Dividends
The shareholder remuneration policy
During the Investor Day that took place on 15 December 2021, Generali launched the Group’s new three-year strategy ‘Lifetime Partner 24: Driving Growth’. In its strategic plan, Assicurazioni Generali sets a target of predictable and growing dividend with the introduction of a ratchet policy and targeting a distribution of € 5.2 – 5.6 billion cumulative cash dividends over the 2022-2024 period1, compared with € 4.5 billion distribution in the 2019-21 period.
This gives further visibility to our commitment to deliver attractive, predictable and steadily-growing dividends.
The Group Ceo Philippe Donnet stated: “Generali’s longstanding Lifetime Partner commitment puts our customers at the heart of everything we do. Under our new plan, we will take this commitment to the next level and confirm Generali as a customer-focused and data-driven innovator.
The ambitious targets and initiatives we have announced today are possible thanks to the successful delivery of our previous strategic plans. Today, Generali has a strong financial position, diversified earnings, consistent profitable growth and a track record of generating best-in-class shareholder returns. We look forward to building on these achievements over the next three years.”
1 subject to regulatory recommendations
2022 dividend
The Annual General Meeting held on 28 April 2023 approved the distribution of a dividend of € 1.16 per share to shareholders, to be paid as from 24 May 2023. Shares will trade ex-dividend as from 22 May 2023. The dividend per share marks an 8.4% increase compared to the dividend paid in 2021, reflecting strong earnings growth, the cash and capital position of the Group and the focus on shareholder returns.
The dividend proposal represents a total maximum pay-out of € 1,790 million.
Generali Group CEO Philippe Donnet commented: “Generali’s results confirm the success of our transformation journey, which continues through the disciplined and effective implementation of the 'Lifetime Partner 24: Driving Growth' strategy. Powered by a clear vision to position the Group as a global leader in insurance and asset management, we are on track to achieve the targets and ambitions of our strategic plan, delivering sustainable growth to create value for all our stakeholders, even in a challenging geopolitical and economic context. This has enabled us to propose to our shareholders, once again, an increased dividend, thanks to continued earnings growth and the Group’s strong cash and capital position. Generali also continues to lead the way in sustainability, now fully integrated within all the Group’s business activities in line with our commitment to act as a responsible insurer, investor, employer and corporate citizen. We have achieved all of this thanks to the passion of our people and our unique agent network.”
Dividends in the history of Generali
Generali has always placed great importance on rewarding its shareholders. The ex-dividends paid over the last 15 years are shown in the graph below.
Dividends per share
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Dividend per share (€) | 0.15 | 0.35 | 0.45 | 0.20 | 0.20 | 0.45 | 0.60 | 0.72 | 0.80 | 0.85 | 0.90 | 0.96** | 1.01** | 1.07 | 1.16 |
| 0.63* |
* 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 per share proposed for the 2020 financial year was € 1.47, split into two tranches of € 1.01 and € 0.46, respectively. The first tranche was payable as from 26 May 2021, represents the ordinary pay-out from 2020 earnings. The second tranche was related to the second part of the 2019 retained dividend and was payable as from 20 October 2021 following the verification by the Board of Directors of the absence of impeding supervisory provisions or recommendations in force at that time which was carried out on 1 October 2021. As a consequence the amount of € 0.46, paid out in 2021, has been shown here in the amount related to the fiscal year of 2019.
Dividends distributed from 2001
| 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 |
| 2022 | 1.16 | 8.41 | 1,790 | 5.85 | 2,820.5 | 52.72 | 2,912 | 2,25 | ||
| 2021 | 1.07 | 5.94 | 1,691 | 6.29 | 1,691 | 6.29 | 1,846.9 | -37,81 | 2,847 | 63.3 |
| 2020 | 1.47*** | 5.21 | 1,591**** | 5.13 | 1,591**** | 5.13 | 2,969.9 | 96.12 | 2,076 | -12.7 |
| 2019 | 0.50*** | 6.67 | 1,513*** | 7.1 | 1,513*** | 7.1 | 1,514.3 | 2.78 | 2,379 | 6.6 |
| 2018 | 0.90 | 5.88 | 1,412.6 | 5.88 | 1,412.6 | 5.88 | 1,473.3 | 4.90 | 2,309 | 9.4 |
|
2017 |
0.85 |
6.25 |
1,330.4 |
6.25 |
1,330.4 |
6.25 |
1,404.5 |
28.11 |
2,110 |
1.4 |
|
2016 |
0.80 |
11.11 |
1,249.4 |
11.25 |
1,249.4 |
11.25 |
1,096.2 |
17.68 |
2,081 |
2.51 |
|
2015 |
0.72 |
20.00 |
1,123.1 |
20.00 |
1,123.1 |
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.
*** Data regarding the distribution actually carried out in 2020 and related to the first tranche of the resolved dividend, amounting to € 0.50 per share and to the second tranche, amounting to € 0.46 per share, paid out in 2021.
**** Data regarding only the amount related to the ordinary profit pay-out carried out in 2021 and amounting to € 1.01. The amount related to the second tranche, of € 0.46, has been included in data related to the 2019 fiscal year.
Dividend history
|
Year of |
Date of |
Dividend |
Number of |
Total |
| 2023 | 24.05.23 | Euro 1.16 | 1,559,281,461 | 1,789,502,077.80 |
| 2022 | 25.05.22 | Euro 1.07 | 1,586,593,803 | 1,697,655,369.21 |
| 2021 | 26.05.21 | Euro 1.01 | 1,581,069,241 | 1,596,879,933.41 |
| 20.10.21*** | Euro 0.46*** | 1,581,069,241*** | 727,291,850.86*** | |
| 2020 | 20.05.20 | Euro 0.50 | 1,576,052,047 | 788,026,023.5 |
| Not distributed | Euro 0.46 | 1,576,052,047 | 724,983,941.62 | |
| 2019 | 22.05.19 | Euro 0.90 | 1,569,600,895 | 1,412,640,805.5 |
|
2018 |
23.05.18 |
Euro 0.85 |
1,565,165,364 |
1,330,390,559.40 |
|
2017 |
24.05.17 |
Euro 0.80 |
1,561,808,262 |
1,249,446,609.60 |
|
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.
*** The distribution of this second tranche has been subject to the verification by the Board of Directors of the absence of impeding supervisory provisions or recommendations in force at that time.On 1 October 2021, the Assicurazioni Generali Board of Directors verified the actual absence, as at that date, of impeding supervisory provisions or recommendations regarding the payment of the second tranche of the dividend.