing to provide the employee with important information needed to perform his/her job or blaming the employee for causing problems because he/she filed a concern or remarking that the
employees should transfer or quit the job; physical harm which can manifest itself in a verbal, physical or written form.
Sustainability Statement
173
Group’s intranet has a dedicated section, where informational materials related to the ABC measures adopted by the Group, such
as infographics and flash cards, are available.
The Group adopts specific procedures and a reporting channel, the Whistleblowing Helpline, described above, in order to prevent,
identify and manage cases of potential violations of internal and external regulations, including cases of corruption. It has also
defined a set of risks and compliance controls (so-called second-level controls), aimed to ensure: the correct implementation of the
risk management process; compliance with the operational limits assigned to various functions; and adherence with the rules of
business operations.
Each function is in any case responsible, for its areas of competence, for implementing the appropriate controls, measures and
procedures in its processes to ensure full compliance with the standards defined by the Group.
Functions exposed to relationships with third parties are considered the highest risk function for of corruption, due to the mandate
conferred upon them and the fact that they are more likely to engage business, commercial or marketing relationships with public
administrations, public officials or people identified as politically exposed.
Incidents of corruption or bribery
31/12/2024
Number of convictions for violation of anti-corruption and anti-bribery laws (*) 0
Amount of fines for violation of anti-corruption and anti-bribery laws (€ million) (*) 0
(*)  The evidence can be found in the Group process aimed at identifying and collecting operational events that generate direct economic losses, due, for example, to non-compliance with regulatory
provisions regarding the management of gifts and entertainment or accurate and transparent recording of payments, as well as non-compliance with regulatory provisions related to the formal
assignment of clear responsibilities and the implementation of internal procedures to prevent corruption and bribery practices. The amounts represent payments made in 2024.
Managing relationships with suppliers
The Generali Group has long adopted a series of internal rules that define how the impacts, risks, and opportunities related to its
suppliers should be addressed and managed. The purpose is to ensure integrity through the entire supply chain with respect to key
principles that include human and labour rights, anti-corruption, and the environment.
Please refer to the Business conduct policies paragraph for a description of the content and high-level objectives of the Generali
Group Code of Conduct, the Ethical Code for Suppliers of the Generali Group, and the One Procurement Group Guideline.
The Group is keen on collaborating with suppliers who share its values, focused on the development and respect of sustainability
and environmental conservation practices, human rights, and labour rights with a view to enhance the overall societal well-being.
Therefore, Generali also considers social and environmental criteria in the supplier selection process.
In particular, the ESG assessment is performed for every purchase exceeding € 1 million and weighs 5% in the tender award criteria.
The ESG assessment is also mandatory for purchases between € 200,000 and € 1 million for Generali Italia and its subsidiaries
that have implemented the One Procurement Group Guideline, from 2024 for Generali Operations Service Platform (GOSP) and
Assicurazioni Generali, and from 2025 for all other Group companies that implement the guideline.
The ESG assessment is carried out by an independent external certifying provider, based on a supplier’s self-declaration and
accompanied by any environmental and social certifications. The self-declaration covers four areas:
•  human rights and labour, structured as follows:
 - equal rights and non-discrimination: it assesses whether the company guarantees equal rights and treatment to all employees,
regardless of ethnicity, gender, age, disability, religion, nationality, sexual orientation, or social background;
 - forced labour and mistreatment: it assesses whether the company is committed to ensuring a work environment free from
physical, sexual, mental, and verbal abuse;
 - child labour: it assesses whether the company complies with local legislation on the minimum age of employees and the
International Labour Organization (ILO) Convention on Minimum Age (No. 138);
 - working hours and wages: it assesses whether the company takes evidence of employees’ working hours and wages to comply
with local legislation and ILO standards;
 - collective bargaining and freedom of association: it assesses whether the company recognizes and promotes the fundamental
right of employees to form unions and participate in collective bargaining;
 - impact on local communities: it assesses whether the company does not illegally acquire or use land, forests, or water that
represent livelihood for people;
•  health and safety, which investigates the company’s responsibility in complying with local occupational health and safety laws.
It assesses whether the company has implemented a health and safety policy adequate to its activities, whether it has training
programs for employees to improve the safety performance, and whether it has processes to record and assess safety risks and
correct identified weaknesses. It also assesses whether the company has established key performance indicators to monitor
relevant safety matters. It investigates whether the use of protective equipment is promoted and whether there is a first aid
procedure on which employees are regularly trained. Finally, it asks the company to confirm that it does not violate the ILO
Convention on Occupational Safety and Health (No. 155);
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174
Generali Group
•  environmental protection, structured as follows:
 - environmental pollution, which investigates the company’s responsibility regarding compliance with local environmental laws, the
existence of policies for environmental protection, processes to address environmental requirements, objectives and training to
improve environmental protection, key performance indicators to monitor environmental impact, internal control mechanisms to
monitor the management system. It also asks for confirmation that the company is not causing harmful pollution or excessive
water consumption;
 - substances of concern: the company is required to confirm that its products or production processes do not incorporate
mercury or mercury compounds, and do not incorporate any persistent organic pollutants (POPs);
 - waste: the company is required to confirm that it does not export or import hazardous waste, domestic waste, or residues
resulting from the incineration of domestic waste;
•  supply chain responsibility, which investigates the presence of a company policy that requires suppliers to ensure social, ethical
and environmental standards in their supply base. It asks whether the company has a supplier self-assessment process to obtain
transparency on economic, ecological and social responsibility in the supply base. It also investigates whether the company’s
procurement decisions are influenced by suppliers’ compliance with criteria such as environmental protection, human and labour
rights, health and safety, and anti-corruption.
Finally, it assesses whether the company has established an action plan in case issues related to the environment, labour, human
rights, health and safety, or corruption are identified in the supply chain.
The independent external certifying provider processes the information submitted in the self-declaration by suppliers and returns an
ESG assessment that consists in a qualitative scale with three possible values: compliant, non-compliant, or in progress.
The ESG assessment contributes to increasing the knowledge of suppliers across the four investigated areas, allowing to verify, for
example, the degree of adherence to international standards and principles, or the level of maturity of the company regarding these
matters.
Sustainability Statement
175
RISK REPORT
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Generali Group
A. EXECUTIVE SUMMARY
The purpose of this section is to provide an overview of the Generali Group’s solvency position and risk profile, as well as its risk
management framework. To this end, a brief introduction on external and regulatory context is provided.
External context
The Group is mainly exposed, as is the insurance sector in general, to vulnerabilities arising from financial markets and due to the
macroeconomic and geopolitical landscape, as well as from the occurrence of natural phenomena and other trends that impact
underwriting risks.
The Group has confirmed its resilience also during 2024, and the solvency position, equal to 210%, has remained above the
tolerances set out in the Group Risk Appetite Framework (Group RAF).
The instability and volatility of the markets, along with concerns about slowing growth and international geopolitical tensions, continue
to represent the main challenges for the Group and, more generally, for the insurance and financial sector.
The macroeconomic context observed during 2024 has been characterized by a positive trend in the main economic indicators,
despite the ongoing severe geopolitical tensions. Equity markets, especially those in the United States and in the technology
sectors, have experienced significant appreciation. Following the gradual reduction of inflation rates, the major central banks have
implemented interest rate reduction policies, contributing to confidence increase and market growth. In the European market, it has
been observed a negative performance of the German Bund compared to swap rates, due to the monetary policy of the European
Central Bank, with a simultaneous reduction in the yield spread between Bunds and Italian BTPs and Spanish Bonos, while the
spreads of French government bonds have widened compared to Bunds. The positive performance of the corporate bond sector
has been driven by the interest rates reduction and the persistent flow of demand, which has brought corporate credit spread values
to their lowest levels in recent years.
From a forward-looking point of view, financial markets remain sensitive to the ongoing geopolitical tensions, primarily related to the
continuation of the war in Ukraine, the Middle East conflict, and the increasing tensions on trade between the world’s major economies.
The global geopolitical landscape appears increasingly fragmented, impacting international trade, security, including cybersecurity,
and welfare. In particular, geopolitical tensions have been the basis for large-scale cyberattacks that occurred throughout 2024:
these attacks represent, also from a forward-looking point of view, a risk for many sectors, including the insurance and financial ones,
which are increasingly characterized by a strong dependence on IT infrastructures. Finally, the possible introduction of new tariffs
might slow down the global economic growth, with most significant impacts on productive sectors with highly interconnected supply
chains, such as technology-related and industrial ones. These dynamics might then have direct impacts on consumer goods prices,
generating new inflationary pressures and more volatile financial markets.
In addition to the impacts arising from financial, credit, underwriting, and liquidity risks, attention has been paid to operational risks,
particularly those related to cyber and IT, as well as other so-called emerging and sustainability risks, linked to long-term trends
and phenomena related to environmental topics, such as climate change, as well as social ones. In particular, regarding operational
risks, it is observed that the increasing use of artificial intelligence, while making a number of operational processes more efficient,
such as those related to data management, exposes organizations to growing risks related to cybersecurity and, in general, data
protection, as well as to potential ethical and reputational implications. In the context of emerging and sustainability risks, climate
change continues to be considered as a primary concern, with impacts being assessed across all portfolios, both underwriting and,
more generally, investments. Recent years have been particularly marked by a series of weather events, including floods, storms, and
hailstorms in Italy and Central-Eastern Europe, as well as tropical cyclones in the Indian Ocean and hurricanes in the United States.
These events have led to further refinement of risk modeling and strengthening of actions related to climate adaptation, as well as
preventive measures, also in light of new measures in European countries aimed at reducing the insurance gap.
Demographic and social trends, with the progressive increase in average age, the reduction of birth rates, and the migration
phenomena, as well as the need to offer welfare and pension solutions, require the development of increasingly customized and
integrated products, especially with reference to protection, health, and pension segments, to respond appropriately to the evolving
needs of various customer types, such as young people, the elderly, women, families, and migrants or refugees.
The risk assessments conducted above have also contributed to the double materiality assessment aimed at defining the material
sustainability matters for the Group, described in the Sustainability Statement, General information, and also used for the Lifetime
Partner 27: Driving Excellence strategy (We, Generali, Our Strategy).
Finally, during 2024, the Group implemented a new organizational structure including a coordination by Generali Investments Holding
(GIH) over the Group’s asset management companies and by Banca Generali over the wealth management. The management of
risks not strictly related to insurance business is addressed through sector-specific frameworks.
Risk Report
179
Regulatory context
The constant regulatory monitoring of both national and supranational legislation led to the identification, in 2024, of the continuous
issuance of customer protection rules, with particular reference to the proper definition and monitoring of the insurance product
value for customer (value for money), the publication of the proposals relating to the so-called Retail Investment Strategy, the wide
review proposal of Solvency II regulation, as well as its technical implementing standards. The safeguards in the field of cybersecurity
and governance of Information and Communications Technology (ICT, included in the so-called Digital Operational Resilience Act –
DORA) have been strengthened, also by means of the adoption of the regulation on the use of artificial intelligence (so-called AI Act).
In the field of sustainable finance, regulatory monitoring has confirmed the relevance of the issues of corporate sustainability reporting,
sustainability disclosure in the financial services sector (known as Disclosure Regulation), the establishment of a classification of
economic activities in order to promote sustainable investments (known as EU Taxonomy Regulation), the introduction of sustainability
risks in Solvency II, the integration of sustainability requirements in the regulations on the distribution of insurance products, as well
as the duty of diligence of companies in operations and corporate governance (known as Corporate Sustainability Due Diligence
Directive). It should also be noted that European regulators are paying increasing attention to sustainability declarations and the
adoption of measures aimed at avoiding greenwashing practices.
With respect to the risk related to financial crimes, a growing attention of the International Supervisory Authorities on the compliance
with the regulatory requirements on anti-money laundering, counter-terrorism financing (AML/CTF
1
), anti-corruption and international
sanctions is observed. In 2022, the European Banking Authority (EBA) released the guidelines on the roles and responsibilities of
AML/CTF Compliance Officer, imposing greater involvement of the governing bodies of the regulated entities on the management
and prevention of the AML/CTF risks and increased supervisory obligations for the Groups. In June 2024, the Italian Regulatory
Authority IVASS published a revised AML/CTF Regulation aligned with the EBA requirements. The entry into force of the EU AML/
CTF Regulation, the VI AML/CTF Directive and the establishment of the International Supervisory Authority (Anti-Money Laundering
Authority – AMLA) will enforce the harmonization across Europe of the risk prevention models associated to financial crimes and the
adoption of stricter procedures and controls.
Solvency position and risk profile
In terms of solvency position, the Group and its subsidiaries based in the European Economic Area (EEA) are subject to the Solvency
II prudential supervisory framework, which requires capital to be held for all quantifiable risks.
For this purpose, the Group uses its Partial Internal Model (PIM), which has been approved by the Supervisory Authority, to calculate
capital requirements to better reflect Generali Group’s risk profile. The Solvency Capital Requirement (SCR) is calculated with the
Internal Model (IM) for the legal entities which received the authorization, namely all the major Business Units in Italy, Germany,
France, Austria, Switzerland, Czech Republic and Spain. Other insurance and reinsurance entities adopt the Standard Formula.
Regulated entities of other financial sectors (mostly banks, pension funds, and asset managers) contribute to the SCR based on local
sectoral regulatory requirements such as Basel regime.
The Group solvency position is confirmed solid, with the Solvency Ratio
2
at 210%, above the tolerances and within the operating
target range, both defined in the Group RAF. The contribution of normalized capital generation has partially offset the impact of
regulatory changes, M&A operations, variances and capital movements.
Also in 2024, given the current geopolitical context, a monthly monitoring process of the Group and local solvency position was
maintained, it was thus possible to provide timely and constant information on the solvency position with respect to the evolution of
the financial markets.
For risks not included in SCR calculation, additional assessment techniques are used. In particular, for liquidity risk the Group has in
place methodologies and models to grant a sound risk management in line with the Group risk strategy, defined in the Group RAF.
Generali Group risk management system is based on a system of governance and structured risk management processes, defined
within a set of risk policies in the broader Generali Internal Regulation System (GIRS).
To this end, in addition to the Group RAF, which outlines the Group’s risk strategy, the Own Risk and Solvency Assessment (ORSA)
process represents a fundamental risk management tool, with the twofold purpose to provide a comprehensive risk reporting and to
support the Group risk strategy update.
In addition to the ORSA process, the Group also relies on a set of tools, such as the Recovery Plan, the Liquidity Risk Management
Plan and the Systemic Risk Management Plan defined following the Financial Stability Board (FSB) and the International Association
of Insurance Supervisors (IAIS) standards
3
.
1.  Anti-Money Laundering and Counter-Terrorism Financing.
2.  The values related to the solvency position (Own Funds and SCR) and the Minimum Solvency Ratio (Own Funds for coverage and related MCR) reported in this document are based on the latest available information. Therefore, 
there may be discrepancies with the official values that will be included in the Solvency and Financial Condition Report (SFCR) and in the Quantitative Reporting Templates (QRT) as at 31 December 2024. More details on the
solvency position are provided in the section Solvency Capital Requirement Coverage.
3.  The Generali Group is not included in the list of Global Systemically Important Insurers (GSIIs) issued by FSB.
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Generali Group
The Risk Report structure is the following:
•  section B providing a brief oversight of the risk management system;
•  section C providing the Group solvency position and the key elements of the capital management process, as well as the sensitivity
analysis to main risks;
•  section D providing a highlight on the Group risk profile.
More details on the solvency position and risk profile are then provided in the Solvency and Financial Condition Report (SFCR),
available on Generali Group website.
Finally, Group’s rating assessment by external rating agencies is provided on the Group website in the section www.generali.com/
investors/debt-ratings/ratings.
Risk Report
181
B. GROUP RISK MANAGEMENT SYSTEM
Risk Governance
Risk governance is a part of the broader Group system of governance.
The Group system of governance, which includes the internal control and risk management systems, consists of the roles and
responsibilities of the Administrative, Management or Supervisory Body (AMSB), of the Senior Management and of the Key Functions.
Furthermore, it consists of policies, administrative and accounting procedures and organizational structures aimed at identifying,
evaluating, measuring, managing, and monitoring the main risks.
To ensure a consistent framework through the Group, the Parent Company sets Group Directives on the System of Governance,
complemented by Group internal control and risk management policies.
The Group system of governance is founded on the establishment of an AMSB and of three lines of defence:
•  Operating Functions (Risk Owners), which represent the first line of defence and have ultimate responsibility for risks relating to
their area of responsibility;
•  Risk Management, Compliance, Actuarial and Anti Financial Crime Functions (where applicable), which represent the second line
of defence;
•  Internal Audit Function, which represents the third line of defence.
Internal Audit Function together with Risk Management, Compliance and Actuarial Functions represent the Key Functions; the Anti
Financial Crime Function is considered equivalent to the Key Functions.
Key roles within the internal control and risk management system are outlined below:
•  the AMSB is the ultimate responsible for the system of governance and ensures that the system of governance and internal
control and risk management system are consistent with all the applicable regulations, the Group Directives on the System of
Governance and Group policies on internal control and risk management system. To this end, the AMSB, supported by the Key
Functions, reassesses the adequacy of the system of governance periodically, at least once a year. The AMSB approves the
organizational set-up, establishes the Key Functions defining their mandate and reporting lines as well as, where appropriate, any
support committee, adopts Group internal control and risk management policies, performs the duties related to the ORSA, risk
concentration and intragroup transactions, approves the ORSA results and, based on them, defines the risk appetite;
•  the Senior Management is responsible for the implementation, maintenance and monitoring of the internal control and risk
management system, including risks arising from non-compliance with regulations, in accordance with the directives of the AMSB;
•  Key Functions are established at Group level and within the Group legal entities:
 - the Risk Management Function supports the AMSB and Senior Management in ensuring the effectiveness of the risk management
system and provides advice and support to the main business decision-making processes;
 - the Compliance Function grants that the organizational and the internal procedures are adequate to manage the risk to incur
in administrative or judiciary fines, economic losses or reputational damages as a consequence of non-compliance with laws,
regulations, provisions issued by the Supervisory Authorities or with the internal regulations, as well as the risk deriving from
unfavourable changes in the law or judicial orientation (compliance risk);
 - the Actuarial Function coordinates the technical provisions calculation and grants the adequacy of underlying methodologies,
models and assumptions, verifies the quality of the related data and provides an opinion on the underwriting policy and on the
adequacy of reinsurance arrangements;
 - the Internal Audit Function verifies business processes and the adequacy and effectiveness of controls in place also providing
support and advice;
•  the Anti Financial Crime Function supports the AMSB and the Senior Management in defining the Group requirements with the
aim of preventing and counteracting the risks of money laundering, terrorist financing, bribery and corruption, and international
sanctions, as well as of confirming the adherence to FATCA (Foreign Account Tax Compliance Act) requirements
4
.
Heads of Key Functions and of Anti Financial Crime Function report to the AMSB.
Group Key Functions, including the Anti Financial Crime Function, collaborate according to a pre-defined coordination model, in
order to share information and create synergies. A strong Parent Company coordination and direction for Key Functions are granted
by the so-called solid reporting lines model established between the Head of the Group Key Function and Heads of the respective
functions within the legal entities.
4.  The Heads of the local Anti Financial Crime Functions have the responsibilities related to the abovementioned topics with exceptions subject to approval by the Group Anti Financial Crime Function.
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Generali Group
Risk Management System
The principles defining the Group risk management system, including strategies, processes and reporting procedures, are provided
in the Risk Management Group Policy
5
, which is the cornerstone of all risk-related policies and guidelines. The Risk Management
Group Policy covers all risks, on a current and forward-looking basis, and is implemented in a consistent manner across the Group.
Generali Group’s risk management process is defined in the following phases:
1. Risk Identification
The risk identification process, so-called Main Risks Self-Assessment, aims to ensure that all material risks to which the Group is
exposed are properly identified. To this end, the Risk Management Function interacts with the main business functions and Business
Units in order to identify the main risks, assess their importance and ensure that adequate measures are taken to mitigate them,
according to a sound governance process. The identified risks are divided into quantifiable risks in terms of capital (life and non-
life underwriting risks, financial and credit risks, and operational risks) and non-quantifiable (liquidity, strategic, reputational and
contagion risks). At Group level, risks related to intra-group transactions, concentrations and interdependencies between risks are
also considered within the scope of non-quantifiable risks.
Within this process also emerging risks
6
related to future risks, characterised by uncertain evolution and often of systemic nature, are
considered, as well as sustainability risks
7
. In order to identify these risks, dedicated surveys are conducted with the main business
functions and Top Management in all major countries where the Group operates.
The Group main risks’ identification process is conducted at both Group and local levels, and the main conclusions are reported
in ORSA Reports. For the identification process at Group level, the results of local risk identification processes are also taken into
consideration.
The process is conducted annually, and monitoring is envisaged through a further update during the year to capture any significant
changes in the identified risks.
2. Risk Measurement
Identified risks are then measured through their contribution to the SCR, complemented by other modelling techniques deemed
appropriate and proportionate to better reflect the Group risk profile. Using the same metric for measuring the risks and the capital
requirements ensures that each quantifiable risk is covered by an adequate amount of capital that could absorb the loss incurred if
the risk materializes. For SCR calculation purposes 1 in 200 years events are considered.
The SCR is calculated by means of the IM for financial, credit, life underwriting risk, non-life underwriting risk and operational risk, for
what may concern the most relevant Group legal entities
8
. The IM provides an accurate representation of the main risks the Group is
exposed to, measuring not only the impact of each risk taken individually but also their combined impact on the Group Own Funds.
Insurance and re-insurance entities not included in the IM scope calculate the capital requirement based on Standard Formula, while
regulated entities of other financial sectors (e.g., banks, pension funds and asset managers) calculate the capital requirement based
on their own specific sectoral regimes.
Group PIM methodology and governance are provided in the section C. Solvency Position.
For liquidity risk a Group model is used to calculate the metrics, as defined in section D. Liquidity Risk. Other risks are assessed by
means of quantitative and qualitative techniques.
5.  The Risk Management Group Policy covers all Solvency II risk categories and, in order to adequately deal with each specific risk category and the underlying business processes, is complemented by the following risk policies:
Investment Governance Group Policy; P&C Underwriting and Reserving Group Policy; Life Underwriting and Reserving Group Policy; Operational Risk Management Group Policy; Liquidity Risk Management Group Policy, Tax
Absorption Capacity of Deferred Taxes Group Policy, Risk Appetite Framework Group Policy; other risk-related policies, such as Capital Management Group Policy, Supervisory Reporting and Public Disclosure Group Policy, Risk
Concentrations Management Group Policy - Investment Exposures, Risk Concentrations Management Group Policy – Reinsurance and Underwriting Exposures, etc..
6.  More details on emerging risks’ definition are provided in section D. Risk Profile.
7.  More details on sustainability risks’ definition are provided in section D. Risk Profile.
8.  For the SCR calculation, the use of IM has been approved for the most relevant insurance entities in Italy, Germany, France, Austria, Switzerland, Czech Republic and Spain.
2. Risk
measurement
1. Risk
identification
3. Risk management
and control
4. Risk
reporting
Risk Report
183
3. Risk Management and Control
The risks which the Group is exposed to are managed on the basis of the Group RAF defined by the Board of Directors of Assicurazioni
Generali S.p.A. (hereafter, Board of Directors). The Group RAF defines the level of risk the Group is willing to accept in conducting
business and thus provides the overall framework for embedding risk management into business processes. In particular, the Group
RAF includes the statement of risk appetite, the risk preferences, the risk metrics, the tolerance and the target levels.
The purpose of the Group RAF is to set the desired level of risk on the basis of the Group strategy. The Group RAF statement is
complemented by:
•  qualitative assertions (risk preferences) supporting the decision-making processes;
•  risk tolerances providing quantitative boundaries to limit excessive risk-taking. The tolerance levels refer to capital, liquidity,
earnings, and related to investment risk;
•  an operating target range providing indications on the solvency level at which the Group aims to operate.
The Group RAF governance provides a framework for embedding risk management into day-to-day and extraordinary business
operations, control mechanisms as well as escalation and reporting processes to be applied in case of risk tolerance breaches.
Should an indicator approach or breach the defined tolerance levels, pre-defined escalation mechanisms are activated.
4. Risk Reporting
The purpose of risk reporting is to keep business functions, Senior Management, AMSB and Supervisory Authority aware and
informed on an ongoing basis on the development of the risk profile and of the single risks, as well as any breaches of risk tolerances.
The ORSA process includes the reporting on the assessment of all risks, in a current and forward-looking view. For the purposes of
the evaluations, both quantifiable risks and not quantifiable risks in terms of capital requirements are considered. Within the ORSA,
stress tests, sensitivity analyses and reverse stress tests are also performed to assess the resilience of the solvency position and
risk profile to changed market conditions or specific risk factors. Moreover, exercises such as those related to measurement of the
impacts across various climate scenarios, including long-term ones, are also considered.
Generali Group applies a Group-wide process, which implies that each Group insurance legal entity is responsible for the preparation
of its own ORSA Report and the Parent Company coordinates the Group ORSA reporting process. The other entities, other than
insurance ones, set-up simplified reports by taking into account the principles of proportionality and/or reports prepared according
to local sectoral regulations.
At Group level, the process is coordinated by the Risk Management Function, supported by other Functions for what concerns Own
Funds, technical provisions and other risks.
The purpose of the ORSA process is to provide the assessment of risks and of the overall solvency needs on a current and forward-
looking basis. The ORSA process ensures an ongoing assessment of the solvency position based on the Strategic Plan and the
Group Capital Management Plan.
The Group ORSA Report, documenting main results of this process, is produced on an annual basis. A non-regular ORSA Report
can also be produced in case of significant changes of the risk profile.
Annual Integrated Report and Consolidated Financial Statements 2024
184
Generali Group
C. SOLVENCY POSITION
Solvency Capital Requirement Coverage
Risk and capital management are closely integrated processes aimed at managing the Group solvency position (or capital position)
and the Group risk profile.
The solvency position is defined as the ratio between Group Own Funds (GOF) and Solvency Capital Requirement (SCR).
As at year-end 2024, the solvency position of the Group is confirmed solid, with the Solvency Ratio at 210% (220% as at 31
December 2023). The robust contribution of the normalized capital generation has partially offset the effects of M&A operations
(primarily driven by the acquisition of Liberty Seguros), economic variances (mainly due to the widening of non-domestic government
bond spreads and declining interest rates, partially mitigated by positive equity market performance), non-economic variances
(reflecting the trend on lapses in Italy and France and the update of related assumptions, and non-operating holding and other
expenses, mostly compensated by derivative positions and derisking activities on the equity market), regulatory changes (largely
attributable to the changes introduced by EIOPA at the beginning of the year and the ineligibility of subordinated debt transferred
from Genertel to Assicurazioni Generali), and capital movements (stemming from the impact of the foreseeable dividend of the
period
9
and the share buyback programme, net of the subordinated debt issuance completed in the last quarter).
SCR coverage
(€ million) 31/12/2024 31/12/2023
GOF 49,066 49,041
SCR 23,396 22,304
Solvency Ratio 210% 220%
Based on last available information for 2024, official figures for 2023.
1. Group Own Funds
In compliance with the Solvency II regulatory requirements, Group Own Funds are defined as the sum of consolidated Basic Own
Funds (BOF) related to insurance entities, holdings and ancillary undertakings attributable to insurance activity and the Own Funds
attributable to entities of other financial sectors, defined according to their sectoral solvency regulatory regimes.
Basic Own Funds, can be further analysed as the sum of the following components:
•  the Excess of Assets over Liabilities as defined in accordance with art. 75 of Directive 2009/138/EC
10
;
•  plus subordinated debt eligible in Basic Own Funds;
•  less foreseeable dividend;
•  less deductions for participations in entities of other financial sectors;
•  less deductions for Solo Own Funds items that are non-available for Group purposes
11
and for shares of the Parent Company.
Within Generali Group, ancillary Own Funds are not present.
The contribution to the Group Own Funds of the elements above listed is detailed in the following table:
Group Own Funds components
(€ million) 31/12/2024 31/12/2023
Excess of assets over liabilities 47,484 46,470
Subordinated debt eligible in Basic Own Funds  8,959 8,521
Foreseeable dividend -2,172 -1,987
Deductions for participations in entities of other financial sectors -4,990 -4,365
Impact of deductions for non-availability & minorities and other deductions -2,809 -1,903
Basic Own Funds after deductions 46,472 46,736
Contribution of entities of other financial sectors 2,594 2,305
GOF 49,066 49,041
Based on last available information for 2024, official figures for 2023.
9.  The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.
10.  Net of minority interest for entities that are evaluated with the proportional consolidation method, according to article 335 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014.
11.  Such as minority deductions, surplus funds and other items not available to cover losses at Group level.
Risk Report
185
Commenting on the items contributing to the GOF, it can be noted that:
•  the increase (€ 1,014 million) of the Excess of Assets over Liabilities mainly reflects the robust contribution of the normalized Own
Funds generation that, coupled with the increase in the fair value of Banca Generali, has more than offset the negative impact of
M&A, economic and other variances, regulatory changes and the dividend paid during the year;
•  the increase (€ 437 million) of subordinated debt eligible in Basic Own Funds derives from the issuance of new Tier 2 subordinated
debt eligible in Basic Own Funds and from the decline in interest rates, only partially offset by the ineligibility of subordinated debt
transferred from Genertel to Assicurazioni Generali;
•  the amount of the foreseeable dividend increased by € 185 million (from € 1,987 to € 2,172 million);
•  the higher impact (€ -625 million) of deductions for participations in entities of other financial sectors mainly comes from the
abovementioned increase in the fair value of the outstanding shares of Banca Generali;
•  the change of the impact (€ -906 million) of deductions for minorities and non-available items is mainly explained by the higher
cancellation of own shares of the Parent Company (following the share buyback programme and the impact of the LTIP – Long
Term Incentive Plan – executed during the year);
•  the increase (€ 289 million) in the contribution of entities of other financial sectors reflects the acquisition of Conning Group and the
positive performance of entities of other financial sectors.
Group Own Funds Tiering
According to Solvency II regulation, Group Own Funds items are classified into three tiers representing different level of quality,
depending on the ability to absorb losses due to adverse business fluctuations on a going-concern basis and in the case of
winding-up.
The Group’s tiering is described below:
•  Tier 1 unrestricted Own Funds represents the following items:
 - ordinary share capital and the related share premium account of the Parent Company;
 - available surplus funds (from German, Austrian and French business);
 - reconciliation reserve;
 - deductions for minorities and other not available Own Funds items;
 - available capital of entities of other financial sectors;
•  Tier 1 restricted Own Funds includes subordinated liabilities that benefit from grandfathering regime
12
;
•  Tier 2 Own Funds is composed of subordinated liabilities, including the remaining part of grandfathered
13
subordinated debts, and
the positions issued after the entry into force of Solvency II Directive;
•  Tier 3 is composed by net deferred tax assets, which are characterised by lower capital quality being not immediately available to
absorb losses.
The GOF split by tiers is reported in the following table:
Group Own Funds by tiering
(€ million) 31/12/2024 31/12/2023
Tier 1 (unrestricted) 39,905 40,593
Tier 1 (restricted) 1,425 1,404
Tier 2 7,533 6,832
Tier 3 202 211
GOF 49,066 49,041
Based on last available information for 2024, official figures for 2023.
For 2024, Group Own Funds confirmed the high-quality of the capital tiering. Tier 1 amounts to 84.2% of the total (85.6% in 2023),
Tier 2 represents 15.4% (13.9% in 2023), and Tier 3 only 0.4% of the total (as at year-end 2023).
No eligibility deductions are triggered thanks to the high-quality of the capital-tiering.
12.  These items were issued before the entry into force of the Solvency II Directive and cover the Solvency margin up to 50% according to Solvency I regime.
13.  Differently from Tier 1 restricted, these grandfathered items cover the Solvency margin up to 25% according to Solvency I regime.
Annual Integrated Report and Consolidated Financial Statements 2024
186
Generali Group
2. Solvency Capital Requirement
The SCR covers financial, credit, underwriting and operational risks as follows:
SCR split by risk
(€ million) 31/12/2024 31/12/2023
Total Impact (%) Total Impact (%)
SCR before diversification 36,206 100% 33,999 100%
Financial risk (*)  13,981 39% 12,822 38%
Credit risk (**)  8,233 23% 7,838 23%
Life underwriting risk 4,394 12% 3,965 12%
Health underwriting risk 344 1% 345 1%
Non-life underwriting risk 6,413 18% 6,308 19%
Intangible risk - - - -
Operational risk 2,841 8% 2,720 8%
Diversification benefit -8,985 -8,163
SCR after diversification 27,221 25,835
Tax absorption -5,149 -4,893
SCR excl. other regimes 22,072 20,942
Other regimes (***) 1,324 1,363
SCR 23,396 22,304
Based on last available information for 2024, official figures for 2023.
(*)  Financial risk includes also spread risk (for Standard Formula entities).
(**)  Credit risk includes default risk, spread widening and rating migration risks (for IM entities).
(***) Within this category regulated entities of other financial sectors are included (e.g., IORP, banks, etc.).
Regarding its impact on the risk profile:
•  financial and credit risks account for the 62% of the total SCR before diversification, due to the predominance of traditional life
business;
•  life and non-life underwriting risks account for respectively 12% and 18% of the total SCR before diversification;
•  health underwriting risk deriving from Standard Formula entities account for 1% of the total SCR before diversification;
•  operational risks contribute to the Group SCR for the 8%.
Compared to the previous year, an overall SCR increase is observed, mainly due to:
•  an increase in financial risks, primarily driven by the positive performance of the stock market and a rise in interest rate risk due to
the downward movements of yield curves (both EUR and CNY), as well as growth in China life business and acquisition described
below;
•  an increase in credit risks, mainly driven by a growth in volumes linked to the downward movements of yield curves.
It should be noted that, during the current year, the acquisition of Liberty Seguros and Conning companies took place, and some
Standard Formula entities have been ceded
14
.
Each risk category is further detailed in the section D. Risk Profile.
Minimum Capital Requirement Coverage
In addition to SCR coverage, the Group calculates the Minimum Consolidated Group SCR (MCR) coverage. The MCR calculation
is required to determine the minimum level of capital, under which the Group would be exposed to an unacceptable level of risk to
continue its operations.
The Minimum Solvency Ratio stands at 236% as at 31 December 2024, with a decrease of 17 p.p. compared to the previous year.
In the following table, the MCR coverage is reported:
14.  As at year-end 2024, Tua Assicurazioni, Generali Sigorta (Turkey) and Generali Life Assurance Philippines (the latter planned to be finalized during 2025).
Risk Report
187
MCR Coverage
(€ million) 31/12/2024 31/12/2023
GOF to meet the MCR 42,328 43,098
MCR 17,960 17,026
Ratio of GOF to MCR 236% 253%
Based on last available information for 2024, official figures for 2023.
To define MCR coverage, stricter Own Fund eligibility rules are applied compared to the ones previously used for the SCR
15
. In the
following table, the split by tiers of the Own Funds covering the MCR is reported:
GOF to meet the MCR by tiering
(€ million) 31/12/2024 31/12/2023
Tier 1 (unrestricted) 37,311 38,288
Tier 1 (restricted) 1,425 1,404
Tier 2 3,592 3,405
GOF to meet MCR 42,328 43,098
Based on last available information for 2024, official figures for 2023.
Sensitivity Analysis
In addition to the calculation of the SCR, the Group regularly performs sensitivity analyses of the variability of its Solvency Ratio to
changes in specific risk factors. The aim of these analyses is to assess the resilience of the Group solvency position to the main risk
drivers and evaluate the impact of a wide range of shocks.
For this purpose, several sensitivity analyses have been performed as at 31 December 2024, in particular:
•  increase and decrease of interest rates by 50 bps;
•  increase of Euro area government bonds spread by 50 bps
16
;
•  increase of corporate bonds spread by 50 bps;
•  increase and decrease of equity values by 25%.
The changes in terms of percentage points with respect to baseline scenario as at 31 December 2024 (Solvency Ratio equal to
210%) are the following:
Sensitivity Analysis
Interest rates
+50 bps
Interest rates
-50 bps
Euro area
government
bonds spread
+50 bps
Corporate bonds
spread
+50  bps
Equity
+25%
Equity
-25%
Delta on Solvency Ratio  +3 p.p. -4 p.p. -10 p.p. -2 p.p. +6 p.p. -7 p.p.
Based on last available information for 2024.
Finally, the revision of the assumptions implemented by EIOPA in 2025 for the determination of risk-free rates (primarily relevant for
China, where the UFR decreases by -15 bps and the Credit Risk Adjustment (CRA) increases by -18 bps) is estimated to have a very
limited impact on the Group’s Solvency Ratio (-1 p.p.).
Group Partial Internal Model (Group PIM)
17
The IM is considered to be the most appropriate way of assessing the Group risk profile. It represents the best way of capturing the risk
profile of the entire Group and of the legal entities in scope in terms of granularity, calibration and correlation of the various risk factors.
The IM is structured around a Risk Map, defined in the Risk Management Group Policy, which contains all quantifiable risks that
Generali Group has identified as relevant to its business, allowing for the calculation of the SCR both at single risk level and at higher
aggregation level.
15.  The eligible amount of Tier 1 items shall be at least 80% of the MCR; the same limitation on subordinated liabilities and preference shares applied for the SCR coverage is set also for MCR coverage. The eligible amounts of
Tier 2 items shall not exceed 20% of the MCR. No Tier 3 items are allowed to cover the Minimum Capital Requirement. No capital from financial entities is considered.
16.  The impact reflects the variation in the Solvency Ratio resulting from a 50 bps spread widening of government bonds issued by Euro area countries.
17.  The Internal Model at Group level is defined as Partial because a limited number of entities still use the Standard Formula to determine the capital requirement.
Annual Integrated Report and Consolidated Financial Statements 2024
188
Generali Group
1. Group PIM Methodology
In order to calculate PIM SCR, the Group combines the results of the IM with two additional components: Standard Formula and
capital requirements under other sectoral regimes, in order to meet the regulatory requirements. To this extent Generali has decided
to opt for the so-called Two-World Approach to aggregate different regimes and methodologies. Under this approach, the PIM is
calculated summing up SCR evaluated with the approved IM methodology, with the SCR of Group legal entities based on Standard
Formula and with the SCR of those entities where a sectoral solvency regime is applicable.
In implementing the PIM, the Group has adopted, for the entities that received an IM approval, the so-called Monte-Carlo approach
with proxy functions to determine the Probability Distribution Forecast (PDF) of the changes in the Basic Own Funds over a one-year
time horizon.
2. Group PIM Governance
Governance and processes regarding the IM are defined in the Internal Model Governance Group Policy, ensuring that:
•  models and components are appropriate for their purpose;
•  procedures are in place to design, implement, use and validate new models and model changes;
•  the appropriateness of models on an ongoing basis is confirmed.
To rule the activities related to the IM developments necessary to ensure its appropriateness over time and, more in general, to
support the IM change process, the Internal Model Change Group Policy has been also defined with the aim to specify roles and
responsibilities in the implementation of major and minor changes.
Within IM Governance, a dedicated committee, the Internal Model Committee, has been established to review Group IM calibrations,
and evaluate the proposals on all model methodologies, assumptions used, parameters, results, documentation and all other model
related elements in order to support the Group Chief Risk Officer (GCRO) in the decision-making process on IM developments
or model changes and to control the full model lifecycle, assuring proper compliance with the Internal Model Governance Group
Policy. This Committee is chaired by the Model Design Authority, in the person of the Head of Group Enterprise Risk Management,
responsible for ensuring the overall consistency and appropriateness of the IM. The members of the Internal Model Committee are
all the Model Owners and the Model Design Authority and any additional participants required by the Model Design Authority.
The GCRO defines the processes and controls to ensure the ongoing appropriateness of the design and operations of the IM, so
that it continues to appropriately reflect the Group risk profile. The GCRO is also responsible for defining the methodology of each
model component, based on the Group Internal Model Committee’s proposals, as well as for the results’ production and ultimately
for submitting the relevant IM reporting to the Risk and Control Committee (RCC) and the Board of Directors.
The Board of Directors, assisted by the RCC, ensures the ongoing appropriateness of the design and operations, the ongoing
compliance of the IM and also that the IM continues to appropriately reflect the risk profile of the Group.
These roles are generally mirrored within the organizational structure of each Group legal entity within IM scope.
3. Group PIM Validation
The IM is subject to validation review on an ongoing basis, which aims to gain independent assurance of the completeness, robustness
and reliability of the processes and results of the IM, as well as their compliance with the Solvency II regulatory requirements.
The validation process follows the principles and procedures defined within the Internal Model Validation Group Policy and related
guidelines.
The validation outputs are designed to support Senior Management and Board of Directors in understanding the appropriateness of
the IM, including areas of weaknesses and limitations, especially with regards to its use.
To ensure an adequate level of independence, the resources performing the validation activities are not involved in the development
or operation of the IM.
Within the validation process, also the results obtained during previous validation exercises are considered, as well as developments
within internal and external business environment, financial market trends and IM changes. The IM validation process excludes those
aspects covered by the assurance work of the Actuarial Function (i.e. technical provisions and related IT systems, actuarial platforms
and their governance).
Furthermore, the validation process also serves as an incentive mechanism to ensure timely and accurate incorporation of modelling
refinements.
In order to warrant the appropriateness of the array of elements contained within the IM, the validation covers both the quantitative
and qualitative aspects of the IM and is therefore not limited to the calculation engine and methodology. Other important items such
as data quality, documentation and uses of the IM are validated accordingly.
The validation process is carried out on regular annual basis and when requested by either the Senior Management, Board of
Directors or Supervisory Authorities.
Risk Report
189
D. RISK PROFILE
Life Underwriting Risk
Life underwriting risks derive from the Group’s core insurance business in the life and health segments. The major part of the
business and the related risks derive from direct portfolio underwritten by the Group. Health business represents a minor component
of the portfolio.
Management Report, Our financial performance for the indicators by country, by volumes of premiums and related geographic breakdown
Notes, Insurance and investment contracts
The life portfolio consists of traditional business, which mainly includes insurance with profit participation, and unit-linked products.
The prevailing component of traditional business includes products with insurance coverages linked to the policyholders’ life and
health. It also includes pure risk covers, with related mortality risk, and some annuity portfolios, with the presence of longevity risk.
The vast majority of the insurance coverage includes legal or contractual policyholder rights to fully or partly terminate, surrender,
decrease, restrict or suspend the insurance cover or permit the insurance policy to lapse, or to fully or partially establish, renew,
increase, extend or resume the insurance or reinsurance cover. For these reasons, the products are subject to lapse risk.
Life and health underwriting risks can be distinguished in biometric and operating risks embedded in the life insurance policies.
Biometric risks derive from the uncertainty in the assumptions regarding mortality, longevity, health, morbidity, and disability rates
taken into account in the insurance liability valuations. Operating risks derive from the uncertainty regarding the amount of expenses
and the adverse exercise of contractual options by policyholders. Policy lapse is the main contractual option held by the policyholders,
together with the possibility to reduce, suspend or partially surrender the insurance coverage.
Life and health underwriting risks are:
•  mortality risk, defined as the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in mortality
rates, where an increase in mortality rates leads to an increase in the value of insurance liabilities. Mortality risk also includes
mortality catastrophe risk, resulting from the significant uncertainty of pricing and provisioning assumptions related to extreme or
irregular events;
•  longevity risk, similarly to mortality, is defined as the risk resulting from changes in mortality rates, where a decrease in mortality
rates leads to an increase in the value of insurance liabilities;
•  disability and morbidity risks derive from changes in the disability, sickness, morbidity and recovery rates;
•  lapse risk is linked to the loss or adverse change in liabilities due to a change in the expected exercise rates of policyholder options.
The relevant options are all legal or contractual policyholder rights to fully or partly terminate, surrender, decrease, restrict or
suspend insurance cover or permit the insurance policy to lapse. Mass lapse events are also considered;
•  expense risk results from changes in the expenses incurred in servicing insurance or reinsurance contracts;
•  health risk, for the companies using IM, refers specifically to health insurance also linked to catastrophic events.
In addition to the risks above, the Group Risk Map includes also the going concern reserve risk, a German business specific risk that
refers to the misestimate of new business assumptions.
The approach underlying the life underwriting risk measurement is based on the calculation of the loss resulting from unexpected
changes in biometric and/or operating assumptions. Capital requirements for life underwriting risks are calculated on the basis of the
difference between the insurance liabilities before and after the application of the stress.
Life underwriting risks are measured by means of the PIM
18
.
The SCR for life underwriting risk amounts to € 4,394 million before diversification (equal to 12% of total SCR before diversification).
This is mainly driven by lapse risk, followed by expense
19
and mortality
20
risks. In terms of contribution to the risk profile, it is to be
noted that life underwriting risks are well diversified with other risk categories. The overall contribution to the risk profile therefore
remains limited.
Life underwriting risk management is embedded in the key underwriting processes being:
•  product development and accurate pricing;
•  ex-ante selection of risks through underwriting;
•  setting and monitoring of operative underwriting limits;
•  portfolio management and monitoring.
18.  For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
19.  Including also the going concern reserve.
20.  Including also Mortality Cat.
Annual Integrated Report and Consolidated Financial Statements 2024
190
Generali Group
Product pricing consists in setting product features and assumptions regarding expenses, financial, biometric and policyholders’
behaviour to allow the Group legal entities to withstand any adverse development in the realization of these assumptions.
For savings business, this is mainly achieved through profit testing, while for protection and health business with a biometric
component, it is achieved by setting prudent assumptions during the pricing process.
Lapse risk, related to voluntary withdrawal from the contract, and expense risk, related to the uncertainty around the expenses that
the Group expects to incur in the future, are evaluated in a prudential manner in the pricing of new products. This evaluation is taken
into account in the construction and profit testing of a new tariff, considering the underlying assumptions derived from the Group’s
experience.
For insurance portfolios with a biometric risk component, comprehensive reviews of the mortality experience are compared with
expected mortality of the portfolio, determined according to the most up-to-date mortality tables available in each market. To this
end, mortality by sex, age, policy year, sum assured, and other underwriting criteria are taken into consideration to ensure mortality
assumptions remain adequate and avoid the risk of misestimating for the next underwriting years.
The same annual assessment of the adequacy of the mortality tables used in the pricing is performed for longevity risk. In this case,
not only biometric risks are considered but also the financial risks related to the minimum interest rate guarantee and any potential
mismatch between the liabilities and the corresponding assets.
For the purpose of long-term health insurance pricing, the monitoring of health-related market claims and corresponding indexing
mechanisms is performed.
As part of the underwriting process, Generali Group adopts underwriting guidelines. The Risk Management Function reviews
implications of new lines of business/products on the Group risk profile.
Moreover, a particular emphasis is placed on the underwriting of new contracts with reference to medical, financial and moral hazard
risks. The Group has defined clear underwriting standards through manuals, forms, medical and financial underwriting requirements.
For insurance riders, which are most exposed to moral hazard, maximum insurability levels are also set, lower than those applied for
death covers. In order to mitigate these risks, policy exclusions are also defined.
Regular risk exposure monitoring and adherence to the operative limits, reporting and escalation processes are also in place,
allowing for potential remediation actions to be undertaken.
During 2023 the evolution of the macroeconomic context influenced a market trend related to the increase in surrenders, which
was observed also for Generali Group, where surrendered volumes were mostly concentrated on the savings and hybrid business
line, in the bancassurance and financial advisor channels. During 2024 the surrenders decreased at overall Group level with respect
to the previous year, thanks to the successful initiatives done by the Group to sustain the business results and the change in trend
of the interest rates. In Italy, surrender rates have remained relatively stable on a year-on-year basis, with recent months showing a
reduction.
To monitor the abovementioned effects, in addition to the sensitivity analyses which are part of the recurring activity during the year,
the Group carries out further analyses on life underwriting risks also considering longer time horizons such as those of the Strategic
Plan, as part of the broader ORSA process.
The available historical observations contribute to define the risk metrics of the IM, therefore, also the increases in inflation rates
observed in recent years are already integrated into the calibration of the IM.
Reinsurance represents the main risk mitigation technique. The Parent Company acts as core reinsurer for the Group legal entities
and cedes or retrocedes part of the underwritten risks to external reinsurers.
The Group reinsurance strategy is developed consistently with the risk appetite and with the risk preferences defined in the Group
RAF, and with the reinsurance market cycle. The reinsurance process and the definition of reinsurance treaties are coordinated by
the Group Reinsurance Function with the involvement of Risk Management and Actuarial Functions.
Finally, the Generali Group, in addition to monitoring data related to premiums, claims, and surrenders, has maintained a specific
oversight to be activated in the event of unknown events, meaning exposures or extraordinary phenomena for which the insurance
market or the Generali Group specifically has no prior experience from an underwriting perspective.
Risk Report
191
Non-Life Underwriting Risk
Non-life underwriting risks arise from the Group’s insurance business in the P&C segment.
Management Report, Our financial performance for the indicators by country, by volumes of premiums and related geographic breakdown
Notes, Insurance and investment contracts
Non-life underwriting risks include the risk of underestimating the frequency and/or severity of the claims in defining pricing and
reserves (respectively pricing risk and reserving risk), the risk of losses arising from extreme or exceptional events (catastrophe risk),
and the risk of policyholder lapses from P&C insurance contracts (lapse risk). In particular:
•  pricing and catastrophe risks derive from the possibility that premiums are not sufficient to cover future claims, also in connection
with extremely volatile events and contract expenses;
•  reserving risk derives from the uncertainty of the claims reserves (in a one-year time horizon);
•  non-life lapse risk arises from the uncertainty of the underwriting profits recognised in the premium provisions.
Non-life underwriting risks are measured by means of the PIM
21
. For the majority of risks assessed through the PIM, the valuations
are based on in-house developed models and external models that are primarily used to assess the catastrophic events, for which
broad market experience is considered beneficial.
The SCR for non-life underwriting risk amounts to € 6,413 million before diversification (equal to 18% of total SCR before diversification).
This is mainly given by reserving risk, followed by Cat and pricing risks. Non-life lapse risk contributes only for a marginal amount to
the risk profile.
In addition, the Group uses further indicators related to risk concentrations. In particular, this applies to catastrophe risks and
Corporate and Commercial business risks, both coordinated at a central level.
For catastrophe risk, the Group’s major exposures include earthquakes in Italy, floods in Europe, particularly in Italy, Germany, Austria,
and in the Central Eastern European area, as well as storms in Europe. Additional catastrophe risks, less significant for the Group,
are evaluated as well through scenario analysis.
Following the enactment of the 2024 Italian Legge di Bilancio, which requires companies operating in Italy to write mandatory
insurance coverage for damages resulting from natural disasters, Generali Group, and more specifically Country Italy, which manages
that business in the territory, has activated processes to assess the impacts of this decree from an underwriting, reinsurance, and
risk management perspective (appetite, measurement, monitoring, and reporting).
At the same time, there is a constant ongoing improvement to consider risk adjusted KPIs in decision making processes in the
underwriting, portfolio monitoring, and reinsurance.
Based on the Group RAF, P&C risk selection starts with an overall proposal in terms of underwriting strategy and corresponding
business selection criteria. During the strategic planning process, targets are established and translated into underwriting limits to
ensure business is underwritten according to the Plan. Underwriting limits define the maximum size of risks and classes of business
that Group legal entities shall be allowed to write without seeking any additional or prior approval. The limits may be set based on
value, risk type, product exposure or class of occupancy. The purpose of these limits is to attain a coherent and profitable book of
business founded on the expertise of each legal entity.
Additional indicators such as relevant exposures, risk concentration and risk capital figures are used for the purpose of P&C
underwriting risk monitoring. The indicators are calculated at least on a half-yearly basis to ensure alignment with the Group RAF.
In addition to the aforementioned monitoring activities, the Group introduced, starting from 2020, a specific framework to be
activated for unknown events, meaning exposures and extraordinary phenomena that insurance market and/or Generali Group
specifically have not experienced from an underwriting perspective, yet. This framework is activated and revoked upon the request
of the General Manager. A specific example of the unknown event oversight is the one established following the Covid-19 pandemic
in 2020, which has remained active through 2024.
Regarding the customers’ assessment on sustainability matters in the non-life underwriting process, the Group has developed and
adopts the Responsible Underwriting Group Guideline, to guarantee the adoption of responsible behaviours and reduce exposures
to counterparties operating in potentially sensitive sectors, as defined in the aforementioned guideline.
Furthermore, in addition to the sensitivity analyses which are part of the recurring activity during the year, the Group carries out
further analyses on non-life underwriting risks also considering longer time horizons such as those of the Strategic Plan, as part of
the broader ORSA process.
21.  For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
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The available historical observations contribute to define the risk metrics of the IM, therefore, also the increase in inflation rates
observed in recent years are already integrated into the calibration of the IM.
Reinsurance is the key mitigation technique for balancing the P&C portfolio. It aims at optimising the use of risk capital by ceding
part of the underwriting risk to selected counterparties, whilst simultaneously minimising the credit risk associated with such
operations.
The Group’s P&C reinsurance strategy is developed in line with the risk appetite and risk preferences defined in the Group Risk
Appetite Framework (RAF), while also taking into account the trends in the reinsurance market. These trends in recent years have
been characterized by renewals with higher retention levels at increased costs, for which a stabilization is expected in a forward-
looking view. Additionally, there has been a lack of interest in solutions aimed at reducing the volatility of results as a consequence of
the growing trend of catastrophic events.
The Group has historically preferred traditional reinsurance as a tool for mitigating catastrophe risk resulting from its P&C portfolio,
adopting a centralised approach where the placement of reinsurance towards the market is managed by the Group Reinsurance
Function.
The Group aims at diversifying its cessions to reinsurers to avoid excessive concentrations, to optimise its reinsurance purchases,
including from a pricing perspective, and to continuously develop a proper know-how in the most innovative risk transfer techniques.
For these reasons, part of the exposure to earthquakes in Italy and storms in Europe is excluded from the traditional catastrophe
reinsurance program and placed in the Insurance Linked Securities (ILS) market through a Catastrophe Bond.
Financial Risk and Credit Risk
The Group invests collected premiums in a wide variety of financial assets, with the purpose of honouring future obligations to
policyholders and generating value for its shareholders.
As a result, the Group is exposed to the financial risks driven by either:
•  invested assets not performing as expected because of falling or volatile market prices;
•  reinvested proceeds of existing assets being exposed to unfavourable market conditions, typically at lower interest rates.
Generali Group traditional life savings business is long-term in nature. Therefore, the Group’s portfolio is characterized by long-term
investments which are less impacted by short-term decreases and fluctuations in the market value of assets.
The Group manages its investments in a prudent way according to the so-called Prudent Person Principle
22
, and strives to optimize
the sustainability and the return of its assets while minimizing the negative impact of short-term market fluctuations on its solvency
position. Under Solvency II, the Group is also required to hold a capital buffer, with the purpose of maintaining a sound solvency
position even under adverse market conditions.
To ensure a comprehensive management of the impact of financial and credit risks on assets and liabilities, the Group Strategic Asset
Allocation process has to take into consideration the coherence with the liabilities (liability-driven) and has to be strongly correlated
with insurance-specific targets and constraints. For this reason, the Asset Liability Management (ALM) and the Strategic Asset
Allocation (SAA) are strongly interdependent activities within the Group and Local ALM and SAA definition process.
The aim of the ALM and SAA processes is to define the most efficient combination of asset classes which, according to the Prudent
Person Principle, maximizes the investment contribution to value creation, considering solvency, actuarial and accounting indicators.
The aim is not just to mitigate risks but also to define an optimal risk-return profile that satisfies both the return target and the risk
appetite of the Group over the business planning period.
The Group proactively integrates material sustainability matters into the investment process. Therefore, the Group defines a
sustainable investment framework and adopts guidelines to integrate sustainability matters into the investment process across asset
classes in order to:
•  manage the actual or potential impacts on the environment and the society generated by its investment strategy;
•  manage the potential impact of sustainability risk on the value of its investments.
Where relevant, the Group integrates the material sustainability matters into the SAA and TAA (Tactical Asset Allocation) processes
also through the definition of specific targets and constraints.
Furthermore, the Group integrates active ownership in its sustainable investment framework, considering it a contributor to long-term
risk mitigation and value creation for clients and shareholders.
22.  The Prudent Person Principle set out in Article 132 of Directive 2009/138/EC requires the company to only invest in assets and instruments whose risks can be identified, measured, monitored, controlled and reported as well
as taken into account in the company overall solvency needs. The adoption of this principle is ruled in the Investment Governance Group Policy.
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The assets’ selection is performed by taking into consideration the risk profile of the liabilities, so to ensure that they are covered by
appropriate and sufficient assets. This selection process aims at guaranteeing the security, quality, profitability, and liquidity of the
overall portfolio, providing an adequate diversification of the investments.
The asset portfolio is invested and rebalanced according to asset class and duration weights. The main risk mitigation techniques
used by the Group are the liability-driven management of the assets and the regular portfolio rebalancing.
The liability driven approach helps granting a comprehensive management of assets that takes into account the liability structure;
at the same time, the regular portfolio rebalancing redefines target weights for the different asset classes and related durations,
respecting the tolerance ranges set as investment limits. This approach contributes to an appropriate mitigation of financial
risks.
ALM and SAA activities aim at ensuring the Group holds sufficient and adequate assets to reach defined targets and meet liability
obligations. For this purpose, analyses of the asset-liability relationship under a range of market scenarios and expected/stressed
investment conditions are undertaken.
The Group works to ensure a close interaction between the Group Chief Investment Officer (GCIO), the Group Chief Financial
Officer (GCFO, incl. Treasury), the Actuarial and the Risk Management Functions to secure that the ALM and SAA processes
remain consistent with the Group RAF, the strategic planning and the capital allocation mechanisms. The annual SAA proposal
defines:
•  target exposures and boundaries for each relevant asset class, including minimum and maximum allowed exposure, and a set of
key indicators (e.g., duration), embedding potential ALM mismatches deemed acceptable and respecting the risk limits;
•  target returns at portfolio and asset class level, which are then transposed to Asset Management Companies.
Regarding specific asset classes such as (i) private equity, (ii) bond instruments of private issuers, (iii) hedge funds and liquid
alternative, (iv) derivatives and structured products, the Group has mainly centralized their management and monitoring. This kind of
investments is subject to accurate due diligence to assess their quality, the level of risk related to the investment, and its consistency
with the approved liability-driven SAA.
The Group also uses derivatives with the aim of mitigating the risk present in the asset and/or liability portfolios. The derivatives help
the Group to improve the quality, liquidity and profitability of the portfolio, according to the business planning targets. Furthermore,
operations in derivatives are subject to a regular monitoring and reporting process.
During 2024, the geopolitical context, and in particular the conflicts in Ukraine and the Middle East, contributed to maintaining high
volatility in the financial markets. Therefore, some strategic measures, previously adopted by the Group, have been maintained. In
particular:
•  for equity exposures, hedging strategies have been implemented;
•  for the bond component, in order to monitor any accelerations in the deterioration of creditworthiness, a bi-weekly reporting was
prepared on issuers subject to a rating deterioration or to a spread widening that might suggest an increased probability of default.
Hedging strategies were implemented in 2024 to mitigate potential negative developments, specifically a Group equity risk hedge
(equity macro-hedge) was implemented in December 2024.
In addition to the risk tolerance limits set on the Group solvency position within the Group RAF, the current Group risk monitoring
process is also integrated by the application of the Investments Risk Group Guideline (IRGG). The IRGG include general principles,
quantitative risk limits (with a strong focus on credit and market concentration), and, for specific asset classes (e.g., private debt
and private equity), the minimum requirements to be met for fund selection and portfolio management. Moreover, the IRGG define
authorization processes and prohibitions that Group entities need to comply with.
With reference to the geopolitical context and its impacts on financial and credit markets observed during 2024, please refer to the
section A. Executive Summary (External Context).
Financial Risk
Within the life business, the Group assumes a considerable financial risk related to guarantees to policyholders with a minimum
return on the accumulated capital over a potentially long period. If the yields generated by the financial investments are lower
than the guaranteed return during this period, then the Group shall compensate the shortfall for those contractual guarantees. In
addition, independently on the achieved asset returns, the Group has to secure that the value of the financial investments backing
the insurance contracts remains sufficient to meet the value of its obligations.
Unit-linked business typically does not represent a source of financial risk for insurers (except when there are guarantees embedded
in the contracts), although market fluctuations typically have profitability implications, since, during periods of uncertainty, investors
may surrender their policies or reduce their investments, thereby decreasing the premiums and fees collected.
Regarding P&C business, the Group has to ensure that the benefits can be paid on a timely basis when claims occur.
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Generali Group
In more detail, the Group is exposed to the following generic financial risk types:
•  equity risk deriving from the risk of adverse changes in the market value of the assets or in the value of liabilities due to changes in
the level of equity market prices which can lead to financial losses;
•  equity volatility risk deriving from changes in the volatility of equity markets. The exposure to equity volatility is typically related to
equity option contracts or to insurance products sold with embedded guarantees whose market consistent value is sensitive to
the level of equity volatility;
•  interest rate risk, defined as the risk of adverse changes in the market value of the assets or in the value of liabilities due to
changes in the level of interest rates in the market. The Group is mostly exposed to downward changes in interest rates as lower
interest rates increase the present value of the commitments towards policyholders more than the value of the assets backing
those commitments. As a result, it may become increasingly costly for the Group to maintain its commitments, thereby leading to
financial losses;
•  interest rate volatility risk derives from changes in the level of interest rate implied volatilities. This risk related, for example, from
insurance products with embedded minimum guarantees whose market consistent value is sensitive to the level of interest rates
volatility;
•  property risk deriving from changes in the level of property market prices. Exposure to property risk arises from property asset
positions;
•  currency risk deriving from adverse changes in exchange rates;
•  concentration risk deriving from asset portfolio concentration to a small number of counterparties.
Notes, Investments
Financial risks are measured by means of the PIM
23
. In particular:
•  equity risk is modelled by associating each equity exposure to a market index representative of its industrial sector and/or
geography. Potential changes in market value of the equities are then estimated based on past shocks observed for the selected
indices;
•  equity volatility risk models the impact that changes in the equity implied volatility can have on the market value of derivatives;
•  interest rate risk models the changes in the term structure of the interest rates for various currencies and the impact of these
changes on any interest rate sensitive asset and on the value of future liability cash flows;
•  interest rate volatility risk models the impact that the variability in interest rate curves can have on both the market value of
derivatives and the value of liabilities sensitive to interest rate volatility assumptions (such as minimum pension guarantees);
•  property risk models the returns on a selection of property investment indices and the associated impact on the value of the
Group’s property assets. These are mapped to various indices based on property location and type of use;
•  for currency risk, the plausible movements in exchange rate of the reporting currency of the Group in respect to foreign currencies
are modelled, as well as the consequent impact on the value of asset holdings not denominated in the domestic currency;
•  for concentration risk the extent of additional risk borne by the Group due to insufficient diversification in its equity, property and
bond portfolios is assessed.
Risk measurement by means of the IM also applies to complex and/or illiquid financial instruments, ensuring their correct valuation
within the modules included in the Group Risk Map.
The SCR for financial risk amounts to € 13,981 million before diversification (equal to 39% of total SCR before diversification). This
risk is mainly driven by equity risk, interest rate risk, property risk and currency risk.
The available historical observations contribute to define the risk metrics of the IM, therefore, also the market events related to 2024
are integrated into the calibration of the IM.
Credit Risk
The Group is exposed to credit risks related to invested assets and those arising from other counterparties (e.g., cash, reinsurance).
Credit risks include the following two categories:
•  spread widening risk, defined as the risk of adverse changes in the market value of debt security assets. Spread widening can be
linked either to the market’s assessment of the creditworthiness of the specific obligor (often implying also a decrease in rating) or
to a market-wide systemic reduction in the price of credit assets;
•  default risk, defined as the risk of incurring in losses because of the inability of a counterparty to honour its financial obligations.
Notes, Investments
23.  For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
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Credit risks are measured by means of the PIM
24
. In particular:
•  credit spread risk models the possible movement of the credit spread levels for bond exposures of different rating, industrial sector
and geography based on the historical analysis of a set of representative bond indices. Spread-sensitive assets held by the Group
are associated with specific indices based on the characteristics of their issuer and currency;
•  default risk models the impact of default of bond issuers or counterparties to derivatives, reinsurance and in general other
transactions on the value of the Group’s assets. Distinct modelling approaches have been implemented to model default risk for
the bond portfolio (i.e. credit default risk) and the risk arising from the default of counterparties in cash deposits, risk mitigation
contracts (such as reinsurance), and other types of exposures (i.e. counterparty default risk).
Risk measurement by means of the IM also applies to complex and/or illiquid financial instruments, ensuring their correct valuation
within the modules included in the Group Risk Map.
The IM credit risk model evaluates spread risk and default risk also for sovereign bond exposures. This approach is more prudent
than the Standard Formula, which treats bonds issued by EU Central Governments and denominated in domestic currency as
exempt from credit risk.
The SCR for credit risk amounts to € 8,233 million before diversification (equal to 23% of total SCR before diversification). Credit
risk mainly derives from the spread risk of fixed-income securities, while the contribution to SCR of the counterparty risk (including
reinsurer’s default) remains more limited.
In addition, all the credit risk monitoring tools introduced following the Covid-19 pandemic have been maintained, and in
particular the continuous monitoring of portfolio downgrades to identify their solvency impacts and to define possible risk
mitigation actions.
The available historical observations contribute to define the risk metrics of the IM, therefore, also the credit events related to 2024
are integrated into the calibration of the IM.
The credit risk assessment is based on the credit rating assigned to counterparties and financial instruments. To limit the reliance on
rating assessments provided by external rating agencies, an internal credit rating assignment framework has been set.
Within this framework, additional rating assessments can be performed at counterparty and/or financial instrument level. The assigned
internal rating is normally reviewed on an annual basis. This process applies independently from the availability of external ratings.
Moreover, additional assessments are performed each time the parties involved in the process gain access to new information,
deriving from reliable sources, that may affect the creditworthiness of the issuer and/or the financial instrument.
The internal credit rating assignment system at counterparty level is based on the evaluation of quantitative metrics and qualitative
elements. The risk elements that are considered, among others, are referred to the assessment of the riskiness of the sector where
the counterparties operate, the country where the activities are carried out, and the controlling group, where present. Additionally,
macroeconomic factors potentially affecting the credit stance of the borrowers are considered, such as: interest rates levels,
movements in the FX market and prices of raw materials. At financial instrument level, instead, the risk of the issuer is one of the
main elements considered, together with the peculiarities of the instrument itself.
The most important strategy for the mitigation of credit risk used by the Group is the application of a liability-driven SAA, which can
limit the impact of the market spread volatility. In addition, the Group is actively mitigating counterparty default risk by using, where
feasible (e.g., for derivative transactions), collateralisation strategies mitigating the losses the Group might suffer as a result of the
default of one or more of its counterparties.
Operational Risk
Operational risk is the risk of loss arising from inadequate or failed internal processes, personnel or systems, or from external
events
25
.
The operational risks to which Generali Group is exposed are identified and classified in the Operational Risk Management Group
Policy, which details the Group Risk Map as defined in the Risk Management Group Policy.
For the measurement of operational risks, the PIM
26
is used. In particular, the capital requirement for operational risk is calculated
using a scenario analysis-based approach. These analyses are conducted by the head of operating function (Risk Owner) who,
through expert judgement and with the support of Subject Matter Experts (SMEs), provides estimation of frequency and severity
24.  For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
25.  The definition includes the compliance risk, the financial reporting risk and the sustainability reporting risk, while strategic and reputational risks are not included. However, since they are often an indirect consequence of
operational risks, during the Overall Risk Assessment process, considerations are also made regarding potential reputational and strategic impacts, with a deep-dive on the indirect impacts related to sustainability matters.
26.  For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
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Generali Group
for each of the identified risk scenarios. The risks considered material based on this analysis are used for the calibration of the
IM. From these estimates, the probability distributions of losses over one-year horizon are derived, which are subsequently
aggregated to obtain the annual loss distribution. This process allows for the calculation of the capital requirement at a confidence
level of 99.5%, as required by Solvency II, and provides a more accurate description of the Group’s risk profile, capturing its
specificities. The SCR for operational risk amounts to € 2,841 million before diversification (equal to 8% of total SCR before
diversification).
In 2024, the main operational risks for the Group remain the ones related to cyber-attacks, protection of sensitive customer data,
and unavailability or dysfunction of applications and IT infrastructures. Other significant risks are associated with money laundering,
terrorist financing, and violations of international sanctions. Finally, risks related to Product Oversight and Governance process are
highlighted, considering the increasing scrutiny from the Supervisory Authorities, with specific reference to value for money and
greenwashing.
The risk assessment results are influenced by the current external context. From one side, geopolitical tensions have led to an
increase in international sanctions, complicating the regulatory environment in which the Group operates. On the other hand, market
uncertainty and slow economic growth could incentivize the use of insurance products for money laundering and terrorist financing
purposes. In response, international and local regulations are establishing clearer and stricter principles aimed at countering financial
crimes, requiring the management and monitoring of these risks through targeted initiatives aimed at strengthening the involved
processes.
Regulations aimed at protecting customers and ensuring transparency are also becoming stricter. These require insurance companies
to adopt rigorous processes for the design, distribution, and monitoring of products. In this regard, the European Supervisory
Authority has also intensified its oversight activities on companies’ conduct, with the aim of further strengthening policyholder
protection.
Additionally, the increasing reliance on cloud technologies, digital infrastructures, and artificial intelligence solutions has exposed
the financial sector to critical vulnerabilities and operational risks. To address these risks, the regulator has introduced two key
regulations: the DORA Regulation and the AI Act.
The DORA Regulation, which came into force in January 2023, and fully applicable from 17 January 2025, requires financial
entities to adopt stringent measures for managing ICT risks, including cybersecurity standards and business continuity and
disaster recovery plans. Particular attention is given to the assessment and management of risks associated with ICT service
providers, such as cloud service providers and data centers, which support essential or important functions. The new requirements
introduced by the DORA Regulation promote the evolution of the ICT risk management framework. Their implementation ensures
an integrated and coordinated risk management and monitoring at all levels of the organization, thus keeping exposure to such
risks under control.
The AI Act, issued in August 2024, and fully applicable from August 2026, aims to establish a harmonized legal framework for the
development and use of artificial intelligence systems in the EU, with objectives such as risk classification, user transparency, and
human oversight.
In light of emerging market challenges and regulatory pressure, in 2024, Generali Group evolved its ICT and Cyber risk management
model by reviewing internal processes and procedures and introducing operational limits for risk monitoring. The results of the
application of this framework will be subject to regulatory reporting as required by the DORA Regulation.
In terms of governance, the responsibility for managing the risk is placed in the first line of defence, the so-called Risk Owners,
whereas the Risk Management Function defines methodologies and processes aimed at identifying, measuring, managing, and
monitoring the main risks which the Group is exposed to. In this way, the management of operational risk is guaranteed at all levels
with a holistic view, which is essential for prioritizing actions and allocating resources in most risk-related critical areas.
The target is achieved by adopting methodologies and tools in line with industry best practices and by establishing a strong dialogue
with the first line of defence.
To further strengthen the risk management system, in addition to the usual responsibility of Risk Owners in managing risks, the Group
has established dedicated units within the first line of defence to address specific risks (e.g., cyber-attacks, fraud, third-party risk, and
financial and sustainability reporting risk). These units act as key partners for the Risk Management Function.
An example is the creation of a dedicated unit for the management and coordination of the Group-wide IT Security (cyber risk) that
steers the evolution of the IT security strategy and operating model, ensuring a timely detection and resolution of the vulnerabilities
that may affect the business.
Finally, it should be noted that Generali Group exchanges operational risk data, properly anonymized, through the Operational Risk
data eXchange Association (ORX), a global association of operational risk practitioners where main banking and insurance players
at global level participate. The aim is to use the data to improve the risk management and to anticipate emerging trends. In addition,
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since losses are collected by the first line, the process contributes to create awareness among the Risk Owners upon risks that could
impact the Group. In this sense, a primary role is played by forward-looking assessments that aim to estimate the evolution of the
operational risk exposure in a given time horizon, supporting the anticipation of potential threats, the efficient allocation of resources
and the definition of related initiatives.
The loss data collection integrates the previously mentioned scenario analysis (forward-looking perspective) with a backward
perspective, thus allowing for a comprehensive assessment of operational risks.
Other Material Risks
Liquidity Risk
Liquidity risk is defined as the uncertainty, emanating from business operations, investment or financing activities, over the ability of
the Group and its legal entities to meet payment obligations in a full and timely manner, in a current or stressed environment.
The Group is exposed to liquidity risk from its insurance and reinsurance operating activity, due to the potential mismatches between
the cash inflows and the cash outflows deriving from the business.
Liquidity risk can also stem from investing activity, due to potential liquidity gaps deriving from the management of the asset portfolio
as well as from a potentially insufficient level of liquidity in case of disposals (e.g., capacity to sell adequate amounts at a fair price
and within a reasonable timeframe).
Liquidity risk from financing activity is related to the potential difficulties in accessing external funding or in paying excessive financing
costs.
The Group can be also exposed to liquidity risk stemming from issued guarantees, commitments, derivative contracts margin calls,
or regulatory constraints.
The Group liquidity risk management framework relies on projecting cash obligations and available cash resources over a 12-month
time horizon, to monitor that available liquid resources are at all times sufficient to cover cash obligations that will become due in the
same horizon.
A liquidity risk metric (liquidity indicator) has been defined to monitor the liquidity situation of each Group insurance legal entity on a
regular basis. Such metric is forward-looking, i.e. it is based on projections of cash flows, stemming both from assets and liabilities
and on the assessment of the level of liquidity and ability to sell the asset portfolio at the beginning of period.
The metric is calculated under both the so-called base scenario, in which the values of cash flows, assets and liabilities correspond
to those projected according to each legal entity’s Strategic Plan, and the so-called liquidity stress scenario, in which the projected
cash inflows and outflows and the market price of assets are calculated to take into account unlikely but plausible circumstances
that would adversely impact the liquidity of each Group insurance legal entity.
Liquidity risk limits have been defined in terms of value of the abovementioned liquidity indicator. The limit framework is designed to
ensure that each Group legal entity holds an adequate buffer of liquidity in excess of the amount required to withstand the adverse
circumstances described in the liquidity stress scenario.
The Group has defined a metric to measure liquidity risk at Group level, based on the liquidity metric calculated at legal entity
level. The Group manages expected cash inflows and outflows to maintain a sufficient available level of liquid resources to meet
its medium-term needs. The Group metric is forward-looking and is calculated both under the base and liquidity stress scenario;
liquidity risk limits have been defined in terms of value of the abovementioned Group liquidity risk indicator.
The Group has established clear governance for liquidity risk management, including specific limit setting and the escalation process
in case of limit breaches or other liquidity issues.
The principles for liquidity risk management designed at Group level are fully embedded in strategic and business processes,
including investments and product development.
Since the Group explicitly identifies liquidity risk as one of the main risks connected to investments, indicators as cash flow duration
mismatch are embedded in the SAA process. In addition, investment limits are set to ensure that the share of illiquid assets (including
also complex financial instruments) remains within a level that does not impair the Group asset liquidity. These limits are subject to a
regular monitoring at Group and Business Unit level.
The Group has defined in its Life and P&C Underwriting and Reserving Group Policies the principles to be applied to mitigate the
impact on liquidity from surrenders in life business and claims in non-life business.
During 2024, all the expected cash remittances from Group companies have been secured, contributing to the Parent Company’s
strong cash position, in an uncertain macroeconomic environment still influenced by the persisting geopolitical tensions yet eased by
the monetary policies from central banks that have started to cut interest rates in the second half of the year.
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Generali Group
The Group continues to closely monitor the liquidity position of the companies in order to anticipate any repercussions arising from
the economic environment.
Management Report, Debt and liquidity, for further details on the management of financial liabilities and of the related maturities, including exhaustive
analyses on liabilities linked to financial activities and on available liquidity in terms of cash and cash equivalents
Notes, Insurance and investment contracts
Concentration Risk
The Group identifies three main sources of concentration risk:
•  investment risk concentration;
•  exposures to reinsurance counterparty default risk, stemming from ceded reinsurance;
•  non-life underwriting exposures, specifically natural disasters or man-made catastrophes.
Investments risk concentration is the potential loss in the value of the investment portfolio and corporate treasury portfolio when an
individual or a group of exposures are large enough:
•  to threaten the solvency or liquidity position of the Group;
•  to trigger a significant change in the Group risk profile.
Investment concentrations at Group level are managed through the Risk Concentrations Management Group Policy - Investment
Exposures. This Policy defines a comprehensive framework for managing investments risk concentrations. In particular, the
concentrations are measured on the basis of the following categories: ultimate
27
, geography, industry sector and currency.
The metrics for measuring investments risk concentrations are based on both market value and Risk Based Exposure (Risk Based
Exposure is calculated by multiplying the market value of each exposure by a stress coefficient identified in coherence with the IM
considering the risk profile of each individual position in terms of rating, country of issue, asset type and industry sector).
The exposure is subject to specific concentration limits (above which the Board of Directors approval is needed) and concentration
reporting thresholds (above which the positions are reported to the Board of Directors for informative purposes).
Alongside the limits defined in terms of market value and Risk Based Exposure, this Policy provides further concentration limits
dedicated to corporate bonds (that cannot exceed a pre-defined threshold of the issuer’s total debt), and to equity (that cannot
exceed pre-defined thresholds of voting rights or market value). The concentrations on investments are monitored on a quarterly
basis and are reported on half-yearly basis to the Board of Directors.
The Group has developed a specific framework for identifying, measuring, monitoring, managing and reporting Group risk
concentrations stemming from exposures to reinsurance counterparties and non-life underwriting exposures, within the Risk
Concentrations Management Group Policy - Reinsurance and Underwriting Exposures.
Reputational, Emerging and Sustainability Risks
Although not included in the calculation of SCR, the following risks are also taken into account:
•  reputational risk referring to potential losses arising from deterioration or a negative perception of the Group among its customers
and other stakeholders. Within the Sustainability Risks Group Guideline and Operational Risk Group Guidelines
28
, reputational risks
are mostly considered second order risks, closely referred to sustainability matters or consequent to operational risks;
•  emerging risks arising from new or future risks, more complex to identify and quantify, and typically systemic. These risks
generally refer to environmental topics and climate change, technological changes and digitalisation, geopolitical developments,
and demographic and social changes. For the identification and the assessment of these risks and to raise the awareness on the
implications of the main emerging risks, the Risk Management Function engages with a dedicated network, including specialists
from business functions (Group Chief Life & Health Officer, Group Chief P&C and Reinsurance Officer, Group Chief Investment
Officer, Group Chief Financial Officer, Group Chief Operating Officer, Group Chief Marketing & Customer Officer, Group Strategy
& Business Transformation and Group Chief Sustainability Officer given the relevant interrelation with sustainability topics). The
Group also participates in the Emerging Risk Initiative (ERI), a dedicated working group of the CRO Forum, which involves the
CROs of the main European groups. Within the ERI, risks common to the insurance industry are discussed and published in the
ERI Radar as well as specific studies (Position Papers) on selected emerging risks. During 2024, for example, the ERI updated
the Radar and published the Paper Navigating Uncertainty - A practitioner’s toolkit to managing emerging risks, both available
on the CRO Forum’s website;
27.  Ultimate is defined as the sum of exposure belonging to individual counterparties within the same group.
28.  Details are within the Operational Risk Internal Model Group Guideline and the Operational Risk for Regulated Non-Internal Model and Operative Legal Entities Group Guideline.
Risk Report
199
•  sustainability risks referring to an environmental, social or governance event or condition that, in case of occurrence, it could
cause an actual or a potential negative impact on the value of the investment or on the value of the liability. The management of
sustainability risks, as well as the management of the potential negative impacts resulting from business decisions on sustainability
matters, in addition to being defined in the Risk Management Group Policy, are mainly ruled in the Sustainability Group Policy,
Investment Governance Group Policy, Life Underwriting and Reserving Group Policy, P&C Underwriting and Reserving Group
Policy and further detailed in the related guidelines.
  During 2024, the project aimed at analysing climate change resilience continued, which includes the assessments of climate
scenarios and business support, as well as the integration of tools such as limits and controls. For further details, please refer to
the Sustainability Statement.
Sustainability Statement, General information for further details
www.generali.com/what-we-do/emerging-risks for more details on emerging risks
OUTLOOK
Annual Integrated Report and Consolidated Financial Statements 2024
202
Generali Group
The global economy is expected to grow at around 3% in 2025, similar to 2024, thanks to resilient labour markets and services
sector. The US have experienced a slowdown in the first quarter 2025 but is still expected to continue to outperform other advanced
economies. The Euro area may be impacted by trade uncertainties but is expected to see a modest improvement in the second
half of the year. Growing tensions in the transatlantic alliance have implied a relaxation of the EU fiscal constraints to fund military
spending. Globally, disinflation is progressing at a slow pace, as wage growth normalises. US tariffs and ensuing retaliation could
slow this progress. After moving largely in tandem on rate cuts in 2024, the paths of the Fed and the ECB have started to diverge,
with the Fed possibly holding off until mid-year while the ECB has proceeded with a sixth rate cut at the beginning of March.
With the new Lifetime Partner 27: Driving Excellence strategic plan, Generali will accelerate profitable growth in the Life segment by
capitalising on its broad customer base and strong distribution footprint. In addition, the Group will improve technical proficiency
to increase profitability and enhance effectiveness by scaling Group-wide assets across its value chain. Our focus will remain on
simplification and innovation, offering updated and integrated solutions to adapt to evolving customer needs throughout their lifetime.
Generali’s objective to be a Lifetime Partner to its customers underpins all life, protection and health business development initiatives
in line with the strategic plan.
This strategic approach for new business growth continues to be centered on the selective development of business lines designed
to deliver superior performance in increasingly competitive financial markets. Primary areas of focus include protection and health,
as well as capital-light savings. The development of these business lines aims to create a wide range of insurance solutions adapted
to risk and investment profiles for the benefit of both the policyholder and the Group. For protection and health products in particular,
the Group aims to offer integrated end-to-end services, with the goal of becoming the true health partner for each customer. The
Group will also implement further customer experience and distribution network upgrades. In the life business, Generali will continue
to prioritise its preferred hybrid and unit-linked offerings addressing growing customer needs for financial security, with the objective
to become the go-to partner for retirement and savings. Generali will continue to optimise its portfolio, reaffirming its strategies to
focus on the capital-light business and internalizing unit-linked funds. This is underpinned by increased collaboration between the
Life and Asset Management segments to leverage the expanded investment capabilities of the Group.
The Group will increase its effort on developing insurance solutions that adequately and effectively align with its sustainability goals,
with a focus on supporting the most vulnerable communities in addressing their health and pension gaps.
In the Property & Casualty (P&C) segment, the Group’s objective is to maximise profitable growth - with a focus on the non-motor
line - across the insurance markets in which it operates, strengthening its position and offering especially in countries with high
growth potential.
The Group confirms and strengthens its adaptive approach towards tariff adjustments, also considering rising costs due to the
increased natural catastrophe claims in recent years and the related protection needs.
Consistent with the strategic priorities of profitable growth and with the aim of being a Lifetime Partner to our customers, the non-
motor offer will continue to be enhanced with additional modular solutions designed to meet specific customer interests and needs.
This is resulting in an improved and innovative prevention, assistance and protection services, supported by the latest digital tools
and platforms. The updated offering will also be beneficial in addressing the impact of climate events in terms of both frequency and
severity.
The Group also confirms its prudent approach towards P&C market opportunities, discipline in risk underwriting, portfolio management
optimization (pricing, selection and profitability of risks, efficient management of claims), and the careful evaluation of emerging
coverage needs in line with the Group’s customer-centric approach to product development.
P&C segment growth will continue with the aim to enhance the Group’s leadership in the European insurance market for private
individuals, professionals and small and medium-sized enterprises (SMEs).
Building on its commitment to embed sustainability across the business, the Group will also increase its focus on developing
insurance solutions aligning with its sustainability commitments in the P&C segment, in particular initiatives related to the environment
and climate change. The two main goals for sustainability will be to implement an underwriting approach that considers climate
change mitigation aspects promoting products focused on climate transition with the aim to reduce emissions associated with our
insurance portfolios, and to increase our customers’ resilience to climate risks by developing products meeting also the European
Taxonomy requirements.
In the Asset & Wealth Management segment, Asset Management will continue to implement its strategy with the objectives, for
2025, of expanding the product offering, particularly in real assets and private assets, enhancing distribution capabilities, and
extending its presence in new markets. This strategy will also be supported by the acquisition of Conning Holdings Limited and its
affiliates, completed in 2024. In Wealth Management, for 2025, the Banca Generali group will continue to focus on its targets of size,
profitability and high remuneration for shareholders.
With reference to the Group’s investment policy, it will continue to pursue an asset allocation strategy aimed at ensuring consistency
with liabilities to policyholders and, where possible, at increasing current returns.
To efficiently match assets and liabilities, the Group will continue to mainly use long-term government bonds with high credit ratings
to ensure effective coverage of long-term liabilities. The Group will also maintain its balanced approach to investments in investment-
grade corporate bonds that contribute to improving the profitability of portfolios.
Outlook
203
Thanks to their contribution to portfolio diversification and returns, and to the protection offered in inflationary scenarios, investments in
private and real assets continue to be an important part of the Group’s strategy, following a prudent approach that takes into account
the lower liquidity of these instruments. In the real estate sector, the Group is pursuing a diversification policy, both geographical and
sectorial, closely monitoring and evaluating market opportunities as well as the quality of assets.
The Group’s equity investments are managed with particular attention to periods of volatility, in order to seize market opportunities
and ensure greater portfolio diversification. Equity exposure is also managed through hedging derivative strategies.
The Group proactively integrates sustainability factors into the investment process for all asset classes. In this context, the Group’s
policy is strongly focused on environmental aspects, prioritising investments that are consistent with green energy policies aimed at
reducing climate change impacts.
After successfully over-delivering against the financial targets of its Lifetime Partner 24: Driving Growth plan, in the next three years,
the Group is committed to delivering - through the new Lifetime Partner 27: Driving Excellence plan, which focuses on excellence
in customer relationships, excellence in core capabilities, excellence in Group operating model - a compound annual growth rate in
earnings per share
1
between 8% and 10%, to generating cumulative Net Holding Cash Flow
2
exceeding € 11 billion, and to achieving
a compound annual growth rate in dividend per share
3
higher than 10%
4
,with an underlying ratchet policy on the dividend per share
(corresponding to over € 7 billion expected to be distributed as cumulative dividends), plus a commitment to a minimum annual €
0.5 billion share buyback, to be assessed at the beginning of each year (for a total commitment of at least € 1.5 billion over the plan),
with a € 0.5 billion share buyback to be launched already in 2025
5
.
Generali has fully integrated sustainability into its business and operations, aligning with its commitments as a responsible insurer,
investor, employer, and corporate citizen. The Group plans to strengthen this position with an enhanced sustainability value
proposition by the end of this strategic cycle in 2027. This will be supported by a range of updated targets focused on the green
and just transition, such as: 30% decrease of GHG emissions for insurance portfolio
6
by 2030, 60% decrease of GHG emissions for
investments
7
and own operations
8
by 2030, € 12 billion investments in climate solutions
9
between 2025 and 2027, and an increase
between 8% and 10% of the GDWP CAGR
10
in climate insurance solutions between 2024 and 2027. New objectives will be also
dedicated to supporting societal resilience. This ambition is articulated in the Group’s commitment to mitigating the consequences
of extreme natural events, through the expansion of its offering of solutions and services with particular focus on Small and Medium
Enterprises (SMEs), which represent the backbone of the global economy. The Group also targets an increase between 6% and 8%
of the NBP CAGR in health, life protection, and pension insurance solutions for underserved clients
11
between 2024 and 2027, also
leveraging the experience of The Human Safety Net in assisting the most vulnerable communities.
The Group also aims to be recognized as a workplace founded on excellence, meritocracy, and diversity, capable of attracting,
developing, and valuing its people and talents. The quality and technical capabilities of its people remain a key differentiating resource
for Generali. In the next three years it will further leverage its distinctive human touch culture as a competitive advantage in the talent
market. The Group also remains committed to boosting the capabilities of its people across key areas such as technical excellence,
managerial skills, customer advisory as well as AI & data, with a 90% target for upskilling employees. Finally, the Group will continue
to foster a sense of belonging and participation among its employees through engagement and listening, reaffirming the central role
of the engagement rate as a key metric, with the ambition to meet or exceed the market benchmark. The Group also reiterates its
commitment to adopting sustainable and balanced hybrid work models across all of its companies, based on the values of flexibility
and trust, leveraging the potential of new technologies.
1.  3-year CAGR based on the Group’s adjusted net result.
2.  Net Holding Cash Flow and dividend expressed on cash basis (i.e. cash flows are reported under the year of payment).
3.  Subject to all relevant approvals.
4.  3-year Dividend per Share (DPS) CAGR with 2024 baseline at € 1.28 per share.
5.  Subject to all relevant approvals.
6.  The target refers to the motor portfolio and is defined as reduction by year-end 2030 compared to year-end 2021, measured by carbon intensity weighted on GWP. It includes motor underwriting private portfolios of Italy,
Germany, France, Switzerland, Austria, Czech Republic, Hungary, Slovenia, Poland, Spain, and Portugal. Subject to market environment and constraints.
7.  The target for investments includes listed equity, corporate bonds, and real estate within the general account portfolio and is defined as reduction by year-end 2029 compared to year-end 2019. For listed equity and corporate
bonds, the reduction is measured by carbon intensity weighted on € million invested, whereas for real estate it is measured by carbon intensity per square meter. Subject to market environment and constraints.
8.  The target includes Scope 1, 2, and 3 emissions, defined as reduction by year-end 2030 compared to year-end 2019, and calculated in absolute GHG emissions. Net-zero target for own operations is anticipated to 2035. Subject
to market environment and constraints.
9.  The target covers a broad range of asset classes, both direct investments and funds, and includes bonds, corporate, government infrastructure debt-equity, and real estate. It is measured as 2025-2027 cumulated net new
investments. Subject to market environment and constraints.
10.  2024-2027 GWP CAGR for direct premiums (GDWP). The target includes car coverages for green mobility, energy efficiency, and renewable energy business. Subject to market environment and constraints.
11.  The target includes life protection, health and pension premiums for category of customers internally identified as more exposed to the gap: women, young/elderly people, families, and migrants/refugees.
The Report contains statements concerning events, estimates, forecasts and future expectations based on the current knowledge of the Group’s
management. Such statements are generally preceded by expressions such as “a decrease/increase is expected”, “is forecast”, “should grow”, “we
believe it may decline” or other similar wording. Please note that these forward-looking statements should not be considered forecasts of the Group’s
actual results or of factors outside the Group. Generali assumes no obligation to update or revise such forecasts, even after new information, future
events or other elements come to light, unless required by law.
APPENDICES TO
THE MANAGEMENT
REPORT
Notes to the Management Report ..................................................... 206
Methodological notes on alternative performance measures .......... 208
Annual Integrated Report and Consolidated Financial Statements 2024
206
Generali Group
NOTES TO THE MANAGEMENT REPORT
The Annual Integrated Report and Consolidated Financial Statements 2024 is drafted in compliance with currently effective
regulations, among which the provisions of leg. decree 2024/125, which implements Directive 2022/2464/EU of the European
Parliament and of the Council of 14 December 2022 (known as the Corporate Sustainability Reporting Directive - CSRD) regarding
corporate sustainability reporting, and of Regulation 2020/852/EU (known as the EU Taxonomy Regulation) and the relative Delegated
Regulations, as well as applying the IAS/IFRS international accounting standards.
Sustainability Statement for further details
Notes, Basis of presentation and accounting principles for further details
The Group used the option provided for under art. 70, paragraph 8, and art. 71, paragraph 1-bis of Issuers’ Regulation to waive the
obligation to publish the information documents provided for in relation to significant mergers, de-mergers or capital increases by
contribution of assets, acquisitions and disposals.
The Report is drawn up in euro, i.e. the functional currency used by the entity that prepares the Annual Integrated Report and
Consolidated Financial Statements. The amounts are shown in million and rounded to the first decimal, unless otherwise reported.
Therefore, the sum of each rounded amounts may sometimes differ from the rounded total.
Information broken down by geographical area reported in this document reflects the Group’s geographical structure that is made
up of:
•  Italy;
•  France;
•  Germany;
•  Austria;
•  Switzerland;
•  Central Eastern Europe (CEE);
•  Spain;
•  Portugal;
•  Asia;
•  Europ Assistance;
•  Wealth Management;
•  Asset Management;
•  Group holdings and other companies, which consists of the Parent Company’s management and coordination activities, including
Group reinsurance, Global Business Activities and other financial holding companies and suppliers of international services not
included in the previous geographical areas.
At 31 December 2024, the consolidation area totalled 538 companies (529 at 31 December 2023), of which 482 subsidiaries
consolidated line by line and 56 associated companies valued at equity.
Essential intangible assets
Directive 2022/2464/EU, implemented by leg. decree 2024/125, requires companies to disclose information on essential intangible
assets and explain how the company’s business model fundamentally depends on these assets and how they constitute a source
of value creation for the company.
The Generali Group has developed a solid and resilient business model, leveraging its own capitals, creating value over time for all
stakeholders.
According to the principles contained in the International <IR> Framework, the capitals used are:
•  human capital;
•  financial capital;
•  intellectual capital;
•  social and relationship capital;
•  manufactured capital;
•  natural capital.
Appendices to the Management Report
207
Within these capitals, the Group has identified the essential intangible assets that play a fundamental role in determining its success
and competitiveness and on which to leverage for value creation over time. These are, in particular, human capital, intellectual capital,
and social and relationship capital.
The Lifetime Partner 27: Driving Excellence strategy reflects the importance of these essential intangible assets. The Group aims to
promote excellence in customer relationships, core competencies, and its operational model, with these essential intangible assets
as its foundation. In particular, the Group continues to be:
•  people powered, enabling people to thrive through continuous skills development and a culture of excellence, meritocracy, and
diversity;
•  AI & data driven, boosting capabilities to improve customer and distributor experience, as well as to drive operational efficiency
and technical excellence;
•  sustainability rooted to deliver a positive impact on profit, people and the planet by supporting a green and just transition and
fostering societal resilience, acting as a Responsible insurer, Responsible investor, Responsible employer, and Responsible
corporate citizen.
Sustainability Statement, Social information for further details
Transactions with related parties
The related information is available in the chapter Transactions with related parties in the Notes.
Annual Integrated Report and Consolidated Financial Statements 2024
208
Generali Group
METHODOLOGICAL NOTES ON ALTERNATIVE
PERFORMANCE MEASURES
In order to help the assessment of the quality and sustainability of the net result of the Generali Group in the various business segments
and territorial areas, the Management Report includes the following alternative performance measures.
Gross written premiums
Gross written premiums in the Management Report differ from insurance income generated from insurance contracts issued shown
in the income statement. To better present the insurance turnover of the Group they include the inflows coming from both insurance
contracts and investment contracts.
Operating result
The operating result cannot replace earnings before taxes calculated in accordance with IAS/IFRS. In addition, it should be read with
the financial information and related notes on the accounts which are included in the audited financial statements.
The operating result is drawn up by reclassifying items of earnings before taxes for each segment on the basis of the management
characteristics of each segment and taking into consideration the recurring holding expenses.
Specifically, the operating result represents earnings before taxes, gross of interest expense on financial debt, non-operating
investment result and non-operating income and expenses, including non-operating holding expenses.
In the Life segment, all profit and loss accounts are considered as operating items, except for the following which are represented
in the non-operating result:
•  net gains from investments valued at fair value through profit and loss, net gains on currencies, allocation and reversal to expected
credit losses and other net impairments only related to investments not backing portfolios with direct profit participation, and the
free assets;
•  net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
Furthermore, where a new fiscal law or other non-recurring fiscal impacts materially affects the operating result, thanks to the
policyholders’ profit participation mechanisms, the estimated amount of non-recurring effects mentioned above is accounted for in
the operating result.
In the Property & Casualty segment, all profit and loss accounts are considered as operating items, except for the following which
are represented in the non-operating result:
•  net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
•  net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
In the Asset & Wealth Management segment, all profit and loss accounts are considered as operating items, except for the following
which are represented in the non-operating result:
•  net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
•  net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
In the Holding and other businesses segment, all profit and loss accounts are considered as operating items, except for the following
which are represented in the non-operating result:
•  net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
•  net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
As for holding expenses, general expenses incurred for management and coordination by the Parent Company and territorial sub-
holdings as well as costs arising from the assignment of stock options and stock grants by the Parent Company and by other Group
companies
1
– except for the costs of the Asset & Wealth Management segment, which are classified in this business segment – are
considered as operating items. Non-operating holding expenses include:
1.  These costs were considered non-operating until 2023 and, following the change in the definition of operating result, the comparative period was consistently recalculated.
Appendices to the Management Report
209
•  interest expenses on financial debt;
•  company restructuring costs and other non-recurring expenses incurred for management and coordination activities.
The operating result and non-operating result of the Group are equivalent to the sum of the operating result and the non-operating
result of the abovementioned segments and related consolidation adjustments.
In accordance with the approach described above, the operating result in the main countries where the Group operates is reported
for the Life and Property & Casualty segments and the consolidated figures. In order to provide a management view of the operating
result by geographical area, the disclosure by business segment and geographical area allows measurement of the result of each
geographical area from a country viewpoint instead of as a contribution to the Group’s results.
Within the context of the Life and Property & Casualty operating result of each country, reinsurance operations between Group
companies in different countries are considered as transactions concluded with external reinsurers. This representation of the Life
and Property & Casualty operating result by geographical area makes this performance indicator more consistent with both the risk
management policies implemented by each company and the other indicators measuring the technical profitability of the Group’s
companies.
The main reclassifications made in the calculation of the operating result with respect to the corresponding items in the income
statement are:
•  income related from the release of the liability for incurred claims acquired in a business combination or in a portfolio transfer are
deducted from the insurance expenses;
•  financial investments and properties management expenses not linked to contracts with direct profit participation are reclassified
from acquisition and administration costs to net operating income from financial instruments, more specifically to other expenses
from financial instruments and land and buildings (investment properties);
•  net financial expenses related to insurance contracts linked to the change in underlying items different from investments are
reclassified in the net insurance service result;
•  income and expenses related to real estate development activities are classified under other non-operating income and expenses,
in accordance with the management model adopted that provides for sale at completion;
•  gains and losses on foreign currencies, in Life segment, if related to portfolios with direct profit participation are reclassified in net
operating income from financial instruments at fair value through profit or loss, while, in all the other cases, they are classified as
net non-operating income from financial instruments at fair value through profit or loss;
•  in case of new fiscal law or other non-recurring fiscal which impacts materially affects the operating result, thanks to the
policyholders’ profit participation mechanisms, the estimated amount of non-recurring effects mentioned above is accounted for
in the operating result and excluded from taxes.
From operating result to result of the period
Notes
Consolidated operating result
Operating insurance service result and other
operating income and expenses
It includes 5. Insurance service result and technical profit sharing (included in 12. Net finance result), net fee and commissions
(included in 18. Other income/charges), depreciation of land and properties (from 16. Net impairment on tangible assets), other
administration costs, operating holding expenses and other income/expenses classified as operating according to the Group
methodology (in particular, as for holding expenses, general expenses incurred for management and coordination by the Parent
Company and territorial sub-holdings are considered as operating items).
Operating investment result
It includes 12. Net finance result (excluded the technical profit sharing previously mentioned), where - according to the Group
methodology - all profit and loss accounts are considered as operating items, except for the ones represented in the non-operating
result.
Consolidated non-operating result
Non-operating investment result
It includes 12. Net finance result items classified as non-operating according to the Group methodology: net gains from investments
valued at fair value through profit and loss, net gains on currencies, net realized gains (except for Life segment), allocation and reversal
to expected credit losses and other net impairments only related to investments not backing portfolios with direct profit participation,
and the free assets.
Net other non-operating expenses
It includes 15. Net provisions for risks and charges and other income/expenses classified as non-operating items according to the
Group methodology: net other non-operating expenses that mainly include company restructuring costs, amortization of intangible
assets generated by business combinations and bancassurance agreements and net other non-recurring expenses or exceptional
items included in 5. Insurance service result.
Non-operating holding expenses
Non-recurring unallocated holding expenses included in 18. Other income/charges and interest expenses on financial debt included in
12. Finance result.
Earnings before taxes
Income taxes
It includes the items of 20. Taxes, net of adjustments for operating taxes and for non-recurring taxes that significantly affect the
operating result of the countries where the policyholders’ profit sharing is determined also by taking into account the taxes for the
period (these adjustments are excluded from income taxes and included in net other operating expenses).
Earnings after taxes
Annual Integrated Report and Consolidated Financial Statements 2024
210
Generali Group
Operating result by margins
The operating result of the Life and Property & Casualty segments are reported also in accordance with a margin-based view which
shows the operating trends of the changes occurred in each segment performance more clearly.
The Life operating result is made up of the operating insurance service result, which includes the release of contractual service
margin, risk adjustment release, losses on onerous contracts, experience variances and other operating income and expenses, and
of the operating investment result which includes income and expenses from investments and financial income and expenses related
to insurance contracts. The Property & Casualty operating result is made up of the operating insurance service result which includes
income, claims, expenses and other charges from insurance services, and of the operating investment result which includes income
and expenses from investments and financial income and expenses related to insurance contracts.
Restatement of the comparative period following the
change in the definition of operating result
Starting from 1 January 2024, changes have been introduced to the definition of operating result, with reference to holding costs;
consequently, the comparative period has been restated.
In particular, the operating result and the non-operating result at 31 December 2023 have been recalculated considering the costs
deriving from the assignments of stock option and stock grant plans of the Parent Company and other Group companies as
operating costs; previously, these costs were considered among non-operating holding expenses.
Furthermore, the Asset & Wealth Management segment now includes all costs previously classified as holding costs and consequently
attributed to the Holding and other businesses segment, including the above-mentioned costs deriving from the assignments of
stock option and stock grant plans of the Parent Company and other companies belonging to this business segment.
The table below shows the impacts of this reclassification on the main economic indicators, with zero impact on the Net result and
on the Adjusted net result.
Group operating result restated
(€ million) 31/12/2023
published
31/12/2023
restated
Change
Life 3,735 3,735 0
Property & Casualty 2,902 2,902 0
Asset & Wealth Management 1,001 959 -41
Holding and other businesses -320 -415 -96
Consolidation adjustments -439 -439 0
Total operating result 6,879 6,742 -137
Consolidated operating result -1,262 -1,125 137
Income taxes -1,579 -1,579 0
Net result 3,747 3,747 0
Adjusted net result 3.575 3.575 0
Adjusted net result
The adjusted net result is obtained deducting from the net result the following items:
•  volatility effects deriving from the valuation at fair value through profit and loss of investments and other financial instruments not
backing portfolios with direct profit participation and the free assets;
•  profit and loss impact deriving from the application of IAS 29 - Financial Reporting in Hyperinflationary Economies;
•  amortization of intangible assets related to M&A, if material;
•  impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the
first year from the acquisition, if material.
Appendices to the Management Report
211
Return on investments
The indicators for the return on investments are:
•  net current return calculated as the ratio of:
 - interest and other income, including income from financial instruments at fair value through profit and loss (excluding income
from financial instruments related to linked contracts) net of depreciation on real estate investments; to
 - average investments (calculated on book value);
•  harvesting rate calculated as the ratio of:
 - net realized gains, net impairment losses and realized and unrealized gains and losses from financial instruments at fair value
through profit and loss (excluding those from financial instruments related to linked contracts); to
 - average investments (calculated on book value).
The profit or loss return is the sum of the net current return and the harvesting rate net of investment management expenses as well
as gains and losses on foreign currencies.
The average investments (calculated on book value) include: land and buildings (investment properties), investments in subsidiaries,
associated companies and joint ventures, loans and receivables, cash and cash equivalents, financial assets at fair value through
other comprehensive income, financial assets at fair value through profit or loss excluding those related to linked contracts. Total
investments are adjusted for both derivative instruments classified as financial liabilities at fair value through profit of loss and REPOs
classified as other financial liabilities. The average is calculated on the average investment base of each quarter of the reporting
period.
The indicators for the return on investments described above are presented for the Group and for Life and Property & Casualty
segments.
Consolidated investments
In order to provide a presentation of investments that is consistent with the calculation of the return on investments, the Group’s
investments in the Management Report differ from those reported in the balance sheet items since:
•  Investment Fund Units (IFU) are split by nature in equity, bond and investment property instruments as well as cash equivalents;
•  derivatives are presented on a net basis, thus including derivative liabilities. Moreover, hedging derivatives are classified in the
respective asset class hedged;
•  reverse REPOs (Repurchase Agreements) are reclassified from other fixed income instruments to cash and cash equivalents in
accordance with their nature of short-term liquidity commitments; and
•  REPOs classified as liabilities are presented in cash and cash equivalents;
•  specific items accounted within receivables are included.
Investments by segment are presented in accordance with the methods described in the chapter Segment reporting in the Notes.
CONSOLIDATED
FINANCIAL
STATEMENTS
Consolidated financial statements ................................................... 217
Notes ................................................................................................ 227
Appendices to the Notes ................................................................... 383
CONSOLIDATED FINANCIAL STATEMENTS
Balance sheet
Income statement
Statement of comprehensive income
Statement of changes in equity
Statement of cash flows (indirect method)
NOTES
Basis of presentation and accounting principles
Segment reporting
Information on consolidation area and related operations
  1  Consolidation area
  2.  Investments in subsidiaries, associated companies and joint ventures
  3.  Disclosures on interests in other entities
  4.  Goodwill and other intangible assets
  5.  New entities acquisition
  6.  Non-current assets or disposal group classified as held for sale
  7.  Transactions with related parties
Investments
  8.  Financial assets measured at amortised cost
  9.  Financial assets measured at fair value through other comprehensive income
10.  Financial assets measured at fair value through profit or loss
11.  Investment properties
12.  Cash and cash equivalents
13.  Financial liabilities measured at fair value through profit or loss
14.  Financial liabilities measured at amortised cost
15.  Investments income and expenses
16.  Expected credit losses
17.  Details on investments
Insurance and investment contracts
18.  Insurance contracts
19.  Reinsurance contracts
20.  Income and expenses related to insurance contract issued and reinsurance contracts held
21.  Detailed information related to insurance contracts issued and reinsurance contracts held
Shareholders’ equity and share
22.  Shareholders’ equity
23.  Details of the other components of the comprehensive income statement
24.  Earnings per share
25.  Reconciliation statement of the result of the period and shareholders’ equity of the Group and the Parent Company
Other balance sheet items
26.  Tangible assets
27.  Other financial assets
28.  Other assets
29.  Other provisions
30.  Payables
31.  Other liabilities
217
218
220
221
222
224
227
228
262
268
268
268
269
272
277
281
281
283
284
286
288
288
289
290
290
293
298
298
306
306
310
313
317
346
346
348
349
350
351
351
353
353
353
354
354
214
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
INDEX
355
355
356
356
359
360
361
361
364
365
365
365
368
378
379
379
379
380
380
381
383
Other notes to the income statement
 32.  Other incomes and expenses
 33.  Other revenues and charges
34.  Income taxes
Fair value measurement
 35.  Fair value hierarchy
 36.  Transfers of financial instruments at fair value between Level 1 and Level 2
 37.  Additional information on Level 3
 38.  Information on fair value hierarchy of assets and liabilities not measured at fair value
Additional information
 39.  Information about employees
 40.  Provisions for defined benefit plans
 41.  Share-based compensation plans
 42.  Contingent liabilities, commitments, guarantees, pledged assets and collateral
 43.  Significant non-recurring events and transactions
 44.  Significant events after 31 December 2024
45.  Leasing
46.  Other information
 47.  Audit and other service fees for the fiscal year
 48.  Information about climate change
APPENDICES TO THE NOTES
215
Consolidated Financial Statements
Consolidated financial
statements
BALANCE SHEET
BALANCE SHEET - ASSETS       
Note Items of assets 31/12/2024 31/12/2023
4 1. INTANGIBLE ASSETS 11,861 9,990
4 of which: goodwill 9,126 7,841
26 2. TANGIBLE ASSETS 3,746 3,683
18, 19 3. INSURANCE ASSETS 4,902 4,876
3.1 Insurance contracts that are assets 262 315
3.2 Reinsurance contracts that are assets 4,640 4,561
4. INVESTMENTS 494,340 466,046
11 4.1 Land and buildings (investment properties) 22,503 23,831
2 4.2 Investments in subsidiaries, associated companies and joint ventures 2,840 2,712
8 4.3 Financial assets measured at amortised cost 21,561 21,232
9 4.4 Financial assets measured at fair value through other comprehensive income 237,979 223,359
10 4.5 Financial assets measured at fair value through profit or loss 209,457 194,912
10 a) financial assets held for trading 753 1,097
10 b) financial assets designated at fair value 124,270 108,701
10 c) financial assets mandatorily measured at fair value through profit or loss 84,434 85,114
27 5. OTHER FINANCIAL ASSETS 6,209 6,334
28 6. OTHER ASSETS 9,275 10,613
6 6.1 Non-current assets or disposal groups classified as held for sale  60 728
34 6.2 Tax receivables 5,845 5,775
a) current 4,125 3,947
b) deferred 1,719 1,828
6.3 Other assets 3,371 4,109
12 7 CASH AND CASH EQUIVALENTS 8,315 7,070
TOTAL ASSETS 538,647 508,611
218
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
BALANCE SHEET - EQUITY AND LIABILITIES
  
