It gives me great satisfaction to be able to state that, notwithstanding the
economic situation that is still characterised by persistent uncertainty and market volatility,
the Group continues to show robust growth, with an especially strong increase
in life insurance collection. The choice of directing the latter towards more
financially-rewarding products and the high performance obtained from investment
management, combined with the rigorous cost control, has allowed us to achieve
a growth in net results that ranks among the best in the sector. This was possible
thanks to the positive technical result also in the non-life segment, despite
numerous catastrophic events. The result obtained goes to confirm the validity
of our distribution model which is strong thanks to the proprietary networks,
and a strategy of geographic diversification. The increase in net assets confirms
the strength of the capital structure.
We can therefore state that we continue to successfully carry out our job as
insurers, enabling the generation of wealth, however we are aware that our success
is also the result of the ability and commitment of our employees, and the faith
our clients and investors continue to have in us. This is the reason why we direct
our strategic choices towards the constant search of coherence between the interests
of the Group and the general public, and why we inform all our stakeholders regarding
our results.
The added value generated by our business has once again increased this year
and not only to the benefit of the Company: in fact, we have been able to distribute
increasing sums to everyone, beginning with the shareholders, who were given a
unit dividend of 0.45 euro per share compared to 0.35 euro last year.
However it is important to point out that from a broader point of view, where
the creation of value for all stakeholders is at the core of the corporate strategies, the value generated for the latter
is not only measured in monetary terms. For example, we create value for our clients
by constantly updating the products offered and improving the services provided,
so they will continue to meet their ever-changing needs. We create value for our
employees by offering professional and career growth opportunities, and tools
to reconcile their work and family needs, such as nurseries for their children
or improving their well-being in the workplace. We create value for the environment
by adopting responsible criteria in the management of corporate mobility and in
the use of natural resources.
The seriousness of our approach to sustainable development and the value of the results we have obtained since the day, seven years ago,
when we decided to publish our first Sustainability Report and to introduce policies
and practices to tackle and manage the most relevant social and environmental
issues, have been proven by the recognition attributed to us particularly this
past year by rating agencies which assess social, environmental and corporate
governance performance. We are proud to have succeeded in improving all ratings
assigned to us, and have been entered in important indices such as the ASPI Eurozone,
FTSE ECPI and, in March this year, the FTSE4Good. Our environmental performance
linked to the mitigation of climate changes has been awarded a score of 69/100,
at the threshold of excellence, by the Carbon Disclosure Project, which we joined
only one year ago.
Environmental protection is a priority for us. The environmental policy we have defined and
the environmental management system we are implementing aim to use commitment
and effective tools to contain the impact of corporate activity on the environment
and the accompanying risks by means of a preventive approach, aimed at acting
in the management of critical situations in manners that go beyond the regulatory
prescriptions and by forestalling the manifestation of serious damage.
In addition to environmental protection, we are also committed to the respect
and promotion of fundamental human and labour rights and the fight against corruption, honouring the commitment we made a few years
ago in joining the United Nations Global Compact initiative. The principles it
promotes are now part of our strategies, policies and daily operations and, with
the 2010 review of the Ethical Code of the Generali Group, these have been inserted
among the fundamental principles upon which our Group draws inspiration.
The level of integration achieved by the social and environmental considerations
in our business has led us, for the first time this year, to insert a number of
“green pages” into our Consolidated Financial Statement, which show not only descriptive
information on our sustainability strategy and governance, but also a set of quantitative
indicators on the related performance.
The satisfaction for the goals achieved and the increasing appreciation shown
by our stakeholders towards our commitment in this field confirm the validity
of our strategies and stimulate us to continue along this path, striving to seize
all opportunities that arise so as to inspire sustainable development in our business
activity.
Gabriele Galateri di Genola
(May 2011)
