Investing in Generali

With nearly 200 years of history, the Generali Group is the largest insurer in Continental Europe, with a strong focus on individuals, families and SMEs, and a growing presence in high-potential markets in Asia and Latin America.

Operating in over 50 countries, with total gross written premiums of €98 billion, an operating result of €8 billion and €900 billion in total Assets Under Management (AUM) in 2025, the Group employs approximately 88,000 people worldwide and serves 75 million insurance customers.

Generali has demonstrated solid growth and profitability capabilities:

• Since 2016, net result has doubled, reaching €4.2 billion in 2025
• Total Shareholder Return (TSR) was close to 270% between 2016 and 2025
• Since 2018, consolidated financial debt has been reduced by approximately €2 billion

During this period, the Group has also achieved a greater diversification of its general account investments, while optimizing its business mix and complementing organic growth with successful M&A transactions.

After delivering all targets of the three previous strategic plans, the Group is now focused on achieving the ambitious growth targets of the Lifetime Partner 27 strategic plan:

• Strong earnings growth: EPS growth of 8–10% CAGR
• Solid cash generation: > €11 billion Cumulative Net Holding Cash Flow
• Increasing shareholder remuneration, with DPS growing by at least 10% CAGR and a commitment to share buybacks of at least €1.5 billion over the plan period

Thanks to the successful transformation of the Group, Generali benefits from a stronger focus on its core business and increased business model efficiency. The Group’s commercial strategies also integrate data and emerging technologies such as AI with human interaction, to enhance its position as a Lifetime Partner for its customers.

Key distinguishing features of the Group include:

• Technical excellence in Property & Casualty, Motor Liability and Life segments for individuals, families, and SMEs
• Focus on our proprietary agent distribution network
• Customer loyalty, with a leading position in terms of RNPS in Europe
• A capital-light structure, with significant synergies between Insurance and Asset & Wealth Management
• A strong position in Asset Management: following the acquisition of Conning Holdings, Generali Investments ranks among one of the leading European players
• Highly skilled and engaged employees and agents

The strategic plan “Lifetime Partner 27: Driving Excellence”, presented to the financial community in January 2025, sets a path toward further excellence across customer relationships, core capabilities (Insurance and Asset Management), and the Group operating model.

Learn more about Strategic Plan

The plan is tightly integrated with the Group’s sustainability strategy: with a clear commitment as a Responsible Investor, Responsible Insurer, Responsible Employer, and Responsible Corporate Citizen.

Learn more about Responsible Business

Generali operates in a rapidly evolving environment, which the Group continuously monitors in order to prepare for and adapt to.

Key topics of relevance for the Group include:

• Climate change and the growing impact of natural disasters: insurers play a critical role both as institutional investors and protection providers
• Geopolitical instability and emerging conflicts, with significant macroeconomic and social consequences
• Technological innovation, which is transforming not only the economy but also everyday life
• Demographic and social changes, including ageing populations and declining birth rates in developed countries

Learn more about the Internal Control System and Risk Management

Generali is adopting Artificial Intelligence and Generative AI through a structured Group-wide governance framework, targeted investments, and strategic partnerships, enhancing customer relationships, core capabilities, and operating model efficiency, while ensuring a responsible use of technology.