Note Items of shareholders’ equity and liabilities 31/12/2024 31/12/2023
22 1. SHAREHOLDERS' EQUITY 33,095 31,284
of which: attributable to the Group 30,389 28,968
of which: attributable to minority interests 2,707 2,316
1.1 Share capital 1,603 1,592
1.2 Other equity instruments 0 0
1.3 Capital reserves 6,607 6,607
1.4 Revenue reserves and other reserves 21,489 19,159
1.5 (Own shares) -1,037 -273
1.6 Valuation reserves -1,997 -1,863
1.7 Shareholders' equity attributable to minority interests 2,264 1,941
1.8 Result of the period attributable to the Group 3,724 3,747
1.9 Result of the period attributable to minority interests 442 375
2. OTHER PROVISIONS 2,399 2,318
3. INSURANCE PROVISIONS 438,486 412,409
18 3.1 Insurance contracts that are liabilities 438,412 412,325
19 3.2 Reinsurance contracts that are liabilities 74 84
4. FINANCIAL LIABILITIES 45,710 44,086
13 4.1 Financial liabilities measured at fair value through profit or loss 8,166 8,740
13 a) financial liabilities held for trading 522 1,205
13 b) financial liabilities designated at fair value 7,644 7,535
14 4.2 Financial liabilities measured at amortised cost 37,544 35,346
30 5.  PAYABLES 9,027 8,746
31 6. OTHER LIABILITIES 9,931 9,768
6 6.1 Liabilities associated with non-current assets and disposal groups classified as held for sale 0 509
34 6.2 Tax payables 4,773 3,557
a) current  2,607 1,917
b) deferred 2,166 1,640
6.3 Other liabilities 5,157 5,702
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES538,647508,611
219
Consolidated Financial Statements
INCOME STATEMENT
  
Note Items 31/12/2024 31/12/2023
20 1. Insurance revenue from insurance contracts issued 54,132 49,496
20 2. Insurance service expenses from insurance contracts issued -47,556 -43,281
20 3. Insurance revenue from reinsurance contracts held 3,457 3,377
20 4. Insurance service expenses from reinsurance contracts held -4,057 -3,730
5. Insurance service result 5,976 5,862
15 6. Income/expenses from financial assets and liabilities measured at fair value through profit or loss 14,505 12,410
15 7. Income/expenses from investments in subsidiaries, associated companies and joint ventures 220 264
15 8. Income/expenses from other financial assets, liabilities and investment properties 7,894 7,186
15 8.1 - Interest income calculated using the effective Interest rate method 8,152 7,479
15 8.2 - Interest expenses -1,150 -793
15 8.3 - Other income/expenses 2,396 2,171
15 8.4 - Realised gains/losses -725 -131
15 8.5 - Unrealised gains/losses -778 -1,539
16 of which: linked to credit impaired financial assets -42 -77
9. Result of investments 22,620 19,860
10. Net finance income/expenses related to insurance contracts issued -20,901 -17,696
11. Net finance income/expenses related to reinsurance contracts held 103 8
12. Net finance result 1,823 2,171
32 13. Other income/expenses 2,160 1,543
32 14. Acquisition and administration costs: -1,403 -1,406
14.1 - Investment management expenses -41 -40
14.2 - Other administrative costs -1,362 -1,366
32 15. Net provisions for risks and charges -179 -351
32 16. Net impairment and depreciation of tangible assets -152 -137
32 17. Net impairment and amortisation of intangible assets -338 -205
of which: impairment on goodwill -46 -44
32 18. Other revenue/charges -1,848 -1,904
19. Profit (Loss) before tax 6,041 5,574
34 20. Income tax -1,843 -1,536
21. Profit (Loss) after tax 4,198 4,037
22. Profit (Loss) from discontinued operations  -31 84
23. Consolidated result of the period 4,167 4,122
of which attributable to the Group 3,724 3,747
of which attributable to minority interests442375
220
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
STATEMENT OF COMPREHENSIVE INCOME
Items 31/12/2024 31/12/2023
1. Profit (Loss) for the period 4,167 4,122
2.  Other items, net of taxes, that may not be reclassified to profit and loss in future pe-riods 249 -128
2.1 Share of valuation reserves of associated companies valued at equity method -0 1
2.2 Reserve for revaluation model of intangible assets 0 0
2.3 Reserve for revaluation model of tangible assets 0 0
2.4 Net finance expenses/income from insurance contracts issued 0 0
2.5 Result of discontinued operations -0 0
2.6 Actuarial gains or losses arising from defined benefit plans 34 -158
2.7 Net gains and losses on equity instruments measured at fair value through other comprehensive income 215 29
2.8 Changes in own credit risk on financial liabilities measured at fair value through profit or loss 0 -1
2.9 Other items 0 0
3. Other items, net of taxes, that may be reclassified to profit or loss in future periods -525 291
3.1 Foreign currency translation differences 69 -290
3.2
Net gains and losses on financial assets (other than equity instruments) measured at fair value through other
comprehensive income
2,204 9,776
3.3 Net gains and losses on cash flows hedging derivatives 384 283
3.4 Net gains and losses on hedge of a net investment in foreign operations -5 -30
3.5 Share of valuation reserves of associated companies measured at equity method 39 -4
3.6 Net finance expenses/income from insurance contracts issued -3,298 -9,710
3.7 Net finance expenses/income from reinsurance contracts held 77 123
3.8 Result of discontinued operations 6 143
3.9 Other items 0 0
4. TOTAL OTHER COMPREHENSIVE INCOME (EXPENSES) -276 163
5. TOTAL COMPREHENSIVE INCOME (EXPENSES) 3,891 4,285
5.1 of which: attributable to the Group 3,591 4,043
5.2 of which: attributable to minority interests 300 241
221
Consolidated Financial Statements
STATEMENT OF CHANGES IN EQUITY
222
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Share capital Other equity
instruments
Capital
reserves
Revenue
reserves and
other reserves
Own shares Valuation reserves Profit (Loss) for the period  Shareholders’ equity 
attributable to the Group
Shareholders’ equity 
attributable to minority interests
Shareholders’ equity
Amounts at 1/1/2023 1,587 0 7,107 20,814 -583 -2,421 2,470 26,650 2,323 28,973
of which: Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2022
Reserves 0 0 0 442 0
0 -442 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,028 -1,790 -238 -2,028
Changes in amount
New issuance shares 6 0 0 0 0
0 0 6 0 6
Purchase own shares 0 0 0 0 -191 0 0 -191 0 -191
Change in ownership interest 0 0 0 113 0 0 0 74 39 113
Other Comprehensive Income 0 0 0 0 0 163 4,122 4,043 241 4,285
Other changes 0 0 -500 126 500 -0 0 176 -50 126
Amount at 31/12/2023 1,592 0 6,607 21,495 -273 -2,259 4,122 28,968 2,316 31,284
Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2023
Reserves 0 0 0 1,805 0
0 -1,805 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,317 -1,987 -330 -2,317
Changes in amount
New issuance shares 10 0 0 0 0
0 0 10 0 10
Purchase own shares 0 0 0 0 -764 0 0 -764 0 -764
Change in ownership interest 0 0 0 566 0 0 0 349 217 566
Other Comprehensive Income 0 0 0 0 0 -276 4,167 3,591 300 3,891
Other changes 0 0 0 425 0 0 0 94 204 298
Amount at 31/12/2024 1,603 0 6,607 24,291 -1,037 -2,535 4,167 30,389 2,707 33,095
5.  In compliance with IFRS 8, it should be noted that, following the changes introduced by the application of the new IFRS 9 and IFRS 17, comparative data in the financial statements have been appropriately restated.
223
Consolidated Financial Statements
Share capital Other equity
instruments
Capital
reserves
Revenue
reserves and
other reserves
Own shares Valuation reserves Profit (Loss) for the period  Shareholders’ equity
attributable to the Group
Shareholders’ equity
attributable to minority interests
Shareholders’ equity
Amounts at 1/1/2023 1,587 0 7,107 20,814 -583 -2,421 2,470 26,650 2,323 28,973
of which: Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2022
Reserves 0 0 0 442 0
0 -442 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,028 -1,790 -238 -2,028
Changes in amount
New issuance shares 6 0 0 0 0
0 0 6 0 6
Purchase own shares 0 0 0 0 -191 0 0 -191 0 -191
Change in ownership interest 0 0 0 113 0 0 0 74 39 113
Other Comprehensive Income 0 0 0 0 0 163 4,122 4,043 241 4,285
Other changes 0 0 -500 126 500 -0 0 176 -50 126
Amount at 31/12/2023 1,592 0 6,607 21,495 -273 -2,259 4,122 28,968 2,316 31,284
Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2023
Reserves 0 0 0 1,805 0
0 -1,805 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,317 -1,987 -330 -2,317
Changes in amount
New issuance shares 10 0 0 0 0
0 0 10 0 10
Purchase own shares 0 0 0 0 -764 0 0 -764 0 -764
Change in ownership interest 0 0 0 566 0 0 0 349 217 566
Other Comprehensive Income 0 0 0 0 0 -276 4,167 3,591 300 3,891
Other changes 0 0 0 425 0 0 0 94 204 298
Amount at 31/12/2024 1,603 0 6,607 24,291 -1,037 -2,535 4,167 30,389 2,707 33,095
STATEMENT OF CASH FLOWS
(INDIRECT METHOD)
Amount
31/12/2024 31/12/2023
Net cash flow from (used in):
- Earnings before taxes 4,167 4,122
- Net revenues and expenses from insurance contracts issued and reinsurance contracts held (-/+) 14,821 11,826
- Gains/losses on financial assets measured at fair value through profit and loss (-/+) -11,207 -9,402
- Other non-monetary income and expenses arising from financial instruments, investment property and investments
in subsidiaries, associated companies and joint venture (-/+)
882 1,672
- Net provisions for risks and charges (+/-) 197 126
- Interest income, dividends, interest expense, taxes (+/-) -8,076 -7,614
- Other adjustments (+/-) -119 173
- Interest income collected (+) 8,956 8,248
- Dividends collected (+) 2,847 2,587
- Interest paid (-) -2,046 -1,653
- Taxes paid (-) -1,003 -806
Net cash flow from (used in) other monetary items related to operating activities
- Insurance contracts issued that are liabilities/assets (+/-) 3,993 -5,058
- Reinsurance contracts held that are assets/liabilities (+/-) 54 -1,070
- Liabilities from financial contracts issued by insurance companies (+/-) 144 -377
- Receivables from banks (+/-) -81 103
- Payables to banks (+/-) 1,673 -1,640
- Other financial assets and liabilities measured at fair value through profit or loss (+/-) 0 0
- Other financial assets and liabilities (+/-) 183 495
Net cash flow from (used in) operating activities 15,383 1,732
Net cash flow from (used in):
- Sales/purchases of investment property (+/-) 591 527
- Sale/purchases of investments in associated companies and joint ventures (+/-) 0 0
- Dividends collected on investments in subsidiaries, associated companies and joint venture (+) 163 11
- Sales/purchases of financial assets measured at amortised cost (+/-) -169 1,948
- Sales/purchases of financial assets measured at fair value through other comprehensive income (+/-) -10,968 7,753
- Sales/purchases of tangible and intangible assets (+/-) -378 -177
- Sales/purchases of subsidiaries and business branches (+/-) -2,125 628
- Other net liquidity flows from investing activities (+/-) -930 -8,407
Net cash flow from (used in) investing activities -13,817 2,283
Net cash flow from (used in):
- Share capital increases (+/-) 0 0
- Issues/purchases of own shares (+/-) -764 -191
- Dividend distribution and other (-) -1,986 -1,793
- Disposal/acquisition of minority interests in subsidiaries 0 0
- Issues/purchases of subordinated liabilities and participating financial instruments (+/-) 1,364 572
- Issues/purchases of liabilities measured at amortised cost (+/-) 1,044 -2,393
Net cash flow from (used in) financing activities -342 -3,804
NET CASH FLOW FROM/USED IN THE PERIOD 1,224 210
224
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Balance sheet items Amount
31/12/2024 31/12/2023
Cash and cash equivalents opening balance 7,070 6,887
Net cash flows from (used in) for the period 1,224 210
Cash and cash equivalents: foreign exchange effect  21 -28
Cash and cash equivalents closing balance 8,315 7,070
225
Consolidated Financial Statements
Notes
228
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
BASIS OF PRESENTATION AND
ACCOUNTING PRINCIPLES
Basis of presentation
This document is the consolidated financial statements of Generali Group, registered under number 026 of the Insurance Groups
Register, whose Parent Company is Assicurazioni Generali S.p.A., a company established in Trieste in 1831 with a share capital of
€ 1.602.736.602,13 fully paid up.
The registered office of the Group and the Parent Company is established in Trieste, Piazza Duca degli Abruzzi, 2 and is registered
under the number 1,00003 of the register of insurance and reinsurance companies.
The Generali Group’s consolidated financial statements at 31 December 2024 were drawn up in accordance with the IAS/IFRS
issued by the IASB and endorsed by the European Union, in accordance with the Regulation (EC) No. 1606 of 19 July 2002 and the
Legislative Decree No. 58/1998, as subsequently amended.
The Legislative Decree No. 209/2005 empowered ISVAP (now IVASS) to give further instructions for financial statements and chart
of accounts in compliance with the international accounting standards.
In this yearly report the Generali Group prepared its consolidated financial statements and Notes in conformity with the ISVAP
(now IVASS) Regulation No. 7 of 13 July 2007 as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022, as amended  
by Provvedimento IVASS No. 152 of 26 November 2024 and information of the Consob Communication No. 6064293 of 28 July
2006.
As allowed by the aforementioned Regulation, the Generali Group believed it appropriate to provide further details in the Notes, to
fulfil also IAS/IFRS international accounting standards requirements. In particular, information on discontinued operations and their
accounting treatment are included in the chapter Non-current assets or disposal group classified as held for sale in the section
Information on consolidation area and related operations.
The consolidated financial statements at 31 December 2024 were approved by the Board of Directors on 12 March 2025.
The consolidated financial statements at 31 December 2024 are subject to audit by the firm KPMG S.p.A., in charge of the statutory
audit assignment for the period 2021-29.
Consolidated Financial Statements and Notes
Consolidated statements are made up of the balance sheet, the income statement, the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows and Notes, as required by the ISVAP Regulation No. 7 of 13 July 2007,
as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022 and modified by Provvedimento IVASS n. 152 of 26 November 2024.
The comparative information included in the statements and notes is presented consistently with what was published as of 31
December 2023. Where deemed more appropriate, in order to enhance comparability, the comparative disclosures have been
aligned with the presentation defined for 31 December 2024.
Tables that are mandatorily required as minimum content by the Regulator are presented within to the Notes. In case those regulatory
tables foresee some cells with invalid combinations, it should be noted that Regulator required to insert a “x” to point out the non-
applicability of related information.
This yearly report is drawn up in euro (the functional currency used by the entity that prepared the financial statements) and the
amounts are shown in millions, unless otherwise stated, the rounded amounts may not add to the rounded total in all cases.
Consolidation methods
Investments in subsidiaries are consolidated line by line, whereas investments in associated companies and interests in joint ventures
are accounted for using the equity method.
Investments in associated companies and interests in joint ventures underlying contracts with direct participation features are
measured at fair value through profit or loss.
The balance sheet items of the financial statements denominated in foreign currencies are translated into euro based on the exchange
rates at the end of the year.
The profit and loss account items are translated based on the average exchange rates of the year, which represents with reasonable
approximation the effects that would have been produced by converting the individual transactions at the exchange rate on the day
of completion.
The exchange rate differences arising from the translation of the statements expressed in foreign currencies are accounted for in
equity in an appropriate reserve and recognized in the profit and loss account only at the time of the disposal of the investments.
229
Consolidated Financial Statements
For what concerns the accounting criterion for the translation of the financial statements of subsidiaries operating in countries subject
to hyperinflation, please refer to a subsequent section.
Exchange rates used for the translation in euro of specifically relevant currencies for Generali Group are disclosed below.
Exchange rates of the balance sheet
Currency Exchange rate at the end of the period (€)
31/12/2024 31/12/2023
US dollar 1,036 1,105
Swiss franc 0,938 0,930
British pound 0,827 0,867
Argentine peso 1.067,601 893,105
Czech Koruna 25,175 24,689
Chinese renmimbi 7,558 7,834
Exchange rates of the income statement
Currency Average exchange rate (€)
31/12/2024 31/12/2023
US dollar 1.082 1.081
Swiss franc 0.953 0.972
British pound 0.847 0.870
Argentine peso* 989.946 319.946
Czech Koruna 25.119 23.999
Chinese renmimbi 7.785 7.657
(*) in accordance with IAS 29, the items of profit or loss has been restated at the exchange rate at the end of the period.
Basis of consolidation
The consolidated financial statements of the Group include the financial statements of Assicurazioni Generali S.p.A. (Parent Company)
and its subsidiaries.
Subsidiaries are all entities (including structured entities) over which the Group has control.
The Group controls an investee if, and only if, the Group has:
•  power over the investee (i.e. existing not merely protective rights that give it the current ability to direct the relevant activities of the
investee, that impact meaningfully the returns of the investee);
•  exposure, or rights, to variable returns from its involvement with the investee;
•  the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group
has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
•  the contractual arrangements with the other vote holders of the investee;
•  rights arising from other contractual arrangements;
•  Group voting rights and potential voting rights.
The Group reviews periodically and systematically if there was a variation of one or more elements of control, based on the analysis
of the facts and the essential circumstances.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated
financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
In preparing the consolidated financial statements:
•  the financial statements of the Parent Company and its subsidiaries are consolidated line by line through specific reporting
packages, which contribute to the consistent application of the Group’s accounting principles. For consolidation purposes, if the
financial year-end date of a company differs from that of the Parent Company, the former prepares anyhow for the financial period
the financial statements closed at 31 December of each financial year;
•  all intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation process (intra-group losses are eliminated, except to the extent that the underlying
asset is impaired);
•  the carrying amount of the Parent Company’s investment in each subsidiary and the Parent Company’s portion of the shareholder’s
equity of each subsidiary are eliminated at the date of acquisition;
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•  profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the Parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. The non-
controlling interests, together with their share of profit are shown as separate items.
The impact of the changes in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity
transaction. Consequently, no additional goodwill or badwill is recognized.
If the Group losses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity while any resultant gain or loss is recognized in the profit or loss. Any post-transaction interests are
valued at fair value.
Investment funds managed by the Group in which the Group holds an interest and that are not managed in the primary interest of the
policyholders are consolidated based on the substance of the economic relationship and whether the conditions of control stated by
IFRS 10 are satisfied. On consolidation of an investment fund, a liability is recognized to the extent that the Group is legally obliged
to buy back participations held by third parties. Where this is not the case, other participations held by third parties are presented as
non-controlling interests in equity.
Business combination
Business combinations are acquisitions of the control over assets and liabilities that constitutes a business and are accounted for in
accordance with IFRS 3,by applying the so-called acquisition method which provides for:
•  the identification of the buyer and the determination of the acquisition date;
•  the determination of the cost of the business combination (commonly referred to as the purchase price); and
•  the allocation, at the acquisition date, of the purchase cost to the identifiable acquired assets and the identifiable assumed liabilities.
The buyer is the entity that obtains control of the business, and the acquisition date is the date on which the buyer actually gains
control over the acquired business or assets.
The acquisition cost is measured as the sum of the consideration transferred measured at its acquisition date fair value, including
contingent consideration, liabilities assumed towards the previous owners and the amount of any non-controlling interests. For
each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in the
administrative expenses.
Any contingent consideration will be recognised by the acquirer at fair value at the acquisition date. Change in fair value of contingent
consideration classified as an asset or liability is accounted for according to IFRS 9.
At the acquisition date, the assets acquired and liabilities assumed in the context of a business combination are initially recognized
at fair value. In this context, the Group mainly applies the following assumptions and hypotheses:
•  the fair value of financial instruments is estimated based on market quotations at the acquisition date for instruments traded on
active markets, or through internal valuation models for other financial instruments;
•  the valuation approaches used to determine the value and useful life of definite life intangible assets, such as customer relationships,
distribution agreements, and software, are in line with the most widespread market practices. Depending on the nature of the
intangible asset being estimated, one or a combination of the following approaches are usually employed:
 - Market approach, based on multiples or prices from market transactions involving the sale of comparable assets;
 - Income approach, based on the present value of expected future income streams from the asset;
 - Cost approach, based on the reproduction or replacement cost adjusted for depreciation, obsolescence, and tax effects;
•  the fair value of insurance assets and liabilities primarily considers the sum of: i) the present value at market interest rates of
expected future cash flows; ii) a margin of prudence for the risk and uncertainty associated with the present value of future
cash flows; and iii) a margin for the remuneration of invested capital calculated using a cost of capital approach. Additionally, in
accordance with paragraph B5 of IFRS 17, acquired insurance contracts that cover events that have already occurred but whose
financial effects are still uncertain are considered part of the residual coverage liability and not part of the liability for incurred claims.
Consequently, the General Measurement Model (GMM) is applied to these contracts. The related insurance revenues will reflect
the portion of the premium received from the insured attributable to the services provided in the period and are presented within
the insurance service results.
Goodwill is initially measured at cost being the excess of the aggregate acquisition cost over the net value of the identifiable assets
acquired and liabilities assumed. If this amount is greater than acquisition cost, difference is recognized in profit and loss (badwill).
If a business combination is achieved in stages, previously held interests are remeasured at fair value at the acquisition date and the
resulting gains and losses are recognized in profit or loss.
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Consolidated Financial Statements
Investments in associates and joint ventures
The investments in associates and joint ventures are consolidated trough the equity method.
An associate is an entity over which the investor has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies. If an investor holds,
directly or indirectly through subsidiaries, 20% or more of the voting power of the investee, it is presumed that the investor has
significant influence.
Typically, a joint control arrangement is a contractual arrangement in which decisions about the relevant activities require the
unanimous consent of all parties sharing control. Joint arrangements can be classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint
venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement.
Generali Group has assessed the nature of its current joint arrangements and determined them as joint ventures.
The considerations made in determining significant influence or joint control are similar to those necessary to determine control over
subsidiaries. Investments in associates and joint ventures are accounted for using the equity method and they are initially recognized
at cost, which includes goodwill arising on acquisition.
Any excess between the share of interest in the net fair value of the identifiable assets and liabilities of the investee compared to the
initial cost is recognized in the income statement at the date of acquisition. The carrying amount of the investment is subsequently
adjusted to recognize changes in the Group’s share of the net assets of the associate or joint venture since the acquisition date.
The income statement reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of
those investees is presented as part of the Group’s OCI. Dividends receivable from associates are recognized as a reduction in the
carrying amount of the investment.
At each reporting date, after application of the equity method the Group determines whether there is objective evidence that the
investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as
the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss as
share of losses of an associate in the related income result. Where the Group’s share of losses in an associate equals or exceeds its
interest in the associate, including any other unsecured long-term receivables, the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the associate or joint venture.
Upon loss of significant influence over the associate or joint control over the joint venture (in the event that this does not result in the
retention of significant influence) the Group measures and recognizes the retained interest at its fair value. Any difference between
the net proceeds and the fair value of the retained interest and the carrying amount is recognized in the income statement and gains
and losses previously recorded directly through OCI are reversed and recorded through the income statement.
Investments in associated companies and joint ventures underlying contracts with direct participation features are measured at
fair value through profit or loss, according to IFRS 17 Amendment to IAS 28 Investments in Associates and Joint Ventures which
foresees that when an investment in an associated company or a joint venture is held by, or is held indirectly through, an entity that is
a venture capital organisation, or a mutual fund, unit trust and similar entities including investment-linked insurance funds, the entity
may elect to measure that investment at fair value through profit or loss in accordance with IFRS 9.
Significant judgements in determining control, joint control and
significant influence over an entity
The control is normally ensured by the full ownership of the voting rights, having thus the ability to direct the relevant activities and
consequently being exposed to the variability of results arising from those activities.
The Group controls all the companies for which holds more than half of the voting rights. In three cases the Group controls the
company owning half of the voting rights, being exposed to the variability of returns that depend on the policies that the Group, in
substance, has the power to direct.
To a minor extent, the Group holds interests in associates and joint ventures. The agreements under which the Group has joint
control of a separate vehicle are qualified as joint ventures where they give rights to the net assets.
In two cases, the Group has no significant influence on a subject for which it holds more than 20% of the voting rights as the
government structure is such that the Group, in substance, does not have the power to participate in financial and operating policies
of the investee.
Regardless of the legal form of the investment, the evaluation of the control is made considering the real power on the investee and
the practical ability to influence relevant activities, regardless of the voting rights held by the parent company or its subsidiaries.
In the Annexes to the consolidated financial statements the list of fully consolidated subsidiaries and of associated and joint ventures
valued using the equity method included in consolidated financial statements as at 31 December 2024 is presented. Unless otherwise
stated, the Annex shows the proportion of ownership interest held by the Group which equals the voting rights of the Group.
The qualitative and quantitative disclosures required by IFRS 12 - Disclosure of Interests in Other Entities are provided in the chapter
Disclosures on interests in other entities in section Information on consolidation area and related operations.
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Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the
date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at
the reporting date.
Differences are recognised in profit or loss with the exception of the monetary items that are designated as part of the hedge of
the Group’s net investment of a foreign operation. These are recognised in other comprehensive income until the net investment is
disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange
differences on those monetary items are also recorded in other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the
dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair
value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e. translation differences on items whose
fair value gain or loss is recognised in other comprehensive income or profit or loss are recognised in other comprehensive income
or profit or loss, respectively).
IAS 29 - Financial Reporting in Hyperinflationary Economies
application
At 31 December 2024, as in the previous year, IAS 29 - Financial Reporting in Hyperinflationary Economies to the financial statement
values of the Argentine companies of the Group (Caja de Seguros S.A, Europ Assistance Argentina S.A, Caja de Ahorro y Seguro
S.A., Ritenere S.A) is required, due to the fact that the cumulative inflation rate over three years exceeds 100%.
The financial statements items of the abovementioned Argentine companies have been restated, applying the Argentine Consumer
Price Index, which reflects the change of general purchasing power. In particular, the following items have been restated at the unit
current at the end of the reporting period:
•  non-monetary assets and liabilities;
•  all items of comprehensive income, applying the change of the general price index from the date when income and expenses were
initially registered in the financial statements;
•  the items of the income statement have been restated at the closing exchange rate;
•  restatement in the first period of application of the standard of the components of owners’ equity, except retained earnings and
any revaluation surplus, applying the Consumer Price Index from the dates the components were contributed. Restated retained
earnings derive from the restatement of assets and liabilities;
•  restatement at the end of the period of the components of owner’s equity, applying the Consumer Price Index at the beginning of
the period.
The effects of reassessment until 31 December 2023 are included in the opening balance of shareholder’s equity. The impacts at
consolidated level are not material and do not require the presentation of the statements of Argentine companies.
Accounting principles
The accounting standards adopted in preparing the consolidated financial statements, and the contents of the items in the financial
statements are presented in this section.
New accounting principles, changes in the accounting rules and in
the financial statements
Amendments that shall be applied from 1 January 2024
New amendments to existing standards, effective from 1 January, are illustrated below.
Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model
Rules
On 23 May 2023, IASB published the document International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 to clarify
the application of IAS 12 -Income Taxes to income taxes arising from tax law enacted or substantively enacted to implement the Pillar
Two model rules published by the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on
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Consolidated Financial Statements
Base Erosion and Profit Shifting (BEPS) according to which large Multinational Entities Groups (more than € 750 million turnover) pay
a minimum level of tax (15%) on income arising in each of the jurisdictions where they run their businesses. The regulation has been
implemented in the European Union through the EU Council Directive EU 2022/2523 of 14 December 2022. On 8 November 2023,
the Amendment has been endorsed by the European Union.
Considering that the legislation in question entered into force starting from 2024 and, in particular, in Italy, the provisions of the
Directive were transported into Italian law with Legislative Decree No. 209/2023, this Amendment has been applied starting from 1
January 2024.
For details on the application of this Amendment, please refer to the chapter Income taxes in the Notes.
Other new accounting principles which are not significant for the Group
Below are reported the Amendments published by the IASB in force from 1 January 2014 and which are expected to have marginal
or completely not significant impacts for the Group.
Standard Amendments Date of publication Effective date
IAS 1
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as
Current or Non-current Date
23 January 2020 1 January 2024
IAS 1
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as
Current or Non-current - Deferral of Effective Date
15 July 2020 1 January 2024
IAS 1
Amendments to IAS 1 Presentation of Financial Statements: Non-current Liabilities with
Covenants
31 October 2022 1 January 2024
IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback 22 September 2022 1 January 2024
IAS 7
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: 
Disclosures: Supplier Finance Arrangements
25 May 2023 1 January 2024
New accounting principles and changes to existing ones that are not yet
applicable
Below are reported new Standards and Amendments published by IASB but not yet applicable. In addition to what is described
below, it is reported that on 18 July 2024, IASB published the document Annual Improvements to IFRS Accounting Standards —
Volume 11, which includes minor amendments to five accounting standards. The Amendment will come into effect starting 1 January
2026, and, to date, has not yet been approved by the European Union.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability
On 15 August 2023, IASB published Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability. This Amendment introduces a consistent approach in assessing whether a currency can be exchanged into another
currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. Considering the currency
exposures held by the Group and the current macroeconomic conditions, the potential estimated impacts linked to the future
application of the Amendment are not significant for the Group.
The Amendment will be effective from 1 January 2025. The Amendment has been endorsed by the European Union on 12 November
2024.
Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7)
On 30 May 2024, the IASB published the document Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7). The Amendment will be effective from 1 January 2026. To date, the Amendment has not yet
been endorsed by the European Union.
The Amendment clarifies some aspects relating to the derecognition of financial liabilities and the classification of certain classes of
financial assets and introduces new disclosure requirements for certain classes of financial instruments.
With reference to the clarifications on the derecognition of financial liabilities, the Amendment clarifies the accounting for the
derecognition of a financial liability in case of settlement made using an electronic payment system. Considering the specificity of the
Amendment, there are no impacts on the Group’s financial statements.
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For what concerns the classification of certain financial assets, the Amendment clarifies how to consider any contractual terms that
change the timing or amount of contractual cash flows in determining whether a financial instrument qualifies as a basic lending
arrangement. This assessment should focus more on what is being compensated, rather than on the amount of the compensation,
which however may be an indicator that the compensation relates to other than basic lending risks (such as, for example, the time
value of money or credit risk).
In the event that there are contractual terms that change the timing or amount of contractual cash flows of the financial instrument, it
is necessary to assess whether the contractual cash flows that would occur before and after the occurrence of the contingent event
(without estimating the probability of its occurrence) are always consistent with the characteristics of a “basic lending arrangement”.
If the nature of the contingent event is not directly related to the features of a “basic lending arrangement”, for example if the
contractual interest rate of a financial instrument is linked to carbon emission reduction targets, the SPPI test is passed if and only if,
in all contractually possible scenarios, the contractual cash flows are not significantly different from the contractual cash flows on a
financial instrument with identical contractual terms, but without the contingent feature.
In order to make an initial estimate of the possible impacts related to the application of the Amendment, the Group has carried
out a preliminary analysis of the SPPI test methodology and found that it is substantially aligned with the provisions included in the
Amendment.
The Group has also conducted a preliminary quantitative analysis of its current portfolio of debt instruments. This analysis focused
on ESG-linked securities, which represent the main category among the Group’s financial investments that could present contingent
events not always consistent with the characteristics of a ‘basic lending arrangement.’ As of 31 December 2024, all securities for
which the preliminary analysis was conducted pass the SPPI test, based on a maximum tolerable threshold. Therefore, no significant
impact is expected on the classification of the Group’s current portfolio of financial instruments.
Finally, with reference to the new disclosure requirements, the Amendment requires specific disclosure for those contingent events
that change the timing and amount of contractual cash flows of a financial instrument that are not directly related to basic lending
risks. In particular, the Amendment requires for financial assets and liabilities measured at amortized cost and for assets measured
at fair value through other comprehensive income:
•  a qualitative description of the nature of the contingent event;
•  quantitative information about the possible changes to contractual cash flows that could result from those contractual terms; and
•  the gross carrying amount of financial assets and the amortised cost of financial liabilities subject to those contractual terms.
The Group is analyzing the new disclosure requirement in order to align the financial statement disclosures to the amendments
introduced.
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity
On December 18, 2024, the IASB published the Amendment to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity, aimed at clarifying the reporting of the financial effects of electricity contracts dependent on natural events, which are often
structured as power purchase agreements.
The Group does not hold contracts with such characteristics.
The new principle will come into effect starting January 1, 2026, and as of today, the principle has not yet been endorsed by the
European Union.
IFRS 18 Presentation and Disclosure in Financial Statements
On 9 April 2024, the IASB published the new standard IFRS 18 Presentation and Disclosure in Financial Statements, which replaces
IAS 1 Presentation of Financial Statements.
IFRS 18 aims to improve the disclosure on entity performance in terms of comparability, transparency and usefulness of the
information published through the financial statements, and introduces substantial changes in its structure with particular reference
to the income statement.
In particular, the new Standard introduces three defined categories for revenues and costs – operating, investment and financing – to
improve the structure of the income statement and requires companies to provide new defined subtotals, including operating profit:
the improved structure and new subtotals will provide investors with a consistent starting point for analyzing entity performance and
facilitate comparison.
Furthermore, the new Standard introduces the request for disclosure in the explanatory notes on management-defined performance
measures (MPMs) and new principles for the grouping (aggregation and disaggregation) of information in the financial statements.
The Group is analyzing the new Standard in order to align financial statement disclosures to the changes introduced.
The new Standard will come into force starting from 1 January 2027. To date, the Standard has not yet been endorsed by the
European Union.
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Consolidated Financial Statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On 9 May 2024, the IASB published the new standard IFRS 19 Subsidiaries without Public Accountability: Disclosures with the aim
of simplifying the obligations in terms of disclosures to be reported in the notes to the financial statements of companies controlled
by groups that apply international accounting standards.
The application of IFRS 19 aims to reduce the costs of preparing financial statements while maintaining the necessary level of
usefulness of the information for users of their financial statements.
Subsidiaries that fall within the scope of application of IFRS 19 are those entities that do not have public accountability - that is, if they
do not have shares or debt instruments listed on an active market and do not hold asset in a fiduciary capacity for a broad group of
outsiders as one of their primary businesses - and whose parent company applies the international accounting standards IAS/IFRS
in the preparation of its public consolidated financial statements.
The Group is evaluating the impact of this Standard on the entities within the scope of consolidation.
The new Standard will come into force starting from 1 January 2027. To date, the Standard has not yet been endorsed by the
European Union.
Balance sheet - Assets
Intangible assets
In accordance with IAS 38 – Intangible Assets, an intangible asset is recognised if, and only if, it is identifiable and controllable,
and it is probable that the expected future economic benefits attributable to the asset will flow to the company and the cost of the
asset can be measured reliably. This category includes goodwill and other intangible assets, such as goodwill recognised in the
separate financial statements of the consolidated companies, application software for multi-year use and intangible assets arising
from insurance business combinations and related to bancassurance operations.
This item also includes right of use of leased assets which are allocated to the individual macro-items in the financial statements on
the basis of the nature of the assets.
Goodwill
Goodwill is the estimate of future benefits not separately identifiable acquired in a business combination. At the date of acquisition,
the goodwill is equal to the excess between the sum of the consideration transferred, including contingent consideration, liabilities
assumed towards the previous owners the fair value of non-controlling interests (as well as, in a business combination achieved in
stages, the fair value of the acquirer’s previously held equity interest in the acquiree) and the fair value of net amount of the separately
identifiable assets and liabilities acquired.
After initial recognition, in accordance with IAS 36 - Impairment of Assets, goodwill is not subject to amortization but is tested for
impairment at least annually to identify any permanent reductions in value.
The purpose of the impairment test on goodwill is to identify the existence of any its impairment losses. In this context, cash-
generating units or group of cash-generating units to which the goodwill is allocated are identified and tested for impairment. Cash-
generating units or group of cash-generating units (hereinafter “CGU”) usually represent the consolidated units within the same
primary segment in each country. Any impairment is equal to the difference, if negative, between the recoverable amount and the
carrying amount, which is the higher between the fair value of the cash-generating unit and its value in use, i.e. the present value of
the future cash flows expected to be derived from the CGU itself. The recoverable value of the CGU is determined on the basis of
current market quotation or usually adopted valuation techniques (mainly Dividend Discount Model - DDM or alternatively Market
Value Balance Sheet or appraisal value). The DDM is a variant of the Cash flows method. In particular, this method, in the Excess
Capital methodology, states that the economic value of an entity is equal to the discounted dividends flow, together with any excess
capital quota, calculated considering the capital requirements consistent with the Risk Appetite Framework (RAF) defined by the
Group for specific CGU. Such models are based on the projections on budgets/forecasts approved by management or conservative
or prudential assumptions covering a maximum period of five years. Cash flow projections for a period longer than five years are
extrapolated using estimated among others growth rates. The discount rates reflect the free risk rate, adjusted to take into account
specific risks. Should any previous impairment losses no longer exist, the book value cannot be restored.
Profits or losses arising from the transfer to third parties of interests that result in the loss of control include the related portion of
goodwill.
For further details see section Information on consolidation area and related operations in the Notes.
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Other intangible assets
Intangible assets with finite useful life are measured at acquisition or production cost less any accumulated amortisation and
impairment losses. Specifically, the purchased software expenses are capitalised on the basis of the cost for purchase and use.
Software development costs are recognized as intangible assets when their amount can be reliably determined; there is the intention,
availability of financial resources, and technical capability to make the asset available for use; and it is possible to demonstrate that
the asset is capable of producing future economic benefits.
The amortisation is based on the useful life and begins when the asset is available for use. In particular, licenses for the use of
software and any development costs are amortised based on the expected technological obsolescence and in any case generally
no longer than a period of 10 years. Intangible assets related to bancassurance operations are generally amortised over a period
corresponding to the duration of the contracts.
Other intangible assets with indefinite useful life are not subject to amortization but are periodically tested for impairment.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.
This item also includes the right-of-use assets arising from intangible assets under lease, which are allocated to individual balance
sheet items based on the nature of the asset and accounted for in accordance with IFRS 16. These rights of use of leased assets
are subject to the recoverability test, carried out with a view to the overall Cash-Generating Unit, as illustrated in the section Leasing.
Tangible assets
This item comprises land and buildings used for own activities and other tangible assets.
Land and buildings (Self-Used)
In accordance with IAS 16, this item includes land and buildings used for own activities.
Land and buildings (self-used) are measured applying the cost model set out by IAS 16. The cost of the self-used property comprises
purchase price and any directly attributable expenditure.
The depreciation is systematically calculated applying specific economic/technical rates which are determined locally in accordance
with the residual value over the useful economic life of each individual component of the property. For the purposes of determining the
useful life of the different types of properties, the Group has adopted appropriate internal procedures which have led to determining
a useful life of between 20 and 125 years.
Buildings are measured at cost less any accumulated depreciation and impairment losses. Lands are not depreciated but periodically
tested for impairment losses. Maintenance costs, which determine an increase in value, in the functionality or in the expected useful
life of the asset, are directly charged to the assets to which they refer and depreciated in accordance with the residual value over the
assets’ useful economic life. Costs of the day-to-day servicing are charged to the profit and loss account.
For land and buildings underlying contracts with direct participation features (for a share at least equal to or greater than 50%), the
Group adopts fair value measurement through profit or loss, according to the model foreseen by IAS 40 and in line with provisions of
paragraph 29A of IAS 16. For additional details on the measurement of these land and buildings, please refer to section Fair Value.
This item also includes right of use of leased assets that are allocated to the specific balance sheet items based on the nature of
the assets and that are accounted for according to IFRS 16. These right-of-use assets acquired through leasing are subject to a
recoverability test, conducted from the perspective of the overall Cash-Generating Unit, as illustrated in the Leasing section.
Other tangible assets
Property, plant, equipment, furniture and property inventories are classified in this item as property inventory. In particular, property,
plant, equipment and furniture, as provided by IAS 16, are initially measured at cost and subsequently recognised net of any
accumulated depreciation and any impairment losses. They are systematically depreciated on the basis of economic/technical rates
determined in accordance with their residual value over their useful economic life. Other tangible assets are depreciated over useful
lives of between 2 and 16 years.
Inventories, as stated by IAS 2 - Inventories, are measured at the lower of cost (including cost of purchase, cost of conversion and
cost incurred to bring the inventories to their present location and condition) and net realizable value, i.e. the estimated selling price
in the ordinary course of business less the estimated cost of completion and costs to sell.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from
its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year
end and adjusted prospectively, if appropriate.
This item also includes right of use of leased assets that are allocated to the specific balance sheet items based on the nature of
the assets and that are accounted for according to IFRS 16. These right-of-use assets acquired through leasing are subject to a
recoverability test, conducted from the perspective of the overall Cash-Generating Unit, as illustrated in the Leasing section.
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Consolidated Financial Statements
Capitalization of borrowing costs
Costs directly attributable to the acquisition, construction or production of an asset that necessarily take a substantial period of time
to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the
period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.
Insurance assets and liabilities
The IFRS 17 standard establishes the accounting rules for insurance contracts based on a measurement model structured on a
Building Block Approach based on the Fulfilment Cash Flows (FCF), which comprise the present value of expected cash flows,
weighted by the probability of occurrence (Present Value of Future Cash Flows – PVFCF), and the adjustment for non-financial risk
(Risk Adjustment - RA), and on the expected value of the unearned profit for the services to be provided (Contractual Service Margin
- CSM). The adoption of a simplified approach (Premium Allocation Approach - PAA) is allowed if the contractual coverage period is
less than one year or if the model used for the measurement provides a reasonable approximation with respect to the building block
approach. The simplification applies to the measurement of the Liability for Remaining Coverage (LRC), which does not have to be
broken down into PVFCF, RA and CSM, but is essentially based on the premium received net of acquisition costs. As it pertains
to the Liability for Incurred Claims (LIC), the measurement is applied consistently with the General Measurement Model (GMM), for
which all the costs for claims incurred but not yet settled are subject to discounting and the calculation of the Risk Adjustment is
executed accordingly.
The Variable Fee Approach (VFA) is envisaged for contracts entailing the direct participation of the policyholders in the Company’s
financial and/or insurance results; this is an alternative model to GMM, which provides for a different treatment of changes in cash
flows linked to financial variables whose impact is reported in the CSM rather than directly in the other comprehensive income.
Scope and separation of components of an insurance contract
IFRS 17 provisions apply to all contracts that meet the definition of an insurance contract, including:
•  insurance contracts, including reinsurance contracts issued;
•  reinsurance contracts held; and
•  investment contracts with discretionary participation features (DPF) issued if the entity also issues insurance contracts.
Following the definition envisaged by IFRS 17, the main characteristics that distinguish an insurance contract are:
•  the uncertainty of the insured event (i.e. the moment when the insured event will occur is uncertain, and/or the probability of the
event occurring);
•  the insurable interest (the contract envisages that the incurring of the uncertain and damaging event is a precondition for the
payment towards the policyholder);
•  the presence of an insurance risk that would imply the payment of an additional amount, whereas this additional amount is
uncertain rather than a consequence of the policyholder’s decision;
•  the significance of the insurance risk (that is, the additional amounts paid by the entity to the policyholder are significant in each
scenario, excluding ones that do not have commercial substance).
At initial classification, then, a contract is qualified as an insurance contract based on valuation of the significance of the transferred
insurance risk. Such valuation requires the use of professional judgement and is based on a qualitative analysis that considers also
minimum thresholds taken as a reference, established at Group level.
Some insurance contracts provide exclusively insurance coverage (i.e. most of short term P&C contracts), whereas other types of
insurance contracts can contain:
•  investments components (e.g. deposits falling into the definition of financial instruments where one counterpart receives a specified
amount of money, committing to repay that amount with the addition of given interests);
•  service components (e.g. services different from the ones classifiable as insurance services, such as individual pension schemes
management services, risk management services, asset management or securities custody services); and
•  embedded derivatives (e.g. options related to equity indexes).
The above-mentioned components are considered and measured separately, according to the requirements of the related reference
Standard, only if the conditions specifically provided by IFRS 17 are met.
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In particular, the investment component is distinct and separated from the host insurance contract if and only if both the following
criteria are met:
•  the investment component and the insurance component are not strictly interrelated. Both the components are strictly interrelated
if the value of one of the components varies the other component’s value, and consequently the entity is not able to value one
component without considering the other one. Both components are also strictly interrelated if the policyholder cannot benefit from
one component if the other one is not present;
•  a contract with equivalent terms is sold, or could be, separately on the same market or in the same jurisdiction by entities that
issue insurance contracts.
Investment components that are distinct from the host insurance contract, unless the same would represent an investment contract
with discretionary participation within IFRS 17 scope of application, are accounted for as financial liabilities and measured at fair value
through profit or loss or at amortized cost, in accordance with IFRS 9.
If the investment component does not meet the above-mentioned criteria, it is identified as a non-distinct investment component
and therefore IFRS17 is applied to the considered contract in its entirety (there is no separation from the host insurance contract).
This category includes insurance contracts with discretionary participation features (DPF) that provide a profit-sharing mechanism
with policyholders. Therefore, apart from transferring the significant insurance risk to the issuer, a contract with direct participation
features provides a significant investment service component. Underlying items could comprise different cases, among which a
reference portfolio of assets, insurance-related features, the equity of an entity, or a specified subset of the equity of an entity. The
nature of the underlying items depends mainly on local regulations and products’ features.
The Group classifies as DPF those contracts for which:
•  contractual clauses specify that the policyholder participates in a share of a clearly identified pool of underlying items;
•  the Group envisages to correspond to the policyholder an amount equal to a substantial share of the returns valued through fair
value of the underlying items; and
•  the Group envisages that each variation of the amounts to correspond to the policyholder should be attributable for a substantial
share of the variation of the fair value of the underlying items.
The Group assesses whether the above conditions are met using its own expectations at the inception of the contract and does not
plan to reassess the conditions thereafter unless the contract is modified.
With reference to service component, the latter is separately accounted for according to IFRS 15 if the cash flows and their associated
risks are not closely related to those associated with the primary insurance contract and, therefore, there is no significant interrelation
of the service with the insurance component. The Group identified a limited number of insurance contracts that include embedded
significant obligations for the provision of non-insurance goods and services for which the accounting treatment under IFRS15 has
been chosen.
Level of aggregation
IFRS 17 requires an entity to aggregate at inception insurance contracts issued and reinsurance held contracts in groups for
recognition, measurement, presentation and disclosure. The groups are established at initial recognition and their composition shall
not be reassessed subsequently.
The starting point for aggregating contracts is to identify portfolios of insurance contracts. A portfolio comprises contracts that are
subject to similar risks and are managed together.
The assessment of “similar risks” should take into consideration the prevailing risks of the contracts. In case the prevailing risks are
similar, then two contracts can be considered as exposed to similar risks.
The Group applies the level of aggregation requested by IFRS17, valuing portfolios of contracts on the basis of a variety of
characteristics that consider underlying contracts risk as well as products features that can influence management and profitability
of contracts. A non-exhaustive list of segmentation drivers can be represented by:
•  line of business;
•  individual policies vs group policies;
•  contract features that imply different measurement models (e.g. multiyear vs annual contracts or participating contract vs non
participating contract).
The Group also considers currency segmentation as a driver for portfolio definition, whenever it has a significant impact on profitability.
In case of contracts sharing the Fulfilment Cash Flows (so called, mutualized business), the portfolio of insurance contracts is
generally set in line with the level of granularity where mutualisation applies.
With reference to reinsurance contracts, the Group’s position is that a portfolio of reinsurance contracts could be composed of
one or more reinsurance treaties that are managed together if exposed to similar risks. Types of coverage (proportional or non-
proportional, Loss Occurring or Risk Attaching), as well as the nature of reinsurance contracts, can be considered as drivers that
may be used to determine whether reinsurance contracts belong to the same portfolio.
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Consolidated Financial Statements
The same group of contracts cannot include contracts issued more than one year apart in the same group. Therefore, each
portfolio should be disaggregated into annual cohorts, or cohorts consisting of periods of less than one year. The Group applies
the amendment approved in the endorsement phase of IFRS 17 and homologated by European Commission (Regulation EU
2021/2036) that grants at Art.2 an entity applying IFRS 17 the option (i.e., Carve-out option) to not apply the annual cohort
requirement to:
•  groups of insurance contracts with direct participation features and groups of investment contracts with discretionary participation
features as defined in Appendix A to the Annex to the Regulation, and with cash flows that affect or are affected by cash flows to
policyholders of other contracts as laid down in paragraphs B67 and B68 of Appendix B of that Annex (the so-called contracts
characterized by intergenerational cash flows mutualisation);
•  groups of insurance contracts characterized by cash flow matching and that meet the conditions laid down in Article 77b of
Directive 2009/138/EC and have been approved by supervisory authorities for the application of the matching adjustment.
At Group level, the following guidelines for the application of the carve-out option were applied:
•  insurance companies operating within the EU, with regard to the business with direct participation features, including hybrid
products with mutualized characteristics (that have a traditional business component and a Unit Linked business component)
applied the carve-out option;
•  insurance companies operating outside the EU, with regard to the business with direct participation features, including hybrid
products with mutualized characteristics (that have a traditional business component and a Unit Linked business component)
applied the carve-out option to the extent that IFRS 17 requirements for local financial statements do not require the annual
segregation of annual cohorts;
•  for pure Unit-Linked business, irrespective of the territory in which the insurance companies operates, the cohorts requirement
shall be applied as per IFRS 17.22.
Finally, contracts within each portfolio shall be divided on initial recognition taking into consideration the related profitability, in the
following three groups:
•  groups of contracts that are onerous at the first recognition date;
•  groups of contracts that at initial recognition have no significant probabilities of becoming onerous later in time; and
•  group of the remaining contracts in the portfolio.
The Group adopts an approach for which short term contracts under the Premium Allocation Approach measuring model are
predominantly considered without any probability of becoming onerous or onerous at the first recognition date. Other types of
contracts are, on the other hand, predominantly considered as having a significant probability of becoming onerous or onerous
at the first recognition date, as non-short-term contracts that at the first recognition date do not have any significant probability of
becoming onerous, are considered residual.
Measurement models
General Model Measurement
The GMM represents the standard measurement model envisaged by the standard for the measurement of insurance assets and
liabilities.
Within the Life segment, the Group applies the GMM measurement model mainly to pure risk multiyear products and traditional
savings policies not eligible for application of the VFA business. Within the P&C segment, the broad eligibility for the simplified PAA
model determines a residual application of the standard measurement model.
Variable Fee Approach
The VFA is the mandatory measurement model to be applied for insurance contracts with direct participation features.
The Group applies the VFA predominantly to the insurance portfolio of the Life segment. The VFA measurement model is mainly
applied to traditional savings policies underwritten in the EU market and unit-linked policies. As mentioned before, for contracts
characterized by intergenerational cash flows mutualisation, the Group makes use of the exemption from the application of the
requirement of annual cohorts (i.e. carve-out option). Finally, as part of this approach, the Group applies for some groups of contracts
the option provided for in paragraph B115 of IFRS 17 (so-called risk mitigation option).
Premium Allocation Approach
This is a simplified method allowed for the measurement of the Liability for the Remaining Coverage (LRC) provided that its
measurement does not differ substantially from the General Measurement Model, or only if the contract has a coverage period equal
to one year or less. Using the Premium Allocation Approach, the Liability for Remaining Coverage is equal to premiums received at
initial recognition less any insurance acquisition cash flows and any amounts recognized on a pro-rata temporis basis as insurance
revenues at the closing date. The GMM remains applicable for the measurement of the Liability for Incurred Claims.
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At Group level, this model is predominantly applied to the insurance portfolio of the P&C segment. With reference to the life segment,
the application of this measurement model is limited only to groups of contracts with a duration not exceeding one year.
Initial recognition
A group of insurance contracts issued is recognized from the earliest of the following conditions:
•  the beginning of the coverage period;
•  the date when the first payment from a policyholder in the group becomes due;
•  for a group of onerous contracts, when the group becomes onerous.
With reference to reinsurance contracts held, the initial recognition is set:
•  at the beginning of the coverage period, except reinsurance contracts for which the initial recognition is postponed until the date
that the underlying insurance contract is initially recognized;
•  at the previous date when the entity recognizes an onerous group of underlying insurance contracts if the entity entered into the
related reinsurance contract at or before that date.
Initial recognition of contracts acquired in a transfer of insurance contracts or in a business combination is set at the acquisition date.
At the first recognition date, groups of insurance contracts are measured as a sum of:
•  Fulfilment Cash Flows, that comprise expected Future Cash Flows estimates, adjusted to reflect the time value of money, and for
non-financial risk; and
•  Contractual Service Margin
Contract boundaries valuation on initial recognition of insurance contracts
The measurement of a group of insurance contracts includes all the expected cash flows within the boundary of each insurance
contract within the group. Generali Group considers the contract boundary requirements as linked to the entity’s ability to fully reprice
a contract. All future premiums and policyholder options should be included in the initial projections if the entity does not have the
ability to fully reprice the contract when the premium is paid or the option is exercised.
According to this requirement, the contract boundaries will be set considering the insurance contract as a whole and not considering
each single component independently. This leads to differences compared to the current approach applied in Solvency II, with
particular reference to multi-risk contracts, where different risk components may have different contract boundaries.
In the case where premiums are collected first by an intermediary, who acts in the name and on behalf of the policyholder, receivables
towards that intermediary are considered within the contractual boundaries of the insurance contract and consequently considered
in the Fulfilment Cash Flows, according to IFRS 17 provisions.
Expected Future Cash Flows
Expected Future Cash Flows are the first element of Fulfilment Cash Flows and represent an estimate of expected future cash flows
within the contract boundaries.
The estimate of future cash flows shall: i) incorporate, in an unbiased way, all reasonable and supportable information available;
ii) reflect the perspective of the entity, provided that the estimates of any relevant market variables are consistent with observable
market prices for those variables, iii) be current and iv) be explicit.
The following is an illustrative list of the different types of future cash flows to consider in the projection:
•  payments owed by policyholders as a contractual obligation (i.e. annual premiums payment);
•  payments due to policyholders (or other beneficiaries) from the insurance company, such as maturities, claims, surrenders, etc.;
•  options related to the above-mentioned flows, due to a modification of the insurance obligation as a consequence of the exercise
of contractual options by policyholders;
•  expenses directly attributable to Fulfilment Cash Flows, commissions, etc.;
•  expenses that the insurance company will incur to provide an investment-return service (for insurance contracts without direct
participation features), or an investments-related service (for insurance contracts with direct participation features);
•  transactions’ taxes (such as premium taxes, VAT, goods and services taxes) and duties (such as fire brigade charges), that derive
directly from existing insurance contracts or that can be attributed to them reasonably and coherently;
•  payments owed by the insurance company when acting in a fiduciary capacity to meet fiscal obligations incurred by the policyholder,
and the related inflows;
•  all other expenses specifically chargeable to the policyholder under the terms of the contract.
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Consolidated Financial Statements
On the other hand, cash flows excluded from the projection (according to IFRS 17 B66) are:
•  investment returns;
•  cash flows arising from future insurance contracts;
•  payments and receipts of income taxes that the insurance company does not pay, or receive, when acting in a fiduciary capacity,
or that are not specifically chargeable to the policyholder under the terms of the contract;
•  cash flows deriving from components separated from the insurance contract and accounted for using other applicable standards.
With regard to the P&C segment, future cash flows are based on the estimate of the ultimate cost of the claim, an assessment
that the Group adopts using several statistical-actuarial methods, with different parameterizations. Each method and related
parameterization, applied to homogeneous risk groups, represents a scenario based on specific and realistic assumptions, deemed
adequate for the projection and development of the underlying claims, and that are in line with the usual market practices in terms
of actuarial methodology in single jurisdictions in which the Group operates.
With regard to the Life segment, the main assumptions in terms of risk drivers considered in the projection of future cash flows,
that are performed via actuarial engines and are based on historical data, are mainly related to persistency assumptions (mortality,
longevity, morbidity, surrender rates), directly attributable expenses level, policyholders’ behavior following market’s volatility,
contractual features related to participating options, and discount rates as a consequence of the current market situation.
Time value of money (discount rates)
IFRS 17 requires adjusting the estimates of expected cash flows to reflect the time value of money and the financial risks associated
with those cash flows to the extent that the financial risks are not already included in the cash flow estimates.
In order to comply with the market consistent approach prescribed by IFRS 17, the Group considers a risk neutral approach and
applies a bottom-up approach to define the discount rates to apply to insurance and reinsurance contracts, consistently with the
Solvency II framework, where appropriate.
In detail, the Group’s position is to apply a risk neutral approach for IFRS 17 both for participating and non-participating businesses.
In this context, the IFRS 17 discount curve, for each currency in the portfolio, is determined as the sum of:
•  a risk-free base curve; and
•  an adjustment for the illiquidity premium (so-called IFRS 17 adjustment).
With regard to the risk-free base curve, the approach is aligned with the parameterization and the current Solvency II method. In
particular, the same extrapolation algorithm is applied (i.e., the Smith-Wilson method) and the same convergence rate (i.e. ultimate
forward rate) is used for all currencies.
To determine the IFRS 17 adjustment, the Group considers the average spread of a reference asset portfolio, adjusted to exclude
credit risk components (i.e., risk corrections) and the effect of potential misalignments of cash flows of underlying assets with respect
to the portfolio of liabilities. In particular:
•  for the GMM and PAA businesses, the same Solvency II adjustment is used (i.e., the volatility adjustment);
•  for the VFA business, the IFRS 17 illiquidity premium adjustment is calibrated for each insurance company in order to ensure a
better economic representation of the life business and considers appropriate risk corrections determined based on historical
analyses.
The illiquidity premium of the VFA business is based on the following Group entity specific characteristics:
•  asset mix (instead of the EIOPA reference portfolio considered by Solvency II);
•  a duration ratio aimed at better reflecting the assets and liabilities matching (instead of 65% required by Solvency II).
For some insurance companies of the Group, which operate in countries in which local financial statements are prepared in
accordance with the provisions of IFRS 17 (or an equivalent accounting standard), the Group’s general approach – from the date of
first application of the standard – is tailored to allow for adaptation to local practices, also for the Group’s purposes.
In this regard, starting from 2024, insurance companies in China have been given the option to locally adopt an accounting standard
equivalent to IFRS 17 (i.e., Enterprise Accounting Standard no. 25). This possibility led for the first time to the development of a
consolidated market practice in determining IFRS 17 discount curves. The Group, for its subsidiary Generali China Life Insurance,
which made use of this option as of 31 December 2024, has therefore allowed its general approach to be adapted to local practices,
considered most representative of Chinese business.
In particular, for contracts under the Variable Fee Approach, this has resulted in an update of current rates, while for contracts
measured under the General Measurement Model, in addition to the current rates, the discount rates at the initial recognition date
(so-called locked-in rates) have been also redetermined to ensure a more consistent measurement of these groups of contracts with
local market context. At Group level, this has resulted in a reduction of the current and locked-in value of Present Value of Future
Cash Flows, as well as a related increase of the value of the Contractual Service Margin, with a non-significant change in insurance
liabilities and Group Shareholder’s equity.
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Tables below include the zero-coupon rate of the main markets in which the Group operates, divided for VFA and not-VFA portfolios.
IFRS 17 discounting curve ZC - Contract portfolios measured under VFA
Currency Italy France Germany Austria Switzerland Spain Czech Republic China
EUR EUR EUR EUR CHF EUR CZK CNY
Maturity
(years)
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1 3.04% 4.15% 2.85% 3.86% 2.75% 3.85% 2.78% 3.77% 0.22% 1.25% 2.88% 3.89% 3.67% 5.19% 1.58% 2.15%
2 2.89% 3.48% 2.70% 3.19% 2.60% 3.18% 2.63% 3.10% 0.19% 1.22% 2.73% 3.22% 3.54% 4.14% 1.64% 2.19%
3 2.89% 3.23% 2.70% 2.94% 2.60% 2.93% 2.63% 2.85% 0.23% 1.18% 2.73% 2.97% 3.53% 3.68% 1.69% 2.29%
4 2.92% 3.14% 2.73% 2.85% 2.63% 2.84% 2.66% 2.76% 0.29% 1.15% 2.76% 2.88% 3.54% 3.49% 1.80% 2.40%
5 2.94% 3.11% 2.75% 2.82% 2.65% 2.81% 2.68% 2.73% 0.34% 1.13% 2.78% 2.85% 3.56% 3.41% 1.92% 2.51%
6 2.97% 3.11% 2.78% 2.82% 2.68% 2.81% 2.71% 2.73% 0.38% 1.14% 2.81% 2.85% 3.59% 3.37% 2.01% 2.58%
7 3.00% 3.12% 2.81% 2.83% 2.71% 2.82% 2.74% 2.74% 0.42% 1.16% 2.84% 2.86% 3.63% 3.36% 2.10% 2.63%
8 3.02% 3.14% 2.83% 2.85% 2.73% 2.84% 2.76% 2.76% 0.46% 1.18% 2.86% 2.88% 3.66% 3.36% 2.16% 2.68%
9 3.04% 3.16% 2.85% 2.87% 2.75% 2.86% 2.78% 2.78% 0.50% 1.21% 2.88% 2.90% 3.69% 3.37% 2.18% 2.73%
10 3.07% 3.18% 2.88% 2.89% 2.78% 2.88% 2.81% 2.80% 0.55% 1.24% 2.91% 2.92% 3.73% 3.38% 2.20% 2.78%
15 3.13% 3.26% 2.94% 2.97% 2.84% 2.96% 2.87% 2.88% 0.81% 1.41% 2.97% 3.00% 3.83% 3.42% 2.42% 3.03%
20 3.06% 3.20% 2.87% 2.91% 2.77% 2.90% 2.80% 2.82% 1.03% 1.56% 2.90% 2.94% 3.83% 3.44% 2.53% 3.26%
25 3.05% 3.18% 2.87% 2.91% 2.77% 2.90% 2.80% 2.83% 1.21% 1.69% 2.90% 2.94% 3.79% 3.45% 2.50% 3.43%
30 3.06% 3.20% 2.89% 2.95% 2.81% 2.94% 2.84% 2.88% 1.36% 1.78% 2.92% 2.98% 3.74% 3.46% 2.56% 3.57%
35 3.07% 3.22% 2.93% 3.00% 2.85% 2.99% 2.88% 2.93% 1.47% 1.86% 2.95% 3.02% 3.70% 3.46% 2.79% 3.69%
40 3.09% 3.23% 2.96% 3.04% 2.90% 3.03% 2.92% 2.98% 1.56% 1.93% 2.98% 3.06% 3.66% 3.46% 3.13% 3.78%
45 3.11% 3.25% 2.99% 3.08% 2.93% 3.07% 2.95% 3.03% 1.64% 1.98% 3.01% 3.10% 3.63% 3.46% 3.47% 3.85%
50 3.13% 3.27% 3.02% 3.11% 2.97% 3.11% 2.98% 3.06% 1.70% 2.02% 3.04% 3.13% 3.60% 3.46% 3.75% 3.91%
IFRS 17 discounting curve ZC - Contract portfolios measured under non - VFA
Currency EUR CHF CZK CNY
Maturity (years) 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1 2.47% 3.56% 0.02% 1.14% 3.83% 5.34% 1.58% 1.97%
2 2.32% 2.89% -0.01% 1.11% 3.70% 4.29% 1.64% 2.01%
3 2.32% 2.64% 0.03% 1.07% 3.69% 3.83% 1.69% 2.11%
4 2.35% 2.55% 0.09% 1.04% 3.70% 3.64% 1.80% 2.22%
5 2.37% 2.52% 0.14% 1.02% 3.72% 3.56% 1.92% 2.33%
6 2.40% 2.52% 0.18% 1.03% 3.75% 3.52% 2.01% 2.40%
7 2.43% 2.53% 0.22% 1.05% 3.79% 3.51% 2.10% 2.45%
8 2.45% 2.55% 0.26% 1.07% 3.82% 3.51% 2.16% 2.50%
9 2.47% 2.57% 0.30% 1.10% 3.85% 3.52% 2.18% 2.55%
10 2.50% 2.59% 0.35% 1.13% 3.89% 3.53% 2.20% 2.60%
15 2.56% 2.67% 0.63% 1.31% 3.99% 3.57% 2.42% 2.87%
20 2.49% 2.61% 0.88% 1.48% 3.98% 3.58% 2.53% 3.12%
25 2.51% 2.63% 1.08% 1.61% 3.92% 3.58% 2.50% 3.32%
30 2.58% 2.70% 1.24% 1.72% 3.86% 3.58% 2.56% 3.47%
35 2.65% 2.77% 1.37% 1.81% 3.80% 3.57% 2.79% 3.60%
40 2.71% 2.84% 1.48% 1.88% 3.75% 3.56% 3.13% 3.70%
45 2.77% 2.90% 1.56% 1.94% 3.71% 3.55% 3.47% 3.78%
50 2.82% 2.95% 1.63% 1.98% 3.67% 3.54% 3.75% 3.85%
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Consolidated Financial Statements
Risk Adjustment
The Risk Adjustment (RA) corresponds to the component of the insurance liability that captures the uncertainty the entity bears
on the amount and timing of cash flows arising from non-financial risk. In evaluating the Risk Adjustment, the Group considers the
following scope of risks:
•  Life and Health Underwriting risks (i.e., mortality and mortality catastrophe, longevity, lapse, morbidity);
•  P&C Underwriting risks (i.e., Reserving risk and Pricing risk, Lapse and CAT risks);
•  Expense risk.
The Group RA reflects the risk diversification at legal entity level only, not benefitting from diversification among different legal entities
and between life and property & casualty segments.
Differently from the Solvency II framework for which the Cost of Capital method is applied to quantify the Risk Margin, IFRS 17 does
not prescribe a specific method to calculate the Risk Adjustment. In this context, the Group defines the RA as the value at risk at the
75th percentile of the PVFCF probability distribution, leveraging the methodology and calculation models developed for the Solvency
II Internal Model.
Similarly to Solvency II, where the Solvency Capital Requirement corresponds to the value at risk of the basic own funds of the
insurance or reinsurance undertaking subject to a confidence level of 99.5% over a period of one year, the percentile considered for
the purposes of calculating RA refers to the probability distribution of losses over a one-year horizon, however applied to the entire
cash flow projection of the liability portfolio.
For the sake of comparison, please note that the 75
th
percentile applied by the Group adopting a “one-year” approach is estimated
to be approximately equivalent, at Group level, to the following percentiles determined on the basis of an “ultimate” view, i.e.,
considering a risk distribution that reflects cash flows volatility on a multi-year horizon, consistent with liability’s duration:
•  the 60
th
percentile for the Life segment – assuming a normal distribution of future cash flows;
•  the 70
th
percentile for the P&C segment – deriving from “ultimate” distribution of P&C Underwriting risks.
Contractual Service Margin
The Contractual Service Margin reflects the estimate of the unearned profit of a group of insurance contracts that has not yet been
recognized in profit or loss at the reporting date, because it relates to future insurance and investment services still to be provided.
The carrying amount of the CSM at the end of the reporting period is equal to the carrying amount at the beginning of the reporting
period adjusted by:
•  the New Business contribution;
•  the impact of changes in non-financial variables on future fulfilment cash flows or experience variances of the reporting period
related to future services (i.e., operating variances). Not-exhaustive examples of these variances, can be represented by updates
of operating assumptions (e.g. persistency assumptions) or by differences between expected and actual cash flows relating to
non-distinct investment components (e.g., surrenders for savings products);
•  the impact of financial variables on current and future fulfilment cash flows (i.e., economic variances), which includes:
 - under the GMM measurement model, interest accreted on CSM in the reporting period. Interest accreted is determined on the
basis of discount rates identified at the date of initial recognition of the group of contracts (the so called locked-in rate);
 - under the VFA measurement model, the change in fair value of the underlying items, the unwinding of discount on the carrying
amount of the CSM determined at current rates, the systematic economic variance due to the expected realization of the real-
world assumptions over risk-free rates in the reporting period and the other non-systematic economic variances;
•  the effect of currency exchange differences;
•  the CSM release in the income statement. This includes a portion of the value of each of the above-listed components (opening
value, new production, accrued interests, non-systematic operational and economic variances) released based on the coverage
units. Additionally, the release of the CSM to the income statement includes the systematic economic variance due to the expected
realization of real-world assumptions compared to risk-free interest rates.
Contractual Service Margin release
IFRS 17 requires calculating the release of the contractual service margin (CSM) in accordance with the pattern of the coverage
units that are determined by considering for each contract the quantity of the benefits provided to the policyholder and its expected
coverage duration.
The coverage unit and the related quantity of benefit are defined by the Group Legal entities following centrally defined Group rules
that vary on the basis of the product’s features and type of coverage:
•  in the case of Saving contracts, the coverage units are generally defined as a function of the assets under management;
•  in the case of contracts providing only insurance services, the coverage units are generally defined as a function of the sum insured;
•  in the case of contracts that envisage a bundling of services, hybrid approaches are generally adopted (e.g., combination of assets
under management and sum insured).
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Future coverage units used to determine the CSM release are generally discounted. In detail:
•  for the GMM business, coverage units are discounted using the reference locked-in curve of each group of insurance contracts,
•  for the VFA business, in order to avoid a non-representative CSM release volatility caused by the fluctuations of interest rates, a
10- year rolling weighted average curve is applied.
The coverage unit mechanics spread over the duration of the insurance contracts the opening and new business CSM as well as the
variances, including the systematic economic variance, defined as the impact on the CSM of the excess of real-world returns over
risk-free rates over a projection horizon that is consistent with the reporting period.
According to the Group’s position, this “systematic” variance reflects the investment-related services provided to the policyholder
and, as such, consistently with IFRS 17 requirements, is considered as an adjustment to the coverage units of the reporting period.
This approach allows the avoidance of the deferral of the systematic economic variance and its concentration towards the end of the
projection horizon (so-called “bow-wave” effect).
The systematic economic variance is determined with expected hypotheses defined at the beginning of the reporting period assuming
that a long-term risk premium (so-called over-the-cycle) is achieved for some classes of risky assets; for the Euro area for example:
•  for equity investments, the Group applies a risk premium of 4% above the yield of the ten-year German government bond,
•  for real estate investments, the Group applies a risk premium of 3% above the yield of the ten-year German government bond,
•  for investments in private equity the Group applies a risk premium of 6.5% above the yield of the ten-year government bond.
No risk premium is taken into account for corporate and government bonds, as market risk-adjusted spreads are already included
in the illiquidity premium.
Acquisition cash flows
Insurance acquisition cash flows (IACF) are generally identified under IFRS 17 with reference to those acquisition costs incurred at
initial recognition of insurance contracts. Any insurance acquisition cash flows paid in advance (i.e., before the coverage period starts)
or unconditionally paid to the distribution channels embedding a renewal probability are considered out of contractual boundaries
and recognized as an asset (IACF asset). In applying the PAA model, the insurance acquisition cash flows occurred after the
inception date are not recognized as expenses if paragraph 59(a) of IFRS 17 applies.
The IACF asset is allocated on a systematic basis to the group of insurance contracts to which it belongs. Consequently, the
allocated amount of IACF asset is recognized as part of:
•  the fulfilment cash flows and reduces the CSM of the related group of contracts for contracts measured under GMM and VFA;
•  the liability for remaining coverage for contracts measured under PAA.
When applying GMM and VFA, the amortization of the IACF follows the same coverage unit pattern used for releasing the CSM. If,
however, the IACF relate to insurance contracts accounted for under the PAA model, the amortization follows the release of the LRC.
For groups of contracts to be recognized or for the future renewals or for contracts that have a delay in the beginning of the coverage,
in case the expected future cash flows (including Risk Adjustment) do not exceed the IACF asset, an impairment of the asset should
be considered and reported in profit or loss. At each reporting date, if a reversal of impairment is recognized based on the outcome
of the impairment test, the IACF asset is increased, and a gain is recognized in profit or loss.
Insurance finance income and expenses
The Group applies the disaggregation approach to its existing portfolio of insurance contracts issued and reinsurance contracts held
to mitigate the potential accounting mismatch and related volatility in the Income Statement that may arise because of the interaction
between the classification and measurement of financial assets in accordance with IFRS 9 and the accounting for insurance contract
liabilities.
Consequently, any change in discount rates is recognized into Other Comprehensive Income. More in detail:
•  for insurance contracts under the Variable Fee Approach, the insurance finance expenses to be included in the Income Statement
is an amount that offsets the finance income (expense) arising on the financial underlying items;
•  for insurance contracts under the GMM, the insurance finance expenses that are recognized in the Income Statement include only
the amount arising by discounting insurance liabilities with the discount rates determined at initial recognition (i.e. locked-in rate).
Any change in financial assumptions arising from the application of current rates shall be accounted for Other Comprehensive
Income;
•  for insurance contracts under the PAA, the insurance finance expenses recognized in the Income Statement include mainly the
amount derived from discounting insurance liabilities with discount rates determined at the incurred claims date for the liability for
incurred claims (so-called accident-year rate). Any change in financial assumptions arising from applying current rates are on the
other hand recognized within the Other Comprehensive Income.
Such accounting policy choice is applied coherently at a portfolio level of insurance contracts issued and reinsurance cession
contracts.
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Consolidated Financial Statements
Insurance finance income and expenses include also changes of groups of insurance contracts with direct participation features,
associated with the effects and variations of financial risks that do not modify the Contractual Service Margin as they are subject to
mitigation with derivatives or non-derivative financial instruments measured at fair value through profit or loss, or with reinsurance
contracts held (so-called risk mitigation).
Derecognition
According to IFRS 17, derecognition of an insurance contract happens when the contract is terminated, expires or is modified in
such a way as to be considered a new contract. More in detail:
•  the contract is considered terminated when the entity is obliged to fulfill each obligation or when contract’s rights and obligations
are no longer enforceable;
•  the contract expires at the end of the insurance coverage period specified in the contract itself;
•  if the terms of the contract are significantly modified, the entity has to cancel the original contract and recognize the modified
contract as a new contract. This happens only if the modification implies a substantial variation of rights and obligations for the
counterparts.
Reinsurance contracts
According to IFRS 17, reinsurance contracts are recognized, measured and accounted for separately from direct insurance contracts.
The reference accounting model is the same as the one for direct insurance contracts, with the following exceptions:
•  measurement model: VFA is not envisaged. Valuation follows the GMM or the PAA based on the characteristics of the reinsurance
contracts and independently of the underlying direct business;
•  CSM: the Contractual Service Margin of a portfolio of reinsurance contracts could either be positive or negative, as it is not
envisaged for an immediate recognition of losses for onerous contracts;
•  loss recovery component: in case of onerous underlying business, it is possible to compensate the loss recognized in the Income
Statement of the period by recognizing a profit, estimated on the basis of the quota of recoverable claims (so-called loss recovery
component).
Insurance service revenues and expenses are presented gross of reinsurance, with the result of reinsurance held separately included
in the insurance service result.
Transition
IFRS 17 has been applied starting from annual reporting periods beginning on January the 1
st
, 2023. The transition date has been
identified by the beginning of the annual reporting period immediately preceding the date of initial application (January the 1
st
2022).
In the following paragraphs are reported the main accounting policies adopted by the Group in the IFRS 17 transition phase.
IFRS 17 envisages the following methods to recognize and measure insurance and reinsurance contracts for transition purposes:
•  Fully Retrospective Approach (FRA): this method requires an entity to identify, recognize and measure each group of insurance and
reinsurance contracts as if IFRS 17 had always been applied;
•  Modified Retrospective Approach (MRA): if the FRA is impracticable, an entity can choose to apply the MRA, whose objective is to
approach the closest result to applying the FRA, maximizing the use of information that would have been used in that eventuality,
if available without excessive costs or efforts, and considering appropriate and reasonable approximations;
•  Fair Value Approach (FVA): if the FRA is impracticable, an entity can choose to apply the FVA. This transition method relies on the
possibility to calculate the contractual service margins at the date of transition as the difference between the fair value of a group
of insurance contracts at that date and the Fulfilment Cash Flows at that date.
The Full Retrospective Approach (FRA) is applicable to contracts for which the totality of historical data is available, and for which is
not necessary to apply simplified assumptions. The Group deemed this approach possible mainly for the measurement of liabilities
for residual coverage related to short term contracts, valued with the Premium Allocation Approach, and for the measurement of
liabilities for incurred claims related to more recent generations.
As for long-term contracts where the FRA is impracticable, the MRA is considered as the preferred transition method.
In particular, for contracts characterized by intergenerational mutualisation of cash flows the FRA has been generally deemed
impracticable, also taking into consideration the fact that the Group applied the exemption from the application of the annual cohorts
requirement (i.e., carve-out option).
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Within the Life segment, approximately 93% of the Contractual Service Margin at the transition date was therefore measured by
applying the Modified Retrospective Approach, or the Full Retrospective Approach to a residual extent. The remaining 7% of the
Contractual Service Margin is measured using the Fair Value Approach and concerns specific run-off portfolios.
The extensive application of the Modified Retrospective Approach ensures greater alignment with the Present Value of Future Profits
(PVFP) of the underlying portfolio and a valuation consistent with that applied to new business after the transition date.
In the P&C segment, the Full Retrospective Approach was applied for measurement at the transition date of the Liability for Remaining
Coverage of contracts valued with the PAA. With regard to the Liability for Incurred Claims (LIC), it is noted that the Group applied the
Fair Value Approach for all the accident years prior to 2016, taking into consideration the absence of reasonable and demonstrable
information to determine the reference curve rate required by the Full Retrospective Approach. Therefore, the discount curve at the
year end of 2021 has been used to discount the Liabilities for Incurred Claims (LIC) relating to claims with a year of occurrence prior
to 2016. For all the subsequent years of occurrence, the estimates at the transition date of the Liabilities for Incurred Claims (LIC)
have been valued with the Full Retrospective Approach.
With reference to the P&C business measured under the GMM, it is noted that the related Contractual Service Margin has been
measured at the transition date mainly with the Fair Value Approach.
The Modified Retrospective Approach allows a list of simplifying assumptions related to the level of aggregation, the discount rate,
the Contractual Service Margin recognition and the insurance finance income or expenses.
Regarding the level of aggregation of groups of insurance contracts, the Group envisages performing the eligibility test to apply
the Variable Fee Approach, with the objective of identifying groups of contracts with elements of direct participation, by using data
and assumptions related to the date of initial recognition, therefore not leveraging the simplification, except in cases where relevant
information is unavailable.
The Group applied the approved amendment to IFRS 17 homologated by the European Commission (EU Regulation 2021/2036
of the Commission), that envision the possibility of not applying the annual cohorts’ requirement (i.e., carve-out option) for group
of contracts characterized by intergenerational mutualisation of cash flows and groups of insurance contracts characterized by
matching cash flow approved by supervisory authorities for application of the matching adjustment.
Regarding the depth of historical information considered for the purposes of the evaluation, data were retrieved, when possible, up
to the date when the oldest contract in each group of insurance contracts at the transition date was issued. When this approach
was impracticable, a lesser historical depth was considered, with a previous assessment of the materiality of the impact on the
Contractual Service Margin at the transition, resulting from the exclusion of missing and/or unused historical data.
With regard to contracts without direct participation features, historical information from financial markets has been used to determine
the locked-in curves at the initial recognition date, identified for each group of insurance contracts. Based on the same information,
a liquidity premium was estimated at the initial recognition date, applying the same approach considered for measurements following
the transition.
With regard to business combination, the Group chose to adopt the simplification provided by the Standard that allows classification
of a liability for insurance contracts acquired before the transition date as a Liability for Incurred Claims (LIC) rather than a Liability for
Remaining Coverage (LRC).
The objective of the Modified Retrospective Approach, similarly to the Full Retrospective Approach, is to determine the Contractual
Service Margin at the initial recognition date of the contract and roll its value at the transition date:
•  in the case of contracts with direct participation elements, IFRS 17 provides that the Contractual Service Margin of Liabilities for
Remaining Coverage at the transition date is calculated as the difference between the fair value of the underlying assets at such
date and the Fulfilment Cash Flows, adjusted to include related amounts charged, either paid to policyholders, or related to the
adjustment for non-financial risk, between the initial recognition date and the transition date.
  Coherently with this requirement, the Group adjusted the above-mentioned difference between the fair value of underlying assets
and the Fulfilment Cash Flows for each group of insurance contracts with direct participation features, considering past results
according to contractually defined rules and/or relevant local legislation.
  When retrieving information on past profits, the contribution of generations of contracts that have been measured at the transition
date with the Full Retrospective Approach and the generations of contracts that were not part of the portfolio at the date of
transition (i.e. contracts expired before the date of transition), have been excluded as they are not part of the portfolio subject to
the measurement;
•  regarding contracts without direct participation elements, IFRS 17 provides that an entity shall estimate the future cash flows at
the date of initial recognition, for each group of insurance contracts, as the amount of the future cash flows at the transition date
(or at an earlier date, if the future cash flows at a prior date can be determined retrospectively), adjusted by the cash flows that are
known to have occurred between the initial recognition date and the transition date.
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Consolidated Financial Statements
  Coherently with this requirement, the Group considered a date of application of IFRS 17 anticipated compared to the transition
date, exclusively whenever it was deemed practicable based on data availability, reasonableness of costs and the approximation
level that the activity would have required. In certain cases, the adjustment of Fulfilment Cash Flows based on net cash flows that
occurred between the first recognition date and the date of transition was approximated by past financial results.
Regarding the adjustment for non-financial risk, the estimate of this component at the initial recognition date, for each group of
insurance contracts, was applied starting from its amount at the transition date, properly adjusted to consider the profile of risk
releasing between the date of transition and the initial recognition date.
With regards to the insurance finance income and expenses, the Group adopted the following disaggregation approach for the
liabilities for remaining coverage:
•  for insurance contracts with direct participation elements, if the Group held underlying assets, the opening entries in the Other
Comprehensive Income are determined similarly to the opening OCI of the related underlying assets;
•  for insurance contracts with direct participation elements, if the Group did not hold the underlying elements, the OCI liabilities were
set to zero;
•  for insurance contracts without direct participation elements, the opening OCI was calculated as the difference between the
present value of future cash flows measured at the transition date with locked-in rates, defined at the initial recognition date, and
the same value measured at the transition date considering current rates.
Regarding the Liabilities for Incurred Claims (LIC), coherently with market practice, it is noted that the discount curve at year end of
2021 was applied to discount the Liabilities for Claims Incurred (LIC) for claims with an accident year prior to 2016, for which it was
not possible to determine the reference curve required by the Full Retrospective Approach. Consequently, there was no impact in the
Other Comprehensive Income at the transition date for the Liabilities for Incurred Claims (LIC) regarding claims incurred before 2016.
Finally, with reference to insurance contracts for which the Fair Value Approach was applied at the transition date, the Contractual
Service Margin was determined as the difference between the fair value of such contracts and the amount of the related Fulfilment
Cash Flows at the transition date. The methodology used by the Group for determining the fair value mainly considered: i) the present
value with current rates of expected future cash flows, ii) a prudency margin considering risk and uncertainty related to the present
value of future cash flows and iii) a margin to compensate the invested capital, calculated based on a cost of capital approach.
Investments
Land and Buildings (Investment Properties)
In accordance with IAS 40, this item includes land and buildings held to earn rentals or for capital appreciation or both. Land and
buildings for own activities and property inventories are instead classified as Tangible assets.
To measure the value of land and buildings (investment properties), the Group applies the cost model set out by IAS 40 and adopts
the depreciation criteria defined by IAS 16. Please refer to the paragraph on land and buildings (self-used) for additional information.
For investment properties underlying contracts with direct participation features (for a share at least equal to or greater than 50%),
the Group adopts fair value measurement through profit or loss, in line with provisions of paragraph 32A of IAS 40. For additional
details on the measurement of these land and buildings, please refer to section Fair Value.
Leases of land and buildings are accounted for according to IFRS 16 requirements.
Investments in subsidiaries, associated companies and joint ventures
This item includes investments in subsidiaries and associated companies valued at equity or maintained at cost when it is considered
a reasonable approximation of the related measurement method. Immaterial investments in subsidiaries and associated companies
maintained at the cost, as well as investments in associated companies and interests in joint ventures valued using the equity method
belong to this category.
For investments in subsidiaries, associated companies and joint ventures underlying contracts with direct participation features (for
a share at least equal to or greater than 50%), the Group adopts fair value measurement through profit or loss, in line with provisions
of paragraph 18 of IAS 28. For additional details on the measurement of these investments, please refer to section Fair Value.
A list of such investments, excluding investments in subsidiaries, associated companies and joint ventures valued at cost, is shown
in attachment to this Consolidated financial statement.
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Financial assets
IFRS 9 envisages a classification approach for financial instruments based on models through which financial instruments are
managed (business models) and on their contractual cash flow characteristics (SPPI test - Solely Payments of Principal and Interest).
The standard identifies three possible business models:
•  “Hold to collect” with the aim of holding financial assets to maturity and collecting the contractual cash flows.
•  “Hold to collect and sell” with the aim of holding financial assets, both to collect the contractual cash flows and to realise gains
from their sale.
•  “Other” which covers all cases not included in the previous two business models.
The “Hold to collect and sell” model is the main business model for the Group. There are a limited number of exceptions, largely
referring to the banking business, for which the specific business characteristics were considered in determining the main business
model and were consistently reflected in the accounting classification of the related portfolios.
In addition to the analysis related to the business model, the standard requires analysis of the contractual terms of financial assets. To
allow their classification at amortised cost or at fair value through other comprehensive income, cash flows generated by the financial
asset must be represented by Solely Payments of Principal and Interest (SPPI test). This analysis is conducted, in particular, for debt
securities and loans, at individual financial instrument level, and from the moment of initial recognition in the financial statements.
The contractual cash flow analysis for a financial asset must be based on the general concept of “basic lending arrangement”.
Where specific contractual clauses introduce exposure to risk or volatility of contractual cash flows that are not consistent with this
concept, the contractual flows are not compliant with the SPPI requirements (e.g., cash flows exposed to changes in share, index or
commodity prices). If there are contractual conditions that modify the time value of money element, a “benchmark cash flows test”
should be performed - considering quantitative and qualitative elements - to confirm whether the contractual cash flows still satisfy
the SPPI requirements.
In accordance with the results of the business model and SPPI test, financial assets can be classified in the following accounting
categories.
Financial assets at amortised cost
Financial assets at amortised cost include debt instruments managed under the “Hold to collect” business model, the contractual
terms for which are represented solely by payments of principal and interest (SPPI test passed).
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include debt instruments managed under the “Hold to collect and
sell” business model, the contractual terms for which are represented solely by payments of principal and interest (SPPI test passed).
Moreover, this category includes equity instruments held in portfolios other than those covering contracts underlying insurance
contracts with direct participation features (VFA business), for which the Group has adopted the option of designation at fair value
through other comprehensive income without recycling in the income statement.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include all financial assets managed under the “Other” business model and
financial assets compulsorily measured at fair value due to failing the SPPI test.
For equity instruments, the standard requires the measurement at fair value through profit or loss, except for instruments that are
not held for trading purposes, for which the option of irrevocable designation at fair value through other comprehensive income is
adopted. If this option is adopted, income components other than dividends cannot be recycled in the income statement.
There is also the option, on initial recognition, to designate a financial instrument at fair value through profit or loss if that would
eliminate or significantly reduce the accounting mismatch in the measurement of assets or liabilities or recognition of gains and losses
related to them.
Other financial assets
The category includes other financial assets not included in item Investments, such as trade receivables, receivables towards
insurance intermediaries and financial assets referred to in IFRS 15 – Revenue from Contracts with Customers.
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Consolidated Financial Statements
Impairment
In line with IFRS 9 accounting standard dictates, Generali Group introduced an impairment model to determine expected credit
losses (ECL) in accordance with the principle’s guidelines which recommends, for each financial instrument categorized as either
bond, loans or trade receivables and it is accounted for as amortised cost or fair value through other comprehensive income, the
assessment of its credit risk (probability of default, PD) and potential consequential loss (loss given default, LGD) necessary to
determine the corresponding expected loss.
Above mentioned parameters must be estimated based on all information available without undue costs or efforts regarding past
events, current economic situation, and future forecasts, and considering a pool of possible scenarios. The Group decided to
determine expected losses starting from three scenarios: a baseline one and two alternative scenarios, respectively an optimistic and
a conservative one both compared to the central estimate of the evolution of macroeconomic variables.
The standard foresees also three different credit risk stages in which an entity should classify various financial assets:
•  in the first stage falls all debt securities and loans that do not show a significant increase in credit risk since the initial recognition
date or that present low credit risk at reporting date. For these assets, expected losses for the next 12 months (one year ECL) are
recognized in the income statement. Interest income recognized on these assets is calculated on the gross carrying amount of
the financial asset;
•  the second stage includes all debt instruments and loans that, at reporting date, present a significant increase in credit risk
compared to the initial recognition, but do not show evidences of impairment. For these assets, expected losses resulting from
all possible default events over the entire remaining life of the instrument (lifetime ECL) are recognized in the income statement.
Interest income recognized on these assets is calculated on the gross carrying amount of the financial asset;
•  the third stage consists of all debt instruments and loans that show evidence of impairment. For these assets, the expected loss
is defined as the difference between the present value of contractual cash flows and the present value of cash flows estimated in
relation to the default process. Interest income recognized on these assets is calculated on the net carrying amount of the financial
assets.
With regards to its own investment portfolio and the assessment of expected losses, Generali Group has devised two distinct
models, tailored to the unique characteristics of main financial asset classes within the portfolio. Specifically:
•  bonds and bond likes; and
•  trade receivables and loans to individuals.
Regarding investments in Bond and bond likes, the calculation of expected credit losses is based on the assessment of each single
position, intended as the sum of exposures to a specific instrument which have identical characteristics at the time of acquisition.
The identified positions undergo an evaluation that quantifies their creditworthiness, considering the respective sector and country
of risk, thereby defining a specific probability of default and consequential loss.
More in detail, the definition of probability of default, intended as the inability to meet the expected payment of principal or interest,
originates from the quantification of the generic credit risk (through the cycle) of the issuer, expressed through the usage of credit
ratings. Subsequently, each position is associated with a probability of default related to the issuer’s credit risk in the specific
economic context (point in time) and with a probability of default related to future expectations (forward-looking) according to specific
models designed to consider sector and country of risk characteristics.
These pieces of information are used both for estimating the twelve-month probability of default and the lifetime probability of default.
Subsequently, the same quantitative information, combined with qualitative elements and managerial assessments, is utilized to
define any significant increase in credit risk.
It is worth noting that within the methodologies used by the Group for quantifying the significant increase in credit risk, the so-called
low credit risk exemption is not directly taken into account, whereas for what regards the classification within the third stage, the
process can originate from by the quantitative results of the stage allocation process or by a managerial decision, but it is always
subjected to a final approval by a dedicated internal committee.
The probability of default thus identified, combined with a loss given default also parameterized at single instrument level, based on
issuer’s characteristics and debt seniority, is then attributed to each single position exposure at default, in order to finally determine
the expected credit loss.
For what concerns trade receivables and loans to individuals, also referred to as ‘other than bonds,’ a dedicated ECL model has
been defined to allow the quantification of the probability of default, despite their intrinsic characteristics that do not permit the use
of public or market information (e.g., ratings).
According to this model, the probability of default and the related loss given default result from a retrospective analysis of each
company’s portfolio. This analysis aims to identify trends and define risk classes among companies’ positions, which are then used
to classify borrowers based on the duration of non-performing periods and subsequently define corresponding PD and LGD.
In particular, starting from these risk classes and constantly observing the evolution of the loan portfolio over time, a point-in-time
probability of default is then determined. This probability is subsequently transformed into a forward-looking estimate through the
usage of a dedicated satellite model which aims at linking the evolution of the probability of default to specific macroeconomic
indexes.
Also stage allocation process leverages on the analysis of non-performing positions and it foresees, for installment loans, the
possibility of allocation to first, second, or third stage, while for trade receivables, a simplification allowed by IFRS 9 is applied where
stage allocation process is bypassed, and expected credit losses are calculated directly throughout the instruments’ entire life.
It is worth noting that, given the heterogeneous composition of trade receivables and loans to individuals portfolios within Group’s
companies, as well as the Group’s nature of financial conglomerate, the adoption of specific local procedures is encouraged where
deemed more suitable to the peculiarities of the business or operational context.
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Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
•  the rights to receive cash flows from the asset have expired;
•  the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognised to the extent of the
Group’s continuing involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Group could be required to repay.
Other assets
Non-current assets or disposal groups classified as held for sale, tax receivables, deferred tax assets, and other assets not classified
in other items of assets are classified in this item.
Non-Current Assets or Disposal Groups Classified as Held For Sale
This item comprises non-current assets or disposal groups classified as held for sale under IFRS 5. Non-current assets and disposal
groups are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than
through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the
asset or disposal group is available for immediate sale in its present condition and management must be committed to the sale,
which should be expected to qualify for recognition as a completed sale within one year from the date of classification
They are measured at the lower of their carrying amount and fair value less costs to sell.
The profit or loss for the period as well as any effect of the application of IFRS 5, are excluded from the results of continuing operations
and are presented as a single amount in profit or loss after tax from discontinued operations in other comprehensive income.
Deferred tax assets
Deferred tax assets are recognized for deductible temporary differences between the carrying amounts of assets and liabilities and
the corresponding amounts recognized for tax purposes.
In the presence of tax losses carried forward or unused tax credits, deferred tax assets are recognized to the extent that it is probable
that future taxable profit will be available against which the aforementioned tax losses or unused tax credits.
Deferred taxes relating to items recognised outside profit or are recognised outside profit or loss too. Deferred tax items are
recognized, in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current
income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Deferred tax assets are measured at the tax rates that are expected to be applied in the year when the asset is realized, based on
information available at the reporting date.
Deferred tax assets are not recognized in the following cases provided in paragraph 24 of IAS 12:
•  when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss;
•  in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary differences can be utilised;
•  for all deductible temporary differences between the carrying amount of assets or liabilities and their tax base to the extent that it
is probable that taxable income will be available, against which the deductible temporary differences can be utilised.
Tax receivables
Receivables related to current income taxes as defined and regulated by IAS 12 are classified in this item. They are accounted for
based on the tax laws in force in the countries where the consolidated subsidiaries have their tax offices.
Current income taxes relating to items recognised outside profit or are recognised outside profit or loss too Current income taxes are
recognized, in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
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Other assets
This item comprises deferred commissions for investment management services related to investment contracts. Deferred fee
and commission expenses include acquisition commissions related to investment contracts without DPF measured at fair value as
provided for by IFRS 9 as financial liabilities at fair value through profit or loss. Acquisition commissions related to these products
are accounted for in accordance with IFRS 15. For further information please refer to paragraph Revenues from contracts with
customers within the scope of IFRS 15.
Deferred commissions for investment management services are amortised, after assessing their recoverability in accordance with
IAS 36.
Tax credits not arising from Income Taxes, therefore out of the scope of IAS 12 (including tax credits acquired on the market) are also
included among Other assets.
Cash and cash equivalents
Cash in hand and equivalent assets, cash and balances with banks payable on demand (including treasury current accounts with
negative balances at the end of the period) and with central banks are accounted for in this item at their carrying amounts.
Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value are included in this item. Investments are qualified as cash equivalents only when they have a short maturity
not exceeding three months from the date of the acquisition.
Balance sheet - Equity and Liabilities
Shareholder’s equity
Shareholder’s Equity Attributable to the Group
Share Capital
Ordinary shares are recognized as share capital and their value equals the nominal value.
Other equity instruments
The item includes preference shares and equity components of compound financial instruments.
Capital reserves
The item includes, in particular, the share premium account of the Parent Company.
Revenue reserves and other reserves
The item comprises retained earnings or losses adjusted for the effect of changes arising from the first-time application of IAS/IFRS
(including IFRS 9 and IFRS 17), the reserve deriving from the derecognition of equity instruments designated at fair value through
other comprehensive income, the reserve for changes in fair value with impact on other comprehensive income of investments in
subsidiaries, associated companies and joint ventures measured at fair value, the reserve deriving from the application of the IAS 29,
reserves for share-based payments, legal reserves envisaged by the Italian Civil Code and special laws before the adoption of IAS,
as well as reserves from the consolidation process.
Own shares
As provided for by IAS 32, the item includes equity instruments of the Parent company held by the same company or by its
consolidated subsidiaries.
Valuation reserves
The item mainly includes:
•  exchange differences to be recognised in equity in accordance with IAS 21, which derive from accounting for transactions in
foreign currencies and from the translation of subsidiaries’ financial statements denominated in foreign currencies;
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•  gains or losses arising from changes in the fair value of financial assets at fair value through other comprehensive income,
as previously described in the corresponding item of investments. The amounts are accounted for net of the related deferred
taxes;
•  gains or losses arising from changes in the fair value of equity instruments designated at fair value through other comprehensive
income, as previously described in the corresponding item of investments. The amounts are accounted for net of the related
deferred taxes;
•  finance income and expenses related to existing insurance contracts issued and reinsurance contracts held for which the Group
applies the disaggregation approach;
•  gains or losses on cash flow hedging instruments and gains or losses on hedging instruments of a net investment in a foreign
operation;
•  profits and losses relating to defined benefit plans; and
•  the part of the balance sheet reserves whose variation is part of the comprehensive income of participations and those relating to
non-current assets or disposal groups classified as held for sale.
Shareholder’s Equity Attributable to minority interests
The item comprises equity instruments attributable to minority interests. It also includes also unrealized gains and losses on financial
assets at fair value through other comprehensive income and any other gains or losses recognized directly in equity attributable to
minority interests.
Result of the period attributable to the Group
The item refers to the Group consolidated result of the period. Dividend payments are accounted for after the approval of the
shareholders’ general meeting.
Result of the period attributable to minority interests
This item refers to the consolidated result of the period attributable to minority interests.
Other provisions
Provisions for risks and charges are provided only when it is deemed necessary to respond to an obligation (legal or implicit) arising
from a past event and it is probable that an outflow of resources whose amount can be reliably estimated, as required by IAS 37 –
Provisions Contingent Liabilities and Contingent Assets.
Within this item are also included financial guarantees issued within the scope of IFRS 9 and related loss allowance, commitments
to provide a loan at a below-market interest rate and related loss allowance, and loss allowance on loan commitments that are not
within the scope of IFRS 9.
Financial liabilities
Financial liabilities at fair value through profit or loss and financial liabilities at amortised cost are included in this item.
Financial liabilities at fair value through profit or loss
The item refers to financial liabilities at fair value through profit or loss, as defined and regulated by IFRS 9. In detail, it includes
financial liabilities related to contracts where the investment risk is borne by the policyholders, other financial liabilities designated at
fair value through profit or loss, as well as derivative liabilities owned for both hedging and trading purposes.
Liabilities arising from agreements to repurchase minority interests recognized in accordance with paragraph 23 of IAS 32 are also
included under this item.
IFRS 9 requires that the amount of change in fair value of financial liabilities at fair value through profit or loss attributable to changes
in the credit risk of that liability shall be presented in other comprehensive income. The Group does not hold liabilities with own credit
risk. The only financial liabilities designated at fair value through profit or loss are contracts where the investment risk is borne by the
policyholders and investment contracts, the value change of which is therefore linked to the underlying asset and not to credit risk
of the liability.
Financial liabilities at amortised cost
The item includes financial liabilities measured at amortised cost within the scope of IFRS 9.
This item comprises both subordinated liabilities, which, in the case of bankruptcy, are to be repaid only after the claims of all other
creditors have been met, and bond instruments.
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Bond instruments issued are measured at issue price, net of costs directly attributed to the transaction. The difference between the
aforesaid price and the reimbursement price is recognised along the duration of the issuance in the profit and loss account using the
effective interest rate method.
Furthermore, it includes liabilities to banks or customers, deposits received from reinsurers, bonds issued, lease liabilities, other loans
and financial liabilities at amortised cost related to investment contracts that do not fall under IFRS 17 scope.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and
the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement.
Payables
This item includes other financial liabilities not included in item Financial liabilities. In particular within this item are included provisions
for the Italian trattamento di fine rapporto (employee severance pay). These provisions are accounted for in accordance with IAS
19 - Employee Benefits.
Other liabilities
The item comprises liabilities not elsewhere accounted for. In detail, it includes liabilities directly associated with non-current assets
and disposal groups classified as held for sale, tax payables and deferred tax liabilities and other liabilities.
Liabilities Associated With Non-Current Assets and Disposal Groups
Classified As Held For Sale
The item includes liabilities directly associated with a disposal group, for which assets are equally classified as held for sale, as
defined by IFRS 5.
Deferred tax liabilities
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying amount of assets and liabilities and
their tax base. Deferred tax liabilities are measured at the tax rates that are expected to be applied in the year when temporary
differences will be taxable, are based on the tax rates and tax laws enacted or substantively enacted at the reporting date.
Deferred taxes relating to items recognised outside profit or loss are recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current
income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Deferred tax liabilities are not recognized in the following cases provided for in paragraph 15 of IAS 12:
•  when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
•  in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will
not reverse in the foreseeable future.
Tax payables
The item includes payables due to tax authorities for current taxes. Current income tax relating to items recognised directly in equity
is recognised in equity and in the comprehensive income, while not in the income statement. This item includes also the uncertainties
in the accounting treatment of income taxes, as required by IFRIC 23 – Uncertainty over Income Tax Treatments.
Other liabilities
This item includes provisions for defined benefit plans, such as termination benefit liabilities and other long-term employee benefits
(the Italian provision for trattamento di fine rapporto is excluded and classified within Payables). In compliance with IAS 19, these
provisions are measured according to the projected unit credit method. This method implies that the defined benefit liability is
influenced by many variables, such as mortality, future salaries variations, expected inflation, expected rate of return on investments,
etc. The liability recognised in the balance sheet represents the present value of the defined benefit obligation net of the fair value
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of plan assets (if any), adjusted for any actuarial gains and losses not amortised. The rate used to discount future cash flows is
determined by reference to market yields on high-quality corporate bonds. The actuarial assumptions are periodically tested to
confirm their consistency. The actuarial gains and losses arising from subsequent changes in variables used to make estimates are
recognised in other comprehensive income without any possibility of recycling to profit and loss.
Deferred fee and commission income include acquisition loadings related to investment contracts without DPF, which are classified
as financial liabilities at fair value through profit or loss, according to IFRS 9.
Acquisition loadings related to these products are accounted for in accordance with IFRS 15.
Profit and loss account
Insurance service result
This item includes insurance revenue and insurance expenses related to insurance contracts issued or reinsurance contracts held.
Insurance revenue from insurance contracts issued or from reinsurance
contracts held
This item includes revenue from insurance contracts issued which reflect the portion of the consideration received from the
policyholder which is deemed to be due for the services provided in the period. The recognition of insurance revenues in the income
statement depends on the measurement model applied.
For insurance contracts that fall within the General Measurement Model or the Variable Fee Approach, the revenues recognized
in the reference period are mainly represented by the release of the CSM (on the basis of the coverage units as better detailed in
the chapter Contractual Service Margin release); by the adjustment for the non-financial risk relating to current services and from
changes in liabilities for remaining coverage for incurred claims and other expenses for expected insurance services, in addition to
the recovery of the relevant share of acquisition costs.
In the context of the Premium Allocation Approach model, the insurance revenues for the period are instead equal to the amount of
expected premium receipts attributed to the period (excluding investment components) on the basis of the passage of time. In the
event that the expected pattern of release of insurance risk during the coverage period differs significantly from the passage of time,
a release model is identified on the basis of the expected timing of future claims and costs.
With reference to reinsurance contracts held, this item includes the amounts recovered from the reinsurers such as, for example, the
amount of losses recovered on insurance contracts, in addition to the positive balance between recoveries and value adjustments
connected with the expected losses arising from the risk of default by the reinsurer.
Insurance service expenses from insurance contracts issued or from
reinsurance contracts held
Insurance service expenses from insurance contracts issued are mainly composed of:
claims incurred during the year (excluding investment components) and other directly attributable expenses;
•  change in liabilities for incurred claims;
•  losses on onerous groups of contracts;
•  commissions and expenses for the acquisition of insurance contracts, amortised or entirely recognised in profit or loss in the
period;
•  management expenses related to investments backing insurance contracts to which VFA is applied.
For reinsurance contracts held, expenses of the period are represented by the allocation of the premiums paid in the period, net of
the amounts expected by the reinsurers which are not connected with the claims relating to the underlying insurance contracts, in
addition to the other acquisition costs entirely recognized in profit or loss and the negative balance between recoveries and value
adjustments connected with expected losses deriving from the risk of default by the reinsurer.
Result of investments
Income/expenses from financial assets and liabilities at fair value through
profit or loss
The item comprises realized gains and losses, interests, dividends and unrealized gains and losses on financial assets and liabilities
measured at fair value through profit or loss.
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Income/expenses from investments in subsidiaries, associated companies
and joint ventures
The item comprises income and expenses of investments in associated companies and joint ventures, which are accounted for in
the corresponding asset item of the balance sheet and it is related to the Group share of result attributable to each associate or joint
venture.
Income/expenses from other financial assets and liabilities and investment
properties
The item includes income and expenses from financial instruments not at fair value through profit or loss and from investment
properties. In detail, it includes interest income calculated using the effective interest method, interest expenses, other income
including dividends from equity instruments which are recognised when the right arises, income from properties used by third parties,
expenses on investment properties (such as general property expenses and maintenance and repair expenses not recognised in the
carrying amount of investment properties); realized gains and realized losses from the write-off of financial assets, financial liabilities
and investment properties; depreciations, impairment and reversals of impairment of investment properties; unrealized gains and
losses from investment properties underlying contracts with direct participation features.
This item includes also the balance, positive or negative, between expected credit losses allocation and reversal on financial assets
at amortised cost and at fair value through other comprehensive income.
Net finance result
Net finance result is composed of result of investments, net finance income/expenses related to insurance contracts issued and net
finance income/expenses related to reinsurance contracts held.
Net finance income/expenses related to insurance contracts issued
The item includes the balance, positive or negative, of changes in carrying amount of insurance contracts issued related to effects
of time value of money, as well as effects of financial risks arising from cash flows of insurance contracts issued, different from those
that are recognized in other comprehensive income.
As previously highlighted, the Group applies the disaggregation approach to its existing portfolio of insurance contracts issued and
reinsurance contracts held recognizing any change in discount rates into other comprehensive income. In particular:
•  for insurance contracts measured under VFA, the insurance finance expenses to be included in profit or loss are an amount that
offsets the finance income arising on the financial underlying items, resulting in the net of the separately items being nil;
•  for insurance contracts measured under GMM and for the LRC of insurance contracts measured under PPA, the insurance finance
expenses to be included in profit or loss are only the amount arising by discounting insurance liabilities with the discount rates
determined at initial recognition (i.e. locked-in rate). Any changes in financial assumptions arising from the application of current
rates are accounted for in the other components of the statement of comprehensive income;
•  for the LIC of insurance contracts measured under PAA the insurance finance expenses to be included in profit or loss are only
the amount arising by discounting LIC with the discount rates determined at incurred claims date (i.e. “accident-year” rate). Any
changes in financial assumptions arising from the application of current rates are accounted for in the other components of the
statement of comprehensive income.
This item also includes changes of groups of insurance contracts with discretionary participation features related to effects and
variations of financial risks that do not modify contractual service margin because subject to mitigation of financial risks with the
use of derivatives, financial instruments measured at fair value through profit or loss, or reinsurance contracts held (so-called risk
mitigation).
Net finance income/expenses related to reinsurance contracts held
The item includes the balance, positive or negative, of changes in carrying amount of reinsurance contracts held related to effects
and variations of time value of money, as well as effects and variations of financial risks arising from cash flows of reinsurance
contracts held, different from those that are recognized in other comprehensive income.
Other income/expenses
The item includes revenue arising from rendering of services other than financial services, such as service and assistance activities,
realized gains and losses and impairment, depreciation and reversals of impairment on self-used land and buildings, tangible assets
and other assets, the net fees and commission for financial services of companies operating in the financial segment, as well as
the release to the income statement of deferred fees and commissions related to contracts not falling within the scope of IFRS 17.
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Acquisition and administration costs
The item includes acquisition and administration costs for investment management, such as overheads and personnel expenses for
investment management and other administration expenses, including overheads and personnel expenses related to the acquisition
and administration of investment contracts without discretionary participation features and administration expenses of non-insurance
companies.
Net provisions for risks and charges
The item contains the balance, positive or negative, between the provisions and any release relating to the provisions for risks and
charges.
Net impairment and depreciation of tangible assets
The item contains the balance, positive or negative, between impairment, depreciation and reversals of impairment on tangible
assets different than those related to investment properties, those related to leased assets and right of use assets acquired with the
lease and related to the use of tangible assets.
Net impairment and amortisation of intangible assets
The item contains the balance, positive or negative, between impairment, depreciation and reversals of impairment on intangible
assets, including those related to leased assets and right of use assets acquired with the lease and related to the use of intangible
assets.
Other income/charges
The item includes income and charges not attributable to the other items that contribute to the determination of the profit (loss)
before tax.
Income tax
The item includes income taxes for the period and for previous years, deferred taxes and tax losses carried back, as well as the
tax benefit from tax losses. This item includes also the uncertainties in the accounting treatment of income taxes, as required by
IFRIC 23.
Profit (Loss) from discontinued operations
The item includes income and expenses from discontinued operations, net of taxes.
Statement of Comprehensive income
The statement of comprehensive income was introduced by the revised IAS 1 issued in September 2007 by the IASB, approved by
the EC Regulation No 1274/2008. The statement comprises items of income and expenses different from those included in profit or
loss, recognised directly in equity other than those changes resulting from transactions with shareholders.
In accordance with the ISVAP (now IVASS) Regulation No. 7 of 13 July 2007, as amended by Art. 12 of IVASS Order no. 121 of
7 June 2022 and by Provvedimento IVASS No. 152 of 26 November 2024, items of income and expenses are net of taxes. Total
comprehensive income is divided by distinguishing the part attributable to the Group from that attributable to minority interests.
Statement of changes in equity
The statement was prepared in accordance with the requirements of the ISVAP (now IVASS) No. 7 of 13 July 2007, as amended by
Art. 12 of IVASS Order no. 121 of 7 June 2022 and by Provvedimento IVASS No. 152 of 26 November 2024, and explains all the
variations of equity.
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Statement of cash flows
The report, prepared using the indirect method, is drawn up in accordance with the ISVAP (now IVASS) requirements n. 7 of 13 July
2007, as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022 and by Provvedimento IVASS No. 152 of 26 November 2024,
distinguishing its component items among operating, investing and financing activities.
Other information
Fair value
IFRS 13 - Fair Value Measurement provides guidance on fair value measurement and requires disclosures about fair value
measurements, including the classification of financial assets and liabilities in fair value hierarchy levels.
With reference to the investments, Generali Group measures financial assets and liabilities at fair value in the financial statements,
or discloses the contrary in the notes.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price). In particular, an orderly transaction takes place in the principal or most advantageous
market at the measurement date under current market conditions.
A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
in the principal market for the asset or liability; or
in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value is equal to market price if market information is available (i.e. relative trading levels of identical or similar instruments)
into an active market, which is defined as a market where the items traded within the market are homogeneous, willing buyers and
sellers can normally be found at any time and prices are available to the public.
If there isn’t an active market, a valuation technique should be used which shall maximise the observable inputs. If the fair value
cannot be measured reliably, amortised cost is used as the best estimate in determining the fair value.
As for measurement and disclosure, the fair value depends on the unit of account, depending on whether the asset or liability is a
stand-alone asset or liability, a group of assets, a group of liabilities or a group of assets and liabilities in accordance with the related
IFRS.
However, when determining fair value, the valuation should reflect its use if in combination with other assets.
With reference to non-financial assets, fair value measurement of a non-financial asset takes into account a market participant’s
ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use. The highest and best use of a non-financial asset takes into account the use of the
asset that is physically possible and legally permissible taking into account financial feasibility. However, an entity’s current use of a
non-financial asset is presumed to be its highest and best use unless market or other factors suggest that a different use by market
participants would maximise the value of the asset.
For the liabilities, the fair value is represented by the price that would be paid to transfer a liability in an orderly transaction in the
principal (or most advantageous) market at the measurement date under current market conditions (i.e. an exit price). The valuation
shall always consider the creditworthiness of the issuer.
When a quoted price for the transfer of an identical or a similar liability or entity’s own equity instrument is not available and the
identical item is held by another party as an asset, an entity shall measure the fair value of the liability or equity instrument from the
return perspective of a market participant that holds the identical item as an asset at the measurement date. This return perspective
is determined, where relevant, also having regard to the remuneration of the capital necessary to assume this liability.
Fair value hierarchy
Assets and liabilities measured at fair value in the consolidated financial statements are measured and classified in accordance
with the fair value hierarchy in IFRS13, which consists of three levels based on the observability of inputs within the corresponding
valuation techniques used.
The fair value hierarchy levels are based on the type of inputs used to determine the fair value with the use of adequate valuation
techniques, which shall maximize the market observable inputs and limit the use of unobservable inputs:
•  Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date.
•  Level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly
(i.e. quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets
that are not active; inputs other than quoted prices that are observable for the asset or liability; market-corroborated inputs).
•  Level 3 inputs are unobservable inputs for the asset or liability, which reflect the assumptions that market participants would use
when pricing the asset or liability, including assumptions about risk (of the model used and of inputs used).
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The fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires judgement,
taking into account factors specific to the asset or liability.
A fair value measurement developed using a present value technique might be categorised within level 2 or level 3, depending
on the inputs that are significant to the entire measurement and the level of the fair value hierarchy within which those inputs are
categorised.
If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or
lower fair value measurement, the resulting measurement would be categorised within the level attributable to the input with the
lowest level utilized.
Adequate controls have been set up to monitor all measurements including those provided by third parties. If these checks show
that the measurement is not considered as market corroborated the instrument is classified in level 3. In this case, generally the
main inputs used in the valuation techniques are volatility, interest rate, yield curves, credit spreads, dividend estimates and foreign
exchange rates.
Valuation techniques
Valuation techniques are used when a quoted price is not available or shall be appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Single or multiple valuation techniques valuation technique will be appropriate. If multiple valuation techniques are used to measure
fair value, the results shall be evaluated considering the reasonableness of the range of values indicated by those results. A fair value
measurement is the point within that range that is most representative of fair value in the circumstances.
Three widely used valuation techniques are:
•  market approach: uses prices and other relevant information generated by market transactions involving identical or comparable
(i.e. similar) assets, liabilities or a group of assets and liabilities;
•  cost approach: reflects the amount that would be required currently to replace the service capacity of an asset; and
•  income approach: converts future income to the related current (i.e. discounted amount).
Application to assets and liabilities
Debt securities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach
are quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark
defines the fair value level. The income approach in most cases means a discounted cash flow method where either the cash flow
or the discount curve is adjusted to reflect credit risk and liquidity risk, using interest rates and yield curves commonly observable at
frequent intervals. Depending on the observability of these parameters, the security is classified in level 2 or level 3. In particular, for
level 3 instruments, the fair value is determined using expert judgement estimates or risk-adjusted value ranges.
Equity securities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach are
quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark defines
the fair value level. The income approach in most cases means a discounted cash flow method estimating the present value of future
dividends. Depending on the observability of these parameters, the security is classified in level 2 or level 3.
Investment funds and SICAV
Generally, if available and if the market is defined as active, fair value is equal to the market price.
The fair value of investment funds is mainly determined using net asset values (NAV) at the balance sheet date or audited financial
statements provided by the responsible subjects, in case adjusted for the illiquidity of the same funds. The level of fair value hierarchy
is assigned consistently with the quality of the inputs used. If at the balance sheet date such information is not available, the latest
official net asset value is used.
With reference to SICAV, if fair value is not available or if the market is not active, the fair value is mainly determined using net asset
values provided by the responsible subjects. This value is based on the valuation of the underlying assets carried out through the
use of the most appropriate approach and inputs. Depending on how the share value is collected, directly from public providers or
through counterparts, the appropriate hierarchy level is assigned. If this NAV equals the price at which the quote can be effectively
traded on the market in any moment, the Group considers this value comparable to the market price.
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Derivatives
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value of derivatives is determined using internal valuation models or provided by third parties. In particular,
the fair value is determined primarily on the basis of income approach using deterministic or stochastic models of discounted cash
flows commonly shared and used by the market.
The main input used in the valuation include volatility, interest rates, yield curves, credit spreads, dividend estimates and exchange
rates observed at frequent intervals.
With reference to the fair value adjustment for credit and debt risk of derivatives (credit and debt valuation adjustment CVA / DVA),
the Group considered this adjustment as not material for the valuation of its positive and negative derivatives, as almost entirely of
them is collateralized. Their evaluation does not take into account for these adjustments.
Financial assets where the investment risk is borne by the policyholders and related to
pension funds
Generally, if available and if the market is defined as active, fair value is equal to the market price. On the contrary, fair value is
determined by reference to the fair value of the underlying assets.
Financial liabilities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
If there is not an active market, the fair value is determined primarily on the basis of the income approach using discounting
techniques. In particular, the fair value of debt instruments issued by the Group is valued using discounted cash flow models based
on the current marginal rates of funding of the Group for similar types of loans, with maturities consistent with the maturity of the
debt instruments subject to valuation.
The fair value of liabilities relating to investment contracts is determined by reference to the fair value of the underlying assets.
Real estate properties
Real estate properties are mainly valued on the basis of inputs for similar assets in active markets for similar property in terms of
location and condition and subject to similar lease and other contracts or via discounted cash flows of future income and expenses
of the rental considered as part of the higher and best use by a market participant. In particular, the valuation takes into consideration
not only the discounted net future income but also the peculiarities of the properties such as intended use and location as well as
the size of the vacancy rate. Fair value is determined according to the characteristics of the real estate under assessment. However,
the hierarchy used for choosing valuation models foresees the market approach as the model to be preferred, followed by income
approach and finally by the cost approach.
In order to guarantee homogeneous methodology for fair valuation, the Group defined a structured process of evaluation of both
properties directly owned by the Group and those held through vehicles.
The fair market value of real estate properties is updated using valuations provided by independent appraisers. All appraisers
appointed comply with the international professional standards, local legal requirements and guidelines published by the Royal
Institution of Chartered Surveyors (RICS). The valuation methodology for properties leads to the determination of the market value
of the properties, which should reflect the definitions and methodologies stated within the international valuation standards (Red
Book and Blue Book). Generali provides the appraisers with all relevant information related to the properties (e.g., detailed tenancy
schedules, capex plan, certifications) which they use to make their assessment of projected rental revenue in addition to their own
leasing assumptions (e.g., estimated rental values, vacancy). The appraisers also make their own estimates of discount rates, exit
capitalization rates and estimated rental value (ERV). The terminal value is calculated based on net rental income capitalized by an
exit yield.
Accounting for derivatives
Derivatives are financial instruments or other contracts with the following characteristics:
•  their value changes in response to the change in interest rate, security price, commodity price, foreign exchange rate, index of
prices or rates, credit rating or other pre-defined underlying variables;
•  they require no initial net investment or, if necessary, an initial net investment that is smaller than one which would be required for
other types of contracts that would be expected to have a similar response to changes in market factors;
•  they are settled at a future date. Derivatives are classified as at fair value through profit or loss.
The Group carries out hedging transactions accounted for using the hedge accounting technique.
With reference to emissions of some subordinated liabilities, the Group has entered into hedging transactions of the interest rates
volatility and exchange rate fluctuations GBP/EURO, which for accounting purposes is designated as hedging the volatility of cash
flows (cash flow hedge).
According to this accounting model the portion of the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognized directly in an appropriate item of comprehensive income while the ineffective portion of the gains or loss on the
hedging instrument is recognized in profit or loss.
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Generali Group
The amount accumulated in the other components of comprehensive income is reversed to profit and loss account in line with the
economic changes of the hedged item.
When the hedging instrument expires or is sold, or the hedge no longer meets the criteria for hedge accounting, the cumulative gain
or loss on the hedging instruments, that remains recognized directly in the other components of other comprehensive income from
the period when the hedge was effective, remains separately recognized in comprehensive income until the forecast transaction
occurs. However, if the forecasted transaction is no longer expected to occur, any related cumulative gain or loss on the hedging
instrument that remains recognized directly in the other components of comprehensive income from the period when the hedge was
effective is immediately recognized in profit or loss.
Further the Group set cash flow hedges on forecast refinancing operations of subordinated liabilities that are accounted for as hedge
of forecast operations, that are highly probable and could affect profit or loss.
In addition, Group set also hedges of a net investment in a foreign operation that are accounted for similarly to cash flow hedges: the
effective portion of gain or loss on the hedging instrument is recognized among the components of profit or loss, while the part not
effective shall be recognized in the separate income statement.
Finally, the Group applies the fair value hedge accounting technique in order to cover the change in the fair value of financial
instruments deriving from financial risk.
The fair value hedge is accounted for as follows:
•  the book value of the hedged instrument is adjusted for the change in fair value attributable to the hedged risk. This change is
recognized in the income statement (i.e. in other comprehensive income in the case of hedging of equity securities designated at
fair value through other comprehensive income In the case of debt instruments classified at amortised cost, the adjustment to the
book value (so-called basis adjustment) is amortised in the income statement, based on the effective interest rate method, over
the duration of the hedged item.
•  In the case of debt instruments measured at fair value through other comprehensive income, the book value is not adjusted; the
adjustment consists of the cumulative amount of gains and losses, on which depreciation is calculated;
•  the hedging derivative is recognized in the income statement (except for derivatives hedging equity securities designated at fair
value through other comprehensive income, for which hedging changes are recognized in other comprehensive income).
If the fair value hedge relationship is fully effective, the gain or loss on the hedging derivative is fully compensated by the change in
fair value attributable to the hedged risk of the hedged item.
Finally, within the scope of fair value hedging transactions and within its banking activities, the Group has implemented macro hedges
of portfolios of financial assets and liabilities, as permitted by IAS 39 endorsed by the European Commission. The objective of such
hedges is to reduce the fluctuations in fair value, attributable to interest rate risk, of a monetary amount arising from a portfolio of
financial assets or liabilities. Net amounts arising from the imbalance of assets and liabilities cannot be designated as the object of
macro hedges.
Revenues from contracts with customers within the scope of IFRS 15
The Generali Group is a predominantly insurance group. The revenues arising from this business are defined by IFRS 17; the
other revenues arising from the sale of goods and services different from financial and insurance services, and arising from asset
management are defined and disciplined by IFRS 15. These revenues are included in the income statement items Other income/
expenses and Other revenue/charges. In particular, within Generali Group, entities specialized in banking, asset management and
other residual businesses included in the segment Holding and other activities segment. Revenues from contracts with customers
for Generali Group are mainly financial and real estate asset manager, investment and pension funds commissions, as well as service
and assistance. These revenues are not multi-annual and recognized on accrual basis during the financial year. In some cases, in
particular in case of asset and pension fund management, the revenues are linked to managed amounts or to the performance of
the assets. Despite this, significant judgements in estimate and measurement of revenues are rarely needed, as for example the
definition of transfer price and timing.
Use of estimates
The preparation of financial statements compliant to IFRS requires the Group to make estimates and assumptions that affect items
reported in the consolidations financial balance sheet and income statement and the disclosure of contingent assets and liabilities.
The use of estimates mainly refers to as follows:
•  assets and liabilities related to insurance contracts issued and reinsurance contracts held;
•  financial instruments measured at fair value classified in level 3 of the fair value hierarchy;
•  expected credit losses on financial assets;
•  the analysis in order to identify durable impairments on intangible assets (e.g. goodwill) booked in the balance sheet (impairment
test);
•  other provisions;
•  deferred and anticipated taxes;
•  defined benefit plan obligation;
•  share-based payments.
Estimates and valuations are periodically verified by the Group and are based on best knowledge of current facts and circumstances.
261
Consolidated Financial Statements
However, due to the complexity and uncertainty affecting the abovementioned items, future events and actions, actual results
ultimately may differ from those estimates, possibly significantly.
For information on the methodologies used in determining these items and the main risk factors, please refer to the previous
paragraphs containing the description of the accounting criteria and to the subsequent part dedicated to the analysis of financial
and insurance risks.
In particular, macroeconomic variables such as inflation, interest rate trends, and other financial variables were taken into account in
the valuation of assets and liabilities, as well as in the recoverability analyses listed above.
Finally, it should be noted that, also taking into account the Communication Banca d’Italia/Consob of 6 March 2025, the Group has
no significant exposures or risks associated with positions in crypto-assets.
Share-based payments
The stock option plans granted by the Board in past periods configure as share based payments to compensate officers and
employees. The fair value of the share options granted is estimated at the grant date and is based on the option pricing model that
takes into account, at the grant date, factors such as the exercise price and the life of the options, the current price of the underlying
shares, the expected volatility of the share price, the dividends expected on the shares and the risk-free interest rate as well as the
specific characteristics of the plan itself. The pricing model is based on a binomial simulation that takes into account the possibility of
early exercise of the options. If present, the pricing model estimates separately the option value and the probability that the market
conditions are satisfied. Therefore, the abovementioned values determine the fair value of instruments granted.
Long term incentive plans, aimed at strengthening the bond between the remuneration of management and expected performance
in accordance with the Group strategic plan, as well as the link between remuneration and generation of value in comparison with
peer.
The fair value of the right to obtain free shares in relation to market condition is assessed at grant date and is based on a model
that takes into account factors such as historical volatility of the Generali share price and of the peer group, the correlation between
these shares, the dividends expected on the shares, the risk-free interest rate as well as the specific characteristics of the plan itself.
The pricing model is based on simulation models generally used for this type of estimation. Other conditions different than market
condition are considered external to this valuation. The probability that these conditions are satisfied, combined with the estimated
fair value of the right to obtain free shares, defines the overall plan cost.
The cost is charged to the profit and loss account and, as a double-entry, to equity during the vesting period, taking into account,
where possible, the probability of satisfaction of the vesting condition related to the rights granted.
The charge or credit to the profit or loss for a period represents the change in cumulative expense recognised as at the beginning
and end of that period.
No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional
upon a market or a non-vesting condition. These are treated as vested irrespective of whether or not the market or non-vesting
condition is satisfied, provided that all other conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense to be recognised is the expense had the terms had
not been modified, only if the original terms of the award are met.
An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction,
or is otherwise beneficial to the employee as measured at the date of modification.
When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognised
for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the entity
or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement
award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award,
as described in the previous paragraph.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.
Information on financial and insurance risk
In accordance with IFRS 7 and IFRS 17, the information which enables the users of financial statements to evaluate the Group
exposure to financial and insurance risks and how these risks are managed is disclosed in the section Risk report in the Management
Report and in the paragraphs Investments as well as Insurance and investment contracts in the Notes where is provided a description
of the principal risks to which the Group is exposed together with their governance process.
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Generali Group
SEGMENT REPORTING
Generali’s activities could be split in different lines of business according to the products and services offered. In particular, in
accordance with IFRS 8, four main sectors of activity have been defined in line with the performance monitoring made by the Chief
Operating Decision Maker (CODM):
•  Property & Casualty segment, which includes insurance activities performed in the Property & Casualty business;
•  Life segment, which includes insurance activities performed in the Life business;
•  Asset & Wealth Management;
•  Holding and other business segment.
The performances from each single segment are reported in the Management Report, in the section Our financial performance.
Life segment
Activities of Life segment include saving and protection business, for both individual and family, as well as unit-linked products with
investment purposes and complex plans for multinationals.
Investment vehicles and entities supporting the activities of Life companies are also reported in this segment.
Property & Casualty segment
Activities of Property & Casualty segment include both motor and non-motor businesses, among which mass-market coverage such
as motor third party liabilities, casualty, accident and health. It includes also more sophisticated covers for commercial and industrial
risks.
Investment vehicles and entities supporting the activities of Property & Casualty companies are also reported in this segment.
Asset & Wealth Management
This segment, in addition to including the activities of the Banca Generali group, operates as a supplier of products and services both
for the insurance companies of the Generali Group and for third-party customers identifying investment opportunities and sources
of income for all of its customers, simultaneously managing risks. These products include equity and fixed-income funds, as well as
alternative products.
The segment includes companies that may specialize in institutional or retail clients, rather than on Group insurance companies or
on third-party customers, or on products such as real assets, high conviction strategies or more traditional solutions.
Holding and other businesses
This grouping is a heterogeneous pool of activities different from insurance and asset & wealth management – included in the above-
mentioned segments - and in particular it includes financial holding activities, activities for the supply of international services and
other activities that the Group considers ancillary to the core insurance business as well as the expenses related to the management
and coordination activities and to the Group business financing. The holding expenses mainly include the holding and regional sub-
holding expenses regarding coordination activities, the expenses related to Parent company stock option and stock grant plans as
well as interest expenses on the Group financial debt.
263
Consolidated Financial Statements
Methods of disclosure presentation
According to IFRS 8, the disclosure regarding operating segments of the Group is consistent with the evidence reviewed periodically
at the highest managerial level for the purpose of making operational decisions about resources to be allocated to the segments and
assessment of the results.
Assets, liabilities, income and expenses of each segment are prepared as defined by the ISVAP Regulation No. 7 of 13 July 2007 as
replaced by article 12 of IVASS Order no. 121 of 7 June 2022 as amended by Provvedimento IVASS No. 152 of 26 November 2024.
Segment data derives from a separate consolidation of the amounts of subsidiaries and associated companies in each business
segment, eliminating the effects of transactions between companies belonging to the same segment and, where applicable,
eliminating the carrying amount of the investments in subsidiaries and the related shareholder’s equity quota. The reporting and
control process implemented by the Group implies that assets, liabilities, income and expenses of the companies operating in
different business segments are allocated to each segment directly by the entity through specific segment reporting. Intra-group
balances between companies belonging to different business segments are accounted for in the consolidation adjustments column
in order to reconcile segment information with consolidated information.
In this context, Generali Group adopts a business approach on segment reporting, characterized by the fact that some transactions
between companies belonging to different segments are eliminated within each segment.
The main impacts are explained below:
•  the elimination in the Property & Casualty segment and Holding and other businesses segment of participations and loans to
companies of other segments, belonging to the same country, as well as related income (dividends and interests);
•  the elimination in the Property & Casualty segment and Holding and other businesses segment of the realized gains and losses
arising from intra-segment operations;
•  the elimination in the Life segment of the participations and loans to companies of other segments, belonging to the same country,
as well as the related income (dividends and interests) if not backing technical reserves;
•  the elimination in the Life segment of the realized gains and losses arising from intra-segment operations if not backing technical
reserves.
Furthermore, loans and related interest expenses on loans between Group companies belonging to different segments are eliminated
directly in each segment.
This approach allows to reduce consolidation adjustments, which in this view principally consist of investments in subsidiaries and
dividends received by Life and Property & Casualty companies from companies belonging to other segments, intragroup financing
and related interest income and fee and commissions income and expenses on financial services rendered or received by Group
companies, still allowing for an adequate performance presentation for each segment.
Assets, liabilities, income and expenses of each segment are presented here below.
264
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Statement of financial position by business segment
(€ million) Property&Casualty Life business Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1
INTANGIBLE ASSETS 5,987 4,781 4,754 4,666 1,007 495 85 48 28 0 11,861 9,990
2
TANGIBLE ASSETS 2,238 2,335 791 810 257 200 550 437 -91 -100 3,746 3,683
3
INSURANCE ASSETS 4,324 4,322 604 554 0 0 0 0 -26 0 4,902 4,876
3.1
Insurance contracts that are assets 23 0 265 315 0 0 0 0 -26 0 262 315
3.2
Reinsurance contracts that are assets 4,301 4,322 340 239 0 0 0 0 0 0 4,640 4,561
4
INVESTMENTS 44,476 43,388 432,120 408,696 15,250 14,221 10,542 15,481 -8,049 -15,740 494,340 466,046
4.1
Land and buildings (investment properties) 2,506 2,838 19,985 20,985 0 0 12 8 0 0 22,503 23,831
4.2
Investments in subsidiaries, associated companies and joint ventures 2,317 2,983 3,499 3,129 6 11 64 122 -3,046 -3,533 2,840 2,712
4.3
Financial assets measured at amortised cost 2,113 4,096 4,103 4,568 12,660 12,244 5,562 10,767 -2,877 -10,442 21,561 21,232
4.4
Financial assets measured at fair value through other comprehensive income 30,335 26,821 207,240 195,964 1,707 1,186 822 1,153 -2,125 -1,765 237,979 223,359
4.5
Financial assets measured at fair value through profit or loss 7,207 6,651 197,293 184,051 876 780 4,081 3,431 -0 0 209,457 194,912
5
OTHER FINANCIAL ASSETS 2,607 2,874 2,686 2,772 730 508 186 180 0 0 6,209 6,334
6
OTHER ASSETS 2,755 4,446 5,325 5,188 852 782 469 250 -126 -54 9,275 10,613
7
CASH AND CASH EQUIVALENTS 2,690 2,455 3,957 3,549 1,340 810 523 457 -196 -201 8,315 7,070
TOTAL ASSETS 65,077 64,602 450,237 426,235 19,436 17,017 12,356 16,853 -8,459 -16,095 538,647 508,611
1 SHAREHOLDERS' EQUITY 33,095 31,284
2
OTHER PROVISIONS 1,054 876 636 800 383 314 297 300 29 29 2,399 2,318
3
INSURANCE PROVISIONS 37,947 35,369 400,565 377,040 0 0 0 -0 -26 0 438,486 412,409
3.1
Insurance contracts that are liabilities 37,922 35,347 400,516 376,978 0 0 0 -0 -26 0 438,412 412,325
3.2
Reinsurance contracts that are liabilities 25 21 49 63 0 0 0 0 0 0 74 84
4
FINANCIAL LIABILITIES 5,298 4,505 20,542 20,451 14,478 13,125 7,79 8 9,591 -2,407 -3,586 45,710 44,086
4.1
Financial liabilities measured at fair value through profit or loss 171 230 7,732 8,361 262 133 1 17 -0 0 8,166 8,740
4.2
Financial liabilities measured at amortised cost 5,127 4,275 12,810 12,090 14,217 12,992 7,797 9,574 -2,407 -3,586 37,544 35,346
5
PAYABLES 4,405 4,068 2,945 3,202 718 460 959 1,016 0 -0 9,027 8,746
6 OTHER LIABILITIES 5,381 5,504 3,553 3,342 570 641 511 325 -85 -43 9,931 9,768
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 538,647 508,611
265
Consolidated Financial Statements
Statement of financial position by business segment
(€ million) Property&Casualty Life business Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1
INTANGIBLE ASSETS 5,987 4,781 4,754 4,666 1,007 495 85 48 28 0 11,861 9,990
2
TANGIBLE ASSETS 2,238 2,335 791 810 257 200 550 437 -91 -100 3,746 3,683
3
INSURANCE ASSETS 4,324 4,322 604 554 0 0 0 0 -26 0 4,902 4,876
3.1
Insurance contracts that are assets 23 0 265 315 0 0 0 0 -26 0 262 315
3.2
Reinsurance contracts that are assets 4,301 4,322 340 239 0 0 0 0 0 0 4,640 4,561
4
INVESTMENTS 44,476 43,388 432,120 408,696 15,250 14,221 10,542 15,481 -8,049 -15,740 494,340 466,046
4.1
Land and buildings (investment properties) 2,506 2,838 19,985 20,985 0 0 12 8 0 0 22,503 23,831
4.2
Investments in subsidiaries, associated companies and joint ventures 2,317 2,983 3,499 3,129 6 11 64 122 -3,046 -3,533 2,840 2,712
4.3
Financial assets measured at amortised cost 2,113 4,096 4,103 4,568 12,660 12,244 5,562 10,767 -2,877 -10,442 21,561 21,232
4.4
Financial assets measured at fair value through other comprehensive income 30,335 26,821 207,240 195,964 1,707 1,186 822 1,153 -2,125 -1,765 237,979 223,359
4.5
Financial assets measured at fair value through profit or loss 7,207 6,651 197,293 184,051 876 780 4,081 3,431 -0 0 209,457 194,912
5
OTHER FINANCIAL ASSETS 2,607 2,874 2,686 2,772 730 508 186 180 0 0 6,209 6,334
6
OTHER ASSETS 2,755 4,446 5,325 5,188 852 782 469 250 -126 -54 9,275 10,613
7
CASH AND CASH EQUIVALENTS 2,690 2,455 3,957 3,549 1,340 810 523 457 -196 -201 8,315 7,070
TOTAL ASSETS 65,077 64,602 450,237 426,235 19,436 17,017 12,356 16,853 -8,459 -16,095 538,647 508,611
1 SHAREHOLDERS' EQUITY 33,095 31,284
2
OTHER PROVISIONS 1,054 876 636 800 383 314 297 300 29 29 2,399 2,318
3
INSURANCE PROVISIONS 37,947 35,369 400,565 377,040 0 0 0 -0 -26 0 438,486 412,409
3.1
Insurance contracts that are liabilities 37,922 35,347 400,516 376,978 0 0 0 -0 -26 0 438,412 412,325
3.2
Reinsurance contracts that are liabilities 25 21 49 63 0 0 0 0 0 0 74 84
4
FINANCIAL LIABILITIES 5,298 4,505 20,542 20,451 14,478 13,125 7,79 8 9,591 -2,407 -3,586 45,710 44,086
4.1
Financial liabilities measured at fair value through profit or loss 171 230 7,732 8,361 262 133 1 17 -0 0 8,166 8,740
4.2
Financial liabilities measured at amortised cost 5,127 4,275 12,810 12,090 14,217 12,992 7,797 9,574 -2,407 -3,586 37,544 35,346
5
PAYABLES 4,405 4,068 2,945 3,202 718 460 959 1,016 0 -0 9,027 8,746
6 OTHER LIABILITIES 5,381 5,504 3,553 3,342 570 641 511 325 -85 -43 9,931 9,768
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 538,647 508,611
Income statement by business segment
(€ million) Property&Casualty Life Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1 Insurance revenue from insurance contracts issued 33,606 30,498 20,510 18,979 0 0 0 0 16 19 54,132 49,496
2 Insurance service expenses from insurance contract issued -30,848 -28,342 -17,093 -15,291 -0 -11 -0 -0 385 363 -47,556 -43,281
3 Insurance revenue from reinsurance contracts held 1,870 2,131 1,587 1,246 0 0 0 0 0 0 3,457 3,377
4 Insurance service expenses from reinsurance contracts held -2,337 -2,139 -1,720 -1,591 0 0 0 0 0 0 -4,057 -3,730
5 Insurance service result 2,291 2,148 3,284 3,344 -0 -11 -0 -0 401 381 5,976 5,862
6
Income/expenses from financial assets and liabilities valued at fair value
through profit or loss
421 330 13,907 12,038 11 7 166 34 0 0 14,505 12,410
7
Income/expenses from investments in associated companies and joint
ventures
232 166 167 322 56 48 52 90 -286 -362 220 264
8
Income/expenses from other financial assets and liabilities and investment
properties
1,274 937 6,793 6,325 426 400 -503 -388 -96 -88 7,894 7,186
9 Result of investments 1,928 1,434 20,867 18,685 493 455 -284 -264 -383 -449 22,620 19,860
10 Net finance income/expenses related to insurance contracts issued -698 -262 -20,203 -17,434 0 0 0 0 -0 -0 -20,901 -17,696
11 Net finance income/expenses related to reinsurance contracts held 114 17 -11 -9 0 0 0 0 0 0 103 8
12 Net finance result 1,344 1,188 653 1,242 493 455 -284 -264 -383 -449 1,823 2,171
13 Other income/expenses 205 244 217 187 2,075 1,452 148 127 -484 -468 2,160 1,543
14 Acquisition and administration costs -182 -435 -280 -235 -972 -753 -130 -123 161 141 -1,403 -1,406
15 Other revenue/charges -1,014 -917 -63 -688 -521 -209 -846 -709 -73 -73 -2,516 -2,597
Profit (Loss) before tax 2,644 2,228 3,811 3,850 1,075 933 -1,112 -970 -377 -468 6,041 5,574
266
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Income statement by business segment
(€ million) Property&Casualty Life Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1 Insurance revenue from insurance contracts issued 33,606 30,498 20,510 18,979 0 0 0 0 16 19 54,132 49,496
2 Insurance service expenses from insurance contract issued -30,848 -28,342 -17,093 -15,291 -0 -11 -0 -0 385 363 -47,556 -43,281
3 Insurance revenue from reinsurance contracts held 1,870 2,131 1,587 1,246 0 0 0 0 0 0 3,457 3,377
4 Insurance service expenses from reinsurance contracts held -2,337 -2,139 -1,720 -1,591 0 0 0 0 0 0 -4,057 -3,730
5 Insurance service result 2,291 2,148 3,284 3,344 -0 -11 -0 -0 401 381 5,976 5,862
6
Income/expenses from financial assets and liabilities valued at fair value
through profit or loss
421 330 13,907 12,038 11 7 166 34 0 0 14,505 12,410
7
Income/expenses from investments in associated companies and joint
ventures
232 166 167 322 56 48 52 90 -286 -362 220 264
8
Income/expenses from other financial assets and liabilities and investment
properties
1,274 937 6,793 6,325 426 400 -503 -388 -96 -88 7,894 7,186
9 Result of investments 1,928 1,434 20,867 18,685 493 455 -284 -264 -383 -449 22,620 19,860
10 Net finance income/expenses related to insurance contracts issued -698 -262 -20,203 -17,434 0 0 0 0 -0 -0 -20,901 -17,696
11 Net finance income/expenses related to reinsurance contracts held 114 17 -11 -9 0 0 0 0 0 0 103 8
12 Net finance result 1,344 1,188 653 1,242 493 455 -284 -264 -383 -449 1,823 2,171
13 Other income/expenses 205 244 217 187 2,075 1,452 148 127 -484 -468 2,160 1,543
14 Acquisition and administration costs -182 -435 -280 -235 -972 -753 -130 -123 161 141 -1,403 -1,406
15 Other revenue/charges -1,014 -917 -63 -688 -521 -209 -846 -709 -73 -73 -2,516 -2,597
Profit (Loss) before tax 2,644 2,228 3,811 3,850 1,075 933 -1,112 -970 -377 -468 6,041 5,574
267
Consolidated Financial Statements
268
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Generali Group
INFORMATION ON CONSOLIDATION AREA
AND RELATED OPERATIONS
1. Consolidation area
Based on IFRS 10, the Consolidated financial statements include the figures for both the Parent company and the subsidiaries
directly or indirectly controlled.
As at 31 December 2024, the consolidation area totaled 538 companies (529 at 31 December 2023), of which 482 subsidiaries
consolidated line by line and 56 associated companies valued at equity.
Changes in the consolidation area compared to the previous year and the table listing companies included in the consolidation area
are attached to these Notes, in the Appendix related to the change in the consolidation area, compared to 2023.
2. Investments in subsidiaries, associated companies
and joint ventures
Investments in subsidiaries, associated companies and joint venture
(€ million) 31/12/2024 31/12/2023
Investments in subsidiaries, associated companies and joint ventures at cost or at equity 1,898 1,889
Investments in non-consolidated subsidiaries at cost 117 211
Investments in associated companies at equity and at cost 1,160 1,030
Investments in joint ventures at equity 621 648
Investments in subsidiaries, associated companies and joint ventures measured at fair value through
profit or loss
942 823
Investments in associated companies measured at fair value through profit or loss 161 116
Investments in joint ventures measured at fair value through profit or loss 781 706
Total 2,840 2,712
Item Investments in non-consolidated subsidiaries at cost includes interests in entities non-consolidated as not material and that
mainly perform ancillary services to the insurance business.
Significant investments in subsidiaries, associated companies and joint venture: book value, fair value and dividends received
Entity name
Type (1) Balance Sheet Value Fair value Dividends re-ceived
Joint venture
Saxon Land B.V. c 335 11
Associates
Deutsche Vermögensberatung Aktiengesellschaft DVAG b 375 66
Guotai Asset Management Co., Ltd. b 341 14
Aliance Klesia Generali b 155
G3B Holding AG b 189 1
Total 1,395 0 91
(1) a=subsidiaries (only for IAS/IFRS financial statements); b= connected; c= joint venture
Please note that the fair value, by the provisions of the Regulator, must be entered only for listed companies.
269
Consolidated Financial Statements
3. Disclosures on interests in other entities
3.1. Interests in subsidiaries
Interests in exclusively controlled companies with significant third party
interests
A summary of the financial information relating to the most significant interests in exclusively controlled companies with significant
third party interests material for the Group is provided here below. The amounts disclosed are before inter-company eliminations,
except for the items cumulated non-controlling interests and profit or loss attributable to non-controlling interests, which are disclosed
from a consolidated perspective.
Financial information
 
