Generali ESG presentation 2020 - Generali Group

 
Generali ESG presentation 2020 - Generali Group
Generali
ESG presentation 2020
Generali ESG presentation 2020 - Generali Group
ESG presentation 2020

                         Generali purpose and ambition in COVID-19 emergency

    Business Overview & 2021 targets
                                                                           Sustainability
                                                                           and Governance

       The Human Safety Net
                                        BUSINESS PURPOSE
                                                                                  2021 Responsible Business
                                         To enable people to shape                & Climate strategy
                                         a safer future by caring
                                         for their lives and dreams
            Tax & Compliance

                                        2021 AMBITION                             Responsible Investments
                                                                                  & Active Ownership
                                         To be a Lifetime partner to its
          The Human Capital              customers, offering innovative,
                                         personalized solutions thanks
                                         to its unmatched distribution
                                         network

                                                                                  Lifetime partner
              Cyber Security

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Generali ESG presentation 2020 - Generali Group
Generali Group: one of the world’s leading insurers
Fortune Global 500 - Ranked 92nd
                                                                                                                          GROSS WRITTEN PREMIUM
                                                                                                                          +4.3%
                                                                                                                          Eur 69,785 million
                                                                                                                          of which Eur 15,224 million premiums from
                                                                                                                          social and environmental products (+19.8%)

                                                                                                            OUR PEOPLE                             OUR DISTRIBUTORS
                                                                                                  +1.7%                 38.5%             +0.9%
                                                                                                  71,936                Board gender
                                                                                                                        quota             156 thousand
                                                                                                  2019 Global Engagement Survey:

                                                                                                  89% response rate    82% engagement
                                                                                                  (+3pps vs 2017)      score (+2pps vs 2017)

                                            Insurance operations of Generali Group
    Through Generali                                                                            OUR CUSTOMERS         TOTAL ASSETS UNDER MANAGEMENT (AUM)
    Employee Benefits, the                  Branches: UK, Hong Kong, Dubai, US
    Group operates in more
    than 100 countries
                                            Other countries in which Global Business     n.m.                         +29.0%
                                            Lines or Asset & Wealth Management operate
                                                                                         61 million                   Eur 630 billion
BUSINESS PURPOSE                   2021 AMBITION                                                                      REGULATORY                       TOTAL
                                                                                         NET PROFIT                   SOLVENCY RATIO                   EMISSION
To enable people to shape a        To be a Lifetime partner to its customers,            +15.7%                       +8pps                     (-20.1% vs base year 2013)
safer future by caring for their   offering innovative, personalized solutions
lives and dreams                   thanks to its unmatched distribution network          Eur 2,670 m                  224%                      t 96,784 CO2

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Generali ESG presentation 2020 - Generali Group
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Generali ESG presentation 2020 - Generali Group
Generali’s holistic response to the COVID-19 emergency

                 OUR PURPOSE                                                                        OUR AMBITION

To enable people to shape a safer future by                                       To be a Lifetime partner to our customers,
caring for their lives and dreams                                                 offering innovative, personalized solutions thanks
                                                                                  to our unmatched distribution network

    OUR SUPPORT DURING THE COVID 19 EMERGENCY & RECOVERY PROCESS:

                     Employees, agents and guaranteeing
                            business continuity

                                                                                      Healthcare system

                    The THSN initiatives have been refined          Families, vulnerable customers and the wider community
                             and strengthened                                      SMEs and self-employed

                      Sustainable recovery advocacy

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Generali ESG presentation 2020 - Generali Group
Generali and COVID-19 emergency: a multistakeholder approach

                                                                   Eur 100 m Extraordinary International Fund: immediate BoD response
                                                                   approved on March 12th

                                                                     • Supporting stakeholders in countries where Generali operates
                                                                     • The fund has been further increased through:
                                                                             - The voluntary donations of the Group employees
                                                                             - The decision of the Group CEO, the members of the Group Management Committee
                                                                               and the other managers with strategic responsibilities to reduce their fixed
                                                                               compensation by 20% starting in April 2020 until year-end and to allocate these
                                                                               resources to the emergency fund
          Protecting employees, agents and guaranteeing business continuity          Support to families, vulnerable customers and the wider community

