Generali Group

          where we are

                                 

          Data and performance

          (R) Data restated

          Economic data

          Group performance 2021 2020 2019
          Gross written premiums (€ mln) 75,825 70,704 69,785
          Operating result (€ mln) 5,852 5,208 5,192
          Net profit (€ mln) 2,847 1,744 2,670
          Total Asset Under Management (€ bln)
          The 2021 disclosure took into account, from a managerial view, a more consistent representation of the third-party assets under management. The values of the comparative periods were therefore restated (previously, €664 billion at 31 December 2020 and €630 billion at 31 December 2019)
          710 655(R) 621(R)
          Solvency Ratio 227% 224% 224%
          Taxes (€ mln)
          At 31 December 2021, the amount is net of non-recurring taxes shared with the policyholders in Germany for €34 million (at 31 December 2020 for €46 million and for €-15 million operating taxes and at at 31 December 2019 for €27 million and for €-52 million operating taxes)
          1,351 1,145 1,147

          Social data

          Employees by area 2021 2020 2019
          Italy 13,744 13,446 13,150
          France 6,589 6,659 6,818
          Germany 9,182 9,486 9,613
          Austria, CEE and Russia
          Austria, Czech Republic, Poland, Hungary, Slovakia, Serbia, Montenegro, Romania, Slovenia, Bulgaria, Croatia, Russia and Regional Office
          17,106 17,477 17,563
          International
          Includes Spain, Switzerland, Portugal, Argentina, Brazil, Chile, Ecuador, Greece, Turkey and Asia.
          13,008 13,475 13,133
          Asset and Wealth Management
          Includes the main Group entities operating in investment advisory, asset management and financial planning.
          2,284 2,203 2,188
          Group Holding and other companies
          Includes the Parent Company’s management and coordination activities, including Group reinsurance, other financial holding companies, suppliers of international services not included in the previous geographical areas, Europ Assistance and partially Generali Global Business Lines. Includes Cattolica Group since 2021.
           12,708   9,898   9,471 
          Discontinued Operations 0 0 0
          Total Generali Group 74,621 72,644 71,936

           

          Employees by level 2021 2020 2019
          Manager 2,082 1,938 1,878
          Middle Managers* 11,367 10,743(R) 10,470(R)
          Employees* 44,530 42,682(R)

          42,499(R)

          Sales attendant 16,429 16,913 16,830
          Other 213 368 259
          Total Generali Group 74,621 72,644 71,936


          * "Middle Managers" category published for the first time in 2021. Previously the "Employees" category included also "Middle Managers". Therefore, 2020 and 2019 data were restated based on the new split.

          Diversiti & Inclusion 2021 2020 2019
          D&I Index*
          *The Group D&I index monitors the progress the Group is making towards achieving its ambitions in key diversity areas such as gender, generations and culture and inclusion.
          The index refers to all relevant Group business units and countries where applicable on the basis of the priorities which are part of the index itself.  It excludes companies of the Cattolica group.

          For further information please see our website.
          115% 106% 81%(R)


          2019 figure was restated (previously, 77%), due to the replacement of one of the eight sub-indicators. Since 2020, the sub-indicator "Employees on roles needing new critical skills" was replaced by the "Turn to The New Index", which measures the training effort offered to employees by the Group.

          Focus on gender 2021 2020 2019
          Women on Board of Directors (%) 38.4% 38.4% 38.4%
          Female in top-executive position (%)
          In the Group Management Committee 
          15.4% 16.7% 16.7%
          Female manager (%)
          Identified as people who manage at least one person, as defined for the Generali Managerial Acceleration Program. Excluding Cattolica Group.
          35.5% 34.8% 32.4%
          Female employees (%) 51.4% 51.0% 51.0%
          Permanent female employees (% on total permanent employees)
          Excluding Cattolica Group
          50.8% 49.8% 49.7%
          Gender pay gap (%)
          It is the percentage difference between females’ and males’ median base salary across the entire organization, regardless of the roles. The indicator refers to about 80% of the total of our people, excluding employees belonging to the companies of the Cattolica group.
          -14.9% -13.9% -
          Equal pay gap (%)
          It is the percentage difference between females’ and males’ median base salary for comparable roles (belonging to the same job family and organizational level). The indicator refers to about 80% of the total of our people, excluding employees belonging to the companies of the Cattolica group.
          -1.8% -2.8% -
          Accessibility gap to variable remuneration between females and males (%)
          It s the difference in percentage between the accessibility rate to variable remuneration of females and males. The indicator refers to about 80% of the total of our people, excluding employees belonging to the companies of the Cattolica group.
          -4.3% -5.1% -