Principal place of business Banca Generali Group
Italy
Generali China Life Insurance Co. Ltd
Cina
(€ million) 31/12/2024 31/12/2023 31/12/2024 31/12/2023
BALANCE SHEET
Investments 14,821 13,751 23,118 17,300
Other assets 975 1,332 164 165
Cash and cash equivalents 1,026 627 226 68
TOTAL ASSETS 16,822 15,710 23,508 17,534
Technical provisions   -    -  19,804 14,014
Financial liabilities 14,521 13,416 2,729 2,215
Other liabilities 841 1,066 48 65
Shareholders' equity 1,460 1,227 927 1,240
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 16,822 15,710 23,508 17,534
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 648 495 425 576
INCOME STATEMENT
Insurance revenues   -    -  1,181 1,055
Fee and commissions income from financial service activities 1,208 1,096   -    -
NET RESULT 431 324 115 183
OTHER COMPREHENSIVE INCOME 9 -10 -356 -289
TOTAL COMPREHENSIVE INCOME 440 314 -242 -107
TOTAL COMPREHENSIVE ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 210 157 59 92
DIVIDENDS PAID TO NON-CONTROLLING INTERESTS 128 105 39 30
CASH FLOW
cash flow from operating activities 678 95 301 810
cash flow from investing activities -28 -27 -432 -638
cash flow from financing activities  -213 -223 415 -262
Equity investments in exclusively controlled companies with significant third party interests
Entity name  % Minority interests % Availability of
votes in the ordinary
meeting by third
parties
Dividend distributed
to third parties
Consolidated profit
(loss) attributable to
minority interests
Shareholders’ equity
attributable to
minority interests
Generali China Life Insurance Co. Ltd 50.00% 50.00% 39 59 425
Banca Generali S.p.A. 48.69% 48.55% 128 210 648
Significant restrictions
In relation to the Group’s interests in subsidiaries, no significant restrictions exist on the Group’s ability to access or use its assets
and settle its liabilities.
270
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Generali Group
3.2. Interests in associates
The most significant associates for the Group
1
, accounted for according to the equity method, are the following:
Material Group associates
Company
Deutsche Vermogensberatung
Aktiengesellshaft DVAG
Guotai Asset Manegement Company  Alliance Klesia Generali Generali 3Banken
Nature of the relationship with the Group
DVAG is the leading sales network for
financial services in Germany and has
an exclusive distribution partnership
with a company held by Generali
Deutschland Group.
Guotai is one of the first professional
fund management companies in China.
The company manages mutual funds
and several Social Security Fund (SSF)
portfolios.
AKG is the holding company
which helds the participation
in the French mutual
insurance company Klesia SA.
G3B is a holding company which holds
shares in three significant Austrian
regional banks (Bank für Tirol und
Vorarlberg Aktiengesellschaft, BKS
Bank AG and Oberbank AG).
Principal Place of business Germany China France Austria
Profit rights/voting rights held (if different)   30% / 40%  30% 43% 50%
The summarised financial information relating to the most material associates in which the Group has an interest including the
reconciliation with the related carrying amounts (including goodwill, where present) are provided here below.
Summarized financial information - material associates
(€ million) Deutsche Vermogensberatung
Aktiengesellshaft DVAG
Guotai Asset Management
Company
Alliance Klesia Generali Generali 3Banken
31/12/2023(*) 31/12/2022(*) 31/12/2024 31/12/2023 31/12/2023(*) 31/12/2022(*) 31/12/2023(*) 31/12/2022(*)
INCOME STATEMENT
Revenues 2,344 2,232 473 433 738 624 12 15
Profit from continuing operations 456 246 237 198 126 41 12 14
Profit from discontinued operations after taxes 0 0 0 0 0 0 0 0
Net result after taxes 272 246 179 149 107 31 9 12
Other comprehensive income 0 0 0 0 0 0 0 0
TOTAL COMPREHEN-SIVE INCOME 272 246 179 149 107 31 9 12
BALANCE SHEET
Intangible Assets 36 57 8 12 0 0 0 0
Tangible assets 272 270 0 0 0 0 0 0
Amounts ceded to reinsurers from insurance provisions 0 0 0 0 0 339 0 0
Investments 718 679 886 721 1,376 1,247 161 165
Other assets 531 329 208 188 11 11 0 0
Cash and cash equiva-lents 136 204 74 61 0 0 1 2
TOTAL ASSETS 1,693 1,539 1,176 982 1,387 1,597 162 168
Other provisions 0 0 0 0 0 0 0 0
Technical provisions 0 0 0 0 1,019 1,290 0 0
Financial liabilities 168 167 0 0 0 0 0 0
Other liabilities 768 707 349 319 0 0 4 18
TOTAL LIABILITIES 935 874 349 319 1,019 1,290 4 18
SHAREHOLDERS' EQUITY 758 665 827 663 368 307 158 149
(*) The financial information are referred to the last approved financial statements by the respective Shareholders’ meeting of each associated company.
Carrying amount reconciliation - material associates
(€ million)
Deutsche Vermogensberatung
Aktiengesellshaft DVAG
Guotai Asset Management
Company
Alliance Klesia Generali Generali 3Banken
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Carrying amount in investee as at 31 December previous year 315 292 293 274 162 135 163 132
Total comprehensive income attributable to the Group 126 68 62 32 -7 27 26 31
Dividends received during the year -66 -45 -14 -13 0 0 -1 0
Carrying amount in investee as at the end of the year 375 315 341 293 155 162 189 163
As part of the commercial relationships in the German area with the distribution partner DVAG, we inform that the current controlling
shareholder holds a put option exercisable in respect of Generali Group.
1. Please note that associates are related parties of the Group.
271
Consolidated Financial Statements
At the reporting date no liability has been accounted for because the put option refers to an associate and therefore it does not fall
into the category of the options on non-controlling interests referred to in par. 23 of IAS 32. The potential outflow of resources will
be defined by the parties when and if the option is exercised on the basis of the fair value measurement criteria of the option itself.
Furthermore, the Group holds interests in associates which are not individually material that are accounted for at fair value through profit
or loss or alternatively according to the equity method (for a total amount of € 229 million) and, to a minor extent, held at cost (for an
amount of € 22 million). The associates in which the Group has interest mainly operate in the insurance and financial services industries.
For these associates, aggregated financial information is summarised below:
Aggregated information on other associates
(€ million) 31/12/2024 31/12/2023
Carrying amount of interests in not significant associates 251 205
Aggregated Group's share of:
Profit from continuing operations 7 3
Profit from discontinued operations after taxes 0 0
Other comprehensive income -1 0
Total comprehensive income 6 3
In relation to the Group’s interests in associates, no significant contractual, legal or regulatory restrictions exist on the Group’s ability
to access or use its assets and settle its liabilities.
3.3. Joint ventures
The most significant joint venture for the Group, accounted for using the equity method, is Saxon Land B.V., a real estate investment
company that owns the “One Fen Court” building, located in the heart of the financial district in London, now jointly controlled with
Munich RE.
The value of the investment is estimated at € 335 million at Group level. Below is a summary of the economic-financial data for the
company.
Summarized financial information - material joint ventures
(€ million) Saxon Land B.V.
31/12/2023(*) 31/12/2022(*)
INCOME STATEMENT
Revenues 35 29
Profit from continuing operations -31 19
Profit from discontinued operations after taxes 0 0
Net result after taxes -23 16
Other comprehensive income 0 0
TOTAL COMPREHENSIVE INCOME -23 16
BALANCE SHEET
Intangible Assets 0 0
Tangible assets 0 0
Amounts ceded to reinsurers from insurance provisions 0 0
Investments 560 601
Other assets 74 69
Cash and cash equivalents 18 19
TOTAL ASSETS 653 689
Other provisions 0 0
Technical provisions 0 0
Financial liabilities 0 0
Other liabilities 18 44
TOTAL LIABILITIES 18 44
SHAREHOLDERS' EQUITY 635 645
(*) The financial information are referred to the last approved financial statements by the respective Shareholders’ meeting of company.
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Generali Group
Here below please find the information on Group joint ventures:
Aggregated information on joint ventures
(€ million) 31/12/2024 31/12/2023
Summarized carrying amount on associates and joint ventures 1,075 1,023
Aggregated Group's share of:
Profit from continuing operations -14 -116
Profit from discontinued operations after taxes 0 0
Other comprehensive income -2 2
Total comprehensive income -16 -114
The carrying value related to interests in joint ventures is basically stable compared to last year and it mainly includes real estate
investment vehicles.
Significant restrictions
In relation to the Group’s interests in joint ventures, no significant contractual, legal or regulatory restrictions exist on the Group’s ability
to access or use its assets and settle its liabilities, nor significant commitments exist.
3.4. Unconsolidated structured entities
As of 31 December 2024, Generali Group holds no interests in unconsolidated structured entities that expose the Group to the
variability of returns arising from their performance.
For completeness, it should be noted that in June 2021, Assicurazioni Generali S.p.A. stipulated a reinsurance contract with Lion III
Re DAC, an Irish special purpose company, which for a period of four years will cover the possible catastrophic losses suffered by
the Generali Group following storms in Europe and earthquakes in Italy. The Lion III Re transaction transfers part of the risk to bond
investors, thus optimizing the Group’s protection against disasters. Generali paid an annual premium of 3.83% for a total of € 200
million of reinsurance coverage. This amount will be returned by Lion III Re DAC to investors if during the 4 years of operation of the
transaction no events occur on the Generali Group, deriving respectively from storms in Europe or earthquake in Italy, in excess of
pre-established damage thresholds for each type of risk.
The aforementioned vehicle is not consolidated as the Generali Group has no control over the entity and is not exposed to the
resulting variable returns.
4. Goodwill and other intangible assets
Intangible asset: composition
(€ million) Total
31/12/2024
Total
31/12/2023
Activities/Values Finite useful life Indefinite useful life Finite useful life Indefinite useful life
A.1 Goodwill X 9,126 X 7,8 41
A.1.1 attributable to the Group X 9,126 X 7,841
A.1.2 attributable to minority interests X 0 X 0
A.2 Other intangible assets 2,735 0 2,130 20
A.2.1 Assets measured at cost 2,735 0 2,130 20
a) Self-developed intangible assets 408 0 362 0
b) Other assets 2,327 0 1,768 20
A.2.2 Assets measured at restated value: 0 0 0 0
a) Self-developed intangible assets 0 0 0 0
b) Other assets 0 0 0 0
Total 2,735 9,126 2,130 7,861
With reference to the item Other assets measured at cost, it is noted that, following a change in the assessment of the useful life of a
Group trademark from indefinite to finite, its carrying amount has been reclassified accordingly and its useful life has been estimated
in 10 years. It should also be noted that following this modification, the trademark has been subjected to an impairment test and has
not shown any impairment.
273
Consolidated Financial Statements
Intangible asset: variations
(€ million) Goodwill Other intangible assets: self-
developed
Other intangible assets: others Total
Finite
useful life
Indefinite
useful life
Finite
useful life
Indefinite
useful life
A. Opening balances 8,191 1,254 0 4,139 20 13,604
A.1 Accumulated depreciation and impairment -351 -892 0 -2,371 0 -3,614
A.2 Net opening balance 7,8 41 362 0 1,768 20 9,990
A.2.a Adjustment opening balances 0 0 0 0 0 0
B. Increases 1,332 197 0 774 0 2,302
B.1 Acquisitions 1,316 62 0 742 0 2,120
B.2 Increases in self-developed intangible assets X 78 0 1 0 78
B.3 Reversals of impairment losses X 0 0 0 0 0
B.4 Positive changes in restated value 0 0 0 0 0 0
- through comprehensive income statement X 0 0 0 0 0
- through profit or loss X 0 0 0 0 0
B.5 Positive exchange differences 15 0 0 12 0 27
B.6 Other changes  1 57 0 20 0 77
C. Decreases  -46 -150 0 -215 -20 -432
C.1 Sales 0 -38 0 -42 0 -81
C.2 Changes in value -46 -112 0 -173 0 -331
- Amortisations X -112 0 -134 0 -245
- Impairment losses -46 0 0 -39 0 -86
- through comprehensive income statement X 0 0 0 0 0
- through profit or loss -46 0 0 -39 0 -86
C.3 Negative changes in restated value 0 0 0 0 0 0
- through comprehensive income statement X 0 0 0 0 0
- through profit or loss X 0 0 0 0 0
C.4 Transfers to non-current assets held for sale 0 0 0 0 0 0
C.5 Negative exchange differences 0 0 0 0 0 0
C.6 Other changes 0 0 0 0 -20 -20
D. Net final carrying amount 9,126 408 0 2,327 0 11,861
D.1 Accumulated depreciation and impairment -397 -1,007 0 -2,578 0 -3,982
E. Gross book value 9,523 1,415 0 4,905 0 15,843
F. Measured at cost 9,523 1,415 0 4,826 0 15,764
Deferred tax liabilities were accounted for with reference to the above mentioned intangible assets. Further information on calculation
method is detailed in the paragraph Other intangible assets of the section Basis for presentation and accounting principles in the
Annual Integrated Report and Consolidated Financial Statements 2024.
As at 31 December 2024 Group’s goodwill amounts to € 9,126 million. The main changes are attributable to the first consolidation
of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A. (Liberty Seguros) and Conning Holdings Limited (Conning). The
Purchase Price Allocation (PPA) process, as defined by IFRS 3, is described in detail in the section New entities acquisition.
The item “Impairment losses through profit or loss” includes a partial impairment of goodwill allocated to the CGU “Generali Schweiz
Holding AG P&C” amounting to € 46 million following the result of the impairment test.
The exchange differences are mainly attributable to the currency translation of goodwill booked on “Generali CEE Holding” and
“Generali Schweiz Holding AG”.
Cash-generating units or group of cash-generating units (hereinafter “CGU”) were established in accordance with the Group’s
participation structure, with the methods used by the management to monitor the operations and the business of the CGUs and
considering the IFRS 8 requirements relating to operating segments that Assicurazioni Generali has identified as Property&Casualty,
Life business, and Asset&Wealth Management, in line with the previous year.
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Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Following the acquisitions made during the first half of 2024, starting from 30 June 2024, some CGUs have been reorganized.
In particular, in accordance with the reorganization of the business in Spain and Portugal following the acquisition of Liberty Seguros,
and considering the expected corporate integration strategies, three new groups of CGUs have been created:
•  “Spain P&C” which includes the goodwill identified from the acquisition of Spain, Ireland and Northern Ireland business of Liberty
Seguros (€ 879 million);
•  “Spain Life” which includes the goodwill allocated to the former CGU “Generali Espana Holding” previously included in the cluster
“Other” (€ 38 million);
•  “Portugal P&C” which includes the goodwill identified from the acquisition of Portuguese business of Liberty Seguros (€ 93 million)
and the goodwill allocated to the former CGU “Generali Seguros – Portogallo” (€ 372 million).
In addition, considering the change in the group structure communicated in April 2024 and the fact that Generali Investment Holding
S.p.A. has been entrusted with the monitoring and steering the global asset management business within the Group (with the
exception of selected operations), the new CGU named “Generali Investment Holding” has been created. The goodwill allocated to
the “Generali Investment Holding” amounts to € 607 million and includes:
•  the goodwill allocated to the former CGU “Multiboutique” (€ 227 million);
•  the goodwill allocated to the former CGU “Generali CEE Holding - Asset Management” (€ 62 million);
•  the goodwill identified from the acquisition of Conning Holdings Limited (€ 289 million); and
•  a portion of the goodwill identified from the acquisition of Liberty Seguros as a result of the synergies identified during the acquisition
phase related to the internalization of the asset management costs (€ 28 million).
The details of the goodwill allocated per CGU are provided below. It should be noted that, for the purposes of better comparability of
information, the allocation represented at 31 December 2023 reflects the new organization of the CGUs described above.
Goodwill by CGU at 31 December 2024
(€ million) Life Property&Casualty Asset&Wealth
Management
Total
Generali Deutschland Holding 562 1,617 0 2,179
Alleanza Assicurazioni SpA 1,461 0 0 1,461
Generali Italia SpA 640 692 0 1,332
Spain 38 879 0 917
Generali CEE Holding 440 383 0 822
Generali Investment Holding 0 0 607 607
Generali France 319 248 0 567
Portugal 0 464 0 464
Gruppo Europ Assistance 0 284 0 284
Generali Schweiz Holding AG 0 198 0 198
Generali Versicherung AG 93 77 0 170
Generali Malaysia 0 66 0 66
Others 58
Goodwill 9,126
275
Consolidated Financial Statements
Goodwill by CGU at 31 December 2023
(€ million) Life Property&Casualty Asset&Wealth
Management
Total
Generali Deutschland Holding 562 1,617 0 2,179
Alleanza Assicurazioni SpA 1,461 0 0 1,461
Generali Italia SpA 640 692 0 1,332
Spain 38 0 0 38
Generali CEE Holding 420 385 0 805
Generali Investment Holding 0 0 289 289
Generali France 319 248 0 567
Portugal 0 372 0 372
Gruppo Europ Assistance 0 269 0 269
Generali Schweiz Holding AG 0 240 0 240
Generali Versicherung AG 76 77 0 154
Generali Malaysia 0 60 0 60
Others 74
Goodwill 7,841
The goodwill booked was subject to impairment tests as stated by IAS 36.
The cash generating units have been defined consistently with IAS 36; with regard to the measurement of the recovery value, of the
cash generating unit the Dividend Discount Model (DDM) has been used, as described in the basis of presentation and accounting
principles, for the determination of the recoverable amount.   
This method represents a variant of the method of cash flows. In particular, the Excess Capital variant, defines the entity’s economic
value as the discounted dividend maintaining an appropriate capital structure taking into consideration the capital constraints
imposed by the Supervisor as the solvency margin. This method results in the sum of discounted value of future dividends and the
CGUs terminal value.
The application of this criterion entailed in general the following phases:
•  explicit forecast of the future cash flows to be distributed to the shareholders in the planned time frame, taking into account the
limit due to the necessity of maintaining an adequate capital level;
•  calculation of the cash generating unit’s terminal value, that was the foreseen value of the cash generating unit at the end of the
latest year planned.
For the impairment exercise carried out on 31 December 2024, the cash flows derives from the three-year period 2025–2027
business plans provided by the relevant CGUs and approved by the relevant corporate bodies and included in the “Lifetime Partner
27: Driving Excellence” Group Strategic Plan approved by BoD of Assicurazioni Generali. Own Funds and Regulatory Solvency
Capital Requirement projections for the companies belonging to the CGUs are taken from the Group’s Capital Management Plan for
the three-year period 2025–2027 approved by the Board of Directors in January 2025, from the Group Risk Appetite Framework and
the local Capital Management Plan for the three-year period 2025–2027.
It is specified that, in line with the definition of the relative perimeter and in accordance with IAS 36, in defining the cash flows of the
CGU “Generali Investment Holding”, the operation announced on 21 January 2025, concerning the creation of a joint venture in
asset management with Groupe des Banques Populaires et des Caisses d’Epargne (BPCE) through its subsidiary Natixis Investment
Managers, was not taken into account.
Finally, in order to extend the explicit forecast period to 5 years, the main economic and financial data were estimated for a further
two years (2027 and 2028). In this case, the net result was mainly determined based on the sustainable growth rate for each CGU.
276
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Generali Group
The table below shows the evaluation parameters used for the main CGU: :
A) Nominal Growth Rate (g):
Goodwill: nominal growth rate (g)
31/12/2024 31/12/2023
Generali Deutschland Holding 2.0% 2.0%
Alleanza Assicurazioni 2.0% 2.0%
Generali Italia 2.0% 2.0%
Spain 2.0% n.d.
Generali CEE Holding 2.5% 2.5%
Generali Investment Holding 2.0% n.d.
Generali France 2.0% 2.0%
Portugal 1.0% n.d.
Gruppo Europ Assistance 2.0% 2.0%
Generali Schweiz Holding AG 1.0% 1.0%
Generali Versicherung AG 2.0% 2.0%
Generali Malaysia 3.0% 3.0%
B) Cost of Equity of the company net of taxes (Ke):
Goodwill: cost of equity net of taxes (Ke)
31/12/2024 31/12/2023
Generali Deutschland Holding
Life 9.0% 9.4%
Property&Casualty 7.7% 7.9%
Alleanza Assicurazioni
Life 10.2% 11.2%
Generali Italia
Life 10.2% 11.2%
Property&Casualty 8.9% 9.7%
Spain
Life 9.7% n.d.
Property&Casualty 8.4% n.d.
Generali CEE Holding
Life 11.2% 11.8%
Property&Casualty 9.7% 10.4%
Generali Investment Holding
Asset&Wealth Management 11.5% n.d.
Generali France
Life 9.8% 9.9%
Property&Casualty 8.5% 8.5%
Portugal
Property&Casualty 8.1% n.d.
Europ Assistance Group
Property&Casualty 9.9% 10.1%
Generali Schweiz Holding AG
Property&Casualty 6.8% 6.3%
Generali Versicherung AG
Life 9.5% 10.0%
Property&Casualty 8.1% 8.5%
Generali Malaysia
Property&Casualty 8.0% 8.3%
277
Consolidated Financial Statements
The cost of equity (Ke) for each entity is extrapolated based on the Capital Asset Pricing Model (CAPM) formula eventually adjusted
to reflect specifics and identified risks.
In detail:
•  Risk free rate was defined as the average value - observed during the last three months of 2024 of the 10-years government bond
of the reference country of operation of the CGU, on which the goodwill has been allocated;
•  The Beta coefficient was determined based on a homogeneous basket of securities of the non-life and life insurance sectors,
which was compared to market indexes. The observation period was 5 years with weekly frequency;
•  The market risk premium amounts to 5.5% for all Group’s CGUs.
The impairment test results have confirmed the recoverability of all CGU carrying amount except for that of the CGU “Generali
Schweiz Holding AG P&C” where the recoverable value is lower than the book value by an amount of € 46 million. This amount has
been recognized as a goodwill impairment with an impact on the income statement.
Furthermore, within the goodwill impairment test, a sensitivity analysis was performed on the results, by changing the cost of own
capital of the company (Ke) (+/-1%) and the perpetual growth rate of distributable future cash flows (g) (+/-0.5%).
The changes in the financial assumptions for sensitivity were not reflected, for prudency reasons, in the cash flows detailed in the
plan used for the test and on the carrying amounts of the CGUs.
For the CGUs not subject to impairment as of 31 December 2024, these sensitivities confirmed the recoverability of the carrying
amounts of the CGUs recorded in the balance sheet.
5. New entities acquisition
During 2024, in line with the “Lifetime Partner 24: Driving Growth” strategy with the aims to improve the Group’s earnings profile,
boost the P&C business, and strengthen its leadership position in Europe, and enhances the global asset management business of
the Group by strengthening its investment capabilities, growing its third-party client business and expanding its presence in the U.S.
and Asia, Generali completed the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A. and Conning Holdings
Limited.
In particular:
•  In January 2024, Generali completed, in accordance with Liberty Mutual, the acquisition of 100% of Liberty Seguros, Compañia
de Seguros y Reaseguros, S.A, a Spanish insurance company operating in Spain, Portugal, Ireland and Northern Ireland;
•  In April 2024, Generali completed the acquisition of Conning Holdings Limited and its affiliates from Cathay Life a subsidiary of
Cathay Financial Holding. All shares of Conning have been contributed into Generali Investments Holding S.p.A. (GIH), in exchange
for newly issued shares, and Cathay Life has become a minority shareholder of GIH, with a stake of 16.75%, establishing a long-
term partnership with Generali in the asset management business.
The Purchase Price Allocation (PPA) process generated the following result:
Liberty Seguros, Compañia de Seguros y Reaseguros, S.A.
In the context of the aggregation by the Generali Group of Liberty Seguros, 31 January 2024 constitutes the date of acquisition of
control pursuant to IFRS 10 as it corresponds to the time of the transfer to Assicurazioni Generali of the ownership of the shares.
Accordingly, for the purposes of applying IFRS 3 it was deemed appropriate to refer to the fair values of the assets acquired and
liabilities assumed determined with reference to 31 January 2024.
With reference to the measurement period for obtaining the information needed to measure the acquiree’s identifiable assets and
liabilities at fair value and to terminate the PPA process, IFRS 3 paragraph 45 requires that period to end as soon as the acquirer has
received all of the necessary information that was outstanding at the acquisition date or has determined that it is not feasible to obtain
more information to measure the acquiree’s assets and liabilities. In all cases, the period of evaluation may not extend beyond one
year from the date of acquisition. In accordance with this paragraph, it is noted that the purchase price allocation process of Liberty
Seguros, as of the date of this consolidated financial statement, is to be considered concluded.
The acquisition cost is equal to the total consideration paid to Liberty Mutual for the purchase of 100% of the shares of Liberty
Seguros.
Acquisition Cost - Liberty Seguros
(€ million)
Price paid for the acquisition of 100% of Liberty Seguros from Liberty Mutual 2,406
Total Acquisition Cost 2,406
278
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Allocation of the acquisition cost
As required by IFRS 3, at the acquisition date, the cost of the acquisition was allocated to the assets acquired and liabilities assumed
at their fair values at that date. A brief illustration is provided below of the main assumptions and hypotheses used to estimate fair
value under IFRS 13 for the categories of assets acquired and liabilities assumed that have the greatest impact within the PPA
process.
As abovementioned, for the purposes of accounting for the acquisition, the fair value adjustment of the assets acquired and liabilities
assumed was determined with respect to the shareholders’ equity of Liberty Seguros as at the acquisition date of 31 January 2024.
The acquisition cost was allocated on the basis of the accounts closed as of 31 January 2024.
With respect to this accounting situation, the main fair value adjustments are as follows:
•  The fair value of investments and financial liabilities was calculated on the basis of prices on 31 January 2024 for financial
instruments valued on liquid markets or on internal evaluation models for other financial instruments. It is also reported that the
incidence of illiquid instruments is not significant.
•  Intangible assets recognized with a finite useful life amount to € 321 million and include client relationships; relationships with
agents; distribution agreements; and software. Valuation model has been set-up according to market best practice to obtain
fair value as well as remaining useful life of all identified intangible assets. Client relationships, relationships with agents and
distribution agreements have been calculated by using the Multi-Period Excess Earnings Method (MEEM) estimating the projected
residual earnings after fair returns on all other contributory assets employed (including other intangible assets). Software has been
calculated by using the Cost Approach in the variant of the replacement cost methodology.
•  Insurance assets and provisions have been reassessed at their fair value in accordance with IFRS 13 and IFRS 17. The methodology
used to determine the fair value of insurance assets and provisions typically takes into account the sum of: i) the present value at
market interest rates of the best expected future cash-flows; ii) an allowance for the risk and uncertainty involved in the present
value of future cash flows and iii) a margin to remunerate the shareholder’s capital invested based on a cost of capital approach.
In addition, in accordance with IFRS 17 par. B5 contracts acquired in their settlement period will be considered part of the liability
for remaining coverage for the entity that acquired the contract and not part of the liability for incurred claims. Accordingly, the
general measurement model is applied, and insurance revenue would reflect the entire expected claims as the liability for remaining
coverage reduces because of services provided.
•  Potential liabilities have been evaluated in accordance with IFRS 3 paragraph 23, which states that the acquirer must recognize,
at the acquisition date, a contingent liability assumed in a business combination if it is a present obligation arising from past
events and its fair value can be reliably measured. Therefore, the acquirer recognizes a contingent liability assumed in a business
combination at the acquisition date even if it is unlikely that an outflow of resources embodying economic benefits will be required
to settle the obligation.
For each of the adjustments made in the PPA process, the relevant tax effect has been determined on the basis of the legislation in
force to date.
As a result of the described process of attributing fair value to the assets acquired and liabilities assumed of the acquiree, a total value
of € 1,406 million was allocated at the acquisition date. The difference between this value and the cost of the acquisition, amounting
to € 2,406 million, generated a goodwill of € 1,000 million.
The following table illustrates the details with reference to the calculation of the goodwill arising from the PPA process:
Purchase Price Allocation - Liberty Seguros
(€ million)    
Net assets acquired, net of intangible assets and related deferred taxes 1,223
Intangible Asset Recognition 321
Fair value Adjustment on Financial Investment -41
Fair value Adjustment on Financial Liabilities -59
Other Adjustment 6
Tax Effect -44
Fair Value of Net Asset at 31 January 2024 1,406
Non Controlling Interest 0
Fair Value of Net Assets at 31 January 2024 net of Non Controlling Interest 1,406 a
Acquisition Cost 2,406 b
Goodwill 1,000 c = b - a
279
Consolidated Financial Statements
The goodwill of € 1,000 million has been allocated to the following CGUs:
•  € 879 million to “Spain P&C”, composed by the former CGU “Generali Spain Holding” (previously included in “Other” item) and the
Liberty Seguros businesses in Spain, Ireland and Northern Ireland;
•  € 93 million to “Portugal P&C”, composed of the former CGU “Generali Seguros – Portogallo” and the Liberty Seguros business
in Portugal; and
•  € 28 million to “Generali Investment Holding”, as result of the synergies identified during the acquisition phase.
The following table summarises the balance sheet of the first-time consolidation of Liberty Seguros:
First consolidation Balance Sheet - Liberty Seguros
(€ million)  
Intangible Assets 321
Insurance Asset 40
Investments 4,068
Other Financial Asset and Other Asset 225
Cash and cash equivalents 186
Total Asset 4,839
Other Provision, Payables and Other Liabilities 386
Insurance Liabilities 3,041
Financial liabilities 5
Total Liabilities 3,433
Fair Value of Net Asset at 31 January 2024 1,406
The item Other Provisions, Payables and Other Liabilities includes the recognition of a contingent liability amounting to € 65 million,
recognized for regulatory and compliance risks identified during the PPA and evaluated in accordance with IFRS 3 paragraph 23.
From the acquisition date to the reporting date, Liberty Seguros contributed to the consolidated financial statements with Gross
Written Premiums of € 1.200 million and a net result of € 44 million.
Conning Holdings Limited
In the context of the aggregation by the Generali Group of Conning Holdings Limited, 3 April 2024 constitutes the date of acquisition
of control pursuant to IFRS 10 as it corresponds to the time of the transfer to Assicurazioni Generali of the ownership of the shares
through its subsidiary Generali Investment Holding. For the purposes of applying IFRS 3 it was deemed appropriate to refer to the fair
values of the assets acquired and liabilities assumed determined with reference to 31 March 2024 (reference date) in consideration
of the short period of time between the acquisition date and the reference date of the last financial statements prepared and in the
absence of significant events that occurred between the two dates.
In accordance with the aforementioned paragraph 45 of IFRS 3, the PPA process for Conning is to be considered concluded.
The acquisition cost is equal to the value of 16,75% of Generali Investment Holding shares issued and subscribed by Cathay Life
plus a contingent consideration.
Acquisition Cost - Conning Holdings Limited
(€ million)  
Value of 16,75% of Generali Investment Holding share issued and subscribed by Cathay Life 588
Contingent consideration 8
Total Acquisition Cost 596
Allocation of the acquisition cost
As required by IFRS 3, at the acquisition date, the cost of the acquisition was allocated to the assets acquired and liabilities assumed
at their fair values at that date. A brief illustration is provided below of the main assumptions and hypotheses used to estimate fair
value under IFRS 13 for the categories of assets acquired and liabilities assumed that have the greatest impact within the PPA
process.
280
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
For the purposes of accounting for the acquisition, the fair value adjustment of the assets acquired and liabilities assumed was
determined with respect to the shareholders’ equity of Conning Holdings Limited as at the acquisition date of 3 April 2024. The
acquisition cost was allocated on the basis of the accounts closed as of 31 March 2024.
With respect to this financial situation, the main adjustments to fair value are highlighted below:
•  € 269 million were recorded among intangible assets with a finite useful life, which include client relationships, trademarks, and
software. Valuation model has been set-up according to market best practice to obtain fair value as well as remaining useful life of
all identified intangible assets. Client relationships have been calculated by using the Multi-Period Excess Earnings Method (MEEM)
estimating the projected residual earnings after fair returns on all other contributory assets employed (including other intangible
assets). Trademarks and software have been calculated by using the Relief from Royalty (RFR) Method where the value of the
intangible is estimated by capitalizing the royalties saved due to the company’s ownership of the intellectual property;
•  The fair value of investments and financial liabilities was calculated on the basis of prices on 31 March 2024 for financial instruments
valued on liquid markets or on internal evaluation models for other financial instruments.
For each of the adjustments made in the purchase price allocation process, the relevant tax effect has been determined on the basis
of the legislation in force to date.
As a result of the described process of attributing fair value to the assets acquired and liabilities assumed of the acquiree, a total
value of € 307 million net of the non-controlling interests at the acquisition date was allocated at the acquisition date. The difference
between this value and the cost of the acquisition, amounting to € 596 million, generated a goodwill of € 289 million.
The following table illustrates the details with reference to the calculation of the goodwill arising from the purchase price allocation
process:
Purchase Price Allocation - Conning Holdings Limited
(€ million)    
Net assets acquired, net of intangible assets and related deferred taxes 100
Intangible Asset Recognition 269
Fair value Adjustment on Financial Liabilities 29
Other Adjustment -1
Tax Effect -68
Fair Value of Net Asset at 31 March 2024 329
Non Controlling Interest -22
Fair Value of Net Assets at 31 March 2024 net of Non Controlling Interest 307 a
Acquisition Cost 596 b
Goodwill 289 c = b - a
The goodwill of € 289 million has been allocated to the new CGU “Generali Investment Holding”.
The following table summarises the balance sheet of the first-time consolidation of Conning Holdings Limited:
First consolidation Balance Sheet - Conning Holdings Limited
(€ million)  
Intangible Assets 269
Investments 49
Other Financial Asset and Other Asset 46
Cash and cash equivalents 118
Total Asset 480
Other Provision, Payables and Other Liabilities 152
Financial liabilities 0
Total Liabilities 152
Fair Value of Net Asset at 31 March 2024 329
From the acquisition date to the reporting date, Conning Holdings Limited contributed to the consolidated financial statements with
Asset Under Management of € 160 billion and a net result of € 7 million.
281
Consolidated Financial Statements
6. Non-current assets or disposal group classified as
held for sale
Below details of the non-current assets or disposal group discontinued during the financial year are shown:
TUA Assicurazioni
In March 2024, Generali has finalized the sale of TUA Assicurazioni S.p.A. to Allianz S.p.A., with whom an agreement was reached
in October 2023. The transaction has generated a positive impact on the net result of € 58 million, with an increase of approximately
1 percentage point to the Group’s Solvency Ratio.
Generali Sigorta A.Ş.
It is noted that, following the receipt of regulatory approvals, in December 2024 Generali completed the sale of 99.99% of its stake in
Generali Sigorta A.Ş. to several local market operators, with whom it had reached an agreement in September 2024. The transaction
has resulted in a realized loss of € 13 million with negligible impact on Group’s Solvency Ratio.
Below details of the non-current assets or disposal group classified as held for sale at 31 December 2024:
Cronos Vita
As reported on 31 December 2023, within the framework of agreements aimed at implementing a systemic solution to the Eurovita
crisis, the Group classified the 22.5% stake in Cronos Vita held by Generali Italia for €49.5 million as a non-current asset held for sale.
This classification took into account the intent, present since the conception of the operation, to hold this stake for a limited period
of time as a planned step in the broader intervention process, which will see the total demerger of the company to the 5 beneficiary
partners during 2025.
It is also confirmed that as of 31 December 2024 the fair value of the investment, net of selling costs, was not lower than the carrying
amount.
Generali Life Assurance Philippines, Inc.
In December 2024, Generali reached an agreement to sell 100% of its stake in Generali Life Assurance Philippines, Inc. to The Insular
Life Assurance Company, Ltd. The sale has a negligible impact on the Group’s Solvency Ratio and resulted in a loss of € 19 million,
net of taxes and minority interests. The transaction is expected to be completed by the first half of 2025 and is subject to obtaining
the necessary approvals from the competent authorities.
7. Transactions with related parties
With regard to transactions with related parties, the main activities, set on an arm’s length basis, mainly consist in relations of
insurance, reinsurance and co-insurance, also including claims settlement, administration and management of securities and real
estate assets, leasing, loans and guarantees, financial advice, IT and administrative services. These transactions have an insignificant
impact compared to the size of the Generali Group.
When carried out with companies belonging to the Group, these operations substantially aim at guaranteeing the streamlining of
operational functions, an exploitation of synergies, greater economies in overall management and an appropriate level of service.
For further information regarding related parties transactions - and in particular regarding the procedures adopted by the Group to
ensure that these transactions are performed in accordance with the principles of transparency and substantive and procedural
correctness - please refer to the paragraph Related Party Transactions Procedures included in section Internal control and risk
management system of the Corporate governance and Ownership Report.
The total remuneration due to the Members of the Board of Directors, the Board of Statutory Auditors and the Managers with Strategic
Responsibilities and the shareholdings held by the same are shown, as per CONSOB regulations, in the Report on Remuneration
Policy and Payments, in the specific tables 1, 3a, 3b and 4 of Part II of Section II of the report itself. The remuneration components
were assigned and quantified according to the Remuneration Policy approved by the Shareholders’ Meeting on 24th of April 2024,
following implementation, when required, of the procedure for transactions with related parties, as required by law.
Furthermore, in accordance with IAS 24, the table below shows the compensation paid to the same subjects for the reference
year of this Financial Statement as approved by the competent corporate bodies based on the Group’s results and the verification
of compliance with solvency requirements (Regulatory Solvency Ratio), even if not paid and subject to deferral (where applicable)
and the verification of malus conditions, clawback and prohibitions on hedging strategies as better defined in the Report on the
remuneration policy and compensation paid.
282
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The amounts represented are consistent with CONSOB principles as reported in the Report on the remuneration policy and
compensation paid and also include social security charges and the provision for severance pay where required by regulatory and
contractual standards.
Remuneration Components
(€ million) Non-executive Directors and
Members of the Board of
Statutory Auditors(*)
Other Managers with
Strategic
Responsibilities(**)
a Short-term employee benefits 4 40
b Post-employment benefits - 2
c Other long-term employee benefits - 1
d Termination benefits - 7
e Share-based payment - 15
Total 4 65
(*) It includes 15 individuals.
(**) It includes 23 individuals, including the Managing Director/Group CEO.
Below we highlight the economic and financial transactions relating to loans and interest income and expenses with Group companies
not included in the area of full consolidation and with other related parties.
The transactions between Group companies consolidated line by line have been eliminated in the consolidation and are not disclosed
in the Notes.
As shown in the table below, the impact of such transactions, if compared on a Group basis, is not material.
Related parties
(€ million) Subsidiaries
with significant
control not
consolidated
Associated
companies and
joint-ventures
Other related
parties
Total % on balance
sheet item
Loans 0 839 0 839 0.17%
Loans issued  -3 -5 -15 -23 0.05%
Interest income 0 20 0 20 -0.25%
Interest expense -0 -0 0 -0 -0.02%
In particular, the subtotal Associated companies and Joint ventures includes loans to Group companies valued with equity method
for € 839 million, mostly related to real estate companies.
In addition to the figures in the table above and with reference to the related parties as stated by IAS 24 par 19 letter b, it should
be noted in particular that with regard to transactions with Mediobanca Banca di Credito Finanziario S.p.A. – company that exerts
significant influence over the Generali Group – and its subsidiaries, the main balances on assets and liabilities at 31 December
2024 are represented by investment funds (approximately € 345 million), debt securities issued by Mediobanca and its subsidiaries
(approximately € 70 million) and equity investments (approximately € 35 million), as well as collateralised hedging derivatives for about
€ 5 million. The main impacts on the profit and loss account at 31 December 2024 amounted to about € 29 million of net costs,
mainly due to fees recognized in the context of insurance brokerage relationships, as well as to net commissions.
With reference to the paragraph 18 of Related Party Transactions Procedures relating to periodic reporting requirements, there
were no (i) Related Party Transactions of major importance concluded during the reporting period (ii) Related Party Transactions,
concluded during the reference period, which influenced the Group’s financial statements or profit to a significant extent (iii) changes
or developments of the Transactions described in the previous annual report that have had a significant effect on the Group’s financial
statements or profit.
283
Consolidated Financial Statements
INVESTMENTS
The following table presents the details by nature and accounting category of the balance sheet item Investments. Comments on the
specific balance sheet items are provided in the following paragraphs of this chapter.
(€ million)
INVESTMENTS - DETAIL BY NATURE
at 31/12/2024
Land and
buildings
(Investment
properties)
Interests in
subsidiaries,
associated
companies and
joint ventures
Financial assets
measured at
amortised cost
Financial assets
measured at fair
value through other
comprehensive
income
Financial assets
measured at fair
value through
profit or loss
Total
Equity investments 0 0 0 3,233 23,995 27,229
Direct equities 0 0 0 2,786 3,944 6,729
Indirect Investments 0 0 0 0 5,198 5,198
Other financial instruments* 0 0 0 448 14,854 15,301
Fixed income investments 0 0 19,114 234,529 40,516 294,159
Bonds 0 0 9,767 226,460 8,031 244,258
of which: Government bonds 0 0 7,364 129,645 2,044 139,053
of which: Corporate bonds 0 0 2,403 96,815 5,987 105,205
Investment funds 0 0 0 0 32,348 32,348
Loans 0 0 9,347 8,068 137 17,552
Real estate investments 22,503 0 0 0 4,184 26,687
Measured at fair value 19,814 0 0 0 0 19,814
Measured at cost 2,689 0 0 0 0 2,689
Real Estate funds 0 0 0 0 4,184 4,184
Cash Equivalents 0 0 420 217 12,466 13,102
Repurchase Agreements 0 0 420 217 0 636
Money market funds 0 0 0 0 12,466 12,466
Derivative assets 0 0 0 0 687 687
Other investments 0 2,840 2,027 0 3,753 8,621
Investments in subsidiaries, associated companies
and joint ventures
0 2,840 0 0 0 2,840
Other investments 0 0 0 0 3,753 3,754
Receivables from banks and customers 0 0 2,027 0 0 2,027
Financial assets linked to technical reserves where
the investment risk is borne by the policyholders, to
financial liabilities related to investment contracts,
and reserves linked to pension funds**
0 0 0 0 123,855 123,855
Total 22,503 2,840 21,561 237,979 209,457 494,340
(*)  It includes shares of investment fund units amounting to € 3,363 million.
(**)  It includes shares of investment fund units amounting to a € 104,114 million.
284
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
(€ million)
INVESTMENTS - DETAIL BY NATURE
at 31/12/2023
Land and
buildings
(Investment
properties)
Interests in
subsidiaries,
associated
companies and
joint ventures
Financial assets
measured at
amortised cost
Financial assets
measured at fair
value through other
comprehensive
income
Financial assets
measured at fair
value through
profit or loss
Total
Equity investments 0 0 0 2,460 22,831 25,291
Direct equities 0 0 0 2,074 4,360 6,434
Indirect Investments 0 0 0 0 4,619 4,619
Other financial instruments* 0 0 0 386 13,852 14,238
Fixed income investments 0 0 18,975 220,624 41,066 280,665
Bonds 0 0 9,636 216,149 8,050 233,835
of which: Government bonds 0 0 7,288 128,178 1,894 137,359
of which: Corporate bonds 0 0 2,348 87,971 6,156 96,476
Investment funds 0 0 0 0 33,013 33,013
Loans 0 0 9,339 4,475 3 13,816
Real estate investments 23,831 0 0 0 3,206 27,038
At fair value 20,767 0 0 0 0 20,767
At cost 3,064 0 0 0 0 3,064
Real Estate funds 0 0 0 0 3,206 3,206
Cash Equivalents 0 0 244 269 13,978 14,491
Repurchase Agreements 0 0 244 269 0 513
Money market funds 0 0 0 0 13,978 13,978
Derivative assets 0 0 0 0 1,041 1,041
Other investments 0 2,712 2,014 5 4,524 9,255
Investments in subsidiaries, associated companies
and joint ventures
0 2,712 0 0 0 2,712
Other investments 0 0 0 5 4,524 4,530
Receivables from banks and customers 0 0 2,014 0 0 2,014
Financial assets linked to technical reserves where
the investment risk is borne by the policyholders, to
financial liabilities related to investment contracts,
and reserves linked to pension funds**
0 0 0 0 108,265 108,265
Total 23,831 2,712 21,232 223,359 194,912 466,046
(*)  It includes shares of investment fund units amounting to € 3,450 million.
(**)  It includes shares of investment fund units amounting to € 91,896 million.
8. Financial assets measured valued at amortised cost
The table below details the carrying amounts and the fair value hierarchy, by product composition, of financial assets valued at
amortised cost.
Financial assets measured at amortised cost: product composition, percentage composition and hierarchy of fair value
(€ million) 
Items/Values
 31/12/2024  31/12/2023
Carrying
Amounts
Comp. % L1 L2 L3 Fair value Carrying
Amounts
Comp. % L1 L2 L3 Fair value
1) Debt securities 9,767 45.3% 9,539 162 52 9,753 9,636 45.4% 9,190 267 75 9,532
Government bonds 7,364 34.2% X X X X 7,288 34.3% X X X X
a) listed 7,364 34.2% X X X X 7,288 34.3% X X X X
b) unlisted 0 0.0% X X X X 0 0.0% X X X X
Other bonds 2,403 11.1% X X X X 2,348 11.1% X X X X
a) listed 2,403 11.1% X X X X 2,348 11.1% X X X X
b) unlisted 0 0.0% X X X X 0 0.0% X X X X
2) Loans and receivables 11,794 54.7% 274 8,352 3,142 11,768 11,596 54.6% 279 8,477 2,764 11,521
Total 21,561 100.0% 9,813 8,514 3,194 21,521 21,232 100.0% 9,469 8,745 2,839 21,053
285
Consolidated Financial Statements
The category includes 4.4% (4.6% at 31 December 2023) of the amount recognized in the investments item presented in the balance
sheet. The exposures mainly refer to bonds, equal to 45.3% (45.4% at 31 December 2023) of the category, attributable to the
operations of the Group’s banking companies, and to mortgage loans, equal to 27.8% (26.2% as of 31 December 2023) of this item.
This investment category amounted to € 21,561 million at 31 December 2024, recording a stable trend (€ 21,232 million at  
31 December 2023), maintaining a similar composition among investment classes.
The table below illustrates the amount of unrealized gains and losses for financial assets classified at amortised cost.
Financial assets measured at amortized cost: unrealized gains and losses
(€ million) Book Value Fair value Unrealized gains/ losses
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Bonds 9,767 9,636 9,753 9,532 -14 -104
Loans and receivables 11,794 11,596 11,768 11,521 -25 -75
Total 21,561 21,232 21,521 21,053 -39 -179
The table below shows the details of financial assets valued at amortised cost by nature and credit risk stages.
Financial assets measured at amortized cost: product composition and credit risk stages
(€ million) Carrying Amounts 31/12/2024 Carrying Amounts 31/12/2023
First stage Second stage Third stage First stage Second stage Third stage
Government bonds 7,364 0 0 7,288 0 0
Other bonds 2,403 0 0 2,326 22 0
Loans and receivables 11,521 207 66 11,293 249 54
a) to banks 3,020 1 14 3,187 0 0
b) to customers 8,501 206 52 8,106 249 54
- mortgage loans 5,890 67 33 5,687 56 26
- policy loans 0 0 0 0 0 0
- other loans and receivables 2,611 139 19 2,419 193 28
Total 31/12/2024 21,288 207 66 0 0 0
Total 31/12/2023 0 0 0 20,907 271 54
Financial assets measured at amortised cost: gross carrying amount and ECL allocation
(€ million) Gross amount Net expected credit losses allocation Total 
31/12/2024
Total
31/12/2023
First stage of which:
Assets with
low credit
risk
Second
stage
Third stage First stage of which:
Assets with
low credit
risk
Second
stage
Third stage
Government bonds 7,367 0 0 0 -3 0 0 0 7,364 7,288
of which investment grade 7,255 0 0 0 -2 0 0 0 7,253 7,156
of which non investment
grade
11 0 0 0 -0 0 0 0 11 33
of which not rated 101 0 0 0 -1 0 0 0 100 98
Other bonds 2,405 0 0 0 -2 0 0 0 2,403 2,349
of which investment grade 2,305 0 0 0 -2 0 0 0 2,303 2,148
of which non investment
grade
64 0 0 0 -0 0 0 0 64 70
of which not rated 36 0 0 0 -0 0 0 0 36 130
Loans and receivables 11,543 0 209 115 -22 0 -2 -49 11,794 11,596
- to banks 3,027 0 1 14 -7 0 0 -0 3,034 3,187
- to customers 8,516 0 208 101 -15 0 -2 -49 8,759 8,409
Total 31/12/2024 21,315 0 209 115 -27 0 -2 -49 21,561 0
Total 31/12/2023 20,939 0 273 99 -32 0 -2 -45 0 21,232
In line with the stage allocation methodology adopted by the Group, which does not explicitly provide for the use of the low credit
risk exemption, the column relating to assets with low credit risk allocated in the first stage is not filled in.
286
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The table below presents the evolution of the credit risk stages of financial assets valued at amortised cost.
Financial measured at amortized cost: credit risk stages roll forward
31/12/2024
Fist stage Second stage Third stage Total
Opening balance -32 -2 -45 -79
Purchases and issues -1 -0 -0 -2
Sales and pay-backs 4 0 3 7
ECL remeasurement 4 0 -8 -4
Reclassification from first stage 0 -0 0 -0
Reclassification from second stage 0 0 0 0
Reclassification from third stage 1 0 0 2
Other variations -3 0 1 -2
Closing balance -27 -2 -49 -78
9. Financial assets measured at fair value through other
comprehensive income
The table below details the carrying amounts, by product composition, of financial assets valued through other comprehensive
income.
Financial assets measured at fair value through other comprehensive income: composition and impact
(€ million) 31/12/2024 31/12/2023
Carrying Amounts Comp. % Carrying Amounts Comp. %
Equities 2,786 1.2% 2,074 0.9%
a) quoted 2,152 0.9% 1,379 0.6%
b) unquoted 634 0.3% 695 0.3%
Bonds 226,460 95.2% 216,149 96.8%
Government bonds 129,645 54.5% 128,178 57.4%
a) quoted 120,780 50.8% 121,443 54.4%
b) unquoted 8,865 3.7% 6,734 3.0%
Other bonds 96,815 40.7% 87,971 39.4%
a) quoted 91,558 38.5% 82,041 36.7%
b) unquoted 5,257 2.2% 5,930 2.7%
Other financial assets 8,733 3.7% 5,135 2.3%
Total 237,979 100% 223,359 100%
The category includes 48.1% (47.9% at 31 December 2023) of the amount recognized in the investments item presented in the
balance sheet. It mainly consists of bonds, corresponding to 95.2% (96.8% at 31 December 2023) of the total amount recognized in
the accounting category, reflecting the Group’s hold to collect and sell business model, aimed at holding the assets financial assets
both for the purpose of collecting the contractual cash flows and for realization purposes. These exposures mainly consist of bonds
with a rating equal to or higher than BBB, the rating class assigned to Italian government bonds.
Equities held in portfolios relating to products without discretionary profit participation, amounting to € 2,786 million (€ 2,074 million
at 31 December 2023), are also included in this category.
The increase recorded compared to 31 December 2023 is substantially attributable to bonds, equal to € 226,460 million (€ 216,149
million at 31 December 2023), in particular, following the increase of other bonds, equal to € 96,815 million (€ 87,971 million at 31
December 2023).
Equity investments designated at fair value through other comprehensive income without recycling to the income statement amounted
to € 2,786 million (€ 2,074 million at 31 December 2023), mainly following net acquisitions of equities included in this category.
Dividends recognized in the income statement, deriving from equity investments designated at fair value through other comprehensive
income without recycling to the income statement, amounted to € 131 million at 31 December 2024 (€ 130 million at 31 December
2023), of which € 9 million (€ 6 million at 31 December 2023) relating to assets sold during the year.
sdfcvb
287
Consolidated Financial Statements
The fair value of the equity investments included in this category sold during the year is € 610 million (€ 1,300 million in 2023).
The realized gains recognized in equity reserve during the year amounted to € 4 million (€ 36 million at 31 December 2023). The result
determined by the sale of equity instruments designated at fair value through other comprehensive income is transferred to a specific
equity reserve, without recognizing any effect in the income statement of the period.
The item “Other financial assets”, which amounts to € 8,733 million (€ 5,135 million at 31 December 2023), also includes other
investments considered equity investments, whose dividends amount to € 76 million (€ 125 million at 31 December 2023).
The table below shows unrealized profits and losses for financial assets at fair value through other comprehensive income.
Financial assets measured at fair value through other comprehensive income: unrealized gains and losses
(€ million) Book Value Amortised cost Unrealized gains/ losses
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Equity investments 2,786 2,074 2,297 1,901 489 173
Bonds 226,460 216,149 248,899 240,646 -22,438 -24,497
Other financial assets 8,733 5,135 7,782 4,834 951 302
Total 237,979 223,359 258,977 247,381 -20,999 -24,022
The table below shows the detail of financial assets at fair value through other comprehensive income by nature and stage of credit
risk.
Financial assets measured at fair value through other comprehensive income: gross carrying amount and ECL allocation
(€ million) Gross amount Net expected credit losses allocation Total 
31/12/2024
Total
31/12/2023
First
stage
of which: Assets
with low credit
risk
Second
stage
Third
stage
First
stage
of which: Assets
with low credit
risk
Second
stage
Third
stage
Government bonds 129,760 0 15 12 -128 0 -2 -12 129,645 128,178
of which investment grade 119,448 0 0 0 -105 0 0 0 119,343 121,362
of which non investment
grade
1,178 0 15 0 -19 0 -2 0 1,172 894
of which not rated 9,133 0 0 12 -4 0 -0 -12 9,130 5,922
Other bonds 96,696 0 341 100 -220 0 -19 -83 96,815 87,971
of which investment grade 87,962 0 215 0 -172 0 -7 0 87,998 82,677
of which non investment
grade
4,469 0 96 84 -18 0 -12 -66 4,553 4,969
of which not rated 4,264 0 29 16 -29 0 -0 -16 4,264 326
Other financial assets 8,341 0 1 0 -56 0 0 0 8,285 4,749
Total 31/12/2024 234,797 0 357 112 -405 0 -21 -94 234,746 0
Total 31/12/2023 220,661 0 527 230 -385 0 -52 -84 0 220,898
In line with the stage allocation methodology adopted by the Group, which does not explicitly provide for the use of the low credit
risk exemption, the column relating to assets with low credit risk allocated in the first stage is not filled in.
The table below shows the evolution of the credit risk stages of financial assets through other comprehensive income.
Financial assets measured at fair value through other comprehensive income: credit risk stages roll forward
31/12/2024
Fist stage Second stage Third stage Total
Opening balance -385 -52 -84 -521
Purchases and issues -55 0 0 -55
Sales and pay-backs 52 3 36 92
ECL remeasurement -13 10 0 -3
Reclassification from first stage 0 12 -42 -30
Reclassification from second stage 0 0 0 0
Reclassification from third stage 0 0 0 0
Other variations -4 5 -4 -3
Closing balance -405 -21 -94 -520
288
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
10. Financial assets measured at fair value through
profit or loss
The table below shows the carrying amounts, by product composition, of financial assets at fair value through profit or loss. It should
be noted that the financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial
liabilities related to investment contracts, and reserves linked to pension funds, are included, by convention, in the item “Financial
assets designated at fair value”.
Financial assets measured at fair value through profit or loss: composition and impact
(€ million) Financial assets held for trading Financial assets designed at fair value Financial assets mandatorily measured at
fair value
31/12/2024  31/12/2023  31/12/2024  31/12/2023  31/12/2024  31/12/2023
Items/Values Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. %
Equities 0 0.1% 1 0.1% 5,879 4.7% 5,796 5.3% 3,943 4.7% 4,359 5.1%
a) quoted 0 0.1% 1 0.1% 4,925 4.0% 4,304 4.0% 3,026 3.6% 3,788 4.5%
b) unquoted 0 0.0% 0 0.0% 954 0.8% 1,492 1.4% 917 1.1% 571 0.7%
Own shares 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
Own financial liabili-ties 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
Bonds 0 0.0% 0 0.0% 12,534 10.1% 9,363 8.6% 8,031 9.5% 8,050 9.5%
a) quoted 0 0.0% 0 0.0% 12,233 9.8% 9,153 8.4% 7,602 9.0% 7,283 8.6%
b) unquoted 0 0.0% 0 0.0% 301 0.2% 210 0.2% 429 0.5% 767 0.9%
Investment fund units 65 8.6% 55 5.0% 104,114 83.8% 91,896 84.5% 57,495 68.1% 58,212 68.4%
Derivatives 687 91.3% 1,041 94.9% -104 -0.1% -186 -0.2% 0 0.0% 0 0.0%
Hedging derivatives 0 0.0% 0 0.0% 415 0.3% 437 0.4% 0 0.0% 0 0.0%
Other financial assets 0 0.0% 0 0.0% 1,432 1.2% 1,395 1.3% 14,965 17.7% 14,492 17.0%
Total 753 100% 1,097 100% 124,270 100% 108,701 100% 84,434 100% 85,114 100%
The category, which represents 42.3% (41.8% at 31 December 2023) of total investments, amounted to € 209,457 million (€
194,912 at 31 December 2023). The increase recorded compared to 31 December 2023 is mainly attributable to the increase in
carrying amounts of financial assets designated at fair value, in particular of investment fund units, almost entirely attributable to
financial assets linked to technical reserves where the investment risk is borne by the policyholders.
Specifically, these investments are mainly allocated to Life segment, equal to 94.2% of the total amount (€ 197,391 million at 31
December 2024).
11. Investment properties
The table below shows, split by measurement model, the amount of investment properties held for the purpose of receiving rent and/
or to achieve objectives of appreciation of the invested capital:
Investment properties: composition
(€ million) At cost Measured at fair value
Activities/Values  31/12/2024  31/12/2023
1. Land and buildings (investment properties) owned 2,689 3,065 19,814 20,767
a) land 191 247 354 359
b) buildings 2,498 2,818 19,459 20,408
2. Real rights subject to leasing  0 0 0 0
a) land 0 0 0 -0
b) buildings 0 0 0 0
Total 2,689 3,065 19,814 20,767
289
Consolidated Financial Statements
Land and buildings (investment properties) amounted to € 22,503 million at 31 December 2024 (€ 23,381 million at 31 December
2023). In particular, land and buildings (investment properties) measured at fair value represent 88% (86.9% at 31 December 2023)
of the total of this category and mainly consists of backing contracts with direct participation features.
The table below presents the main changes that occurred in the period and the detail of fair value:
Investment properties: variations
(€ million) Land Buildings Total
A. Opening balances 606 24,130 24,736
A.1 Accumulated depreciation and impairment 0 -905 -905
A.2 Net opening balance 606 23,225 23,831
A.2.a Adjustment opening balances 0 0 0
B. Increases 2 830 832
B.1 Acquisitions 2 463 464
B.2 Capitalized expenses 0 192 192
B.3 Positive changes in fair value 0 172 172
B.4 Reversals of impairment losses 0 1 1
B.5 Positive exchange differences 0 3 3
B.6 Transfers from self-used properties 0 0 0
B.7 Other changes 0 0 0
C. Decreases  -62 -2,098 -2,161
C.1 Sales -9 -1,091 -1,100
C.2 Depreciations 0 -52 -52
C.3 Negative changes in fair value -0 -782 -782
C.4 Impairment losses 0 -86 -86
C.5 Negative exchange differences -0 0 -0
C.6 Transfers to: -12 -22 -34
a) self-used properties for own use -12 -22 -34
b) non-current assets and disposal groups held for sale 0 0 0
C.7 Other changes -41 -66 -106
D. Net final carrying amount 545 21,958 22,503
D.1 Accumulated depreciation and impairment -0 -959 -959
D.2 Gross book value 545 22,917 23,462
E. Fair value measurement 554 23,999 24,554
The fair value of the investment properties at the end of the period was determined on the basis of appraisals commissioned mainly
from third parties.
12. Cash and cash equivalents
Cash and cash equivalents
(€ million) 31/12/2024 31/12/2023
Cash and cash equivalents 230 148
Cash and balances with central banks 933 578
Cash at bank and credit balances with banks payable on demand 7,151 6,344
Total 8,315 7,070
Group cash and cash equivalents increased compared to € 7,070 million at 31 December 2023 to € 8,315 million at 31 December
2024, substantially in order to meet potential liquidity needs of different business segments.
290
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
13. Financial liabilities measured at fair value through
profit or loss
The table below provides the breakdown of the carrying value, by composition, of financial liabilities measured at fair value through
profit or loss.
Financial liabilities measured at fair value through profit or loss: composition
(€ million) Financial liabilities held for trading Financial liabilities designated at fair value Total
31/12/2024  31/12/2023  31/12/2024  31/12/2023  31/12/2024  31/12/2023
Items/Values Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. % Carrying
Amounts
Comp. %
Investment contracts issued
IFRS 9:
0 0.0% 0 0.0% 5,268 68.9% 5,104 67.7% 5,268 64.5% 5,104 58.4%
a) investment contracts
where the investment
risk is borne by the
policyholders
0 0.0% 0 0.0% 692 9.1% 1,095 14.5% 692 8.5% 1,095 12.5%
b) pension funds  0 0.0% 0 0.0% 4,353 56.9% 3,869 51.3% 4,353 53.3% 3,869 44.3%
c) other financial liabilities
issued
0 0.0% 0 0.0% 223 2.9% 139 1.8% 223 2.7% 139 1.6%
Derivatives 522 100.0% 1,205 100.0% 0 0.0% 0 0.0% 522 6.4% 1,205 13.8%
Hedging derivatives 0 0.0% 0 0.0% 2,285 29.9% 2,404 31.9% 2,285 28.0% 2,404 27.5%
Other financial liabilities  0 0.0% 0 0.0% 91 1.2% 28 0.4% 91 1.1% 28 0.3%
Total 522 100.00% 1,205 100.00% 7,644 100.00% 7,53 5 100.00% 8,166 100.00% 8,740 100.00%
The financial liabilities at fair value through profit or loss mainly consist of financial liabilities designated at fair value, accounting for
93.6% (86.2% at 31 December 2023) of the total item. In particular, this category includes investment contracts falling within the
scope of IFRS 9, amounting to € 5,268 million (€ 5,104 million at 31 December 2023), primarily related to pension funds for € 4,353
million (€ 3,869 million at 31 December 2023). Additionally, the amount of hedging derivatives is equal to € 2,285 million (€ 2,404
million at 31 December 2023).
14. Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost: composition and fair value hierarchy
(€ million)
  31/12/2024  31/12/2023
Items/Values Carrying
Amounts
Comp. % L1 L2 L3 Total Fair
value
Carrying
Amounts
Comp. % L1 L2 L3 Total Fair
value
Equity instruments 0 0.0% 0 0 0 0 0 0.0% 0 0 0 0
Subordinated liabilities 9,784 26.1% 9,802 0 1 9,803 9,040 25.6% 8,263 523 26 8,812
Bonds issued 1,286 3.4% 1,269 0 0 1,269 1,767 5.0% 1,757 0 0 1,757
Other loans received 26,473 70.5% 205 17,309 9,058 26,572 24,538 69.4% 244 15,753 8,553 24,549
- from banks 6,510 17.3% X X X X 6,565 18.6% X X X X
- from customers 19,963 53.2% X X X X 17,973 50.8% X X X X
Total 37,544 100% 11,276 17,309 9,059 37,644 35,346 100% 10,264 16,276 8,578 35,118
The increase in Subordinated liabilities primarily stems from the issuances occurred in October, totaling € 750 million, aimed to
prefinance the 2025 and 2026 maturities.
The reduction in the Bonds issued item is mainly due to the contractual maturity of securities that occurred in September for a total
nominal amount of € 1,750 million, partially offset by two securities issuances that took place in January for a total nominal amount
of € 1,250 million.
The following tables sort Subordinated and Senior liabilities into categories based on maturity, or first call date if it falls at least one
year before maturity.
291
Consolidated Financial Statements
For each category of maturity, the undiscounted cash flows (including the related hedging derivatives), the book value and the fair
value of financial liabilities are reported.
Subordinated liabilities - undiscounted cash flows
(€ million) 31/12/2024 31/12/2023
Contractual
undiscounted
cash flows
Book value Fair value Contractual
undiscounted
cash flows
Book value Fair value
Up to 1 year 1,421 995 996 399 8 8
From 1 year up to 5 years 5,660 4,642 4,670 6,304 5,124 5,110
From 6 years up to 10 years 3,877 3,393 3,374 4,362 3,908 3,694
Over 10 years 781 754 763 0 0 0
Total subordinated liabilities 11,740 9,784 9,803 11,065 9,040 8,812
The following main subordinated issuances are included as part of the subordinated liabilities category:
Main subordinated issues
Issuer Nominal rate Nominal issued
(*)
Currency Ammortized cost
(**)
Issuance Call Maturity
Assicurazioni Generali 4.13% 1000.00 EUR 1025.00 02/05/2014 n.a. 04/05/2026
Assicurazioni Generali 4.60% 1000.00 EUR 995.00 21/11/2014 21/11/2025 Perp
Assicurazioni Generali 5.50% 1250.00 EUR 1260.00 27/10/2015 27/10/2027 27/10/2047
Assicurazioni Generali 3.88% 500.00 EUR 517.00 29/01/2019 n.a. 29/01/2029
Assicurazioni Generali 2.12% 750.00 EUR 752.00 01/10/2019 n.a. 01/10/2030
Assicurazioni Generali 2.43% 600.00 EUR 604.00 14/07/2020 14/01/2031 14/07/2031
Assicurazioni Generali 1.71% 500.00 EUR 503.00 30/06/2021 30/12/2031 30/06/2032
Assicurazioni Generali 5.80% 500.00 EUR 512.00 06/07/2022 06/01/2032 06/07/2032
Assicurazioni Generali 5.40% 500.00 EUR 516.00 20/04/2023 20/10/2032 20/04/2033
Assicurazioni Generali 5.27% 500.00 EUR 506.00 12/09/2023 12/03/2033 12/09/2033
Assicurazioni Generali 4.25% 500.00 EUR 510.00 14/12/2017 14/12/2027 14/12/2047
Assicurazioni Generali 4.16% 750.00 EUR 754.00 03/10/2024 03/07/2034 03/01/2035
Assicurazioni Generali 5.00% 850.00 EUR 870.00 08/06/2016 08/06/2028 08/06/2048
Assicurazioni Generali 6.27% 350.00 GBP 437.00 16/06/2006 16/06/2026 Perp
(*)  In millions, in currency.
(**)  In millions of euros.
Subordinated liabilities issued by Assicurazioni Generali S.p.A. are classified in this category.
As previously mentioned, the primary changes are related to the issuance of a new subordinated bond totaling € 750 million in
nominal value on one side, and the substitution of Assicurazioni Generali S.p.A. in place of Genertel as principal debtor and issuer of
a subordinated bond with a total nominal value of € 500 million on the other hand.
The fair value of subordinated liabilities amounted to € 9,803 million.
Senior bonds - undiscounted cash flows
(€ million) 31/12/2024 31/12/2023
Contractual
undiscounted
cash flows
Book value Fair value Contractual
undiscounted
cash flows
Book value Fair value
Up to 1 year 43 0 0 1,840 1,767 1,757
From 1 year up to 5 years 671 514 507 0 0 0
From 6 years up to 10 years 883 773 762 0 0 0
Over 10 years 0 0 0 0 0 0
Total debt securities issued 1,596 1,286 1,269 1,840 1,767 1,757
292
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The category of bonds includes the listed senior issuance shown below:
Main senior bonds issues
Issuer Nominal rate Nominal issued  
(*)
Currency Ammortized cost
(**)
Issuance Maturity
Assicurazioni Generali 3.55% 750 EUR 773 15/01/2024 15/01/2034
Assicurazioni Generali 3.21% 500 EUR 514 15/01/2024 15/01/2029
(*)  In millions, in currency.
(**)  In millions of euros.
The main changes are related to the contractual maturity of securities that took place in September for a total nominal amount of €
1,750 million on one hand, and two securities issuances that took place in January for a total nominal amount of € 1,250 million on
the other hand.
The fair value of the issued debt securities amounts to € 1,269 million.
Details on financial liabilities
The major monetary and non-monetary changes occurred during the period for the main items of financial liabilities (non-insurance)
as well as for derivatives at fair value are shown below:
Details on financial liabilities
(€ million) Carrying
amount as at
31 December
previous year
Monetary
movements
Non-monetary movements Carrying
amount as at
the end of the
period
Changes in fair
value
Changes in
consolidation
scope
Foreign
currency
translation
effects
Other non-
monetary
movements
Subordinated liabilities 9,040 724 0 0 20 0 9,784
Net position of hedging derivatives on
subordinated liabilities
128 -1 -44 0 5 0 88
Bonds and other loans at long term 4,594 -608 0 87 16 19 4,108
Derivatives and hedging derivatives
classified as financial liabilities
3,385 -960 137 -0 26 0 2,587
REPO and other short-term financial
liabilities
4,209 -70 0 0 92 0 4,231
Other liabilities evaluated at fair value 28 7 1 52 4 0 91
Total 21,384 -908 93 138 162 19 20,889
293
Consolidated Financial Statements
15. Investments income and expenses
Insurance activities - Net financial result of investments by Life and Property&Casualty segment
(€ million)
Items/Bases of aggregation
Life business
31/12/2024
Of which:
DPF
Property&Casualty
31/12/2024
Total
31/12/2024
Life business
31/12/2023
Of which:
DPF
Property&Casualty
31/12/2023
Total
31/12/2023
A. NET FINANCIAL RE-
SULT OF INVESTMENTS
23,610 21,222 2,555 26,165 29,849 27,597 3,333 33,183
A.1 Interest income from
financial assets at amortised
cost and fair value through
other comprehensive income
6,442 5,400 1,330 7,773 6,195 5,361 863 7,058
A.2 Net gains/losses on
assets at fair value through
profit or loss
13,830 13,478 412 14,242 11,823 11,408 323 12,145
A.3 Net expected credit
losses allocation
-125 -85 -6 -131 20 57 -27 -7
A.4 Other income/expenses 736 904 192 928 656 533 276 931
A.5 Net gains/losses
on financial assets at
fair value through other
comprehensive income
2,727 1,525 627 3,353 11,156 10,237 1,900 13,056
B. NET CHANGE IN IFRS9
INVESTMENT CONTRACTS
-17 0 0 -17 -8 0 0 -8
1. TOTAL NET FINANCIAL
RESULT OF INVESTMENTS
23,593 21,222 2,555 26,148 29,841 27,597 3,333 33,174
of which: recorded in
profit or loss
20,867 19,697 1,928 22,795 18,685 17,359 1,434 20,118
of which: recorded in
other comprehensive
income
2,727 1,525 627 3,353 11,156 10,237 1,900 13,056
The table above shows the composition of net investments financial result for each operating segment, detailing the amount
recognized in profit or loss (€ 22,795 million at 31 December compared to € 20,118 million at 31 December 2023) and in the
statement of other comprehensive income (€ 3,353 million at 31 December 2024 compared to € 13,056 million at 31 December
2023). The net change in IFRS9 investment contracts amounted to € - 17 million (€ -8 million at 31 December 2023).
294
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Investment return by asset class
(€ million)  31/12/2024 Financial assets  IAS 28 IAS 40 Other assets and 
financial liabilities
Investment 
management 
expenses/net 
gains on foreign 
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries, 
associated
companies and 
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
158 129 330 7,206 550 2,162 481 163 142 892 X X 12,214
Realized gains/losses 40 X 40 -787 4 526 -159 89 -23 236 X X -33
Realized gains 198 X 43 371 19 671 346 104 8 252 X X 2,011
Realized losses -158 X -3 -1,157 -14 -146 -505 -15 -31 -15 X X -2,044
Unrealized gains/losses 14 X 223 -88 -1 1,369 -111 -31 -582 -84 X X 710
Unrealized gains 322 X 318 X X 2,110 448 X 198 X X X 3,396
Unrealized losses -307 X -95 X X -741 -561 X -780 X X X -2,484
Net expected credit losses allocation and impairment X X X -88 -1 X 2 -31 X -84 X X -202
Net gains and losses on financial liabilities X X X X X X X X X X 153 X 153
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 9,923 X 9,923
Total Finance result 213 129 593 6,332 554 4,057 212 220 -462 1,043 10,076 X 22,966
Investment management expenses X X X X X X X X X X X -375 -375
FX effect X X X X X X X X X X X 269 269
Total P&L return 213 129 593 6,332 554 4,057 212 220 -462 1,043 10,076 -106 22,860
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 278 X X X X 70 X X X X X 348
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 2,152 X X X X X X X X 2,152
Net gains and losses on hedging derivatives and other gains and losses X X X 887 X X 155 62 X X X X 1,103
Total investments comprehensive return 213 408 593 9,371 554 4,057 437 282 -462 1,043 10,076 -106 26,464
(*)  The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
295
Consolidated Financial Statements
Investment return by asset class
(€ million)  31/12/2024 Financial assets  IAS 28 IAS 40 Other assets and
financial liabilities
Investment
management
expenses/net
gains on foreign
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries,
associated
companies and
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
158 129 330 7,206 550 2,162 481 163 142 892 X X 12,214
Realized gains/losses 40 X 40 -787 4 526 -159 89 -23 236 X X -33
Realized gains 198 X 43 371 19 671 346 104 8 252 X X 2,011
Realized losses -158 X -3 -1,157 -14 -146 -505 -15 -31 -15 X X -2,044
Unrealized gains/losses 14 X 223 -88 -1 1,369 -111 -31 -582 -84 X X 710
Unrealized gains 322 X 318 X X 2,110 448 X 198 X X X 3,396
Unrealized losses -307 X -95 X X -741 -561 X -780 X X X -2,484
Net expected credit losses allocation and impairment X X X -88 -1 X 2 -31 X -84 X X -202
Net gains and losses on financial liabilities X X X X X X X X X X 153 X 153
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 9,923 X 9,923
Total Finance result 213 129 593 6,332 554 4,057 212 220 -462 1,043 10,076 X 22,966
Investment management expenses X X X X X X X X X X X -375 -375
FX effect X X X X X X X X X X X 269 269
Total P&L return 213 129 593 6,332 554 4,057 212 220 -462 1,043 10,076 -106 22,860
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 278 X X X X 70 X X X X X 348
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 2,152 X X X X X X X X 2,152
Net gains and losses on hedging derivatives and other gains and losses X X X 887 X X 155 62 X X X X 1,103
Total investments comprehensive return 213 408 593 9,371 554 4,057 437 282 -462 1,043 10,076 -106 26,464
(*)  The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
296
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Investment return by asset class
(€ million)  31/12/2023 Financial assets  IAS 28 IAS 40 Other assets and 
financial liabilities
Investment 
management 
expenses/net 
gains on foreign 
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries, 
associated
companies and 
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
225 130 366 6,606 576 1,850 355 58 198 710 X X 11,074
Realized gains/losses 384 X 58 -306 5 310 -183 272 -9 252 X X 783
Realized gains 477 X 68 487 10 406 1,128 324 X 273 X X 3,171
Realized losses -93 X -9 -792 -5 -96 -1,311 -51 -9 -21 X X -2,388
Unrealized gains/losses 227 X 391 10 -17 590 -143 -67 -1,462 -51 X X -522
Unrealized gains 452 X 459 X X 1,723 1,150 X 198 X X X 3,982
Unrealized losses -224 X -68 X X -1,133 -1,290 X -1,660 X X X -4,375
Net expected credit losses allocation and impairment X X X 10 -17 X -4 -67 X -51 X X -129
Net gains and losses on financial liabilities X X X X X X X X X X 330 X 330
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 8,450 X 8,450
Total Finance result 836 130 815 6,310 563 2,751 29 264 -1,273 911 8,779 X 20,115
Investment management expenses X X X X X X X X X X X -339 -339
FX effect X X X X X X X X X X X -142 -142
Total P&L return 836 130 815 6,310 563 2,751 29 264 -1,273 911 8,779 -481 19,634
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 30 X X X X -38 X X X X X -8
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 12,390 X X 0 X X X X X 12,390
Net gains and losses on hedging derivatives and other gains and losses X X X 312 X X 427 17 X X X X 756
Total investments comprehensive return 836 160 815 19,012 563 2,751 418 280 -1,273 911 8,779 -481 32,771
(*)  The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
297
Consolidated Financial Statements
Investment return by asset class
(€ million)  31/12/2023 Financial assets  IAS 28 IAS 40 Other assets and
financial liabilities
Investment
management
expenses/net
gains on foreign
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries,
associated
companies and
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
225 130 366 6,606 576 1,850 355 58 198 710 X X 11,074
Realized gains/losses 384 X 58 -306 5 310 -183 272 -9 252 X X 783
Realized gains 477 X 68 487 10 406 1,128 324 X 273 X X 3,171
Realized losses -93 X -9 -792 -5 -96 -1,311 -51 -9 -21 X X -2,388
Unrealized gains/losses 227 X 391 10 -17 590 -143 -67 -1,462 -51 X X -522
Unrealized gains 452 X 459 X X 1,723 1,150 X 198 X X X 3,982
Unrealized losses -224 X -68 X X -1,133 -1,290 X -1,660 X X X -4,375
Net expected credit losses allocation and impairment X X X 10 -17 X -4 -67 X -51 X X -129
Net gains and losses on financial liabilities X X X X X X X X X X 330 X 330
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 8,450 X 8,450
Total Finance result 836 130 815 6,310 563 2,751 29 264 -1,273 911 8,779 X 20,115
Investment management expenses X X X X X X X X X X X -339 -339
FX effect X X X X X X X X X X X -142 -142
Total P&L return 836 130 815 6,310 563 2,751 29 264 -1,273 911 8,779 -481 19,634
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 30 X X X X -38 X X X X X -8
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 12,390 X X 0 X X X X X 12,390
Net gains and losses on hedging derivatives and other gains and losses X X X 312 X X 427 17 X X X X 756
Total investments comprehensive return 836 160 815 19,012 563 2,751 418 280 -1,273 911 8,779 -481 32,771
(*)  The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
298
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
16. Expected credit losses
The table below shows the ECL allocation and reversal details for the financial assets divided by credit risk stage.
ECL allocation and reversal by stage: composition
(€ million) ECL allocation Reversal ECL
First stage of which:
Assets with
low credit risk
Second stage Third stage First stage of which:
Assets with
low credit risk
Second stage Third stage
Government bonds -46 0 -0 -8 25 0 18 8
Other bonds -77 0 0 -40 78 0 15 0
Loans and receivables -101 0 -14 -8 28 0 6 6
- to banks -1 0 0 0 5 0 0 0
- to customers -101 0 -14 -8 23 0 6 6
Total 31/12/2024 -225 0 -14 -56 130 0 39 14
Total 31/12/2023 -163 0 -35 -85 247 0 16 9
17. Details on investments
17.1. Bonds
The table below presents the book value of bonds (government and corporate bonds), divided by accounting treatment, detailed by
rating and maturity:
Bonds: details for rating
(€ million) Financial assets
measured at fair
value through other
comprehensive
income
Financial assets
measured at fair
value through profit
or loss
Financial assets
measured at
amortised cost
Total
AAA 15,134 328 1,530 16,992
AA 44,284 810 1,074 46,169
A 63,658 2,325 860 66,843
BBB 89,492 3,222 6,091 98,806
Non investment grade 5,635 1,015 80 6,730
Not rated 8,256 331 131 8,719
Total Bonds 226,460 8,031 9,767 244,258
Financial assets linked to technical reserves where the investment risk
is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds
0 12,534 0 12,534
Total 226,460 20,565 9,767 256,793
299
Consolidated Financial Statements
Bonds: details for maturity
(€ million)  Financial assets
measured at fair
value through other
comprehensive
income
Financial assets
measured at fair
value through profit
or loss
Financial assets
measured at amotized
cost
Total
Up to 1 year  15,146 262 1,844 17,252
Between 1 and 5 years 52,997 991 5,075 59,063
Between 5 and 10 years 56,207 1,038 2,302 59,547
Beyond 10 years 99,408 4,470 546 104,423
Perpetual 2,702 1,271 0 3,973
Total Bonds 226,460 8,031 9,767 244,258
Financial assets linked to technical reserves where the investment risk
is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds
0 12,534 0 12,534
Total 226,460 20,565 9,767 256,793
Bond investments, amounting to € 256,793 million, is composed for € 139,053 million of government bonds, for € 105,205 million of
corporate bonds, and for € 12,534 million of financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts and to reserves linked to pension funds.
With reference to government bond exposures, reported at book value, the breakdown by country of risk is provided below:
Government bonds: breakdown by country of risk
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
Italy 35,592 25.0% 38,511 27.4%
France 21,260 14.9% 21,964 15.6%
Spain 21,095 14.8% 20,565 14.6%
Central - Eastern Europe 11,807 8.3% 12,908 9.2%
Rest of Europe 25,492 17.9% 23,952 17.1%
Germany 3,188 2.2% 2,875 2.0%
Austria 1,807 1.3% 1,792 1.3%
Belgium 8,634 6.1% 7,893 5.6%
Other 11,863 8.3% 11,391 8.1%
Rest of World 17,687 12.4% 13,896 9.9%
Supranational 6,120 4.3% 5,563 4.0%
Total General account 139,053 9 7.6% 137,3 59 97.8%
Financial assets linked to technical reserves where the investment risk
is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds
3,454 2.4% 3,120 2.2%
Total Government bonds 142,507 100.0% 140,479 100.0%
The government bonds portfolio amounted to € 142,507 million (€ 140,479 million at 31 December 2023), of which € 3,454 million
(€ 3,120 million at 31 December 2023) of government exposures in financial assets linked to technical reserves where the investment
risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds. In
terms of exposures, 54.7% of the portfolio consists of Italian, French, and Spanish government bonds. The exposure to individual
sovereign bonds is mainly allocated to their respective countries of operation.
300
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
With reference to government bond exposures, reported at book value, the breakdown by rating is provided below:
Government bonds: breakdown by rating
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
AAA 10,149 7.1% 8,892 6.3%
AA 38,242 26.8% 39,399 28.0%
A 37,831 26.5% 32,295 23.0%
BBB 44,850 31.5% 50,893 36.2%
Non investment grade 1,267 0.9% 1,191 0.8%
Not rated 6,714 4.7% 4,689 3.3%
Total General account 139,053 97.6% 137,359 97.8%
Financial assets linked to technical reserves where the investment risk
is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds
3,454 2.4% 3,120 2.2%
Total Government bonds 142,507 100.0% 140,479 100.0%
In terms of exposures to different asset classes, the class AAA includes German and Swiss government bonds, the class AA
predominantly includes French government bonds, the class BBB primarily include Italian government bonds.
With reference to corporate bond exposures, reported at book value, the breakdown by sector is provided below:
Corporate bonds: breakdown by sector
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
Financial 35,466 31.0% 32,314 31.5%
Covered Bonds 6,800 6.0% 7,864 7.7%
Utilities 12,741 11.1% 12,297 12.0%
Consumer 11,158 9.8% 9,786 9.5%
Industrial 9,739 8.5% 7,689 7.5%
Telecom 8,165 7.1% 4,618 4.5%
Health Care 4,814 4.2% 2,960 2.9%
Energy 16,322 14.3% 18,947 18.4%
Total General account 105,205 92.1% 96,476 93.9%
Financial assets linked to technical reserves where the investment risk is borne
by the policyholders, to financial liabilities related to investment contracts, and
reserves linked to pension funds
9,081 7.9% 6,243 6.1%
Total Corporate bonds 114,286 100.0% 102,719 100.0%
The corporate bonds portfolio amounted to € 114,286 million (€ 102,719 million at 31 December 2023), of which € 9,081 million  
(€ 6,243 million at 31 December 2023) of corporate exposures in financial assets linked to technical reserves where the investment
risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds. In
terms of exposures, the portfolio is composed for 57.3% (54.8% at 31 December 2023) by non-financial corporate bonds, for
32.9% (39.2% at 31 December 2023) by financial corporate bonds and for 9.8% (6.1% at 31 December 2023) by bonds in financial
assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds.
301
Consolidated Financial Statements
With reference to corporate bond exposures, reported at book value, the breakdown by rating is provided below:
Corporate bonds: breakdown by rating
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
AAA 6,843 6.0% 5,377 5.2%
AA 7,927 6.9% 9,057 8.8%
A 29,012 25.4% 27,915 27.2%
BBB 53,956 47.2% 45,862 44.6%
Non investment grade 5,463 4.8% 5,691 5.5%
Not rated 2,004 1.8% 2,575 2.5%
Total General account 105,205 92.1% 96,476 93.9%
Financial assets linked to technical reserves where the investment risk
is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds
9,081 7.9% 6,243 6.1%
Total Corporate bonds 114,286 100.0% 102,719 100.0%
In terms of exposures to different asset classes, the class AAA includes mainly German corporate bonds, the class AA predominantly
includes French and German corporate bonds, while both the class A and class BBB primarily include Italian, French and German
corporate bonds.
17.2. Equities
With reference to equity investments, reported at book value, the breakdown by sector is provided below:
Equity investments: breakdown by sector
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
Equity investments 27,229 100.0% 25,291 100.0%
Financial 1,837 6.7% 1,820 7.2%
Consumer 680 2.5% 803 3.2%
Industrial 441 1.6% 565 2.2%
Energy 819 3.0% 604 2.4%
Other 2,952 10.8% 2,643 10.4%
Alternative investments 15,301 56.2% 14,238 56.3%
Indirect investments 5,198 19.1% 4,619 18.3%
The equity investment portfolio amounted to € 27,229 million (€ 25,291 million at 31 December 2023) and is composed for 17.9%
(18.2% at 31 December 2023) by non-financial sector equity instruments and by 6.7% (7.2% at 31 December 2023) by financial
sector equity instruments.
Alternative investments mainly include private equity exposures, amounted to € 12,038 million (€ 11,831 million at 31 December
2023), as well as other alternative funds amounting to € 3,363 million (€ 2,407 million at 31 December 2023). Indirect investments
included in this representation refer to funds whose investments consist of investments in equity instruments.
302
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
With reference to equity investments, reported at book value, the breakdown by country of risk is provided below:
Direct equity investments: breakdown by country of risk
(€ million) 31/12/2024 31/12/2023
Book Value Comp. (%) Book Value Comp. (%)
Direct equity investments 6,729 100.0% 6,434 100.0%
Italy 662 9.8% 762 11.8%
France 1,236 18.4% 1,852 28.8%
Germany 720 10.7% 677 10.5%
Central - Eastern Europe 131 1.9% 135 2.1%
Rest of Europe 1,241 18.4% 1,088 16.9%
Rest of World 2,740 40.7% 1,920 29.8%
The exposures to direct equity investments amounted to € 6,729 million (€ 6,434 million at 31 December 2023) and 38.9% (51.1%
at 31 December 2023) of portfolio represented by Italian, French and German equity investments.
17.3. Real estate investments
With reference to exposure in real estate investments, as presented in the financial statements , the breakdown by country of location,
reported at fair value is provided below. Additionally, for completeness, the table also presents the fair value detail of self-used real
estate.
Direct real estate investments: breakdown by country of location
(€ million) 31/12/2024 31/12/2024
Investment properties Self-used real estates
Fair value Comp. (%) Fair value Comp. (%)
Direct real estate investments 24,554 3,567
Italy 7,740 31.5% 1,903 53.3%
France 7,259 29.6% 513 14.4%
Germany 3,222 13.1% 352 9.9%
Central - Eastern Europe 996 4.1% 308 8.6%
Rest of Europe 5,278 21.5% 215 6.0%
Spain 1,206 4.9% 61 1.7%
Austria 1,820 7.4% 61 1.7%
Switzerland 1,454 5.9% 9 0.3%
Others 798 3.2% 83 2.3%
Rest of World 58 0.2% 277 7.8%
The fair value of direct real estate investments amounts to € 28,121 million, of which € 24,554 million of investments properties and
€ 3,567 million of self-used real estates.
17.4. Derivative financial instruments
The Group’s balance sheet exposure to derivative instruments is mainly associated with economic hedging transactions of financial
assets or liabilities, in line with strategies aiming at mitigating financial and currency risks. The total exposure amounts to € - 1,704
million (€ -2,472 million at 31 December 2023) for a corresponding notional amount of € 51,952 million (€ 66,159 million at 31
December 2023). The notional exposure, presented in absolute amounts, including positions with both positive and negative balances,
arises for an amount of € 20,941 million (€ 17,512 million at 31 December 2023) from instruments for which a hedge accounting
relationship has been formally designated, in accordance with the international accounting standard IFRS 9. The remaining notional
amount is attributable to derivative instruments for which, notwithstanding their purpose as economic hedging instruments, a formal
hedge accounting relationship has not been activated.
2.  Indirect exposures are excluded.
303
Consolidated Financial Statements
Below the detail of exposures to derivative instruments designated as hedge accounting and other derivative instruments. This
representation does not include derivatives included in financial assets covering technical reserves, the investment risk of which is
borne by policyholders, financial liabilities arising from investment contracts, and reserves arising from pension fund management.
Details on exposures in derivative instruments
(€ million) Maturity distribution by nominal amount Derivative assets
fair value
Derivative
liabilities fair
value
Net fair value
Within
1 year
Between
1 and 5 years
More than
5 years
Total notional
Total equity / index contracts 4,261 2,943 0 7,205 82 -151 -69
Total interest rate contracts 8,234 11,664 8,480 28,378 679 -1,316 -637
Total foreign exchange contracts 6,043 4,649 4,817 15,509 340 -1,339 -999
Credit derivatives 850 10 0 860 1 -0 0
Total 19,388 19,267 13,297 51,952 1,102 -2,807 -1,704
Derivative instruments designated for hedge accounting
The exposures in terms of amounts recognized in the financial statements amounts to € -1,869 million (€ - 1,967 million at 31
December 2023).
•  Cash flow hedge
  The cash flow hedging relationships mainly relate to micro-hedge and reinvestment risk reduction operations in the Life portfolios
and cross currency swaps hedging subordinated liabilities issued by the Group in British pound.
•  Fair value hedge
  Fair value hedging relationships mainly relate to hedging strategies of interest rate of Banca Generali, as well as operations
implemented in Life portfolio of subsidiaries operating in Central-Eastern Europe, with particular reference to risks arising from
fluctuations in interest rates and foreign exchange rates.
•  Hedge of net investment in foreign operations
  The Group continued the hedging strategy aimed at neutralizing risks arising from foreign exchange fluctuations of its subsidiaries
whose functional currency is the Swiss franc.
The details of the exposures in accounting hedging derivatives and their economic effect on the balance sheet are reported below in
tabular form, highlighting the effective and ineffective component.
Details on exposures in derivative instruments - Cash flow hedge and net investment hedge
(€ million) Maturity distribution by nominal amount Derivative assets
fair value
Derivative
liabilities fair
value
Net fair value
Within
1 year
Between
1 and 5 years
More than
5 years
Total notional
Total interest rate contracts 1,952 3,184 3,295 8,431 207 -1,006 -799
Total foreign exchange contracts 478 879 4,511 5,868 60 -1,101 -1,041
Total 2,430 4,063 7,806 14,299 267 -2,107 -1,840
Impact of hedge accounting - Cash flow hedge
(€ million) Book value of the
hedged items (*)
Change in value
of hedged items,
for recongising
hedge
ineffectiveness
Change in value
of hedging
instruments
Effective portion
- recognised in
equity
Ineffective
component -
recognised in
profit or loss
Hedged item
Debt instruments 1,580 -233 243 240 7
Interest rate hedging 280 -99 99 99 0
Exchange rate instrument 1,300 -134 144 141 7
Financial liabilities -423 -27 27 27 -1
Exchange rate instrument -423 -27 27 27 -1
Total 1,156 -259 270 267 7
(*) In the forecasted transactions the book value of hedged item refers to the underlying instrument considered in the calculation of the ineffectiveness.
304
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Details on exposures in derivative instruments - Fair value hedge
(€ million) Maturity distribution by nominal amount Derivative assets
fair value
Derivative
liabilities fair
value
Net fair value
Within
1 year
Between
1 and 5 years
More than
5 years
Total notional
Total interest rate contracts 610 2,856 3,176 6,642 148 -178 -29
Total 610 2,856 3,176 6,642 148 -178 -29
Impact of hedge accounting - Fair value hedge
(€ million) Book value Change in value
of hedged item
Change in value
of hedging
instrument
Effective portion
- recognised in
profit or loss
Ineffective
component -
recognised in
profit or loss
Component
recognised in
equity (equities
at OCI)
Hedged item
Debt instruments 4,373 63 -67 -63 -5 0
Interest rate hedging 4,364 62 -66 -62 -4 0
Exchange rate instrument 10 1 -1 -1 -1 0
Financial liabilities 1,300 -2 2 2 0 0
Interest rate hedging 1,300 -2 2 2 0 0
Total 5,673 61 -65 -61 -5 0
As part of fair value hedging operations and in the context of its banking activities, the subsidiary Banca Generali implemented macro
hedges of portfolios of financial assets and liabilities, as permitted by IAS 39 approved by the European Commission, of an amount
not material in terms of the book value at 31 December 2024, with the aim of reducing fair value fluctuations attributable to the
reference interest rate risk on demand deposits of banking customers.
Other derivative instruments
The recognized amounts in the financial statements for these exposures at 31 December 2024 amount to € 162 million (€ -505
million at 31 December 2023) for a corresponding notional amount of € 31,010 million (€ 48,647 million at 31 December 2023), which
mainly relates to over-the-counter positions. The exposure is mainly associated with operations relating to interest rates hedges and
foreign exchange rates hedges. Furthermore, the Group undertakes macro hedge strategies aimed at protecting the capital and the
income statement from the risk of a significant reduction in share prices.
In general, in order to mitigate the credit risk arising from over-the-counter transactions, the Group collateralized most of them.
Furthermore, a list of selected authorized counterparties is identified for the opening of new derivative transactions.
17.5. Assets transferred that do not qualify for derecognition
Generali Group in the context of its business activities enters into securities lending transactions (REPO and Reverse REPO).
Generally, collaterals can be in cash or in readily available assets other than cash.
In general, if the Group retains substantially all risks and rewards of the financial assets underlying these transactions, the Group
continues to recognise the underlying assets whereas cash instruments shall be transferred as a consequence of debit and credit
relationships.
For REPO contracts, the Group continues to recognise in its financial statements the underlying financial asset as the risks and
benefits are retained by the Group. The consideration received upon sale is recognised as a liability.
As far as Reverse REPO transactions are concerned, considering that all underlying risks and rewards are retained by the counterparty
for the entire life of the transaction, the related financial asset is not recognised as an asset in the Group’s financial statements. The
consideration paid is accounted for within the loans and receivable category.
Finally, the Group is committed in other transactions in which some financial assets are pledged as collateral but they are still
recognised in the financial statements because all risks and rewards are retained by the Group.
Consequently, some of the assets recorded are not fully available and usable by the Group as they are subject to securitization
agreements, REPOs and other forms of collateralisation. Furthermore, considering the insurance business of the Group and in
particular the life business with profit sharing, it should be noted that in some countries where the Group operates, the national
legislation indicates that the related collateral assets are to be considered fully dedicated to those contracts and thus to the business
itself.
305
Consolidated Financial Statements
As of 31 December 2024, the Group has retained substantially all risks and rewards arising from the ownership of the transferred
assets, and there are no transfers of financial assets that have been completely or partially derecognized in the financial statements
but over which the Group continues to exercise control. In particular, € 6,617 million have been pledged to cover loans and bonds
issued, mainly related to the Group’s real estate activities, € 792 million in its reinsurance activities, € 4,184 million in repurchase
agreements (REPO), € 7,214 million in securities lending operations, as well as € 1,899 million in derivatives transactions. The residual
part is related to collateral pledged in other minor operations (please refer to the paragraph Contingent liabilities, commitments,
guarantees, pledged assets and collaterals in section Additional Information).
With reference to collateral for derivative transactions, it should be noted that over-the-counter derivatives are subject to Master
Netting Agreements. In particular, the Group requires the so-called ISDA Master Agreement (or equivalent), including bilateral clearing
agreements, and the ISDA Credit Support Annex (or equivalent) to be adopted for each derivative transaction in order to mitigate
counterparty risk.
Furthermore, the Group requires that such transactions shall be carried out only with counterparties admitted by internal risk
management policies.
These agreements require that offsetting between derivatives is granted only in the event of bankruptcy or failure of the parties and,
to mitigate the counterparty credit risk relating to such transactions, the parties sign a collateralization agreement.
As a result of these agreements, the net exposure in derivatives becomes close to zero as it is neutralized by the collateral given or
received, both as cash or assets other than cash.
Similar considerations apply to securities lending and REPO/Reverse REPO transactions which are covered by framework agreements
with characteristics similar to the ISDAs, named respectively Global Master Securities Lending Agreement (GMSLA) and Global
Master Repurchase Agreement (GMRA), making the counterparty risk substantially intangible. These considerations are evident in
the case of REPO/Reverse REPO transactions where the value of the collateral is, for each transaction, substantially equal to the
asset object of the repurchase agreement.
ISDAs and similar netting agreements signed by the Group do not meet the requirements for the purpose of offsetting between items
in the financial statements. These agreements in fact guarantee the parties the right to offset the flows only in the event of bankruptcy,
insolvency or failure of the Group or the counterparty. Furthermore, there is no intention by the Group and its counterparties to realize
the assets and to offset the liabilities simultaneously or to settle them on a net basis.
17.6. Sensitivity analysis to market and credit risks
The disclosure on the sensitivities of the main financial and economic figures of the Group to the scenarios considered relevant for
market and credit risk is reported in the paragraph Sensitivity analysis to market risk and insurance risk, within the chapter Insurance
and investment contracts of this Notes.
It shall also be noted that Generali Group performs its own analysis of sensitivity to market and credit risks following the logic of
Solvency II. For further information on this please refer to the Risk Report in the Management Report.
(€ million) 31/12/2024 31/12/2023
Total Contracts with
direct participation
features
Contracts without direct participation
features
Total Contracts with direct participation
features
Contracts without direct participation features
General Model PAA General Model PAA
Life segment
Liability for remaining coverage 388,832 374,213 14,169 450
366,177 355,463 10,308 406
Present Value Future Cash Flows 357,058 347,165 9,443 450 333,968 327,540 6,022 406
Risk Adjustment 1,490 1,054 436 1,298 940 358
Contractual Service Margin 30,283 25,994 4,289 30,911 26,982 3,928
Liability for incurred claims 11,420 3,201 7,277 942 10,486 3,269 6,354 863
Present Value Future Cash Flows 11,280 3,201 7,180 899 10,357 3,268 6,267 823
Risk Adjustment 140 1 96 43 129 1 87 41
Net closing balance related to insurance contracts issued 400,251 377,414 21,446 1,392 376,663 358,731 16,662 1,269
Insurance contracts that are liabilities 400,490 377,430 21,666 1,394 376,978 358,871 16,835 1,272
Insurance contracts that are assets -239 -16 -221 -3 -315 -139 -173 -3
Property & Casualty segment
Liability for remaining coverage 5,354 96 897 4,361
4,920 134 166 4,620
Present Value Future Cash Flows 4,326 96 -131 4,361 3,976 133 -778 4,620
Risk Adjustment 84 0 83 48 1 47
Contractual Service Margin 945 945 896 896
Liability for incurred claims 32,544 0 107 32,437 30,428 2 82 30,344
Present Value Future Cash Flows 31,360 0 95 31,265 29,345 2 71 29,272
Risk Adjustment 1,184 13 1,171 1,083 11 1,072
Net closing balance related to insurance contracts issued 37,8 9 9 97 1,004 36,798 35,347 136 247 34,964
Insurance contracts that are liabilities 37,922 97 1,004 36,821 35,347 136 247 34,964
Insurance contracts that are assets -23 0 -23 -0 -0
Total
Liability for remaining coverage 394,186 374,309 15,066 4,811
371,096 355,597 10,474 5,026
Present Value Future Cash Flows 361,384 347,261 9,312 4,811 337,944 327,674 5,245 5,026
Risk Adjustment 1,574 1,055 519 1,346 941 405
Contractual Service Margin 31,228 25,994 5,234 31,807 26,982 4,824
Liability for incurred claims 43,964 3,201 7,384 33,378 40,914 3,271 6,436 31,207
Present Value Future Cash Flows 42,640 3,201 7,275 32,164 39,702 3,270 6,338 30,095
Risk Adjustment 1,324 1 109 1,214 1,211 1 98 1,113
Net closing balance related to insurance contracts issued 438,150 377,511 22,450 38,190 412,010 358,867 16,910 36,233
Insurance contracts that are liabilities 438,412 377,526 22,671 38,215 412,325 359,007 17,082 36,236
Insurance contracts that are assets -262 -16 -221 -26 -315 -139 -173 -3
INSURANCE AND INVESTMENT CONTRACTS
18. Insurance contracts
The purpose of this section is to provide a reconciliation of amounts recognized in the Balance Sheet and in the Income Statement
with reference to insurance contracts liabilities and investments contracts with discretionary participation features.
The following table provides details regarding the carrying amounts recognized in the consolidated Balance Sheet broken down by
segment and measurement model.
306
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
(€ million) 31/12/2024 31/12/2023
Total Contracts with
direct participation
features
Contracts without direct participation
features
Total Contracts with direct participation
features
Contracts without direct participation features
General Model PAA General Model PAA
Life segment
Liability for remaining coverage 388,832 374,213 14,169 450
366,177 355,463 10,308 406
Present Value Future Cash Flows 357,058 347,165 9,443 450 333,968 327,540 6,022 406
Risk Adjustment 1,490 1,054 436 1,298 940 358
Contractual Service Margin 30,283 25,994 4,289 30,911 26,982 3,928
Liability for incurred claims 11,420 3,201 7,277 942 10,486 3,269 6,354 863
Present Value Future Cash Flows 11,280 3,201 7,180 899 10,357 3,268 6,267 823
Risk Adjustment 140 1 96 43 129 1 87 41
Net closing balance related to insurance contracts issued 400,251 377,414 21,446 1,392 376,663 358,731 16,662 1,269
Insurance contracts that are liabilities 400,490 377,430 21,666 1,394 376,978 358,871 16,835 1,272
Insurance contracts that are assets -239 -16 -221 -3 -315 -139 -173 -3
Property & Casualty segment
Liability for remaining coverage 5,354 96 897 4,361
4,920 134 166 4,620
Present Value Future Cash Flows 4,326 96 -131 4,361 3,976 133 -778 4,620
Risk Adjustment 84 0 83 48 1 47
Contractual Service Margin 945 945 896 896
Liability for incurred claims 32,544 0 107 32,437 30,428 2 82 30,344
Present Value Future Cash Flows 31,360 0 95 31,265 29,345 2 71 29,272
Risk Adjustment 1,184 13 1,171 1,083 11 1,072
Net closing balance related to insurance contracts issued 37,8 9 9 97 1,004 36,798 35,347 136 247 34,964
Insurance contracts that are liabilities 37,922 97 1,004 36,821 35,347 136 247 34,964
Insurance contracts that are assets -23 0 -23 -0 -0
Total
Liability for remaining coverage 394,186 374,309 15,066 4,811
371,096 355,597 10,474 5,026
Present Value Future Cash Flows 361,384 347,261 9,312 4,811 337,944 327,674 5,245 5,026
Risk Adjustment 1,574 1,055 519 1,346 941 405
Contractual Service Margin 31,228 25,994 5,234 31,807 26,982 4,824
Liability for incurred claims 43,964 3,201 7,384 33,378 40,914 3,271 6,436 31,207
Present Value Future Cash Flows 42,640 3,201 7,275 32,164 39,702 3,270 6,338 30,095
Risk Adjustment 1,324 1 109 1,214 1,211 1 98 1,113
Net closing balance related to insurance contracts issued 438,150 377,511 22,450 38,190 412,010 358,867 16,910 36,233
Insurance contracts that are liabilities 438,412 377,526 22,671 38,215 412,325 359,007 17,082 36,236
Insurance contracts that are assets -262 -16 -221 -26 -315 -139 -173 -3
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2024 to the closing balance
at 31 December 2024 of the carrying amount of insurance contracts issued. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2023 to the closing balance at 31 December 2023.
307
Consolidated Financial Statements
Movements in Insurance Contracts Issued – Liability for Remaining Coverage and Liability for Incurred claims
(€ million) Liability for remaining
coverage 31/12/2024
Liability for incurred claims  
31/12/2024
Total
31/12/2024
Liability for remaining
coverage 31/12/2023
Liability for incurred claims 31/12/2023 Total 
31/12/2023
Contracts under PAA Contracts under PAA
Items Excluding
Loss
Component
Loss
Component
Contracts
not under
PAA
Estimates
of Present
Value of
Future
Cash
flows
Risk
Adjustment for
non-financial
risks
Excluding
Loss
Component
Loss
Component
Contracts
not under
PAA
Estimates
of Present
Value of
Future
Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Insurance contracts that are liabilities  370,738 756 9,616 30,102 1,113 412,325 354,442 754 11,456 27,974 1,089 395,715
2. Insurance contracts that are assets -436 38 90 -7 -0 -315 -315 25 52 -4 -0 -243
3. Net opening balance at 1st January 370,303 793 9,706 30,095 1,113 412,010 354,127 779 11,508 27,970 1,089 395,472
B. Insurance revenue -54,132 0 0 0 0 -54,132 -49,496 0 0 0 0 -49,496
C. Insurance service expenses
1. Incurred claims and other directly
attributable expenses
0 -101 13,149 25,813 0 38,861 0 -669 12,131 23,296 0 34,757
2. Adjustment to liability for Incurred Claims 0 0 343 586 45 973 0 0 -171 1,397 -3 1,222
3. Losses and reversal of losses on onerous
contracts
0 277 0 0 0 277 0 720 0 0 0 720
4. Amortisation of insurance acquisition
cash flows
7,444 0 0 0 0 7,444 6,581 0 0 0 0 6,581
5. Total 7,444 176 13,492 26,399 45 47,55 6 6,581 51 11,959 24,693 -3 43,281
D. Insurance service result (Total
B+C+D+E)
-46,688 176 13,492 26,399 45 -6,576 -42,915 51 11,959 24,693 -3 -6,215
E. Finance expenses/income
1. Related to insurance contracts issued 23,352 7 234 1,038 39 24,671 29,168 26 424 1,295 37 30,950
1.1 Recognised in the income statement 20,137 7 109 472 39 20,763 17,476 24 57 130 37 17,724
1.2 Recognised in the other
comprehensive income statement
3,216 0 125 567 0 3,908 11,692 2 367 1,165 0 13,226
2. Effects of movements in exchange rates 60 0 13 61 5 138 2 -1 6 -32 -1 -27
3. Total 23,412 7 247 1,099 44 24,809 29,170 25 430 1,262 35 30,923
F. Non-Distinct investment component -40,088 0 40,088 0 0 0 -40,986 0 40,986 0 0 0
G. Total amount of changes recognized
in the income statement and in the
Other Comprehensive income statement
(D+E+F)
-63,364 184 53,827 2 7, 498 89 18,233 -54,731 75 53,376 25,956 32 24,708
H. Other changes 3,371 -48 707 -12 9 13 3,914 -3,210 -60 379 -213 -8 -3,112
I. Cash flows
1. Premiums received 92,988 0 0 0 0 92,988 83,173 0 0 0 0 83,173
2. Payments related to insurance acquisition
cash flows
-10,042 0 0 0 0 -10,042 -9,057 0 0 0 0 -9,057
3. Claims paid and other cash outflows 0 0 -53,654 -25,299 0 -78,953 0 0 -55,556 -23,618 0 -79,174
4. Other movements 0 0 0 0 0 0 0 0 0 0 0 0
5. Total 82,946 0 -53,654 -25,299 0 3,993 74,116 0 -55,556 -23,618 0 -5,058
L. Net balance at 31 December
(A.3+G+H+I.5)
393,257 929 10,586 32,16 4 1,214 438,150 370,303 793 9,706 30,095 1,113 412,010
M. Closing balance
1. Insurance contracts that are liabilities  393,641 898 10,485 32,173 1,215 438,412 370,738 756 9,616 30,102 1,113 412,325
2. Insurance contracts that are assets -384 32 100 -9 -0 -262 -43638 90 -7 -0 -315
3. Net closing balance at 31 December 393,257 929 10,586 32,16 4 1,214 438,150 370,303 793 9,706 30,095 1,113 412,010
The first table provides an analysis of movements of carrying amount of insurance contracts issued detailed by Liability for Remaining
Coverage and Liability for Incurred Claims. The second table analyses movements of insurance contracts issued measured under
the Variable Fee Approach and General Measurement Model, broken down by measurement components: (i) Present Value of Future
Cash Flows, (ii) Risk Adjustment for non-financial risks and (iii) Contractual Service Margin. It shall therefore be noted that the second
table does not report the analysis of movements of the carrying amount of insurance contracts issued measured under the Premium
Allocation Approach.
308
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Movements in Insurance Contracts Issued balances by measurement components
(€ million) Elementi sottostanti alla misurazione del valore di bilancio dei contratti assicurativi emessi
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjust-
ment for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjust-
ment for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Insurance contracts that are liabilities  343,807 1,358 30,924 376,089 329,669 1,617 30,474 361,760
2. Insurance contracts that are assets -1,281 86 882 -312 -839 58 552 -230
3. Net opening balance at 1st January 342,526 1,444 31,807 375,777 328,830 1,675 31,025 361,531
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -3,058 -3,058 0 0 -3,081 -3,081
2. Change in Risk Adjustment for expired non-financial risks 0 -170 0 -170 0 -159 0 -159
3. Changes related to experience adjustments -84 0 0 -84 901 0 0 901
4. Total -84 -170 -3,058 -3,312 901 -159 -3,081 -2,340
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin 491 65 -557 0 -1,280 57 1,223 0
2. Losses and reversal of losses on onerous contracts 280 -4 0 276 150 3 0 153
3. Effects of contracts initially recognized in the year -3,101 224 2,889 13 -3,013 176 2,853 16
4. Total -2,330 286 2,333 289 -4,143 236 4,076 169
D. Changes that relate to past services
1. Adjustments to the liability for claims that have occurred -768 7 0 -761 -1,319 -336 0 -1,655
E. Insurance services results (Total B+C+D+E) -3,181 122 -726 -3,785 -4,561 -259 995 -3,826
F. Finance expenses/income 0 0 0 0 0 0 0 0
1. Related to insurance contracts issued 23,409 21 125 23,555 29,371 32 121 29,524
1.1 Recognised in the income statement 20,074 21 125 20,220 17,3 09 32 121 17,462
1.2 Recognised in the other comprehensive income statement 3,335 0 0 3,335 12,062 0 0 12,062
2. Effects of movements in exchange rates 24 1 5 30 -1 1 4 4
3. Total 23,433 22 130 23,585 29,369 33 125 29,527
G. Total amount of changes recognized in the income statement
and in the Other Comprehensive Income statement (E+ F)
20,252 144 -595 19,800 24,808 -227 1,120 25,701
H. Other changes 3,559 95 17 3,672 -2,256 -4 -338 -2,599
I. Cash flows
1. Premiums received 57,921 0 0 57,921 49,761 0 0 49,761
2. Payments related to insurance acquisition cash flows -3,554 0 0 -3,554 -3,060 0 0 -3,060
3. Claims paid and other cash outflows -53,654 0 0 -53,654 -55,556 0 0 -55,556
4. Other movements 0 0 0 0 0 0 0 0
5. Total 712 0 0 712 -8,856 0 0 -8,856
L. Net balance at 31 December (A.3+G+H+I.5) 367,049 1,684 31,228 399,961 342,526 1,444 31,807 375,777
M. Closing balance
1. Insurance contracts that are liabilities  368,187 1,614 30,396 400,197 343,807 1,358 30,924 376,089
2. Insurance contracts that are assets -1,139 70 833 -236 -1,281 86 882 -312
3. Net closing balance at 31 December 367,049 1,684 31,228 399,961 342,526 1,444 31,807 375,777
With reference to movements at 31 December 2024, the increase in “Other changes” item is mainly due to the acquisition of
Liberty Seguros. Wiith reference to the analysis of movements at 31 December 2023, the decrease of insurance liabilities reported
in “Other changes” is related to disposal of Generali Deutschland Pensionskasse AG, whose liabilities were mainly measured under
the Variable Fee Approach. “Other changes” item also includes exchange rate impacts related to the insurance contracts liabilities
denominated in functional currencies different from Euro and consolidation impacts.
309
Consolidated Financial Statements
19. Reinsurance contracts
The purpose of this section is to provide a reconciliation of amounts recognized in the Balance Sheet and in the Income Statement
with reference to reinsurance contracts held.
The following table provides details regarding the carrying amounts recognized in the consolidated Balance Sheet broken down by
segment and measurement model.
(€ million) 31/12/2024 31/12/2023
Total General Model PAA Total General Model PAA
Life segment
Liability for remaining coverage 170 26 144 175 36 140
Present Value Future Cash Flows -87 -231 144 -68 -208 140
Risk Adjustment 28 28 21 21
Contractual Service Margin 229 229 222 222
Liability for incurred claims 120 217 -97 0 105 -104
Present Value Future Cash Flows 98 197 -99 -21 84 -106
Risk Adjustment 22 20 2 22 20 2
Net closing balance related to reinsurance contracts held 291 243 47 176 140 36
Reinsurance contracts that are assets 340 292 47 239 203 36
Reinsurance contracts that are liabilities -49 -49 -0 -63 -63 -0
Property & Casualty segment
Liability for remaining coverage 781 29 752 855 21 834
Present Value Future Cash Flows 768 16 752 841 7 834
Risk Adjustment 4 4 3 3
Contractual Service Margin 9 9 11 11
Liability for incurred claims 3,495 104 3,391 3,446 73 3,374
Present Value Future Cash Flows 3,309 90 3,219 3,269 62 3,207
Risk Adjustment 186 15 171 177 11 166
Net closing balance related to reinsurance contracts held 4,276 133 4,142 4,301 93 4,208
Reinsurance contracts that are assets 4,301 133 4,167 4,322 93 4,229
Reinsurance contracts that are liabilities -25 0 -25 -21 0 -21
Total
Liability for remaining coverage 951 55 896 1,031 56 974
Present Value Future Cash Flows 681 -215 896 774 -200 974
Risk Adjustment 32 32 24 24
Contractual Service Margin 238 238 233 233
Liability for incurred claims 3,615 322 3,294 3,447 177 3,269
Present Value Future Cash Flows 3,407 287 3,120 3,247 146 3,101
Risk Adjustment 208 35 173 199 31 168
Net closing balance related to reinsurance contracts held 4,566 377 4,190 4,477 234 4,243
Reinsurance contracts that are assets 4,640 426 4,215 4,561 296 4,264
Reinsurance contracts that are liabilities -74 -49 -25 -84 -63 -21
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2024 to the closing balance
at 31 December 2024 of the carrying amount of reinsurance contracts held. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2023 to the closing balance at 31 December 2023.
The first table provides an analysis of movements of carrying amount of reinsurance contracts held detailed by Asset for Remaining
Coverage and Asset for Incurred Claims. The second table analyzes movements of reinsurance contracts held measured under the
General Measurement Model broken down by measurement components: (i) Present Value of Future Cash Flows, (ii) Risk Adjustment
for non-financial risks and (iii) Contractual Service Margin. It shall therefore be noted that the second table does not report the analysis
of movements of carrying amount of reinsurance contracts held measured under the Premium Allocation Approach.
“Other changes” item includes impacts related to disposals and acquisitions in the reporting period and the previous one, exchange
rate impacts related to reinsurance contracts held assets denominated in functional currencies different from Euro and consolidation
impacts.
310
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Movements in Reinsurance Contracts Held balances – Asset for Remaining Coverage and Asset for Incurred claims
(€ million) Assets for remaining
coverage 31/12/2024
Asset for Incurred
claims 31/12/2024
Total
31/12/2024
Assets for remaining
coverage 31/12/2023
Asset for Incurred
claims 31/12/2023
Total
31/12/2023
Contracts under PAAContracts under PAA
Items/breakdown of book value Excluding
loss
recovery
component
Loss
recovery
component
Contracts
not under
PAA
Estimates
of Present
Value of
Future
Cash
flows
Risk
Adjustment for
non-financial
risks
 
