Annual
Integrated
Report 2017
Scroll
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.
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. www.accountancyeurope.eu for more in-depth information.
Annual Integrated Report
This report provides a concise and integrated view of the financial and nonfinancial performance of the Group, even in response to legislative decree 254/2016.
Annual Integrated Report and Consolidated Financial Statements
This report expands the content of the Annual Integrated Report, providing details of the Group's financial performance in compliance with national and international regulations.
Corporate Governance and Share Ownership Report
This report illustrates the corporate governance system of Assicurazioni Generali and its ownership structure.
Remuneration Report
This report provides specific information about the remuneration policy adopted by the Group and its implementation.
Management Report and Parent Company Financial Statements
This report provides information on the performance of Assicurazioni Generali, in accordance with currently effective regulations.
Generali.com
for further information about the Group.
Operating result
+2.3%
€ 4,895 mln
Gross written premiums
0.2%
€ 68,537 mln
Net profit
+1.4%
€ 2,110 mln
Regulatory solvency ratio
+30 pps
208%
Combined Ratio
+0.5%
92,8%
Total Asset Under Management (AUM)
+5.0%
€ 542 bln
Our people
-3.3%
71,327
Our clients
+4.9%
57 mln
Our exclusive distributors
+3.3%
155 thousand
Our performance
Life
P&C
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
-1.0%
€ 47,788 mln
Life net cash inflows € 9,718 mln (-17.1%)
NBV
+53.8%
€ 1,820 mln
Operating result
+1.8%
€ 3,141 mln
Gross written premiums
+1.7%
€ 20,749 mln
Cor
+0.5 pps
92.8%
Operating result
-4.9%
€ 1,972 mln
Operating result
€ -74 mln
€ 59 mln
Financial and other businesses
+33.6%
€ 513 mln
Holding operating expenses
-0.9%
€ -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.