Generali Group

          where we are

                                 

          International

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

          International

          Data at 31.12.2021

          International
          Gross written premiums € 10,179 mln
          Total operating result € 756 mln
          Our people 13,008

           

          Spain
          Generali, in Spain since 1834, operates in the country through Generali España, and two bancassurance agreements with Cajamar (Life and P&C), which guarantee the Group exposure to the major Life distribution channel, as well as 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 2021 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 eighth in the Spanish insurance market in terms of total premiums (sixth place in the P&C market).

          Switzerland
          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 33% market share, and was eighth in the P&C segment with a 4.3% market share. Generali does not operate in the Collective Life policies segment.

          Americas and Southern Europe
          Argentina, where Generali is ranked as the fourth 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 by high volatility. The country’s macroeconomic situation was hard hit by the second wave of the pandemic in 2021. In this context, the Group implemented best practices, investing in IT projects based on business needs, 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 lines of business in which it does not operate (Workers Compensation and Annuities).

          Generali also operates in Brazil, one of the worst hit countries by Covid-19, where the Life insurance market was significantly impacted by high levels of mortality and claims. Nevertheless, the segment benefited from a considerable increase in revenues, thanks to the higher demand for Life protection products. In Chile, Generali operates through AFP PlanVital, which manages pension and savings funds for people in Chile.


          In Southern Europe, the Group has operated in Greece since 1886 through Generali Hellas Single Member Insurance Company S.A (Generali Hellas). In accordance with the Generali 2021 three-year strategic plan, with a view to strengthening its position in Europe, at the end of 2020, the Generali Group announced the acquisition of AXA Hellas Insurance SA, belonging to the AXA Group, also negotiating an exclusive bancassurance agreement with Alpha Bank for a period of 20 years. The acquisition transaction was finalised at the end of May 2021, after having obtained all of the required regulatory approvals, renaming AXA Hellas Insurance SA as Generali Hellas I. Following the necessary approvals from the local authorities, the legal merger between Generali Hellas and Generali Hellas I was completed at the end of 2021, and Generali Hellas became the only company in Greece. The integration procedures will be accelerated in the first few months of 2022 with the transfer to the new head office acquired.

          The Generali Group has been present in Portugal since 1942, where it operates through Generali Seguros, S.A., a company established from the merger of the former Generali Vida Companhia de Seguros, SA (which operated in the Life segment), the former Generali Companhia de Seguros, SA (active in the P&C segment) and the former Seguradoras Unidas, SA. In January 2020, the Generali Group acquired 100% of Seguradoras Unidas and AdvanceCare, from entities whose majority shareholdings have been held by investment funds belonging to Apollo Global Management. The merger led to the creation of Generali Seguros, S.A. and enabled Generali to rapidly proceed with the integration and the development of growth plans for the country.

          Asia

          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. 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.

          MANAGER IN CHARGE

          MANAGER IN CHARGE The CEO International is Jaime Anchùstegui Melgarejo.

          MAIN GROUP COMPANIES