In 2010, in a macroeconomic scenario which, although in recovery, still appears
to be marked by numerous uncertainties in the main countries in which the Group
operates, the Generali Group has continued to operate according to its own strategic
lines based on the pursuit of operating efficiency, optimisation of the distribution
networks aimed, in particular, at expanding the range of high-yield products offered
in the life segment and the development of direct channels.
With reference to the reorganization and restructuring initiatives, in Spain the merger of Vitalicio Seguros and Estrella Seguros into the newly
formed Generali Seguros has been completed. This transaction is to be viewed as
a conclusion of the rationalization process of the Group's operations in the country
which was started over the past few years by sharing back-office services, unifying
the traditional sales networks, the commercial organization and technical platforms,
with the aim of increasing commercial efficacy and operational efficiency.
The goals planned for the merger of Alleanza Assicurazioni and Toro Assicurazioni
for this year — expanding the products available to the sales network and achieving
cost synergies — were reached in 2010. Since October 2009, when the new company
Alleanza Toro became effective, the Alleanza network placed over 63 thousand non-life
policies, specifically related to accident, health and household covers, and the
Toro network recorded a significant increase in the life segment, with high value-added
products.
The effective distribution model based on diversified proprietary channels and the level of territorial diversification
adopted by the Group allowed both countries that are traditionally considered
as mature markets, such as Italy, France and Germany, and emerging markets such
as China, Argentina and Mexico, to positively contribute to total premium income.
With reference to innovation, the Group has pursued its strategy focused on new products and new distribution
channels. In detail, new modular insurance products were developed with the aim
of best meeting customer needs in the retail, small and medium-sized enterprises
and agricultural segments. In addition, the Group extended and strengthened the
use of innovative sales channels to provide timely, high-quality service, in part
through the use of the Web and new mobile applications.
The Group has continued its growth strategy in new countries and market segments. In October, Assicurazioni Generali obtained
a preliminary licence from Vietnam's Ministry of Finance for the incorporation
of Generali Vietnam Life Insurance Company. The company will become operational
in 2011.
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