           • 90% of employees to work from home within 2 weeks                         • Telemedicine and psychological consultations
           • Awareness, prevention and periodical communication to all                 • Helpline for emotional support
             employees                                                                 • Online fitness/nutritional programs
           • Distributors, enhancement of remote sales, financial measures and         • Hotlines to fight misinformation and fake news
             aid                                                                       • Additional guarantees and services and special terms

          Support to healthcare system                                               Support to SMEs and self-employed

           • More than Eur 35 m in total donated to meet the most urgent               • Temporarily maintaining coverage and
             needs of the hospitals                                                      guarantees even if the policyholders cannot pay
           • Provision of vacant apartments for hospital staff relocated in the          the premium immediately
             worst impacted areas                                                      • Complementary coverages on particularly
                                                                                                                                                SPECIFIC INITIATIVES FOR SMEs
           • Contribution to funds for the families of healthcare workers who            advantageous terms or even on a not-for-profit basis
             have lost their lives
           • Where possible, special conditions for healthcare professionals
6            customers
Generali ESG presentation 2020 - Generali Group
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Generali ESG presentation 2020 - Generali Group
Generali 2021: strategic pillars and financial targets

    STRATEGY PILLARS                                                                           FINANCIAL TARGETS

                  PROFITABLE GROWTH

                  ▪ Strengthen leadership in Europe                                                                                  6%-8%
                  ▪ Focus on high potential insurance markets                                  GROWING EARNINGS                      EPS CAGR RANGE1
                  ▪ Develop a global Asset Management platform                                 PER SHARE                             2018-2021

                  CAPITAL MANAGEMENT
                  AND FINANCIAL OPTIMIZATION                                                                                         55%-65%
                  ▪ Increase capital generation                                                GROWING                               DIVIDEND PAY-OUT RANGE2
                  ▪ Enhance cash remittance                                                    DIVIDEND                              2019-2021
                  ▪ Reduce debt amount and cost
                                                                                                                                     >11.5%
                  INNOVATION AND DIGITAL TRANSFORMATION                                        HIGHER RETURNS                        AVERAGE RETURN ON EQUITY3
                                                                                               FOR SHAREHOLDERS                      2019-2021
                  ▪ Become a Lifetime partner to customers
                  ▪ Enable digital transformation of distribution
                  ▪ Transform and digitalize operating model

                   ENABLED BY EMPOWERED PEOPLE, STRONG BRAND,                                    SUSTAINABILITY COMMITMENT
                                                    1.   3 year CAGR; adjusted for impact of gains and losses related to disposals
8                                                   2.   Adjusted for impact of gains and losses related to disposals
                                                    3.   Based on IFRS Equity excluding OCI and on total net result
Generali ESG presentation 2020 - Generali Group
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Generali ESG presentation 2020 - Generali Group
Sustainable business transformation: creating value in the long term

               Integrating                                               SHARED VALUE
                                                                         CREATION
                  Sustainability in the
                                                           Strategic
                               core business
                                                                             Charter
                                                                             of Sustainability
                                                                             Commitments

                                                                                                     Sustainability
                                                                                                     Group Policy

                                               Reporting                                         Climate change
                                                                                                 strategy

                                                           Materiality
                                                           Matrix
                                                                             Integrated
                         Nice to have                                        Reporting

 Reactive – Value Protection                                                              Proactive – Value Creation

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Generali’s Sustainable & Strategic Corporate Governance Process

                              CORPORATE GOVERNANCE                                  STRATEGY
                                People, Roles, Processes                  Financials, Non-financials

     CORPORATE                                                                                                           SUSTAINABLE
      PURPOSE                                                                                                              SUCCESS

                                   A sustainable and integrated corporate governance
                                 for a strategy fostering Generali’s sustainable success
            BOARD IN ▪ 13 members, 2 elected from the minority slate          TENURE               15%   Up to 3 years
            CHARGE                                                     (Non-Executive Directors)
                        ▪ 61.5% independence
                        ▪ 38.5% gender quota                                                       46%   3 - 6 years

                        ▪ Average Age: 59.4
                                                                                                   23%   6 - 9 years
                        ▪ Chair: Non Executive Non CEO
                        ▪ Clear Overboarding rules                                                 15%   More than 9 years

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Generali’s Sustainable & Strategic Corporate Governance Process
Board and management role in the sustainable and strategic corporate governance process:

