Generali SpA

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Dividends

The shareholder remuneration policy

Our ambition is to pay shareholders attractive, sustainable and progressive dividends.

The strategy for the period 2015-18 focuses on cash generation and shareholder remuneration. A total of at least 5 billion euro in dividends are planned to be paid over the four years covered by the plan.

2015 dividend

The Shareholders’Meeting of April 28 resolved to distribute a dividend of 0.72 euro per share, a 20% increase (0.12 euro) over the dividend paid in 2014 (0.60 euro).  A total of 1,120.9 million euro was allocated to the remuneration of shareholders with a payout ratio of 55.3%.
 
The dividend has been paid on 25 May 2016 with a record date for receipt of the dividend on 24 May 2016 and ex-dividend date from 23 May 2016.

Dividends in the history of Generali

Generali has always placed great importance on rewarding its shareholders. The ex-dividends paid and payouts made over the past decade are shown in the graph below.

Dividends per share and payout ratio

  2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dividend per share (€) 0.33 0.43 0.54 0.75 0.9 0.15 0.35 0.45 0.2 0.2 0.45 0.6 0.72
0.63*
Payout ratio  41.5% 41.7% 35.9% 39.7% 41.8% 24.6% 41.6% 41.1% 36.4% n.m. 36.6% 55.9% 55.3%
(restated 44.5%)**

Payout ratio = total distributed dividend / net Group result of the period

* The dividend in kind corresponds to 1/25 of the share and is equal to the official price of 21 May 2009, date of payment of the dividend. The unit value of the dividend distributed, cash + 1/25 of a share, amounts to 0.78 euro per share.

** The dividend corresponds to a payout ratio of 55.9% (44.5% if extraordinary items impacting on net profit for 2014 are excluded: the write-down of Ingosstrakh in Russia, Liability Management, Poland, and profit (loss) from discontinued operations)

Year  Dividend per share (€) % Previous year increase Aggregate payout
(€ mln)
% Previous year increase Maximum aggregate payout (€ mln) % Previous year increase Parent Company net profit (€ mln) % Previous year increase Consolidated net profit (€ mln) % Previous year increase

2015

0.72

20.00

1,120.9

20.00

1,120.9

20.00

 931.5

26.26

2,030

15.34

2014

0.6

33.33

934.1

33.33

934.1

33.33

 737.8

29.57

1,760

-8.08

2013

0.45

125

 700.6

125.56

700.6

124.98

569.4

335.63

1,915

2,036.80

2012

0.2

=

310.6

=

311.4

=

130.7

-59.85

90

-89.53

2011

0.2

-55.55

310.6

-55.55

311.4

-55.55

325.5

-48.64

856

-49.70

2010

0.45

28.57

 698.8

 28.57

 700.6

 28.57

 633,8

 14,05

 1,702

 30.01

2009

0.35

133.33**

543.5

167.21**

544.9

157.64**

555.7

-32.91

1,309

52.07

2008

0.15

-13.33

203.4

-12.8

211.5

-15.51

828.3

-40.88

861

-70.47

0.63*

860.6*

860.6*

2007

0.9

20

1,220.1

27.74

1,269.0

32.37

1,401.1

15.45

2,916

21.24

2006

0.75

38.89

955.2

38.64

958.7

39.15

1.213,6

32.38

2,405

25.35

2005

0.54

25.58

689

25.61

689

25.61

916.8

-9.42

1,919

15.18

2004

0.43

30.3

548.5

30.3

548.5

30.3

1,012.1

83.88

1,666

64.1

2003

0.33

17.86

420.9

17.89

420.9

17.89

550.4

166.9

1,015

234.56

2002

0.28

0

357.1

0.03

357.1

0.03

206.2

-53.35

-754

-168.58

2001

0.28

---

356.9

---

356.9

---

442,1

---

1,100

---

Italian GAAP consolidated net profit from 2001 to 2003; IAS-FRS consolidated net profit from 2004.
* Amount corresponding to the dividend in kind, equivalent to 1/25 of the share, according to the official price of 21 May 2009 (dividend payment date). The dividend per unit, cash + 1/25 of the share, amounts to 0.78 euro per share.
** Percentage increase in the amount distributed in cash for 2008.