Excluding
loss
recovery
component
Loss
recovery
component
Contracts
not under
PAA
Estimates
of Present
Value of
Future
Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Reinsurance contracts that are assets 1,058 44 174 3,116 168 4,561 1,174 34 315 2,197 192 3,912
2. Reinsurance contracts that are liabilities -76 4 3 -15 -0 -84 -41 0 2 -10 -0 -49
3. Net opening balance at 1st January 982 49 177 3,101 168 4,477 1,133 34 317 2,187 192 3,863
B. Net result from reinsurance contracts
held
1. Reinsurance service expenses -4,057 0 0 0 0 -4,057 -3,730 0 0 0 0 -3,730
2. Claims and other expenses recovered 165 0 908 2,700 0 3,773 149 0 813 2,084 0 3,046
3. Adjustments to asset for incurred claims 0 0 24 -322 -9 -308 0 0 -152 496 -17 327
4. Loss recovery on onerous contracts 0 -19 0 0 0 -19 0 6 0 0 0 6
4.1 Loss recovery from initial
recognition of onerous contracts
0 0 0 0 0 0 0 37 0 0 0 37
4.2 Releases of the loss recovery
component other than changes in
estimates related to reinsurance
contracts held
0 0 0 0 0 0 0 -21 0 0 0 -21
4.3 Changes in estimates related to
reinsurance contracts held resulting
from onerous underlying insurance
contracts
0 -19 0 0 0 -19 0 -10 0 0 0 -10
5. Changes in the risk of non-performance
of the reinsurer
0 0 9 0 0 10 0 0 0 -3 0 -3
6. Total -3,892 -19 942 2,378 -9 -600 -3,581 6 661 2,578 -17 -353
C. Insurance service result (Total B) -3,892 -19 942 2,378 -9 -600 -3,581 6 661 2,578 -17 -353
D. Finance income/expenses
1. Related to reinsurance contracts held 3 1 40 126 7 177 -15 -0 66 134 7 191
1.1 Recognised in the income statement 3 1 -1 56 7 65 6 -0 -9 -1 7 3
1.2. Recognised in the other
comprehensive income statement
1 0 41 70 0 111 -21 0 75 134 0 188
2. Effects of movements in exchange rates 7 2 0 28 1 38 5 0 -0 -0 0 5
3. Total 11 3 40 153 7 215 -10 -0 66 133 7 196
E. Non-distinct investment components 4 0 -4 0 0 0 0 0 0 0 0 0
F. Total amount recorded in the income
statement and in the com-prehensive
income statement (C+ D+E)
-3,877 -16 978 2,531 -2 -385 -3,591 6 727 2,712 -10 -157
G. Other changes -94 3 33 579 7 529 -225 9 73 -142 -14 -299
H. Cash flows
1. Premiums paid net of amounts not related
to claims recovered from reinsurers
3,904 0 0 0 0 3,904 3,665 0 0 0 0 3,665
2. Amounts recovered from reinsurers 0 0 -867 -3,091 0 -3,958 0 0 -939 -1,656 0 -2,595
3. Other movements 0 0 0 0 0 0 0 0 0 0 0 0
4. Total 3,904 0 -867 -3,091 0 -54 3,665 0 -939 -1,656 0 1,070
I. Net balance at 31 December
(A.3+F+G+H.4)
915 36 322 3,120 173 4,566 982 49 177 3,101 168 4,477
L. Closing balance
1. Reinsurance contracts that are assets 976 32 324 3,136 173 4,640 1,058 44 174 3,116 168 4,561
2. Reinsurance contracts that are liabilities -60 4 -3 -15 0 -74 -76 4 3 -15 -0 -84
3. Net closing balance at 31 December 915 36 322 3,120 173 4,566 982 49 177 3,101 168 4,477
311
Consolidated Financial Statements
Movements in Reinsurance Contracts Held balances by measurement components
(€ million) Measurement components
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjust-
ment for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjust-
ment for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Reinsurance contracts that are assets 146 45 104 296 159 181 120 460
2. Reinsurance contracts that are liabilities -201 10 128 -63 -126 6 81 -39
3. Net opening balance at 1st January -54 55 233 234 32 187 201 420
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -44 -44 0 0 -45 -45
2. Change in Risk Adjustment for expired non-financial risks 0 -18 0 -18 0 -26 0 -26
3. Changes related to experience adjustments -137 0 0 -137 293 0 0 293
4. Total -137 -18 -44 -198 293 -26 -45 222
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin -13 3 9 0 -81 4 77 -0
2. Effects of contracts initially recognized in the year -48 19 29 0 -41 12 30 1
3. Changes on Contractual Service Margin related to recovery of
losses from initial recognition of underlying onerous contracts
0 0 0 0 0 0 0 0
4. Releases of the loss recovery component other than changes in
estimates related to reinsurance contracts held
0 0 0 0 0 0 -1 -1
5. Changes in estimates related to reinsurance contracts held resulting
from onerous underlying insurance contracts
0 0 -9 -9 0 0 2 2
6. Total -60 23 29 -9 -122 16 107 1
D. Changes that relate to past services 103 2 0 105 -326 -127 0 -453
1. Adjustments to the activity for claims that have occurred 103 2 0 105 -326 -127 0 -453
E. Changes in the risk of non-performance of the reinsurer 9 0 0 9 0 0 0 0
F. Insurance service results (Total B+C+D+E) -85 6 -15 -93 -155 -137 62 -229
G. Finance income/expenses
1. Related to reinsurance contracts held 32 4 5 41 32 9 6 46
1.1 Recognised in the income statement -11 4 5 -1 -22 9 6 -7
1.2. Recognised in the other comprehensive income statement 43 0 0 43 54 0 0 54
2. Effects of movements in exchange rates -2 0 2 1 9 -0 -0 9
3. Total 30 4 8 42 41 9 6 56
H. Total amount recorded in the income statement and in the
comprehensive income statement (F+G)
-55 11 -7 -51 -114 -128 68 -173
I. Other changes 0 1 12 13 67 -4 -36 27
L. Cash flows
1. Premiums paid net of amounts not related to claims recovered from
reinsurers
1.048 0 0 1.048 899 0 0 899
2. Amounts recovered from reinsurers -867 0 0 -867 -939 0 0 -939
3. Other movements 0 0 0 0 0 0 0 0
4. Total 181 0 0 181 -40 0 0 -40
M. Net balance at 31 December (A.3+H+I+L.4) 72 67 238 377 -54 55 233 234
N. Closing balance
1. Reinsurance contracts that are assets 215 54 156 426 146 45 104 296
2. Reinsurance contracts that are liabilities -144 13 82 -49 -201 10 128 -63
3. Net closing balance at 31 December 72 67 238 377 -54 55 233 234
312
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
20. Income and expenses related to insurance contract
issued and reinsurance contracts held
The purpose of the following tables is to provide further details on insurance income and expenses from insurance contracts issued.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
•  Insurance contracts issued with direct participation features – Life segment (Basis A1);
•  Insurance contracts issued without direct participation features – Life segment (Basis A2);
•  Insurance contracts issued without direct participation features – P&C segment Motor (Basis A3);
•  Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis A4).
As allowed by ISVAP Regulation No. 7 of 13th of July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Please note that in the aggregation base A4 are also included income and expenses arising from insurance contracts issued with
direct participation features related to P&C segment. Income/expenses included in the base A4 for insurance contracts issued with
direct participation features related to P&C segment is equal to € -1 million at 31 December 2024 (€ 6 million at 31 December 2023).
Insurance revenue and expenses from insurance contract issued
(€ million)
Items/Bases of aggregation
Basis A1
31/12/2024
Basis A2
31/12/2024
Basis A3
31/12/2024
Basis A4
31/12/2024
Total
31/12/2024
Basis A1
31/12/2023
Basis A2
31/12/2023
Basis A4
31/12/2023
Total
31/12/2023
A. Insurance revenue from insurance contracts issued
measured under GMM and VFA
A.1 Changes related to the Liability for Remaining coverage 10,649 6,295 330 191 17,464 10,247 5,526 84 15,857
1. Claims incurred and other costs for expected insurance
services
8,382 5,403 312 124 14,220 7,927 4,706 44 12,677
2. . Changes in risk adjustment for expired non-financial risks 49 96 17 7 170 44 111 4 159
3. Contractual Service Margin recognized in the income
statement
2,253 734 1 71 3,058 2,346 689 47 3,081
4. Other amounts -34 62 0 -12 16 -70 19 -10 -61
A.2 Recovery of Insurance acquisition Cash Flows 977 490 0 37 1,504 832 366 27 1,226
A.3 Total insurance revenues from issued insurance contracts
valued under the GMM or the VFA
11,626 6,784 330 228 18,968 11,079 5,892 111 17,0 82
A.4 Total insurance revenues from insurance contracts issued
valued under the PAA
35,164 32,414
- Life business X X X X 2,099 X X X 2,027
- Property&Casualty - motor X X X X 11,921 X X X 10,414
- Property&Casualty - non motor X X X X 21,143 X X X 19,973
A.5 Total insurance revenues from insurance contracts issued
(A.3 + A.4)
11,626 6,784 330 228 54,132 11,079 5,892 111 49,496
B. Costs for insurance services arising from the issued
insurance contracts – GMM or VFA
0 0 0 0
1. Incurred claims and other directly attributable expenses -8,083 -4,999 -232 -105 -13,418 -7,660 -4,689 -44 -12,393
2. Adjustment to Liability for Incurred Claims -3 -345 0 5 -343 -58 211 18 171
3. Losses and reversal of losses on onerous contracts -138 -95 -41 -15 -289 -68 -99 -2 -169
4. Amortisation of insurance acquisi-tion cash flows -977 -490 0 -37 -1,504 -832 -366 -27 -1,226
5. Other amounts 312 48 0 10 370 319 37 5 361
B.6 Total costs for insurance services deriving from insurance
contracts issued – GMM or VFA
-8,889 -5,880 -273 -142 -15,184 -8,300 -4,908 -49 -13,256
B.7 Total Insurance service expenses from insurance contracts
measured under PAA
-32,372 -30,025
- Life business X X X X -1,983 X X X -1,784
- Property&Casualty - motor X X X X -11,337 X X X -10,058
- Property&Casualty - non motor X X X X -19,052 X X X -18,183
B.8 Total insurance service expenses from insurance contracts
issued (B.6 + B.7)
-8,889 -5,880 -273 -142 -47,556 -8,300 -4,908 -49 -43,281
C. Insurance Service Result from insurance contracts issued
(+/-) (A.5+B.8)
2,738 904 57 86 6,576 2,779 984 63 6,215
313
Consolidated Financial Statements
The purpose of the following table is to provide further details on insurance expenses and revenue from reinsurance contracts held.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
•  Life Segment;
•  P&C Segment.
Insurance expenses and revenue from reinsurance contracts held
(€ million) 
Items/Bases of aggregation
Life business
31/12/2024
P&C business
31/12/2024
Total
31/12/2024
Life business
31/12/2023
P&C business
31/12/2023
Total
31/12/2023
A. Insurance service expenses from reinsurance
contracts held measured under GMM
A.1 Changes related to the Asset for Remaining
coverage
1. Expected Claims and other expected expenses to be
recovered
-855 -19 -874 -901 -16 -917
2. Changes in the risk adjustment for non-financial risks
expired
-14 -3 -18 -23 -3 -26
3. Contractual service margin recognized in the income
statement
-28 -16 -44 -37 -7 -45
4. Other amounts -89 0 -89 93 0 93
5. Total -987 -37 -1,025 -869 -26 -895
A.2 Other directly attributable expenses
B. Insurance service expenses from reinsurance
contracts held measured under PAA
-733 -2,299 -3,032 -722 -2,113 -2,835
C. Total costs deriving from reinsurance cessions
(A.1+A.2+B)
-1,720 -2,337 -4,057 -1,591 -2,140 -3,730
D. Changes in the risk of non-performance of the
reinsurer
14 -4 10 -1 -2 -3
E. Insurance revenue from reinsurance contracts held 1,502 2,252 3,755 1,454 1,598 3,052
F. Adjustment to Asset for Incurred Claims 71 -379 -308 -207 534 327
G. Other reinsurance recoveries 0 0 0 0 0 0
H. Total net costs/revenues deriving from reinsurance
cessions (C+D+E+F+G)
-133 -467 -600 -344 -8 -353
The following table contains a breakdown of Insurance service expenses related to insurance contracts issued and other services
recognized in the income statement.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, in the table each of the following aggregation bases are separately
presented:
•  Insurance contracts issued with direct participation features – Life segment (Basis A1);
•  Insurance contracts issued without direct participation features – Life segment (Basis A2);
•  Insurance contracts issued without direct participation features – P&C segment – Motor (Basis A3);
•  Insurance contracts issued without direct participation features – P&C segment – Non Motor (Basis A4);
•  Other.
Breakdown of insurance service expenses and other costs
(€ million) 
Items / Bases of aggregation
Basis A1 –
with DPF
31/12/2024
Basis A2 –
without DPF
31/12/2024
Basis A1
+ Base A2
31/12/2024
Basis A3
31/12/2024
Basis A4
31/12/2024
Basis A3 +
Basis A4
31/12/2024
Other 31/12/2024 Basis A1 – with 
DPF 31/12/2023
Basis A2 – without 
DPF 31/12/2023
Basis A1 + Base 
A2 31/12/2023
Basis A3 
31/12/2023
Basis A4 
31/12/2023
Basis A3 + Basis 
A4 31/12/2023
Other 31/12/2023
Expenses attributable to the acquisition of insurance contracts 1,399 696 2,095 1,902 4,838 6,740 X 1,195 620 1,814 1,684 4,476 6,160 X
Other directly attributable expenses 3,041 898 3,939 1,064 1,333 2,397 X 2,841 938 3,779 947 1,285 2,232 X
Investment management expenses X X 0 X X 0 41 X X 0 X X 0 40
Other expenses X X 0 X X 0 1,239 X X 0 X X 0 966
Total X X 6,033 X X 9,138 1,280 X X 5,594 X X 8,392 1,006
314
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Breakdown of insurance service expenses and other costs
(€ million) 
Items / Bases of aggregation
Basis A1 –
with DPF
31/12/2024
Basis A2 –
without DPF
31/12/2024
Basis A1
+ Base A2
31/12/2024
Basis A3
31/12/2024
Basis A4
31/12/2024
Basis A3 +
Basis A4
31/12/2024
Other 31/12/2024 Basis A1 – with
DPF 31/12/2023
Basis A2 – without
DPF 31/12/2023
Basis A1 + Base
A2 31/12/2023
Basis A3
31/12/2023
Basis A4
31/12/2023
Basis A3 + Basis
A4 31/12/2023
Other 31/12/2023
Expenses attributable to the acquisition of insurance contracts 1,399 696 2,095 1,902 4,838 6,740 X 1,195 620 1,814 1,684 4,476 6,160 X
Other directly attributable expenses 3,041 898 3,939 1,064 1,333 2,397 X 2,841 938 3,779 947 1,285 2,232 X
Investment management expenses X X 0 X X 0 41 X X 0 X X 0 40
Other expenses X X 0 X X 0 1,239 X X 0 X X 0 966
Total X X 6,033 X X 9,138 1,280 X X 5,594 X X 8,392 1,006
315
Consolidated Financial Statements
The purpose of the following table is to provide further details on finance expenses and income arising from insurance contracts
issued.
•  In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
•  Insurance contracts issued with direct participation features – Life segment (Basis A1);
•  Insurance contracts issued without direct participation features – Life segment (Basis A2);
•  Insurance contracts issued without direct participation features – P&C segment (Basis A3).
Net finance expenses and income arising from insurance contracts issued
(€ million) 
Items/Bases of aggregation
Basis A1
31/12/2024
Basis A2
31/12/2024
Basis A3
31/12/2024
Total
31/12/2024
Basis A1
31/12/2023
Basis A2
31/12/2023
Basis A3
31/12/2023
Total
31/12/2023
1. Interest accreted -3 -502 -583 -1,088 8 -337 -263 -593
2. Effects of changes in interest rate and other
financial assumptions
1 -86 0 -86 -2 -84 4 -83
3. Changes in fair value of underlying items for
contracts measured under VFA
-19,436 0 0 -19,436 -16,976 0 0 -16,976
4. Effects of movements in exchange rates -3 -26 -109 -138 21 -26 32 27
5. Other -150 3 -6 -153 -46 8 -34 -72
6. Total net finance expenses/income arising from
insurance contract issued
-19,592 -611 -698 -20,901 -16,995 -439 -262 -17,696
Total finance income/expenses arising from insurance contracts issued recognized in other comprehensive income is equal to €
-3.908 million for the financial year 2024 (€ -13.226 million at 31 December 2023).
The item “5. Other” for the A1 basis includes the adjustment of contractual service margin deriving from risk mitigation option
application (IFRS17 – paragraph B115). The amount is equal to € 47 million at 31 December 2024 (€ 3 million at 31 December 2023).
The purpose of the following table is to provide further details on finance income and expenses arising from reinsurance contracts
held.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases is separately presented:
•  Life segment;
•  P&C segment;
Net finance income and expenses arising from reinsurance contracts held
(€ million)
Items/Bases of aggregation
Life business
31/12/2024
P&C business
31/12/2024
Total 31/12/2024 Life business
31/12/2023
P&C business
31/12/2023
Total 31/12/2023
1. Interest accreted -14 79 65 -22 28 6
2. Effects of changes in interest rate and other
financial assumptions
0 -0 0 1 -0 1
3. Effects of movements in exchange rates 2 36 38 12 -7 5
4. Other 0 0 0 -0 -3 -4
5. Total net finance income/expenses arising from
reinsurance contracts held
-11 114 103 -9 17 8
Total finance expenses/income arising from reinsurance contracts held recognized in other comprehensive income is equal to € 111
million for the financial year 2024 (€ 188 million at 31 December 2023).
316
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The following table summarizes economic results broken down by Life and P&C segments. Please note that the figures arising from
insurance contracts are related both to insurance contracts issued and reinsurance contracts held.
Insurance operations - Summary of the economic results broken down by life and P&C segments
(€ million)  31/12/2024  31/12/2023
Summary of results/Basis of aggregation
Life business Property&Casualty Total Life business Property&Casualty Total
A. Financial results 55 1,499 1,554 177 1,911 2,088
A.1 Amounts recorded in the income statement
1. Total net financial result of investments 20,867 1,928 22,795 18,685 1,433 20,118
2. Net finance income/expenses arising from
insurance contracts
-20,214 -584 -20,798 -17,443 -245 -17,688
3. Total 653 1,344 1,997 1,242 1,18 8 2,430
A2. Amounts recognised in the com-prehensive
income statement
1. Total net financial result of investments 2,727 627 3,353 11,173 1,900 13,072
2. Net finance income/expenses arising from
insurance contracts
-3,325 -472 -3,796 -12,238 -1,176 -13,415
3. Total -598 155 -443 -1,065 723 -342
B. Net insurance and financial result
1. Insurance service result 3,626 2,351 5,976 3,662 2,200 5,862
2. Total net financial result of investments 23,593 2,555 26,148 29,858 3,333 33,191
3. Net finance result from insurance contracts -23,538 -1,056 -24,594 -29,681 -1,422 -31,103
4. Total 3,681 3,850 7,531 3,838 4,112 7,950
21. Detailed information related to insurance contracts
issued and reinsurance contracts held
21.1. Detailed information related to insurance contracts issued –
Movements of carrying amount by bases of aggregations
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2024 to the closing balance
at 31 December 2024 of the carrying amount of insurance contracts issued. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2023 to the closing balance at 31 December 2023.
The first set of tables provides an analysis of movements of carrying amount of insurance contracts issued detailed by Liability for
Remaining Coverage and Liability for Incurred Claims. The second set of tables analyse movements of insurance contracts issued
measured under the Variable Fee Approach and General Measurement Model broken down by measurement components: (i)
Present Value of Future Cash Flows, (ii) Risk Adjustment and (iii) Contractual Service Margin.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Insurance contracts issued with direct participation features – Life segment (Basis 1);
•  Insurance contracts issued without direct participation features – Life segment (Basis 2);
•  Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis 4).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contracts issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Considering the low materiality of amounts, please note that the movements of carrying amount of insurance contracts issued
without direct participation features – P&C segment – Motor (Basis 3) and measured under the General Measurement Model are not
provided. Such contracts refer to the liability for incurred claims related to the acquisition of Liberty Seguros, whose value is equal
to € 535 million at 31 December 2024.
Lastly, note that, considering the low materiality of amounts, the “aggregation basis 4 - Insurance contracts issued without direct
participation features – P&C segment – Non-Motor” also includes the carrying amount of insurance contracts issued with direct
participation features related to P&C segment. The total carrying amount of these contracts is equal to € 97 million at 31 December
2024 (€ 136 million at 31 December 2023).
317
Consolidated Financial Statements
Basis of aggregation 1 – Insurance contracts issued with direct participation features – Life segment
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims
(€ million) Liability for remaining coverage
31/12/2024
Liability for
incurred
claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for
incurred
claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Excluding Loss
Component
Loss
Component
A. Opening balance
1. Insurance contracts that are liabilities  355,485 118 3,268 358,871 341,274 76 5,119 346,469
2. Insurance contracts that are assets -140 0 1 -139 -35 0 2 -32
3. Net opening balance at 1st January 355,345 118 3,269 358,731 341,240 76 5,121 346,437
B. Insurance revenue -11,626 0 0 -11,626 -11,079 0 0 -11,079
C. Insurance service expenses
1. Incurred claims and other directly attributable expenses 0 -43 7,814 7,7 71 0 -56 7,398 7,342
2. Adjustment to liability for Incurred Claims 0 0 3 3 0 0 58 58
3. Losses and reversal of losses on onerous contracts 0 138 0 138 0 68 0 68
4. Amortisation of insurance acquisition cash flows 977 0 0 977 832 0 0 832
5. Total 977 95 7, 8 17 8,889 832 12 7,455 8,300
D. Insurance service result (Total B+C+D+E) -10,6 49 95 7,817 -2,738 -10,247 12 7,4 55 -2,779
E. Finance expenses/income
1. Related to insurance contracts issued 21,228 2 37 21,267 27,959 20 122 28,101
1.1 Recognised in the income statement 19,550 2 37 19,588 16,961 20 35 17,016
1.2 Recognised in the other comprehensive income statement 1,679 0 0 1,679 10,998 0 87 11,085
2. Effects of movements in exchange rates 4 -0 -1 3 -20 0 -1 -21
3. Total 21,233 2 36 21,270 27,9 39 20 121 28,080
F. Non-Distinct investment component -38,975 0 38,975 0 -39,975 0 39,975 0
G. Total amount of changes recognized in the income statement and in the
Other Comprehensive income statement (D+E+F)
-28,392 96 46,828 18,533 -22,283 32 47,551 25,300
H. Other changes 1,062 -34 305 1,333 -2,614 10 174 -2,431
I. Cash flows
1. Premiums received 48,442 0 0 48,442 41,113 0 0 41,113
2. Payments related to insurance acquisition cash flows -2,426 0 0 -2,426 -2,110 0 0 -2,110
3. Claims paid and other cash outflows 0 0 -47,200 -47,200 0 0 -49,578 -49,578
4. Other movements 0 0 0 0 0 0 0 0
5. Total 46,017 0 -47,2 00 -1,18 3 39,002 0 -49,578 -10,575
L. Net balance at 31 December (A.3+G+H+I.5) 374,033 180 3,201 377,414 355,345 118 3,269 358,731
M. Closing balance
1. Insurance contracts that are liabilities  374,052 179 3,199 37 7,430 355,485 118 3,268 358,871
2. Insurance contracts that are assets -20 1 3 -16 -140 0 1 -139
3. Net closing balance at 31 December 374,033 180 3,201 377,414 355,345 118 3,269 358,731
318
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis of aggregation 2 – Insurance contracts issued without direct participation features – Life segment
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims
(€ million) Liability for remaining coverage
31/12/2024
Liability for
incurred
claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for
incurred
claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Excluding Loss
Component
Loss
Component
A. Opening balance
1. Insurance contracts that are liabilities  10,276 295 6,264 16,835 8,362 266 6,238 14,867
2. Insurance contracts that are assets -304 41 89 -173 -272 25 50 -197
3. Net opening balance at 1st January 9,972 336 6,354 16,662 8,091 291 6,288 14,670
B. Insurance revenue -6,784 0 0 -6,784 -5,892 0 0 -5,892
C. Insurance service expenses
1. Incurred claims and other directly attributable expenses 0 -48 4,999 4,950 0 -37 4,689 4,653
2. Adjustment to liability for Incurred Claims 0 0 345 345 0 0 -211 -211
3. Losses and reversal of losses on onerous contracts 0 95 0 95 0 99 0 99
4. Amortisation of insurance acquisition cash flows 490 0 0 490 366 0 0 366
5. Total 490 47 5,343 5,880 366 63 4,479 4,908
D. Insurance service result (Total B+C+D+E) -6,295 47 5,343 -904 -5,526 63 4,479 -984
E. Finance expenses/income
1. Related to insurance contracts issued 2,064 5 195 2,264 1,130 6 300 1,436
1.1 Recognised in the income statement 522 5 70 597 412 4 19 436
1.2 Recognised in the other comprehensive income statement 1,542 0 125 1,667 718 2 281 1,001
2. Effects of movements in exchange rates 13 -0 13 26 19 -1 7 25
3. Total 2,077 5 209 2,291 1,150 5 306 1,461
F. Non-Distinct investment component -1,074 0 1,074 0 -1,002 0 1,002 0
G. Total amount of changes recognized in the income statement and in the
Other Comprehensive income statement (D+E+F)
-5,292 52 6,625 1,386 -5,377 67 5,787 477
H. Other changes 865 -2 372 1,234 -342 -22 203 -161
I. Cash flows
1. Premiums received 9,332 0 0 9,332 8,519 0 0 8,519
2. Payments related to insurance acquisition cash flows -1,095 0 0 -1,095 -918 0 0 -918
3. Claims paid and other cash outflows 0 0 -6,074 -6,074 0 0 -5,924 -5,924
4. Other movements 0 0 0 0 0 0 0 0
5. Total 8,237 0 -6,074 2,163 7,601 0 -5,924 1,677
L. Net balance at 31 December (A.3+G+H+I.5) 13,783 386 7, 277 21,446 9,972 336 6,354 16,662
M. Closing balance
1. Insurance contracts that are liabilities  14,135 352 7,179 21,666 10,276 295 6,264 16,835
2. Insurance contracts that are assets -352 34 98 -221 -304 41 89 -173
3. Net closing balance at 31 December 13,783 386 7,2 77 21,446 9,972 336 6,354 16,662
319
Consolidated Financial Statements
Basis of aggregation 4 – Insurance contracts issued without direct participation features – P&C segment Non-
Motor
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims
(€ million) Liability for remaining coverage
31/12/2024
Liability for
incurred
claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for
incurred
claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Excluding Loss
Component
Loss
Component
A. Opening balance
1. Insurance contracts that are liabilities  273 26 84 383 295 30 99 424
2. Insurance contracts that are assets 0 0 0 0 0 0 0 0
3. Net opening balance at 1st January 273 26 84 383 295 30 99 424
B. Insurance revenue -228 0 0 -228 -111 0 0 -111
C. Insurance service expenses
1. Incurred claims and other directly attributable expenses 0 -10 105 95 0 -5 44 38
2. Adjustment to liability for Incurred Claims 0 0 -5 -5 0 0 -18 -18
3. Losses and reversal of losses on onerous contracts 0 15 0 15 0 2 0 2
4. Amortisation of insurance acquisition cash flows 37 0 0 37 27 0 0 27
5. Total 37 5 100 142 27 -4 25 49
D. Insurance service result (Total B+C+D+E) -191 5 100 -86 -84 -4 25 -63
E. Finance expenses/income
1. Related to insurance contracts issued 4 0 2 7 -16 0 3 -13
1.1 Recognised in the income statement 16 0 2 18 7 0 3 10
1.2 Recognised in the other comprehensive income statement -12 0 0 -12 -24 0 0 -24
2. Effects of movements in exchange rates 0 0 0 0 0 0 0 0
3. Total 4 0 2 7 -16 0 3 -13
F. Non-Distinct investment component -39 0 39 0 -10 0 10 0
G. Total amount of changes recognized in the income statement and in the
Other Comprehensive income statement (D+E+F)
-226 5 142 -79 -110 -4 38 -76
H. Other changes 278 -1 20 298 -8 -0 2 -7
I. Cash flows
1. Premiums received 146 0 0 146 129 0 0 129
2. Payments related to insurance acquisition cash flows -34 0 0 -34 -32 0 0 -32
3. Claims paid and other cash outflows 0 0 -148 -148 0 0 -55 -55
4. Other movements 0 0 0 0 0 0 0 0
5. Total 112 0 -148 -36 97 0 -55 42
L. Net balance at 31 December (A.3+G+H+I.5) 438 30 97 566 273 26 84 383
M. Closing balance
1. Insurance contracts that are liabilities  438 30 97 566 273 26 84 383
2. Insurance contracts that are assets 0 0 0 0 0 0 0 0
3. Net closing balance at 31 December 438 30 97 566 273 26 84 383
320
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis of aggregation 2 – Life segment
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims Movements in Insurance
Contracts Issued balances by measurement components
(€ million) Liability for remaining coverage
31/12/2024
Liability for incurred claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for incurred claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Insurance contracts that are liabilities  404 4 824 41 1,272 58 6 821 41 926
2. Insurance contracts that are assets -2 0 -1 0 -3 -2 0 -1 0 -3
3. Net opening balance at 1st January 402 4 823 41 1,269 56 6 819 41 923
B. Insurance revenue -2,099 0 0 0 -2,099 -2,027 0 0 0 -2,027
C. Insurance service expenses
1. Incurred claims and other directly
attributable expenses
0 0 1,697 0 1,697 0 0 1,658 0 1,658
2. Adjustment to liability for Incurred Claims 0 0 132 1 133 0 0 -9 -2 -10
3. Losses and reversal of losses on onerous
contracts
0 -1 0 0 -1 0 -2 0 0 -2
4. Amortisation of insurance acquisition
cash flows
153 0 0 0 153 139 0 0 0 139
5. Total 153 -1 1,829 1 1,983 139 -2 1,649 -2 1,784
D. Insurance service result (Total
B+C+D+E)
-1,946 -1 1,829 1 -116 -1,888 -2 1,649 -2 -243
E. Finance expenses/income
1. Related to insurance contracts issued -26 0 45 1 20 3 0 46 2 50
1.1 Recognised in the income statement -26 0 13 1 -12 3 0 -26 2 -22
1.2 Recognised in the other
comprehensive income statement
0 0 32 0 32 0 0 72 0 72
2. Effects of movements in exchange rates -1 -0 1 -0 -0 10 0 -9 0 1
3. Total -28 -0 47 1 20 13 0 36 2 51
F. Non-Distinct investment compo-nent 0 0 0 0 0 0 0 0 0 0
G. Total amount of changes recognized
in the income statement and in the
Other Comprehensive income statement
(D+E+F)
-1,974 -1 1,876 2 -96 -1,875 -2 1,685 0 -192
H. Other changes 95 -0 -94 -0 0 314 -0 -44 -0 269
I. Cash flows
1. Premiums received 2,230 0 0 0 2,230 2,278 0 0 0 2,278
2. Payments related to insurance acquisition
cash flows
-306 0 0 0 -306 -371 0 0 0 -371
3. Claims paid and other cash outflows 0 0 -1,706 0 -1,706 0 0 -1,638 0 -1,638
4. Other movements 0 0 0 0 0 0 0 0 0 0
5. Total 1,924 0 -1,706 0 218 1,907 0 -1,638 0 270
L. Net balance at 31 December
(A.3+G+H+I.5)
447 3 899 43 1,392 402 4 822 41 1,269
M. Closing balance
1. Insurance contracts that are liabilities  449 3 899 43 1,394 404 4 824 41 1,272
2. Insurance contracts that are assets -2 0 -1 0 -3 -2 0 -1 0 -3
3. Net closing balance at 31 December 447 3 899 43 1,392 402 4 823 41 1,269
321
Consolidated Financial Statements
Basis of aggregation 3 – P&C segment Motor
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims Movements in Insurance
Contracts Issued balances by measurement components
(€ million) Liability for remaining coverage
31/12/2024
Liability for incurred claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for incurred claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Insurance contracts that are liabilities  2,430 42 10,927 384 13,783 2,262 62 10,182 352 12,858
2. Insurance contracts that are assets -1 0 -7 -0 -8 -0 0 -0 -0 -0
3. Net opening balance at 1st January 2,430 42 10,920 384 13,775 2,262 62 10,182 352 12,858
B. Insurance revenue -11,921 0 0 0 -11,921 -10,414 0 0 0 -10,414
C. Insurance service expenses
1. Incurred claims and other directly
attributable expenses
0 0 9,625 0 9,625 0 -121 8,429 0 8,308
2. Adjustment to liability for Incurred Claims 0 0 103 49 151 0 0 204 15 219
3. Losses and reversal of losses on onerous
contracts
0 9 0 0 9 0 131 0 0 131
4. Amortisation of insurance acquisition
cash flows
1,552 0 0 0 1,552 1,401 0 0 0 1,401
5. Total 1,552 9 9,727 49 11,337 1,401 10 8,633 15 10,058
D. Insurance service result (Total
B+C+D+E)
-10,369 9 9,727 49 -584 -9,013 10 8,633 15 -356
E. Finance expenses/income
1. Related to insurance contracts issued 21 0 363 13 396 36 0 526 12 574
1.1 Recognised in the income statement 21 0 159 13 192 36 0 67 12 115
1.2 Recognised in the other
comprehensive income statement
0 0 204 0 204 0 0 459 0 459
2. Effects of movements in exchange rates 4 0 2 0 6 9 0 2 0 11
3. Total 25 0 365 13 402 45 0 528 12 585
F. Non-Distinct investment component 0 0 0 0 0 0 0 0 0 0
G. Total amount of changes recognized
in the income statement and in the
Other Comprehensive income statement
(D+E+F)
-10,345 9 10,093 61 -182 -8,968 10 9,160 27 229
H. Other changes 89 1 21 -12 99 -263 -31 338 6 50
I. Cash flows
1. Premiums received 11,865 0 0 0 11,865 10,843 0 0 0 10,843
2. Payments related to insurance acquisition
cash flows
-1,591 0 0 0 -1,591 -1,445 0 0 0 -1,445
3. Claims paid and other cash outflows 0 0 -9,589 0 -9,589 0 0 -8,760 0 -8,760
4. Other movements 0 0 0 0 0 0 0 0 0 0
5. Total 10,274 0 -9,589 0 685 9,398 0 -8,760 0 638
L. Net balance at 31 December
(A.3+G+H+I.5)
2,448 51 11,445 433 14,377 2,430 42 10,920 384 13,775
M. Closing balance
1. Insurance contracts that are liabilities  2,451 51 11,455 433 14,391 2,430 42 10,927 384 13,783
2. Insurance contracts that are assets -3 0 -10 -0 -13 -1 0 -7 -0 -8
3. Net closing balance at 31 December 2,448 51 11,445 433 14,377 2,430 42 10,920 384 13,775
322
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis of aggregation 4 – P&C segment Non-Motor
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims Movements in Insurance
Contracts Issued balances by measurement components
(€ million) Liability for remaining coverage
31/12/2024
Liability for incurred claims
31/12/2024
Total
31/12/2024
Liability for remaining coverage
31/12/2023
Liability for incurred claims
31/12/2023
Total
31/12/2023
Items Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
Excluding Loss
Component
Loss
Component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Insurance contracts that are liabilities  1,870 272 18,351 688 21,181 2,189 313 16,972 697 20,171
2. Insurance contracts that are assets 11 -4 1 -0 8 -7 0 -3 -0 -10
3. Net opening balance at 1st January 1,880 268 18,352 688 21,189 2,182 313 16,969 697 20,161
B. Insurance revenue -21,143 0 0 0 -21,143 -19,973 0 0 0 -19,973
C. Insurance service expenses
1. Incurred claims and other directly
attributable expenses
0 0 14,491 0 14,491 0 -451 13,210 0 12,759
2. Adjustment to liability for Incurred Claims 0 0 351 -5 346 0 0 1,201 -16 1,185
3. Losses and reversal of losses on onerous
contracts
0 -20 0 0 -20 0 422 0 0 422
4. Amortisation of insurance acquisition
cash flows
4,235 0 0 0 4,235 3,816 0 0 0 3,816
5. Total 4,235 -20 14,842 -5 19,052 3,816 -28 14,411 -16 18,183
D. Insurance service result (Total
B+C+D+E)
-16,908 -20 14,842 -5 -2,091 -16,157 -28 14,411 -16 -1,790
E. Finance expenses/income
1. Related to insurance contracts issued 44 0 631 24 699 56 0 724 23 803
1.1 Recognised in the income statement 38 0 299 24 362 56 0 89 23 168
1.2 Recognised in the other
comprehensive income statement
6 0 331 0 337 0 0 635 0 635
2. Effects of movements in exchange rates 40 0 57 5 103 -16 -0 -25 -2 -43
3. Total 85 0 687 30 802 40 -0 699 22 760
F. Non-Distinct investment component 0 0 0 0 0 0 0 0 0 0
G. Total amount of changes recognized
in the income statement and in the
Other Comprehensive income statement
(D+E+F)
-16,824 -19 15,529 25 -1,289 -16,117 -28 15,110 5 -1,030
H. Other changes 186 -11 -56 25 143 -296 -16 -507 -14 -833
I. Cash flows
1. Premiums received 20,972 0 0 0 20,972 20,291 0 0 0 20,291
2. Payments related to insurance acquisition
cash flows
-4,590 0 0 0 -4,590 -4,180 0 0 0 -4,180
3. Claims paid and other cash outflows 0 0 -14,004 0 -14,004 0 0 -13,220 0 -13,220
4. Other movements 0 0 0 0 0 0 0 0 0 0
5. Total 16,382 0 -14,004 0 2,377 16,111 0 -13,220 0 2,891
L. Net balance at 31 December
(A.3+G+H+I.5)
1,624 238 19,820 738 22,421 1,880 268 18,352 688 21,189
M. Closing balance
1. Insurance contracts that are liabilities  1,632 241 19,819 738 22,431 1,870 272 18,351 688 21,181
2. Insurance contracts that are assets -7 -4 1 0 -10 11 -4 1 -0 8
3. Net closing balance at 31 December 1,624 238 19,820 738 22,421 1,880 268 18,352 688 21,189
323
Consolidated Financial Statements
Basis of aggregation 1 – Insurance contracts issued with direct participation features – Life segment
Movements in Insurance Contracts Issued balances by measurement components
(€ million) Measurement components
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjustment
for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjust-
ment for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Insurance contracts that are liabilities  331,047 928 26,896 358,871 319,192 810 26,467 346,469
2. Insurance contracts that are assets -239 13 87 -139 -147 16 98 -32
3. Net opening balance at 1st January 330,808 941 26,982 358,731 319,045 827 26,565 346,437
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -2,253 -2,253 0 0 -2,346 -2,346
2. Change in Risk Adjustment for expired non-financial risks 0 -49 0 -49 0 -44 0 -44
3. Changes related to experience adjustments -187 0 0 -187 -54 0 0 -54
4. Total -187 -49 -2,253 -2,489 -54 -44 -2,346 -2,444
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin 790 37 -828 0 -1,116 87 1,029 0
2. Losses and reversal of losses on onerous contracts 138 -9 0 128 58 -1 0 58
3. Effects of contracts initially recognized in the year -2,238 110 2,137 9 -2,193 81 2,122 10
4. Total -1,310 138 1,309 138 -3,251 168 3,152 68
D. Changes that relate to past services
1. Adjustments to the liability for claims that have occurred -386 -0 0 -386 -403 -1 0 -404
E. Insurance services results (Total B+C+D+E) -1,884 89 -943 -2,738 -3,708 123 806 -2,779
F. Finance expenses/income 0 0 0 0 0 0 0 0
1. Related to insurance contracts issued 21,314 0 -47 21,267 28,104 0 -3 28,101
1.1 Recognised in the income statement 19,635 0 -47 19,588 17,019 0 -3 17,016
1.2 Recognised in the other comprehensive income statement 1,679 0 0 1,679 11,085 0 0 11,085
2. Effects of movements in exchange rates 3 0 1 3 -20 -0 -1 -21
3. Total 21,316 0 -46 21,270 28,084 -0 -4 28,080
G. Total amount of changes recognized in the income statement
and in the Other Comprehensive Income statement (E+ F)
19,433		 89 -990 18,533 24,376 123 802 25,300
H. Other changes 1,307 24 1 1,333 -2,037 -9 -385 -2,431
I. Cash flows
1. Premiums received 48,442 0 0 48,442 41,113 0 0 41,113
2. Payments related to insurance acquisition cash flows -2,426 0 0 -2,426 -2,110 0 0 -2,110
3. Claims paid and other cash outflows -47,200 0 0 -47,200 -49,578 0 0 -49,578
4. Other movements 0 0 0 0 0 0 0 0
5. Total -1,18 3 0 0 -1,183 -10,575 0 0 -10,575
L. Net balance at 31 December (A.3+G+H+I.5) 350,365 1,055 25,994 37 7, 414 330,808 941 26,982 358,731
M. Closing balance
1. Insurance contracts that are liabilities  350,475 1,045 25,909 377,430 331,047 928 26,896 358,871
2. Insurance contracts that are assets -110 9 85 -16 -239 13 87 -139
3. Net closing balance at 31 December 350,365 1,055 25,994 377,414 330,808 941 26,982 358,731
324
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis of aggregation 2 – Insurance contracts issued without direct participation features – Life segment
Movements in Insurance Contracts Issued balances by measurement components
(€ million) Measurement components
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjustment
for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjustment
for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Insurance contracts that are liabilities  13,331 372 3,133 16,835 10,918 760 3,189 14,867
2. Insurance contracts that are assets -1,042 73 796 -173 -692 42 453 -197
3. Net opening balance at 1st January 12,289 445 3,928 16,662 10,226 802 3,642 14,670
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -734 -734 0 0 -689 -689
2. Change in Risk Adjustment for expired non-financial risks 0 -96 0 -96 0 -111 0 -111
3. Changes related to experience adjustments 201 0 0 201 969 0 0 969
4. Total 201 -96 -734 -629 969 -111 -689 169
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin -301 27 275 0 -107 -37 144 0
2. Losses and reversal of losses on onerous contracts 87 5 0 93 91 3 0 95
3. Effects of contracts initially recognized in the year -792 105 689 3 -752 83 674 4
4. Total -1,0 06 137 964 95 -767 49 818 99
D. Changes that relate to past services
1. Adjustments to the liability for claims that have occurred -377 6 0 -371 -921 -332 0 -1,253
E. Insurance services results (Total B+C+D+E) -1,182 47 230 -904 -719 -394 129 -984
F. Finance expenses/income 0 0 0 0 0 0 0 0
1. Related to insurance contracts issued 2,096 19 150 2,264 1,300 31 106 1,436
1.1 Recognised in the income statement 428 19 150 597 299 31 106 436
1.2 Recognised in the other comprehensive income statement 1,667 0 0 1,667 1,001 0 0 1,001
2. Effects of movements in exchange rates 21 1 4 26 19 1 5 25
3. Total 2,117 19 154 2,291 1,318 31 111 1,461
G. Total amount of changes recognized in the income statement
and in the Other Comprehensive Income statement (E+ F)
935 66 385 1,386 600 -363 240 477
H. Other changes 1,237 21 -24 1,234 -214 6 47 -161
I. Cash flows
1. Premiums received 9,332 0 0 9,332 8,519 0 0 8,519
2. Payments related to insurance acquisition cash flows -1,095 0 0 -1,095 -918 0 0 -918
3. Claims paid and other cash outflows -6,074 0 0 -6,074 -5,924 0 0 -5,924
4. Other movements 0 0 0 0 0 0 0 0
5. Total 2,163 0 0 2,163 1,677 0 0 1,677
L. Net balance at 31 December (A.3+G+H+I.5) 16,624 533 4,289 21,446 12,289 445 3,928 16,662
M. Closing balance
1. Insurance contracts that are liabilities  17,653 472 3,541 21,666 13,331 372 3,133 16,835
2. Insurance contracts that are assets -1,029 60 748 -221 -1,042 73 796 -173
3. Net closing balance at 31 December 16,624 533 4,289 21,446 12,289 445 3,928 16,662
325
Consolidated Financial Statements
Basis of aggregation 4 - Insurance contracts issued without direct participation features – P&C Segment Non-
Motor
Movements in Insurance Contracts Issued balances by measurement components
(€ million) Measurement components
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjustment
for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjustment
for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Insurance contracts that are liabilities  -571 58 896 383 -441 47 818 424
2. Insurance contracts that are assets 0 0 0 0 0 0 0 0
3. Net opening balance at 1st January -571 58 896 383 -441 47 818 424
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -71 -71 0 0 -47 -47
2. Change in Risk Adjustment for expired non-financial risks 0 -7 0 -7 0 -4 0 -4
3. Changes related to experience adjustments -18 0 0 -18 -14 0 0 -14
4. Total -18 -7 -71 -96 -14 -4 -47 -65
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin -18 -4 22 0 -57 7 50 0
2. Losses and reversal of losses on onerous contracts 14 -0 0 14 0 0 0 0
3. Effects of contracts initially recognized in the year -71 8 63 1 -68 12 57 1
4. Total -74 4 85 15 -125 19 107 2
D. Changes that relate to past services
1. Adjustments to the liability for claims that have occurred -4 1 0 -4 4 -4 0 1
E. Insurance services results (Total B+C+D+E) -97 -2 13 -86 -13 5 11 60 -63
F. Finance expenses/income 0 0 0 0 0 0 0 0
1. Related to insurance contracts issued -17 2 22 7 -33 2 18 -13
1.1 Recognised in the income statement -6 2 22 18 -9 2 18 10
1.2 Recognised in the other comprehensive income statement -12 0 0 -12 -24 0 0 -24
2. Effects of movements in exchange rates 0 0 0 0 0 0 0 0
3. Total -17 2 22 7 -33 2 18 -13
G. Total amount of changes recognized in the income statement
and in the Other Comprehensive Income statement (E+ F)
-114 -0 35 -79 -167 13 78 -76
H. Other changes 276 8 14 298 -5 -1 -0 -7
I. Cash flows
1. Premiums received 146 0 0 146 129 0 0 129
2. Payments related to insurance acquisition cash flows -34 0 0 -34 -32 0 0 -32
3. Claims paid and other cash outflows -148 0 0 -148 -55 0 0 -55
4. Other movements 0 0 0 0 0 0 0 0
5. Total -36 0 0 -36 42 0 0 42
L. Net balance at 31 December (A.3+G+H+I.5) -445 67 945 566 -571 58 896 383
M. Closing balance
1. Insurance contracts that are liabilities  -445 67 945 566 -571 58 896 383
2. Insurance contracts that are assets 0 0 0 0 0 0 0 0
3. Net closing balance at 31 December -445 67 945 566 -571 58 896 383
326
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
21.2. Detailed information related to insurance contracts issued
– Insurance revenues and movements in CSM split by transition
method
The following tables detail insurance revenues and contractual service margin by transition method. The information refers to
insurance contracts issued measured under Variable Fee Approach and General Measurement Model. The reported values refer to
31 December 2024 and 31 December 2023.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Insurance contracts issued with direct participation features – Life segment (Basis 1);
•  Insurance contracts issued without direct participation features – Life segment (Basis 2);
•  Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis 4).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Considering the low materiality of amounts, please note that the movements of carrying amount of insurance contracts issued –
P&C segment – Motor (Basis 3) and measured under the General Measurement Model are not provided. Such contracts refer to the
liability for incurred claims related to the acquisition of Liberty Seguros. As of 31 December 2024, there is no Contractual Service
Margin for this type of contracts.
Please note that, considering the low materiality of amounts, the Basis 4 “Insurance contracts issued without direct participation
features – P&C segment – Non-Motor” also includes the carrying amount of insurance contracts issued with direct participation
features related to P&C segment. As of 31 December 2024, there is no Contractual Service Margin for this type of contracts.
Basis 1 - Insurance contracts issued with direct participation features – Life segment
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method
(€ million)  31/12/2024  31/12/2023
New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total
Insurance revenue 322 312 79 10,913 11,626 223 392 27 10,437 11,079
Contractual service margin - Opening
balance
318 300 44 26,320 26,982 264 408 62 25,831 26,565
Changes that relate to current services -42 -33 -8 -2,171 -2,253 -30 -38 -5 -2,272 -2,346
- Contractual services margin recognised in
income statement
-42 -33 -8 -2,171 -2,253 -30 -38 -5 -2,272 -2,346
Changes that relate to future service 104 -31 29 1,207 1,309 106 -65 -1 3,111 3,152
- Changes in estimates that adjust the  
contractual services margin
-120 -31 29 -706 -828 11 -65 -1 1,084 1,029
- Effects of contracts initially recognized
in the year
224 0 0 1,913 2,137 95 0 0 2,027 2,122
Finance expenses/income
1. Related to insurance contracts issued 0 0 0 -47 -47 0 0 0 -3 -3
2. Effects of movements in exchange rates 0 0 0 0 1 0 0 0 -1 -1
3. Total 0 0 0 -46 -46 0 0 0 -4 -4
Other movements -9 8 3 0 1 -22 -5 -12 -346 -385
Total amount of changes recognised in
the income statement and in the Other
Comprehensive Income statement
53 -56 24 -1,010 -988 54 -10 8 -18 490 417
Contractual service margin - Closing
balance
371 244 68 25,311 25,994 318 300 44 26,320 26,982
327
Consolidated Financial Statements
Basis 2 - Insurance contracts issued without direct participation features – Life segment
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method
(€ million)  31/12/2024  31/12/2023
New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total
Insurance revenue 3,967 2,437 381 0 6,784 3,268 2,318 306 0 5,892
Contractual service margin - Opening
balance
1,423 2,215 290 0 3,928 933 2,374 335 0 3,642
Changes that relate to current services -386 -303 -45 0 -734 -292 -336 -61 0 -689
- Contractual services margin recognised in
income statement
-386 -303 -45 0 -734 -292 -336 -61 0 -689
Changes that relate to future service 822 124 18 0 964 655 158 5 0 818
- Changes in estimates that adjust the
contractual services margin
133 124 18 0 275 -19 158 5 0 144
- Effects of contracts initially recognized
in the year
689 0 0 0 689 674 0 0 0 674
Finance expenses/income
1. Related to insurance contracts issued 59 83 9 0 150 34 63 9 0 106
2. Effects of movements in exchange rates 3 1 1 0 4 4 1 -0 0 5
3. Total 62 83 9 0 154 38 64 9 0 111
Other movements -83 45 14 0 -24 90 -46 3 0 47
Total amount of changes recognised in
the income statement and in the Other
Comprehensive Income statement
414 -50 -3 0 361 490 -159 -45 0 287
Contractual service margin - Closing
balance
1,838 2,165 287 0 4,289 1,423 2,215 290 0 3,928
328
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis 4 - Insurance contracts issued without direct participation features – P&C segment – Non-Motor
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method
(€ million)  31/12/2024  31/12/2023
New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total
Insurance revenue 135 0 92 0 228 37 0 74 0 111
Contractual service margin - Opening
balance
123 0 773 0 896 67 0 751 0 818
Changes that relate to current services -20 0 -51 0 -71 -9 0 -38 0 -47
- Contractual services margin recognised in
income statement
-20 0 -51 0 -71 -9 0 -38 0 -47
Changes that relate to future service 69 0 15 0 85 63 0 44 -0 107
- Changes in estimates that adjust the
contrac-tual services margin
7 0 15 0 22 6 0 44 -0 50
- Effects of contracts initially recognized
in the year
63 0 0 0 63 57 0 0 0 57
Finance expenses/income
1. Related to insurance contracts issued 5 0 16 0 22 2 0 16 0 18
2. Effects of movements in exchange rates 0 0 0 0 0 0 0 0 0 0
3. Total 5 0 16 0 22 2 0 16 0 18
Other movements 14 0 0 0 14 -0 0 0 0 -0
Total amount of changes recognised in
the income statement and in the Other
Comprehensive Income statement
68 0 -19 0 49 56 0 22 -0 78
Contractual service margin - Closing
balance
191 0 754 0 945 123 0 773 0 896
329
Consolidated Financial Statements
21.3. Detailed information related to insurance contracts issued –
Contracts initially recognized in the year
The following tables detail contracts initially recognized in the year by measurement components, such as Present Value of Future
Cash Flows, Risk Adjustment and Contractual Service Margin related to insurance contracts issued measured under Variable Fee
Approach and General Measurement Model. The reported values refer to 31 December 2024 and 31 December 2023.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Insurance contracts issued with direct participation features – Life segment (Basis 1);
•  Insurance contracts issued without direct participation features – Life segment (Basis 2).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
The amounts disclosed at 31 December 2024 in column “Contracts acquired in business combinations” refer to the acquisition
of Liberty Seguros, Compañia de Seguros y Reaseguros. Such amounts represent the value determined in the purchase price
allocation of the underlying elements of the acquired insurance contracts at the date of transaction.
Considering the low materiality of amounts, please note that the movements of carrying amount of insurance contracts issued – P&C
segment – Motor (Base 3) and measured under the General Measurement Model are not provided. Such contracts refer to the liability
for incurred claims relative to the acquisition of Liberty Seguros. As of 31 December 2024, there is no Contractual Service Margin
for this type of contracts.
Moreover, considering the low materiality of amounts, the Basis 4 “Insurance contracts issued without direct participation features –
P&C segment – Non-Motor” has not been reported. As of 31 December 2024, the Contractual Service Margin originated during the
year by this type of contracts is equal to € 63 million.
Basis 1 - Insurance contracts issued with direct participation features – Life segment
Measurement components of insurance contracts issued initially recognized in financial year
(€ million) Contracts Issued 31/12/2024 Contracts acquired in business
combinations 31/12/2024
Contracts Issued 31/12/2023 Contracts acquired in business
combinations 31/12/2023
Entries/Groups of contracts Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total
A. Estimate of the present value of future cash
outflows
1. Insurance acquisition cash flows 17 2,209 2,226 0 51 51 4 1,978 1,982 0 0 0
2. Amount of claims and other directly attributable
expenses
2,842 45,983 48,825 0 1,187 1,187 671 28,726 29,397 0 0 0
3. Total 2,858 48,193 51,051 0 1,238 1,238 675 30,704 31,379 0 0 0
B. Estimate of the present value of future cash
inflows
-2,859 -50,430 -53,289 0 -436 -436 -665 -32,906 -33,572 0 0 0
C. Estimate of the net present value of future cash
flows (A-B)
-0 -2,238 -2,238 0 802 802 9 -2,202 -2,193 0 0 0
D. Risk adjustment for non-financial risks 10 101 110 0 3 3 1 80 81 0 0 0
E. Amount derecognised from asset for insurance
acquisition cash flows
0 0 0 0 0 0 0 0 0 0 0 0
F. Contractual service margin 0 2,137 2,137 0 13 13 0 2,122 2,122 0 0 0
G. Increase of liability for insurance contracts
issued during the year (C+D+E+F)
9 0 9 0 818 818 10 0 10 0 0 0
330
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis 2 - Insurance contracts issued without direct participation features – Life segment
Measurement components of insurance contracts issued initially recognized in financial year
(€ million) Contracts Issued 31/12/2024 Contracts acquired in business
combinations 31/12/2024
Contracts Issued 31/12/2023 Contracts acquired in business
combinations 31/12/2023
Entries/Groups of contracts Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total Onerous
contracts
Profitable
contracts
Total
A. Estimate of the present value of future cash
outflows
1. Insurance acquisition cash flows 5 689 693 0 3 3 82 634 717 0 0 0
2. Amount of claims and other directly attributable
expenses
36 6,479 6,515 0 687 687 763 3,688 4,451 0 0 0
3. Total 41 7,168 7,20 9 0 690 690 845 4,323 5,168 0 0 0
B. Estimate of the present value of future cash
inflows
-40 -7,961 -8,001 0 -121 -121 -842 -5,078 -5,920 0 0 0
C. Estimate of the net present value of future cash
flows (A-B)
1 -793 -792 0 569 569 3 -755 -752 0 0 0
D. Risk adjustment for non-financial risks 2 103 105 0 6 6 2 81 83 0 0 0
E. Amount derecognised from asset for insurance
acquisition cash flows
0 0 0 0 0 0 0 0 0 0 0 0
F. Contractual service margin 0 689 689 0 25 25 0 674 674 0 0 0
G. Increase of liability for insurance contracts
issued during the year (C+D+E+F)
3 0 3 0 601 601 4 0 4 0 0 0
331
Consolidated Financial Statements
21.4. Detailed information related to insurance contracts issued
and reinsurance contracts held – Expected release of Contractal
Service Margin
The table provides disclosure about when the Group expects to recognise the contractual service margin reported on Balance Sheet
at 31 December 2024 in the Income Statement of the subsequent years.
Insurance Contracts issued - Time bands for expected release of Contractual Service Margin
(€ million) 
Bases of aggregation/Expected
times
Up to 1 year From over 1
year up to 2
years
From over 2
year up to 3
years
From over 3
year up to 4
years
From over 4
year up to 5
years
From over 5
year up to 10
years
From over
10 year up to
20 years
More than
20 years
Total
Life Segment 2,157 2,041 1,885 1,744 1,617 6,373 7,530 6,936 30,283
P&C Segment 63 57 52 49 45 188 241 249 945
Reinsurance Contracts held - Time bands for expected release of Contractual Service Margin
(€ million) 
Bases of aggregation/Expected
times
Up to 1 year From over 1
year up to 2
years
From over 2
year up to 3
years
From over 3
year up to 4
years
From over 4
year up to 5
years
From over 5
year up to 10
years
From over
10 year up to
20 years
More than
20 years
Total
Life Segment 31 15 14 12 11 41 56 48 229
It shall be noted that the amounts included in the different time bands exclusively reflect the application of the coverage units as
expected at the reporting date and do not consider:
•  in the case of insurance contracts issued with direct participation features, measured with the Variable Fee Approach measurement
model, the unwinding of discount on the carrying amount of the CSM determined at current rates and the systematic economic
variance due to the expected realization of the real-world assumptions;
•  in the case of groups of contracts measured with the General Model, the interest accreted determined on the basis of discount
rates identified on the initial recognition date (the so-called locked-in rates);
•  the contribution deriving from the contractual service margin of the new business, i.e. the new contracts that will be recognised
in the following years.
Consequently, it is underlined that the table above does not represent the expected release of the contractual service margin that will
be recognised through the Group Income Statement in the following years.
As required by ISVAP Regulation no. 7 of 13 July 2007, the disclosure is provided with reference to the contractual service margin
of the insurance contracts issued, detailed for Life segment and P&C segment.
With reference to the reinsurance contracts held, the disclosure is provided exclusively for life segment contracts considering the
low materiality of amounts related to the reinsurance held contracts of the P&C segment whose CSM is equal to € 9 million at 31
December 2024.
332
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
21.5. Detailed information related to insurance contracts issued –
Asset for Insurance Acquisition Cash Flow
The purpose of the following table is to provide a reconciliation from the opening balance at 1 January 2024 to the closing balance at
31 December 2024 of the carrying amount of insurance acquisition cash flow. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2023 to the closing balance at 31 December 2023.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Life segment - Basis 1;
•  P&C segment - Basis 2.
Insurance Contracts issued - Movements of Asset for Insurance Acquisition Cash Flow
(€ million) Life business P&C business Total
Items/Bases of aggregation  31/12/2024  31/12/2023
A. Opening balance 29 5 34 64
B. Increases
1. Cash flows recognized as an asset in the period 41 13 54 31
2. Reversals of impairment losses 0 0 0 0
3. Other increases 0 0 0 0
4. Total 41 13 54 31
C. Decreases
1. Amounts derecognized on initial recognition of groups of insurance
contracts issued
-38 -0 -38 -49
2. Impairment losses 0 0 0 -0
3. Other decreases 0 0 0 -11
4. Total -38 -0 -38 -60
D. Closing balance 33 18 51 34
The table below provides information about expected derecognition of Asset for Insurance Acquisition Cash Flows due to their
inclusion in the measurement of insurance contracts issued.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Life segment - Basis 1;
•  P&C segment - Basis 2.
Insurance Contracts issued - Time bands for expected release of asset for insurance acquisition cash flows
(€ million) Life business 
31/12/2024
P&C business
31/12/2024
Total 31/12/2024 Life business
31/12/2023
P&C business
31/12/2023
Total
31/12/2023
Expected times/Bases of aggregation
1. Up to 1 year  33 17 50 29 4 33
2. From over 1 year up to 2 years 0 1 1 0 1 1
3. From over 2 years up to 3 years 0 0 0 0 0 0
4. For over 3 years 0 0 0 0 0 0
333
Consolidated Financial Statements
21.6. Detailed information related to insurance contracts issued
and reinsurance contracts held – Claims development
The tables below provide information on development of cumulative claims paid and estimate of ultimate claims cost (not discounted)
by accident year. Ultimate claims cost includes actual claims paid, liability for incurred claims and settlement expenses.
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the Group has adopted the option to provide claims and ultimate cost
development only for financial years for which an estimate based on IFRS17 is available (2021-2024), without reporting amounts
related to prior financial years.
Data provided refers to insurance contracts issued of P&C segment measured under PAA model. This model represents the
predominantly model applied in this segment. The disclosure is presented gross and net of reinsurance contracts held.
Non-Life Claims development - Gross of Reinsurance Held
(€ million) 
Claims/Time ranges
Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 0 7,897 8,310 9,513 9,810 X
2. A year later 0 0 0 0 0 10,341 12,553 13,471 15,604 X X
3. Two years later 0 0 0 0 12,823 11,301 13,756 14,620 X X X
4. Three years later 0 0 0 13,191 13,413 11,946 14,463 X X X X
5. Four years later 0 0 13,413 13,512 13,790 12,346 X X X X X
6. Five years after 0 12,962 13,631 13,760 14,050 X X X X X X
7. Six years later  12,960 13,184 13,800 13,923 X X X X X X X
8. Seven years later 13,068 13,310 13,968 X X X X X X X X
9. Eight years later 13,151 13,409 X X X X X X X X X
10. Nine years later 13,237 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,237 13,409 13,968 13,923 14,050 12,346 14,463 14,620 15,604 9,810 135,430
B. Estimate of the ultimate cumulative claim cost (gross of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 0 16,595 17,978 20,502 20,591 X
2. A year later 0 0 0 0 0 14,021 16,750 17,888 20,550 X X
3. Two years later 0 0 0 0 15,422 14,052 16,699 17,832 X X X
4. Three years later 0 0 0 15,097 15,435 13,944 16,646 X X X X
5. Four years later 0 0 15,015 15,149 15,372 13,937 X X X X X
6. Five years after 0 14,337 15,015 15,104 15,362 X X X X X X
7. Six years later  13,952 14,338 14,974 15,102 X X X X X X X
8. Seven years later 13,966 14,309 14,959 X X X X X X X X
9. Eight years later 13,943 14,286 X X X X X X X X X
10. Nine years later 13,941 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
13,941 14,286 14,959 15,102 15,362 13,937 16,646 17,832 20,550 20,591 163,207
C. Gross undiscounted liability for incurred claims - accident year
from 2024 to 2015 (Total B – Total A)
704 877 991 1,179 1,312 1,591 2,183 3,213 4,946 10,781 27,776
D. Gross undiscounted claims liability - years prior to 2015 X X X X X X X X X X 5,576
E. Discount effect X X X X X X X X X X -4,121
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 1,092
G. Gross Liability for incurred claims from insurance contracts
issued
X X X X X X X X X X 30,324
334
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Non-Life Claims development - Gross of Reinsurance Held
(€ million) 
Claims/Time ranges
Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 0 7,897 8,310 9,513 9,810 X
2. A year later 0 0 0 0 0 10,341 12,553 13,471 15,604 X X
3. Two years later 0 0 0 0 12,823 11,301 13,756 14,620 X X X
4. Three years later 0 0 0 13,191 13,413 11,946 14,463 X X X X
5. Four years later 0 0 13,413 13,512 13,790 12,346 X X X X X
6. Five years after 0 12,962 13,631 13,760 14,050 X X X X X X
7. Six years later  12,960 13,184 13,800 13,923 X X X X X X X
8. Seven years later 13,068 13,310 13,968 X X X X X X X X
9. Eight years later 13,151 13,409 X X X X X X X X X
10. Nine years later 13,237 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,237 13,409 13,968 13,923 14,050 12,346 14,463 14,620 15,604 9,810 135,430
B. Estimate of the ultimate cumulative claim cost (gross of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 0 16,595 17,978 20,502 20,591 X
2. A year later 0 0 0 0 0 14,021 16,750 17,888 20,550 X X
3. Two years later 0 0 0 0 15,422 14,052 16,699 17,832 X X X
4. Three years later 0 0 0 15,097 15,435 13,944 16,646 X X X X
5. Four years later 0 0 15,015 15,149 15,372 13,937 X X X X X
6. Five years after 0 14,337 15,015 15,104 15,362 X X X X X X
7. Six years later  13,952 14,338 14,974 15,102 X X X X X X X
8. Seven years later 13,966 14,309 14,959 X X X X X X X X
9. Eight years later 13,943 14,286 X X X X X X X X X
10. Nine years later 13,941 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
13,941 14,286 14,959 15,102 15,362 13,937 16,646 17,832 20,550 20,591 163,207
C. Gross undiscounted liability for incurred claims - accident year
from 2024 to 2015 (Total B – Total A)
704 877 991 1,179 1,312 1,591 2,183 3,213 4,946 10,781 27,776
D. Gross undiscounted claims liability - years prior to 2015 X X X X X X X X X X 5,576
E. Discount effect X X X X X X X X X X -4,121
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 1,092
G. Gross Liability for incurred claims from insurance contracts
issued
X X X X X X X X X X 30,324
The difference between ultimate cost and cumulative claims paid in 2024 represents the undiscounted liability for incurred claims
for accident year between 2015 and 2024 (item C. of below tables). The liability for incurred claims represented in item G. in below
tables is the sum of the latter liability plus the residual liability for incurred claims for accident year not included in the triangle (item
D.), the discounting effect (item E.) and the Risk Adjustment (item F.).
Please note that liability for incurred claims as reported in the Balance Sheet for P&C contracts measured under PAA model is
equal to € 32.437 million and € 29.046 million respectively gross and net of reinsurance held. The difference from the total amount
presented in the following tables in the item G. is mainly related to residual components of liabilities that have not been included in
the actuarial claims development by accident year.
335
Consolidated Financial Statements
Non-Life Claims development - Net of Reinsurance Held
(€ million) 
Claims/Time ranges
Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 0 7,350 8,307 9,038 9,571 X
2. A year later 0 0 0 0 0 10,088 11,409 13,343 14,577 X X
3. Two years later 0 0 0 0 12,538 10,911 12,434 14,274 X X X
4. Three years later 0 0 0 12,861 13,070 11,522 13,066 X X X X
5. Four years later 0 0 13,281 13,144 13,294 11,808 X X X X X
6. Five years after 0 12,918 13,423 13,281 13,537 X X X X X X
7. Six years later  12,911 13,064 13,538 13,374 X X X X X X X
8. Seven years later 13,007 13,182 13,701 X X X X X X X X
9. Eight years later 13,091 13,287 X X X X X X X X X
10. Nine years later 13,168 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,168 13,287 13,701 13,374 13,537 11,808 13,066 14,274 14,577 9,571 130,362
B. Estimate of the ultimate cumulative claim cost (net of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 0 15,197 17,346 18,775 19,694 X
2. A year later 0 0 0 0 0 13,400 15,245 17,242 18,718 X X
3. Two years later 0 0 0 0 14,863 13,430 15,182 17,163 X X X
4. Three years later 0 0 0 14,540 14,869 13,329 15,126 X X X X
5. Four years later 0 0 14,705 14,573 14,784 13,291 X X X X X
6. Five years after 0 14,267 14,694 14,549 14,760 X X X X X X
7. Six years later  13,811 14,278 14,657 14,524 X X X X X X X
8. Seven years later 13,830 14,224 14,657 X X X X X X X X
9. Eight years later 13,813 14,196 X X X X X X X X X
10. Nine years later 13,813 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
13,813 14,196 14,657 14,524 14,760 13,291 15,126 17,163 18,718 19,694 155,942
C. Net Liability for Incurred Claims - accident year from 2024 to
2015
646 909 956 1,150 1,223 1,483 2,060 2,889 4,141 10,123 25,579
D. Net undiscounted loss liability incurred - years prior to 2015 X X X X X X X X X X 5,018
E. Discount effect X X X X X X X X X X -3,816
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 943
G. Net Liability for incurred claims X X X X X X X X X X 27,724
336
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Non-Life Claims development - Net of Reinsurance Held
(€ million) 
Claims/Time ranges
Year 2015 Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 0 7,350 8,307 9,038 9,571 X
2. A year later 0 0 0 0 0 10,088 11,409 13,343 14,577 X X
3. Two years later 0 0 0 0 12,538 10,911 12,434 14,274 X X X
4. Three years later 0 0 0 12,861 13,070 11,522 13,066 X X X X
5. Four years later 0 0 13,281 13,144 13,294 11,808 X X X X X
6. Five years after 0 12,918 13,423 13,281 13,537 X X X X X X
7. Six years later  12,911 13,064 13,538 13,374 X X X X X X X
8. Seven years later 13,007 13,182 13,701 X X X X X X X X
9. Eight years later 13,091 13,287 X X X X X X X X X
10. Nine years later 13,168 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,168 13,287 13,701 13,374 13,537 11,808 13,066 14,274 14,577 9,571 130,362
B. Estimate of the ultimate cumulative claim cost (net of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 0 15,197 17,346 18,775 19,694 X
2. A year later 0 0 0 0 0 13,400 15,245 17,242 18,718 X X
3. Two years later 0 0 0 0 14,863 13,430 15,182 17,163 X X X
4. Three years later 0 0 0 14,540 14,869 13,329 15,126 X X X X
5. Four years later 0 0 14,705 14,573 14,784 13,291 X X X X X
6. Five years after 0 14,267 14,694 14,549 14,760 X X X X X X
7. Six years later  13,811 14,278 14,657 14,524 X X X X X X X
8. Seven years later 13,830 14,224 14,657 X X X X X X X X
9. Eight years later 13,813 14,196 X X X X X X X X X
10. Nine years later 13,813 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
13,813 14,196 14,657 14,524 14,760 13,291 15,126 17,163 18,718 19,694 155,942
C. Net Liability for Incurred Claims - accident year from 2024 to
2015
646 909 956 1,150 1,223 1,483 2,060 2,889 4,141 10,123 25,579
D. Net undiscounted loss liability incurred - years prior to 2015 X X X X X X X X X X 5,018
E. Discount effect X X X X X X X X X X -3,816
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 943
G. Net Liability for incurred claims X X X X X X X X X X 27,724
337
Consolidated Financial Statements
21.7. Detailed information related to reinsurance contracts held
– Movements in reinsurance contract held balances by bases of
aggregation
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2024 to the closing balance
at 31 December 2024 of the carrying amount of reinsurance contracts held. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2023 to the closing balance at 31 December 2023.
The first set of tables provide an analysis of movements of carrying amount of reinsurance contracts held detailed by Asset for
Remaining Coverage and Asset for Incurred Claims. The second set of tables analyze movements of reinsurance contracts held
measured under the General Measurement Model broken down by measurement components: (i) Present Value of Future Cash
Flows, (ii) Risk Adjustment and (iii) Contractual Service Margin.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
•  Life segment (Basis 1);
•  P&C segment (Basis 2).
Please note that, considering the low materiality of amounts, the following tables do not include both the carrying amount of
reinsurance contracts held related to P&C segment measured under the General Measurement Model and the carrying amount of
reinsurance contracts held related to Life segment measured under the Premium Allocation Approach. The total carrying amount of
these contracts is respectively equal to € 133 million and at € 47 million at 31 December 2024.
338
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis 1 – Life segment
Movements in Reinsurance Contracts held balances - GMM - Asset for Remaining Coverage and Asset for Incurred Claims
(€ million) Assets for remaining coverage
31/12/2024
Asset for
Incurred
claims
31/12/2024
Total
31/12/2024
Assets for remaining coverage
31/12/2023
Asset for
Incurred
claims
31/12/2023
Total
31/12/2023
Item/Bases of aggregation Excluding
loss recovery
component
Loss recovery
component
Excluding
loss recovery
component
Loss recovery
component
A. Opening balance
1. Reinsurance contracts that are assets 98 3 102 203 107 19 218 344
2. Reinsurance contracts that are liabilities -70 4 3 -63 -41 0 2 -39
3. Net opening balance at 1st January 28 8 105 140 66 20 219 305
B. Net result from reinsurance contracts held
1. Reinsurance service expenses -987 0 0 -987 -869 0 0 -869
2. Claims and other expenses recovered 0 0 869 869 5 0 795 800
3. Adjustments to asset for incurred claims 0 0 28 28 0 0 -130 -130
4. Loss recovery on onerous contracts 0 -10 0 -10 0 0 0 0
4.1 Loss recovery from initial recognition of onerous contracts 0 0 0 0 0 0 0 0
4.2 Releases of the loss recovery component other than changes in
estimates related to reinsurance contracts held
0 0 0 0 0 -1 0 -1
4.3 Changes in estimates related to reinsurance contracts held resulting
from onerous underlying insurance contracts
0 -10 0 -10 0 1 0 1
5. Changes in the risk of non-performance of the reinsurer 0 0 9 9 0 0 0 0
6. Total -987 -10 906 -91 -864 0 665 -199
C. Insurance service result (Total B) -987 -10 906 -91 -864 0 665 -199
D. Finance income/expenses
1. Related to reinsurance contracts held -1 1 38 38 -20 -0 63 43
1.1 Recognised in the income statement -3 1 -3 -5 1 -0 -12 -11
1.2. Recognised in the other comprehensive income statement 2 0 41 43 -21 0 75 54
2. Effects of movements in exchange rates -2 2 0 1 9 0 -0 9
3. Total -3 3 38 38 -11 -0 63 52
E. Non-distinct investment components 4 0 -4 0 0 0 0 0
F. Total amount recorded in the income statement and in the
comprehensive income statement (C+ D+E)
-986 -7 940 -53 -875 0 728 -147
G. Other changes -21 12 41 32 -22 -12 77 42
H. Cash flows
1. Premiums paid net of amounts not related to claims recovered from reinsurers 992 0 0 992 859 0 0 859
2. Amounts recovered from reinsurers 0 0 -868 -868 0 0 -919 -919
3. Other movements 0 0 0 0 0 0 0 0
4. Total 992 0 -868 124 859 0 -919 -60
I. Net balance at 31 December (A.3+F+G+H.4) 14 12 217 243 28 8 105 140
L. Closing balance
1. Reinsurance contracts that are assets 64 8 220 292 98 3 102 203
2. Reinsurance contracts that are liabilities -50 4 -3 -49 -70 4 3 -63
3. Net closing balance at 31 December 14 12 217 243 28 8 105 140
339
Consolidated Financial Statements
Basis 2 – P&C segment
Movements in Reinsurance Contracts Held balances measured under PAA – Asset for Remaining Coverage and Asset for Incurred claims
(€ million) Assets for remaining coverage
31/12/2024
Asset for Incurred claims
31/12/2024
Total
31/12/2024
Assets for remaining coverage
31/12/2023
Asset for Incurred claims
31/12/2023
Total
31/12/2023
Item/Bases of aggregation Excluding
loss recovery
compo-nent
Loss recovery
component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
Excluding
loss recovery
compo-nent
Loss recovery
component
Estimates of
Present Value
of Future Cash
flows
Risk
Adjustment for
non-financial
risks
A. Opening balance
1. Reinsurance contracts that are assets 818 22 3,222 166 4,229 896 14 2,065 190 3,166
2. Reinsurance contracts that are liabilities -6 -0 -15 -0 -21 0 0 -10 -0 -10
3. Net opening balance at 1st January 812 22 3,207 166 4,208 896 14 2,055 190 3,156
B. Net result from reinsurance contracts
held
1. Reinsurance service expenses -2,299 0 0 0 -2,299 -2,113 0 0 0 -2,113
2. Claims and other expenses recovered 157 0 2,065 0 2,222 135 0 1,439 0 1,574
3. Adjustments to asset for incurred claims 0 0 -366 -9 -375 0 0 573 -17 557
4. Loss recovery on onerous contracts 0 -8 0 0 -8 0 6 0 0 6
4.1 Loss recovery from initial recognition
of onerous contracts
0 0 0 0 0 0 37 0 0 37
4.2 Releases of the loss recovery
component other than changes in
estimates related to reinsurance
contracts held
0 0 0 0 0 0 -20 0 0 -20
4.3 Changes in estimates related to
reinsurance contracts held resulting from
onerous underlying insurance contracts
0 -8 0 0 -8 0 -11 0 0 -11
5. Changes in the risk of non-performance
of the reinsurer
0 0 -4 0 -4 0 0 -2 0 -2
6. Total -2,142 -8 1,694 -9 -465 -1,978 6 2,010 -17 22
C. Insurance service result (Total B) -2,142 -8 1,694 -9 -465 -1,978 6 2,010 -17 22
D. Finance income/expenses
1. Related to reinsurance disposals 4 0 124 7 134 4 0 116 7 127
1.1 Recorded in the income statement 4 0 65 7 75 4 0 9 7 20
1.2. Recognised in the other
comprehensive income statement
0 0 59 0 59 0 0 107 0 107
2. Effects of movements in exchange rates 7 0 27 1 36 -4 -0 -3 -0 -7
3. Total 11 0 151 7 170 0 -0 112 7 120
E. Non-distinct investment components -0 0 0 0 0 0 0 0 0 0
F. Total amount recorded in the income
statement and in the comprehensive
income statement (C+ D+E)
-2,131 -8 1,846 -2 -295 -1,978 6 2,123 -10 142
G. Other changes -60 5 551 7 503 -134 1 -125 -14 -272
H. Cash flows
1. Premiums paid net of amounts not related
to claims recovered from reinsurers
2,112 0 0 0 2,112 2,028 0 0 0 2,028
2. Amounts recovered from reinsurers 0 0 -2,385 0 -2,385 0 0 -846 0 -846
3. Other movements 0 0 0 0 0 0 0 0 0 0
4. Total 2,112 0 -2,385 0 -273 2,028 0 -846 0 1,182
I. Net balance at 31 December
(A.3+F+G+H.4)
734 18 3,219 171 4,142 812 22 3,207 166 4,208
L. Closing balance
1. Reinsurance contracts that are assets 744 18 3,234 171 4,167 818 22 3,222 166 4,229
2. Reinsurance contracts that are liabilities -10 -0 -15 0 -25 -6 -0 -15 -0 -21
3. Net closing balance at 31 December 734 18 3,219 171 4,142 812 22 3,207 166 4,208
340
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Basis 1 – Life segment
Movements in Reinsurance Contracts Held balances by measurement components
(€ million) Measurement components
Items Estimates of
Present Value
of Future
Cash flows
31/12/2024
Risk Adjustment
for non-
financial risks
31/12/2024
Contractual
service margin
31/12/2024
Total
31/12/2024
Estimates of
Present Value
of Future
Cash flows
31/12/2023
Risk Adjustment
for non-
financial risks
31/12/2023
Contractual
service margin
31/12/2023
Total
31/12/2023
A. Opening balance
1. Reinsurance contracts that are assets 78 32 94 203 64 162 119 344
2. Reinsurance contracts that are liabilities -201 10 128 -63 -126 6 81 -39
3. Net opening balance at 1st January -123 42 222 140 -63 168 200 305
B. Changes that relate to current services
1. Contractual Service Margin recognized in the income statement 0 0 -28 -28 0 0 -37 -37
2. Change in Risk Adjustment for expired non-financial risks 0 -14 0 -14 0 -23 0 -23
3. Changes related to experience adjustments -158 0 0 -158 314 0 0 314
4. Total -158 -14 -28 -201 314 -23 -37 253
C. Changes that relate to future services
1. Changes in estimates that adjust the Contractual Service Margin -11 3 7 0 -69 4 65 -0
2. Effects of contracts initially recognized in the year -33 16 18 0 -33 10 24 1
3. Changes on Contractual Service Margin related to recovery of
losses from initial recognition of underlying onerous contracts
0 0 0 0 0 0 0 0
4. Releases of the loss recovery component other than changes in
estimates related to reinsurance contracts held
0 0 0 0 0 0 -1 -1
5. Changes in estimates related to reinsurance contracts held resulting
from onerous underlying insurance contracts
0 0 -9 -9 0 0 1 1
6. Total -44 19 16 -9 -102 14 89 1
D. Changes that relate to past services 110 -1 0 110 -331 -123 0 -454
1. Adjustments to the activity for claims that have occurred 110 -1 0 110 -331 -123 0 -454
E. Changes in the risk of non-performance of the reinsurer 9 0 0 9 0 0 0 0
F. Insurance service results (Total B+C+D+E) -83 4 -12 -91 -118 -132 52 -199
G. Finance income/expenses
1. Related to reinsurance contracts held 32 2 5 38 31 6 6 43
1.1 Recognised in the income statement -11 2 5 -5 -23 6 6 -11
1.2. Recognised in the other comprehensive income statement 43 0 0 43 54 0 0 54
2. Effects of movements in exchange rates -2 0 2 1 9 -0 -0 9
3. Total 30 2 7 38 40 6 6 52
H. Total amount recorded in the income statement and in the
comprehensive income statement (F+G)
-53 6 -5 -53 -78 -126 57 -147
I. Other changes 19 1 12 32 78 -0 -36 42
L. Cash flows
1. Premiums paid net of amounts not related to claims recovered from
reinsurers
992 0 0 992 859 0 0 859
2. Amounts recovered from reinsurers -868 0 0 -868 -919 0 0 -919
3. Other movements 0 0 0 0 0 0 0 0
4. Total 124 0 0 124 -60 0 0 -60
M. Net balance at 31 December (A.3+H+I+L.4) -34 49 229 243 -123 42 222 140
N. Closing balance
1. Reinsurance contracts that are assets 110 36 147 292 78 32 94 203
2. Reinsurance contracts that are liabilities -144 13 82 -49 -201 10 128 -63
3. Net closing balance at 31 December -34 49 229 243 -123 42 222 140
341
Consolidated Financial Statements
21.8. Detailed information related to reinsurance contracts held –
Movements in CSM by transition method
The following table details the contractual service margin movements by transition method. The information refers to reinsurance
contracts held measured under the General Measurement Model. The reported values refer to 31 December 2024 and 31 December
2023.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the table presents the following aggregation basis: Life segment (Basis
1) related to reinsurance contracts held.
Please note that, considering the low materiality of amounts, information related to the carrying amount of reinsurance contracts held
related to P&C segment measured under the General Measurement Model has not been included. As of 31 December 2024, the
Contractual Service Margin of these contracts is equal to € 9 million.
Basis 1 – Life segment
Movements in Contractual Service Margin of Reinsurance Contracts held split by transition method
(€ million) 31/12/2024  31/12/2023
Item/Bases of aggregation New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total New contracts
and contracts
measured at
the transition
date with the full
retrospective
approach
Contracts
measured at the
transition date
with the modified
retrospective
approach
Contracts
measured at the
transition date
using the fair
value approach
Contracts
under
carve-out
options
Total
Contractual service margin - Opening
balance
41 179 2 0 222 78 101 21 0 200
Changes referring to current services -14 -12 -2 0 -28 -5 -31 -0 0 -37
Contractual services margin recognised
in income statement to reflect services
received
-14 -12 -2 0 -28 -5 -31 -0 0 -37
Changes that relate to future service 41 -26 1 0 17 6 90 -7 0 89
- Changes in estimates affecting the
contractual services margin
24 -26 1 0 -1 -18 90 -7 0 65
- Effects of contracts initially recognized
in the reference year
18 0 0 0 18 24 0 0 0 24
Finance expenses/income
1. Related to reinsurance disposals 2 3 0 0 5 6 2 -2 0 6
2. Effects of movements in exchange
rates
-0 0 3 0 2 0 0 -0 0 -0
3. Total 2 3 3 0 7 6 2 -2 0 6
Other movements 7 1 3 0 12 -43 17 -9 0 -36
Total amount of changes recognised in
the income statement and in the Other
Comprehensive Income statement
37 -34 4 0 7 -36 77 -19 0 22
Contractual service margin - Closing
balance
78 145 6 0 229 41 179 2 0 222
21.9. Detailed information related to reinsurance contracts held –
Contracts initially recognized in the period
With reference to Life segment reinsurance contracts held valued under General Measurement Model, the Contractual Service
Margin for contracts initially recognized in the period is equal to € 18 million at 31 December 2024.
With reference to P&C segment reinsurance contracts held valued under General Measurement Model, the Contractual Service
Margin for contracts initially recognized in the period is equal to € 11 million at 31 December 2024.
342
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
21.10. Other details related to insurance contracts
The following table details the net carrying amount of reinsurance contracts held as presented in the Balance Sheet broken down
by counterparties rating.
With reference to the reinsurance policy followed by the Group, the table below proves that the careful criteria adopted for the
selection of reinsurers over the past allowed Generali to have a significant presence of counterparties in rating classes of high quality.
Reinsurance contracts held: breakdown by rating
(€ million)  31/12/2024  31/12/2023
AAA 0 0
AA 1,967 2,155
A 1,951 1,774
BBB 37 102
Non-investment grade 129 118
No Rating 482 327
Total 4,566 4,477
In some circumstances, local regulations, market practices, or specific type of business allow the Group to benefit from deposits
and/or letters of credit as a guarantee on ceded reserve, thereby mitigating the credit risk associated arising from these balance
sheet items.
No Rating Counterparties, as in the past, include a significant component of captive insurance companies of large industrial enterprises
that do not have a credit rating despite demonstrating good financial strength, companies no longer active in the reinsurance market
and not evaluated by rating agencies but not necessarily less financially sound, companies belonging to major insurance groups that
benefit from a high rating but have abandoned their reinsurance activities, or finally, mutuals and reinsurance pools.
No rating and non-investment grade are partially mitigated by the presence of forms of guarantee such as parental guarantee or
other collateral.
21.11. Liquidity risk arising from insurance contracts
The Group has established a framework for liquidity risk management over a 12-month time horizon and monitoring based on
metrics calculated at both Group and legal entity levels from a forward-looking perspective. Specifically, it is based on projections of
cash flows stemming from both assets and liabilities, and on the assessment of the level of liquidity and the ability to sell the asset
portfolio at the beginning of the period. Liquidity risk limits have been defined under both a base and a stress scenario, with the aim
to ensure that each Group Legal Entity holds an adequate buffer of liquidity to withstand the adverse circumstances described in
the stress scenario.
Considering all the above, the following table details the maturity analysis of net expected cash flows arising from insurance
contracts issued and reinsurance contracts held that are liabilities. The Group opted to disclose the analysis in the form of remaining
undiscounted net cash flows. Moreover, residual amounts mostly related to insurance receivables and payables and reinsurance
deposits are not considered in the analysis.
As required by the standard, the liability for remaining coverage of contracts measured under the Premium Allocation Approach are
excluded from the analysis.
Considering the low materiality of amounts, the detail of net expected cash flows arising from reinsurance contracts held that are
liability is not provided.
343
Consolidated Financial Statements
Remaining contractual undiscounted net cash flows arising from insurance contracts issued and reinsurance contracts held in liability
position: maturity analysis
(€ million)
Items/Time bands
Up to 1 year From over 1
year up to 2
years
From over 2
year up to 3
years
From over 3
year up to 4
years
From over 4
year up to 5
years
More than 5
years
Total
Life Segment
1. Insurance contracts issued with direct
participation features
23,783 19,033 18,443 21,209 19,176 491,229 592,873
3. Insurance contracts issued without
direct participation features
2,690 1,237 758 810 818 36,104 42,418
Non-Life business
1. Insurance contracts issued 12,453 5,046 3,191 2,271 1,714 10,236 34,911
To complete what has been presented above, the following table discloses the amounts that are payable on demand and the
carrying amount of the related portfolios of contracts. Amounts refer to insurance contracts issued and reinsurance contracts held
that are liabilities including the policyholders’ right to fully or partially surrender the contract. Given the peculiarity of this type of
options, amounts disclosed above only refer to Life segment contracts.
Insurance contracts issued and reinsurance contracts held in liability position: amounts payable on demand and related carrying amount
(€ million)
Items/Values
Amounts payable on
demands
Carrying Amounts
1. Insurance contracts issued with direct participation features 320,089 355,088
3. Insurance contracts issued without direct participation features 12,627 17,114
4. Reinsurance contracts 0 0
21.12. Sensitivity analysis to market and insurance risk
In line with the whole insurance sector, the Group is mainly exposed to vulnerabilities arising from the financial markets and the
macroeconomic and geopolitical landscape, as well as other trends impacting underwriting risk. For this reason, the Group has
implemented a risk management system based on a system of governance and structured risk management processes, defined
within a set of risk policies in the broader Generali Internal Regulation System (GIRS). Given that the Group and all its European
insurance subsidiaries comply with Solvency II regulation, which requires capital to be held for all quantifiable risks, in addition to the
Group Risk Appetite Framework (Group RAF) which outlines Group’s risk strategy, the Group adopts the Own Risk and Solvency
Assessment (ORSA) process with the twofold purpose to (i) provide a comprehensive risk reporting and of the overall solvency needs
on a current and forward looking basis and of (ii) supporting the Group risk strategy update. In addition to ORSA process, the Group
also relies on a set of tools, such as the Recovery Plan, the Liquidity Risk Management Plan and the Systemic Risk Management
Plan defined following the Financial Stability Board (FSB) and the International Association of Insurance Supervisors (IAIS) standards.
In this context, the Group has identified several risk profiles (e.g. Life Underwriting risk, P&C underwriting risk, financial and credit
risks) that are managed, mitigated and monitored with reference to capital requirement.
Considering all the above, the following section reports the sensitivity analysis of the Shareholders’ equity attributable to the Group,
the consolidated result of the period attributable to the Group, and the Life CSM under scenarios considered relevant for market and
insurance risk. The analysis, which required complex and judgmental valuations, considers the theoretical impact of an instantaneous
shock at the end of the reporting period (i.e., 31/12/2024) on the value of investments and insurance liabilities. Furthermore, it does
not take into account any direct or indirect mitigation actions or cross-effects among stressed variables. Therefore, the different
impacts shown should not be interpreted as representative of the cumulative effects of the different scenarios illustrated.
344
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The following table shows the percentage change of the base amount for each respective stress applied. Moreover, with reference
to CSM, the percentages are derived as ratio between the impact of the scenario on the CSM after release, based on coverage units
related to last reporting period, and the value of Life CSM gross of reinsurance as of 31st December 2024.
Sensitivity analysis
(€ million) 31/12/2024
Shareholders' equity
attributable to the Group
Consolidated result of the
period attributable to the
Group
CSM
Base amount 30,389 3,724 30,283
Equity market -25% -4% -22% -7%
Equity market +25% 4% 21% 7%
Interest rate -50bps 0.3% 1% -1%
Interest rate +50bps -0.6% -2% 1%
Corporate spread +50bps -1% -4% -1%
All govies EUR +50bps -1% -3% -2%
Life business
Lapse rates up by 10% -0.3% -2% -3%
21.13. Fair value of underlying items of insurance contracts with
direct participation features
Underlying items of contracts with direct participation features are assets that determine amounts payable to policyholders and
may include a specific portfolio of assets or a subset of the assets of a company. On the basis of this definition, underlying items of
contracts with direct participation features have been measured with reference to each company within the Group considered as
independent entity and without taking into consideration any specific adjustment related to consolidation process.
Considering this assumption, at 31 December 2024 the fair value of underlying items for contracts with direct participation features is
equal to approximately € 380 billion and their composition is as follows: 56% fixed-income investments, 6% real estate investments,
5% equity instruments, and 2% other instruments. The remaining 31% is primarily related to portfolios where the risk is borne by the
policyholder and is mainly represented by shares in investment funds.
345
Consolidated Financial Statements
SHAREHOLDERS’ EQUITY AND SHARE
22. Shareholders’ equity
Equity
(€ million) 31/12/2024 31/12/2023
Shareholders' equity attributable to the Group 30,389 28,968
Share capital 1,603 1,592
Capital reserves 6,607 6,607
Revenue reserves and other reserves 21,489 19,159
(Own shares) -1,037 -273
Reserve for currency translation differences -304 -335
Reserve for unrealised gains and losses on equity instruments designated at fair value through other
comprehensive income
58 -69
Reserve for unrealised gains and losses on financial assets (different from equity instruments) designated
at fair value through other comprehensive income
-15,628 -17,184
Net financial expenses/revenues related to insurance contracts issued and to reinsurance disposals 14,312 16,613
Reserve for other unrealized gains and losses through equity -435 -888
Result of the period 3,724 3,747
Shareholders' equity attributable to minority interest 2,707 2,316
Total 33,095 31,284
The share capital amount to € 1,603 million.
The capital reserve amount to € 6,607 million, unchanged compared to the previous year.
Own shares held by Parent company and by the other Group’s companies are € -1,037 million, amounting to 47,871,502 shares  
(€ -273 million amounting to 16,936,421 shares as at 31 December 2023).
During 2024 the Parent company resolved a dividend distribution amounting to € 1,987 million.
The entire amount of the dividend declared was deducted from Revenue reserves.
The reserve for currency translation differences arising from the translation of subsidiaries’ financial statement denominated in foreign
currencies amounted to € -304 million (€ -335 million as at 31 December 2023) due to the appreciation of the euro against the most
major currencies.
The reserve for unrealised gains and losses on equity instruments designated at fair value through other comprehensive income
amounted to € 58 million (€ -69 million as at 31 December 2023).
The reserve for unrealised gains and losses on financial assets (different from equity instruments) designated at fair value through other
comprehensive income amounted to € -15,628 million (€ -17,184 million as at 31 December 2023). The change is influenced by the
positive trend in the financial markets, mainly in equities and bonds. This effect is offset by net financial expenses/revenues related to
insurance contracts issued and to reinsurance disposals amounting to € 14,312 million (€ 16,613 million as at 31 December 2023).
The reserve for other unrealised gains and losses through equity amounted to € -435 million (€ -888 as at 31 December 2023)
comprised, among other component gains and losses on remeasurement of the net defined benefit liability in accordance with IAS
19 revised, and gains and losses on derivative instruments hedging variation on interest rates and exchange rates accounted for as
hedging derivatives (cash flow hedge).
346
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Share capital - Number of shares of the parent company: annual changes
Items/Types
Ordinary Other
A. Shares existing at the beginning of the financial year 1,559,281,461 0
- fully paid-in 1,559,281,461 0
- not fully paid-in 0 0
A.1 Own shares (-) -16,607,256 0
A.2 Shares outstanding: initial number  1,542,674,205 0
B. Increases 10,138,543 0
B.1 New issues 10,138,543 0
- for consideration 0 0
- Business combination 0 0
- conversion of bonds 0 0
- exercise of warrants 0 0
- other 0 0
- for free 10,138,543 0
- in favour of employees 10,035,555 0
- in favour of directors 102,988 0
- other 0 0
B.2 Sale of own shares 0 0
B.3 Other changes 0 0
C. Decreases  30,935,081 0
C.1 Annulment 0 0
C.2 Purchase of treasury shares 30,935,081 0
C.3 Disposal of companies 0 0
C.4 Other changes  0 0
D. Shares outstanding: final number 1,521,877,667 0
D.1 Own shares (+) 47,542,337 0
D.2 Shares existing at the end of the financial year 1,569,420,004 0
- fully paid-in 1,569,420,004 0
- not fully paid-in 0 0
It should be noted that during 2024, the share buyback for the purposes of the Group Long Term Incentive Plan (LTIP) 2023-2025
as well as the Group’s incentive and remuneration plans under execution was completed, since the resolution of the Shareholders’
Meeting of 28 April 2023. Moreover, the share buyback for the purposes of cancelling own shares was completed, since the
resolution of the Shareholders’ Meeting of 24 April 2024 authorizing the purchase of treasury shares was fully implemented.
347
Consolidated Financial Statements
23. Details of the other components of the
comprehensive income statement
(€ million) 
Items
 31/12/2024  31/12/2023
1. Profit (Loss) for the period 4,167 4,122
2. Other income components without reclassification to the income statement
2.1 Share of valuation reserves of associates -0 1
2.2 Reserve for revaluation model of intangible asset 0 0
2.3 Reserve for revaluation model of tangible asset 0 0
2.4 Net financial expenses/revenues related to insurance contracts issued 0 0
2.5 Result of discontinued operations -0 0
2.6 Actuarial gains or losses arising from defined benefit plans 58 -233
2.7 Net gains and losses on equities designated at fair value through other comprehensive income 281 34
a) change in fair value 292 68
b) transfers to other equity's components -11 -34
2.8 Changes in own credit standing on financial liabilities designated at fair value through profit or loss 0 -1
a) change in fair value 0 -1
b) transfers to other equity's components 0 0
2.9 Other changes: 0 0
a) change in fair value (hedged instrument) 0 0
b) change in fair value (hedging instrument) 0 0
c) other change in fair value 0 0
2.10 Income taxes related to other changes that may be not reclassified to profit or loss -89 70
3 Other items (net of tax) that may be reclassified to the income statement
3.1 Foreign currency translation differences: 69 -290
a) change in value 132 -288
b) reclassification to profit or loss -62 -2
c) other changes  0 0
3.2
Net gains and losses on financial assets (other than equities) at fair value through other
comprehensive income
2,929 13,311
a) change in fair value 2,017 12,629
b) reclassification to profit or loss 913 682
- adjustments for credit risk 54 -64
- gains / losses from realization 859 746
c) other changes  0 0
3.3 Net gains and losses on cash flows hedging derivatives 530 376
a) change in fair value 443 318
b) reclassification to profit or loss 87 58
c) other changes  0 0
3.4 Net gains and losses on hedge of a net investment in foreign operations -5 -30
a) change in fair value -5 -44
b) reclassification to profit or loss 0 14
c) other changes  0 0
348
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
3.5 Share of valuation reserves of associates: 46 2
a) change in fair value 48 3
b) reclassification to profit or loss -2 -1
- impairment losses -2 -1
- gains / losses from realization 0 0
c) other changes  0 0
3.6 Net financial expenses/revenues related to insurance contracts issued -3,768 -13,367
a) change in fair value -3,755 -13,064
b) reclassification to profit or loss -13 -303
c) other changes  0 0
3.7 Net financial income/expenses related to reinsurance disposals 95 177
a) change in fair value 91 181
b) reclassification to profit or loss 4 -4
c) other changes  0 0
3.8 Result of discontinued operations: 6 143
a) change in fair value 6 143
b) reclassification to profit or loss 0 0
c) other changes  0 0
3.9 Other changes: 0 0
a) change in value 0 0
b) reclassification to profit or loss 0 0
c) other changes  0 0
3.10 Income taxes related to other changes that may be reclassified to profit or loss -428 -32
4 OTHER COMPREHENSIVE INCOME (EXPENSES) (Sum of items 2.1 to 3.10) -276 163
5. CONSOLIDATED COMPREHENSIVE INCOME (Items 1+4) 3,891 4,285
5.1 of which: attributable to the Group 3,591 4,043
5.2 of which: attributable to minority interests  300 241
Items from 2.1 to 2.9 and from 3.1 to 3.9 above are expressed gross of taxes as the latter are included into items respectively into 2.10 and 3.10.
24. Earnings per share
Basic earnings per share are calculated by dividing the result of the period attributable to the Group by the weighted average number
of ordinary shares outstanding during the period, adjusted for the Parent Company’s average number of shares owned by itself or
by other Group companies during the period.
Diluted earnings per share reflect the dilution effect of ordinary shares potentially attributable to treasury shares purchased but not
yet assigned as part of the execution of share-based payment agreements.
349
Consolidated Financial Statements
Earnings per share
31/12/2024 31/12/2023
Result of the period (€ million) 3,724 3,747
- from continuing operations 3,755 3,663
- from discontinued operations -31 84
Weighted average number of ordinary shares outstanding 1,538,690,704 1,541,766,041
Adjustments for potential diluitive effect 843,737 9,176,629
Total weighted average number of ordinary shares outstanding 1,539,534,441 1,550,942,670
Earnings per share (in €) 2.42 2.43
- from continuing operations 2.44 2.38
- from discontinued operations -0.02 0.05
Diluited earnings per share (in €) 2.42 2.42
- from continuing operations 2.44 2.36
- from discontinued operations -0.02 0.05
Please refer to Management Report for information regarding the dividend per share.
25. Reconciliation statement of the result of the period
and shareholders’ equity of the Group and the Parent
Company
In accordance with the Consob Communication No. 6064293 of 28 July 2006, the table below summarizes the reconciliation of the
result of the period and shareholders’ equity of the Group and the Parent Company.
Reconciliation report
(€ million) 31/12/2024 31/12/2023
Shareholders’ equity
before the result of
the period
Result of the period Shareholders’ equity
before the result of
the period
Result of the period
Parent Company amounts in conformity with the Italian accounting
principles
15,384 3,690 16,648 1,446
Adjustments to Parent Company for IAS/IFRS application 2,055 54 1,742 460
Parent Company amounts in conformity with IAS/IFRS principles 17,4 3 9 3,743 18,389 1,907
Result of the period of entities included in the consolidation area 0 9,848 0 7,782
Dividends 9,118 -9,118 6,109 -6,109
Elimination of participations, equity valuation impacts and other
consolidation adjustments
2,329 -749 2,962 167
Reserve for currency translation differences -304 0 -335 0
Reserve for unrealised gains and losses on financial assets designated at
fair value through other comprehensive income
-15,791 0 -17,428 0
Net financial expenses/revenues related to insurance contracts issued
and to reinsurance disposals
14,081 0 16,166 0
Reserve for other unrealized gains and losses through equity -208 0 -641 0
Shareholders equity attributable to the group 26,664 3,724 25,221 3,747
350
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
OTHER BALANCE SHEET ITEMS
26. Tangible assets
Tangible asset: composition
(€ million) 
Activities/Values
Tangible asset self-used Inventories
At cost At fair value
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
1. Tangible asset owned 2,536 2,548 226 245 550 522
a) land 346 348 14 14 0 0
b) buildings 1,846 1,894 212 231 0 0
c) furniture  0 0 0 0 0 0
e) facilities 344 305 0 0 0 0
e) Other assets 1 1 0 0 550 522
2. Real rights subject to leasing  434 368 0 0 0 0
a) land 1 0 0 0 0 0
b) buildings 353 304 0 0 0 0
c) furniture 0 0 0 0 0 0
e) facilities 45 39 0 0 0 0
e) Other assets 35 25 0 0 0 0
Total 2,970 2,915 226 245 550 522
Inventories, which amounted to € 550 million (€ 522 million at 31 December 2023), mainly include property inventories allocated to
real estate development companies (mainly related to Citylife project).
351
Consolidated Financial Statements
Tangible asset self-used: variations
(€ million) Land Buildings Furniture Facilities Other items of
property, plant
and equipment
Total
A. Opening balances 445 3,169 0 1,898 579 6,092
A.1 Accumulated depreciation and impairment -83 -739 0 -1,555 -31 -2,409
A.2 Net opening balance 362 2,429 0 343 548 3,683
A.2.a Adjustment opening balances 0 0 0 0 0 0
B. Increases 1 199 0 168 62 429
B.1 Acquisitions 0 130 0 154 61 346
B.2 Capitalized expenses 0 21 0 2 0 23
B.3 Reversals of impairment losses 0 0 0 0 0 0
B.4 Positive changes in the recalculated value
recognized a
0 1 0 0 0 1
a) comprehensive income statement 0 0 0 0 0 0
b) income statement 0 1 0 0 0 1
B.5 Positive exchange differences 0 0 0 2 0 3
B.6 Transfers from investment property 0 26 X X X 26
B.7 Other changes 0 22 0 9 0 31
C. Decreases  -2 -218 0 -122 -24 -366
C.1 Sales -1 -21 0 -39 -6 -68
C.2 Depreciations -0 -105 0 -82 0 -187
C.3 Impairment losses recognised in: -0 -0 0 -1 -16 -17
a) comprehensive income statement 0 0 0 0 0 0
b) income statement -0 -0 0 -1 -16 -17
C.4 Negative changes in the restated value 0 -12 0 0 0 -12
a) comprehensive income statement 0 0 0 0 0 0
b) income statement 0 -12 0 0 0 -12
C.5 Negative exchange differences -0 -2 0 0 0 -3
C.6 Transfers to: -0 -77 0 0 0 -77
a) investments property -0 -77 X X X -77
b) non-current assets and disposal groups held
for sale
0 0 0 0 0 0
C.7 Other changes 0 0 0 0 -2 -2
D. Net final carrying amount 361 2,411 0 389 585 3,746
D.1 Accumulated depreciation and impairment -81 -787 0 -1,628 -34 -2,530
D.2 Gross book value 442 3,198 0 2,018 619 6,276
E. Measured at cost 361 2,369 0 389 585 3,704
352
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
27. Other financial assets
Other financial assets
(€ million) 31/12/2024 31/12/2023
Receivables arising out of insurance operations out of IFRS17 scope 1,283 1,385
Receivables arising from operation with collateral 1,048 1,277
Commercial receivables 1,679 1,524
Other receivables 2,198 2,148
Other financial assets 6,209 6,334
28. Other assets
Other assets
(€ million) 31/12/2024 31/12/2023
Non-current asset or disposal groups classified as held for sale 60 728
Tax receivables 4,125 3,947
Deferred tax assets 1,719 1,828
Other assets 3,371 4,109
Total 9,275 10,613
Item Non-current asset or disposal groups classified as held for sale comprehends the interests classified as held for sale of Cronos
Vita e in Generali Life Assurance Philippines, Inc.. The decrease compared to 31 December 2023 is due to the completion of the sale
of TUA Assicurazioni S.p.A. and the related write off of related assets.
For more details, please refer to paragraph Non-current asset or disposal groups classified as held for sale.
29. Other provisions
Other provisions
(€ million) 31/12/2024 31/12/2023
Provisions for taxation other than income taxes 88 49
Provisions for corporate restructuring 65 67
Other provisions for potential liabilities 2,245 2,203
Total 2,399 2,318
Provisions for commitments and other provisions included provisions for corporate restructuring, litigation or similar events as well as
other commitments for which, at balance sheet date, an outflow of resources to setting the related obligation is considered probable
and estimated in a reliable way.
The amounts recognized in the financial statements represents the best estimate of their value. In particular, in the assessment all the
peculiarities of the specific provisions are taken into account, including the effective period of incurrence of the contingent liabilities
and consequently the expected cash flows on the different estimates and assumptions.
353
Consolidated Financial Statements
The table below summarizes the main changes occurred during the period:
Other provisions - main changes occurred during the period
(€ million) 31/12/2024 31/12/2023
Carrying amount as at 31 December previous year 2,318 2,406
Foreign currency translation effects -2 -19
Changes in consolidation scope 0 0
Changes 82 -69
Carrying amount as at the end of the period 2,399 2,318
In the normal course of business, the Group may enter into arrangements that do not lead to the recognition of those commitments
as assets and liabilities in the consolidated financial statements under IFRS (contingent assets and liabilities). For further information
regarding contingent liabilities please refer to the paragraph Contingent liabilities, commitments, guarantees, pledged assets and
collaterals in section Additional information.
30. Payables
Payables
(€ million) 31/12/2024 31/12/2023
Payables arising out of insurance operations out of IFRS17 scope 1,417 1,511
Other payables 7,610 7,235
Payables to employees 1,313 1,156
Provision for defined benefit plans 62 70
Payables to suppliers 2,136 2,017
Social security 268 264
Other payables 3,832 3,727
Total 9,027 8,746
31. Other liabilities
Other liabilities
(€ million) 31/12/2024 31/12/2023
Liabilities directly associated to non-current assets and disposal groups classified as held for sale 0 509
Deferred tax liabilities 2,166 1,640
Tax payables 2,607 1,917
Other liabilities 5,157 5,702
Total 9,931 9,768
Other liabilities include long-term liabilities in favor of employees amounting to € 3,327 million (€ 3,563 million as of 31 December
2023). In particular, this item also includes the amounts relating to the solidarity funds of Italian companies.
The decrease of Liabilities directly associated to non-current assets and disposal groups classified as held for sale compared to 31
December 2023 is due to the completion of the sale of TUA Assicurazioni S.p.A. and the related write off of related liabilities.
For more details, please refer to paragraph Non-current asset or disposal groups classified as held for sale.
354
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
OTHER NOTES TO THE 
INCOME STATEMENT
32. Other incomes and expenses
Other incomes/expenses
(€ million) 31/12/2024 31/12/2023
Net income from tangible assets 43 75
Incomes from tangible assets 212 204
Expenses from tangible assets -168 -130
Incomes from recovery of charges 327 370
Net income from service and assistance activities 140 -46
Incomes from service and assistance activities 1,130 978
Expenses relating to service and assistance activities -990 -1,024
Net commission 1,566 1,068
Interest incomes and other 84 76
Total other incomes/expenses 2,160 1,543
Below, in particular, the detail on fees and commissions incomes and expenses:
Fees and commissions incomes from financial service activities
(€ million) 31/12/2024 31/12/2023
Fee and commission income from banking activity 357 345
Fee and commission income from asset management activity 1,738 1,269
Fee and commission income related to investment contracts 41 30
Fee and commission income related to pension funds management 274 247
Other fee and commission income 3 4
Total 2,413 1,895
Fees and commissions expenses from financial service activities
(€ million) 31/12/2024 31/12/2023
Fee and commission expenses from banking activity 599 563
Fee and commission expenses from asset management activity 226 241
Fee and commission expenses related to investment contracts 1 3
Fee and commission expenses related to pension funds management 20 19
Total 847 827
355
Consolidated Financial Statements
33. Other revenues and charges
Other revenues/charges
(€ million) 31/12/2024 31/12/2023
Net gains on foreign currencies 242 -101
Holding costs -772 -733
Net Income deriving from IAS 29 application -268 -205
Indirect taxes -247 -212
Other incomes 247 315
Other expenses -1,051 -969
Total other revenues/charges -1,848 -1,904
34. Income taxes
This item shows the income taxes due by the Italian and the foreign consolidated companies by applying the income tax rates and
rules in force in each country.
The components of the income tax expense for 2024 and 2023 are the following:
Income taxes
(€ million) 31/12/2024 31/12/2023
Income taxes 1,192 1,147
Deferred taxes 651 389
Total taxes of period 1,843 1,536
Income taxes on discontinued operations 0 26
Total income taxes 1,843 1,562
In Italy, with respect to the 2024 fiscal year, income taxes are calculated by using the ordinary corporate income tax rate of 24%
(IRES). Furthermore, income taxes of Italian companies include the regional tax on productive activities (IRAP).
In Germany, income is subject to the corporate income tax - which is calculated on a rate of 15% plus a solidarity surcharge of
5.5% on 15%. In addition, income earned by German companies is subject to a local tax (Gewerbesteuer), the rate of which varies
depending on the municipality in which the company is situated.
In France, income taxes are calculated by using an overall corporate income tax rate of 25.825%. In particular, this overall rate
includes the basic rate expected in the tax on corporate income, equal to 25%, increased by an additional (contribution sociale) of
3.3% on 25%.
All other foreign subsidiaries apply their national tax rates, including: Austria (23%), Bulgaria (10%), China (25%), Czech Republic
(21%), the Netherlands (25.8%), Poland (19%), Spain (25%) and United States (21%).
As mentioned above, the Generali Group falls within the scope of application of the Pillar Two Model Rules tax regime, provided by
the Directive (EU) 2022/2523 of 14 December 2022, adopted in Italy by Legislative Decree 209 of 27 December 2023, which has
the objective of guaranteeing a global minimum tax for the multinational groups and national groups operating on a large scale in
the European Union.
With reference to the Pillar Two Model Rules for the 2024 financial year, some jurisdictions in which the Group operates have not
started any effective implementation or they have not communicated the implementation timing.
The exposure to the income taxes concerned follows, with regard to all the companies of the Group and all the jointly controlled
entities located in each individual jurisdiction, from the level of effective taxation which, at the level of the individual jurisdiction,
depends on various factors including interconnected with each other such as mainly the generated income, the level of the nominal
rate, tax rules for determining the taxable base, provisions, type and impact of incentives or other tax benefits.
Furthermore, the legislation of the Pillar Two Model Rules provides, for the first periods of effectiveness (so-called transitional regime
valid for the periods starting before 31 December 2026 and ending no later than 30 June 2028) the possibility of applying a simplified
regime (so-called transitional safe harbours) based mainly on accounting information available for each relevant jurisdiction which,
in the event of passing at least one of three tests, involves the reduction of the costs of regulatory requirement and the possibility of
assuming the taxes deriving from the application of Pillar Two Model Rules as nil.
During the year, proceeding with a computation approach based on the updated information and reasonably estimable at the closing
date of each quarter, the Generali Group has booked in the financial statement the impact of Pillar Two Model Rules application. The
new tax regime’s overall impact is € 43 million at 31 December 2024.
356
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The exposure of the Generali Group to income taxes resulting from the application of the Pillar Two Model Rules at the current closing
date is assessed as not significant based on the following considerations:
•  in connection with the majority of Group entities and jointly controlled entities, which are located in jurisdictions that satisfy at
least one of the three tests required by the transitional safe harbours, the conditions for considering the taxes deriving from the
application of the Pillar Two Model Rules as nil are met, and
•  for the other Group entities and jointly controlled entities, located in jurisdictions that do not satisfy any of the three tests required
- mainly Bulgaria, Hong Kong, Malaysia and Thailand - the exposure is not significant as the level of effective taxation is closer to
the minimum amount of 15% or profits in such jurisdictions are not material compared to the Group’s total profits.
Lastly, the Group on the basis of the paragraph 4.A of the Amendment to IAS 12 proposes not to recognize and communicate
information on deferred taxes assets and liabilities relating to income taxes arising from the application of the Pillar Two Model Rules.
The following table shows a reconciliation from the theoretical income tax expense, by using the Italian corporate income tax rate of
24%, to the effective tax rate.
Reconciliation from theoretical income tax expenses to the effective tax rate
(€ million) 31/12/2024 31/12/2023
Expected income tax rate 24.0% 24.0%
Earning before taxes 6,041 5,574
Expected income tax expense 1,450 1,338
Effect of foreign tax rate differential 6 74
Effect of permanent differencies 303 -107
IRAP, trade tax and other local income taxes 155 143
Substitute taxes -3 21
Foreign withholding taxes not recoverable 29 51
Income taxes for prior years -103 -15
Other 6 31
Tax expenses 1,843 1,536
Effective tax rate 30.5% 2 7.6%
The tax rate increased from 27.6% to 30.5% due to different effects among which the absence, in 2024, of the non-taxable step up
of some participation and of the disposal of Generali Deutschland PensionKasse booked in 2023 and, in 2024, the computation of
the Global Minimum Tax and higher net non-deductible charges.
The tax benefit deriving from the tax losses that can be carried forward is recognized in the financial statements only to the extent
that it is probable that a future taxable income will be available against which the aforementioned tax losses can be used by the
respective due date.
Fiscal losses carried forward are scheduled according to their expiry periods as follows:
Fiscal losses
(€ million) 31/12/2024 31/12/2023
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 127
2028 0 52
2029 19 209
2030 0 143
2031 and over 156 0
Unlimited 584 1,331
Fiscal losses carried forward 759 1,862
With regards to fiscal losses, it is worth noting that Italian Law by Decree 98/2011 introduced that fiscal losses can be carried forward
with no time limits (as opposed to the previous five-year limitation). Losses from a given year may, however, only be used to offset up
to 80% of the taxable income of any following fiscal year.
357
Consolidated Financial Statements
Deferred income taxes are calculated on the temporary differences between the carrying amounts of assets and liabilities reported
in the financial statements and their tax base, by using the tax rates applicable at the expected time of realisation according to each
country’s current legislation.
The ultimate realisation of deferred tax assets is dependent on the generation of future taxable income during the periods in which
those temporary differences become deductible.
Furthermore, in making this assessment, management considers the scheduled reversal of deferred tax liabilities and tax planning
strategies.
Assessments show that deferred tax assets will be recovered in the future through either (i) expected taxable income of each
consolidated company or (ii) expected taxable income of other companies included in the same tax group (e.g. Consolidato fiscale
in Italy, Ertragsteuerlicher Organkreis in Germany and Régime d’intégration fiscale in France).
The following tables show the details of the deferred tax assets and liabilities recorded in the financial statements, based on the
nature of the temporary differences that generated them.
Net deferred tax assets
(€ million) 31/12/2024 31/12/2023
Intangible assets 318 356
Property, Plant and Equipment 112 93
Land and buildings (investment properties) 205 137
Financial assets measured at fair value through other comprehensive income 14,634 13,973
Other investments 2,098 1,957
Other assets 3,534 3,251
Fiscal losses carried forward 192 219
Allocation to other provisions and payables 1,477 1,212
Insurance provisions 11,870 9,178
Financial liabilities and other liabilities 1,847 1,701
Other 1,688 1,533
Total deferred tax assets 37,974 33,609
Netting -36,255 -31,780
Total net deferred tax assets 1,719 1,828
Net deferred tax liabilities
(€ million) 31/12/2024 31/12/2023
Intangible assets 142 51
Property, Plant and Equipment 129 168
Land and buildings (investment properties) 704 818
Financial assets measured at fair value through other comprehensive income 8,325 6,869
Other investments 3,254 2,671
Other assets 2,960 2,464
Allocation to other provisions and payables 406 124
Insurance provisions 20,930 18,966
Financial liabilities and other liabilities 1,449 1,151
Other 121 137
Total deferred tax liabilities 38,421 33,420
Netting -36,255 -31,780
Total net deferred tax liabilities 2,166 1,640
358
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
FAIR VALUE MEASUREMENT
IFRS 13 - Fair Value Measurement provides guidance on fair value measurement and requires disclosures about fair value measurements,
including the classification of financial assets and liabilities in the three levels of fair value hierarchy provided for by the Standard.
With reference to the investments, Generali Group measures financial assets and liabilities at fair value in the financial statements
or discloses it in the Notes. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (exit price). In particular, an orderly transaction takes place in the
principal or most advantageous market at the measurement date under current market conditions. A fair value measurement assumes
that the transaction to sell an asset or transfer a liability takes place either: (a) in the principal market for the asset or liability; or (b) in
the absence of a principal market, in the most advantageous market for the asset or liability. Fair value equals the market price if this
information is available in an active market (e.g., a market with adequate trading levels for identical or similar instruments). An active
market is defined as a market, even if not regulated, where the items traded within the market are homogeneous, willing buyers and
sellers can normally be found at any time and prices are available to the public. If there isn’t an active market, it should be used a
valuation technique which however shall maximize the observable inputs. As for measurement and disclosure, the fair value depends
on its unit of account, depending on whether the asset or liability is a stand-alone asset or liability, a group of assets, a group of
liabilities or a group of assets and liabilities, determined in accordance with the related IFRS.
The table below presents the carrying amount and fair value of financial assets and liabilities recorded in the balance sheet at 31
December 2024.
Carrying amount and fair value
(€ million) 31/12/2024
Carrying amount Fair value
Financial assets measured at fair value through other comprehensive income 237,979 237,979
Financial assets measured at fair value through profit or loss 209,457 209,457
a) Financial assets held for trading 753 753
b) Financial assets designated at fair value 124,270 124,270
c) Other financial assets mandatory measured at fair value 84,434 84,434
Investment properties 22,503 24,554
Self-used land and buildings 2,772 3,567
Investments in subsidiaries, associated companies and joint ventures 2,840 2,840
Financial assets measured at amortised cost 21,561 21,521
Cash and cash equivalents 8,315 8,315
Total investments 505,427 508,233
Financial liabilities measured at fair value through profit or loss 8,166 8,166
Financial liabilities measured at amortised cost 37,544 37,644
Total Financial liabilities 45,710 45,810
359
Consolidated Financial Statements
The table below presents the carrying amount and fair value of financial assets and liabilities recorded in the balance sheet at  
31 December 2023.
Carrying amount and fair value
(€ million) 31/12/2023
Carrying amount Fair value
Financial assets measured at fair value through other comprehensive income 223,359 223,359
Financial assets measured at fair value through profit or loss 194,912 194,912
a) Financial assets held for trading 1,097 1,097
b) Financial assets designated at fair value 108,701 108,701
c) Other financial assets mandatory measured at fair value 85,114 85,114
Investment properties 23,831 26,078
Self-used land and buildings 2,792 3,653
Investments in subsidiaries, associated companies and joint ventures 2,712 2,712
Financial assets measured at amortised cost 21,232 21,053
Cash and cash equivalents 7,070 7,070
Total investments 475,908 478,837
Financial liabilities measured at fair value through profit or loss 8,740 8,740
Financial liabilities measured at amortised cost 35,346 35,118
Total Financial liabilities 44,086 43,858
35. Fair value hierarchy
Assets and liabilities measured at fair value in the consolidated financial statements are measured and classified in accordance with
the fair value hierarchy in IFRS 13, which consists of three levels based on the observability of the inputs within the corresponding
valuation techniques used.
The type of inputs used to determine the classification of financial assets and liabilities among the three levels of fair value are:
•  Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
•  Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly (e.g., quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities
in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; market-corroborated
inputs);
•  Level 3: inputs that are unobservable for the asset or liability, which reflect the assumptions that market participants would use
when pricing the asset or liability, including assumptions about risk (of the model used and of inputs used).
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that
is significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires taking
into account factors specific to the asset or liability. A fair value measurement developed using a present value technique might
be categorized within the second or third level of the fair value hierarchy, depending on the inputs that are significant to the entire
measurement and the level of the fair value hierarchy within which these inputs are categorized. If an observable input requires an
adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the
resulting measurement would be categorized within the level attributable to the input with the lowest level utilized. Adequate controls
have been set up to monitor all measurements including those provided by third parties. If these checks show that the measurement
is not considered as market corroborated, the instrument must be classified in the third level of the hierarchy.
The table shows the classification of the financial assets and liabilities measured at fair value among the levels of the fair value
hierarchy as defined by IFRS 13:
360
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Assets and liabilities measured at fair value on a recurring basis: breakdown by fair value hierarchy levels
(€ million) Level 1 Level 2 Level 3 Total
Assets/Liabilities at fair value 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Financial assets measured at fair value through other
comprehensive income
196,848 189,090 35,215 28,009 5,917 6,260 237,979 223,359
Financial assets measured at fair value through profit
or loss
149,053 139,110 20,034 18,516 40,370 37,286 209,457 194,912
a) financial assets held for trading 68 75 636 936 48 85 753 1,097
b) financial assets designated at fair value 110,307 97,332 9,131 6,697 4,833 4,673 124,270 108,701
c) financial assets mandatorily measured at fair
value
38,678 41,703 10,267 10,884 35,489 32,528 84,434 85,114
Investments in subsidiaries, associated companies
and joint venture
0 0 0 0 942 823 942 823
Investment property 0 0 45 0 19,768 20,767 19,814 20,767
Tangible assets 0 0 0 0 226 245 226 245
Intangible assets  0 0 0 0 0 0 0 0
Total Assets 345,901 328,200 55,294 46,525 67,223 65,380 468,417 440,105
Financial liabilities measured at fair value through
profit or loss
a) Financial liabilities held for trading 3 0 511 1,205 8 0 522 1,205
b) Financial liabilities designated at fair value 4,239 4,096 2,854 2,971 551 468 7,644 7,535
Total Liabilities 4,242 4,096 3,364 4,176 560 468 8,166 8,740
36. Transfers of financial instruments at fair value
between Level 1 and Level 2
Generally, transfers between levels are attributable to the changes in the market activities and to the observability of the inputs used
in the valuation techniques to determine the fair value of certain instruments.
Financial assets and financial liabilities are mainly transferred from Level 1 to Level 2, following shifts in liquidity or variation in the
frequency of market observed transaction, which result in the absence of an active market (and vice versa for transfers from Level
2 to Level 1).
The main transfers from Level 1 to Level 2 relate to bonds, mostly classified as financial assets at fair value through other comprehensive
income, which are subject to transfers from Level 1 to Level 2 for € 11,556 million and from Level 2 to Level 1 for € 4,363 million.
37. Additional information on Level 3
The amount of financial instruments classified in Level 3 represents about 14.4% of total financial assets at fair value, substantially
in line compared to 31 December 2023 (14.9%). Generally, the main inputs used in valuation techniques are volatility, interest rates,
yield curves, credit spreads, dividend estimates and exchange rates. The evaluation methods used haven’t significantly changed
compared to 31 December 2023.
The more significant assets classified within Level 3 are the following:
•  Unquoted equities
  This asset class includes unquoted equity securities, mainly classified among financial assets at fair value to profit or loss. Their
fair value is determined using the valuation methods described above or based on the net asset value of the company. These
instruments are evaluated using an evaluation technique that may involve making assumptions about the profitability of the issuing
company and the distribution of dividends.
•  Unquoted IFU funds
  This asset class includes quotas in unquoted funds (mainly private equity funds and real estate), classified among financial
assets at fair value through profit or loss. Their fair value is generally defined considering the net asset value at the reporting
361
Consolidated Financial Statements
Details of the variations of assets and liabilities measured at fair value on a recurring basis classified in Level 3
Financial assets
measured at fair
value through other
comprehensive income
Financial assets measured at fair value through profit or loss Investment property Tangible assets Equity investments Intangible Assets Financial liabilities measured at fair value through 
profit or loss
(€ million) Financial assets held for
trading
Financial assets
designed at fair value
Financial assets
mandato-rily measured
at fair value
Financial liabilities held for 
trading
Financial liabilities 
designated at fair value
1. Opening balances 6,260 85 4,673 32,528 20,767 245 823 0 0 468
2. Increases 1,687 6 1,233 9,138 741 6 427 0 8 156
2.1. Acquisitions 897 1 884 6,694 667 5 28 0 0 124
2.2 Gains recognised in: 229 5 164 2,445 74 1 31 0 0 32
2.2.1 Profit or loss 0 5 164 2,445 74 1 31 0 0 32
of which gains 0 5 164 2,445 74 1 31 0 0 X
of which losses X X X X X X X X X 32
2.2.2 Other comprehensive income 229 X X X 0 0 0 0 0 X
2.3. Transfer from/to other levels  417 0 118 0 0 0 0 0 0 0
2.4 Other variations (+) 144 0 67 0 0 0 368 0 8 0
3. Decreases -2,031 -43 -1,073 -6,177 -1,739 -25 -308 0 0 -73
3.1 Sales -1,148 0 -859 -3,636 -751 -13 -248 0 0 0
3.2 Paybacks -625 0 -17 -3 -0 0 0 0 0 -30
3.3 Losses recognized in: -137 -16 -214 -1,811 -659 -12 -61 0 0 -15
3.3.1 Profit or loss 0 -16 -214 -1,811 -659 -12 -61 0 0 -15
of which losses 0 -16 -214 -1,811 -659 -12 -61 0 0 X
of which gains X X X X X X X X X -15
3.3.2 Other comprehensive income -137 X X X 0 0 0 0 0 X
3.4 Transferts to other levels -120 0 17 -655 0 0 0 0 0 0
3.5 Other variations (-) 0 -27 0 -71 -329 0 0 0 0 -27
4. Final amount 5,917 48 4,833 35,489 19,768 226 942 0 8 551
date, which is determined by using the periodical net asset value and the certified financial statements provided by the manager
of the funds, possibly adjusted to be compliant with IFRS 13. Such adjustments to the NAV are applied when there is a
significant gap between the reference date of the NAV available to the valuer and the reference date of the valuation or when
the investments underlying the fund are valued at cost, i.e. do not capture the risk factors that must be included in the fair value
measurement.
  Since the assets described above are, by their nature, linearly sensitive to changes in the value of the underlying assets, the Group
considers that, for a given change in the fair value of the underlying, the overall fair value undergoes a similar change.
•  Private equity funds
  Are quotas in private equity funds classified among financial assets at fair value through profit or loss. Their fair value is generally
defined considering the net asset value at the reporting date, which is determined by using the periodical net asset value and
the certified financial statements provided by the manager of the funds, possibly adjusted considering the liquidity of the funds.
Furthermore, the fair value of these investments is closely monitored by a professional team within the Group.
  Being the private equity funds linearly affected by the variation of the underlying assets, the Group assumes that a variation in the
value of the underlying assets causes the same variation in the fair value of these funds as well.
The following table shows a reconciliation between the opening balance and the final value of financial instruments measured at fair
value and classified as Level 3.
362
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Details of the variations of assets and liabilities measured at fair value on a recurring basis classified in Level 3
Financial assets
measured at fair
value through other
comprehensive income
Financial assets measured at fair value through profit or loss Investment property Tangible assets Equity investments Intangible Assets Financial liabilities measured at fair value through
profit or loss
(€ million) Financial assets held for
trading
Financial assets
designed at fair value
Financial assets
mandato-rily measured
at fair value
Financial liabilities held for
trading
Financial liabilities
designated at fair value
1. Opening balances 6,260 85 4,673 32,528 20,767 245 823 0 0 468
2. Increases 1,687 6 1,233 9,138 741 6 427 0 8 156
2.1. Acquisitions 897 1 884 6,694 667 5 28 0 0 124
2.2 Gains recognised in: 229 5 164 2,445 74 1 31 0 0 32
2.2.1 Profit or loss 0 5 164 2,445 74 1 31 0 0 32
of which gains 0 5 164 2,445 74 1 31 0 0 X
of which losses X X X X X X X X X 32
2.2.2 Other comprehensive income 229 X X X 0 0 0 0 0 X
2.3. Transfer from/to other levels  417 0 118 0 0 0 0 0 0 0
2.4 Other variations (+) 144 0 67 0 0 0 368 0 8 0
3. Decreases -2,031 -43 -1,073 -6,177 -1,739 -25 -308 0 0 -73
3.1 Sales -1,148 0 -859 -3,636 -751 -13 -248 0 0 0
3.2 Paybacks -625 0 -17 -3 -0 0 0 0 0 -30
3.3 Losses recognized in: -137 -16 -214 -1,811 -659 -12 -61 0 0 -15
3.3.1 Profit or loss 0 -16 -214 -1,811 -659 -12 -61 0 0 -15
of which losses 0 -16 -214 -1,811 -659 -12 -61 0 0 X
of which gains X X X X X X X X X -15
3.3.2 Other comprehensive income -137 X X X 0 0 0 0 0 X
3.4 Transferts to other levels -120 0 17 -655 0 0 0 0 0 0
3.5 Other variations (-) 0 -27 0 -71 -329 0 0 0 0 -27
4. Final amount 5,917 48 4,833 35,489 19,768 226 942 0 8 551
•  Bonds
  This asset class includes corporate bonds, mainly classified among financial assets at fair value through other comprehensive
income and, to a less extent, among financial assets at fair value through profit or loss. Their fair value is mainly determined using
third-parties inputs, based on the market or income approach. In terms of sensitivity analysis any changes in the inputs used in the
valuation do not cause a significant impact on the fair value at the Group level considering the lack of materiality of these securities
classified in Level 3. Moreover, given the analyses described above, the Group has decided to classify all the asset-backed
securities items in Level 3 considering that their evaluation is generally not corroborated by market inputs. For what regards prices
provided by providers or counterparties, bonds for which it is not possible to replicate the price using market inputs have been
classified in Level 3.
•  Investment properties
  This asset class includes land and buildings held for investment purposes measured at fair value on a recurring basis. The Group
has adopted a standardized property valuation process for the evaluation of investment properties. Generally, evaluation appraisals
are commissioned mostly to third parties. Their fair value is mainly determined based on the income approach. The Group
considers these assets to be linearly sensitive to changes in the inputs used in their valuation.
363
Consolidated Financial Statements
38. Information on fair value hierarchy of assets and
liabilities not measured at fair value
The table below presents the classification of assets and liabilities not measured at fair value or designated at fair value on a non-
recurring basis among the levels of the fair value hierarchy as defined by IFRS 13.
Assets and liabilities not measured at fair value or designated at fair value on a non-recurring basis: breakdown by fair value hierarchy
levels
(€ million) Carrying Amounts Fair value
Assets/Liabilities not measured at fair value
or measured at fair value on a non-recurring
basis
Level 1 Level 2 Level 3 Total
31/12/2024  31/12/2023  31/12/2024  31/12/2023  31/12/2024  31/12/2023  31/12/2024  31/12/2023  31/12/2024  31/12/2023
Assets
Financial assets measured at amortised cost 21,561 21,232 9,813 9,469 8,514 8,745 3,194 2,839 21,521 21,053
Investments in associates and joint ventures 1,898 1,889 0 0 0 0 1,898 1,889 1,898 1,889
Investment property 2,689 3,064 0 0 0 0 4,740 5,312 4,740 5,312
Non-current assets and disposal groups
held for sale
0 0 0 0 0 0 0 0 0 0
Tangible assets 3,520 3,438 0 0 0 0 4,283 4,310 4,283 4,310
Total Assets 29,668 29,623 9,813 9,469 8,514 8,745 14,115 14,350 32,442 32,564
Liabilities
Financial liabilities measured at amortized
cost
37,544 35,346 11,276 10,264 17,309 16,276 9,059 8,578 37,64 4 35,118
Liability of a disposal group held for sale 0 0 0 0 0 0 0 0 0 0
Total Liabilities 37,54 4 35,346 11,276 10,264 17,309 16,276 9,059 8,578 37,644 35,118
•  Financial assets measured at amortised cost
  This category includes bonds, which valuation is described above, mortgages and other loans. For more details on the product
composition, please refer to the section Investments in the Notes.
  In particular, mortgages and other loans are valued on the basis of future payments of principal and interest discounted at the
interest rates for similar investments by incorporating the expected future losses or alternatively discounting (with risk-free rate) to
the probable future cash flows considering market or entity- specific data ( i.e. probability of default). These assets are classified
within the second or third level of the hierarchy, depending on whether or not the inputs are corroborated by market data.
  If the fair value cannot be reliably determined, the amortised cost is used as the best estimate for the determination of fair value
itself.
•  Receivables from banks or customers
  Considering their nature, the amortised cost is generally considered a good approximation of fair value and therefore classified
within the third level of the hierarchy. If deemed appropriate, they are valued at market value, considering observable inputs, and
therefore classified within the second level of the hierarchy.
•  Land and buildings (investment and self-used properties)
  These assets are mainly valuated on the basis of inputs of similar assets in active markets or of discounted cash flows of future
income and expenses of the rental considered as part of the higher and best use by a market participant.
  Based on the analysis of inputs used for the valuation process, considering the limited cases where the inputs are observable in
active markets, the entire category has been classified within the third level of the hierarchy.
  In particular, the valuation process considers both discounted future net income and the specific characteristic of the asset,
including for example, the type of use, location, and vacancy rate. The fair value of land and buildings (investment properties) at
the end of the period is determined based on appraisal commissioned mainly to third-party entities.
•  Investments in subsidiaries, associated companies and joint ventures
  The carrying amount, based on the share of equity for associates and interests in joint ventures or on cost adjusted for eventual
impairment losses for non-consolidated subsidiaries, is used as a reasonable estimate of the related fair value. Therefore, these
investments are classified within the third level of the hierarchy.
•  Subordinated debts, loans and bonds issued, liabilities to banks and customers
  Generally, if available and if the market is active, fair value is equal to the market price. The fair value is determined primarily on the
basis of the income approach using discounting techniques. In particular, the fair value of debt instruments issued by the Group
are valued using discounted cash flow models, based on the current marginal rates of the Group financing for similar types of
instruments, with maturities consistent with the residual maturity of the debt instruments subject to valuation.
364
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
ADDITIONAL INFORMATION
39. Information about employees
Information about employees
31/12/2024 31/12/2023
Managers 2,506 2,307
Middle managers 13,164 9,483
Employees 52,855 52,165
Sales attendant 18,190 17,751
Others 136 173
Total 86,851 81,879
40. Provisions for defined benefit plans
The pension benefits of Generali Group’s employees are mainly in the form of defined benefit plans and defined contribution plans.
In the case of defined contribution plans, the Group’s legal obligation is limited to the amount of contributions to be paid to the fund
under the agreement and therefore the amounts are included in payables to employees. See Payables in Other balance sheet items.
As for defined benefit plans, participants are granted a defined pension benefits either by the employers or via external entities.
The main defined benefits plans are concentrated in Germany, Austria and Switzerland, while in Italy the provision for Trattamento
di fine rapporto (employee severance pay) matured until 1 January 2007 is included in the provisions for defined benefit plan for €
62 million.
The table below shows the movements in the defined benefit plans liability which occurred during the financial year, net of assets
legally separate and held solely to pay or fund employee benefits:
Net defined benefit plans liabilities: movements
(€ million) 31/12/2024 31/12/2023
Net liability as at 31 December previous year 3,039 2,880
Foreign currency translation effects -0 -1
Net expense recognised in the income statement 146 162
Re-measuraments recognised in Other Comprehensive Income -64 232
Contributions and benefits paid -212 -209
Changes in consolidation scope and other changes 6 -25
Net liability as at 31 December current year 2,915 3,039
Part of the Group’s defined benefit plans have assets that are designated, but not legally segregated, to meet the pension defined
benefit obligations. These are investments backing insurance provisions or policies issued by Generali Group companies, or other
investments owned by the Group entities. Consequently, in accordance with IAS 19, these investments are not recognised as plan
assets and so cannot be deducted from the defined benefit obligations. However, to assess the net liability for defined benefit plans,
these assets should have been netted against the present value of the related pension obligations.
In Germany and Austria, where is allocated approximately 92% of the present net value of defined benefit obligations, the pension
guarantee associations, for yearly contributions to be paid by the companies, are liable for the fulfilment of the pension commitments
granted in case of company insolvency.
365
Consolidated Financial Statements
The net defined benefit plans expense of the year recognised in the profit or loss account is represented as follows:
Net defined benefit plans expenses recognised in profit or loss
(€ million) 31/12/2024 31/12/2023
Current service cost 54 53
Net interest 94 106
Past service cost -1 1
Losses (gains) on settlements -1 1
Net expense recognised in the income statement 146 162
The re-measurement of liabilities related to defined benefit plans and plan assets, recognised in Other comprehensive income are
detailed as follows:
Re-measurements recognised in Other Comprehensive Income
(€ million) 31/12/2024 31/12/2023
Actuarial gains (losses) from change in financial assumptions -21 -194
Actuarial gains (losses) from change in demographical assumptions 15 -8
Actuarial gains (losses) from experience 2 -71
Change in the effect of the asset ceiling 38 -2
Return on plan assets (other than interest) 30 43
Re-measurements recognised in Other Comprehensive Income 64 -232
In comparison with the previous year, the variation in the reference rates at the end of year, in application of IAS 19 for the determination
of the discount rate applicable to the valuation of these liabilities, leads to actuarial gains and the consequent decrease of liabilities
under evaluation.
The amounts reported are gross of deferred taxes.
The table below shows the movements in the defined benefit obligation during the financial year and the current value of the plan
assets:
Present value of defined benefit obligation: movements
(€ million) 31/12/2024 31/12/2023
Defined benefit obligation as at 31 December previous year 4,193 3,958
Foreign currency translation effects 3 49
Current service cost 54 53
Past service cost -1 1
Interest expense 120 133
Actuarial losses (gains) 4 273
Losses (gains) on settlements 1 1
Contribution by plan participants 18 15
Benefits paid -246 -242
Changes in consolidation scope and other changes 3 -48
Defined benefit obligation as at 31 December current year 4,149 4,193
366
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Current value of plan assets: movements
(€ million) 31/12/2024 31/12/2023
Defined benefit obligation as at 31 December previous year 1,229 1,147
Foreign currency translation effects 2 53
Interest income 26 28
Return on plan assets (other than interest) 30 43
Gains (losses) on settlements 2 0
Employer contribution 33 41
Contribution by plan participants 18 15
Benefits paid -67 -74
Changes in consolidation scope and other changes -3 -23
Fair value of plan assets as at 31 December current year 1,270 1,229
It should be noted that a surplus in a defined benefit plan in Switzerland has resulted in the application of the asset ceiling to the
adjustment of the net assets recorded in the balance sheet. The asset ceiling amounted to € 36 million at 31 December 2024 (€ 75
million at 31 December 2023).
The defined benefit plans’ weighted-average asset allocation by asset category is as follows:
Defined benefit plans: assets allocation
(%) 31/12/2024 31/12/2023
Bonds 43.3% 42.6%
Equities 21.1% 18.4%
Real estate 16.5% 17.6%
Investment fund units 0.5% 3.5%
Insurance policies issued by non Group insurers 8.2% 1.4%
Other investments 10.4% 16.5%
Total 100.0% 100.0%
The assumptions used in the actuarial calculation of the defined benefit obligations and the related periodic pension cost are based
on the best estimates of each companies granting defined benefit plans. The main weighted-average hypotheses considered for the
value definition of defined benefits plans obligations are summarized in the following table, for the main operating areas:
Assumptions for actuarial calculation of defined benefit plans
% Eurozone Switzerland United Kingdom
31/12/2024 31/12/2023 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Discount rate for evaluation at reporting date 3.4% 3.2% 0.9% 1.7% 5.5% 4.5%
Rate of salary increase 2.9% 2.9% 1.7% 1.7% 0.0% 0.0%
Rate of pension increase 2.0% 2.0% 0.0% 0.0% 3.1% 3.0%
The average duration of the obligation for defined benefit plans is 11 years as at 31 December 2024 (12 years at 31 December 2023).
A sensitivity analysis was carried out showing how the defined benefit obligation would have been affected by changes in the
discount rate and the most relevant actuarial assumptions on these liabilities:
Defined benefit plans: sensitivity
(€ million) 
Assumptions
Discount rate for evaluation at
reporting date
Rate of salary increase Rate of pension
increase
0,5% increase 0,5% de-crease 0,5% increase 0,5% de-crease 0,5% increase
Impact on defined benefit obligation -203 226 18 -21 164
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Consolidated Financial Statements
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Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
To provide an indication of the effect of the defined benefit plans on the future cash flows of the Group, the future expected payments,
divided by bands of maturity, are presented below:
Defined benefit plans: expected payments
(€ million) 31/12/2024 31/12/2023
Within the next 12 months 276 259
Between 2 and 5 years 989 1,002
Between 5 and 10 years 1,289 1,200
Beyond 10 years 3,636 3,822
Total 6,190 6,283
41. Share-based compensation plans
At 31 December 2024, different incentive plans based on equity instruments granted by the Parent Company and other Group
companies are outstanding.
41.1. Share-based compensation plans granted by the Parent
Company
Long-Term Incentives (LTI) represent the long-term variable remuneration of Generali, which takes the form of multi-year plans,
approved from time to time by the competent bodies and may be addressed to directors, managers with strategic responsibilities
and other Generali employees; they may be based on cash disbursements or financial instruments.
The plan LTI 2021 has completed the performance cycle at the end of 2023. The corresponding share allocation has been carried
out starting from April 2024, depending on the target population.
The LTI plans 2022 and 2023, currently in progress, may result in shares’ granting in the financial years envisaged under the plan
rules depending on the different categories of beneficiaries, subject to the achievement of certain Group performance levels.
Further details are given in the information reports approved at the time by the Shareholders’ Meeting and published on the Generali
Group website, as well as in the Remuneration Report annually published.
A new long-term incentive plan based on Assicurazioni Generali S.p.A. shares – Long Term Incentive (LTI) 2024 - has been submitted
for the approval of the Shareholders’ Meeting of 24 April 2024.
In line with market practices and investor expectations, shares are assigned and made available to beneficiaries over a deferred
long-term time span, subject to the achievement of Group’s performance conditions (Net Holding Cash Flow, Total Shareholder
Return – relevant TSR and ESG targets) and the achievement of a minimum level of Regulatory Solvency Ratio, as the only access
threshold, as detailed below.
The Plan is based on the following essential aspects:
•  the incentive connected with the achievement of the targets is paid through the grant of Assicurazioni Generali S.p.A. ordinary
shares;
•  the right to receive the shares is subject to an entry threshold, defined annually by the Board of Directors and which represents a
condition precedent;
•  the targets to which payment of the incentive is subject are Group financial and non-financial/ESG ones and are defined at the
beginning of the performance period and kept consistent with the strategic long-term plans of the group.
The maximum number of shares that can be assigned is determined at the start of the plan. The maximum potential bonus to be
disbursed in shares equals to 175% of the gross fixed remuneration of the Global Leadership Group (GLG) members (or a different
percentage considering the role of the beneficiary); therefore, the maximum number of shares that can be assigned is the result of
the ratio of the maximum bonus and the share value, with the latter calculated as the average price of the share in the three months
prior to the meeting of the Board of Directors called to resolve on the draft statutory financial statements of the Parent Company and
the consolidated financial statements for the year prior to that when the Plan is started.
With reference to methods and time frame for granting the shares, they are differentiated by:
•  the members of the Group Management Committee:
 - at the end of the three-year performance period, 50% of the shares accrued on the basis of the targets met will be granted; 25%
are immediately available (to allow the beneficiaries to bear the tax charges connected with the grant), while the remaining 25%
are subject to a one-year lock-up period;
 - the remaining 50% of the accrued shares is subject to another two years of deferral, during which the accrued amount may
become zero if the Regulatory Solvency Ratio threshold level established by the plan is not met, or if a malus provided for by
the plan regulation should occur. After having checked that the aforesaid threshold level has been reached and that there is no
malus, and provided that on that date the beneficiary has a relationship with the Company (or with other Group companies),
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Consolidated Financial Statements
3.  The pay-out is identified through linear interpolation with a calculation range between the maximum payout, recognized in the case of certification of the same on levels greater than or equal to 43% and a zero pay-out in the
case of certification of the same on levels lower than 38%.
4.  The pay-out is identified through linear interpolation with a calculation range between the maximum payout recognized if it meets or exceeds an external market benchmark rate for three out of three periods, and a zero pay-out
if it falls below an external market benchmark rate for at least two out of three periods.
the remaining 50% of the shares accrued are granted; 25% are immediately available (to allow the beneficiaries to bear the tax
charges connected with the grant), while the remaining 25% are subject to a one year lock-up period;
•  the remaining key employees, GLG, Directors and talents: at the end of the three-year performance period, 100% of the shares
accrued will be granted, of which 50% are immediately available (to allow the beneficiaries to bear the tax charges connected with
the grant), while the remaining 50% are subject to a two-year lock-up period.
The performance level is expressed as a percentage of the level of individual indicators achievement, which final results are calculated
using a linear interpolation approach.
During each year of the plan and at the end of the three-year performance period and, in any case, at the end of the additional
two-year deferral period, an evaluation is carried out on the degree to which access threshold has been achieved, defined in
terms of Regulatory Solvency Ratio equal to 130% - the limit set considering the hard limit level defined in the Group Risk Appetite
Framework - or an alternative percentage as may be chosen from time to time by the Board of Directors. This evaluation is a malus
mechanism based on which the number of shares to grant definitively may be reduced or set at zero by the Board of Directors should
the Regulatory Solvency Ratio be lower than the set threshold. The Board of Directors is also entitled to set a reduced number of
shares to grant definitively should the Regulatory Solvency Ratio be lower than the soft limit level established by the Risk Appetite
Framework, that is 150% - but in any case, higher than 130%.
In any case, no incentive will be paid in the event of a significant worsening of the capital and financial situation of the Group. Any
amount disbursed will be subject to claw-back if the performance considered should later be found to be non-lasting or ineffective
as a result of willful misconduct or gross negligence.
In line with what has already been established for the existing plans, the 2024 Plan has a dividend equivalent mechanism on the
basis of the dividends distributed during the performance period (dividend equivalent). In particular, should the shareholders’ meeting
resolve upon the distribution of dividends in favour of the shareholders during the reference period, at the expiry of such period, an
additional number of shares determined in relation to the overall dividends distributed during the reference period will be assigned in
favour of the beneficiaries. The additional number of shares thus determined shall be assigned simultaneously and in relation with the
other shares assigned in favour of each beneficiary, subject to the same restrictions (holding period) and determined considering the
shares’ value at the assignment of the plan, to be calculated as the average price of the share in the three months prior to the meeting
of the Board of Directors called to resolve on the draft statutory financial statements of the Parent Company and the consolidated
financial statements for the year before that when the Plan is started. Moreover, as additional specific provision to further guarantee
the alignment of management and shareholders’ interests, the actual Reference Share Price for the LTI 2024 will be set as the
1-month average share price prior to the 2024 Annual Generali Meeting in case is higher than the standard Reference Share Price.
Given the actual occurrence of this circumstance, the final price for the LTI 2024 plan has been set in line with this latest condition
The maximum number of shares that can be granted is 10,500,000, accounting for 0.67% of the current share capital.
In line with the previous plans, the 2024 LTI plan can be treated as an equity-settled share-based payment falling under IFRS 2 –
Share-based Payment, which provides a grant date measurement model seeking to capture the value of the contingent right to
shares promised at grant date, to the extent that promises become an entitlement of the counterparty, rather than the value of any
shares finally delivered.
The condition related to relative TSR configures as a market condition, other conditions mentioned above are considered whether
as performance or as service condition.
The value of the right to receive free shares related to the market condition is estimated at grant date using a statistical model which
estimates the statistically probable positioning of relative TSR of the Generali share compared to a peer group panel of selected
companies.
The fair value of the bonus right linked to market condition is made by multiplying the forward price of assignable shares (taking into
account the lock-up period set by the plan for the different beneficiary types) to the grant date with the pay-out ratio of the relative TSR.
Such pay-out is determined as the average of the pay-outs resulting from the processing of a series of scenarios using a statistical
model. The pay-out of the single simulation is zero in the case of the TSR of Generali’s shares positioning below the median of the
panel peer group, while it is positive in the case of the TSR of Generali’s shares positioning above the median of the panel peer group.
The maximum pay-out is recognized in the case of the relative TSR value of Generali shares positioning above the 90th percentile.
The estimated fair value of LTI 2024 plan at the grant date of the bonus right related to the performance level in terms of relative TSR
is € 16.50 with reference to the members of the GLG category.
The related cost on the overall plan is obtained by multiplying the fair value mentioned above by the number of rights related to
the market condition, to be assigned based on the satisfaction of the vesting condition. A similar calculation was applied to the
bonus portion linked to Net Holding Cash Flow (NHCF), identifying the pay-out through the linear interpolation applied to the level
of performance considered most probable. The range applied to the linear interpolation of NHCF is included between the maximum
pay-out, granted in case of level equal to or greater than € 10.9 billion and a pay-out equal to 0 in case of a level equal or lower than
€ 9.4 billion. Payment related to the achievement of ESG target is determined based on 1) target for reducing CO
2
emissions related
to Group activities
3
and 2) employee engagement rate for the years 2024-2026
4
.
Finally, the cost related to the recognition of dividends paid during the period (so called dividend equivalent) was estimated by applying
370
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
an estimated dividend to the expected number of shares to be assigned under the plan, based on the degree of achievement
assessed as above described. For additional information related to incentive plans refer to the 2024 Remuneration Report.
The Annual General Meeting of 29th April 2022 approved the proposal to launch a new three-year share ownership plan for Group
employees, in line with the 2022-2024 Strategy, focused on a culture of ownership and empowerment, and promoting participation
in the creation of Group sustainable value.
The Plan offers Group employees the opportunity to purchase Generali shares at favorable conditions based on the appreciation of
the value of the stock with the introduction of an ESG objective connected to the reduction of CO
2
emissions relating to the Group’s
operating activities in line with the Group’s climate strategy.
The Share Plan is addressed to employees of Assicurazioni Generali and the companies belonging to the Group, excluding members
of the Group Management Committee and the Global Leadership Group who cannot subscribe to the Plan as well as employees
operating in countries and companies in which it is not possible to implement the Share Plan on the terms set and approved by
Generali, for reasons of a legal, fiscal, operating or organizational nature.
The Plan will be launched in June 2023 and will end at the end of May 2026, thus having a duration of indicatively 3 years.
The essential features of the Plan are set out below:
•  at the beginning of the Plan, employees who decide to participate (‘participants’) will be able to define the amount of their individual
contribution;
•  the amount of the individual contribution shall be between a minimum of € 660 and a maximum of € 9,900 and will be committed
for the entire duration of the Plan;
•  based on the amount of the individual contribution, participants will receive free of charge the right (‘options’) to purchase, at the
end of the Plan, underlying Generali share at a price determined at the beginning of the Plan (‘initial price’). The number of options
assigned to each participant will be equal to the ratio between the individual contribution and the initial price. The initial price shall
be calculated as the average of the official closing prices of Generali shares on Euronext Milan of the month following the date on
which this Plan is launched by the Board of Directors with the possibility of applying an adjustment factor up to the +/- 10% on
the defined average price;
•  at the end of the Plan, the final price of Generali shares shall be determined and:
 - in case of share price appreciation (final price equal to or higher than the initial price, i.e. options ‘in-the-Money’), participants
will automatically purchase the Underlying Shares by paying to the Company the individual contribution accrued throughout the
Plan and will receive free of charge:
1. dividend Equivalent Shares, amounting to the ratio between the value of the dividends per share (paid by Assicurazioni
Generali on a cash basis during the years 2023, 2024 and 2025) and the initial price, multiplied by the number of Underlying
Shares purchased;
2. two Matching Shares for every ten Underlying Shares purchased;
3. two ESG Shares for every ten Underlying Shares purchased, if the ESG Goal is also achieved.
 - In case of share price depreciation (final price lower than the initial price, i.e. options ‘out-of-the-Money’), participants will receive:
1. the refund of the individual contribution accrued (protection mechanism);
2. the Dividend Equivalent Shares in case the Net Holding Cash Flow (NHCF) goal is achieved.
The maximum number of shares for the Plan is 9,000,000 (about 0.6% of current share capital), to be executed through the
purchase of treasury shares in the market without capital dilution. In the event that the aggregate number of subscriptions to the Plan
exceeds the maximum threshold of distributable options, or the maximum threshold of Generali purchasable or attributable shares,
the number of options to be assigned free of charge shall be reduced on a pro rata basis for all the participants (reallotment). The
reallotment shall be carried out for a percentage value such as to guarantee the allocation of options (or, subsequently of Generali
shares) within the stated maximum limits.
The Plan also provides for malus, clawback and prohibitions on hedging clauses in the line with Group Policies.
The overall cost of the LTI plans 2020, 2021, 2022, 2023, 2024, as well as We Share plan is allocated over the period of maturity
(vesting period) starting from the first financial year on which the performance levels are assessed, with a corresponding increase in
equity.
The cost associated with all above-mentioned outstanding plans recognized during the period amounted to € 114.66 million. The
maximum number of shares that can be granted in relation to mentioned plans is approximately 31.26 million.
41.2. Share-based compensation plans granted by the other
Group companies
The main share-based payments granted by the other Group companies are detailed here below.
Share-based compensation plans granted by Banca Generali
At 31 December 2024, the following payment agreements based on own equity instruments were in place:
•  the plans launched with respect to Banca Generali Group’s Remuneration and Incentive Policy, in effect from time to time, which
371
Consolidated Financial Statements
5.  Bank of Italy Circular No. 285/2013, “Supervisory Provisions for Banks”, Part I, Title IV, Chapter 2, Compensation and incentive mechanisms, as updated on 24 November 2021 (37th update).
6.  Provided for by the Management by Objectives (MBO) mechanism or by specific incentive/recruitment plans.
calls for a part of the variable remuneration of Key Personnel to be paid by assigning Banca Generali’s own financial instruments;
•  the plans launched in service of the Framework Loyalty Programme 2017-2026, approved by the General Shareholders’ Meeting
on 20 April 2017 and now in its fifth annual cycle (2021-2026), which calls for a maximum of 50% of the indemnity accrued to be
paid using own financial instruments;
•  the LTI (Long term Incentive) plans for the Banking Group’s top managers, based on Banca Generali shares.
Share-based payment plans linked to the variable component of remuneration based
on performance objectives
The Remuneration and Incentive Policy for the Key Personnel of Banca Generali Group — adopted in compliance with the Supervisory
Provisions
5
currently in force — requires a portion of the variable component of remuneration, both current and deferred, to be
paid by assigning Banca Generali’s own financial instruments, based on the rules annually submitted for approval to the General
Shareholders’ Meeting of the Bank.
In addition to Top Managers, who qualify as Managers with Strategic Responsibilities, Key Personnel includes employees with special
managerial responsibilities, Financial Advisors who serve as network managers and Financial Advisors whose total remuneration is
a particularly high amount.
As of 2022, if the variable component of the Key Personnel’s remuneration exceeds 50 thousand euros and one third of ordinary
remuneration, at least 40% of it is subject to deferred payment systems for a period of time of no less than four years and will be at
least 50% paid in Banca Generali shares according to the following assignment and retention mechanism:
•  60% of the bonus is paid up-front, normally by the first half of the year after that of reference, 50% in cash and 50% in Banca
Generali shares, which will be subject to a retention period of one calendar year;
•  40% of the bonus will be paid according to a linear pro-rated approach and will be further deferred by four years from the payment
of the first instalment, 50% in cash and 50% in Banca Generali shares, which will be subject to a retention period of one calendar
year.
For Non-Top Key Personnel whose variable remuneration is a particularly high amount, the portion subject to deferral is increased to
60%, without prejudice to the payment of 50% of it in Banca Generali shares, whereas for Top Key Personnel the deferral period is
increased to five years, with a 56% paid in shares.
In calculating the number of shares to be assigned, a method is applied where:
•  the numerator is the portion of variable remuneration subject to payment in shares accrued in relation to the achievement of
objectives set for the year in question; and
•  the denominator is equal to the average price of Banca Generali shares during the three months prior to the meeting of the Board
of Directors that approves the draft Separate and Consolidated Financial Statements for the year prior to that in which the cycle
in question begins.
The payment in shares is executed after the Board of Directors verifies the earnings results for the year in question and is conditional
not only upon the achievement of the pre-set objectives
6
, but also to the satisfaction of access gates established by the Banking
Group (CET 1 ratio and LCR – Liquidity Coverage Ratio) for the year in which the remuneration is accrued and, where appropriate,
for the following years of deferral.
The Banking Group’s Remuneration Policy for the reference year together with the authorisation to buy back treasury shares to
be used to service it are submitted annually to the General Shareholders’ Meeting that approves the previous year’s Financial
Statements. The resolution authorising the buy-back of treasury shares is also subject to authorisation by the Bank of Italy.
These plan categories also include any other compensation paid in the form of shares related to:
•  ordinary sales incentives and recruitment plan for Financial Advisors other than the main network managers and employed sales
personnel;
•  agreements entered into in view of or upon the early termination of the employment or agency relationship, with regard to the
beneficiaries falling within the category of Key Personnel.
Measurement of fair value and accounting treatment
The mechanisms to recognise variable remuneration — discussed in the previous section — are considered as equity-settled share-
based payment transactions, falling within the scope of application of IFRS 2 – Share-based Payments.
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Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
The accounting treatment set forth for these transactions requires an entity to reflect in its accounts, under the most appropriate
items (staff expenses, fee expense), the estimated expense associated with services received, determined on the basis of the fair
value of the rights granted (stock options/stock grants), as an offsetting entry to an increase in net equity through allocation to a
specific equity reserve.
As the agreements relating to share-based payments based on the above-mentioned plans do not call for an exercise price, they
can be considered similar to a stock grant and recognised in compliance with the rules set forth for this category of transactions.
The overall expense regarding said agreements is therefore determined based on the number of shares expected to be assigned,
multiplied by the fair value of the Banca Generali stock at the date of assignment.
The fair value of Banca Generali stock at the assignment date is measured based on the market price reported at the date of the
General Shareholders’ Meeting that is called annually to approve the Remuneration Policy for the year of reference, adjusted to
account for the estimate of expected dividends, that will not be received by the beneficiaries during the deferral period.
The recognition through the equity reserve of the value of the plans — determined as described above — is measured pro-rata
temporis, based on the vesting conditions, i.e., the period between assignment and final maturity of the right to receive the shares,
likewise taking into account the probability that exercise conditions will not be realised for all beneficiaries.
Since the plans are organised into different instalments with differentiated vesting periods, each plan is valued separately.
In detail, the vesting period for the first instalment paid up-front assigned after the approval of the Financial Statements for the year
of reference lasts from 1 January to 31 December of the year of reference of the remuneration (12 months). The vesting period of
the subsequent instalments, whose payment is conditional upon both the continuation of service and the satisfaction of the access
gates established on an annual basis, is further extended to 31 December of the year preceding that in which the shares are actually
disbursed, according to a graded vesting criteria
7
8
.
The number of shares actually granted to beneficiaries may change based on the assessment of satisfaction of the individual
objectives.
The IFRS 2 expense relating to any beneficiaries belonging to Banking Group companies other than the parent company Banca
Generali is recognised directly by those companies. However, when the treasury shares bought back are actually assigned to them,
the Bank charges back to the companies involved an amount corresponding to the fair value of the relevant plans
9
.
Information on the share-based payment plans in connection to the Remuneration Policies
At 31 December 2024, there are three active cycles of share-based plans in connection to the Remuneration Policies relating to
2022, 2023 and 2024, whereas the 2021 cycle ended in the year, with the payment of the second deferred instalment.
Moreover, a limited number of non-standardised entry plans envisaging a longer, multi-year deferment are active.
The main features of the share-based plan, linked to the 2021 Remuneration Policies and approved by the General Shareholders’
Meeting on 22 April 2021, are as follows:
•  for the purpose of determining the number of shares to be assigned, the price of reference of Banca Generali shares, calculated as
the average official market price during the period 7 December 2020 to 5 March 2021, had been determined to be 27.58 euros;
•  the fair value of Banca Generali stock at the assignment date had been equal to the market price reported on 22 April 2021
(approximately 30.69 euros), subsequently adjusted to account for the loss of dividends expected in the deferral period.
In that cycle, total shares assigned to Key Personnel had amounted to 191.8 thousand, for a total fair value of 5.1 million euros.
In 2024, 40.1 thousand shares referring to the second deferred instalment were assigned and the plan then ended.
The main features of the share-based plan, linked to the 2022 Remuneration Policies and approved by the General Shareholders’
Meeting on 21 April 2022, are as follows:
•  for the purpose of determining the number of shares to be assigned, the price of reference of Banca Generali shares, calculated
as the average official market price during the period 9 December 2021 to 9 March 2022, had been determined to be 36.0 euros;
•  the fair value of Banca Generali stock at the assignment date had been equal to the market price reported on 21 April 2022
(approximately 32.35 euros), subsequently adjusted to account for the loss of dividends expected in the deferral period.
In that cycle, the total shares to be assigned to Key Personnel had amounted to 249 thousand, for a total fair value of approximately
7.1 million euros.
7.  On the basis of the new Remuneration Policy in effect from 2022, the vesting period of portions of deferred variable remuneration may be extended from 24 to 72 months for Top Key Personnel with a particularly high
remuneration.
8.  Since 2018, IFRS 2-related charges regarding ordinary incentives accrued by Financial Advisors and linked to objectives of net inflows or acquisition of new customers, where paid in shares, are expensed over the longer time
period of 5 years. In addition, share grants relating to various recruitment plans for Financial Advisors who are included among Key Personnel only after the plan is concluded may be covered by other provisions for liabilities
and contingencies previously allocated.
9.  The amount includes, in particular, the bonuses paid in shares to Key Personnel and some managers of the subsidiary BGFML and the Key Personnel of BG Valeur and BG Suisse.
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Consolidated Financial Statements
In 2024, 27.3 thousand shares, referring to the second deferred instalment, were paid to the beneficiaries. Shares still to be assigned
amounted to 81.7 thousand and refer to the deferred instalments that will become payable from 2025 to 2028, respectively.
The main features of the share-based plan, linked to the 2023 Remuneration Policies and approved by the General Shareholders’
Meeting on 19 April 2023, are as follows:
•  for the purpose of determining the number of shares to be assigned, the price of reference of Banca Generali shares, calculated as
the average official market price during the period 8 December 2022 to 8 March 2023, had been determined to be 33.18 euros;
•  the fair value of Banca Generali stock at the assignment date had been equal to the market price reported on 19 April 2023
(approximately 30.34 euros), subsequently adjusted to account for the loss of dividends expected in the longer deferral period.
In that cycle, the total shares to be assigned to Key Personnel had amounted to 240 thousand, for a total fair value of approximately
6.3 million euros.
In 2024, 129.5 thousand shares, referring to the up-front portion, were paid to the beneficiaries.
Shares still to be assigned amounted to 110.7 thousand and refer to the deferred instalments that will become payable from 2025
to 2029, respectively.
The main features of the share-based plan, linked to the 2024 Remuneration Policies and approved by the General Shareholders’
Meeting on 18 April 2024, are as follows:
•  for the purpose of determining the number of shares to be assigned, the price of reference of Banca Generali shares, calculated
as the average official market price during the period 5 December 2023 to 5 March 2024, was determined to be 34.26 euros;
•  the fair value of Banca Generali stock at the assignment date was equal to the market price reported on 18 April 2024 (approximately
35.45 euros), subsequently adjusted to account for the loss of dividends expected in the longer deferral period.
In respect of the assessment of the achievement by Key Personnel of the objectives set for 2024, it was estimated that the portion
of variable remuneration subject to share-based payment amounted to approximately 345 thousand shares, for a total plan fair value
of 10.7 million euros.
The estimate of the shares in the process of accruing referring to the 2022-2024 three-year incentive plan launched by the Bank in
2022 that can be allotted to Key Personnel within Financial Advisors and Relationship Managers amounted to 129 thousand, for a
total value of 2.8 million euros.
Other plans
There are other share-based plans, activated within the framework of the Remuneration Policies in force from time to time, which
call for longer deferral periods of several years greater than those in effect when the plans were activated or, in any case, for vesting
periods not in line with those envisaged in the Remuneration Policies. In 2024, share-based payments in relation to redundancy
incentives plans were also recognised.
With regard to such plans, shares still to be assigned to Key Personnel are estimated at a total of 37.2 thousand, corresponding to
an equity reserve of 0.9 million euros.
Quantitative information
In the reporting year, on the basis of the achievement of the performance objectives set out in the 2021, 2022 and 2023 Remuneration
Policy, 201,988 treasury shares were granted to company managers and network managers, of which 161,657 shares assigned
to Area Managers and Financial Advisors, 34,536 shares to employees, and 5,795 shares to other beneficiaries of Banking Group
companies.
In detail, the shares allotted related, respectively, to the 2021 second instalment deferred by one year (20%), the 2022 first deferred
instalment, the 2023 up-front amount (60%) and, for a residual amount, to shares granted under previous years’ plans based on
different deferral mechanisms.
(Thousands of shares) Deferral Date of 
Shareholders’
Meeting
Bank of Italy’s  
authorisation
Assignment
price
Weighted
average FV
Total shares
(/000)
Shares
already
assigned
(/000)
Shares
assigned in
2024
Shares to
be assigned
(/000)
Fair value  
(€ million)
IFRS2
reserve  
(€ million)
Year 2021 2022-2024 22/04/2021 01/07/2021 27.58 26.36 192.0 -151.9 -40.1 0.0 5.1 0.0
Year 2022 2022-2027 22/04/2022 01/07/2022 36.00 28.27 248.3 -139.3 -27.3 81.7 7.0 1.6
Year 2023 2023-2028 19/04/2023 28/06/2023 33.18 26.33 240.1 0.0 -129.5 110.6 6.3 1.7
Year 2024 2024-2029 18/04/2024 26/06/2024 34.26 31.02 345.1 0.0 0.0 345.1 10.7 8.0
Year 2022 inc. three-year incentives 2022-2028 22/04/2022 28/06/2023 36.00 21.61 129.9 0.0 0.0 129.9 2.8 1.4
Other share-based plans for employees
(entry plans, redundancy plans, etc..)
28.57 67.3 -25.0 -5.1 37.2 1.9 0.9
Total           1,222.6 -316.2 -202.0 704.5 33.8 13.7
374
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
2017-2026 Framework Sales Network Loyalty Programme
The 2017-2026 Framework Loyalty Programme for the Sales Network was approved by the Board of Directors on 21 March 2017
and ratified by the General Shareholders’ Meeting on 20 April 2017.
The Framework Loyalty Programme is divided into eight annual individual plans, all set to expire on 31 December 2026 and of
decreasing lengths, to be activated following prior authorisation by the General Shareholders’ Meeting of Banca Generali.
The indemnities accrued over the term of the Programme will be, in any event, paid out in one instalment, within 60 days from the
General Shareholders’ Meeting called to approve the 2026 Financial Statements.
For each plan, a portion of the accrued indemnity may be paid out in Banca Generali shares (up to a maximum of 50%), following an
assessment of the potential effects at the level of capital ratios and floating capital by the corporate bodies (Board of Directors and
General Shareholders’ Meeting).
Participation in each of the plans envisaged by the Programme is reserved for Financial Advisors and Relationship Managers who
have at least five years of company seniority by 31 December of the financial year before the reference year for each plan.
To be eligible to access the benefits of the plans activated it is necessary to:
•  achieve at the end of the reference year a minimum volume of total AUM and qualified AUM increasing over time and with no net
outflows (vesting condition);
•  be regularly employed and not in a notice period on the disbursement date, except when the termination of employment is
caused by death or permanent incapacity, retirement or withdrawal from the relationship by Banca Generali not for cause (service
condition).
In the event of death, the indemnities accrued are understood to be permanently acquired, but are payable to the heirs under the
same conditions specified for the other beneficiaries.
In addition, the accrued indemnity is commensurate for each individual plan with a rate for verified AUM and is differentiated according
to the type of person (Financial Advisor/Relationship Manager) and service seniority until a cap is reached.
Recognition of the indemnities on the disbursement date is also subject to the Banking Group’s access gates being exceeded as
defined in the Remuneration Policies applicable from time to time and the rules of propriety.
The number of Banca Generali shares due is determined in the same way as for the share-based payment plans connected with the
Remuneration Policies, namely based on the average price of Banca Generali shares during the three months prior to the meeting
of the Board of Directors that approves the draft Separate and Consolidated Financial Statements for the year prior to that of the
annual plan of reference.
Measurement of fair value and accounting treatment
Without prejudice to the accounting framework already analysed above, set out below are the specific details of the share-based
payment plans that can be activated as part of the Loyalty Programme.
The fair value of Banca Generali shares for plan valuation purposes is determined based on the market stock price reported on
the date of the General Shareholders’ Meeting that approves their activation, adjusted to take account of the estimate of expected
dividends that the Bank will distribute along all the time horizon, decreasing for each successive plan, running up to the date the
shares are actually assigned.
The plans’ impact on the profit and loss account is measured pro-rata temporis based on the vesting period, which decreases for
each successive plan, i.e., the period between the year of reference and final maturity of the right to receive the shares, taking also
into account the probability that the vesting conditions for the year will not be realised for all beneficiaries.
Information on the share-based payment plans linked to the Framework Loyalty Programme
For all the annual plans launched up to the reporting date, 50% of the indemnity accrued can be paid out in shares.
The accrued indemnity value was determined based on the AUM of the plan’s potential beneficiaries at end of the year of reference,
whilst the number of financial instruments that can be assigned was determined based on the same reference value as the Banca
Generali stock applied to the Remuneration Policies in force in the respective years.
Overall, the total number of shares, either assigned or in the process of accruing, in service of the five plans amounted to about 1,415
thousand (1,380 thousand net of the estimated turnover), for a total value of 20.2 million euros, of which 13.5 million euros already
recognised through profit and loss.
375
Consolidated Financial Statements
10.  For further details on the Plan, reference should be made to the Report on Remuneration Policy and Compensations Paid approved annually by the Shareholders’ Meeting and published on the Bank’s website.
11.  In particular, the maximum performance level is associated with a percentage of 175%.
Maximum No. of
shares
No. of shares net
of the estimated
turnover
Plan’s fair value IFRS 2 reserve 2024 expense
Thousands of shares In € million
Plan 2017 - 2026  204 199 2.4 1.9 0.2
Plan 2018 - 2026  162 158 2.3 1.7 0.2
Plan 2019 - 2026 334 325 4.4 3.1 0.5
Plan 2020 - 2026 278 271 2.7 1.8 0.3
Plan 2021 - 2026 437 426 8.4 5.1 1.3
Total 1,415 1,380 20.2 13.5 2.5
Long Term Incentive (LTI) Plans
The Long Term Incentive (LTI) Plan, based exclusively on Banca Generali S.p.A. shares, is governed by Banca Generali’s Remuneration
Policies for Key Personnel and is approved annually by the Shareholders’ Meeting of the Bank
10
.
The plan aims at increasing the value of Banca Generali shares, by further strengthening the link between the remuneration of
beneficiaries and the performance of the Banking Group, without prejudice to the consistency required with the expected results set
forth in the Insurance Group’s strategic plan.
This incentive instrument was introduced in 2018 to replace an incentive of a similar nature activated annually by the parent company
Assicurazioni Generali for an extensive group of Key Managers of the Insurance Group and based on the assignment of Assicurazioni
Generali shares.
Up to financial year 2023, the performance objectives envisaged by the plans had assigned a weight of 80% to the Banking Group’s
objectives and 20% to the Insurance Group’s objectives. Since 2024, the plan has been exclusively based on the Banking Group’s
objectives.
The main characteristics of the plans approved as of 2020 are:
•  the maximum number of the shares to be granted is determined at the beginning of the period of reference using a multiplier of
the beneficiary’s current remuneration;
•  each year, it is determined that the access gate conditions of the Banking Group and of the Insurance Group have been met with
regard to the specific year of the plan and the attainment of the objectives set at the beginning of the three-year period is assessed;
•  at the end of the three years, once it has been determined that the access gates have been exceeded, the overall level of
achievement of the objectives set at the beginning of the three years is assessed on the basis of the average annual results
achieved in order to determine the actual number of shares due;
•  the total shares accrued are then disbursed to the plan beneficiaries, provided that there is still a professional relationship between
the beneficiary and a Banking Group company (service condition), through the free allotment of ordinary treasury shares bought
back on the market (stock granting), in two instalments:
 - 50% of the shares is assigned immediately, subject to a further retention period of one year;
 - the remaining 50% is subject to a deferral of two additional years, without prejudice to a retention period of an additional year;
•  the plan does not include dividend equivalent mechanisms, in accordance with the law and common practice in the banking
sector;
•  the plans envisage the customary malus and claw-back clauses.
The level of achievement of objectives, expressed in percent terms, is determined separately for each basket, consisting in an
indicator and the weight assigned to it, using the linear interpolation method on the basis of the reference levels set at the outset of
the plan (minimum, target and maximum)
11
.
Here below is a presentation of the performance indicators defined for the plans activated up to now.
Measurement of fair value and accounting treatment
Without prejudice to the accounting framework already analysed above, set out below are the specific details of the share-based
payment plans that can be activated as part of the LTI plans launched by Banca Generali.
The number of shares due shall be valued separately for each plan year and for each of the weighted baskets linked to the objectives
of the Banking Group and the Insurance Group.
376
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
In particular, baskets tied to the performance indicator formed by the Insurance Group’s rTSR contain a market condition, whereas
the other baskets are based on achievement of performance conditions.
Weight of Banking/
Insurance Group’s
KPIs
Banking Group
access gates
Insurance Group
access gates
Banking Group
objectives
Insurance Group
objectives
2020 LTI 80% -20%
Total Capital Ratio
(TCR) Liquidity  
Coverage Ratio (LCR)
(*)
Regulatory Solvency
ratio
1. tROE (50%,
2. Adjusted EVA (50%)
1. rTSR (50%)
2. Net Holding cash flow (50%)
2021 LTI 80% -20%
1. tROE (50%),
2. adjusted EVA (50%) ,
3. ESG AUM (correction factor
from 0.8 to 1.2) (g)
1. rTSR (50%)
2. Net Holding cash flow (50%),
3. ESG indicators (correction
factor from 0.8 to 1.2)
2022 LTI 80% -20%
1. tROE (40%),
2. Adjusted EVA (40%) ,
3. ESG AUM (20%) (h)
1. rTSR (45%)
2. Net Holding cash flow (35%),
3. ESG indicators (20%)
2023 LTI 80% -20%
CET1 Ratio Liquidity
Coverage Ratio (LCR)
1. tROE (40%),
2. Adjusted EVA (40%) ,
3. ESG AUM (20%) (i)
1. rTSR (55%)
2. Net Holding cash flow (25%),
3. ESG indicators (20%)
2024 LTI 100%
CET1 Ratio Liquidity
Coverage Ratio (LCR)
(*)
n.a.
1. tROE (40%),
2. Adjusted EVA (40%),
3. ESG AUM (15%), average ESG
rating (5%) (l)
n.a.
a)  tROE (tangible – Return on equity): the ratio of net profit and average net equity, excluding net profit for the year and intangible assets.
b)  Recurring income, net profit less the following one-off components: gains/losses on the proprietary securities portfolio, performance fees, one-off component of the contributions to the FITD/BRRD bank 
rescue funds and the income and costs related to the extraordinary transactions completed during the reference period.
c)  Adjusted EVA – Embedded value added: an indicator that expresses the value creation as the difference between recurring net profit (as defined above) and the cost of capital (Ke * average absorbed
capital).
d)  Net ROE (return on equity): ratio of consolidated net result and IFRS consolidated net equity of Generali Group (excluding item “Other Comprehensive Income”).
e)  rTSR – relative Total Shareholder Return: the total return on shareholder investment, calculated as the change in the market price of Generali Group shares, in which distributions or dividends reinvested
in the shares are included, as compared to a peer group of competitors included in the sSTOXX Euro Insurance index.
f)  Net Holding cash flow (Generali Group): net cash flows available at the level of the parent company in a given period, after holding expenses and interest expense. Its main components, from a cash
perspective, are: remittances from subsidiaries; the result of centralised reinsurance; interest on borrowings; and expenses and taxes paid or reimbursed at the level of the Parent Company.
g)  2021 ESG indicators:
1)  Banking Group: Assets Under Management (AUM) of retail funds and insurance and financial underlying with ESG (Environmental, Social e Governance) rating by an external provider. The parameter is
applied as a multiplier from 0.8 to 1.2 based on the period-end volume of the ESG component of AUM;
2)  Insurance Group: i) ESG rating assigned by MSCI (Morgan Stanley Capital International) in the multi-line insurance & brokerage sector; ii) positioning of the score assigned by Standard & Poor’s Global
Corporate Sustainability Assessment for the banking sector. The parameter is applied as a multiplier from 0.8 to 1.2 based on the rating assigned.
h)  2022 ESG indicators:
1)  Banking Group: Assets Under Management (AUM) of retail funds and insurance and financial underlying with ESG (Environmental, Social e Governance) rating by an external provider. The parameter is
applied as a multiplier from 0.8 to 1.2 based on the period-end volume of the ESG component of AUM (in a range of 8%-13% of the AUM of reference);
2)  Insurance Group: i) new green and sustainable bond investments (10% weight); ii) % of women managers in management positions on total management positions (10% weight).
i)  2023 ESG indicators:
1)  Banking Group: ESG Assets Under Management (AUM), i.e., the ratio of Assets Under Management to AUM invested in (i) “eligible” financial and insurance products/services pursuant to Articles 8 or 9 in
accordance with the MiFID ESG approach, and (ii) financing that, although included in portfolio management schemes or insurance policies that do not fall under Articles 8 or 9, actually qualify as pursuant
to Articles 8 or 9 with an MIFID-ESG score of >3;
2)  Insurance Group: i) the CO
2
Emissions Reduction Target for Group Operations, which refers to the percent reduction in CO
2
-equivalent emissions generated by the Group’s operations, measured comparing
the year 2025 with the 2019 baseline; ii) % of women managers in management positions on total management positions;
j)  2024 ESG indicators:
1)  Banking Group: ESG Assets Under Management (AUM), i.e., the ratio of Assets Under Management to AUM invested in (i) “eligible” financial and insurance products/services pursuant to Articles 8 or 9 in
accordance with the MiFID ESG approach, and (ii) financing that, although included in portfolio management schemes or insurance policies that do not fall under Articles 8 or 9, actually qualify as pursuant
to Articles 8 or 9 with an MIFID-ESG score of >3;
2)  average ESG rating: indicator that measures average ESG ratings assigned to Banca Generali by Sustainalytics, Vigeo/Moody’s and MSCI, grouped under 5 grades.
Market conditions are assessed solely at the assignment date on the basis of a statistical model that estimates the probable future
positioning of the rTSR for Generali shares compared to a peer group identified by the STOXX Euro Insurance Index for each plan
year. The fair value of the rights associated with this plan component is thus determined by multiplying the fair value of a Banca
Generali share at the assignment date by the level of achievement of the objective associated with the resulting positioning.
Baskets associated with the achievement of performance conditions are assessed on the basis of the fair value of a Banca Generali
share and the number of shares potentially assignable.
In this case as well, the fair value of the Banca Generali share used for evaluating the plans is determined starting from the market
stock price reported on the date of the General Shareholders’ Meeting that approves their activation, adjusted to take account of the
estimate of expected dividends that the Bank will distribute along all the time horizon, running up to the date the shares are actually
assigned.
The total cost of the LTI plans is therefore equal to the sum of the cost calculated for each basket on the basis of the fair value of
rights assigned, determined according to the above methods, multiplied by the number of shares that may potentially be granted in
respect of the level of achievement of the performance condition, the market condition, the likelihood that the service condition will
be met and the achievement of the minimum access gate.
377
Consolidated Financial Statements
The recognition through the equity reserve of the value of the plans — determined as described above — is measured pro-rata
temporis, based on the vesting conditions, i.e., the period between assignment and final maturity of the right to receive the shares,
likewise taking into account the probability that exercise conditions will not be realised for all beneficiaries.
In particular, for plans activated from 2020 onwards, the vesting period of the first instalment is three years from the year of approval
of the plan to the end of the final year of the three years of reference, whereas the vesting period of the second instalment extends
to the end of the year before that of the actual assignment of the shares (five years).
Information on the LTI (Long Term Incentive) share-based payment plans
In 2024, the shares relating to the first instalment of the second 2020-2023 LTI Plan were assigned. In detail, based on the objectives
reached, a total of 61,706 shares were assigned out of a maximum number of 123,408 shares. The second instalment will be
assigned in 2025.
Overall, the total number of shares in the process of accruing for the four plans underway amounted to about 426 thousand, for a
total value of 11.8 million euros, of which 8.0 million euros already recognised through profit or loss.
No. of shares (thousands of shares) Plan’s fair value IFRS 2 reserve 2024 expense Onere 2024
Total Allotted Residual (€ Million)
Plan 2020 - 2022 (allotments 2023 - 2025) 85.6 -42.8 42.8 1.2 0.5 0,1
Plan 2021 - 2023 (allotments 2024 - 2026) 123.4 -61.7 61.7 2.7 1.0 0,5
Plan 2022 - 2024 (allotments 2025 - 2027) 105.1 105.1 2.5 2.1 0,8
Plan 2023 - 2025 (allotments 2026 - 2028) 123.7 123.7 2.7 1.5 0,9
Plan 2024 - 2026 (allotments 2026 - 2028) 96.6 96.6 2.6 0.7 0,7
Total of in course plans 534.4 -104.5 429.8 11.8 5.9 3
Quantitative Information
The value of treasury shares assigned during the year was 7.7 million euros, against IFRS 2 reserves totalling 7.0 million euros, with
a negative net effect on the share premium reserve of about 0.7 million euros.
New provisions were also allocated to the reserve for 16.2 million euros.
At 31 December 2024, total IFRS 2 reserves allocated therefore amounted to 33.1 million euros, of which:
•  13.4 million euros in relation to the Remuneration Policy;
•  13.5 million euros in relation to the Loyalty Programme;
•  5.9 million euros in relation to the Long Term Incentive Plans of Banca Generali;
•  0.3 million euros in relation to foreign subsidiaries.
Share-based compensation plans granted by Generali France
At 31 December 2024, share-based compensation plans, in IFRS2 scope, granted by Generali France to the employees of Generali
France group are composed of eighteen stock grant plans approved by the board on 21 December 2006, 20 December 2007, 4
December 2008, 10 December 2009, 9 December 2010, 14 March 2012, 25 June 2013, 7 March 2014, 6 March 2015, 9 March
2016, 9 March 2017, 1 March 2018, 7 March 2019, 11 March 2020, 8 March 2021, 9 March 2022, 8 March 2023 and 6 March
2024.
At 31 December 2024, the number of shares granted amounted to 6,945,455 preferred shares, of which 107,891 related to the plan
granted for the 175th anniversary of the foundation of the Parent Company.
The plans are considered as cash-settled, for which a liability is recorded in the balance sheet equaling € 81.7 million. The charge
recognized in the profit or loss amounted to € 8.7 million.
Share-based compensation plans granted by Generali Investments Holding
At 31 December 2024, share-based compensation plans, in IFRS2 scope, granted by Generali Investment Holding to its own
employees are composed of:
•  Generali Investments Holding Long Term Incentive Plan 2024-2026 and Plan 2024-2027 approved by the Board of Directors on
4 October 2024;
•  Generali Investment Holding LTIP plans dedicated to Conning Employees and Directors, including Conversion of awards
outstanding under the CHL 2015 Long-Term Incentive Plan, Retention Awards granted to Conning employees and Long-Term
Incentive Plan Awards granted to Conning employees.
378
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Starting from 2024, following the wider reorganization of Generali Investments group, the parent company Generali Investments
Holding has defined a deferred incentive plan for the most relevant staff for dedicated legal entities into the group perimeter. The
plans are based on the free allocation of Generali Investments Holding S.p.A. stock grant to the beneficiaries which results in the
allocation to the beneficiaries of a cash amount equal to the fair value of one share multiplied by the number of stock grant accrued.
With reference to these plans, the number of stock granted amounted to 817,853 units at 31 December 2024.
The plans are considered as cash-settled, for which a liability is recorded in the balance sheet equaling € 13.9 million with the
corresponding expenses recognized in the profit or loss.
42. Contingent liabilities, commitments, guarantees,
pledged assets and collateral
42.1. Contingent liabilities
A contingent liability is:
•  a possible obligation that arises from past events and whose existence will be confirmed only by occurrence or non- occurrence
of one or more uncertain future events not wholly within the control of the entity; or
•  a present obligation that arises from past events but is not recognized because:
 - it is not probable than an outflow of resources embodying economic benefits will be required to settle the obligation; or
 - the amount of the obligation cannot be measured with sufficient reliability.
As at 31 December 2024 the estimate of the contingent liabilities at Group level results as of approximately € 19 million, related to
some disputes for which the probability of occurrence is not considered as remote, however not sufficiently material to recognise
them as liabilities on the balance sheet.
42.2. Commitment
Generali Group at 31 December 2024 held outstanding commitments for a total amount of € 14,049 million, related to potential
commitments on investments, loans and other commitments.
Because part of these commitments may expire without being called, the amounts disclosed are not indicative of the actual liquidity
needs arising from these commitments.
In particular, € 8,761 million represent commitments associated with alternative investments (private equity), mainly subscribed by
private equity funds of the Group.
Moreover, € 4,730 million refer to several investment opportunities and, in particular, to investment funds that mainly invest in real
estate, private debt and equity investments and, to a lesser extent, in financing (the latter mainly associated to liquidity or funding
needs of the customers of the Group’s banking operations).
Other commitments amounted totally to € 558 million and the main part refers to potential commitments of the German life
companies towards a specific German entity founded in order to protect the local policyholders if the funds already available within
the policyholders protection scheme are not sufficient to face the insolvency of one or more insurers.
42.3. Guarantees
The Group’s nominal exposure in guarantees provided towards third parties amounts to € 1,202 million, of which € 1,094 million refer
to the guarantee issued by Generali Italia in favor of banks financing Cronos Vita, € 96 million to sureties normally granted as part of
the Group’s banking business and other services provided by some Group companies, Moreover, it is reported that the Group in the
context of its business operations in some countries receives guarantees provided by third parties.
42.4. Pledged assets and collaterals
As at 31 December 2024, as already mentioned in the chapter Assets transferred that do not qualify for derecognition of the section
Investments, the Group has pledged € 21,720 million of its assets as collateral. In particular, € 6,617 million have been pledged to
cover loans and bonds issued, mainly related to the Group’s real estate activities, € 792 million in its reinsurance activities, € 4,184
million in repurchase agreements (REPO), € 7,214 million in securities lending operations, as well as € 1,899 million in derivatives
transactions. Residual part is related to collateral pledged other minor operations.
Furthermore, the Group has received assets as collateral for € 12,145 million, in particular for transactions in bonds and loans for €
10,038 million, in Reverse REPO for € 589 million and € 565 million in reinsurance activities. Residual part is related to transactions
in derivatives and other minor operations.
379
Consolidated Financial Statements
43. Significant non-recurring events and transactions
There are no significant non-recurring events and transactions to be reported in 2024 other than the acquisition transactions reported
in the paragraph New Entities Acquisition.
44. Significant events after 31 December 2024
On 21 January 2025, Assicurazioni Generali and Groupe des Banques Populaires et des Caisses d’Epargne (BPCE) announced that
they had signed a non-binding Memorandum of Understanding to create a joint venture between their respective asset management
operations Generali Investments Holding (GIH) and Natixis Investment Managers (NIM). The company that would result from the
combination would be co-controlled by both financial institutions, each holding a 50% stake, and would operate under a joint
governance structure with equal representation and control criteria. It would combine the asset management activities of GIH and
NIM establishing a global operator with € 1.900 billion in assets under management, ranking first by revenues and second by AUM
in Europe, ninth by AUM globally, and first in insurance asset management by AUM. The joint venture would serve a diversified client
base with a comprehensive range of strategies across asset classes.
The employee representative bodies will be consulted before any definitive transaction documents are signed. The closing of the
potential combination would be subject to necessary regulatory approvals and expected by early 2026.
This subsequent event has led to no modification of financial statements as of 31 December 2024.
45. Leasing
IFRS 16 provides presentation and disclosure requirements on leasing operations for both lessees and lessors.
Here below details on lessees and lessors activities and related disclosures relevant for Generali Group.
45.1. Lessees
Group companies acting as lessees are mainly involved in real estate leases (mainly for offices, agencies and similar items), land,
company cars and other assets.
Right of use assets
Right of use assets are allocated based on their nature within specific Balance sheet items Tangible assets and, to a residual extent,
Intangible assets.
Fair value of right of use assets is estimated to be aligned to its carrying amount.
Focus on impairment of right of use assets
Under IFRS 16, right of use assets are subject to impairment requirements of IAS 36.
Similar to other assets, a right of use asset is tested for impairment when impairment indicators exist.
In general, if impairment indicators exist, an entity must determine whether the right of use asset can be tested on a stand-alone
basis or whether it will have to be tested at a cash generating unit or group of cash-generating units (CGU) level. This will depend
on whether the right of use asset generates largely independent cash inflows from other assets or groups of assets. At Group level,
based on facts and circumstances, it is considered that right of use assets are not able to generate largely independent cash inflows
and therefore they have been assessed at a CGU level.
Given the nature of the right of use assets held by the Group, they are deemed not to be capable of generating largely independent
cash flows and, therefore, these assets are tested at CGU level, in line with the Group’s methodology applied for the impairment test
of goodwill.
In this context, the carrying amount of a CGU is therefore calculated considering, if any, right of use assets and lease liabilities
belonging to that unit.
If the recoverable amount of the CGU is less than its carrying amount, carrying amount of goodwill represents the first asset to be
reduced. Then, impairment loss is allocated to other assets of the CGU pro rata based on the carrying amount of each asset in the
unit to which the specific right of use asset belongs.
For additional information on impairment test of goodwill please refer to the chapter Goodwill.
380
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Lease liabilities
Lease liabilities as at 31 December 2024 amounted to € 458 million, while total cash outflows of the period amounted to € 109
million.
Lease liabilities are included in item Financial liabilities at amortised cost on the Balance sheet.
Here below a maturity analysis of undiscounted lease payments can be found.
Maturity analysis of undiscounted lease liabilities
31/12/2024 31/12/2023
Maturity less than one year 109 107
Maturity between 1 and 2 years 103 80
Maturity between 2 and 3 years 64 60
Maturity between 3 and 4 years 51 41
Maturity between 4 and 5 years 52 34
Maturity more than 5 years 140 90
Total undiscounted lease liabilities 519 411
45.2. Lessors
Operating leases
Group companies act also as lessors, mainly related to real estate rentals through operating leases. The majority of investment
properties are consequently leased out for different uses. Group presents underlying assets subject to operating leases according to
the nature of the underlying asset. Please refer therefore to section Investments for additional information on investment properties.
Income from operating leases has been allocated according to the nature of the underlying item rented. Please refer to chapter
Details on economic components of investments for additional information.
Income from variable lease payments that do not depend on an index or a rate amounted are not material.
Financial leases
There are no cases of financial leases within the Group, as it is not Group practice to carry out this type of activity.
46. Other information
With reference to the transparency of public funds legislation introduced by art. 1 of Law 124/2017, paragraphs 125, 125-bis and
following, as modified by art. 35 of Legislative Decree 34/2019, converted into Law 58/2019 (so-called Decreto Crescita), during the
2024 financial year, Generali Group received public funds which are reported in the Registro Nazionale degli Aiuti di Stato pursuant
to art. 52 of Law 234/2012 and subsequent amendments and additions, to which reference is made in the specific Transparency
section, pursuant to art. 1, paragraph 125-quinquies of the aforementioned Law 124/2017.
47. Audit and other service fees for the fiscal year
In the table below, drawn up pursuant to the article 149-duodecies of Consob Regulation, are reported the 2024 fees for auditing
and other services to Parent company’s audit and companies within audit company’s network.
381
Consolidated Financial Statements
Audit and other service fees
(€ thousands) KPMG Italia KPMG Network
31/12/2024 31/12/2024
Parent Company 6,117 929
Audit fee 3,281 918
Attestation service fees 2,590 0
Other services 246 11
Subsidiaries 11,552 29,290
Audit fee 7,021 23,862
Attestation service fees 3,944 4,709
Other services 587 718
Total 17,669 30,219
48. Information about climate change
Pursuant to the ESMA Public Statement of 28 October 2022, also recalled to in the Public Statement of 24 October 2024 and in
the CONSOB attention call no. 2/24 titled “L’informativa sul clima fornita nei bilanci” in this chapter describes how the assessment
of climatic risks is considered in the valuation of the most material assets for the Group such as: financial instruments, real estates
and insurance contracts.
For further information about climate changes please refer to the Management Report, paragraph Challenges and opportunities of
the market context.
Financial Instruments
Climate-related matters may be relevant as they could affect the range of potential future economic scenarios, the lender’s assessment
of significant increases in credit risk, whether a financial asset is credit impaired and/ or the measurement of expected credit losses.
Regarding pricing topic, the level of the prices of actively traded securities (e.g. listed equities and bonds) should reflect the appetite
of the market for the issuer of the security itself. Prices include any forecast of possible losses due to possible adverse economic
scenarios - climate-related matters included. For this reason, no particular adjustment is made to the prices retrieved from the
market.
Concerning not actively traded securities, for which a market price is not available, the valuation is performed which taking into
account the structure of the investment, estimating the relevant factors, such as:
•  the risk-free rates curve;
•  the issuer specific credit curve;
•  the liquidity premium.
In particular, the estimation of the credit spread curves and the liquidity premiums is performed starting from liquid prices, of the same
issuer or peers, observed in the market.
As liquid prices should include futures economic scenarios – among them climate-related matters – also prices of not actively traded
securities are indirectly affected by any positive/negative opinion of the market regarding the potential impact that climate-related
matters could have on the issuer.
With reference to the parameters estimated in the calculation of ECL, as described more in detail in paragraph Basis of presentation,
it is highlighted that they are mainly based on external ratings which therefore already incorporate the market’s appreciation of
possible future losses also due to potential climate risks.
Real Estates
Internal Group Real Estate Valuation Policy follows the general principles and definitions from the RICS - Red Book published by the
Royal Institution of Chartered Surveyors (RICS) – in particular with reference to the article 2.6 - and the European Valuation Standards
- Blue Book issued by the European Group of Valuers’ Associations.
The valuation of each asset is carried out by an External Independent Valuer who, following the abovementioned global standards,
considers the Sustainability, ESG and Climate change aspects that could affect the property value, such as:
•  the presence of hazardous materials, that could have harmful impacts to the building or physical persons;
•  the zone map, assessing the key physical risks (including flooding, wildfires, storms and others) for each asset location;
•  the Insurance premiums paid for each building that also integrate the climate risk.
The climate risk is therefore an integral part of our valuation process, that will be further strengthen as the global regulation and the
local best practices on the topic will evolve. Generali Real Estate has launched a process of further integration of ESG topics also
382
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
in the valuation area, which will lead to greater involvement of valuation companies, a strengthening of the Valuation Policy and in
general the implementation of a shared framework. As a minimum requirement, Internal Group Real Estate Valuation Policy requires
that each valuation report should contain specific ESG comments describing how the key sustainability considerations have been
incorporated into the valuation model. These data contribute to the evaluation of the overall quality of the asset.
Insurance contracts
In Property&Casualty, climate change may potentially affect (for climate change effects that have already occurred) or could affect
(for climate change effects that may arise in the future) the frequency and magnitude of insured events, in a way that is strongly
dependent on geography and peril. There is still much uncertainty on the exact extent of these effects until now and in the future,
given the volatility of the phenomena being measured. However, Generali is following rigorous practices to tackle this challenge.
Regarding insurance liabilities for Property&Casualty segment, Generali regularly monitors risk within its system of risk governance.
Materiality assessments are made regularly to verify what territory and perils may be subject to either:
•  an increase in frequency and severity of known risks in specific territories and perils or
•  to the emergence of new risks.
This allows the Group to adjust to changes, if any, and to put in place the necessary measures that may help in mitigating the risk,
as better outlined in the following paragraphs.
Generali is exposed to natural events and to a number of hazards that may be impacted by climate change within the territories
where it operates. The main exposures are in continental Europe, where the Group is most concentrated, although the Group also
sells covers and is therefore exposed in a number of territories worldwide. The Group regularly monitors its concentrations of risks
and uses external models and actuarial techniques to assess the probability of insured losses under the current climate. Sensitivity
analyses may be conducted to evaluate the models used in a number of areas. This allows the Group to monitor the risk within its
Partial Internal Model, which is recognized under Solvency II, and to adopt and calibrate the most suitable mitigation strategies.
Given that most policies being sold are one-year policies, and that multiyear policies often include contractual clauses that allow
flexibility, e.g. in case of losses, this approach is deemed appropriate for assessing the current challenges of climate change.
Regarding premiums, tariffs and rates are constantly monitored and updated as necessary, also to capture chronic and acute
climate related hazards, as appropriate. Technically, actuarial models and techniques are being used in a growing number of cases,
to ensure the best pricing of risk possible. Regarding claims and insurance liabilities, these are regularly processed and estimated
using up-to-date accounting and actuarial techniques, which continue to be adequate also in case of claims tied to events that can
be impacted by climate change.
Climate change might affect Life business with impacts deriving from both physical risk (losses caused by changes in the frequency
and severity of climate-related natural events), transition risk (losses caused by variation in costs and revenues deriving from the
transition to a green economy) and litigation risk (losses due to legal cases caused by climate matters). These risks might lead to
variations in both the market value of assets (impact on investment, leading to changes in the fair value of liabilities mainly for with
profit participation and unit-linked products) and in the future living conditions of the policyholders (impact on human life, leading to
possible changes mainly in mortality, longevity and morbidity expectations).
The level of uncertainty about the potential effects of climate change on the biometric, operating and financial variables impacting
life portfolios is extremely high. To actively and timely manage the possible long-term impacts connected to the climate change, the
Group monitors the exposures through sensitivity analyses that also include a set of alternative future climate scenarios characterized
by changes in both investment values and human life conditions
Appendices  
to the Notes
Newly consolidated:
1.
Conning (Germany) Gmbh, Cologne
2.
4Life Direct Spółka Z Ograniczon
ą
Odpowiedzialno
ś
ci
ą
, Warsaw
3.
Altaprofits, Paris
4.
Barcelona 1, Madrid
5.
Conning & Company, Hartford
6.
Conning Asia Pacific Limited, Hong Kong
7.
Conning Asset Management Limited, London
8.
Conning Holdings Corp., Wilmington
9.
Conning Holdings Limited, London
10.
Conning Investment Products, Inc., Wilmington
11.
Conning Japan Limited, Tokyo
12.
Conning U.S. Holdings, Inc., Wilmington
13.
Conning, Inc., Jefferson City
14.
Europ Assistance Hong Kong Limited, Wanchai
15.
Europ Assistance Japan K.K., Tokyo
16.
Europ Assistance Services (Malaysia) Sdn Bhd, Kuala Lumpur
17.
Europ Assistance Taiwan Limited, Kowloon
18.
Generali Real Estate Umbrella Fund - Hospitality Europe Fund, Luxembourg
19.
Generali Real Estate Umbrella Fund, Luxembourg
20.
Generali Seguros Y Reaseguros, S.A., Madrid
21.
Global Evolution Asset Management A/S, Kolding
22.
Global Evolution Financial Aps, Kolding
23.
Global Evolution Fund Management Singapore Pte. Ltd., Singapore
24.
Global Evolution Holding Aps, Kolding
25.
Global Evolution Usa, Llc, Dover
26.
Goodwin Capital Advisers, Inc., Albany
27.
Gre Hospitality Italy - Fondo Comune Di Investimento Immobiliare Di Tipo Chiuso, Trieste
28.
Helmett S.A.S., Paris
29.
Hospitality Europe Fund Holdco 1, Luxembourg
30.
Infranity N.A., Llc, Wilmington
31.
Insureandgo Insurance Brokers India Private Limited, Mumbai
32.
Lumyna Investments 1 Gp S.A.R.L, Howald
33.
Novena Services, Saint-Mandrier-Sur-Mer
34.
Octagon Credit Investors, Llc, New York
35.
Parcolog Spain, Madrid
36.
Pearlmark Real Estate, L.L.C., Wilmington
37.
Saneo Spólka Akcyjna, Poznan
38.
Sci 128 Haussmann, Paris
39.
Sci 43 Ecoles, Paris
40.
Sci Bellecour, Paris
Change in the consolidation area*
*  Consolidation area consists of companies consolidated “line by line”.
384
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Company disposed of/wound up/merged in:
1.
Axis Retail Partners S.P.A., Milan - Merged in Generali Real Estate S.p.A.
2.
Cattre S.A., Luxembourg - Merged in Assicurazioni Generali S.p.A.
3.
Dc De Burght B.V., Bergschenhoek - Merged in Grelif Dutch S.à.r.l.
4.
Europ Assistance Malaysia Sdn. Bhd., Kuala Lumpur - Merged in Europ Assistance Services (Malaysia) Sdn Bhd
5.
Europ Assistance Service Greece Single Member Private Company, Athens
6.
Ftw Company Limited, Bangkok
7.
Generali Befektetési Zrt, Budapest - Merged in Generali Alapkezel
ő
Zártkör
ű
en M
ű
köd
ő
Részvénytársaság
8.
Generali Investments Distribution Switzerland Gmbh, Zurich - Merged in Generali Investments Schweiz AG
9.
Generali Investments Partners S.P.A. Società Di Gestione Del Risparmio, Trieste - Merged in Generali Asset Management S.p.A. Società di gestione del risparmio
10.
Generali Investments Si, Holdinška Družba, D.O.O., Ljubljana - Merged in Generali Investments, družba za upravljanje, d.o.o.
11.
Generali Life Assurance Philippines, Inc., Manila
12.
Generali Sigorta A.S., Istanbul
13.
Gredif Finance Sarl, Luxembourg
14.
Office Center Purky
ň
ova, A.S., Prague
15.
Opci Parcolog Invest, Paris
16.
Palac Krizik A.S., Prague
17.
Pflegix Gmbh, Bochum
18.
Pl Investment Jerozolimskie I Spòlka Ograniczona Odpowiedzialno
ś
cia, Warsaw
19.
Salobrena, Warsaw
20.
SAS Parcolog Lille Henin Beaumont 1, Paris
21.
Sci 42 Notre Dame Des Victoires, Paris - Merged in Generali Retraite SA
22.
Sci Berges De Seine, Paris - Merged in Generali Vie S.A.
23.
Sci Generali Carnot, Paris - Merged in Generali Vie S.A.
24.
Sci Generali Wagram, Paris - Merged in Generali Iard S.A.
25.
Tua Assicurazioni S.P.A., Milan
Consolidated Financial Statements
385
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
3 Banken Generali GLBond Spezialfonds 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali - GEN4A Spezialfonds 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali - GNLStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GHStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GLStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GSBond 008 G 11 1 100.00 99.95 100.00
4Life Direct Spółka z ograniczon
ą
odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 100.00 100.00
Acredité s.r.o. 275 G 11 1 100.00 100.00 100.00
Advancecare – Gestão de Serviços de Saúde, S.A. 055 G 11 1 100.00 100.00 100.00
ADVOCARD Rechtsschutzversicherung AG 094 G 2 1 100.00 100.00 100.00
AFP Planvital S.A. 015 G 11 1 86.11 40.94 100.00
Agricola San Giorgio S.p.A. 086 G 11 1 100.00 100.00 100.00
Aide@Venir Sud-Gironde SCIS SAS à capital variable 029 G 11 1 97.00 77.60 100.00
Akcionarsko društvo za osiguranje Generali Osiguranje Montenegro 290 G 3 1 100.00 100.00 100.00
Akcionarsko društvo za osiguranje Generali Osiguranje Srbija, Beograd
289 G 3 1 100.00 100.00 100.00
Akcionarsko društvo za reosiguranje Generali Reosiguranje Srbija,
Beograd
289 G 6 1 100.00 100.00 100.00
Akcionarsko Društvo Za Upravljanje Dobrovoljnim Penzijskim Fondom
Generali Beograd
289 G 11 1 100.00 100.00 100.00
Alfuturo Servizi Assicurativi S.r.l. 086 G 11 1 100.00 100.00 100.00
Alleanza Assicurazioni S.p.A. 086 G 1 1 100.00 100.00 100.00
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 008 G 10 1 100.00 99.95 100.00
Altaprofits 029 G 11 1 100.00 98.55 100.00
ALTO 1 S.à r.l. 092 G 11 1 100.00 97.34 100.00
AM Erste Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
AM Vers Erste Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
Andron RE 086 G 11 1 100.00 100.00 100.00
Aperture Investors France SAS 029 G 8 1 100.00 58.08 100.00
Aperture Investors UK, Ltd 031 G 8 1 100.00 58.08 100.00
Aperture Investors, LLC 069 G 8 1 70.00 58.08 100.00
Arab Assist for Logistic Services Company 122 G 11 1 100.00 74.62 100.00
Asesoria e Inversiones Los Olmos SA 015 G 11 1 47.62 47.54 100.00 100.00
Assicurazioni Generali S.p.A. 086 G 1 1 3.06 100.00 100.00
ATLAS Dienstleistungen für Vermögensberatung GmbH 094 G 11 1 74.00 74.00 100.00
Banca Generali S.p.A. 086 G 7 1 51.45 51.31 100.00
Barcelona 1 067 G 10 1 100.00 96.15 100.00
BAWAG P.S.K. Versicherung AG 008 G 2 1 100.00 99.95 100.00
BAWAG PSK Spezial 6 008 G 11 1 100.00 99.95 100.00
Berlin Franzosische 53-55 S.à r.l. 092 G 10 1 100.00 98.55 100.00
BG (Suisse) Private Bank SA 071 G 7 1 100.00 51.31 100.00
BG Fund Management Luxembourg S.A. 092 G 11 1 100.00 51.31 100.00
BG Valeur S.A. 071 G 11 1 100.00 51.31 100.00
386
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Caja de Ahorro y Seguro S.A. 006 G 4 1 90.00 89.96 100.00
Caja de Seguros S.A. 006 G 3 1 100.00 90.05 100.00
Cajamar Seguros Generales, S.A. de Seguros y Reaseguros 067 G 2 1 50.00 50.00 100.00
Cajamar Vida S.A. de Seguros y Reaseguros 067 G 2 1 50.00 50.00 100.00
Car Care Consult Versicherungsvermittlung GmbH 008 G 11 1 100.00 99.95 100.00
Cattolica Agricola Società Agricola a Responsabilità Limitata 086 G 11 1 100.00 100.00 100.00
Cattolica Beni Immobili S.r.l. 086 G 11 1 100.00 100.00 100.00
CENTRAL Zweite Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
CityLife S.p.A. 086 G 10 1 100.00 100.00 100.00
CityLife Sviluppo 2 S.r.l. 086 G 10 1 100.00 99.56 100.00
Cleha Invest sp. z o.o. 054 G 10 1 100.00 100.00 100.00
Cofifo S.A.S. 029 G 9 1 100.00 98.55 100.00
Cofilserv' 029 G 11 1 100.00 80.00 100.00
Cologne 1 S.à.r.l. 092 G 11 1 100.00 97.57 100.00
Cologne Zeppelinhaus S.à r.l. 092 G 11 1 100.00 99.39 100.00
Conning & Company 069 G 9 1 100.00 82.98 100.00
Conning (Germany) GmbH 094 G 11 1 100.00 82.98 100.00
Conning Asia Pacific Limited 103 G 8 1 100.00 82.98 100.00
Conning Asset Management Limited 031 G 8 1 100.00 82.98 100.00
Conning Holdings Corp. 069 G 9 1 100.00 82.98 100.00
Conning Holdings Limited 031 G 9 1 100.00 82.98 100.00
Conning Investment Products, Inc. 069 G 8 1 100.00 82.98 100.00
Conning Japan Limited 088 G 8 1 100.00 82.98 100.00
Conning U.S. Holdings, Inc. 069 G 9 1 100.00 82.98 100.00
Conning, Inc. 069 G 8 1 100.00 82.98 100.00
Corbas SCI 029 G 11 1 100.00 96.15 100.00
Core+ Fund GP 092 G 11 1 100.00 82.98 100.00
Corelli S.à.r.l. 092 G 9 1 100.00 99.38 100.00
Cosmos Finanzservice GmbH 094 G 11 1 100.00 100.00 100.00
Cosmos Lebensversicherungs-Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Cosmos Versicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Customized Services Administrators Inc. 069 G 11 1 100.00 100.00 100.00
D.A.S. Difesa Automobilistica Sinistri - S.p.A. di Assicurazione 086 G 1 1 50.01 50.01 100.00
D.A.S. Legal Services S.r.l. 086 G 11 1 100.00 50.01 100.00
DBB Vermögensverwaltung GmbH & Co. KG 094 G 10 1 100.00 100.00 100.00
Deutsche Bausparkasse Badenia Aktiengesellschaft 094 G 7 1 100.00 100.00 100.00
Dialog Lebensversicherungs-Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Dialog Versicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
EA1 S.A.S. 029 G 11 1 100.00 100.00 100.00
Elics Services 06700 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 13100 Sarl 029 G 11 1 100.00 80.00 100.00
Consolidated Financial Statements
387
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Elics Services 44100 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 75015 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 78 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 83000 029 G 11 1 100.00 80.00 100.00
Elics Services 92330 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services Holding SAS 029 G 11 1 80.00 80.00 100.00
ENVIVAS Krankenversicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Esumédica - Prestação de Cuidados Médicos, S.A. 055 G 11 1 100.00 100.00 100.00
Europ Assistance - Serviços de Assistencia Personalizados S.A. 055 G 11 1 99.98 99.98 100.00
Europ Assistance (Suisse) Assurances S.A. 071 G 3 1 100.00 70.00 100.00
Europ Assistance (Suisse) Holding S.A. 071 G 4 1 70.00 70.00 100.00
Europ Assistance (Suisse) S.A. 071 G 11 1 100.00 70.00 100.00
Europ Assistance (Thailand) Company Limited 072 G 11 1 100.00 100.00 100.00
Europ Assistance Argentina S.A. 006 G 11 1 100.00 95.63 100.00
Europ Assistance Australia Pty Ltd 007 G 11 1 100.00 100.00 100.00
Europ Assistance Austria Holding GmbH 008 G 4 1 100.00 100.00 100.00
Europ Assistance Brokerage Solutions 029 G 11 1 100.00 100.00 100.00
Europ Assistance Canada Services Inc. 013 G 11 1 100.00 100.00 100.00
Europ Assistance Clearing Center GIE 029 G 11 1 100.00 100.00 100.00
Europ Assistance Gesellschaft mbH 008 G 11 1 100.00 100.00 100.00
Europ Assistance Holding S.A.S. 029 G 4 1 100.00 100.00 100.00
Europ Assistance Hong Kong Limited 103 G 11 1 100.00 100.00 100.00
Europ Assistance India Private Ltd 114 G 11 1 100.00 100.00 100.00
Europ Assistance Italia S.p.A. 086 G 1 1 100.00 100.00 100.00
Europ Assistance Japan K.K. 088 G 11 1 100.00 100.00 100.00
Europ Assistance Magyarorszag Kft 077 G 11 1 100.00 100.00 100.00
Europ Assistance North America, Inc. 069 G 4 1 100.00 100.00 100.00
Europ Assistance Nouvelle Caledonie 253 G 11 1 100.00 100.00 100.00
Europ Assistance Polska sp. z o.o. 054 G 11 1 100.00 100.00 100.00
Europ Assistance Polynésie Française 029 G 11 1 100.00 100.00 100.00
Europ Assistance S.A. 015 G 11 1 100.00 100.00 100.00
Europ Assistance S.A. 029 G 2 1 100.00 100.00 100.00
Europ Assistance s.r.o. 275 G 11 1 100.00 100.00 100.00
Europ Assistance Services (Malaysia) Sdn Bhd 106 G 11 1 100.00 100.00 100.00
Europ Assistance Services GmbH 094 G 11 1 100.00 100.00 100.00
Europ Assistance Services S.A. 009 G 11 1 100.00 100.00 100.00
Europ Assistance Servicios Integrales de Gestion, S.A. 067 G 11 1 100.00 100.00 100.00
Europ Assistance Servisno Podjetje d.o.o. 260 G 11 1 100.00 100.00 100.00
Europ Assistance Singapore Pte. Ltd. 147 G 11 1 100.00 100.00 100.00
Europ Assistance Taiwan Limited 022 G 11 1 100.00 100.00 100.00
Europ Assistance Trade S.p.A. 086 G 11 1 100.00 100.00 100.00
388
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Europ Assistance Travel Assistance Services (Beijing) Co Ltd 016 G 11 1 100.00 100.00 100.00
Europ Assistance VAI S.p.A. 086 G 11 1 100.00 100.00 100.00
Europ Servicios S.p.A. 015 G 11 1 100.00 100.00 100.00
Európai Utazási Biztosító Zrt. 077 G 2 1 74.00 70.75 100.00
Europäische Reiseversicherung Aktiengesellschaft 008 G 2 1 74.99 74.99 100.00
Fondo Andromaca 086 G 10 1 100.00 100.00 100.00
Fondo Canaletto 086 G 10 1 100.00 97.34 100.00
Fondo Canaletto II 086 G 10 1 100.00 99.99 100.00
Fondo Donizetti 086 G 10 1 100.00 100.00 100.00
Fondo Euripide 086 G 10 1 79.11 79.11 100.00
Fondo Girolamo 086 G 10 1 74.51 74.51 100.00
Fondo Immobiliare Mantegna 086 G 10 1 100.00 99.54 100.00
Fondo Immobiliare Mascagni 086 G 10 1 100.00 100.00 100.00
Fondo Immobiliare Schubert - comparto 1 086 G 10 1 100.00 96.44 100.00
Fondo Immobiliare Tiepolo 086 G 10 1 100.00 99.43 100.00
Fondo Immobiliare Toscanini 086 G 10 1 100.00 99.98 100.00
Fondo Innovazione Salute 086 G 10 1 81.47 81.47 100.00
Fondo Living Fund Italia 086 G 11 1 100.00 100.00 100.00
Fondo Perseide 086 G 10 1 84.54 84.54 100.00
Fondo San Zeno 086 G 10 1 67.89 67.89 100.00
Fondo Scarlatti - Fondo Immobiliare chiuso 086 G 10 1 95.56 95.53 100.00
Fortuna Lebens-Versicherungs AG 090 G 3 1 100.00 99.97 100.00
Fortuna Rechtsschutz-Versicherung-Gesellschaft AG 071 G 3 1 100.00 99.97 100.00
Future Generali India Insurance Company Limited 114 G 3 1 99.49 73.88 100.00
Future Generali India Life Insurance Company Limited 114 G 3 1 74.00 73.88 100.00
Gconcierges S.A.S. 029 G 11 1 100.00 100.00 100.00
Gdansk Logistics 1 s.p. z.o.o. 054 G 11 1 100.00 96.15 100.00
GDE Construcciones, S.L 067 G 11 1 100.00 100.00 100.00
GEDL-FI1 GmbH & Co. offene Investment KG 094 G 11 1 100.00 100.00 100.00
GEIH France OPCI 029 G 11 1 100.00 97.34 100.00
GEII Rivoli Holding SAS 029 G 10 1 100.00 97.34 100.00
Genagricola 1851 S.p.A. 086 G 11 1 100.00 100.00 100.00
General Securities Corporation of North America 069 G 9 1 100.00 99.46 100.00
Generali (Schweiz) Holding AG 071 G 4 1 100.00 99.97 100.00
Generali Alapkezel
ő
Zártkör
ű
en M
ű
köd
ő
Részvénytársaság
077 G 8 1 100.00 82.98 100.00
Generali Alpha Corp. 069 G 9 1 100.00 82.98 100.00
Generali Asia N.V. 050 G 4 1 100.00 99.84 100.00
Generali Asset Management S.p.A. Società di gestione del risparmio 086 G 8 1 100.00 87.57 100.00
Generali Assurances Générales SA 071 G 3 1 99.98 99.94 100.00
Generali Bank AG 008 G 7 1 100.00 99.95 100.00
Generali Beteiligungs- und Vermögensverwaltung GmbH 008 G 4 1 100.00 99.95 100.00
Consolidated Financial Statements
389
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Beteiligungs-GmbH 094 G 4 1 100.00 100.00 100.00
Generali Beteiligungsverwaltung GmbH 008 G 4 1 100.00 99.95 100.00
Generali Biztosító Zrt. 077 G 2 1 100.00 100.00 100.00
Generali Brasil Seguros S.A. 011 G 3 1 100.00 100.00 100.00
Generali CEE Fund 040 G 11 1 100.00 99.75 100.00
Generali CEE Holding B.V. 050 275 G 4 1 100.00 100.00 100.00
Generali
Č
eská Distribuce a.s.
275 G 11 1 100.00 100.00 100.00
Generali
Č
eská Pojiš
ť
ovna a.s.
275 G 2 1 100.00 100.00 100.00
Generali China Assets Management Company Co. Ltd 016 G 8 1 80.00 40.00 100.00
Generali China Life Insurance Co. Ltd 016 G 3 1 50.00 50.00 100.00
Generali Core High Street Retail Fund 092 G 10 1 100.00 99.54 100.00
Generali Core+ Fund GP 092 G 11 1 96.87 96.44 100.00
Generali Core+ Soparfi S.à r.l. 092 G 11 1 100.00 96.44 100.00
Generali Deutschland AG 094 G 5 1 100.00 100.00 100.00
Generali Deutschland Finanzierungs-GmbH 094 G 10 1 100.00 100.00 100.00
Generali Deutschland Gesellschaft für bAV mbH 094 G 11 1 100.00 100.00 100.00
Generali Deutschland Krankenversicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Deutschland Lebensversicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Deutschland Services GmbH 094 G 11 1 100.00 100.00 100.00
Generali Deutschland Versicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Ecuador Compañía de Seguros S.A. 024 G 3 1 55.94 55.94 100.00
Generali EM Fund 040 G 11 1 100.00 99.81 100.00
Generali Engagement Solutions GmbH 094 G 11 1 100.00 100.00 100.00
Generali España Holding de Entidades de Seguros S.A. 067 G 4 1 100.00 100.00 100.00
Generali España, S.A. de Seguros y Reaseguros 067 G 2 1 99.91 99.90 100.00
Generali Europe Income Holding S.A. 092 G 9 1 97.71 97.34 100.00
Generali European Real Estate Income Investments GmbH & Co. KG 094 G 10 1 100.00 100.00 100.00
Generali European Real Estate Investments S.A. 092 G 9 1 100.00 99.38 100.00
Generali European Retail Investments Holdings S.A. 092 G 9 1 100.00 99.38 100.00
Generali Finance spólka z ograniczon
ą
odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 100.00 100.00
Generali Financial Asia Limited 103 G 9 1 100.00 100.00 100.00
Generali Financial Holding FCP-FIS - Sub-Fund 2 092 G 11 1 100.00 99.80 100.00
Generali Finanz Service GmbH 094 G 11 1 100.00 100.00 100.00
Generali France S.A. 029 G 4 1 98.60 98.55 100.00
Generali Global Assistance Inc. 069 G 11 1 100.00 100.00 100.00
Generali Health Solutions GmbH 094 G 11 1 100.00 100.00 100.00
Generali Hellas Insurance Company S.A. 032 G 2 1 99.99 99.99 100.00
Generali High Street Retail S.à r.l. 092 G 11 1 100.00 99.54 100.00
Generali Horizon B.V. 050 G 9 1 100.00 99.84 100.00
Generali IARD S.A. 029 G 2 1 100.00 98.55 100.00
Generali Immobilien GmbH 008 G 10 1 100.00 99.95 100.00
390
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Insurance (Thailand) Public Company Limited 072 G 3 1 90.86 88.84 100.00
Generali Insurance AD 012 G 2 1 99.96 99.96 100.00
Generali Insurance Agency Company Limited 016 G 11 1 100.00 100.00 100.00
Generali Insurance Malaysia Berhad 106 G 3 1 100.00 69.89 100.00
Generali Investments CEE, Investi
č
ní Spole
č
nost, a.s.
275 G 8 1 100.00 82.98 100.00
Generali Investments Holding S.p.A. 086 G 9 1 83.25 82.98 100.00
Generali Investments Luxembourg S.A. 092 G 8 1 100.00 82.98 100.00
Generali Investments Schweiz AG 071 G 8 1 100.00 82.98 100.00
Generali Investments Towarzystwo Funduszy Inwestycyjnych S.A. 054 G 8 1 100.00 82.98 100.00
Generali Investments, družba za upravljanje, d.o.o. 260 G 8 1 100.00 100.00 100.00
Generali Italia S.p.A. 086 G 1 1 100.00 100.00 100.00
Generali Jeniot S.p.A. 086 G 11 1 100.00 100.00 100.00
Generali Life (Hong Kong) Limited 103 G 3 1 100.00 99.84 100.00
Generali Life Assurance (Thailand) Public Company Limited 072 G 3 1 94.25 92.07 100.00
Generali Life Insurance Malaysia Berhad 106 G 3 1 100.00 69.89 100.00
Generali Luxembourg S.A. 092 G 2 1 100.00 98.55 100.00
Generali Malaysia Holding Berhad 106 G 9 1 70.00 69.89 100.00
Generali North American Holding 1 S.A. 092 G 11 1 100.00 98.55 100.00
Generali North American Holding 2 S.A. 092 G 11 1 100.00 99.89 100.00
Generali North American Holding S.A. 092 G 9 1 100.00 100.00 100.00
Generali Northern America Real Estate Investments GmbH & Co. KG 094 G 10 1 99.89 99.89 100.00
Generali Operations Service Platform S.r.l. 086 G 11 1 95.00 95.00 100.00
Generali Osiguranje d.d. 261 G 3 1 100.00 100.00 100.00
Generali Participations Netherlands N.V. 050 G 4 1 100.00 99.84 100.00
Generali Pensions- und SicherungsManagement GmbH 094 G 11 1 100.00 100.00 100.00
Generali Pensionsfonds AG 094 G 2 1 100.00 100.00 100.00
Generali penzijní spole
č
nost, a.s.
275 G 11 1 100.00 100.00 100.00
Generali Personenversicherungen AG 071 G 3 1 100.00 99.97 100.00
Generali Powszechne Towarzystwo Emerytalne S.A. 054 G 11 1 100.00 100.00 100.00
Generali Real Asset Multi-Manager 092 G 10 1 100.00 82.98 100.00
Generali Real Estate Asset Repositioning S.A. 092 G 11 1 100.00 99.43 100.00
Generali Real Estate Debt Investment Fund II Scsp Raif 092 G 11 1 99.41 99.24 100.00
Generali Real Estate Debt Investment Fund Italy (GREDIF ITA) 086 G 10 1 100.00 85.16 100.00
Generali Real Estate Debt Investment Fund Italy II 086 G 10 1 100.00 99.24 100.00
Generali Real Estate Debt Investment Fund S.C.Sp RAIF 092 G 11 1 85.55 85.16 100.00
Generali Real Estate Fund CEE a.s., investi
č
ní fond
275 G 9 1 100.00 100.00 100.00
Generali Real Estate Living Fund SICAV RAIF 092 G 11 1 100.00 100.00 100.00
Generali Real Estate Logistics Fund S.C.S. SICAV-RAIF 092 G 10 1 96.89 96.15 100.00
Generali Real Estate S.p.A. 086 G 10 1 100.00 82.98 100.00
Generali Real Estate S.p.A. SGR 086 G 8 1 100.00 82.98 100.00
Generali Real Estate Umbrella Fund 092 G 10 1 100.00 82.98 100.00
Consolidated Financial Statements
391
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Real Estate Umbrella Fund - Hospitality Europe Fund 092 G 10 1 100.00 82.98 100.00
Generali Reaumur S.C. 029 G 10 1 100.00 98.55 100.00
Generali Retraite SA 029 G 2 1 100.00 98.55 100.00
Generali Romania Asigurare Reasigurare S.A. 061 G 2 1 99.97 99.97 100.00
Generali Saxon Land Development Company Ltd 031 G 11 1 100.00 99.57 100.00
Generali SCF S.à.r.l. 092 G 11 1 100.00 99.58 100.00
Generali Seguros y Reaseguros, S.A. 067 G 2 1 100.00 100.00 100.00
Generali Seguros, S.A. 055 G 2 1 100.00 100.00 100.00
Generali Services Pte. Ltd. 147 G 11 1 100.00 99.84 100.00
Generali Shopping Centre Fund GP S.à r.l. 092 G 11 1 100.00 82.98 100.00
Generali Shopping Centre Fund S.C.S. SICAV-SIF 092 G 11 1 100.00 99.58 100.00
Generali Slovenská distribúcia, a. s. 276 G 11 1 100.00 100.00 100.00
Generali Societate de Administrare a Fondurilor de Pensii Private S.A. 061 G 11 1 100.00 100.00 100.00
Generali Towarzystwo Ubezpiecze
ń
Spółka Akcyjna
054 G 2 1 100.00 100.00 100.00
Generali Türkiye Holding B.V. 050 G 4 1 100.00 99.84 100.00
Generali US Fund 040 G 11 1 100.00 99.85 100.00
Generali Versicherung AG 008 G 2 1 100.00 99.95 100.00
Generali Vie S.A. 029 G 2 1 100.00 98.55 100.00
Generali Vietnam Life Insurance Limited Liability Company 062 G 3 1 100.00 100.00 100.00
Generali WE Fund 040 G 11 1 100.00 99.85 100.00
Generali Welion S.c.a.r.l. 086 G 11 1 100.00 100.00 100.00
Generali Zakrila Medical and Dental Centre EOOD 012 G 11 1 100.00 99.96 100.00
Generali zavarovalnica d.d. 260 G 2 1 100.00 100.00 100.00
Generali
Ż
ycie Towarzystwo Ubezpiecze
ń
Spółka Akcyjna
054 G 2 1 100.00 100.00 100.00
Generali-Ingatlan Vagyonkezel
ő
és Szolgáltató Kft.
077 G 10 1 100.00 100.00 100.00
GenerFid S.p.A. 086 G 11 1 100.00 51.31 100.00
Genertel Biztosító Zrt. 077 G 2 1 100.00 100.00 100.00
Genertel S.p.A. 086 G 1 1 100.00 100.00 100.00
Genertellife S.p.A. 086 G 1 1 100.00 100.00 100.00
Genirland Limited 040 G 4 1 100.00 99.84 100.00
Gentum Nr. 1 094 G 11 1 100.00 100.00 100.00
GFA Caraïbes 029 G 2 1 100.00 98.55 100.00
GID Fonds AAREC 094 G 11 1 100.00 100.00 100.00
GID Fonds ALAOT 094 G 11 1 100.00 100.00 100.00
GID Fonds ALRET 094 G 11 1 100.00 100.00 100.00
GID Fonds AMLRET 094 G 11 1 100.00 100.00 100.00
GID Fonds AVAOT 094 G 11 1 100.00 100.00 100.00
GID Fonds AVAOT II 094 G 11 1 100.00 100.00 100.00
GID Fonds AVRET 094 G 11 1 100.00 100.00 100.00
GID Fonds CEAOT 094 G 11 1 100.00 100.00 100.00
GID Fonds CERET 094 G 11 1 100.00 100.00 100.00
392
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
GID Fonds DLAET 094 G 11 1 100.00 100.00 100.00
GID Fonds DLRET 094 G 11 1 100.00 100.00 100.00
GID Fonds GDRET 094 G 11 1 100.00 100.00 100.00
GID Fonds GVMET 094 G 11 1 100.00 100.00 100.00
GID Fonds GVRET 094 G 11 1 100.00 100.00 100.00
GID-Fonds AAINF 094 G 11 1 100.00 100.00 100.00
GID-Fonds ALAET 094 G 11 1 100.00 100.00 100.00
GID-Fonds CLRET 094 G 11 1 100.00 100.00 100.00
GID-Fonds CLRET 2 094 G 11 1 100.00 100.00 100.00
GID-Fonds GPRET 094 G 11 1 94.97 94.97 100.00
GIE-Fonds AADMSE 094 G 11 1 90.18 90.18 100.00
GIE-Fonds AASBWA 094 G 11 1 100.00 100.00 100.00
Global Evolution Asset Management A/S 021 G 8 1 100.00 69.78 100.00
Global Evolution Financial ApS 021 G 8 1 98.45 69.78 100.00
Global Evolution Fund Management Singapore Pte. Ltd. 147 G 8 1 100.00 70.87 100.00
Global Evolution Holding ApS 021 G 8 1 85.41 70.87 100.00
Global Evolution USA, LLC 069 G 8 1 100.00 69.78 100.00
GMMI, Inc. 069 G 11 1 100.00 100.00 100.00
GNAREH 1 Farragut LLC 069 G 10 1 100.00 99.46 100.00
GNAREI 1 Farragut LLC 069 G 10 1 100.00 99.46 100.00
Goodwin Capital Advisers, Inc. 069 G 8 1 100.00 82.98 100.00
GP Reinsurance EAD 012 G 5 1 100.00 100.00 100.00
GRE Barcelona Retail 1 SL 067 G 10 1 100.00 99.54 100.00
GRE Hospitality Italy - fondo comune di investimento immobiliare di
tipo chiuso
086 G 11 1 100.00 88.54 100.00
GRE PAN EU London 1 S.à r.l. 092 G 10 1 100.00 97.34 100.00
GRE PAN-EU Barcelona, S.L.U. 067 G 11 1 100.00 97.34 100.00
GRE PAN-EU Berlin 2 S.à r.l. 092 G 10 1 100.00 97.34 100.00
GRE PAN-EU Brussels 1 s.p.r.l. 009 G 11 1 100.00 97.34 100.00
GRE PANEU Cœur Marais SCI 029 G 10 1 100.00 97.34 100.00
GRE PANEU Fhive SCI 029 G 10 1 100.00 97.34 100.00
GRE PAN-EU Frankfurt 1 S.à r.l. 092 G 10 1 100.00 97.34 100.00
GRE PAN-EU Frankfurt 3 S.à r.l. 092 G 10 1 100.00 97.34 100.00
GRE PAN-EU Hamburg 1 S.à r.l. 092 G 9 1 100.00 97.3 4 100.00
GRE PAN-EU Hamburg 2 S.à r.l. 092 G 9 1 100.00 97.3 4 100.00
GRE PAN-EU Jeruzalemská s.r.o. 275 G 11 1 100.00 99.43 100.00
GRE PAN-EU Lisbon 1, S.A. 055 G 11 1 100.00 97.34 100.00
GRE PAN-EU Lisbon Office Oriente, S.A. 055 G 11 1 100.00 97.34 100.00
GRE PAN-EU Luxembourg 1 S.à r.l. 092 G 10 1 100.00 99.54 100.00
GRE PAN-EU Madrid 2 SL 067 G 11 1 100.00 97.34 100.00
GRE PAN-EU Munich 1 S.à r.l. 092 G 9 1 100.00 97.3 4 100.00
GRE PAN-EU Prague 1 s.r.o. 275 G 11 1 100.00 97.34 100.00
Consolidated Financial Statements
393
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
GRE SC Italy 086 G 11 1 100.00 99.56 100.00
GRE SICAF Comparto 1 086 G 10 1 100.00 96.15 100.00
Green Point Offices s.r.o. 276 G 10 1 100.00 100.00 100.00
GRELIF Dutch S.à r.l. 092 G 11 1 100.00 96.15 100.00
GRELIF SPV1 S.à r.l. 092 G 11 1 100.00 96.15 100.00
Grundstücksgesellschaft Einkaufszentrum Louisen-Center Bad
Homburg mbH & Co. KG
094 G 10 1 100.00 100.00 100.00
Grupo Generali España, A.I.E. 067 G 11 1 100.00 99.90 100.00
Gulf Assist W.L.L. 169 G 11 1 74.62 74.62 100.00
GW Beta B.V. 050 G 4 1 100.00 99.90 100.00
Helmett S.A.S. 029 G 11 1 100.00 98.55 100.00
Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 067 G 10 1 100.00 99.90 100.00
Hospitality Europe Fund Holdco 1 092 G 10 1 100.00 82.98 100.00
HSR Verpachtung GmbH 008 G 10 1 100.00 99.95 100.00
HumaDom S.a.r.l. 029 G 11 1 100.00 80.00 100.00
IDEE s.r.o. 275 G 10 1 100.00 100.00 100.00
Immobiliere Commerciale des Indes Orientales IMMOCIO 029 G 10 1 100.00 98.55 100.00
Infranity N.A., LLC 069 G 8 1 100.00 42.32 100.00
Infranity S.A.S. 029 G 8 1 51.00 42.32 100.00
InsureandGo Insurance Brokers India Private Limited 114 G 11 1 100.00 100.00 100.00
IRC Investments LLC 262 G 4 1 100.00 99.90 100.00
IWF Holding Company Ltd 072 G 4 1 99.98 94.50 100.00
J.E.A.M. S.A.S. 029 G 11 1 100.00 80.00 100.00
KAG Holding Company Ltd 072 G 4 1 100.00 95.35 100.00
Købmagergade 39 ApS 021 G 11 1 100.00 97.34 100.00
Krakow Logistics 1 s.p. z.o.o. 054 G 10 1 100.00 96.15 100.00
Krakow Logistics 2 s.p. z.o.o. 054 G 11 1 100.00 96.15 100.00
Le Tenute del Leone Alato S.p.A. 086 G 11 1 100.00 100.00 100.00
Leone Alato S.p.A. 086 G 11 1 100.00 100.00 100.00
L'Equité S.A. Cie d'Assurances et Réass.contre les risques de toute
nature
029 G 2 1 99.99 98.54 100.00
Lion River I N.V. 050 G 9 1 100.00 99.53 100.00
Lion River II N.V. 050 G 9 1 100.00 99.82 100.00
Living Fund Master HoldCo S.à r.l. 092 G 11 1 100.00 100.00 100.00
Loranze sp. z o.o. 054 G 11 1 100.00 97.34 100.00
Lumyna Investments 1 GP s.a.r.l 092 G 11 1 100.00 82.98 100.00
Lumyna Investments Limited 031 G 8 1 100.00 82.98 100.00
Main Square S.a.r.l. 092 G 11 1 100.00 100.00 100.00
Manova AMB Generali Bankcenter S.à.r.L. 092 G 11 1 100.00 100.00 100.00
Manova AMB Generali Cross-Border Property Fund 092 G 9 1 100.00 100.00 100.00
MGD Company Limited 072 G 4 1 90.57 90.43 100.00
MPI Generali Berhad 106 G 3 1 100.00 99.84 100.00
394
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Mustek Properties, s.r.o. 275 G 10 1 100.00 100.00 100.00
Nám
ě
stí Republiky 3a, s.r.o.
275 G 10 1 100.00 100.00 100.00
NEC Initiative SAS 029 G 11 1 60.64 43.85 100.00
NKFE Company Limited 103 G 11 1 100.00 100.00 100.00
Novena Services 029 G 11 1 100.00 80.00 100.00
Octagon Credit Investors, LLC 069 G 8 1 87.24 72.39 100.00
OFI GB1 029 G 10 1 100.00 98.55 100.00
OFI GR1 029 G 10 1 100.00 98.55 100.00
OPCI Generali Bureaux 029 G 10 1 100.00 98.55 100.00
OPCI Generali Residentiel 029 G 10 1 100.00 98.55 100.00
OPPCI K Archives 029 G 10 1 100.00 97.34 100.00
OPPCI K Charlot 029 G 10 1 100.00 97.34 100.00
OPPCI Residential Living Fund 029 G 11 1 100.00 100.00 100.00
Palác Špork, a.s. 275 G 10 1 100.00 100.00 100.00
PAN EU IBC Prague s.r.o. 275 G 11 1 100.00 96.44 100.00
PAN EU K26 S.à r.l. 092 G 11 1 100.00 97.34 100.00
PAN EU Kotva Prague a.s. 275 G 11 1 100.00 99.43 100.00
Pankrác East a.s. 275 G 10 1 100.00 100.00 100.00
Pankrác West a.s. 275 G 10 1 100.00 100.00 100.00
PARCOLOG France 029 G 10 1 100.00 96.15 100.00
Parcolog Spain 067 G 10 1 100.00 96.15 100.00
Pa
ř
ížská 26, s.r.o.
275 G 10 1 100.00 100.00 100.00
Pearlmark Real Estate, L.L.C. 069 G 10 1 55.50 46.05 100.00
Plac M LP Spółka Z Ograniczon
ą
Odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 97.34 100.00
Plenisfer Investments SGR S.p.A. 086 G 8 1 70.00 58.08 100.00
Ponte Alta, SGPS, Unipessoal, Lda. 055 G 11 1 100.00 100.00 100.00
Preciados 9 Desarrollos Urbanos, S.L.U. 067 G 10 1 100.00 97.34 100.00
Project Montoyer S.A. 009 G 11 1 100.00 97.34 100.00
Prudence Creole 029 G 2 1 96.01 94.62 100.00
PT Asuransi Jiwa Generali Indonesia 129 G 3 1 98.00 97.84 100.00
PT Generali Services Indonesia 129 G 10 1 100.00 98.55 100.00
Redoze Holding N.V. 050 G 9 1 100.00 99.92 100.00
Residenze CYL S.p.A. 086 G 10 1 66.67 66.67 100.00
Retail One Fund OPPCI 029 G 11 1 100.00 97.96 100.00
Retail One Fund SCSp RAIF 092 G 11 1 100.00 97.3 4 100.00
Ritenere S.A. 006 G 11 1 100.00 89.96 100.00
S.C. Genagricola Romania S.r.l. 061 G 11 1 100.00 100.00 100.00
SANEO Spólka Akcyjna 054 G 11 1 55.61 55.61 100.00
Sarl Breton 029 G 10 1 100.00 98.55 100.00
Sarl Parcolog Lyon Isle d'Abeau Gestion 029 G 10 1 100.00 96.15 100.00
SAS IMMOCIO CBI 029 G 10 1 100.00 98.55 100.00
Consolidated Financial Statements
395
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
SAS Lonthènes 029 G 10 1 100.00 98.55 100.00
SAS Retail One 029 G 11 1 100.00 97.34 100.00
SC Commerce Paris 029 G 10 1 100.00 98.55 100.00
SC Generali Logistique 029 G 10 1 100.00 96.15 100.00
SC GF Pierre 029 G 10 1 100.00 98.55 100.00
SC Novatis 029 G 10 1 100.00 98.55 100.00
SCI 128 Haussmann 029 G 10 1 100.00 98.55 100.00
SCI 18-20 Paix 029 G 10 1 100.00 98.55 100.00
SCI 204 Pereire 029 G 10 1 100.00 98.55 100.00
SCI 28 Cours Albert 1er 029 G 10 1 100.00 98.55 100.00
SCI 40 Notre Dame Des Victoires 029 G 10 1 100.00 98.55 100.00
SCI 43 ECOLES 029 G 10 1 100.00 82.98 100.00
SCI 5/7 Moncey 029 G 10 1 100.00 98.55 100.00
SCI 6 Messine 029 G 10 1 100.00 98.55 100.00
SCI BELLECOUR 029 G 10 1 100.00 82.98 100.00
SCI Cogipar 029 G 10 1 100.00 98.55 100.00
SCI du 33 avenue Montaigne 029 G 10 1 100.00 98.55 100.00
SCI du 54 Avenue Hoche 029 G 10 1 100.00 98.55 100.00
SCI du 68 rue Pierre Charron 029 G 10 1 100.00 97.3 4 100.00
SCI du Coq 029 G 10 1 100.00 98.55 100.00
SCI Espace Seine-Generali 029 G 10 1 100.00 98.55 100.00
SCI Galilée 029 G 10 1 100.00 98.55 100.00
SCI Generali Commerce 1 029 G 10 1 100.00 98.55 100.00
SCI Generali Commerce 2 029 G 10 1 100.00 98.55 100.00
SCI Generali le Moncey 029 G 10 1 100.00 98.55 100.00
SCI GRE PAN-EU 146 Haussmann 029 G 10 1 100.00 97.3 4 100.00
SCI GRE PAN-EU 74 Rivoli 029 G 10 1 100.00 97.34 100.00
SCI Issy Bords de Seine 2 029 G 10 1 100.00 97.34 100.00
SCI Issy Les Moulineaux 029 G 11 1 100.00 100.00 100.00
SCI Landy-Novatis 029 G 10 1 100.00 98.55 100.00
SCI Landy-Wilo 029 G 10 1 100.00 98.55 100.00
SCI Living Clichy 029 G 10 1 100.00 100.00 100.00
SCI Luxuary Real Estate 029 G 10 1 100.00 98.55 100.00
SCI Parc Logistique Maisonneuve 1 029 G 10 1 100.00 96.15 100.00
SCI Parc Logistique Maisonneuve 2 029 G 10 1 100.00 96.15 100.00
SCI Parc Logistique Maisonneuve 3 029 G 10 1 100.00 96.15 100.00
SCI Parc Logistique Maisonneuve 4 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Bordeaux Cestas 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Isle D'Abeau 1 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Isle D'Abeau 2 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Isle D'Abeau 3 029 G 10 1 100.00 96.15 100.00
396
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
SCI Parcolog Isle D'Abeau 4 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Lille Hénin Beaumont 2 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Marly 029 G 10 1 100.00 96.15 100.00
SCI Parcolog Messageries 029 G 10 1 100.00 96.15 100.00
SCI Retail One 029 G 10 1 100.00 97.96 100.00
SCI Saint Germain 029 G 10 1 100.00 100.00 100.00
SCI Saint Michel 029 G 10 1 100.00 98.55 100.00
SCI SDM 029 G 11 1 100.00 80.00 100.00
SCI Taitbout 029 G 10 1 100.00 98.55 100.00
SCI Thiers Lyon 029 G 10 1 100.00 98.55 100.00
SEGMAN Servicios y Gestión del Mantenimiento, S.L. 067 G 11 1 100.00 100.00 100.00
SIBSEN Invest sp. z o.o. 054 G 11 1 100.00 100.00 100.00
SISAL, s.r.o. 275 G 11 1 100.00 100.00 100.00
Small GREF a.s. 275 G 10 1 100.00 100.00 100.00
SO SPV 57 Sp. Z o.o. 054 G 11 1 100.00 97.3 4 100.00
Société Civile d'Exploitation Château La Pointe 029 G 11 1 100.00 98.55 100.00
Sosteneo Società di Gestione del Risparmio S.p.A. 086 G 8 1 70.00 58.08 100.00
Suresnes Immobilier S.A.S. 029 G 10 1 100.00 98.55 100.00
Sycomore Asset Management S.A. 029 G 8 1 100.00 72.32 100.00
Sycomore Factory SAS 029 G 9 1 87.15 72.32 100.00
Sycomore Global Markets S.A. 029 G 8 1 100.00 72.32 100.00
Synergies@Venir S.A.S. 029 G 11 1 100.00 80.00 100.00
Torelli S.à.r.l. 092 G 9 1 100.00 99.38 100.00
TS PropCo Ltd 092 G 10 1 100.00 97.34 100.00
TTC - Training Center Unternehmensberatung GmbH 008 G 11 1 100.00 74.99 100.00
UMS - Immobiliare Genova S.p.A. 086 G 10 1 99.90 99.90 100.00
Urbe Retail Real Estate S.r.l. 086 G 10 1 100.00 70.13 100.00
UrbeRetail 086 G 10 1 70.15 70.13 100.00
Vàci utca Center
Ű
zletközpont Kft
077 G 10 1 100.00 99.95 100.00
Vitadom SAS 029 G 11 1 100.00 80.00 100.00
Vitalicio Torre Cerdà S.l. 067 G 10 1 100.00 99.90 100.00
Vivre & Domicile 029 G 11 1 100.00 80.00 100.00
VVS Vertriebsservice für Vermögensberatung GmbH 094 G 11 1 100.00 74.00 100.00
(1)  Such information is required only if the operational headquarter Country differs from the registered office Country.
(2)  Consolidation method: Line-by-line consolidation method =G; Line-by-line consolidation method arising from joint management = U.
(3)  1=Italian Insurance companies; 2=EU Insurance companies; 3=Non EU Insurance companies; 4=Insurance holding companies; 4.1 - Mixed financial holding companies; 5=EU Reinsurance companies; 6=non EU
Reinsurance companies; 7=Banks; 8=Asset Management companies; 9=other Holding companies; 10=Real Estate companies; 11=Other.
(4)  Type of relationship: 1=Majority of voting rights at the shareholders’ meeting; 2=Significant influence at the shareholders’ meeting; 3=Arrangements with other shareholders; 4=Other types of control; 5=Joint
management as per Legislative Decree 209/2005, art. 96, paragraph 1; 5=Joint management as per Legislative Decree 209/2005, art. 96, paragraph 2.
(5)  Net Group participation percentage.
(6)  Voting rights at the shareholders’ meeting, if different from direct shareholding, split by effective and potential voting rights.
Consolidated Financial Statements
397
Participations in joint-ventures and associated entities
Comapny Operational
headquarter
Country
(1)
Registered office
Country
Activity
(2)
Relationship
type
(3)
% Direct
and indirect
shareholding
Group ratio
(4)
% Voting rights at
the shareholders’
meeting
(5)
Joint-ventures:
92 France 029 10 c 50.00 48.67
BG Saxo SIM S.p.A. 086 8 c 49.00 25.14
Bois Colombes Europe Avenue SCI 029 10 c 50.00 49.28
Bonus Pensionskassen Aktiengesellschaft 008 11 c 50.00 49.97
BONUS Vorsorgekasse AG 008 11 c 100.00 49.97
Core + France OPPCI 029 10 c 50.00 48.22
EABS Serviços de Assistencia e Partecipaçoes S.A. 011 9 c 50.00 50.00
Europ Assistance Brasil Serviços de Assistência S.A. 011 11 c 100.00 50.00
Europ Assistance France S.A.S. 029 11 c 50.00 50.00
Europ Téléassistance S.A.S. 029 11 c 100.00 50.00
Fondo Formenti - fondo comune di investimento immobiliare di tipo chiuso 086 11 c 50.00 50.00
Fondo Mercury Centro-Nord 086 10 c 52.55 52.55
Fondo Mercury Nuovo Tirreno 086 10 c 76.17 76.17
Fondo Mercury Tirreno 086 10 c 51.01 51.01
Fondo Rubens 086 11 c 50.00 48.67
Fondo Sericon 086 10 c 50.00 48.67
GRE PAN-EU Berlin 1 S.à r.l. 092 10 c 50.00 48.67
GRE PAN-EU Frankfurt 2 S.à r.l. 092 10 c 50.00 48.67
Holding Klege S.à.r.l. 092 9 c 50.00 49.69
N2G Worldwide Insurance Services, LLC 069 11 c 50.00 50.00
Ocealis S.A.S. 029 11 c 100.00 50.00
OPCI Parcolog Invest 029 10 c 50.00 48.39
Puerto Venecia Investments, S.A.U. 067 10 c 100.00 49.79
SAS 100 CE 029 10 c 50.00 48.67
SAS Parcolog Lille Henin Beaumont 1 029 10 c 50.00 49.78
Saxon Land B.V. 050 10 c 50.00 49.78
SCI 11/15 Pasquier 029 10 c 50.00 49.28
SCI 15 Scribe 029 10 c 50.00 49.28
SCI 9 Messine 029 10 c 50.00 49.28
SCI Daumesnil 029 10 c 50.00 49.28
SCI Iris La Défense 029 10 c 50.00 49.28
SCI Malesherbes 029 10 c 50.00 49.28
SCI New Station 029 10 c 100.00 48.22
Shendra Advisory Services Private Limited 114 11 c 47.96 47.88
Sigma Real Estate B.V. 050 9 c 22.34 22.20
T-C PEP Property S.à r.l. 092 11 c 50.00 49.79
Top Torony Zrt 077 11 c 50.00 50.00
Viavita SAS 029 11 c 100.00 50.00
VÚB Generali Dôchodková Správcovská Spolo
č
nos
ť
, A.S.
276 11 c 44.74 44.74
Zaragoza Properties S.A. 067 10 c 50.00 49.79
398
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Participations in joint-ventures and associated entities
Comapny Operational
headquarter
Country
(1)
Registered office
Country
Activity
(2)
Relationship
type
(3)
% Direct
and indirect
shareholding
Group ratio
(4)
% Voting rights at
the shareholders’
meeting
(5)
Associated entities:
Aliance Klesia Generali
029 4 b 44.00 43.36
Deutsche Vermögensberatung Aktiengesellschaft DVAG
094 11 b 40.00 40.00
Drei Banken-Generali Investment GmbH
008 8 b 48.57 48.55
Fondo Ca' Tron Hcampus
086 10 b 59.76 59.76
Fondo Fleurs RE
086 10 b 35.93 35.92
Fondo Mercury Adriatico
086 10 b 33.97 33.97
Fondo Yielding
086 10 b 45.00 43.80
G3B Holding AG
008 9 b 49.90 49.87
Generali China Insurance Co. Ltd
016 3 b 49.00 49.00
Guotai Asset Management Co., Ltd.
016 8 b 30.00 30.00
Initium S.r.l. in liquidazione
086 10 b 49.00 49.00
Klesia SA
029 2 b 100.00 43.36
Nextam Partners SIM S.p.A.
086 8 b 19.90 10.21
Point Partners GP Holdco S.à r.l.
092 11 b 25.00 24.85
Point Partners Special Limited Partnership
092 11 b 25.00 24.85
Smart Clinic S.p.A.
086 11 b 40.00 40.00
(1)  Such information is required only if the operational headquarter Country differs from the registered office Country.
(2)  1=Italian Insurance companies; 2=EU Insurance companies; 3=Non EU Insurance companies; 4=Insurance holding companies; 4.1 - Mixed financial holding companies; 5=EU Reinsurance companies; 6=non EU
Reinsurance companies; 7=Banks; 8=Asset Management companies; 9=other Holding companies; 10=Real Estate companies; 11=Other.
(3)  a=controlled entities (to be reported only in the Parent Company financial statements); b=associated entities; c=joint-ventures; entities under IFRS 5 to be marked with (*) and legenda to be reported below the table.
(4)  Net Group participation percentage.
(5)  Voting rights at the shareholders’ meeting, if different from direct shareholding, split by effective and potential voting rights.
Consolidated Financial Statements
399
List of Countries
Country  Country code
ARGENTINA 006
AUSTRALIA 007
AUSTRIA 008
BAHRAIN 169
BELGIUM 009
BRAZIL 011
BULGARIA 012
CANADA 013
CHILE 015
CHINA 016
CROATIA 261
CZECH REPUBLIC 275
DENMARK 021
ECUADOR 024
FRANCE 029
GERMANY 094
GREECE 032
HONG KONG 103
HUNGARY 077
INDIA 114
INDONESIA 129
IRELAND 040
ITALY 086
Country  Country code
JAPAN 088
JORDAN 122
LIECHTENSTEIN 090
LUXEMBOURG 092
MALAYSIA 106
MONTENEGRO, REPUBLIC 290
NETHERLANDS 050
NEW CALEDONIA 253
POLAND 054
PORTUGAL 055
ROMANIA 061
RUSSIAN FEDERATION 262
SERBIA 289
SINGAPORE 147
SLOVAKIA 276
SLOVENIA 260
SPAIN 067
SWITZERLAND 071
TAIWAN 022
THAILAND 072
UNITED KINGDOM 031
UNITED STATES 069
VIETNAM 062
400
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Consolidated Financial Statements
401
ATTESTATIONS
AND REPORTS
Attestation of the Sustainability Statement ...................................... 405
Attestation of the Consolidated Financial Statements ...................... 409
Board of Statutory Auditors’ Report .................................................. 413
Independent Auditor’s Report  
on the Sustainability Statement ....................................................... 431
Independent Auditor’s Report  
on the Consolidated Financial Statements ....................................... 439
Attestation of the
Sustainability Statement
406
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Attestations and Reports
407
1.  Certification issued according to the form defined in the Consob document for the consultation of 13 December 2024.
Attestation of the Sustainability Statement pursuant to art. 154-bis,
paragraph 5-ter, of legislative decree of 24 February 1998, no. 58 
and art. 81-ter, paragraph 1, of Consob regulation of 14 May 1999, 
no. 11971 as amended
The undersigned Philippe Donnet, as Managing Director and Group CEO, and Cristiano Borean, as the Manager in charge of
preparing the Company’s Financial Reports and Sustainability Statement of Assicurazioni Generali S.p.A. and Group CFO, attest
1
,
pursuant to art. 154-bis, paragraph 5-ter, of the Italian Legislative Decree no. 58 of 24 February 1998, that the Sustainability
Statement included in the Management Report were drawn up:
-  in accordance with the reporting standards applied pursuant to Directive 2013/34/EU of the European Parliament and of the
Council of 26 June 2013, and of Legislative Decree 6 September 2024, no.125;
-  with the specifications adopted pursuant to art. 8.4 of Regulation (EU) 2020/852 of the European Parliament and of the Council
of 18 June 2020.
Milan, 12 March 2025
    Philippe Donnet  Cristiano Borean
   Managing Director and Group CEO  Manager in charge of preparing
      the Company’s Financial Reports
      and Sustainability Statement
      and Group CFO
  ASSICURAZIONI GENERALI S.p.A.  ASSICURAZIONI GENERALI S.p.A.
Attestation of the
Consolidated Financial
Statements
410
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Attestations and Reports
411
Attestation of the Consolidated Financial Statements pursuant to
art. 154-bis, paragraph 5, of legislative decree of 24 February 1998,
no. 58 and art. 81-ter of Consob regulation of 14 May 1999,  
no. 11971 as amended
1.  The undersigned, Philippe Donnet, in his capacity as Managing Director and Group CEO, and Cristiano Borean, in his capacity
as Manager in charge of preparing the Company’s Financial Reports and Sustainability Statement of Assicurazioni Generali
S.p.A. and Group CFO, having also taken into account the provisions of art 154-bis, paragraphs 3 and 4, of the Italian Legislative
Decree no. 58 dated 24 February 1998, hereby certify:
-  the adequacy in relation to the characteristics of the Company and
-  the effective implementation
  of the administrative and accounting procedures for the preparation of the Consolidated Financial Statements over the course
of the period from 1 January to 31 December 2024.
2.  The adequacy of the administrative and accounting procedures in place for preparing the Consolidated Financial Statements as
at 31 December 2024 has been assessed through a process established by Assicurazioni Generali S.p.A. on the basis of the
guidelines set out in the Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission, an internationally-accepted reference framework.
3.  The undersigned further confirm that:
3.1  the Consolidated Financial Statements as at 31 December 2024:
a)  are prepared in compliance with the applicable international accounting standards recognized by the European
Community pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002,
and with the applicable provisions and regulations;
b)  correspond to the related books and accounting records;
c)  provide a true and fair representation of the financial position of the issuer and the group of companies included in the
scope of consolidation;
3.2  the management report contains a reliable analysis of the business outlook and management result, the financial position
of the issuer and group companies included in the scope of consolidation and a description of the main risks and uncertain
situations to which they are exposed.
Milan, 12 March 2025
    Philippe Donnet  Cristiano Borean
   Managing Director and Group CEO  Manager in charge of preparing
      the Company’s Financial Reports
      and Sustainability Statement
      and Group CFO
  ASSICURAZIONI GENERALI S.p.A.  ASSICURAZIONI GENERALI S.p.A.
Board of Statutory
Auditors’ Report
414
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Dear Shareholders,
in compliance with art. 153 of Lgs.Decree 24 February 1998, no. 58 (“CLFI”, [Consolidated Law on Financial Intermediation]) and
with Consob Communication no. 1025564 of 6 April 2001 and subsequent amendments and additions, and taking account of
the recommendations of the Italian National Board of Accountants and Auditors (“CNDCEC”), the Board of Statutory Auditors
of Assicurazioni Generali S.p.A. (alternatively, “Generali”, the “Company” or the “Parent”) illustrates in this Report the oversight
activities carried out during financial year 2024 and until the date of this Report.
1. Activities of the Board of Statutory Auditors during the
financial year ended 31 December 2024 (point 10 of Consob
Communication no. 1025564/01)
The Board of Statutory Auditors performed the activities falling within its remit during the 2024 financial year by holding 29 meetings,
with an average duration of approximately two hours and forty minutes.
The Board of Statutory Auditors also:
•  attended 15 meetings of the Board of Directors (“BoD” or the “Board”);
•  attended 18 meetings of the Risk and Control Committee (“RCC”);
•  attended 4 meetings of the Related-Party Transactions Committee (“RPTC”);
•  attended 12 meetings of the Nominations and Corporate Governance Committee (“NGC”);
•  attended 8 meetings of the Innovation, Social and Environmental Sustainability Committee (“ISC”);
•  attended 12 meetings of the Remuneration and Human Resources Committee (“RHRC”);
•  attended 10 meetings of the Investment Committee (“InvC”).
In addition, between 1 January 2025 and the date of this Report, the Board of Statutory Auditors held 14 meetings and:
•  attended the 6 meetings of the BoD;
•  attended the 5 meetings of the RCC;
•  attended the 2 meetings of the ISC;
•  attended the 3 meetings of the NGC;
•  attended the 5 meetings of the RHRC;
•  attended the 4 meetings of the InvC;
•  attended the 1 meeting of the RPTC.
In addition to the above, as part of its program of activities, the Board of Statutory Auditors:
•  held meetings with and/or obtained information from the Group CEO, also in his capacity as Director in charge of the internal
control and risk management system; the Group CFO, also in his capacity as manager in charge of preparation of the Company’s
financial reports; the General Manager; the head of the Group Integrated Data Quality & Reporting Risk Function; the head of the
Group Integrated Reporting Function; the Group General Counsel; the Group HR & Organisation Chief Officer; the head of the
Group Reward & Inst. HR Governance Function; the Head of the Corporate Affairs Function; the Group Chief Security Officer; the
Head of the Group Tax Affairs Function;
•  met the heads of the other corporate functions involved in its inspection activities from time to time;
•  pursuant to art. 74.2 of IVASS Regulation no. 38 of 3 July 2018 (“IVASS Regulation no. 38/2018”), held meetings with and obtained
information from the heads of the key functions envisaged by the aforementioned Regulation - Group Chief Audit Officer, Group
Chief Compliance Officer, Group Chief Risk Officer, Group Chief Actuarial Officer (the “Key Functions”) - and from the head of the
Group Chief Anti Financial Crime Officer Function and the heads of all the units that perform control activities within the group
headed by Assicurazioni Generali S.p.A. (the “Group”), ensuring appropriate functional and information links;
•  met the members of the Surveillance Body set up pursuant to Lgs.Decree 231/2001 for useful exchanges of information;
•  pursuant to paragraphs 1 and 2 of art. 151 of the CLFI, and to art. 74.3.g) of IVASS Regulation no. 38/2018, held meetings
and/or exchanged information with the boards of statutory auditors of the main subsidiaries (Alleanza Assicurazioni S.p.A.,
Report of the Board of Statutory Auditors to the
Assicurazioni Generali S.p.A. General Meeting called to
approve the Separate Financial Statements as at
and for the year ended 31 December 2024 pursuant to
art. 153 of Lgs.Decree 58/1998
Attestations and Reports
415
Banca Generali S.p.A., Caja De Ahorro Y Seguro S.A., Europ Assistance Holding S.A.S., Europ Assistance Italia S.p.A., Generali
Allgemeine Versicherungen AG, Generali Asset Management S.p.A. Società di gestione del risparmio, Generali Brasil Seguros
S.A., Generali China Insurance Co. Ltd., Generali China Life Insurance Co. Ltd., Generali Česká pojišťovna a.s., CityLife S.p.A.,
Generali Deutschland AG, Generali España S.A. de Seguros y Reaseguros, Generali Hellas Insurance Company S.A., Generali
IARD S.A., Generali Investments Holding S.p.A., Generali Italia S.p.A., GOSP - Generali Operations Service Platform S.r.l., Generali
Participations Netherlands N.V., Generali Personenversicherungen AG, Generali Real Estate S.p.A., Generali Real Estate S.p.A.
SGR, Generali S.A.U. de Seguros y Reaseguros, Generali Seguros, S.A., Generali Versicherung AG, Generali Vie S.A., Genertel
S.p.A., Genertellife S.p.A.);
•  as part of the relations between the statutory auditors and the external auditors envisaged under art.150.3 of the CLFI and art.
74.3.e) of IVASS Regulation no. 38/2018, and in light of the powers of the Board of Statutory Auditors in its capacity as internal
control and account audit committee pursuant to art. 19 Lgs.Decree 39/2010, held regular meetings with the external auditors
KPMG S.p.A. (“KPMG”), during which data and information of significance for the planning of activities and fulfilment of the relevant
responsibilities were exchanged;
•  took part, in order to constantly update its knowledge and skills, in specific induction sessions through active learning approaches
with opportunities for comparison and discussion. In particular, during 2024, it independently organised a training session held by
Prof. Alberto Floreani on the subject of IFRS 17 and attended the update and discussion sessions on international sanctions in
the context of anti-financial crime, held both for the RCC and the Board. In addition, it attended training sessions organised by the
Company on the valuation of equity instruments, with a particular focus on the insurance industry and its specific characteristics,
as well as on the challenges and opportunities of natural catastrophes for the insurance industry. Lastly, two training sessions
were held on Generali Group client engagement and management and on value for money (value produced for the client) and
its implications, and, in light of the new European regulations, two further training sessions were held: the first on the Digital
Operational Resilience Act (DORA), aimed at aligning operational resilience standards within the financial sector, with a specific
focus on the program identified for the Group; the second on the EU Corporate Sustainability Reporting Directive (CSRD) and its
strategic and public disclosure implications;
•  in November 2024, as part of its ordinary relations with the Supervisory Authority, the Board of Statutory Auditors held a meeting
with representatives of IVASS.
2. Transactions with the greatest impact on results of operations,
financial position and equity. Other noteworthy events (point 1 of
Consob Communication no. 1025564/01)
2.1 Activities performed by the Board of Statutory Auditors
The Board of Statutory Auditors monitored the Company’s compliance with legislation and the Articles of Association and
observance of the principles of correct governance, with special reference to transactions having a significant impact on results
of operations, the financial position and equity, by regularly attending meetings of the Board of Directors and examining the
documentation provided. Where necessary, the Board of Statutory Auditors received information from the Managing Director/Group
CEO and the Board of Directors about activities performed and transactions with the greatest impact on results of operations, the
financial position and equity conducted by the Company, including transactions conducted through directly or indirectly controlled
companies.
On the basis of the information provided, the Board of Statutory Auditors reasonably concluded that said transactions complied with
legislation, the Articles of Association and the principles of sound governance and did not appear to be manifestly imprudent, rash
or in conflict with the resolutions passed by the General Meeting, or such as to undermine the integrity of the Company’s assets.
The Board of Statutory Auditors was also informed about transactions in which Directors declared an interest, on their own account
or on behalf of third parties, and has no comments to make about the compliance of the relevant Board resolutions with laws and
regulations.
2.2 Most significant events
The most significant events involving the Company and the Group in 2024 and the early months of 2025 are described in the 2024
Annual Integrated Report and Consolidated Financial Statements. They include the following events:
January
•  Generali placed two new Euro denominated senior bonds, due respectively in January 2029 and in January 2034, both issued
in “green” format in accordance with its Green, Social & Sustainability Bond Framework. These are its sixth and seventh green
bond issues, for a total of € 1,250 million. The transaction is in line with Generali’s commitment to sustainability: an amount
corresponding to the net proceeds of the bonds will be used to finance/refinance Eligible Green Projects. During the book building
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Generali Group
process, the Notes attracted an aggregate order book in excess of € 2 billion from more than 80 highly diversified international
institutional investors, including a significant representation of funds with Sustainable/SRI mandates.
•  Generali signed an agreement for the acquisition of 51% of Generali China Insurance Company Limited (GCI) for a consideration
of approximately € 99 million. The estimated impact on the Generali Group’s Regulatory Solvency Ratio is approximately -1 p.p.
The acquisition represents a long-term strategic investment to develop a fully owned and controlled general insurance business in
China, enabling Generali to capture an increasing share of the growing Chinese market. Upon completion, Generali will own 100%
of GCI, becoming the first foreign player to acquire a controlling stake of a Property & Casualty insurance company from a single
state-owned entity in China, purely via a mandatory public auction process.
•  Generali updated the financial community on the implementation of the “Lifetime Partner 24: Driving Growth” strategic plan,
confirming that it is on track to meet all of the Group’s key financial targets, as well as on the recent acquisitions of Liberty Seguros
and Conning Holdings Limited, the pure risk and health business and the Group’s cash and capital management. During Investor
Day, Generali also announced a € 500 million buyback, to be submitted for approval at the General Meeting in April 2024 and due
to start later in the year, once all approvals have been received.
•  After obtaining the regulatory approvals, Generali completed the acquisition of Liberty Seguros, announced in June 2023. The
transaction is fully aligned with Generali’s “Lifetime Partner 24: Driving Growth” strategic plan.
March
•  Generali completed the disposal of TUA Assicurazioni S.p.A. to Allianz with which it had reached an agreement in October 
2023. The transaction is aligned with the implementation in Italy of the Group’s “Lifetime Partner 24: Driving Growth” strategic
plan.
•  The Assicurazioni Generali Board of Directors approved the following reports: the Annual Integrated Report and Consolidated
Financial Statements, the Parent’s Draft Separate Financial Statements and the Corporate Governance and Share Ownership
Report at 31 December 2023 and the Report on Remuneration Policy and Payments. Furthermore, the Board approved:
 - a share capital increase for a maximum amount of € 387,970.87 to implement the Group’s 2019-2021 long-term incentive plan,
after checking fulfilment of the necessary conditions. Execution of the Board resolution was subject to IVASS authorisation of
the relevant amendments to the Articles of Association, which was received on 10 April 2024;
 - a share capital increase for a maximum amount of € 9,700,477.94 to implement the Group’s 2021-2023 long-term incentive
plan, after checking fulfilment of the necessary conditions. Execution of the Board resolution was subject to IVASS authorisation
of the relevant amendments to the Articles of Association, which was received on 10 April 2024;
 - to submit the proposal relating to the Group’s 2024-2026 long-term incentive plan, supported by a buyback program to service
the plan, for the approval of the General Meeting.
April
•  Following the receipt of regulatory approvals, Generali completed the acquisition of Conning Holdings Limited (CHL) and its
subsidiaries from Cathay Life, a subsidiary of Cathay Financial Holdings, as announced on 6 July 2023. All the CHL shares were
transferred to Generali Investments Holding S.p.A. (GIH), in exchange for newly issued shares, and Cathay Life became a minority
shareholder in GIH with a 16.75% stake, entering into a long-term partnership with Generali in the asset management business.
In line with the “Lifetime Partner 24: Driving Growth” strategic plan, the acquisition expands the Group’s asset management
business on a global scale by strengthening its investment expertise, growing its business with third-party clients and expanding
its presence in the USA and Asia.
•  Assicurazioni Generali carried out the share capital increase implementing the Group’s 2019-2021 long-term incentive plan,
approved by the 2019 General Meeting, and the Group’s 2021-2023 long-term incentive plan, approved by the 2021 General
Meeting, as resolved by the Board of Directors at its meeting of 11 March 2024. At 12 April 2024, the fully subscribed and paid-up
share capital amounted to € 1,602,462,715.77, represented by 1,569,151,811 shares with no expressed par value.
•  At the proposal of Group CEO Philippe Donnet, the Board of Directors of Assicurazioni Generali approved a new organisational
structure reflecting the Group’s core businesses. As from 1 June 2024, the Generali Group began operating as a diversified financial
group focused on two core businesses: insurance and asset management. The organisational change is designed to accelerate
the Group’s growth and respond even more effectively to the priorities of the insurance and asset management businesses, and
is also fully in line with the “Lifetime Partner 24: Driving Growth” strategic plan. The Insurance Division, headed by Insurance CEO
Giulio Terzariol, will manage the insurance business in all geographical areas, through an agile and simplified organisational model
that strengthens coordination and strategic alignment and ensures greater proximity to the market. Generali Investments Holding
(GIH), led by CEO Woody Bradford, will oversee all asset management activities globally within the Group, with the exception of
the China-based businesses. GIH will concentrate on providing performance and service excellence to existing customers and
growing the third-party business globally. Outside GIH, Banca Generali, led by CEO Gian Maria Mossa, will continue to focus on
offering comprehensive financial advisory services and wealth management solutions. Under the new organisational set-up, Group
Head Office remains responsible for defining Group strategy and objectives, effectively overseeing and supporting all business
areas with a dedicated focus and approach.
•  The General Meeting approved: the Parent Company’s Separate Financial Statements as at 31 December 2023, establishing
distribution of a per-share dividend of € 1.28; the program to buy back shares for the purpose of their cancellation in connection
with the implementation of the 2022-2024 strategic plan for a maximum total outlay of € 500 million and, in any case, for a
maximum number of shares not exceeding 3% of the Company’s share capital; in extraordinary session, the amendments to
Attestations and Reports
417
the Company’s Articles of Association; the Remuneration Report, with an advisory vote approving the Report on Payments; and
the Group’s 2024-2026 long-term incentive plan, authorising the buyback and disposal of shares to service remuneration and
incentive plans for a maximum of 10.5 million treasury shares.
May
•  The Assicurazioni Generali Board of Directors approved the Financial Information at 31 March 2024.
•  Generali commenced a share buyback for the execution of the Group 2023-2025 long-term incentive plan approved by the General
Meeting on 28 April 2023 and all the remuneration and incentive plans approved by the General Meeting and still underway.
The buyback refers to up to 11,300,000 shares and their subsequent disposal - jointly with shares previously bought back - in
connection with the plans. The buyback is authorised for 18 months from the date of the General Meeting, while the disposal of
treasury shares bought back under the plans was approved without time limits. The buyback commenced on 22 May 2024 and
ended on 1 August 2024.
•  A 2023 per-share dividend of € 1.28 was paid out by Assicurazioni Generali.
June
•  Generali announced the appointment of Cécile Paillard as Group Chief Transformation Officer, effective 2 September 2024 and
reporting directly to the General Manager, Marco Sesana. In her role, Cécile Paillard will be responsible for accelerating the Group’s
transformation by leading implementation of the strategy towards greater digitisation of the internal organisation and innovation
in the customer experience and in the distribution networks, key factors for the Lifetime Partner model. Ms Paillard will also be a
member of the Group Management Committee (GMC).
•  The Board of Directors of Assicurazioni Generali checked that the conditions for the payment of the second tranche of shares
under the Share Plan linked to the 2019-2021 mandate of Group CEO Philippe Donnet, approved by the General Meeting on 30
April 2020, had been met, and consequently approved the payment.
August
•  The share buyback to service the Group’s 2023-2025 long-term incentive plan as well as the Group’s incentive and remuneration
plans under execution was completed, with the full implementation of the shareholders’ resolution of 28 April 2023, which
authorised the buyback of up to 11.3 million shares. The weighted average purchase price of the shares was € 23.36. As a result
of the purchases, the Company and its subsidiaries hold 28,359,872 treasury shares, or 1.81% of the share capital.
•  The Assicurazioni Generali Board of Directors approved the consolidated half-year financial report 2024.
•  Assicurazioni Generali commenced the buyback in execution of the shareholders’ resolution of 24 April 2024. The buyback
concerns the purchase of own shares, for the purpose of cancellation, in one or more tranches, without a reduction in share
capital, for a maximum total outlay of € 500 million and in any case for a maximum number of shares not exceeding 3% of the
Company’s share capital, within and no later than 18 months after the shareholders’ resolution. The buyback is part of the “Lifetime
Partner 24: Driving Growth” strategic plan on capital management policy and aims to provide shareholders with remuneration in
addition to dividends, using part of the cash resources accumulated by the Company during the three-year period 2022-2024.
The buyback commenced on 12 August 2024 and ended on 13 December 2024.
September
•  Generali placed a new Tier 2 bond denominated in Euro and due on 3 January 2035, for subscription by institutional investors, for
a total amount of € 750 million. During the book building process, the notes attracted an order book worth more than € 2.4 billion,
more than 3.2 times the amount offered, from a highly diversified base of approximately 185 institutional investors.
October
•  Moody’s confirmed Generali’s Insurance Financial Strength Rating (IFSR) at A3 with stable outlook; the confirmation of the rating,
three levels above the Italian sovereign rating, reflects the Group’s excellent business profile, which benefits from leadership
positions in Europe, the diversification of its business lines and the relatively low product risk. The rating also reflects the Group’s
financial strength.
•  Fitch raised Generali’s outlook from stable to positive and confirmed its Insurer Financial Strength Rating (IFSR) at A+ and its
Long-Term Issuer Default Rating (IDR) at A. The upgrade of the outlook to positive follows Fitch’s review of the Italian sovereign
outlook, which was raised to positive on 18 October 2024, and also reflects the Company’s reduced exposure to Italian sovereign
bonds. The confirmation of the IFSR A+ and IDR A ratings reflects Generali’s solid business profile and excellent capitalisation and
leverage.
November
•  The Assicurazioni Generali Board of Directors approved the Financial Information at 30 September 2024.
December
•  Generali reached an agreement to sell 100% of its stake in Generali Life Assurance Philippines, Inc. to The Insular Life
Assurance Company, Ltd. The transaction is fully aligned with Generali’s “Lifetime Partner 24: Driving Growth” strategic plan.
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Generali Group
The transaction is expected to be finalised by the end of the first half of 2025, subject to receipt of the necessary approvals
from the authorities.
•  On 5 December 2024, the Consent Solicitation announced in November by Genertel came to an end. The company had invited
the holders of its € 500,000,000 Fixed/Floating Rate Subordinated Notes due December 2047 callable December 2027 (ISIN:
XS1733289406) to consider and, if deemed appropriate, to approve the substitution of Genertel with Assicurazioni Generali as the
principal debtor and issuer of the notes, and the further amendments to the regulation as well as the consequent and/or related
amendments to the documents relating to the notes, through the adoption of an extraordinary resolution of the bondholders
to be proposed to the bondholders’ meeting convened by Genertel and to be held pursuant to the Regulation and the Agency
Agreement relating to the notes, all as described in detail in the Consent Solicitation Memorandum. Genertel had subsequently also
announced the extension of the Consent Fee Deadline and the increase of the Consent Fee, pursuant to the Consent Solicitation
Memorandum. On 9 December 2024, Genertel announced that, at the bondholders’ meeting held that day, the extraordinary
resolution was duly approved by bondholders holding 94.50% of the securities represented at the meeting. The substitution of
Genertel with Assicurazioni Generali as principal debtor and issuer of the notes took effect from (and including) 14 December 2024,
following the signing of the Deed Poll and the Supplemental Agency Agreement.
•  AM Best upgraded Generali’s Financial Strength Rating (FSR) from A to A+ and the Long-Term Issuer Credit Rating (ICR) from
A+ to AA-. The outlook is stable. The ratings reflect Generali’s excellent financial strength, strong operational performance, solid
business profile and appropriate approach to risk management.
•  The buyback for the purpose of the cancellation of the shares was completed, since the shareholders’ resolution of 24 April 2024,
which authorised the buyback of shares for a maximum total outlay of € 500 million, had been fully implemented. The weighted
average purchase price of the shares was € 25.36. As a result of the buybacks, the Company and its subsidiaries hold 47,994,953
treasury shares, representing 3.06% of share capital.
•  Following the receipt of the regulatory approvals, Generali completed the sale of 99.99% of its stake in Generali Sigorta A.Ş. to
several local market players, with whom it had reached an agreement in September 2024. The transaction is fully aligned with
Generali’s “Lifetime Partner 24: Driving Growth” strategic plan. The contribution of the Turkish operations to the Group’s operating
result is marginal and the transaction had a negligible impact on Generali’s Solvency Ratio.
•  MSCI confirmed Generali’s ESG rating at AAA for the third consecutive year. Among the key factors underlying the assessment,
MSCI highlighted Generali’s integration of advanced climate risk management practices through evaluation of the impact of
different climate scenarios on underwriting activities and the investment portfolio. MSCI also emphasised Generali’s leadership
in the promotion of sustainable investments, human capital development and governance practices. Generali was also
confirmed in the Dow Jones Sustainability World Index (DJSI World) for the seventh consecutive year and in the Dow Jones
Sustainability Europe Index (DJSI Europe) for the sixth consecutive year, demonstrating the Group’s distinctive approach in
terms of transparency and reporting, tax strategy, human capital management, attention to cybersecurity and climate change
strategy.
Notable events in early 2025 included:
January
•  Generali placed a new Tier 2 instrument denominated in Euro and due in 2035, which was issued in green format under its
Sustainability Bond Framework. This is Generali’s eighth green bond, issued for an amount of € 500 million. The transaction is in
line with Generali’s commitment to sustainability. During the book building process, the notes attracted an order book of € 2.1
billion, more than 4 times the amount offered, from a highly diversified base of over 180 institutional investors, including a significant
representation of funds with Green/SRI mandates. The new bond was issued at the same time as the cash repurchase offer on
three series of subordinated bonds for an aggregate nominal amount not exceeding € 500 million. At the expiry of the offer, the
aggregate nominal amount of securities offered for repurchase totalled € 1,190,585,554 (equivalent), of which Generali accepted
an aggregate nominal amount of € 499,994,000 of the EUR 4.596% notes, in accordance with the terms and conditions of the
offer. The transaction is in line with Generali’s proactive management of maturing debt and aims to optimise its regulatory capital
structure.
•  Generali Investments, the Generali Group global asset management company, and MGG Investment Group, a major investment
company specialising in direct private loans, signed a definitive agreement under which Conning & Company, the wholly-
owned subsidiary of Generali Investments, will acquire a majority stake in MGG (77%) and its affiliates for $ 320 million, with an
additional monetary commitment subject to achievement of certain operational milestones. The current shareholders, including
the management of MGG and McCourt Global, will retain a minority stake. The transaction is expected to close in 2025, subject
to closing approvals and conditions. The estimated impact on the Group Solvency Ratio is approximately -2 p.p..
•  Assicurazioni Generali and Groupe des Banques Populaires et des Caisses d’Epargne (BPCE) announced a non-binding
Memorandum of Understanding to create a joint venture of their respective asset management companies, Generali Investments
Holding (GIH) and Natixis Investment Managers (NIM). The venture would (i) be jointly controlled by the two financial institutions,
each with a 50% share; (ii) operate with a joint governance structure and equal representation and control; and (iii) bring
together the asset management operations of GIH and NIM, leading to the creation of a global player managing assets for €
1.9 trillion. The closing of the potential venture will be subject to the usual regulatory approvals and is expected to take place
by early 2026.
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419
•  In connection with the preparation of its advice for shareholders, the Assicurazioni Generali Board of Directors decided not to
present a list for the renewal of the Company governance body, given that the relevant regulatory framework was incomplete
at the date of the decision and the timeframe would not have been compatible with the authorisation and approval process for
the necessary amendments to the Articles of Association. The Board also identified the characteristics and competences for
the best composition of the incoming governance body, which will serve as a reference for the formation and evaluation of the
shareholders’ lists, and indicated that the majority of the Directors in office (including the Chair and the Group CEO) had expressed
their willingness to consider a possible candidacy.
•  The Assicurazioni Generali Board of Directors approved and presented the Group’s new three-year strategy, “Lifetime Partner 27:
Driving Excellence” to the financial community. Founded on the solid platform built since 2016 and on the attainment of all the key
financial targets in the 2022-2024 plan, the new strategy is focused on driving excellence in customer relationships, in the core
competences of the insurance and asset management businesses, and in the operating model, and is based on the potential of
the Group’s people, on AI and data, and on sustainability.
•  Generali commenced a share buyback for the execution of the Group 2024-2026 long-term incentive plan approved by the General
Meeting on 24 April 2024 and all the remuneration and incentive plans approved by the General Meeting and still underway.
The buyback refers to up to 10,500,000 shares and their subsequent disposal - jointly with those previously bought back - in
connection with the plans. The buyback is authorised for 18 months from the date of the General Meeting, while the disposal of
treasury shares bought back under the plans was approved without time limits. The buyback commenced on 31 January 2025
and will end by 30 April 2025.
February
•  On 17 February 2025, alternate auditor Giuseppe Melis, drawn from the list presented by the shareholder VM2006 Srl, announced
his resignation due to intervening impediments. Consequently, the agenda of the next General Meeting will include the appointment
of a new alternate auditor to replace Mr Melis.
March
•  Under the buyback that commenced on 31 January, on 28 February 2025 Generali and its subsidiaries held 54,673,071 treasury
shares, representing 3.48% of share capital.
•  The Board of Directors approved the Annual Integrated Report and Consolidated Financial Statement, the Parent’s Draft Separate
Financial Statements and the Corporate Governance and Share Ownership Report as at 31 December 2023 and the Report on
Remuneration Policy and Payments.
3. Related-party and intragroup transactions. Atypical and/or
unusual transactions (points 2 and 3 of Consob Communication
no. 1025564/01)
The Company implements “Related-Party Transaction Procedures” (“RPT Procedures”), adopted in compliance with art. 2391-bis 
of the Italian Civil Code and Consob Regulation 17221/2010, as subsequently amended, which are also applicable to transactions
performed through the subsidiaries.
The RPT Procedures were last updated in March 2024, and the amendments were aimed, in particular, at defining the reporting
scope of the Group Compliance function, while ensuring consistency with the applicable internal regulations.
The Board of Statutory Auditors believes that these procedures comply with the pro tempore version of Consob Regulation
17221/2010. During the year, it monitored the Company’s compliance with said procedures.
The 2024 Separate Financial Statements of Assicurazioni Generali S.p.A. and the 2024 Annual Integrated Report and Consolidated
Financial Statements illustrate the effects of related-party transactions on results of operations and equity, and describe the most
significant relationships.
In 2024, two transactions classified as being of “minor materiality” were brought to the attention of the RPTC, while no transactions
of “greater materiality” pursuant to the RPT Procedures were brought to the committee’s attention.
In this respect, in accordance with art. 4.6 of the Consob RPT Regulation, the Board of Statutory Auditors oversaw compliance with
the RPT Procedure, monitoring the process that led to the issue of the RPT Committee’s opinion pursuant to art. 7 of the Consob
RPT Regulation, and attended the relevant meetings in full.
No urgent transactions with related parties took place.
The Board of Statutory Auditors’ oversight activities ascertained that the intragroup transactions performed during the year were
compliant with IVASS Regulation no. 30/2016 on intragroup transactions and concentration of risk and with the AG Policy on
intragroup transactions adopted by the Board of Directors on 15 March 2017 and most recently updated on 11 December 2024,
and qualify as exempt transactions for the purposes of Consob regulations. The main intragroup transactions, regulated at market
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prices, were through reinsurance and coinsurance agreements, administration and management of securities and real estate,
claims management and settlement, IT and administrative services, loans and guarantees, and personnel loans. They allowed the
rationalisation of the operational functions and a better level of services.
The Board of Statutory Auditors deems the information on intragroup and related-party transactions provided by the Board of
Directors in the 2024 Separate Financial Statements to be adequate.
As far as the Board of Statutory Auditors is aware, no atypical and/or unusual transactions took place during 2024.
4. Monitoring the fitness for purpose of the organisational
structure. Organisational structure of the Company and the Group,
relations with subsidiaries (point 12 of Consob Communication no.
1025564/01)
The organisational structure of the Company and the Group and its evolution are described in detail in the Corporate Governance
and Share Ownership Report, to which reference should be made for additional information.
In addition, the Board of Statutory Auditors notes that, with regard to the organisational changes at the Group/Assicurazioni Generali
S.p.A. during 2024, the Group organisational structure is based on four dimensions: Group Head Office (GHO) and three “Business
Areas”.
As reported in section 2 above, the Board of Directors approved a new organisational structure effective from 1 June 2024 to
strengthen the focus on the Group’s three main business areas: the Insurance Division, Generali Investments Holding and Banca
Generali, while GHO provides direction and coordination with a diversified approach across the different businesses.
Specifically, the Board of Statutory Auditors draws attention to the following characteristics of the current Group organisational
structure:
•  GHO performs management and coordination functions across the Group, consistent with Assicurazioni Generali S.p.A.’s role
as ultimate Italian parent company, guaranteeing support and strategic alignment of the Group entities; within GHO, the Key
Functions ensure the proper operation of the Group’s internal control system, risk management, actuarial activities and regulatory
compliance. In addition, GHO oversees the provision of the Group’s shared services for the technological infrastructure and
procurement services at Group level (through the Generali Operations Service Platform company), in order to achieve cost
synergies, improve service levels and accelerate the digitisation of the business;
•  the Insurance Division directs the performance of the insurance business in all geographical areas where the Group operates,
ensuring coordination and strategic alignment through a streamlined and simplified organisational model. The Division consists of
7 Country Business Units and 3 Regions, which develop and implement the Group’s strategy in line with the characteristics of the
local markets;
•  Generali Investments Holding oversees and coordinates all the operating entities in the asset management sector, with the mission
of enhancing the Group’s diversified investment capabilities and fostering the global expansion of the third-party business. It
coordinates the business area, which comprises Generali Asset Management (for liability-driven investments), Generali Real Estate
and a platform of several asset management affiliates, including companies specialising in the management of different asset
classes, and Conning Holding;
•  Banca Generali carries out banking activities and provides financial advisory services and asset management solutions.
With reference to the organisational changes that took place in 2024 and early 2025, the Board of Statutory Auditors monitored the
action taken by the Company and currently still underway to implement the new Group organisational structure.
The Board of Statutory Auditors verified the fitness for purpose of the overall Company and Group organisational structure, which is
to be commended for its dynamic nature, and also monitored the process for the definition and assignment of powers, with particular
attention to the separation of responsibilities for tasks and functions, pursuant to art. 74.3.b) of IVASS Regulation no. 38/2018.
In this regard, it should be noted that, in 2023, the BoD decided to further strengthen its strategic oversight and monitoring of the
exercise of delegated powers, and approved the AG policy on information flows to the governing bodies, in part with a view to
expanding reporting to the BoD. The Board of Statutory Auditors notes that with a resolution of 31 July 2024, the BoD updated
the policy on information flows to the governing bodies approved in July 2023, establishing a six-monthly analysis of the balance
of proxies and sub-delegated powers as part of the assessment of the fitness for purpose of the organisational structure and the
system of delegated powers, thus strengthening the Board’s oversight on the exercise of delegated powers.
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The Board of Statutory Auditors checked the fitness for purpose of the Company’s instructions to the subsidiaries pursuant to
art. 114.2 of the CLFI, in order to obtain on a timely basis the information necessary to comply with the disclosure requirements
envisaged by the law and Regulation (EU) no. 596/2014.
Furthermore, pursuant to paragraphs 1 and 2 of art. 151 of the CLFI and art. 74.3.g) of IVASS Regulation no. 38/2018, the Board
of Statutory Auditors obtained the reports of the boards of statutory auditors of the main subsidiaries and/or the information sent by
said boards in response to specific requests.
5. Oversight of the internal control and risk management system,
the administrative/accounting system and the financial reporting
process (points 13 and 14 of Consob Communication no.
1025564/01)
5.1. Internal control and risk management system
The main characteristics of the internal control and risk management system are described in the Corporate Governance and
Share Ownership Report and the Group Risk Report (included in the 2024 Annual Integrated Report and Consolidated Financial
Statements).
The internal control and risk management system (“ICRMS”) consists of the rules, procedures and corporate units that - also with
regard to the Company’s role as the ultimate Italian parent (“UIP”), pursuant to art. 210.2 of the Private Insurance Code - enable
the Company and Group to operate effectively and to identify, manage and monitor the main risks to which they are exposed. The
ICRMS is an integrated system involving the whole organisational structure: the governing bodies and the corporate units, including
the Key Functions, are required to contribute in a coordinated and interdependent manner to its operation.
Since 2018, in compliance with industry regulations, the Company has adopted a “reinforced” corporate governance model that
takes account of the quali-quantitative parameters indicated in the IVASS letter to the market of 5 July 2018. Features envisaged
by the model include: the non-executive role of the Chair, the existence of the RCC and a remuneration committee, the effective
and efficient performance of the Key Functions by specific organisational units (separate from the operating functions and not
outsourced), headed by individuals with appropriate skills and qualifications.
The Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk Officer and Group Chief Actuarial Officer Functions
are the Key Functions under IVASS Regulation no. 38/2018, in addition to the Group Chief Anti Financial Crime Officer Function. To
guarantee a consistent Group approach, the Company formulates Group directives on the governance system integrated with Group
internal control and risk management policies, which apply to all the companies.
The ICRMS was drawn up in accordance with Solvency II - including EIOPA guidelines and delegated acts - and with the Italian laws
and regulations that enact Solvency II. For further details, see the Group Risk Report.
As required by industry regulations, the Board of Statutory Auditors verified the fitness for purpose of the Company and Group
ICRMS, and checked its actual operation. Specifically, and in line with arts. 8 and 74 of IVASS Regulation no. 38/2018, the Board
of Statutory Auditors:
i)  took note of the assessment of the adequacy and effectiveness of the ICRMS carried out by the Board of Directors every six
months after consultation with the RCC;
ii)  took note of the RCC report issued every six months to support the Board of Directors;
iii)  took note of the summary document covering the assessment of the adequacy and the effectiveness of the internal control and
risk management system prepared by the Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk Officer,
Group Actuarial Function and Group Chief Anti-Financial Crime Officer Functions and the statement of the GCEO acting as the
Director responsible for the internal control and risk management system;
iv)  attended all meetings of the RCC, obtaining information about the initiatives that the Committee decided to promote or request
on specific subjects;
v)  obtained information about the development of the organisational units and the activities performed by the Key Functions,
including through meetings with the managers concerned;
vi)  examined the activity reports of the Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk Officer, Group
Actuarial Function and Group Chief Anti Financial Crime Officer Functions, submitted to the RCC and the Board of Directors;
vii)  examined the half-yearly complaints reports drawn up by the head of the Group Chief Audit Officer Function;
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viii)  verified the autonomy, independence and efficiency of the Group Chief Audit Officer Function, and established and maintained
appropriate and constant ties with it;
ix)  examined the Audit Plan drawn up by the Group Chief Audit Officer Function and approved by the Board of Directors, monitored
compliance with it, and received information about audit results and the effective implementation of mitigating and corrective
actions;
x)  took note of the activities of the Surveillance Body formed by the Company in compliance with Lgs.Decree 231/2001 through
specific disclosures and meetings for updates on the body’s activities;
xi)  obtained information from the heads of the functions involved in the ICRMS;
xii)  exchanged information with the boards of statutory auditors of the subsidiaries, as required by arts. 151.1 and 151.2 of the CLFI
and by art. 74.3.g) of IVASS Regulation no. 38/2018;
xiii)  met and exchanged information with the Group CEO, who is tasked with setting up and maintaining the ICRMS;
xiv)  obtained information about the development of the Group’s regulatory system, in particular the system of policies, regulations,
guidelines and procedures designed to ensure compliance with the specific regulations of the insurance industry and listed
companies applicable to or adopted by the Company.
As part of its oversight of the ICRMS, during 2024 and early 2025, the Board of Statutory Auditors paid particular attention to
the following issues, in part through constant contact with the Board of Directors, the Risk and Control Committee and the Key
Functions, as well as with the control functions of the Group companies:
•  the acquisition of the Conning Group and the definition of the governance system for the new Asset Management business area;
specifically, as reported in section 4, the implementation of the new corporate structure approved by the BoD in April 2024 is still
underway and the Key Functions are closely monitoring all related issues;
•  alignment with the requirements of the Digital Operational Resilience Act (“DORA”), which came into force on 17 January 2025, for
which the Group drew up a specific program launched in 2023; all the initiatives set out in the program have been implemented,
with the exception of two activities relating to back-up & restore and disaster recovery, which will be completed in 2025 and by
mid-2026, respectively, in view of their respective complexity. The Board of Auditors plans to closely follow the completion of the
implementation of the DORA requirements;
•  Product Oversight and Governance (“POG”) issues in the European context, an area that should be continuously implemented, as
well as personal data protection, particularly in connection with cybersecurity;
•  the use of Artificial Intelligence and modern process data mining methodologies, in order to raise the level of assurance of the
general process for the assessment of the internal control system by raising its overall level of reliability, independence and data
quality;
•  risk mitigation in the area of Anti Financial Crime (AFC), which remains a strategic priority in light of the intense regulatory
developments on the subject as well as the increased complexity of the environment;
•  risks related to sustainability factors, whose importance is growing, particularly with regard to the requirements of the Sustainable
Finance Disclosure Regulation (“SFDR”) and the Corporate Sustainability Reporting Directive (“CSRD”);
•  monitoring the impact of macroeconomic and geopolitical changes on the Group’s business;
•  the future evolution of redemption rates;
•  monitoring the increase in the frequency and intensity of certain natural events observed in 2024 and the resulting impact on the
business, including work on the Group reinsurance strategy.
The above-mentioned areas are the subject of programs for the continuous improvement of the efficiency and effectiveness of the
Group system and are specifically monitored by the Board of Statutory Auditors.
In light of all of the above and taking into account the dynamic nature of the ICRMS and the corrective action taken and planned
by the Key Functions, no factors emerged from the analyses conducted or the information obtained that could lead the Board of
Statutory Auditors to consider the Company’s internal control and risk management system as a whole not fit for purpose.
5.2. Administrative accounting system and financial reporting process
The Board of Statutory Auditors monitored the activities conducted by the Company to assess the fitness for purpose and operation
of the administrative accounting system and the financial reporting process, on an on-going basis.
This objective was pursued by the Company through the adoption of a financial reporting model consisting of a set of principles, rules
and procedures designed to guarantee an adequate administrative and accounting system.
Consistently with the Company ICRMS, the financial reporting model involves the corporate bodies and the operating and control
units in an integrated management approach, consistently with their different levels of responsibility.
The main characteristics of the model are described in the Corporate Governance and Share Ownership Report.
No matters to be highlighted in this report emerged from the data and information exchanges with the external auditors for the
performance of our respective tasks pursuant to art. 150.3 CLFI and art.74.3.e) of IVASS Regulation no. 38/2018.
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At a meeting on 31 March 2025, the Board of Statutory Auditors examined the additional report drawn up by the KPMG external
auditors, pursuant to art. 11 of EU Regulation 537/2014, and noted that it identified no significant shortcomings in the internal control
system with regard to financial reporting. The key topics were discussed and analysed during the regular information exchanges
between the Board of Statutory Auditors and the external auditors.
In overseeing the fitness for purpose of the administrative and accounting system, the Board of Statutory Auditors also verified,
pursuant to art. 15 of Consob Regulation no. 20249 of 28 December 2017 (“Markets Regulation”), that the corporate organisation
and procedures adopted enable the Company to ascertain that its subsidiaries incorporated in and governed by the legislation
of non-EU countries, which are required to comply with Consob regulations, have an administrative/accounting system fit for the
purpose of regularly supplying the Company’s management and auditors with the business and financial data required to draw up
the consolidated financial statements.
At 31 December 2024, the significant non-EU companies for the purposes of the Markets Regulation were: Generali
Personenversicherungen AG and Generali China Life Insurance Co. Ltd..
5.3. The Sustainability Report
The Board of Directors approved the Annual Integrated Report and Consolidated Financial Statements, which also includes the
Generali Group Sustainability Report on 12 March 2025.
In accordance with Lgs.Decree 125/2024, which transposed Directive 2464/2022/EU (the Corporate Sustainability Reporting Directive
- CSRD) into Italian law, the Report was drawn up in accordance with the European Sustainability Reporting Standards (ESRS) and
is subject to a limited audit entrusted to the auditors engaged to audit the Generali Group’s financial statements, to be carried out in
accordance with the “Principle of Sustainability Assurance Engagement - Standard on Sustainability Assurance Engagement - SSAE
(Italy)”. The Sustainability Report does not include the ESRS voluntary disclosures, nor the disclosure requirements or items thereof
that are not applicable in the first year(s) of reporting, as these requirements are intended to be phased in.
The Sustainability Report was drawn up on a consolidated basis, using the same scope as that of the Consolidated Financial
Statements. The subsidiaries, which meet the requirements under European or local law for the application of the exemption from the
obligation to publish individual sustainability reports, have taken up this option. The Group has not availed itself of the option to omit
specific proprietary information, nor of the option to not disclose information concerning any extraordinary transactions outstanding
as at 31 December 2024.
The Sustainability Report adopts metrics also partially determined by the use of estimates taken directly from internal sources, from
customers or from external data providers; the methodologies are described for each one, in accordance with the minimum reporting
requirements.
The Board notes that the Group uses a cross-reference to the Notes to the Financial Statements, with particular reference to the
section “Climate Change Disclosure”, concerning information on how the climate scenarios considered are compatible with the
fundamental climate-related assumptions in the financial statements.
In this first year of reporting under Lgs.Decree 125/2024, the Group applied the transitional provision of Section 10.3 of ESRS 1
concerning comparative information, and therefore did not disclose any significant changes from previous reporting periods.
Consistently with the functions and duties assigned to it by law, the Board of Statutory Auditors monitored compliance with the
legislation governing the preparation and publication of the Sustainability Report. Specifically, it monitored the fitness for purpose of
the Group’s organisational structure with respect to the areas of relevance to the Sustainability Report, and ascertained the presence
of appropriate procedures for the collection, organisation and presentation of sustainability results and information; on this last point,
it also monitored compliance with the EU Taxonomy Regulation.
For this purpose, in 2024 and early 2025, the Board of Statutory Auditors examined the documentation made available by the
Company, and held meetings with the management team responsible for the disclosure on the Sustainability Report and with the
representatives of the external auditors, who, as noted above, are also responsible for issuing the limited assurance required by art.
8 Lgs.Decree 125/2024.
The Board of Statutory Auditors also noted that the KPMG auditing firm issued a report on 31 March 2025 certifying that the
Sustainability Report had been drawn up, in all significant aspects, in compliance with the ESRS and art. 8 of EU Regulation
2020/852.
The Board of Statutory Auditors observes that, on completion of its inspections, no evidence of non-conformity of the Group 2024
Sustainability Report with the regulations governing its preparation and publication came to its attention.
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6. Other activities performed by the Board of Statutory Auditors
6.1. Additional periodic checks
In addition to the matters described above, the Board of Statutory Auditors conducted specific periodic checks in accordance with
the laws and regulations governing the insurance industry.
In particular, in part by participating in the work of the RCC and through its own checks, the Board of Statutory Auditors oversaw:
•  compliance with the investment policy guidelines approved by the Board of Directors, pursuant to art. 8 of IVASS Regulation no.
24 of 6 June 2016;
•  the compliance of derivative transactions with the guidelines and limitations imposed by the Board of Directors, and the regularity
of the Company’s periodic communications to IVASS;
•  the administrative procedures adopted for the handling, safekeeping and accounting of financial instruments, checking
the instructions issued to depositaries regarding periodic despatch of statements of account with suitable indications of any
encumbrances;
•  the fact that the assets covering the technical reserves were free of encumbrances and fully available;
•  compliance with the register of assets covering the technical reserves.
In the Notes to the Financial Statements, the Company has provided a disclosure on share-based payment agreements, in particular
the incentive plans based on equity instruments assigned by the Parent and by other Group companies.
In line with the recommendations set out in the joint Banca d’Italia/Consob/ISVAP document no. 4 of 3 March 2010 and Consob
communication no. 0003907 of 19 January 2015, the Group’s goodwill impairment test procedure, adopted in accordance with IAS
36 and the recommendations provided in the OIC document “Impairment and Goodwill” of May 2011, is submitted annually for the
advisory opinion of the RCC and, subsequently, for the prior approval of the Company’s BoD.
The notes to the half-year report at 30 June 2024 and to the financial statements at 31 December 2024 provide information on and
the results of the measurement process carried out by the Company: the Board of Statutory Auditors, through discussions with the
Manager in charge of preparation of the Company’s financial reports and with the external auditors at meetings periodically held
as part of the scheduled exchanges of information for the performance of their respective duties, monitored the process and has
nothing to report in this respect.
6.2 Activities performed in the context of evolving legislation
To the extent of its remit, during 2024 the Board of Statutory Auditors monitored the issuance of: (i) recommendations by the relevant
European and national authorities that could impact the operations of the Company and the Group, specifically, the financial and
sustainability reporting process; (ii) guidelines by industry associations on the interpretation and consequent application of some
international accounting standards, and (iii) indications on financial disclosure and on compliance with the restrictions adopted by
the EU against Russia in the wake of the conflict in Ukraine.
To this end, the Board of Statutory Auditors declares:
•  that it received appropriate information from the Board of Directors, the Manager in charge of preparation of the Company’s
financial reports, the Group CEO and the relevant Company Functions on the drafting and financial reporting process for the 2024
draft separate financial statements and the 2024 Group consolidated financial statements;
•  that it had constant exchanges with the external auditors on the drafting and financial reporting process for the 2024 draft separate
financial statements and the 2024 Group consolidated financial statements and on matters that emerged during the respective
audit and control activities; no elements to be disclosed in this report emerged during the meetings;
•  that it had exchanges of information, also pursuant to art. 151.2 of the CLFI, with the boards of statutory auditors of the main
subsidiaries: no elements to be disclosed in this report emerged during the meetings.
6.3 Additional activities of the Board of Statutory Auditors
As described in the 2023 Annual Report of the Board of Statutory Auditors, on 10 October 2022, IVASS notified the Company that
inspections would be conducted, pursuant to art. 189 of the Private Insurance Code, to ascertain the efficiency of the corporate
governance system and the efficacy of monitoring on financial investment risk management, also in relation to the Company’s
position as the ultimate Italian parent. These inspections were completed on 31 March 2023, and the inspection report submitted to
the Company BoD on 25 September 2023 (the “Inspection Report”) presented various observations and some suggestions to the
Board of Directors, without, however, providing for the imposition of any administrative sanctions. As a result, in October 2023, the
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Company sent IVASS an improvement action plan approved by the Board of Directors, and its considerations on the findings of the
inspection. At the time, the Board of Statutory Auditors provided Consob with appropriate information on the matter.
The remediation plan was gradually implemented throughout 2024 and early 2025 and the Company provided IVASS with progress
updates in August and December 2024, and most recently in February 2025.
In this connection, during 2024 and early 2025 the Board of Statutory Auditors continued to monitor progress on the remediation
plan drawn up by the Company, through special quarterly meetings and discussions with the General Manager and the Group
General Counsel (both Project Sponsors) and through attendance at the meetings of the RCC and the Board of Directors.
Specifically, the Board of Statutory Auditors was able to ascertain that all the activities envisaged in the plan had been completed by
the agreed deadlines and provided Consob with status updates.
In November 2024, the Chair of the Board of Statutory Auditors met IVASS in relation to the management and coordination activities
carried out by the Company vis-à-vis Group companies with respect to P&C and life reserving, and the control and monitoring
activities carried out in its role as ultimate Italian parent.
As part of its supervisory activities pursuant to art. 149 of the CLFI, on the occasion of the proposed resolution concerning the
asset management joint venture project with Natixis (see section 2.2 above, “Most significant events” relating to January 2025), the
Board of Statutory Auditors informed the Investment Committee and the Board of Directors that it deemed it advisable to postpone
any decision on the project under consideration. This was because, in the opinion of the statutory auditors, the documentation and
explanations provided by management in preparation for the meetings were not sufficient.
Following the presentation of the missing documentation (specifically, the fairness opinions), which was made available shortly before
the Investment Committee, and taking account of its content (which in the opinion of the majority of the statutory auditors was quick
and easy to read, as it gave a positive opinion without particular limitations) and the details provided during the Committee meeting
and the Board meeting, the majority of the members of the Board of Statutory Auditors (but not the Chair) felt that the reasons that
had led them to advise postponing the decision on the JV project had been superseded. The same majority also felt that there
were no grounds to report irregularities to the authorities, but reserved the right to ask for an opinion from a lawyer of its choice on
whether a decision on the JV proposal was within the competence of the Board of Directors. The requested opinion confirmed that
the competence did indeed lie with the Board of Directors.
7. Organisation and management model pursuant to Lgs.Decree
no. 231/2001
In 2024, the updating of the Company’s Organisational and Management Model (“MOG”) continued in order to incorporate the
amendments made to Lgs.Decree no. 231/2001 (“Decree 231”) during the reporting period and the organisational and/or operational
changes that involved the Company.
Specifically, updating continued in order to transpose the new legislation introduced with reference to the following regulations:
•  Lgs.Decree 221/2023 «Provisions on collaborative compliance», concerning the certification of integrated tax risk monitoring
systems and the enhancement of the bonus effects associated with adherence to the collaborative compliance regime;
•  Law 90/2024 «Provisions on the strengthening of national cybersecurity and computer crime», which has added, in the catalogue
of offences of Lgs.Decree 231/01, art. 629 of the Criminal Code on “cyber extortion”;
•  Law 112/2024, which has introduced the new offence, ex art. 314-bis of the Criminal Code, of “misappropriation of money or
movable property”;
•  Law 114/2024 (the «Nordio Law»), which has repealed the offence of abuse of office, ex art. 323 of the Criminal Code, and
amended the offence of trafficking in unlawful influence, set out in art. 346-bis of the Criminal Code;
•  Law no. 6 of 22 January 2024 concerning amendments to the offence referred to in art. 518-duodecies of the Criminal Code
concerning the “Destruction, dispersion, deterioration, defacement, contamination and unlawful use of cultural or landscape
heritage”.
The Board of Statutory Auditors viewed and obtained information about the organisational and procedural activities conducted
pursuant to Decree 231. The main aspects connected with the organisational and procedural activities conducted by the Company
pursuant to Decree 231 are illustrated in the Corporate Governance and Share Ownership Report.
No noteworthy facts and/or circumstances emerged from the report submitted by the Surveillance Body on its activities.
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8. Ratification of the Corporate Governance Code, Composition
of the Board of Directors, and remuneration (point 17 of Consob
Communication 1025564/01)
Since 1 January 2021, the Company has followed the Corporate Governance Code (hereinafter, the “CG Code”) issued by the
Corporate Governance Committee promoted by Borsa Italiana S.p.A. and applicable to the Company as from that date. The check-
list for compliance with the principles and criteria of the Corporate Governance Code is set out in the Information Compendium to
the 2024 Corporate Governance and Share Ownership Report published on the Company website, to which reference should be
made.
The Board of Statutory Auditors continued to evaluate the procedures for concrete implementation of the principles and application
criteria of the Code, and has no comments to make on them.
The Board of Statutory Auditors notes that the Board of Directors evaluated its own and the Board Committees’ operation, size and
composition, taking the principles and recommendations of the Code into account.
In line with the Corporate Governance Code’s Recommendations, the NGC took on the tasks concerning the board review process
and the periodic check on the fulfilment of the requirements for the members of the Board of Directors and the Board of Statutory
Auditors.
The 2024 Board Review took place between August and October 2024 and included, as in the past, a detailed questionnaire for
the members of the BoD, as well as individual confidential interviews carried out by the independent consultant Spencer Stuart Italia
s.r.l., who also analysed the replies.
A peer-to-peer review was also conducted, to promote a more thorough assessment of the involvement of each Director and his
or her contribution to the Board’s work. These instruments examined the size, composition and functioning of the BoD and Board
Committees. In 2024, the third year of the Board’s mandate, the review was an opportunity for reflection on corporate governance
issues as preparation for the drafting of the Advice for Shareholders prior to the 2025 General Meeting.
The Board of Statutory Auditors notes that the results of the 2024 Board Review were presented to and discussed by the Board of
Directors, after examination by the NGC, at its meeting on 16 October 2024, attended by the Board of Statutory Auditors. The main
strengths and areas for attention identified by the 2024 Board Review are detailed in the 2024 Corporate Governance and Share
Ownership Report.
At its meeting of 28-29 January 2025 which the Board of Statutory Auditors attended, taking into account the results of the 2024
Board Review and in compliance with the recommendations of the CG Code, the Board of Directors drew up the Advice for
Shareholders on the quantitative and qualitative composition of the incoming Board of Directors, in preparation for the Board’s
appointment by the 2025 General Meeting,
In early 2025, in line with the recommendations of Rule Q.1.7 of the Rules of Conduct for the Board of Statutory Auditors of Listed
Companies drawn up by the National Board of Accountants and Auditors (CNDCEC), the Board of Statutory Auditors conducted a
self-assessment of its composition and operation, and discussed the findings at a meeting on 19 February 2025.
In the same meeting on 19 February 2025, the Board of Statutory Auditors also checked the correct application of the criteria
and the process commenced by the Board of Directors to assess the independence of the independent directors and statutory
auditors.
In light of the Company policies and operating guidelines, the Board of Directors conducted its own assessment as to whether
the independence requirement was met, on the basis of all the information available to the Company and specific supplementary
declarations designed to obtain from self-declared independent directors and statutory auditors accurate information about the
existence of any commercial, financial or professional relationships, self-employment or employment relations or relationships of a
financial or professional nature, that are of significance under the Corporate Governance Code and the CLFI.
At its meeting on 19 February 2025, pursuant to art. 76 of the PIC and the provisions of Ministerial Decree 2 May 2022, no. 88
(“Regulation concerning requirements and suitability criteria for the performance of the duties of corporate officers and persons
responsible for key functions pursuant to art. 76 of the insurance code, as per legislative decree no. 209 of 7 September 2005”),
the Board of Statutory Auditors ascertained that each member met the fairness criteria and the respectability, competence,
professionalism, independence and time-availability requirements set down by law. The Board of Statutory Auditors also checked
the members’ compliance with the requirement on the limitations on the number of offices pursuant to art. 16 of the above Ministerial
Decree 88/22. At the same meeting of 19 February 2025, as part of the assessment of its collective fitness for purpose, also required
by art. 10 and 11 of Ministerial Decree 88/22, the Board of Auditors ascertained that its collective composition was fit for purpose
and appropriately diversified.
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427
The Board of Statutory Auditors also verified the existence of interlocking situations as envisaged by art. 36 of Decree Law no. 201
of 6 December 2011 in respect of the permanent statutory auditors, at its meeting on 17 June 2024. The checks did not reveal any
positions held by the Company’s statutory auditors that violate the interlocking regulations.
Finally, the Board of Statutory Auditors notes that the Board of Directors adopted a specific policy and a top management succession
plan.
The Board of Statutory Auditors has no comments to make about the consistency of the remuneration policy with the recommendations
of the CG Code and its compliance with IVASS Regulation no. 38/2018.
9. Independent audit (points 4, 7, 8 and 16 of Consob
Communication no. 1025564/01)
9.1. Activities of the Board of Statutory Auditors in financial year 2024
During the year, the external auditors KPMG engaged to perform the statutory audit of the separate and consolidated financial
statements for the nine year period 2021-2029 checked that the accounts were regularly kept and that operations were duly
recognised in the accounting records, without findings.
On 31 March 2025 they issued their reports pursuant to arts. 14 and 16 of Lgs.Decree 39/2010 for, respectively, the Company’s
separate financial statements and the Group consolidated financial statements as at and for the year ended 31 December 2024.
The reports indicate that the financial statements were drawn up clearly and give a true and fair view of the financial position, results
of operations and cash flows as at and for the year ended 31 December 2024, in compliance with the applicable standards and
regulations.
In connection with the reports, KPMG also expressed an opinion on the conformity of the separate and consolidated financial
statements with Regulation (EU) 2019/815 (“ESEF Regulation”).
The Manager in charge of preparation of the Company’s financial reports and the Managing Director/Group CEO issued the
declarations and certifications required by art. 154-bis of the CLFI as regards the Company’s separate financial statements and the
consolidated financial statements as at and for the year ended 31 December 2024.
Within the terms of its remit, the Board of Statutory Auditors monitored the general layout of the separate financial statements and
the consolidated financial statements in accordance with legislation and specific regulations governing the preparation of insurance
companies’ financial statements.
The Board of Statutory Auditors declares that the Group consolidated financial statements were drawn up in accordance with the
IAS/IFRS issued by the IASB and endorsed by the EU, in compliance with EU Regulation 1606 of 19 July 2002 and the CLFI, and
with the Private Insurance Code. The consolidated financial statements were also based on the mandatory templates pursuant to
ISVAP Regulation no. 7 of 13 July 2007 as subsequently amended, and the provisions of Consob Communication no. 6064293 of
28 July 2006. The Notes to the Financial Statements illustrate the measurement criteria used, and provide the information required
by current legislation.
The Directors’ Report on Operations annexed to the separate financial statements of the Parent illustrates business performance,
indicating current and prospective trends, and the Group’s development and reorganisation process.
During the meeting of the RCC on 10 March 2025, the Board of Statutory Auditors, having acknowledged the information provided
by the Manager in charge of preparation of the Company’s financial reports and also taking into account the supervisory activities
carried out on the procedures performed by the external auditors and the exchange of information with the representatives of
the latter, noted that there were no elements to report to the Committee for the purpose of its assessment of the correct use of
the international financial reporting standards and their consistent application to the Group companies in order to prepare the
consolidated and the separate financial statements of the Parent Assicurazioni Generali.
On 31 March 2025, KPMG provided the Board of Statutory Auditors, in its capacity as Internal Control and Account Audit Committee,
with its own additional report pursuant to art. 11 of EU Reg. 537/2014. In compliance with the terms of art. 19.1.a of Lgs.Decree no.
39/2010, the Board of Statutory Auditors sent the report promptly to the Board of Directors, with no observations.
During the year, the Board of Statutory Auditors held meetings with the managers of the external auditors KPMG, also pursuant to
art. 150.3 of the CLFI and art. 74.3.e of IVASS Regulation no. 38/2018. As part of its oversight activities as per art. 19 of Lgs.Decree
39/2010, in its role as Internal Control and Account Audit Committee the Board of Statutory Auditors acquired information from
428
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
KPMG concerning the planning and execution of the audit. During the meetings, significant information and data were exchanged
to assist the Board of Statutory Auditors and the external auditors in their respective activities, and no noteworthy facts or situations
emerged.
Pursuant to art. 19.1.e of Lgs.Decree no. 39/2010, the Board of Statutory Auditors, again in its capacity as Internal Control and
Account Audit Committee, checked and monitored the independence of the external auditors. The checks found no situations that
prejudiced the independence of the external auditors or constituted grounds for incompatibility under the applicable legislation. The
above is confirmed by the statement issued by KPMG pursuant to art. 6.2.a of EU Reg. 537/2014.
With respect to KPMG’s request to change the hours and fees for the audit of the 2024 financial statements, the Board of Statutory
Auditors, also based on the confirmations made by the competent corporate functions, deemed that such request was consistent
with the statutory audit process covered by the engagement in force, adequate given the increased workload caused by the
additional activities indicated, and fair in relation to the professional hours requested to perform the engagement.
9.2. Activities of the Board of Statutory Auditors with regard to non-audit
services
With regard to non-audit services, it is noted that the Company adopted a specific procedure to govern the assignment of non-audit
services to the external auditors and entities of its network (“Assignment of non-audit services to auditors Group Guideline”). In 2024,
the Board of Statutory Auditors monitored compliance with the above-mentioned Guideline, also in order to exclude potential risks
to the auditors’ independence.
During 2024, as envisaged by art.19.1.e of Lgs.Decree 39/2010 and art. 5.4 of EU Reg. 537/2014, in its capacity as Internal
Control and Account Audit Committee, the Board of Statutory Auditors conducted a preliminary examination of the proposals for
the assignment of non-audit services to KPMG or to entities in its network. As part of its assessments - and where required by the
Guideline with the support of the Group Chief Audit Officer Function - the Board of Statutory Auditors checked the compatibility of
said services with the prohibitions set out in art. 5 of EU Reg. 537/2014 and with the provisions of Lgs.Decree 39/2010 (art. 10 et
seq.), in the Issuers’ Regulation (art.149-bis et seq.) and in the “Code of professional ethics, confidentiality and professional secrecy,
as well as independence and objectivity of the parties authorised to perform statutory audits” published on 30 March 2023 and
adopted by a determination of the State General Accounting Office of the Italian Ministry of Economy and Finance on 23 March
2023. This Code is inspired by the IESBA Code of Ethics, an international professional standard that is a useful reference in relation
to auditor independence issues. Since the assessment found that the statutory pre-requisites were fulfilled, the Board of Statutory
Auditors approved the assignment of the services to KPMG or other entities belonging to its network.
The Board of Statutory Auditors also notes that, in early 2025, the Company started to revise the Group guidelines governing the
terms and procedures for the assignment of non-audit services to the external auditors engaged to perform the statutory audit of the
financial statements and/or its network entities (“Assignment of non-audit services to auditors Group Guideline”).
The fees for non-audit services provided to the Company and its subsidiaries by the external auditors or other entities belonging to
its network in the 2024 financial year are disclosed in detail in the Notes to the Financial Statements.
During the year, in its capacity as Internal Control and Account Audit Committee, the Board of Statutory Auditors supervised the
trend of said fees pursuant to art. 4.2 of EU Reg. 537/2014.
10. Opinions issued by the Board of Statutory Auditors during the
financial year (point 9 of Consob Communication no. 1025564/01)
During 2024 and early 2025, the Board of Statutory Auditors also issued the opinions, observations and attestations required by the
applicable legislation.
Specifically, at the meeting of the Board of Directors on 28 January 2025, the Board of Statutory Auditors expressed a favourable
opinion on the 2025 objectives of the Group Chief Audit Officer Function and with respect to the 2025 Audit Plan, and also of the
remuneration of the Group Chief Audit Officer Function (assessment of the achievement of 2024 objectives).
At the meeting of the Board of Directors held on 12 March 2025, the Board of Statutory Auditors expressed a favourable opinion on
the 2024 incentive plan process for the Chief Executive Officer/Group CEO.
Attestations and Reports
429
In 2024, the Board of Statutory Auditors also regularly made observations on the half-yearly complaints reports drawn up by the
Group Chief Audit Officer Function in compliance with ISVAP Regulation no. 24 of 19 May 2008 as subsequently amended. The
reports did not highlight any particular problems or organisational shortcomings. The Board of Statutory Auditors also checked that
the Company sent the reports and the Board of Statutory Auditors’ comments promptly to IVASS.
11. Charges, complaints pursuant to art. 2408 of the Italian Civil
Code. Omissions, censurable facts or irregularities found (points
5, 6 and 18 of Consob Communication no. 1025564/01)
In 2024, no complaints pursuant to art. 2408 of the Italian Civil Code or charges were brought to the attention of the Board of
Statutory Auditors.
No censurable facts, omissions or irregularities to be reported to the Supervisory Authorities emerged from the oversight activities
performed.
***
In light of all the considerations set out in this Report, the Board of Statutory Auditors finds no impediment to the approval of the
Separate Financial Statements of Assicurazioni Generali S.p.A. as at and for the year ended 31 December 2024, as submitted to
you by the Board of Directors.
Trieste, 31 March 2025
The Board of Statutory Auditors
Carlo Schiavone, Chair
Sara Landini
Paolo Ratti
Independent Auditor’s
Report on the
Sustainability Statement
432
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Attestations and Reports
433
KPMG S.p.A. 
Revisione e organizzazione contabile 
Via Pierluigi da Palestrina, 12 
34133 TRIESTE TS 
Telefono +39 040 3480285 
Email it-fmauditaly@kpmg.it  
PEC kpmgspa@pec.kpmg.it 
 