                   MEGATRENDS IDENTIFICATION                                                                         ENGAGEMENT WITH STAKEHOLDERS
                   Materiality analysis & materiality matrix                                                         To receive and provide feedback on governance,
                                                                                                                     strategy & reporting

REPORTING PROCESSES                                                                                                                                BOARD APPOINTMENT
Continuous, periodical and specific                                                                                                                PROCESS
communication to the market                                                                                                                        List of diverse fit & proper candidates
                                                                                                                                                   (3-year mandate) based on
                                                                                                                                                   disclosed advice to shareholders

             GOVERNANCE & STRATEGY REVIEW                                                                               CORPORATE GOVERNANCE STRUCTURE
                                                                       STRATEGY PROCESS
              Board & managerial strategy, governance                                                                   In line with international best practices (Committees,
                                                               Board, audit members & senior management                 CEO, Control Corporate Functions, etc.)
              review process and strategy days supported by
                                                               involved. Integration of stakeholders' perspectives
              Governance & Sustainability Committee
                                                               in strategy. Communication to the financial
                                                               community and stakeholders

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Our Governance: the Management Sustainability Committee

                                            BoD
                                            CGS                                                                                               The Sustainability Committee
                                            CEO
                                            GMC

                                                                                                                                                       GCEO
                       The Sustainability Committee                                                                                                   Sponsor

                           Sustainability task force                                                                                                    CIO
GHO

                                                                                                                         Group Communication          Chairman       General
                                                                                                                                                                     Manager                        Group Head of
                                                                                             Group                          & Public Affair
                                                                                                                                                                                                    Sustainability &
                                                                                                                                           Define priorities                                            Social
                                                                                          Sustainability                                                                                            Responsibility
                    Responsible                              Business                        Team                                    for ESG topics, identify risks                                  Secretary
                                                                                                            Group Chief HR &
                    Investment                              Accelerators                                   Organization Officer     and opportunities and monitor                   CFO
                     Committee                               (Generali 2021)
                                       Integrated
                      (Investment)
                                       Reporting                                                                                   progress and results to ensure a
                                           Lab                                                                                     coherent approach on all Group
                                           (Reporting)
                                                                                                             Group Chief              Head Office Functions and                    Group Strategy
                                                                                                             Marketing &                                                            & Business
          Responsible Business Lab                       EMS Review Committee
           (Investment and Underwriting)                 (Environmental Direct Impacta)
                                                                                                           Customer Officer          Business Units in integrating                  Accelerator

                                                                                                                                      sustainability into the core
                                                                                                                                              business
                                                                                                                Group Chief Risk                                               Corporate
                                                                                                                    Officer
LOCAL

                                                                                                                                                                                Affairs
                      Sustainability community
              (Countries’ Sustainability managers/pivot)
                                                                                                                                   Italy and Global                Investor &
                                                                                                                                    business lines               Rating Agencies
                                                                                                                                                        ACEER
                                                                                                                                                                    Relations

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Governance: Integration of Sustainability into remuneration

            Generali is integrating sustainability strategic objectives in the top managers remuneration
                         (BSC “balanced scorecard”) based on Generali’s 2021 and climate strategy goals

                                                                   THE RELEVANT MILESTONES
                       2019                                                                 2020                                                                Next steps

     In 2019, sustainability strategic                            In 2020, a granular approach was deployed for                                      Continuous improvement of
     objectives have been integrated in the                       Short Term Incentives, including quantitative and                                  the link between sustainability
     Top Managers Balanced Scorecards of                          qualitative objectives for all top managers (Group                                 and remuneration
     the core business key functions                              Management Committee managers* and Global
     (e.g: Investments, Underwriting)                             Leadership Group managers**)

 The strategic objectives are public commitments already disclosed to the market and related to the Generali 2021 strategy
 and the climate strategy

     *GMC supports Managing Director/Group CEO, where essential decision for the Group are discussed, proposals to be submitted to the BoD are verified, main risks, investments and
     financial as well as industrial results are evaluated
14   **GLG represents the approximately 200 Group roles with higher organizational weight and impact on the results and strategy implementation process
The Group Materiality Matrix: our ESG priorities for the sustainable business
transformation
•    Materiality is the compass of our path to sustainable business transformation
•    ESG priorities on which to focus our strategies to create lasting value for all stakeholders
•    These priorities mirror the UN 2030 Sustainable Development Agenda

