Generali Group



          International area consists of Spain, Switzerland, Americas and Southern Europe, and Asia.


          Data at 31.12.2020

          Gross written premiums € 9,081 mln
          Total operating result € 370 mln
          Our people 13,475


          Generali, in Spain since 1834, operates in the country through Generali España, a wholly-owned subsidiary, and two bancassurance agreements with Cajamar (Life and P&C), which guarantee the Group exposure to the major Life distribution channel and continuous expansion in P&C. Generali is one of the main insurance groups in Spain, with a market share reported in the third quarter of 2020 of 3.1% in the Life segment and 4.3% in the P&C segment. The Generali España group offers a wide range of Life and P&C policies dedicated to private individuals and companies, using a multi-channel distribution strategy including not only bank offices, but also a network of agents and brokers, which is among the most extensive in Spain. All in all, the Group ranks ninth in the Spanish insurance market in terms of total premiums (sixth place in the P&C market).

          The Generali Group has been operating in Switzerland since 1987, where it has been able to consolidate its position through the acquisition and merger of several insurance companies. In line with the strategy defined by the Group, Generali focuses on the retail business and provides high quality and innovative services through various distribution channels: agents, brokers, financial promoters and direct channels. Generali ranked as the market leader in terms of premium income in the individual unit-linked Life segment with a 30% market share, and was eighth in the P&C segment with a 4.4% market share. Generali does not operate in the Collective Life policies segment.

          Americas and Southern Europe
          Argentina, where Generali is ranked as the fifth largest operator in terms of premiums, is the main South American market for the Group and is characterised by a historically high rate of inflation and high volatility. Even though in 2020 the government reached an agreement with foreign creditors for bonds denominated in US dollars, the country’s macroeconomic situation was hard hit by the Covd-19 emergency. In this context, the Group implemented best practices, which enabled the Argentinian company to stand out in terms of service quality and innovation. The company Caja is the third largest player in the market in terms of premiums, excluding the business lines in which it does not operate (Workers Compensation and Annuities).

          Generali also operates in Brazil where, following an extended period of economic crisis and political instability, continues to show signs of improvement, bolstered by infrastructure investments and optimistic forecasts of the macroeconomic indicators: the insurance sector is characterised by significant potential for expansion and a higher level of penetration. Nevertheless, Brazil was the worst hit country in South America by the pandemic, therefore a fund addressed to sustaining the income of employees was created. In this context, the Group is pursuing a strategy to reposition its Brazilian subsidiary in order to seize important B2B2C business opportunities, by divesting the motor line. The Generali Group also operates in Chile, particularly in the pension funds system, and in Ecuador.

          In Southern Europe, the Group has operations in Greece, where it ranks sixth with a market share in the third quarter of 2020 of 6.1%, and in Turkey, with a market share in the third quarter of 0.4%. It is also present in Portugal since 1942, where it operates through two companies: Generali Vida Companhia de Seguros, which operates in the Life segment, and Generali Companhia de Seguros, active in the P&C segment. On 8 January 2020, the Generali Group finalised the acquisition in Portugal of 100% of Seguradoras Unidas and of AdvanceCare, from entities whose majority shareholdings were held by investment funds belonging to Apollo Global Management. The merger process of the insurance subsidiaries in Portugal was completed in October 2020, when the approvals required by the regulator were obtained. Seguradoras Unidas S.A. incorporated Generali Companhia de Seguros S.A. and Generali Vida Companhia de Seguros S.A. was renamed Generali Seguros, S.A.. This transaction enabled Generali to proceed quickly with the integration and the development of growth plans for the country. Generali Seguros is currently the second largest player in the P&C market in Portugal, with a market share of around 18.5% in the P&C segment and 2.5% in the Life segment, offering a wide range of policies addressed to individuals and businesses, sold mainly under the brand name Tranquilidade, and adopting a multi-channel distribution strategy, which can count on a solid network of agents (around 70% of total GWP), brokers and a direct channel (through the Logo brand).


          Generali is one of the key European insurers in the Asian market, and currently operates in eight territories. The predominant segment is Life, with premium income mostly concentrated in the savings, pension and protection lines and, to a lesser extent, in the unit-linked lines. Generali offers its products in the entire Region adopting a distribution strategy that includes agents, brokers, digital channels and agreements with banking groups. Generali operates in China with Generali China Life, in partnership with China National Petroleum Corporation (CNPC), which is one of the largest Chinese state-owned companies as well as one of the major energy groups in the world. Generali has a joint venture agreement with CNPC for the P&C products offer as well. Owing to its prominent presence in the Chinese market, Generali China Life is the leading contributor to the turnover and operating result of the entire Region. Generali operates as Life insurer also in India, the Philippines, Indonesia, Thailand and Vietnam, and as P&C insurer in Thailand, Hong Kong, India and Malaysia. In India and Malaysia, Generali operates through joint venture agreements with Future Group and MPHB Capital Berhad respectively. The companies China P&C, India Life, India P&C and in Malaysia are not fully consolidated since a non-controlling interest is held. Generali has been operating in the Hong Kong market since 1980, offering both Life and P&C products. Hong Kong is also the location of the regional office (Generali Asia Regional Office), which coordinates all activities in the Region.



          MANAGER IN CHARGE The CEO International is Jaime Anchùstegui Melgarejo.