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona  
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA 
KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del
network KPMG di entità indipendenti affiliate a KPMG International
Limited, società di diritto inglese. 
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.) 
Independent auditors’ limited assurance report on the sustainability
statement pursuant to article 14-bis of Legislative decree no. 39 of 27
January 2010 
To the shareholders of  
Assicurazioni Generali S.p.A.  
Conclusion 
Pursuant to articles 8 and 18.1 of Legislative decree no. 125 of 6 September 2024 (the “decree”), we
have been engaged to perform a limited assurance engagement on the 2024 sustainability statement of
the Generali Group (the “Group”) prepared in accordance with article 4 of the decree, presented in the
specific section of the report on operations (the “sustainability statement”). 
Based on the procedures performed, nothing has come to our attention that causes us to believe that: 
•  the Group’s 2024 sustainability statement has not been prepared, in all material respects, in
accordance with the reporting standards endorsed by the European Commission pursuant to 
Directive 2013/34/EU (the European Sustainability Reporting Standards, “ESRS”); 
•  the information presented in section Disclosure pursuant to art. 8 of Regulation 2020/852/EU 
(Taxonomy Regulation) of the sustainability statement has not been prepared, in all material
respects, in accordance with article 8 of Regulation (EU) 2020/852 of 18 June 2020 (the “Taxonomy
Regulation”). 
Basis for conclusion 
We have performed the limited assurance engagement in accordance with the Standard on Sustainability
Assurance Engagements - SSAE (Italia). The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.  
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasonable assurance engagement been
performed. Our responsibilities under the Standard on Sustainability Assurance Engagements - SSAE
(Italia) are further described in the “Auditors’ responsibilities for the sustainability assurance engagement”
paragraph of our report. 
We are independent in accordance with the ethics and independence rules and standards applicable in
Italy to sustainability assurance engagements. 
   
