Green, Social and Sustainability Bond Framework and Report

The Generali’s Green, Social and Sustainability Bond Framework represents a new umbrella framework for issuing future Green Bonds, Social Bonds and Sustainability Bonds and covers the previous Green Bonds and Sustainability Bonds issued by the Group.

The Group became in 2019 the first Green Bond issuer in the European insurance sector. In 2021, we integrated Social categories into the Green Bond Framework, positioning us among the first European insurance issuers of Sustainability Bonds. In December 2023 we evolved the Sustainability Bond Framework by incorporating the requirements of the European Taxonomy, aiming to structure a more effective transition path towards the new principles of the European Union for bond issuers wishing to use the designation “EU Green Bonds Standard”. In December 2025, we updated the Green, Social and Sustainability Bond Framework to reflect the alignment of the Group Strategy with the current strategic plan “Lifetime Partner 27: Driving Excellence”, the revision of the composition of the Sustainability Bond Committee, and minor wording adjustments aimed at further clarifying the content of the Framework.
The expanded use of proceeds under the Sustainability Bond Framework includes 9 categories, the first six of which are fully aligned with the criteria defined under the EU Taxonomy:

Green Categories:

1. Green and Resilient Buildings

2. Renewable Energy (Electricity Production & Cogeneration of Heat/Cool & Power)

3. Energy Efficiency (Measures and Infrastructure)

4. Clean Transportation

5. Climate Adaptation Measures

6. Environmentally Sustainable Management of Living Natural Resources and Land Use (Sustainable Forestry & Landscapes)

Social Categories:

7. Access to Essential Services

8. Affordable Housing

9. Employment generation and programmes designed to prevent and/or alleviate unemployment stemming from socio-economic crises, climate transition projects and/other considerations for ‘just transition’ (including SME financing and micro-finance)