Report 2017

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Letter from the Chairman and the Group CEO

Generali closed another year with excellent results and strengthened its positions as one of the most important players in the insurance industry. These results demonstrate that the Group is increasingly solid, efficient and innovative, and that it is able to effectively handle the challenges distinguishing our industry and that are becoming deeply intertwined with the global and interdependent changes in the society.

In economic, industrial and capital terms, the Group presented an operating result once again marked by growth and the best profit of the last three years, increasingly higher quality and premium income and a strengthened capital position. All this confirms the soundness of the strategy launched two years ago and that will be completed in 2018 before starting a new three-year period that - and of this we are sure - will be just as satisfactory.

President and CEO

The integrated overview of our reports

We report the story of our Group in an increasingly innovative and integrated manner: the story of how we create value is found within the Annual Integrated Report which is our core report* centred on key financial and non-financial information while - by means of other reports and channels of communication (our more reports*) we present more detailed and supplementary information, some of which targets a specialized audience. The information of the Annual Integrated Report is therefore connected to the in-depth information, thus enhancing the integrated thinking.

*Core&More: new corporate reporting approach developed by Accountancy Europe which provides for a core report, that contains a summary of all key information required to evaluate and understand the company, and more reports including more detailed information. for more in-depth information.

How we create sustainable value:
our business model

Group highlights

Our performance



Holding and other business segment

Gross written premiums in the Life segment, including premiums related to investment contracts, amounted to € 47,788 million, Net cash inflows remained at the top market levels, reaching € 9,718 million.

Gross written premiums in the P&C segment confirmed the development seen during the year, standing at € 20,749 million.

The operating result of the Holding and other businesses segment amounted to € 59 million, considerably up compared to the € -74 million at 31 December 2016.

Gross written premiums


€ 47,788 mln

Life net cash inflows € 9,718 mln (-17.1%)



€ 1,820 mln

Operating result


€ 3,141 mln

Gross written premiums


€ 20,749 mln


+0.5 pps


Operating result


€ 1,972 mln

Operating result

€ -74 mln

€ 59 mln

Financial and other businesses


€ 513 mln

Holding operating expenses


€ -454 mln

Consolidated Non-Financial Statement

This Report provides an overview of the Group’s sustainable value creation process, reporting current and outlook financial and non-financial information and highlighting the connections between the context in which we carry on our business, our strategy and our corporate governance structure.
The Report is drafted in compliance with currently effective regulations, including legislative decree 254/2016 (Leg. Decree 254/16) concerning the disclosure of non-financial information relating to:

  • environmental matters;
  • social matters;
  • employee-related matters;
  • respect for human rights;
  • anti-corruption and bribery matters.

For the purposes of simplifying the fulfilments required by the Decree and also promoting greater accessibility, any published non-financial information is clearly identified within this Report through the use of infographic, as shown in the margin.