434
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
2
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly,
is required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements. 
We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our
conclusion. 
Other matters 
In section Disclosure pursuant to art. 8 of Regulation 2020/852/EU (Taxonomy Regulation) the 2024
sustainability statement presents the 2023 comparative information required by article 8 of the Taxonomy
Regulation, which has not been subjected to an assurance engagement.  
Responsibilities of the Directors and Board of Statutory Auditors (“Collegio
Sindacale”) of Assicurazioni Generali S.p.A. (the “parent company”) for the
sustainability statement 
The Directors are responsible for designing and implementing the procedures to identify the information
included in the sustainability statement in accordance with the ESRS (the “materiality assessment
process”) and for the description of these procedures in section “Process to identify and assess material
impacts, risks and opportunities” of the sustainability statement. 
The Directors are also responsible for the preparation of a sustainability statement in accordance with
article 4 of the decree, which contains the information identified through the materiality assessment
process, including: 
•  compliance with the ESRS;
•  compliance of the information presented in section Disclosure pursuant to art. 8 of Regulation
2020/852/EU (Taxonomy Regulation) with article 8 of the Taxonomy Regulation. 
Moreover, the Directors are responsible, within the terms established by the Italian law, for designing,
implementing and maintaining such internal controls as they determine is necessary to enable the
preparation of a sustainability statement in accordance with article 4 of the decree that is free from
material misstatement, whether due to fraud or error. They are also responsible for selecting and
applying appropriate methods to produce disclosures and formulating assumptions and estimates about
specific information on sustainability matters that are reasonable in the circumstances. 
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law,
compliance with the decree’s provisions. 
Inherent limitations in preparing the sustainability statement 
For the purpose of disclosing forward-looking information in accordance with the ESRS, the Directors are
required to prepare such information based on assumptions, described in the sustainability statement,
regarding future events and the Group’s actions that are not necessarily expected to occur. Actual results
are likely to be different from the forecast sustainability information since anticipated events frequently do
not occur as expected and the variation could be material. 
The disclosures provided by the Group about Scope 3 emissions are subject to more inherent limitations
than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of
information used for determining both qualitative and quantitative Scope 3 emissions information from
value chain. 
Attestations and Reports
435
2
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly,
is required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements. 
We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our
conclusion. 
Other matters 
In section Disclosure pursuant to art. 8 of Regulation 2020/852/EU (Taxonomy Regulation) the 2024
sustainability statement presents the 2023 comparative information required by article 8 of the Taxonomy
Regulation, which has not been subjected to an assurance engagement.  
Responsibilities of the Directors and Board of Statutory Auditors (“Collegio
Sindacale”) of Assicurazioni Generali S.p.A. (the “parent company”) for the
sustainability statement 
The Directors are responsible for designing and implementing the procedures to identify the information
included in the sustainability statement in accordance with the ESRS (the “materiality assessment
process”) and for the description of these procedures in section “Process to identify and assess material
impacts, risks and opportunities” of the sustainability statement. 
The Directors are also responsible for the preparation of a sustainability statement in accordance with
article 4 of the decree, which contains the information identified through the materiality assessment
process, including: 
•  compliance with the ESRS;
•  compliance of the information presented in section Disclosure pursuant to art. 8 of Regulation
2020/852/EU (Taxonomy Regulation) with article 8 of the Taxonomy Regulation. 
Moreover, the Directors are responsible, within the terms established by the Italian law, for designing,
implementing and maintaining such internal controls as they determine is necessary to enable the
preparation of a sustainability statement in accordance with article 4 of the decree that is free from
material misstatement, whether due to fraud or error. They are also responsible for selecting and
applying appropriate methods to produce disclosures and formulating assumptions and estimates about
specific information on sustainability matters that are reasonable in the circumstances. 
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law,
compliance with the decree’s provisions. 
Inherent limitations in preparing the sustainability statement 
For the purpose of disclosing forward-looking information in accordance with the ESRS, the Directors are
required to prepare such information based on assumptions, described in the sustainability statement,
regarding future events and the Group’s actions that are not necessarily expected to occur. Actual results
are likely to be different from the forecast sustainability information since anticipated events frequently do
not occur as expected and the variation could be material. 
The disclosures provided by the Group about Scope 3 emissions are subject to more inherent limitations
than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of
information used for determining both qualitative and quantitative Scope 3 emissions information from
value chain. 
3
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Auditors’ responsibilities for the sustainability assurance engagement 
Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue an
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
decisions of intended users taken on the basis of the sustainability statement. 
As part of a limited assurance engagement in accordance with the Standard on Sustainability Assurance 
Engagements - SSAE (Italia), we exercise professional judgement and maintain professional scepticism
throughout the engagement. 
Our responsibilities include: 
•  considering risks to identify disclosures where a material misstatement is likely to occur, whether due
to fraud or error; 
•  designing and performing procedures to check disclosures where a material misstatement is likely to
occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control; 
•  directing, supervising and performing the sustainability limited assurance engagement and assuming
full responsibility for the conclusion on the sustainability statement. 
Summary of the work performed 
A limited assurance engagement involves carrying out procedures to obtain evidence as a basis for our
conclusion. 
The procedures performed are based on our professional judgement and include inquiries, primarily of
the parent company’s personnel responsible for the preparation of the information presented in the
sustainability statement, documental analyses, recalculations and other evidence gathering procedures,
as appropriate. 
We have performed the following main procedures: 
•  we gained an understanding of the Group’s business model, strategies and operating environment 
with regard to sustainability matters; 
•  we gained an understanding of the process adopted by the Group to identify and assess material
sustainability-related impacts, risks and opportunities (IROs), based on the double materiality
principle. Moreover, on the basis of the information acquired, we evaluated any emerging
inconsistencies that may indicate the presence of sustainability matters not addressed by the Group
in its materiality assessment process. Specifically, mostly through inquiries, observations and
inspections, we gained an understanding of how the Group:   
-  considered the interests and opinions of the stakeholders involved;
-  identified its sustainability-related IROs, assessing their consistency with our knowledge of the
Group and its sector;
-  defined and assessed material IROs by analysing the qualitative and quantitative materiality
thresholds it determined; 
436
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
4
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
•  we gained an understanding of the processes underlying the generation, recording and management
of the qualitative and quantitative information disclosed in the sustainability statement, including of
the reporting boundary analysis,
 through interviews and discussions with the Group’s personnel and
selected procedures on documentation;  
•  we identified the disclosures associated with a risk of material misstatement, whether due to fraud or
error;  
•  we designed and performed procedures, based on our professional judgement, to respond to
identified risks of material misstatement, including: 
-  for information gathered at Group level:  
•  with reference to qualitative information and, in particular, the sustainability-related policies,
actions and objectives, we held inquiries and performed limited procedures on documentation;  
•  with reference to quantitative information, we carried out analytical procedures, inspections,
observations and recalculations on a sample basis;  
-  with reference to certain subsidiaries, which we selected on the basis of their business and
contribution to the metrics of the sustainability statement of the Generali Group, we conducted
interviews with the Group personnel and obtained documentary evidence supporting the methods
used to calculate the metrics;
•  we gained an understanding of the process adopted by the Group to determine taxonomy-eligible
economic activities and whether they were aligned under the Taxonomy Regulation and checked the
related disclosures presented in the sustainability statement; 
•  we checked the consistency of the disclosures contained in the sustainability statement with those
included in the Group’s consolidated financial statements pursuant to the applicable financial
reporting framework, the underlying accounting records used to prepare the consolidated financial
statements or management accounts; 
•  we checked the compliance of the structure and presentation of disclosures included in the
sustainability statement of the Generali Group with the ESRS;  
•  we obtained the representation letter. 
Trieste, 31 March 2025 
KPMG S.p.A. 
(signed on the original) 
Andrea Rosignoli 
Director of Audit 
Attestations and Reports
437
4
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
•  we gained an understanding of the processes underlying the generation, recording and management
of the qualitative and quantitative information disclosed in the sustainability statement, including of
the reporting boundary analysis,
 through interviews and discussions with the Group’s personnel and
selected procedures on documentation;  
•  we identified the disclosures associated with a risk of material misstatement, whether due to fraud or
error;  
•  we designed and performed procedures, based on our professional judgement, to respond to
identified risks of material misstatement, including: 
-  for information gathered at Group level:  
•  with reference to qualitative information and, in particular, the sustainability-related policies,
actions and objectives, we held inquiries and performed limited procedures on documentation;  
•  with reference to quantitative information, we carried out analytical procedures, inspections,
observations and recalculations on a sample basis;  
-  with reference to certain subsidiaries, which we selected on the basis of their business and
contribution to the metrics of the sustainability statement of the Generali Group, we conducted
interviews with the Group personnel and obtained documentary evidence supporting the methods
used to calculate the metrics;
•  we gained an understanding of the process adopted by the Group to determine taxonomy-eligible
economic activities and whether they were aligned under the Taxonomy Regulation and checked the
related disclosures presented in the sustainability statement; 
•  we checked the consistency of the disclosures contained in the sustainability statement with those
included in the Group’s consolidated financial statements pursuant to the applicable financial
reporting framework, the underlying accounting records used to prepare the consolidated financial
statements or management accounts; 
•  we checked the compliance of the structure and presentation of disclosures included in the
sustainability statement of the Generali Group with the ESRS;  
•  we obtained the representation letter. 
Trieste, 31 March 2025 
KPMG S.p.A. 
(signed on the original) 
Andrea Rosignoli 
Director of Audit 
Independent Auditor’s
Report on the
Consolidated Financial
Statements
440
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
Attestations and Reports
441
KPMG S.p.A. 
Revisione e organizzazione contabile 
Via Pierluigi da Palestrina, 12 
34133 TRIESTE TS 
Telefono +39 040 3480285 
Email it-fmauditaly@kpmg.it  
PEC kpmgspa@pec.kpmg.it 
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona  
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA 
KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del
network KPMG di entità indipendenti affiliate a KPMG International
Limited, società di diritto inglese. 
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.) 
Independent auditors’ report pursuant to article 14 of Legislative
decree no. 39 of 27 January 2010, article 10 of Regulation (EU) no. 537
of 16 April 2014 and article 102 of Legislative decree no. 209 of 7
September 2005 
To the shareholders of  
Assicurazioni Generali S.p.A. 
Report on the audit of the consolidated financial statements  
Opinion  
We have audited the consolidated financial statements of the Generali Group (the “Group”), which
comprise the statement of financial position as at 31 December 2024, the income statement and the
statements of comprehensive income, changes in equity and cash flows for the year then ended and
notes thereto, which include a summary of the significant accounting policies. 
In our opinion, the consolidated financial statements give a true and fair view of the Generali Group’s
financial position as at 31 December 2024 and of its financial performance and cash flows for the year
then ended in accordance with the accounting standards IFRS issued by the International Accounting
Standards Board and endorsed by the European Union and the Italian regulations implementing article
90 of Legislative decree no. 209 of 7 September 2005. 
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit 
of the consolidated financial statements” section of our report. We are independent of Assicurazioni
Generali S.p.A. (the “parent company”) in accordance with the ethics and independence rules and
standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in the
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. 
442
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
2
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Measurement of goodwill 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Goodwill”
Notes to the consolidated financial statements note “4. Goodwill and other intangible assets”  
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include goodwill of €9,126 million, relating to
acquisitions. 
As in previous years, the Directors tested for
impairment the carrying amount of goodwill at the
reporting date, by comparing the carrying amount of
cash-generating units or groups of cash generating
units (“CGUs”) to which goodwill is allocated, to their
recoverable amount. The recoverable amount was
estimated based on the value in use approach, mainly
determined using the Dividend Discount Model. 
Impairment testing requires complex valuations and a
high level of judgement, especially in relation to: 
•  the CGUs’ expected cash flows, calculated by
taking into account historical cash flows, the
general economic performance and that of the
Group’s sector and the Directors’ forecasts about
the Group’s future performance;  
•  the financial parameters to be used to discount the
cash flows. 
For the above reasons, we believe that the
measurement of goodwill is a key audit matter. 
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included: 
•  understanding the process adopted to prepare the
impairment test approved by the Directors of the
parent company; 
•  gaining an understanding of the process used to
draft the multi-year plans approved by the
Directors, which were used to determine the CGUs’
recoverable amount to which goodwill is allocated; 
•  checking any discrepancies between the previous
year historical and business plan figures, in order
to check the accuracy of the forecasting process 
adopted by the Directors;
•  analysing the criteria used to identify the CGUs
and tracing the carrying amounts of the assets and
liabilities allocated thereto to the consolidated
financial statements; 
•  assessing the main assumptions used by the
Directors to determine the CGUs’ value in use. Our
assessment included checking the consistency of
the method adopted with that used in previous
years and comparing the key assumptions used to
external information, where available;
•  checking the results of the sensitivity analyses
conducted by the Directors in relation to the key
assumptions used for impairment testing; 
•  assessing the appropriateness of the disclosures
about goodwill. 
   