                                                                                                                                               ▪   New Group Materiality Matrix approved by the
                                                                                                                                                   Board of Directors in November 2019

                                                                                                                                               ▪   Megatrends that can bring risks & opportunities
                                                                                                                                                   over the next ten years

                                                                                                                                               ▪   A more strategic reading of business context:
                                                                                                                                                   long-term perspective and robust risk-
                                                                                                                                                   assessment

                                                                                                                                               ▪   Inputs from 120 top managers and 50 opinion
                                                                                                                                                   leaders, representing all stakeholder groups
                                                                                                                                                   complemented by AI and Computational
                                                                                                                                                   Linguistics technologies to achieve a
                                                                                                                                                   quantitative analysis of a large number of
                                                                                                                                                   documentary sources

          1   Megatrends to be addressed by the Group   2   Megatrends to be addressed by the Group through   3   Megatrends to be monitored
              through all Business Units/Functions          specific business units/functions
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Building a future-proof business model: how we are embedding the ESG priorities

         Digital transformation                         Climate change                        Geopolitical, macroeconomic                 Ageing and evolving
         and cybersecurity                                                                    and financial instability                   social security

                                             Generali's way to manage risks and opportunities related to the ESG priorities

 • Eur 1 bn investment 2018-2021 to          • Eur 1.4 bn from green insurance           • Asset allocation strategy focused on     • Eur 100 m investments 2018-2021 for
   digitalize the agents, scale-up             products in 2019                            greater geographical                       Generali Global Pension: welfare
   process automation and use AI to                                                        diversification, alternative               proposition for ageing population
                                             • Geo-intelligence into P&C
   customize the offering and identify                                                     investments, real estate and
                                               underwriting and engineering services                                                • Eur 13.9 bn from social insurance
   fraud                                                                                   infrastructural assets, sustained also
                                               for loss prevention                                                                    products in 2019 such as coverage
                                                                                           through the multi-boutique asset
 • Generali Jeniot and new services                                                                                                   for the elderly and pension scheme
                                             • Eur 2.7 bn new green and                    management model
   based on connected devices & IoT                                                                                                   integrating welfare
                                               sustainable investments in 2019
                                                                                         • Fee-based model for Life business
 • Security Group Policy and Security                                                                                               • Thematic investment funds such as
                                             • General account portfolio carbon            and shift to unit linked and capital
   Operation Center to manage potential                                                                                               SRI Ageing Population
                                               neutral by 2050                             light savings
   cyber attacks
                                                                                                                                    • D&I initiatives to empower senior
                                             • Issuing of Green Bond and Green           • Fostering advocacy, institutional
     • 50% reskilled employees for the                                                                                                colleagues and overcome age-related
                                               Insurance Linked Securities                 dialogue, thought leadership and
       digital era by 2021                                                                                                            stereotypes
                                                                                           global governance at international
                                             • -20% GHG emissions from our                 level.
     • 100% entities with smart working in
                                               offices and business travel (2013-
       2020
                                               2020) and 99% green power

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Public non-financial disclosure

Our sustainable value creation story is moving forward on the basis of the INTEGRATED THINKING. It started in 2013, when the first integrated
                          report was published, and then developed using the CORE&MORE reporting approach

CORE non-financial information                                 MORE non-financial information is
is included in the Group Annual                                available on the Group website and
Integrated Report…                                             other reports

          ...is gathered through
          a strong and
          verified data
          collection process...

                                   …and assured
                                   by independent
17                                 external auditors
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Deliver our publicly disclosed sustainability targets
 1. Generali 2021
           New 2021 strategy goals aligned with the Charter of Sustainability Commitments:
             • Sustainability KPIs:                                             •     Flagship projects:
                  o   + Eur 4.5 bn in new green and sustainable                          o      Responsible Consumer to create distinctive and customized product
                      investments                                                               offering for responsible consumers
                  o   + 7-9% GWP growth in Green and Social Products                     o      EnterPRIZE to award the best sustainable SMEs
                                                                                         o      THSN Achieve progress and impact in the countries deploying THSN