Year of
payment

Date of
payment *

Dividend
per share

Number of
shares

Total
dividends

2016

25.05.16

Euro 0.72

1,559,883,538

1,123,116,147.36

2015

20.05.15

Euro 0.60

1,556,873,283

934,123,969.80

2014

22.05.14

Euro 0.45

1,556,873,283

700,592,977.35

2013

23.05.13

Euro 0.20

1,556,873,283

311,374,656.60

2012

24.05.12

Euro 0.20

1,556,873,283

311,374,656.60

2011

26.05.11

Euro 0.45

1,556,873,283

700,592,977.35

2010

27.05.10

Euro 0.35

1,556,873,283

544,905,649.05

2009

21.05.09

Euro 0.15**

1,410,113,747

211,517,062.05

2008

22.05.08

Euro 0.90

1,410,015,363

1,269,013,826.70

2007

24.05.07

Euro 0.75

1,278,285,370

958,714,027.50

2006

25.05.06

Euro 0.54

1,275,899,543

688,985,753.22

2005

26.05.05

Euro 0.43

1,275,587,018

548,502,417.74

2004

27.05.04

Euro 0.33

1,275,587,018

420,943,715.90

2003

22.05.03

Euro 0.28

1,275,284,781

357,079,738.68

2002

23.05.02

Euro 0.28

1,274,863,625

356,961,815.00

2001

24.05.01

ITL 500

1,252,991,340

626,495,670,000

2000

25.05.00

ITL 460

1,252,943,669

576,354,087,740

1999

31.05.99

ITL 425

1,025,847,404

435,985,146,700

1998

20.07.98

ITL 385

1,025,811,890

394,937,577,650

1997

21.07.97

ITL 375

881,704,686

330,639,257,250

1996

22.07.96

ITL 375

801,522,393

300,570,897,375

1995

17.07.95

ITL 360

801,474,647

288,530,872,920

1994

18.07.94

ITL 360

728,577,146

262,287,772,560

1993

16.07.93

ITL 350

728,511,075

254,978,876,250

1992

16.07.92

ITL 335.33

728,511,061

244,291,614,100

1991

17.07.91

ITL 349.48

582,802,343

203,677,762,800

1990

16.07.90

ITL 350

529,816,112

185,435,639,200

1989

17.07.89

ITL 330

529,790,000

174,830,700,000

1988

18.07.88

ITL 600

208,472,862

125,083,717,200

1987

16.07.87

ITL 600

173,028,100

103,816,860,000

1986

17.07.86

ITL 600

123,092,718

73,855,630,800

1985

16.07.85

ITL 500

122,594,079

61,297,039,500

1984

17.07.84

ITL 325

122,098,100

39,681,882,500

1983

19.07.83

ITL 1,100

30,524,525

33,576,977,500

1982

16.07.82

ITL 1,100

24,419,620

26,869,582,000

1981

08.07.81

ITL 950

24,419,620

23,198,639,000

1980

21.07.80

ITL 750

24,419,620

18,314,715,000

1979

19.07.79

ITL 700

19,278,648

13,495,053,600

1978

19.07.78

ITL 600

16,457,544

9,874,526,400

1977

20.07.77

ITL 550

13,714,624

7,543,043,200

1976

19.07.76

ITL 500

13,714,624

6,857,312,000

1975

21.07.75

ITL 500

8,944,320

4,472,160,000

1974

09.07.74

ITL 500

8,944,320

4,472,160,000

1973

19.07.73

ITL 500

7,453,600

3,726,800,000

1972

19.07.72

ITL 450

7,453,600

3,354,120,000

1971

19.07.71

ITL 450

7,453,600

3,354,120,000

1970

08.06.70

ITL 550

5,324,000

2,928,200,000

1969

18.06.69

ITL 550

4,840,000

2,662,000,000

1968

19.06.68

ITL 1,000

2,420,000

2,420,000,000

1967

19.07.67

ITL 900

2,420,000

2,178,000,000

1966

08.08.66