   
Attestations and Reports
443
2
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Measurement of goodwill 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Goodwill”
Notes to the consolidated financial statements note “4. Goodwill and other intangible assets”  
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include goodwill of €9,126 million, relating to
acquisitions. 
As in previous years, the Directors tested for
impairment the carrying amount of goodwill at the
reporting date, by comparing the carrying amount of
cash-generating units or groups of cash generating
units (“CGUs”) to which goodwill is allocated, to their
recoverable amount. The recoverable amount was
estimated based on the value in use approach, mainly
determined using the Dividend Discount Model. 
Impairment testing requires complex valuations and a
high level of judgement, especially in relation to: 
•  the CGUs’ expected cash flows, calculated by
taking into account historical cash flows, the
general economic performance and that of the
Group’s sector and the Directors’ forecasts about
the Group’s future performance;  
•  the financial parameters to be used to discount the
cash flows. 
For the above reasons, we believe that the
measurement of goodwill is a key audit matter. 
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included: 
•  understanding the process adopted to prepare the
impairment test approved by the Directors of the
parent company; 
•  gaining an understanding of the process used to
draft the multi-year plans approved by the
Directors, which were used to determine the CGUs’
recoverable amount to which goodwill is allocated; 
•  checking any discrepancies between the previous
year historical and business plan figures, in order
to check the accuracy of the forecasting process 
adopted by the Directors;
•  analysing the criteria used to identify the CGUs
and tracing the carrying amounts of the assets and
liabilities allocated thereto to the consolidated
financial statements; 
•  assessing the main assumptions used by the
Directors to determine the CGUs’ value in use. Our
assessment included checking the consistency of
the method adopted with that used in previous
years and comparing the key assumptions used to
external information, where available;
•  checking the results of the sensitivity analyses
conducted by the Directors in relation to the key
assumptions used for impairment testing; 
•  assessing the appropriateness of the disclosures
about goodwill. 
   