 2. Climate Strategy

               Positioning on carbon intensive business                                 Supporting the "green" economy                                     Reducing direct impacts
     ▪   Underwriting: not insuring any new coal and tar sands-related      ▪   Underwriting:                                                  ▪   Reduce our greenhouse gas emissions by 20%
         customer; no increase of minimal insurance exposure to coal-           ▪   Increase green offering for retail and SMEs market             by 2020 (base year 2013)
         related activities (0.1% of P&C GWP)                                   ▪   Competence center for underwriting risks of the            ▪   Increase purchases of green power
     ▪   Investments: no new investment in coal and tar sands-related               renewable energy sector
         issuers; gradual divestment of Eur 2 bn exposure to coal-related   ▪   Investments: Eur 4.5 bn in new green and sustainable
         issuers                                                                investments
     ▪   Engagement to support transition to a low carbon economy                                              Green innovation in our financial management
                                                                                             Issuing of a green bond and definition of a framework for green Insurance Linked Securities

                                                 Managing climate-related risk: definition of a framework for climate change risks management

                                               Transparency and reporting: disclosure on how we manage climate-related risks and opportunities
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Main Generali 2021 targets for responsible business

     As insurer: +7-9% GWP IN GREEN AND SOCIAL PRODUCTS

                        Eur                                  2019:                                       Eur

                  1.4 bn                           Eur 15.3 bn                                   13.9 bn
                                                   GWP green and social products

      premiums from green products                                                   premiums from social products
                      Of which:                                                                        Of which:
          Promote risk reduction: Eur 532 m                                               Support vulnerable people: Eur 3,045 m
          Enhance clean mobility: Eur 792 m                                               Address welfare needs: Eur 2,923 m

     As Investor: Eur 4.5 bn in NEW GREEN AND SUSTAINABLE INVESTMENTS

                                                             2019:
                                                     Eur 2.7 bn
                                                             invested
      GREEN AND
     SUSTAINABLE          ▪ Investments which support Green and/or Social projects, with the explicit purpose to create a
     INVESTMENTS            positive impact and contribute towards the UN Sustainable Development Goals
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Become a Lifetime partner through initiatives with strong sustainability footprint

                                                              Business   Social
                                                               Value     Value

                                                            SHARED VALUE

                              SUSTAINABLE OFFER                                   SUSTAINABLE BRANDING
      100%                                                                                                                      100%
      Business                                                                                                                 Community
                               1   Responsible Consumers (Products)               2   EnterPrize (SMEs)

     RESPONSIBLE CONSUMERS                                               ENTERPRIZE

      ▪ Connecting green and social products and sustainable               ▪ EnterPRIZE 2020 is the Generali flagship initiative to support
        investment solutions to a value proposition for those                sustainable SMEs.
        consumers that want to have a positive impact on the society       ▪ Supporting SMEs in transitioning towards more sustainable
        and on the environment.                                              business models in the post COVID-19 recovery.

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Generali commitments on Climate change

DIRECT IMPACTS                                               ROADMAP TO TARGET
      ▪ Reduce our GHG emissions by 20% on a                 ▪   In 2019: 96,784 tCO2e (-20.1% vs 2013)
        stable basis by 2020 (base year 2013)                ▪   Space optimization
      ▪ Increase green power purchases                       ▪   Travel policy
                                                             ▪   100% green electricity (99% in 2019)

INDIRECT IMPACTS                                             CLIMATE STRATEGY
      ▪ Eur 4.5 bn new investments in green and              ▪   Responsible Investment Guideline
        sustainable sectors by 2021                          ▪   Responsible Underwriting Guideline
      ▪ Divestment of Eur 2 bn from coal-related issuers     ▪   Carbon neutrality of the general account investment portfolio by 2050
        and of Eur 15 m from tar sands-related issuers
                                                             ▪   Engagement with coal-related clients and issuers
      ▪ Increase the offer of green insurance products
                                                             ▪   Competence centre for underwriting renewable energies sector
      ▪ Restrictions for coal mines, coal power plants and
                                                             ▪   Green bond & infrastructures, green real estate
        tar sands
                                                             ▪   Placement of a Eur 750 m Green Bond and framework for issuing Green
                                                                 Insurance Linked Securities

PUBLIC COMMITMENT AND DISCLOSURE                             ENGAGEMENT
      ▪ Invest in research and innovation
      ▪ Dialogue and engagement with national
        and international institutions
      ▪ Transparency and disclosure
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Transparency on our management of climate-related risks and opportunities

With our Climate-related Financial Disclosure we provide investors and other stakeholders with relevant information to assess
       the adequacy of our approach to climate change and our ability to manage the risks and opportunities it brings

                                    •   Since 2017, we have welcomed the efforts of the TCFD and
                                        we have voluntarily committed to disclose relevant information
                                        about the impacts of climate change on our activities.

