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Generali in Germany is the second-largest primary insurance group in the German market, with 24% of total group premiums and 17% of the total operating result.

Key Events in Germany

Generali Deutschland is the second-largest primary insurance group in the German market, both in life and P&C (with a market share of 10.5% and 5.6% respectively), with over 13.5 million customers. Germany is Generali's second largest market, where it has been present since 1824, with 24% of premiums and 17% of the total operating result.

More specifically, Generali in Germany is the market leader in unit-linked and pure risk business lines. The company is also the leader in direct channels and enjoys a partnership with Germany's largest network of financial advisors (DVAG, the biggest autonomous financial sales organization in Germany with more than 3,400 agencies).

In the coming months, the strategy is to develop the competitive advantage created by the Generali's multi-channel distribution system and to exploit synergies between the various operational units. Specifically, a strategic repositioning of the area has recently been launched aiming to further improve the group's competitive positioning in the market by the end of 2018 thanks to simpler governance more focused on business, a greater focus on the strengths of the distribution networks, a new business model for the life segment that offers long-term profitability, and a modern and leaner operating platform.

Life-Insurance Market

The life-insurance market has experienced fluctuating trends over several quarters, with sales volumes strong overall, but profitability under pressure from a sharp fall in government bond yields and interest rates at an all-time low.

In the coming months, the life-insurance business model will be reshaped, with reduced sales of traditional products and a further strengthening of the unit-linked, hybrid and term-life offering, where Generali in Germany is already market leader thanks to AachenMünchener and CosmosDirekt. A direction that will pave the way for a "new normal" in Germany's insurance market. The relaunch will also be supported by a strong focus on customer retention and cross-selling initiatives in all segments.

P&C Insurance

In the financial year just ended, the company reported a positive trend in the automotive sector (+4.7%), although there were signs of a slowdown, and strong growth in the property sector.

Since March 2016, Generali in Germany has expanded its offer for the market in terms of corporate & commercial insurance. Through the business unit of Global Corporate & Commercial (GC&C), Generali develops the P&C business and tailor-made insurance services for the needs of medium and large companies.

Group structure

Group companies

Generali Versicherungen (

  • Company headquartered in Munich, resulting from the merger of Generali Versicherungen and Volksfürsorge
  • Ranking number 5 in the German Life and P&C market
  • Strong competitive position in the traditional distribution channels, relying on almost 3,500 full-time agents (self-employed and employed), about 40,000 part-time sellers and 15,000 brokers     

Aachen Münchener (

  • Focus on Life business (approx. 80% of total gross written premiums)
  • Ranking number 2 in Life market
  • One of the market leaders in Riester pensions and in Unit-Linked business
  • Exclusive distribution agreement with Deutsche Vermögensberatung (DVAG), the biggest autonomous financial sales organization in Germany with more than 3,400 agencies.

CosmosDirekt (

  • Focus on Life business (approx. 90% of the gross written premiums)
  • Market leader in term Life assurance
  • The main direct insurance company in the German market, now expanding online services and combining them with personal advice

Central Krankenversicherung (

  • The company of Generali in Germany specialised in Health business
  • One of the main private players in the German Health sector as for premium income, with more than 1,7 million clients
  • The first Health insurance company to issue shares, in 1913 

Advocard Rechtsschutzversicherung (

  • One of the leading companies in the German Legal Protection market
  • Products are sold through all Generali in Germany distribution channels

Dialog Lebensversicherungs-AG (

  • Company specialised in biometric risks (term life, professional disability, Unit-Linked pension products)
  • Its products are sold by brokers
  • Strong growth in the last years, thanks to the high level of expertise and to the excellent customer service

Deutsche Bausparkasse Badenia (

  • One of the first private German "Bausparkassen" (homeloans banks/real estate saving companies) in terms of portfolio contract sum
  • It has near 1 million clients over the whole German territory, to whom it offers real estate financing
  • It relies on an important distribution agreement with DVAG