Generali Group

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          Tax Strategy and Taxes

          Generali contributes significantly to the development and financial stability of the countries where it operates, covering a key role in a period where governments pursue the balance between growth and welfare.

          The Group’s Italian and foreign Companies pay income tax based on the rates and taxation rules set by the laws of each country.

          Income taxes
          (€ million)
          31/12/2021 31/12/2020
          Income taxes 1,483 965
          Deferred taxes -99 210
          Total taxes of the period 1,384 1,175
          Income taxes on discontinued operations 0 0
          Total income taxes 1,384 1,175

          The effective tax rate is equal to 30.2%; the 4,5% decrease (compared to 34,7% at 31 December 2020) is mostly linked to lower non-deductible costs and expenses, recorded in 2020 due to the COVID-19 pandemic, and in 2021 mainly due to the reduction of the nominal tax rate in France, as well as to some one-off effects deriving from the positive results of the Cattolica deal and higher non deductible costs recorded in Czech Republic.

          Since 2016, a Tax Control Framework has been implemented for detecting, measuring, managing and controlling the tax risks. Currently (FY2021), the framework applies to the 11 Italian Companies (6 main insurance Companies, 2 Companies from the real estate field and 3 Companies from the investments and services field).

          Starting from FY2019, some main foreign Companies have equipped themselves with a similar tax risk management system. Currently (FY2021) 21 foreign Companies belonging to the following countries are included in our Framework: Germany, France, Austria, The Netherlands, Spain and EEC region.

          The framework of the Companies that adopt the TCF is constantly evolving through the gradual extension to the main Italian and foreign Companies of the Group: during 2022 a further 3 Italian Companies as well as other foreign Companies will join the framework.

          The Tax Risk Management activities, with the aim of ensuring a correct implementation of the TCF, include four phases:

          • Management of the Risk & Control Matrix;
          • Drafting of the Monitoring Plan;
          • Tax Risk Assessment;
          • Testing activities.

          The Group has an internal regulatory framework that governs the activities relating to the TCF in detail. This regulatory framework is constantly being updated.

          The framework is not yet mandatory for Italian companies and is part of OECD’s (Organization for Economic Co-operation and Development) Cooperative Compliance. Its aim is to ensure the correct identification and appropriate control of tax risks through an approach based on an analysis that cuts across various corporate processes, in order to prevent or mitigate the risk of breaching tax regulations.

          Please note that the Group Company which have officially joined the Cooperative Compliance programme with the Italian Tax Authority are:

          • Assicurazioni Generali S.p.A. (starting from FY 2020)
          • Banca Generali (starting from dal FY 2020)
          • Generali Italia S.p.A. (starting from FY 2021)


          As institutional investors, we contribute to the development and financial stability of the countries through investment in government bonds of around € 194 billion. We also support the development of the real economy, including through investment in corporate bonds (non-financial) of around € 73 billion.

          Group’s Tax Strategy

          The strategy is an essential part of the tax risk control system that defines sound and prudent taxation management methods for all of the Group’s Companies. The Tax Strategy, approved by the Board of Directors in 2020 (and updated in 2022), is in line with international best practices and is an important aspect of the implementation of the Group’s sustainability strategy.

          Group’s Tax Strategy 325 kb