                                    •   We also chose transparent and proactive communication on
                                        the actions we have taken in support of the Paris Agreement,
                                        including our joining the Net-Zero Asset Owner Alliance.

                                                In our Climate-related Financial Disclosure we
                                                provide data and information largely derived from
                                                the Generali Group 2019 Annual Integrated
                                                Report and organized so as to illustrate how we
                                                are implementing the recommendations of the
                                                TCFD.

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Green Bond Framework and Green Insurance Linked Securities Framework
Generali has displayed a great innovation in green financial management developing:
• The Green Bond Framework to finance or refinance, for example, acquisition and refurbishment projects of the Group's real estate assets
  leading to energy optimization
• The Green Insurance Linked Securities Framework, a scheme for structuring alternative financial instruments allowing for the transfer of
  insurance risk to institutional investors

 The Frameworks                        1 | Use of Proceeds and Funds                                            2 | Project Evaluation
                                                                                                                        and Selection

 ✓   Fully consistent with our Group     Green Buildings         Energy Efficiency
     Sustainability Strategy
                                        Renewable Energy
                                                                 Sustainable Water        ▪   Analysis of the green eligibility
                                                                   Management
                                                                                          ▪   Confirmation of eligibility and allocation
                                        Recycling, re-use &
                                        waste management
                                                                Clean Transportation          decision by a dedicated Committee
✓    Developed according to four
     main pillars
                                       3 | Management of Proceeds                                                          4 | Reporting
                                           and Funds
 ✓   Second Party Opinion received
     by Sustainalytics                 • Allocation according to the equivalence          • Allocation Reporting: amounts per
                                         principle                                          category, unallocated amounts if any
                                       • Maximum 2-year look back period                  • Impact Reporting on a best effort basis
                                                                                            subject to data availability
                                       • Full allocation within 1-year on a best effort
                                         basis                                            • Annually until full allocation
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Main features of the Green Insurance Linked Securities (ILS) Framework
▪ Integrating sustainability principles into alternative mechanisms for the transfer of insurance risk to institutional investors
▪ Further enhancing Generali’s ability to support green projects, including insurance products, and mobilizing all its stakeholders around this objective

ILLUSTRATIVE TRANSACTION STRUCTURE                                                    GREEN IMPACTS

GREEN ANGLES                                                                          The Framework’s four key pillars apply to:
Green ILS structure is based on 2 green elements:

                                                     Interests +
                                                                                       1     Investments in High-quality Green Assets
                    Premium
                                                       spread
                                                                                               ▪ The collateral held in the SPV is fully invested in high quality Green
                                     Issuer*
                                      (SPV)                          Noteholders                Investments which are subject to annual impact and allocation reporting

2                                                                                      2     Generali ILS’s Freed-up Capital
                                                      Notional

                                                                                               ▪ An amount equivalent to the freed-up capital by the Green ILS is allocated to:
                          Notional

                                                 Notional at due
                                                                                                 ▪ Eligible Green Assets
                                                date and interests
                                                                                                 ▪ Eligible Green Products
                    1
                                Collateral Trust
                                                                                       * The choice of the main service providers of the SPV considers also their
                        (invested in “risk-free” assets)
                                                                                       commitment to a sustainable framework in performing their activities.

          ▪ Set-up of the Green ILS Committee to oversee the evaluation, selection, monitoring and tracking of funds to ensure its full allocation
          ▪ Annual impact and allocation reporting
25
ESG features in the new revolving credit facilities (RCF)
The first Sustainable RCF subscribed by an Italian financial institution

                                                                                     GLOBAL
                                   AMOUNT                    DURATION                COORDINATOR                  LINKED TO

Green                              Eur 2 billion             3 years                 Unicredit                    New green bonds investments according
                                                                                                                  to the Climate Change strategy

Sustainable                        Eur 2 billion             5 years                 Santander                    MSCI ESG rating

