Generali SpA

    premises & global services


    Our remuneration policy is designed to attract, motivate and retain the people who - due to their technical and managerial skills and their different profiles in terms of origin, gender and experience - are key to the success of the Group, as reflected in our corporate values.

    Our remuneration policy reflects and supports both our strategy and values: to be a global insurance Group with an approach that creates value and sustainable results, whilst valuing our people and maintaining our commitment to all stakeholders.


    The following principles lie at the heart of our remuneration policy and consequent actions:

    1. Equity and consistency of remuneration in relation to the assigned responsibilities and capabilities demonstrated;
    2. Alignment with corporate strategy and goals;
    3. Competitiveness with respect to market trends and practices;
    4. Merit and performance-based reward, in terms of results, behaviours and Group’s values;
    5. Clear governance and compliance with the regulatory framework.

    Merit is a key factor in our remuneration policy. Our policy focuses on several elements to acknowledge merit:

    • establishing incentive policies that create a direct link between remuneration and the results achieved;
    • assessing results not only in relation to achieving quantitative goals, but also in relation to whether the conduct demonstrated in achieving these goals is consistent with Generali’s values;
    • assessing performance not only annually, but also on different intermediate timeframes;
    • sharing the annual assessments of all key executives in the Company in a calibration meeting that involves the Group’s top management, so as to promote equity, consistency and transparency of the meritocratic systems;
    • managing feedbacks on performance trends, not only annually but also half-yearly, , to promote the alignment with expected targets and, in case, the adoption of corrective measures.

    Specifically, the Group pays particular attention to the governance processes relating to Group Executives, which represent the main approximately 200 Group roles with higher organizational weight and impact on the results and strategy implementation process.

    To learn more about our policy on remuneration and related compensation information for the top management, refer to the Remuneration Report 2017.

    The remuneration package consists of a fixed remuneration, a variable remuneration and fringe benefits, structured in a balanced way.

    Total remuneration package for the Group Executive

    The fixed salary remunerates the role held and responsibilities assigned, also considering the experience of the relevant incumbent, the skills required, and the contribution to achievement of business results.


    The variable remuneration takes the form of short (STI) and long-term (LTI) incentive plans that are designed to motivate the management to achieve business goals by creating a direct link between incentives and quantitative and qualitative goals.
    Our incentive policies are structured to achieve annual and multi-year results, in order to keep the level of achievement of sustainable Group results.


    The remuneration package also include fringe benefits, such as supplementary pension plans and health care, company car and other benefits linked to internal and international mobility, in line with market practices.


    The incentive plans provide entry thresholds connected to the company’s financial position and risk management; risk indicators and malus and claw-back clauses are included in all short and long-term variable incentive systems.

    Specific guidelines on the balancing of the different remuneration components are defined for each target group. The table below illustrates the target pay-mix, meaning the average impact of the fixed and variable remuneration on the total target remuneration package and average impact of the annual and deferred variable remuneration on the total target variable remuneration.

      Total target
    Total target
    variable remuneration
    Annual Deferred
    Managing Director/Group CEO 22% 78% 29% 71%
    Other managers with strategic responsibilities 37% 63% 40% 60%
    Control functions 78% 22% 60% 40%

    “Other managers with strategic responsibilities”: the members of the GMC and other first reporting roles to the Managing Director / Group CEO that have a significant impact on the Group’s risk and strategic profile, the Regional Officers and the heads of the functions that directly report to the Company’s Board of Directors. The role of Group CRO and Head of Group Audit are not included in this cluster, while are included amongst the control functions.

    Group Short Term Incentive (STI):


    The Group Short Term Incentive plan (STI) is the annual bonus system, whereby a cash bonus ranging from 0% to 200% of the individual target baseline can be achieved depending on:


    • the Group’s funding, linked to the Group’s Operating Result and Net Profit Adjusted and subject to the verification of the achievement of a minimum level of the Economic Solvency Ratio;
    • the achievement of the goals set out in the individual balanced scorecard, in which 5 to 7 goals are set at Group, region, country, business/function and individual level - as appropriate - relating to value creation, risk adjusted profitability, efficiency, business transformation & strategy acceleration and people empowerment.


    Group Long Term Incentive (LTI):


    The Group Long Term Incentive (LTI) is the multi-year plan based on Assicurazioni Generali shares (subject to Shareholders’ approval), with the following features:


    • the plan is paid out over a total period of 6 calendar years, is linked to specific Group performance goals (Return on Equity and relative Total Shareholders Return) and is subject to the verification of the achievement of minimum level of Economic Solvency Ratio;
    • the plan is based on a 3-year performance period and additional lock-up periods on granted shares (i.e. minimum holding) up to two years.


    For the Control functions (Internal Audit, Risk Management, Compliance and Actuarial function) were defined specific guidelines in line with specific regulatory requirements.


    The current remuneration policy for all non-executive directors (whether independent or not) establishes that remuneration must consist of a fixed component and of an attendance fee issued for each Board of Directors meeting attended, in addition to the reimbursement of expenses incurred by their attendance.

    Directors who are also members of Board Committees are paid an additional emolument to the one already received for their role as members of the Board of Directors (with the exception of those who are also executives of the Generali Group). This additional remuneration is set according to the duties assigned to the relevant Committees and the effort and time required of them, in terms of the number of meetings and preparation required. This remuneration is established by the Board of Directors in accordance with art. 2389, paragraph 3, of the Italian Civil Code.

    Moreover, in line with the best international market practices, no variable remuneration is envisaged for non-executive directors.

    The remuneration policy for the Chair includes the payment of remuneration for his role as member of the Board of Directors in addition to an annual fixed remuneration that is determined in relation to the powers conferred, to his position, to his skills and experience, and also on the basis of comparative analyses with similar roles at both a national and international level. Just like all non-executive directors, the Chair's variable remuneration does not involve his participating in short- and medium/long-term incentive plans.

    The policy for this role also entails the assignment of certain non-monetary fringe benefits, such as insurance coverage against professional injury and disease, healthcare and the business and personal use of a company car with a driver.


    The policy for these roles entails payment of a fixed gross annual remuneration for the entire term of the appointment, increased by 50% for the Chair of the Board of Statutory Auditors; there are no variable components to the remuneration.
    Members of the body have also the right to a refund for all expenses incurred in performing their office and benefit from the D&O insurance policy.


    Download Documents


    Remuneration Report 2017 2 mb  
    Information Document on 2017 LTI plan 2 mb  
    Information Document on the special share plan for the Group CEO 2 mb  




    Remuneration Report 2016 707 kb  
    Information Document on 2016 LTI Plan 2 mb  


    Remuneration Report 2015 615 kb  
    Information Document Plan LTI 2015 2 mb  


    Remuneration Report 2014 1 mb  
    Information Document LTI 2014 138 kb  


    Informative document on the shares for the Group CEO and managers 169 kb  
    Information document LTI 2013 196 kb  
    Remuneration Report 2013 6 mb  


    Remuneration Report 2012 506 kb  


    Informative document on the LTI incentive plan of Generali Group "LTIP" (Shareholders Meeting, 30/04/2011) 1 mb  
    Document about the carrying out of the LTIP second cycle 215 kb