ITL 850

2,420,000

2,057,000,000

1965

20.07.65

ITL 850

2,420,000

2,057,000,000

1964

21.07.64

ITL 850

2,420,000

2,057,000,000

1963

29.07.63

ITL 850

2,420,000

2,057,000,000

1962

22.06.62

ITL 850

2,200,000

1,870,000,000

1961

03.07.61

ITL 750

2,200,000

1,650,000,000

1960

04.07.60

ITL 700

2,000,000

1,400,000,000

1959

06.07.59

ITL 650

2,000,000

1,300,000,000

1958

07.07.58

ITL 600

2,000,000

1,200,000,000

1957

03.07.57

ITL 550

2,000,000

1,100,000,000

1956

02.07.56

ITL 500

2,000,000

1,000,000,000

1955

04.07.55

ITL 400

2,000,000

800,000,000

1954

08.07.54

ITL 350

2,000,000

700,000,000

1953

08.07.53

ITL 300

2,000,000

600,000,000

1952

07.07.52

ITL 250

2,000,000

500,000,000

1951

02.07.51

ITL 200

2,000,000

400,000,000

1950

06.07.50

ITL 160

2,000,000

320,000,000

1949

06.07.49

ITL 120

1,600,000

168,000,000

1948

22.07.48

ITL 60

1,200,000

72,000,000

1947

30.04.47

ITL 35

600,000

21,000,000

1946

11.02.46

ITL 31.5

600,000

18,900,000

1945

-

ITL 31.5

600,000

18,900,000

1944

giu-44

ITL 35

600,000

21,000,000

1943

giu-43

ITL 35

600,000

21,000,000

1942

giu-42

ITL 35

600,000

21,000,000

1941

mag-41

ITL 35

600,000

21,000,000

1940

mag-40

ITL 35

600,000

21,000,000

1939

mag-39

ITL 175

120,000

21,000,000

1938

Apr-38

ITL 175

120,000

21,000,000

1937

Apr-37

ITL 175

120,000

21,000,000

1936

Apr-36

ITL 175

120,000

21,000,000

1935

Apr-35

ITL 175

120,000

21,000,000

1934

Apr-34

ITL 175

120,000

21,000,000

1933

Apr-33

ITL 175

120,000

21,000,000

1932

Apr-32

ITL 175

120,000

21,000,000

1931

Apr-31

ITL 175

120,000

21,000,000

1930

Apr-30

ITL 175

120,000

21,000,000

1929

Apr-29

ITL 175

120,000

21,000,000

1928

Apr-28

ITL 150

120,000

15,000,000

1927

Apr-27

ITL 150

120,000

15,000,000

1926

Apr-26

ITL 150

120,000

15,000,000

1925

mag-25

ITL 150

80,000

12,000,000

1924

mag-24

ITL 125

80,000

10,000,000

1923

giu-23

ITL 750

6,300

4,275,000

1922

giu-22

ITL 680

6,300

4,284,000

1921

lug-21

ITL 640

6,300

4,032,000

1920

-

ITL 600

6,300

3,780,000

1919

-

ITL 600

6,300

3,780,000

1918

-

ITL 600

6,300

3,780,000

1917

-

ITL 600

6,300

3,780,000

1916

-

ITL 400

6,300

2,520,000

1915

Apr-15

gold Franc pieces 500

6,300

3,150,000

1914

Mar-14

gold Franc pieces 720

6,300

4,536,000

1913

Mar-13

gold Franc pieces 720

6,300

4,536,000

1912

Apr-12

gold Franc pieces 700

6,300

4,410,000

1911

Apr-11

gold Franc pieces 700

6,000

4,200,000

1910

Mar-10

gold Franc pieces 600

6,000

3,600,000

1909

Mar-09

gold Franc pieces 600

6,000

3,600,000

1908

Mar-08

gold Franc pieces 600

6,000

3,600,000

1907

Mar-07

gold Franc pieces 540

6,000

3,240,000

1906

Mar-06

gold Franc pieces 420

5,000

2,100,000

1905

Mar-05

gold Franc pieces 400