                                                                              FEATURES
▪ In May 2018, Generali renewed its outstanding revolving credit facilities
                                                                              PUBLIC RECOGNITION
                                                                              Highlight GENERALI’s strategy to improve its ESG performance
▪ The size and terms reflects Generali’s strong credit standing. Primary
  Italian and international banks participated in the syndication with        MARKETING VISIBILITY
                                                                              Be the Italian corporate company which have arranged sustainable bank financings worldwide
  significant commitments
                                                                              POTENTIAL COST REDUCTION PER YEAR
▪ The facilities are an efficient tool whose main purpose is to protect the   Potential cost reduction on both drawn and undrawn borrowing costs
  Group’s financial flexibility in case of adverse scenarios
                                                                              LIMITED LEGAL CONTRAINTS
                                                                              No triggering of any draw-stop, mandatory prepayment or event of default clauses if borrowers
▪ They have innovative sustainable and green features: their cost is          decided to stop the annual assessment
  linked both to targets on green investments and to progress made
                                                                              USE OF PROCEEDS FLEXIBILITY
  on sustainability initiatives
                                                                              No change in the general corporate purpose of its RCFs

26
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Responsible Investments activities

     ▪ Controversial weapons
     ▪ Severe environmental damage
                                                      Exclusions
     ▪ Human rights violations                            applied
     ▪ Gross corruption                               to Eur 311.7 bn
                                                                                      ▪ 2 SRI funds: SRI European Equity,
     ▪ Coal and tar sands sectors                                                       SRI Ageing Population
                                                                        SRI funds     ▪ 3 SRI mandates
                                                                          and
                                                                        mandates      ▪ 34 ESG criteria
                                                                        Eur 35.5 bn   ▪ ‘Best effort’ approach
                                                                                      ▪ Proprietary methodology and rating
     ▪ ESG is a consideration within voting
     ▪ Link to Group Materiality Matrix              Stewardship

     ▪ Engagement with issuers on ESG

                                              Signatory of:
28
SRI Funds product offering & Sycomore Asset Management
▪ Generali Investments, the main asset management arm of Generali Group,               ▪ Generali’s acquisition of a majority stake in
  leverages its established SRI expertise to provide a range of investment               Sycomore Asset Management finalized in February
  solutions for its internal and external clients via funds or dedicated mandates        2019 enriches Generali’s SRI offering

GENERALI INVESTMENTS SICAV (GIS) SRI AGEING POPULATION*
TRANSFORM A MAJOR TREND INTO AN INVESTMENT OPPORTUNITY
Eur 669 m as of 31.12.19
        ▪ Exposure to European Companies that will benefit from the fundamental           Eur 5.2 bn as of 31.12.19
          & accelerating demographic phenomenon of the ageing of the population
          through three investment pillars of Healthcare, Pension & Savings and        ▪ Leading company in sustainable investments. Pioneer in
          Consumers. Based on cash flow analysis                                         ESG oriented approach in Europe and active contributor to
                                                                                         its development
        ▪ 100% SRI compliant strategy based on our proprietary methodology
                                                                                       ▪ Focus on human capital as the main lever to generate and
                                                                                         share high conviction investment ideas
GENERALI INVESTMENTS SICAV (GIS) SRI EUROPEAN EQUITY*                                  ▪ Integrated extra-financial analysis applied to all managed
MAKING SENSE OF INVESTING
                                                                                         assets
Eur 257 m as of 31.12.19
        ▪ Invest in a 100% SRI compliant strategy getting exposure to sustainable      ▪ Autonomous in terms of governance, strategy and fund
          European companies identified through our proprietary methodology.             management
          Based on cash flow analysis, with a focus on companies with solid balance
          sheets and interesting growth perspectives

        ▪ Benefit from our high conviction approach to generate a total return above
          the MSCI Europe index over time

29   * Since February 2020 the funds are being managed by Sycomore
Active ownership: Proxy Voting and Engagement

PROXY VOTING                                                                      ENGAGEMENT
     PROVIDING VOTING RECOMMENDATION                                                 PLANNING
     ▪ We perform independent analysis to determine the most suitable voting         ▪ Based on inputs from the Group Engagement Committee,
       decision, according to the relevant voting policy                               we define engagement priorities based on identified risks

                                                                                     EXECUTION
     CASTING VOTES                                                                   ▪ We perform direct and collaborative engagement with issuers on key
     ▪ We vote via electronic platforms or physically, on behalf of our                ESG topics
       insurance companies and our Clients
     ENGAGING WITH ISSUERS ON PROXY VOTING                                           MONITORING
     ▪ We promote the principles included in the Group Voting Guideline              ▪ We monitor the action plans shared with the issuers and escalate in
                                                                                       case of not satisfactory response