          As of 31.12.2021 the share of women in managerial positions within revenue-generating functions (e.g. sales) is 30.4%*.
          * Figures referring to Group entities representing 96.3% of total GWP and 96.0% of total employees.

          Employment* 2021 2020 2019
          Permanent employees  66,880 65,919  64,671 
          Fixed-term employees  6,005 6,725 7,265 
          Full-time employees   63,892 64,037  62,935 
          Part-time employees   8,993 8,607  9,001 
          Employee hired  7,919 7,433 10,386 
          Employee turnover 7,835 7,020  8,225 
          Turnover rate (%) 10.7% 9.7% 11.4%
          Voluntary turnover rate (%) 6.2% 5.7% 6.7%
          Employees covered by collective bargaining agreements (%)
          The figure refers to Group companies representing 84.4% of total employees
          95.9% 95.6% 95.2%
          Workers represented in the European Works Council (%) 80.5% 79.5% 78.8%


          *Excluding Cattolica Group, the acquisition of which was completed in November 2021. As envisaged by the relevant legislation, such exclusion was based on the timing of the transaction that did not allow adequate harmonization of procedures and criteria, adopted by the Group, for the recognition and measurement of their non-financial information.

          Training and performance* 2021 2020 2019
          Training expenses (€ mln) 56.9 58.8 60.3
          Average hours of training per capita 34.2 34.2 36.4
          Trained employees (%) 100% 99.4% 97.7%

          Employee satisfaction in the Global Engagement Survey
           The figure is recorded every two years

          83% - 82%

          Reskilled employees
          The indicator also includes employees in some companies other than consolidated line-by-line.

          68% 52% 20%

          Employees involved in performance management activities (%)
          Data refers to eligible employees (excluding fixed term contracts, new hired not entering the process, employees on long term leave, etc.)

          100% 99% 99%


          *Excluding Cattolica Group, the acquisition of which was completed in November 2021. As envisaged by the relevant legislation, such exclusion was based on the timing of the transaction that did not allow adequate harmonization of procedures and criteria, adopted by the Group, for the recognition and measurement of their non-financial information.

          Smart working 2021 2020 2019
          Organizational entities with a Smart Working policy in place
          They are organizational entities where, in accordance with local laws and regulations, it is possible to adopt smart working through the application of a dedicated policy.
          100% 83% 62%
          Health and safety 2021 2020 2019
          Number of injuries 138 127 277

          Absenteeism rate (%) *
          Generali aims at keeping the absenteeism rate in line / below the average rate of the previous 3 years (i.e. ambition 2021 ~4%)

          3.6% 3.8% 4.5%


          *Data refers to the following countries: Austria, France, Germany, Italy (excluding Cattolica), Czech Rep., Spain, Switzerland, covering 85% in terms of total gross written premiums.

