Generali SpA

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    Dividends

    The shareholder remuneration policy

    Our ambition is to pay shareholders attractive, sustainable and progressive dividends.

    The strategy for the period 2015-18 focuses on cash generation and shareholder remuneration. A total of at least 5 billion euro in dividends are planned to be paid over the four years covered by the plan.

    2016 dividend

    The Shareholders’Meeting of April 27 resolved to distribute a dividend of 0.80 euro per share, a 11.1% increase (0.08 euro) over the dividend paid in 2015 (0.72). A total of 1,249 million euro was allocated to the remuneration of shareholders with a payout ratio of 60.04 %.

    After the Board of Directors the Generali Group CEO, Philippe Donnet, affirmed: “Our excellent 2016 results confirm that Generali is an industry leader in terms of profitability and performance. These results demonstrate our ability to deliver on our commitments. Operating result and cash generation are the highest ever, driven by further improvements in the performance across the whole group. […]In the light of our excellent results and the solid capital position of the Group, we have recommended a dividend of €0.80 an increase of 11.1% over the previous year”.

    The dividend has been paid on 24 May 2017  with a record date for receipt of the dividend on 23 May 2017 and ex-dividend date from 22 May 2017.

    Dividends in the history of Generali

    Generali has always placed great importance on rewarding its shareholders. The ex-dividends paid and payouts made over the past decade are shown in the graph below.

    Dividends per share and payout ratio

    Dividends per share and payout ratio
      2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
    Dividend per share (€) 0.43 0.54 0.75 0.9 0.15 0.35 0.45 0.2 0.2 0.45 0.6 0.72 0.80
    0.63*
    Payout ratio  41.7% 35.9% 39.7% 41.8% 24.6% 41.6% 41.1% 36.4% n.m. 36.6% 55.9% 55.3% 60.04%
    (restated 44.5%)**

    Payout ratio = total distributed dividend / net Group result of the period

    * 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 corresponds to a payout ratio of 55.9% (44.5% if extraordinary items impacting on net profit for 2014 are excluded: the write-down of Ingosstrakh in Russia, Liability Management, Poland, and profit (loss) from discontinued operations)

    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

    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
    payment

    Date of
    payment *

    Dividend
    per share

    Number of
    shares

    Total
    dividends

    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.