Dividends
The shareholder remuneration policy
In the new Generali 2019-21 strategic plan, among our financial targets, Assicurazioni Generali is committed to a sustainable growth of the dividend, underpinned by a target pay-out ratio range of 55% to 65% over the plan period and attractive profitability delivered through a target average Return on Equity of more than 11.5%.
2019 dividend
On March 12th 2020 the Board of Directors proposed to distribute a dividend of 0,96 euros per share, a significant 6.7% increase (0.06 euro) over the dividend paid on accounting year 2018 (0.90 euro). The pay-out ratio, excluding the capital gains relating to the disposals and the one-off expense of the liability management transaction, is equal to 63.6%, fully in the target range established by the objectives of the Generali 2021 plan.
A total € 1513 million will be given to shareholders.
After the March 12th 2020 Board of Directors meeting, the Generali Group CEO, Philippe Donnet, affirmed: “Generali closed 2019 with the best operating result in its history and with an excellent capital position, consolidating its role as a global leader in the industry. This set of results confirms that we are fully on track to meet all the targets of the ‘Generali 2021’ strategic plan. The disciplined implementation of the strategy is driving profitable growth across all business lines and has made it possible to enhance the diversification of the sources of profit, with Life net inflows at excellent levels and the best Combined Ratio among peers.”
The dividend will be paid on May 20th 2020, with a record date for the receipt of the dividend on 19 May 2020 and ex-dividend date from 18 May 2020.
Dividends in the history of Generali
Generali has always placed great importance on rewarding its shareholders. The ex-dividends paid made over the last 15 years are shown in the graph below.
Dividends per share
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
| Dividend per share (€) | 0.54 | 0.75 | 0.90 | 0.15 | 0.35 | 0.45 | 0.20 | 0.20 | 0.45 | 0.60 | 0.72 | 0.80 | 0.85 | 0.90 | 0.96 |
| 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.
| 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 |
| 2019 | 0.96 | 6.67 | 1,513 | 7.11 | 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.
|
Year of |
Date of |
Dividend |
Number of |
Total |
| 2020 | 20.05.20 | Euro 0.96 | ||
| 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.