          Investments and premiums 2021 2020 2019
          Funds allocated to the community (€ mln) 12.2 12.0 12.2
              of which The Human Safety Net (€ mln) 6.2 7.5 6.3
          Investments with ESG characteristics: Mandates as Asset Owner ex Art. 8/9 SFDR (€ bln)
          The indicator refers to Generali France mandates managed by Generali Insurance Asset Management.
          In 2020 and 2019 the Group monitored the value of Sustainable Responsible Investments based on an internally developed methodology (€33.8 bln at 31 December 2020 and €35.5 bln at 31 December 2019)
          69.2 - -
          Investments with ESG characteristics: Mandates as Asset Manager ex Art. 8/9 SFDR (€ bln)
          The indicator refers to investments managed by Sycomore, acquired in 2019. In 2020, the Sustainable Responsible Investments managed by Sycomore were  €7.7 bln
          7.9 - -
          Direct investments by the Group's insurance companies which are subject to the Responsible Investment Guideline (€ bln) 312.8 326.4 311.7
          New green and sustainable investments (2021-2025) (€ mln)
          The target of €4,500 mln by 2021 was overachieved in 2020 (€5,973 mln at 31 December 2020. At 31 December 2019, the new green and sustainable investments were €2,667 mln). As part of the new Lifetime Partner 24 Strategy, the Group defined a new target (€8,5-9,5 bln by 2025)
          2,537 - -
          Premiums from products with a specific environmental value (€ mln)* 1,750 1,557 1,359.5
          Premiums from products with a specific social value (€ mln)* 18,144 15,373 13,864.7

           

          * Premiums from social and environmental products refer to consolidated companies representing 99.8% of the Group’s total gross direct written premiums, excluding those of the Cattolica Group. As for premiums from environmental products, the premium from multi-risk policies covering NATCAT events only refers to the NATCAT guarantee. If the premium cannot be split into green-related component and other components, only the premium from the policies which are predominantly providing a green coverage or service is reported.

          Clients and agents 2021 2020 2019
          Number of clients (mln)
          They are either physical persons or legal entities that hold at least one active insurance policy and pay a premium to Generali accordingly, a banking product or a pension fund product
          67 65.9 61
          Number of agents  (thousand)
          They represent the sales force within traditional distribution networks
          173 165 156
          Change in Relationship NPS vs 1Q2019
          The Relationship Net Promoter Score (NPS) is based on customer research data and calculated deducting the percentage of detractors from the percentage of promoters. It is a score expressed as an absolute number and not as a percentage. The change in the Relationship NPS is calculated compared to 1Q2019, when the measurement started.
          In 2021 the target audience span 21 markets where we operate under the Generali brand in Europe, Asia and Argentina
          +14.2 +9 -

          Environmental data

          Impact of investments activity

          Carbon Footprint of the Investment Portfolio*

          2021 2020 2019

          Direct investments in listed equity and corporate bonds (€bln)

          110.4 111.5(R) 117.5

          Absolute emissions (mln tCO2e)

          10.36 11.96(R) 15.36

          Carbon intensity (EVIC) (tCO2e/€ mln invested)

          128 145(R) 182

          Carbon intensity (sales) (tCO2e/€ mln of sales)

          241 243(R)  276.9

          Coverage
          The coverage refers to the metrics (per EVIC) and absolute emission. The coverage for the metric Carbon intensity (per sales) is 85% for the years 2021 and 2019 and 87% for the year 2020. Our ambition and our commitment is to increase the part of our investment portfolio covered by the carbon footprint assessment in order to provide data increasingly precise.

          73% 74%(R) 71%


          "* To calculate the carbon footprint indicators, the Group relies on MSCI data. Data related to CO2 emissions, EVIC and sales of the companies in the portfolio refer to the last available data at the moment of the calculation for this reporting (usually January/February of each year) and therefore usually refer to the previous year as the new data are available int he second semester of the year. 2020 indicators have been recalculated following a change in the methodology and data provider."


          Impact of direct operations

          Data refers to the scope of the Group Environmental Management System (EMS), which includes around 65 offices and many local agencies in Argentina, Austria, France, Germany, Hungary, Italy, Poland, Czech Republic, Slovak Republic, Serbia, Spain and Switzerland.
           

          GHG Emissions (Location-Based Approach)*

          2021 2020 2019

          Scope1 (tCO2e)

          24,466 24,268(R)

          31,094(R)

          Scope2 (tCO2e)

          47,022 48,954(R)

          54,329(R)

          Scope3 (tCO2e)

          25,296 24,900(R) 45,308(R)

          Total emissions (tCO2e)

          96,784 98,122(R) 130,731(R)


          * The GHG emissions related to 2020 and 2019 were recalculated in line with the progressive enlargement of the EMS perimeter which now covers the 52.7% of our people, without considering the employees of Cattolica Group companies, and it sees the entry of five new countries compared to 2020. The gases included in the calculation are CO2 , CH4 and N2O for combustion processes and all gases reported in the IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs).