   
3
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Measurement of unquoted or illiquid financial investments 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Other
information” 
Notes to the consolidated financial statements note “35. Fair value hierarchy”, note “36. Transfers of
financial instruments at fair value between Level 1 and Level 2”, note “37. Additional information on Level
3”, note “38. Information on fair value hierarchy of assets and liabilities not measured at fair value” 
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include financial instruments at levels 2 and 3 of
the fair value hierarchy provided for by IFRS 13 Fair
value measurement of €55,249 million and €46,287
million respectively, accounting for approximately 19%
of total assets.  
Measuring financial instruments requires estimates,
including by using specific valuation methods, which, in
certain instances, entail a high level of judgement and 
are, by their very nature, uncertain and subjective. 
For the above reasons, we believe that the
measurement of unquoted or illiquid financial
investments is a key audit matter. 
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included: 
•  understanding the process for the measurement of
financial instruments and the related IT
environment, assessing the design and
implementation of controls and performing
procedures to assess the operating effectiveness
of material controls; 
•  analysing the significant changes in financial
instruments and in the related income statement
items compared to the previous years’ figures and
discussing the results with the relevant internal
departments; 
•  checking, on a sample basis, the measurement of
unquoted or illiquid financial instruments (fair value
levels 2 and 3), by analysing the valuation methods
and the reasonableness of the data and
parameters used;  
•  assessing the appropriateness of the disclosures
about unquoted or illiquid financial instruments. 
   
   
444
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
4
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Measurement of insurance contracts that are liabilities – liabilities for remaining coverage and
liabilities for incurred claims measured under the General Measurement Model (“GMM”) or under
the Variable Fee Approach (“VFA”) 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Insurance
assets and liabilities” and paragraph “Insurance service result” 
Notes to the consolidated financial statements note “18. Insurance contracts”, note “20. Income and
expenses related to insurance contract issued and reinsurance contracts held”, note “21. Detailed
information related to insurance contracts issued and reinsurance contracts held” 
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include “Insurance contracts that are liabilities” of
€438,412 million, accounting for about 81% of total
shareholders’ equity and liabilities of the consolidated
balance sheet. 
The caption includes, among other items, the liabilities
for remaining coverage for €389,375 million and the
liabilities for incurred claims for €10,585 million,
measured under GMM or VFA. 
The measurement of the liabilities for remaining
coverage and of the liabilities for incurred claims under 
GMM or VFA is carried out mainly through the
application of actuarial valuation techniques which, in
certain instances, entail a high level of complex and
subjective judgement relating to past and future internal
and external variables. Any changes in the underlying
assumptions may have a significant impact on the
measurement of the aforementioned components of
“Insurance contracts that are liabilities”. 
For the above reasons, we believe that the
measurement of the components included in the
caption “Insurance contracts that are liabilities” is a key
audit matter.  
Our audit procedures, carried out with the assistance of
actuarial experts of the KPMG network, included: 
•  understanding the process for the measurement
of “Insurance contracts that are liabilities” and
the related IT environment, assessing the design
and implementation of controls and performing
procedures to assess the operating effectiveness
of material controls; 
•  analysing the significant changes in “Insurance
contracts that are liabilities” compared to the
previous year’s figures and discussing the results
with the relevant internal departments; 
•  checking, on a sample basis, the valuation
models adopted for the measurement of
“Insurance contracts that are liabilities”, and the
reasonableness of the input data and parameters
used;  
•  assessing the appropriateness of the 
methodology applied to determine financial and
operating assumptions used in the measurement
of “Insurance contracts that are liabilities”, as
well as the reasonableness of said assumptions;  
•  assessing the overall calculation of liabilities for 
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;
•  assessing the reasonableness of the criteria
used in determining coverage units and the
reasonableness of the movements of the
Consumer Service Margin for the period;
•  assessing the appropriateness of the disclosures
about “Insurance contracts that are liabilities”.
   
Attestations and Reports
445
4
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Measurement of insurance contracts that are liabilities – liabilities for remaining coverage and
liabilities for incurred claims measured under the General Measurement Model (“GMM”) or under
the Variable Fee Approach (“VFA”) 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Insurance
assets and liabilities” and paragraph “Insurance service result” 
Notes to the consolidated financial statements note “18. Insurance contracts”, note “20. Income and
expenses related to insurance contract issued and reinsurance contracts held”, note “21. Detailed
information related to insurance contracts issued and reinsurance contracts held” 
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include “Insurance contracts that are liabilities” of
€438,412 million, accounting for about 81% of total
shareholders’ equity and liabilities of the consolidated
balance sheet. 
The caption includes, among other items, the liabilities
for remaining coverage for €389,375 million and the
liabilities for incurred claims for €10,585 million,
measured under GMM or VFA. 
The measurement of the liabilities for remaining
coverage and of the liabilities for incurred claims under 
GMM or VFA is carried out mainly through the
application of actuarial valuation techniques which, in
certain instances, entail a high level of complex and
subjective judgement relating to past and future internal
and external variables. Any changes in the underlying
assumptions may have a significant impact on the
measurement of the aforementioned components of
“Insurance contracts that are liabilities”. 
For the above reasons, we believe that the
measurement of the components included in the
caption “Insurance contracts that are liabilities” is a key
audit matter.  
Our audit procedures, carried out with the assistance of
actuarial experts of the KPMG network, included: 
•  understanding the process for the measurement
of “Insurance contracts that are liabilities” and
the related IT environment, assessing the design
and implementation of controls and performing
procedures to assess the operating effectiveness
of material controls; 
•  analysing the significant changes in “Insurance
contracts that are liabilities” compared to the
previous year’s figures and discussing the results
with the relevant internal departments; 
•  checking, on a sample basis, the valuation
models adopted for the measurement of
“Insurance contracts that are liabilities”, and the
reasonableness of the input data and parameters
used;  
•  assessing the appropriateness of the 
methodology applied to determine financial and
operating assumptions used in the measurement
of “Insurance contracts that are liabilities”, as
well as the reasonableness of said assumptions;  
•  assessing the overall calculation of liabilities for 
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;
•  assessing the reasonableness of the criteria
used in determining coverage units and the
reasonableness of the movements of the
Consumer Service Margin for the period;
•  assessing the appropriateness of the disclosures
about “Insurance contracts that are liabilities”.
   
5
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Measurement of insurance contracts that are liabilities – Liabilities for incurred claims under the
Premium Allocation Approach (“PAA”) 
Notes to the consolidated financial statements section “Accounting principles”, paragraph “Insurance 
assets and liabilities” and paragraph “Insurance service result” 
Notes to the consolidated financial statements note “18. Insurance contracts”, note “20. Income and
expenses related to insurance contract issued and reinsurance contracts held”, note “21. Detailed
information related to insurance contracts issued and reinsurance contracts held” 
Key audit matter  Audit procedures addressing the key audit matter 
The consolidated financial statements at 31 December
2024 include “Insurance contracts that are liabilities” of
€438,412 million, accounting for about 81% of total
shareholders’ equity and liabilities of the consolidated
balance sheet. 
The caption includes, among others, liabilities for
remaining coverage for €33,378 million and liabilities
for incurred claims for €4,811 million measured under 
PAA.
The measurement of liabilities for incurred claims is
carried out mainly through the application of complex
actuarial valuation techniques which, in certain
instances, entail a high level of judgement relating to
past and future internal and external variables. Any
changes in the underlying assumptions may have a
significant impact on the measurement of the
aforementioned components of “Insurance contracts
that are liabilities”.
For the above reasons, we believe that the
measurement of liabilities for incurred claims included
in the caption “Insurance contracts that are liabilities” is 
a key audit matter.  
Our audit procedures, which we carried out with the
assistance of actuarial experts of the KPMG network, 
included: 
•  understanding the process for the measurement
of liabilities for incurred claims and the related IT
environment, assessing the design and
implementation of controls and performing
procedures to assess the operating effectiveness
of material controls; 
•  analysing the significant changes in liabilities for 
incurred claims compared to the previous year’s
figures and discussing the results with the
relevant internal departments; 
•  checking, on a sample basis, the valuation
models adopted and the reasonableness of the 
input data and parameters used to determine
liabilities for incurred claims;  
•  assessing the overall calculation of liabilities for 
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;
•  assessing the appropriateness of the disclosures
about “Insurance contracts that are liabilities”.
   
446
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
6
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Responsibilities of the Directors of the parent company and Board of Statutory Auditors
(“Collegio Sindacale”) for the consolidated financial statements 
The Directors are responsible for the preparation of consolidated financial statements that give a true and
fair view in accordance with the accounting standards IFRS issued by the International Accounting
Standards Board and endorsed by the European Union and the Italian regulation implementing article 90
of Legislative decree no. 209 of 7 September 2005 and, within the terms established by the Italian law,
for such internal control as they determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error. 
The Directors are responsible for assessing the Group’s ability to continue as a going concern and for the
appropriate use of the going concern basis in the preparation of the consolidated financial statements
and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless
the Directors believe that the conditions for liquidating the parent company or ceasing operations exist, or
have no realistic alternative but to do so. 
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the 
Group’s financial reporting process. 
Auditors’ responsibilities for the audit of the consolidated financial statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISA Italia will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also: 
•  identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control; 
•  obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control;  
•  evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Directors; 
•  conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to
the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to  
Attestations and Reports
447
6
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
Responsibilities of the Directors of the parent company and Board of Statutory Auditors
(“Collegio Sindacale”) for the consolidated financial statements 
The Directors are responsible for the preparation of consolidated financial statements that give a true and
fair view in accordance with the accounting standards IFRS issued by the International Accounting
Standards Board and endorsed by the European Union and the Italian regulation implementing article 90
of Legislative decree no. 209 of 7 September 2005 and, within the terms established by the Italian law,
for such internal control as they determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error. 
The Directors are responsible for assessing the Group’s ability to continue as a going concern and for the
appropriate use of the going concern basis in the preparation of the consolidated financial statements
and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless
the Directors believe that the conditions for liquidating the parent company or ceasing operations exist, or
have no realistic alternative but to do so. 
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the 
Group’s financial reporting process. 
Auditors’ responsibilities for the audit of the consolidated financial statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISA Italia will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also: 
•  identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control; 
•  obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control;  
•  evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Directors; 
•  conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to
the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to  
7
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
the date of our auditors’ report. However, future events or conditions may cause the Group to cease
to continue as a going concern; 
•  evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation; 
•  obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion. 
We communicate with those charged with governance, identified at the appropriate level required by ISA
Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with the ethics
and independence rules and standards applicable in Italy and communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable,
the measures taken to eliminate those threats or the safeguards applied. 
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current year and are,
therefore, the key audit matters. We describe these matters in our auditors’ report. 
Other information required by article 10 of Regulation (EU) no. 537 of 16 April 2014 
On 7 May 2019, the parent company’s shareholders appointed us to perform the statutory audit of its
separate and consolidated financial statements as at and for the years ending from 31 December 2021 to
31 December 2029. 
We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of
Regulation (EU) no. 537 of 16 April 2014 and that we remained independent of the parent company in
conducting the statutory audit. 
We confirm that the opinion on the consolidated financial statements expressed herein is consistent with
the additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance
with article 11 of the Regulation mentioned above.  
Report on other legal and regulatory requirements 
Opinion on the compliance with the provisions of Commission Delegated Regulation
(EU) 2019/815 
The Directors of the parent company are responsible for the application of the provisions of Commission
Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of
a single electronic reporting format (ESEF) to the consolidated financial statements at 31 December
2024 to be included in the annual financial report.  
   
448
Annual Integrated Report and Consolidated Financial Statements 2024
Generali Group
8
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express
an opinion on the compliance of the consolidated financial statements with Commission Delegated
Regulation (EU) 2019/815.  
In our opinion, the consolidated financial statements at 31 December 2024 have been prepared in
XHTML format and have been marked up, in all material respects, in compliance with the provisions of
Commission Delegated Regulation (EU) 2019/815. 
Due to certain technical limitations, some information included in the notes to the consolidated financial
statements when extracted from the XHTML format to an XBRL instance may not be reproduced in an
identical manner with respect to the corresponding information presented in the consolidated financial
statements in XHTML format. 
Opinion and statement pursuant to article 14.2e)/e-bis)/e-ter), of Legislative decree no.
39/10 and article 123-bis.4 of Legislative decree no. 58/98 
The parent company’s Directors are responsible for the preparation of the management report and report
on corporate governance and ownership structure at 31 December 2024 and for the consistency of such
reports with the related consolidated financial statements and their compliance with the applicable law. 
We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to: 
•  express an opinion on the consistency of the management report and certain specific information
presented in the report on corporate governance and ownership structure required by article 123-
bis.4 of Legislative decree no. 58/98 with the consolidated financial statements; 
•  express an opinion the consistency of the management report, excluding the section that includes the
sustainability statement, and certain specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 with
the applicable law;  
•  issue a statement of any material misstatements in the management report and certain specific
information presented in the report on corporate governance and ownership structure required by
article 123-bis.4 of Legislative decree no. 58/98. 
In our opinion, the management report and the specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are
consistent with the Group’s consolidated financial statements at 31 December 2024. 
Moreover, in our opinion, except for the section which includes the sustainability statement, the
management report and the specific information presented in the report on corporate governance and
ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared in
compliance with the applicable law. 
With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10,
based on our knowledge and understanding of the entity and its environment obtained through our audit,
we have nothing to report.  
   
Attestations and Reports
449
8
 
 
 
Generali Group 
Independent auditors’ report 
31 December 2024 
We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express
an opinion on the compliance of the consolidated financial statements with Commission Delegated
Regulation (EU) 2019/815.  
In our opinion, the consolidated financial statements at 31 December 2024 have been prepared in
XHTML format and have been marked up, in all material respects, in compliance with the provisions of
Commission Delegated Regulation (EU) 2019/815. 
Due to certain technical limitations, some information included in the notes to the consolidated financial
statements when extracted from the XHTML format to an XBRL instance may not be reproduced in an
identical manner with respect to the corresponding information presented in the consolidated financial
statements in XHTML format. 
Opinion and statement pursuant to article 14.2e)/e-bis)/e-ter), of Legislative decree no.
39/10 and article 123-bis.4 of Legislative decree no. 58/98 
The parent company’s Directors are responsible for the preparation of the management report and report
on corporate governance and ownership structure at 31 December 2024 and for the consistency of such
reports with the related consolidated financial statements and their compliance with the applicable law. 
We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to: 
•  express an opinion on the consistency of the management report and certain specific information
presented in the report on corporate governance and ownership structure required by article 123-
bis.4 of Legislative decree no. 58/98 with the consolidated financial statements; 
•  express an opinion the consistency of the management report, excluding the section that includes the
sustainability statement, and certain specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 with
the applicable law;  
•  issue a statement of any material misstatements in the management report and certain specific
information presented in the report on corporate governance and ownership structure required by
article 123-bis.4 of Legislative decree no. 58/98. 
In our opinion, the management report and the specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are
consistent with the Group’s consolidated financial statements at 31 December 2024. 
Moreover, in our opinion, except for the section which includes the sustainability statement, the
management report and the specific information presented in the report on corporate governance and
ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared in
compliance with the applicable law. 
With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10,
based on our knowledge and understanding of the entity and its environment obtained through our audit,
we have nothing to report.  
   
9
 
 
Generali Group 
Independent auditors’ report 
31 December 2024
Our opinion on compliance with the applicable law does not extend to the management report’s section
which includes the sustainability statement. Our conclusion on the compliance of this section with the
legislation governing its preparation and with the disclosure requirements of article 8 of the Regulation
(EU) 2020/852 is included in the assurance report prepared in accordance with article 14-bis of
Legislative decree no. 39/10. 
Trieste, 31 March 2025 
KPMG S.p.A. 
(signed on the original) 
Andrea Rosignoli 
Director of Audit 
Annual Integrated Report and Consolidated Financial Statements 2024
450
Generali Group
GLOSSARY
Absolute emissions (production-based approach) of the
investments in sovereign bonds: this metric measures the
greenhouse gases associated to the investment portfolio,
expressed as tons of CO
2
equivalent (tCO
2
e). The data is
provided by MSCI.
Formula:
∑      
*

 


∑

Definitions:
t): Reference date (e.g. year-end 2021).
Exposure of AG in sovereign bond
i
: total investment in € million
in the sovereign bond i via the investment portfolio in scope
(direct investments of the Group general account in sovereign
bonds).
PPP-adjusted GDP of sovereign
i
: Purchase Power Parity
(PPP)-adjusted Gross Domestic Product (GDP) of sovereign i,
i.e. GDP adjusted by the PPP factor to improve the comparison
between the actual size of the economies.
Sovereign
i
production emissions: tons of CO
2
equivalent
(tCO
2
e) produced in the country i according to the production-
based approach.
Absolute emissions of the investments in corporate
issuers: greenhouse gas emissions associated to an investment
portfolio, expressed as tons of CO
2
(tCO
2
e) equivalent. The data
is provided by MSCI.
Formula:
   
*



∑
Definitions:
(t): Reference date (e.g. year-end 2021).
Emissions of company
i
: tons of CO
2
(tCO
2
e) equivalent emitted
by the company - Scope 1 and Scope 2.
Exposure of AG
in company i
: total investment in € million in
the company i via the investment portfolio in scope (direct
investments of the Group general account in corporate listed
equity and bond).
EVIC of company
i
: Enterprise Value Including Cash of the
company, in € million, measured as: market capitalization +
preferred shares + minority shares + total debt.
Adjusted earnings per share: it is equal to the ratio of Group
adjusted net result to the weighted average number of ordinary
shares outstanding, net of weighted average treasury shares.
Adjusted net result: please refer to the chapter Methodological
notes on alternative performance measures for details.
Agent: sales force within traditional distribution networks
(exclusive agents, non-exclusive agents and employed sales
force permanently involved in the activities of promoting and
distributing Generali products).
Annual Premium Equivalent (APE): it is defined as new business
annualized regular premiums plus 10% of single premiums.
Asset owner: who owns investments and bears the related
risks.
Average duration of bond portfolio: it is the approximate
percentage change in the price for a rate shift of 100 basis
points, taking into account also changes in cash flows.
Average duration of financial debt: the average remaining
duration (remaining life of a debt instrument) until maturity or until
the first call option date, if present and if such call option date
is at least one year before maturity, of liabilities included in the
outstanding financial debt as of the reporting date, weighted by
their nominal amount.
Capitals: stocks of value as inputs to the business model.
They are increased, decreased or transformed through the
organization’s business activities and outputs. The capitals are
categorized in the International <IR> Framework as:
•  financial capital: the pool of funds that is available to an
organization for use in the production of goods or the provision
of services, obtained through financing, such as debt, equity
or grants, or generated through operations or investments;
•  manufactured capital: manufactured physical objects (as
distinct from natural physical objects) that are available to an
organization for use in the production of goods or the provision
of services;
•  intellectual capital: organizational, knowledge-based intangibles;
•  human capital: people’s competencies, capabilities and
experience, and their motivations to innovate;
•  social and relationship capital: the institutions and the
relationships within and between communities, groups of
stakeholders and other networks, and the ability to share
information to enhance individual and collective well-being;
•  natural capital: all renewable and non-renewable environmental
resources and processes that provide goods or services that
support the past, current or future prosperity of an organization.
Carbon intensity (EVIC) of the investments in corporate
issuers: this metric measures the greenhouse gases associated
to the investment portfolio, expressed as tons of CO
2
equivalent
(tCO
2
e) per € million invested, by using Enterprise Value Including
Cash (EVIC) as normalization factor for the emissions. The data
is provided by MSCI.
Formula:



    
*

 
∑

Definitions:
(t): Reference date (e.g. year-end 2021).
Emissions of company
i
: tons of CO
2
equivalent (tCO
2
e) emitted
by the company - Scope 1 and Scope 2.
Exposure of AG
in company i
: total investment in € million in
the company i via the investment portfolio in scope (direct
investments of the Group general account in corporate listed
equity and bond).
EVIC of company i: Enterprise Value Including Cash of the
company, in € million, measured as: market capitalization +
preferred shares + minority shares + total debt.
Glossary
451
Total AG portfolio: total direct investment of the Group general
account in corporate listed equities and bond, expressed in €
million.
Carbon intensity (production-based approach) of the
investments in sovereign bonds: this metric measures the
greenhouse gases associated to the investment portfolio,
expressed as tons of CO
2
equivalent (tCO
2
e), divided by the
total Assets Under Management of the investments in sovereign
bonds, expressed in € million. The data is provided by MSCI.
Formula:



*




 
∑

Definitions:
(t): Reference date (e.g. year-end 2021).
Exposure of AG in sovereign bond
i
: total investment in € million
in the sovereign bond i via the investment portfolio in scope
(direct investments of the Group general account in sovereign
bonds).
PPP-adjusted GDP of sovereign
i
: Purchase Power Parity
(PPP)-adjusted Gross Domestic Product (GDP) of sovereign i,
i.e. GDP adjusted by the PPP factor to improve the comparison
between the actual size of the economies.
Sovereign
i
production emissions: tons of CO
2
equivalent
(tCO
2
e) produced in the country i according to the production-
based approach.
Total AG portfolio in sovereign debt: total direct investment of
the Group general account in sovereign bonds, expressed in €
million.
Carbon intensity (sales) of the investments in corporate
issuers: this metric measures the greenhouse gases associated
to the investment portfolio, expressed as tons of CO
2
equivalent
(tCO
2
e) per € million invested, by using sales as normalization
factor for the emissions. The data is provided by MSCI.
Formula:




   
*


∑

Definitions:
(t): Reference date (e.g. year-end 2021).
Emissions of company
i
: tons of CO
2
equivalent (tCO
2
e) emitted
by the company - Scope 1 and Scope 2.
Exposure of AG
vs company i
: total investment in € million in
the company i via the investment portfolio in scope (direct
investments of the Group general account in corporate listed
equity and bond).
Sales of company
i
: sales of the company i for the year t.
Total AG portfolio: total direct investment of the Group general
accounts in corporate listed equities and bond, expressed in €
million.
Cash and cash equivalents: they are cash and highly liquid
short-term financial investments (readily convertible in specific
amounts of cash which are subject to an irrelevant risk of change
in value). Furthermore, this asset class includes also short-
term deposits and money-market investment funds, which are
included in the Group liquidity management.
Climate change adaptation: the process of adjustment to
actual or expected climate and its effects (IPCC AR5). Economic
activities contributing to climate change adaptation are
described in Annex II of the Commission Delegated Regulation
EU 2021/2139 of 4 June 2021 (known as Taxonomy Climate
Delegated Regulation).
Climate change mitigation: a human intervention to reduce
the sources or enhance the sinks of greenhouse gases (GHGs)
(IPCC AR5). Economic activities contributing to climate change
mitigation are described in Annex I of the Commission Delegated
Regulation EU 2021/2139 of 4 June 2021 (known as Taxonomy
Climate Delegated Regulation).
Climate-related perils: chronic and acute events related to
temperature, wind, water and solid mass that are projected to
increase in frequency and severity due to climate change (EEA,
2017&2020).
Combined ratio (CoR): it represents a profitability indicator of
the P&C segment. The numerator includes:
•  the insurance service expenses (total incurred claims and
insurance expenses);
•  the other operating income and expenses and;
•  the result of reinsurance held.
The denominator consists of the insurance contract revenues
(gross of reinsurance held), adjusted for the insurance revenues
deriving from the release of the liability for remaining coverage
set on incurred claims acquired in a business combination, or in
a portfolio transfer, that are reclassified and deducted from the
insurance expenses (within the prior year incurred claims).
Contractual Service Margin (CSM): reflects the estimate of
the unearned profit in the group of insurance contracts that has
not yet been recognized in profit or loss at each reporting date,
because it relates to future service to be provided.
CSM expected return: it is defined as the sum of the unwinding
of the CSM at the beginning of the period and the additional return
related to the expected realization of real-world assumptions in
excess of the risk-free returns.
CSM release: it refers to the amount of CSM liabilities
recognised to profit or loss in line with the service provided
during the reporting period.
Current Year Best Estimate Loss Ratio: it is a further detail of
the combined ratio calculated as the ratio of:
•  gross current year incurred claims charge on discounted
basis (including related claims management costs) + onerous
contract effects + risk adjustment on current year claims +
current year costs of reinsurance held; and
•  gross insurance contract revenues adjusted, as per overall
Combined ratio calculation, by reclassifying the insurance
revenues deriving from the release of the liability for remaining
coverage set on incurred claims acquired in a business
combination, or in a portfolio transfer, at deduction to the prior
year incurred claims.
Customer: either a physical person or a legal entity that holds at
least one active insurance policy and pays a premium to Generali
accordingly, a banking product or a pension fund product (the
Annual Integrated Report and Consolidated Financial Statements 2024
452
Generali Group
policy/the product is either with Generali, or other non-Generali
local brand, or white labelled).
Earnings per share: it is equal to the ratio of Group net result
to the weighted average number of ordinary shares outstanding,
net of weighted average treasury shares.
Equity investments: they are direct investments in quoted
and unquoted equity instruments, as well as investment funds
that are mainly exposed to equity investments, including private
equity and hedge funds.
Equivalent terms / Like-for-like basis: constant exchange
rates and consolidation scope.
ESG: acronym which qualifies aspects related to the environment,
social and corporate governance.
Financial asset: any asset that is:
•  cash;
•  an equity instrument of another entity;
•  a contractual right:
 - to receive cash or another financial asset from another
entity; or
 - to exchange financial assets or financial liabilities with another
entity under conditions that are potentially favourable to the
entity; or
•  a contract that will or may be settled in the entity’s own equity
instruments and is:
 - a non-derivative for which the entity is or may be obliged
to receive a variable number of the entity’s own equity
instruments; or
 - a derivative that will or may be settled other than by the
exchange of a fixed amount of cash or another financial asset
for a fixed number of the entity’s own equity instruments.
For this purpose, the entity’s own equity instruments do not
include puttable financial instruments that are classified as
equity instruments.
Financial assets linked to technical reserves whose
investment risk is borne by the policyholders, to financial
liabilities arising from investment contracts, and to reserves
arising from pension fund management: they are investments
included in the balance sheet statement, consisting of financial
assets linked to unit/index-linked policies and arising from the
management of investment contracts, and related cash or liabilities
of a nature similar to investments, such as derivative liabilities.
Financial debt: it includes consolidated financial liabilities other
than those under operating debt, i.e. subordinated liabilities,
bond issues, and other loans obtained such as liabilities incurred
in connection with a purchase of controlling interests.
Financial liability: any liability that is:
•  a contractual obligation:
 - to deliver cash or another financial asset to another entity;
or
 - to exchange financial assets or financial liabilities with another
entity under conditions that are potentially unfavourable to
the entity; or
•  contract that will or may be settled in the entity’s own equity
instruments and is:
 - a non-derivative for which the entity is or may be obliged
to deliver a variable number of the entity’s own equity
instruments; or
 - a derivative that will or may be settled other than by the
exchange of a fixed amount of cash or another financial asset
for a fixed number of the entity’s own equity instruments.
For this purpose, the entity’s own equity instruments do not
include puttable financial instruments that are classified as
equity instruments.
Fixed income instruments: they are direct investments in
government and corporate bonds, loans, term deposits other than
those presented as cash and cash equivalents, and reinsurance
deposits. This asset class also includes investment funds that
are mainly exposed to investments similar to direct investments
presented within this asset class and/or with a similar risk profile.
Fulfillment Cash Flows (FCF): they are the sum of the Present
Value of Future Cash Flows (PVFCF) and the Risk Adjustment
(RA).
General account investments: they are investments reported
in the financial statements (excluding financial assets categorized
as unit/index-linked contracts and deriving from investment
contract management) and cash and cash equivalents. They
also include some liabilities, with features similar to investments,
among which derivative liabilities referred to the investment
portfolio and repurchase agreements (REPOs).
General Measurement Model (GMM): it is the default
measurement model for all contracts without direct participation
features.
Gross direct written premiums: they are the gross written
premiums of direct business.
Gross written premiums (GWP): please refer to the chapter
Methodological notes on alternative performance measures for
details.
Integrated report: communication that illustrates how the
strategy, governance, financial and sustainability performance,
and future prospects of an organization, in the external
environment in which it operates, are used to create value in the
short, medium and long term.
Investment contracts: they are contracts that have the legal
form of an insurance contract but, as they do not substantially
expose the insurer to a significant insurance risk (e.g. the
mortality risk or similar insurance risks), cannot be classified as
such. These contracts are recognized as financial liabilities.
Investment properties: they are direct investments in real
estate held in order to receive rent or to achieve targets for
capital appreciation, or for both reasons. This asset class also
includes investment funds that are mainly exposed to real estate
investments.
Investments in Digital & Technology: they are investments for
the initiatives in the Technology, Data & Digital (TDD) program,
among which initiatives for Smart Automation, security, digital
tools and Data, Analytics & AI.
Glossary
453
Liability for Incurred Claims (LIC): it is the insurance liability
representing the fulfilment cash flows related to incurred claims
(past service).
Liability for Remaining Coverage (LRC): it is the insurance
liability representing the sum of fulfilment cash flows related
to future services and of CSM. In case of PAA application, the
LRC is valued as the difference between premium received and
insurance acquisition cash flows.
Net inflows: it is an indicator of cash flows generation of the
Life segment. It is equal to the amount of premiums collected
net of benefits paid.
New Business Margin (NBM): it is a performance indicator of
the new business of the Life segment, equal to the ratio of NBV
to PVNBP. The margin on PVNBP is intended as a prospective
ratio between profits and premiums.
New Business Value (NBV): it represents the expected value
created within the Group by the new insurance and investment
contracts issued over the reporting period. It is the sum of the
following items (net of taxes, minority interests and cost of
external reinsurance):
•  New Business CSM measured at initial recognition of the
contracts, including potential loss component, according to
the definition of IFRS 17;
•  the value of short-term business not included in CSM and the
value of investment contracts falling under IFRS 9;
•  look-through profits emerging outside the Life segment
(mostly related to fees paid to internal asset managers).
Full-year NBV is calculated as the algebraic sum of the NBV for
each quarter, each of which is calculated based on beginning-
of-period IFRS 17 operating and economic assumptions.
Operating debt: it includes all the consolidated financial liabilities
related to specific balance sheet items from the consolidated
financial statements. This category also includes liabilities stated
by the insurance companies against investment contracts and
liabilities to banks and customers of banks belonging to the
Group.
Operating result: please refer to the chapter Methodological
notes on alternative performance measures for details.
Other investments: participations in non-consolidated
companies, associated companies and joint ventures (JVs),
derivative investments and receivables from banks and
customers, the latter mainly related to banking activities by
some Group companies.
Premium Allocation Approach (PAA): it is the simplified method
for the measurement of insurance contracts. It can be applied
for contracts having a coverage period shorter than one year or
when the entity reasonably expects that such simplification would
produce a measurement of the liability for remaining coverage for
the group of contracts that would not differ materially from the
one that would be produced applying the GMM.
Present Value of Future Cash Flows (PVFCF): it is the
discounted and probability weighted estimate of future cash
flows.
Present Value of New Business Premiums (PVNBP): it is the
present value of the expected future new business premiums,
allowing for lapses and other exits, discounted to point of sale
using reference rates.
Prior Year Loss Ratio: it is a further detail of the combined ratio
calculated as the ratio of:
•  gross previous year incurred claims charge on discounted
basis (including related claims management costs, experience
variance and change in assumptions on LIC) + changes
in previous year risk adjustment + previous year cots of
reinsurance held; and
•  gross insurance contract revenues adjusted, as per overall
Combined ratio calculation, by reclassifying the insurance
revenues deriving from the release of the liability for remaining
coverage set on incurred claims acquired in a business
combination, or in a portfolio transfer, at deduction to the prior
year incurred claims.
Relationship Net Promoter Score, Relationship NPS: it is
an indicator calculated from customer research data. A pre-
defined market representative sample is surveyed on a quarterly
base. Specifically, customers are asked to assess their likelihood
to recommend Generali to their friends, colleagues and family
members, using a scale from 0 to 10. Thanks to this feedback,
the company is able to identify detractors (rating from 0 to 6),
passives (rating of 7 or 8) and promoters (rating of 9 or 10). In
order to calculate the RNPS, the percentage of detractors is
deducted from the percentage of promoters. The RNPS is not
expressed as a percentage but as an absolute number.
At each wave, at least 200 Generali customers and as many
customers of our European international peers (AXA, Allianz and
Zurich) are surveyed per market to guarantee the robustness of
the data surveyed.
Relevant personnel: it refers to the General Managers,
managers with strategic responsibilities, and high-level
personnel of the Key Control Functions and the other categories
of personnel whose activities may have a significant impact on
the Company’s risk profile as provided by IVASS Regulation no.
38/2018, art. 2, paragraph 1, letter m).
Return on investments: please refer to the chapter
Methodological notes on alternative performance measures for
details.
Risk Adjustment (RA): corresponds to the component of
the insurance liability that captures the uncertainty the entity
bears on the amount and timing of cash flows arising from non-
financial risk.
Solvency Ratio: it is the ratio of the Eligible Own Funds to the
Group Solvency Capital requirement, both calculated according
to the definitions of the SII regime. The ratio has to be intended
as preliminary since the definitive Regulatory Solvency Ratio will
be submitted to the supervisory authority in accordance with
the timing provided by the Solvency II regulations for the official
reporting.
For interim reporting, the Own Funds are reported net of accrued
pro-rata dividend: the disclosed Solvency Ratio, therefore, differs
from the regulatory view that, from 2024, requires the deduction
of the full-year dividend also for interim QRT regulatory reporting.
Annual Integrated Report and Consolidated Financial Statements 2024
454
Generali Group
Sustainable Development Goals (SDGs): 17 objectives
contained in the 2030 Agenda for sustainable development,
launched by the United Nations.
Taxonomy-aligned economic activity: an economic activity
that is described in Annexes I and II of the Commission
Delegated Regulation EU 2021/2139 of 4 June 2021 (known
as Taxonomy Climate Delegated Regulation) adopted pursuant
to Regulation EU 2020/852 and that meets all of the technical
screening criteria laid down in those Annexes.
Taxonomy-eligible economic activity: an economic activity
that is described in Annexes I and II of the Commission
Delegated Regulation EU 2021/2139 of 4 June 2021 (known as
Taxonomy Climate Delegated Regulation) adopted pursuant to
Regulation EU 2020/852 irrespective of whether that economic
activity meets any or all of the technical screening criteria laid
down in those Annexes.
Third-Party Assets Under Management (TP AUM): assets
managed by the Group on behalf of its institutional and retail
clients, and of insurance companies and pension funds. These
assets are held off the balance sheet.
Turnover: it refers to the volume of revenues generated during
the reference year by the businesses in which the Group
operates. It includes: gross written premiums, income from
service activity, and Asset Management operating income.
Undertakings not obliged to publish non-financial
information: undertakings that are not obliged to publish
non-financial information in line with the directive EU 2014/95,
which are not subject to disclosure obligations relating to EU
Taxonomy-aligned activities.
Undiscounted Combined ratio (CoR): it excludes the
discounting effect on current year claims.
Variable Fee Approach (VFA): it is the measurement model
for insurance and investment contracts with direct participation
features.
Weighted average cost of debt: it is the annualized cost of
financial debt considering the nominal amount of the liabilities at
the reporting date and the related transactions of currency and
interest rate hedging.
Glossary
455
Annual Integrated Report and Consolidated Financial Statements 2024
456
Generali Group
CONTACTS
Group Integrated Reporting
integratedreporting@generali.com
Manager: Massimo Romano
Group Participations Valuation and AG Finance
bilancioindividualecapogruppo@generali.com
Manager: Nicola Padovese
Corporate Affairs
corporateaffairs@generali.com
Manager: Giuseppe Catalano
Group Media Relations, Content and Channels
media@generali.com
Manager: Monica Provini
Group Reward & Institutional HR Governance
group_reward@generali.com
Manager: Giovanni Lanati
Group Chief Sustainability Officer
sustainability@generali.com
Manager: Lucia Silva
Investor & Rating Agency Relations
ir@generali.com
Manager: Fabio Cleva
Shareholders & Governance
governance@generali.com
Manager: Michele Amendolagine
457
Annual Integrated Report and
Consolidated Financial Statements 2024
prepared by
Group Integrated Reporting
Coordination
Group Communications
& Public Affairs
This document is available at
www.generali.com
Photos for Generali Global Engagement Survey
Paolo Carlini for Cabiria BrandUniverse
On cover
Anindya Kusuma Wardhani, Group Head Office
Angelo Lentini, Banca Generali
Valerio Naccarato, GOSP
Aida Álvarez Rodríguez, Med & LatAm Region - Argentina
On page 1
Sabine Lukasch, Country Germany
Gloria Rodríguez López, Med & LatAm Region - Argentina
Ondřej Hrdina, CEE Region - Czech Republic & Slovakia
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