5,000

2,000,000

1904

Mar-04

gold Franc pieces 400

5,000

2,000,000

1903

Mar-03

gold Franc pieces 390

5,000

1,950,000

1902

Mar-02

gold Franc pieces 380

5,000

1,900,000

1901

Apr-01

gold Franc pieces 360

5,000

1,800,000

1900

Apr-00

gold Franc pieces  360

5,000

1,800,000

1899

-

gold Franc pieces 360

5,000

1,800,000

1898

-

gold Franc pieces 360

5,000

1,800,000

1897

-

gold Franc pieces 360

5,000

1,800,000

1896

-

gold Franc pieces 340

5,000

1,700,000

1895

-

gold Franc pieces 300

5,000

1,500,000

1894

-

gold Franc pieces 300

5,000

1,500,000

1893

-

gold Franc pieces 300

5,000

1,500,000

1892

-

gold Franc pieces 300

5,000

1,500,000

1891

-

gold Franc pieces 300

5,000

1,500,000

1890

-

gold Franc pieces 255

5,000

1,275,000

1889

-

gold Franc pieces 255

5,000

1,275,000

1888

-

gold Franc pieces 265

5,000

1,325,000

1887

-

gold Franc pieces 300

5,000

1,500,000

1886

-

gold Franc pieces 310

5,000

1,550,000

1885

-

gold Franc pieces 300

5,000

1,500,000

1884

-

gold Franc pieces 220

5,000

1,100,000

1883

-

gold Franc pieces 255

5,000

1,275,000

1882

-

gold Franc pieces 270

5,000

1,350,000

1881

-

gold Franc pieces 180

5,000

900,000

1880

-

gold Franc pieces 170

5,000

680,000

1879

-

gold Franc pieces 153.75

4,000

615,000

1878

-

gold Franc pieces 125.05

4,000

500,200

1877

-

gold Franc pieces 173.75

4,000

615,000

1876

-

gold Franc pieces 153.75

4,000

615,000

1875

-

gold Franc pieces 190

4,000

760,000

1874

-

gold Franc pieces 180

4,000

720,000

1873

-

gold Franc pieces 200

4,000

800,000

1872

-

gold Franc pieces 187.5

4,000

750,000

1871

-

gold Franc pieces 150

4,000

600,000

1870

-

gold Franc pieces 150

4,000

600,000

1869

-

gold Franc pieces 125

4,000

500,000

1868

-

gold Franc pieces 73.5

4,000

294,000

1867

-

gold Franc pieces 73.5

4,000

294,000

1866

-

gold Franc pieces 73.5

4,000

294,000

1865

-

gold Franc pieces 126

4,000

504,000

1864

-

gold Franc pieces 73.5

4,000

294,000

1863

-

gold Franc pieces 73.5

4,000

294,000

* As from 2000, the relevant coupon detachment date will be three days before the payment date. Starting from 2015, the relevant coupon detachment date will be two days before the payment date.
** The dividend per unit includes Euro 0.15 per share in cash and the free allotment of one Assicurazioni Generali ordinary share for every 25 shares held. The dividend in kind corresponds to 1/25 of the share and is equal to 0.63 euro according to the official price of 21 May 2009 (Euro 15.869). For tax purposes, the “normal value” of each allotted share is equal to Euro 15.724 and is made by the arithmetic mean of the share prices between 18 April and 18 May 2009 (coupon detachment date) on the days when the regulated market was open.