          GHG Emissions (Market-Based Approach)*

          2021 2020 2019

          Scope1 (tCO2e)

          24,466 24,268(R)

          31,094(R)

          Scope2 (tCO2e)

          9,498 11,093(R)

          11,904(R)

          Scope3 (tCO2e)

          25,296 24,900(R) 45,308(R)

          Total emissions (tCO2e)

          59,260 60,261(R) 88,306(R)


          * The GHG emissions related to 2020 and 2019 were recalculated in line with the progressive enlargement of the EMS perimeter which now covers the 52.7% of our people, without considering the employees of Cattolica Group companies, and it sees the entry of five new countries compared to 2020. The gases included in the calculation are CO2 , CH4 and N2O for combustion processes and all gases reported in the IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs).

          GHG Emissions from biofuels*

          2021 2020 2019

          Total emissions (tCO2e)

          83 41 26


          * The GHG emissions from biofuels are reported separately and are not included in the emissions data of the above tables, as stated by the GHG Protocol.

          Energy*

          2021 2020 2019

          Purchased electrical energy (GJ)

          369,383 385,344(R) 436,574(R)
                purchased renewable energy (%) 91.5% 90.5%(R) 89.4%(R)

          District heating & cooling (GJ)

          175,763 163,409(R) 173,780(R)

          Natural gas (GJ)

          91,083 64,030(R) 86,372(R)

          Natural gas consumed by trigeneration (GJ)

          149,763 179,470(R) 200,341(R)

          Diesel oil (GJ)

          1,929 5,439(R) 11,272(R)

          Biofuel (GJ)

          1.339 663(R) 416(R)

          Total energy (GJ)    

          789,260 798,355(R) 908,755(R)
               of which non-renewable energy consumption (GJ) 449,936 448,956(R) 518,042(R)


          * Energy data related to 2020 and 2019 were recalculated in line with the progressive enlargement of the EMS perimeter which now covers the 52.7% of our people, without considering the employees of Cattolica Group companies, and it sees the entry of five new countries compared to 2020.

          Mobility*

          2021 2020 2019

          Corporate car fleet (km)
          Estimated data based on GHG emissions

          47,325,766 45,801,967(R) 67,781,503(R)
          Private car (km) 26,075,581 25,206,094(R) 81,430,015(R)

          Airplane (km)

          2,961,588 5,212,684(R) 47,093,150(R)

               long-haul (%)

          19% 8%(R) 21%(R)

               medium-haul (%)

          78% 84%(R) 73%(R)

               short-haul (%)

          3% 8%(R) 6%(R)
          Train (km) 6,118,426 8,466,412(R) 44,581,248(R)

                high-speed (%)

          75% 75%(R) 80%(R)

                conventional (%)

          25% 25%(R) 20%(R)

          Total mobility (km)

          82,481,361 84,687,157(R) 240,885,916(R)


          * Mobility data related to 2020 and 2019 were recalculated in line with the progressive enlargement of the EMS perimeter which sees the entry of five new countries compared to 2020, without considering the employees of Cattolica Group companies. Corporate car fleet data cover the 70.0% of our people; private cars data cover the 68.2% of our people; airplane and train data cover the 70.9% of our people.

          Other environmental data*

          2021 2020 2019

          Total water withdrawal (m3)

          407,164 369,918(R) 671,387(R)

          Total waste production (ton)

          3,742 5,485(R) 8,737(R)

           waste for recycling (%)

          84.5% 89.7%(R) 87.6%(R)

          Total paper consumption (ton)

          3,329 3,295(R) 4,869(R)

           environmentally certified paper (%)

          93.8% 81.6%(R) 68.7%(R)


          * Data related to 2020 and 2019 were recalculated in line with the progressive enlargement of the EMS perimeter which sees the entry of five new countries compared to 2020, without considering the employees of Cattolica Group companies. Water and waste data cover the 52.7% of our people; paper data cover the 65.5% of our people.

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