     REPORTING ON THE VOTING ACTIVITY                                                REPORTING
     ▪ Yearly external reporting, periodic client reporting, internal reporting      ▪ We provide feedback to internal teams and to the clients and report
       analysis                                                                        annually in our Active Ownership report

     MEETINGS VOTED                                % NEGATIVE                        ENGAGEMENTS                              % OF DIRECT
       DURING 2019                                  OPINION                             IN 2019                              ENGAGEMENTS

         1,414                                        13%                                   46                                    45%
30
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Generali to become a Lifetime Partner

                            WE WANT TO BE A LIFETIME PARTNER TO OUR CUSTOMERS

                            •   Lifetime Partner is our transformation strategy. It’s an operational and cultural
                                transformation that combines simplicity and innovation with empathy and care at all
                                touchpoints and channels
                            •   It’s a journey that started listening to our customers and distributors and the key
                                role in is played by 8 Hallmarks

                            Customer Hallmarks to become             Distributors Hallmarks to become
                            Lifetime Partners                        Lifetime Partners

                                 •   Human & caring                      •   Digital visibility
                                     experience

     61 million customers        •   B1 language &                       •   Management of              156,000 distributors
                                     Process                                 generated leads

                                 •   Differentiating value               •   Needs’-based
                                     propositions                            advisory

                                 •   Seamless
                                     omnichannel                         •   Paperless
32                                   experience
Listening and satisfying customers & distributors

 In line with our strategy, we are committed to:

 •       Listening to our customers & distributors and acting based on their feedback in order to improve the service
         offered across all touchpoints

 In 2015 we launched the TNPS Group Program which, based on the Net Promoter Score (NPS) methodology, makes it
 possible to receive real time feedback from customers and distributors and to improve services on the basis of the
 problems identified.
                                                                              In 2019, over
 LISTEN AND ACT                           62       In 2019, over
                                                                                                                         1,150
                                                                                                                    in Promoters             +22%
                                           BUSINESS UNITS                       23                                       IMPROVEMENT         -30% in Detractors
                                                                                MILLION SURVEYS                          ACTIONS put in
                                                                                                                         place
                                                                                                                                             IMPRESSIVE RESULTS

     •    Strengthening our brand to become 1st choice in the Relationship Net Promoter Score amongst our European
          international peers by 2021.

             +3 RNPS*
           *The target audience span 20 markets where we operate in Europe and Asia.

          TNPS = Transactional Net Promoter Score capturing customer feedback after any interaction he has with Generali
33
          RNPS = Relationship Net Promoter Score assessing customer’s propensity to recommend - or not - Generali to their closest persons
Generali Digital!, a bold ambition to drive Lifetime Partner

        Generali Digital! Ambition

 Deliver world                 class experiences to customers, distributors and our people by transforming
                Generali into a truly innovation led, digitally enabled, data driven and agile organisation

                                                                           Digital Enablers

                                            Customer                                                               Data
                                           Relationship                        Smart                                                                 Agile
          Innovation                                                                                             Analytics
                                           Management                        automation                                                           Organisation
                                                                                                                   & AI

  Innovation will give inspiration    Reinvent customer journeys,    Accelerate process automation      Data, Analytics & AI will guide   A lean, flexible and empowered
 and methods to best exploit new        customer knowledge,          thanks to process reengineering   business decision-making and        organisation will enable us to
    business and technology          touchpoints, transparency and         and adoption of new         enhance competitive advantage             move more quickly
         opportunities                       interactions                      technologies

34
Introducing our vision for innovation at Generali and the Innovation Fund

 Our
 Innovation
                 Innovation, everywhere, for everyone
                 Innovation will be the catalyst to deliver   by enabling everyone at Generali to         to positively impact our customers, our

 Vision          on our Lifetime partner ambition,            be an innovator,                            distributors and our people

                The Generali Innovation Fund will …                                                 Highlights since the launch the Innovation Fund …

                                  Favour early stage, collaborative and bold ideas,                 ▪ Received more than 100 ideas from more than 25 legal entities in 2

 The                              with the highest funding levels offered to ideas that
                                  fall into these categories
                                                                                                      Rounds

 Innovation
                                                                                                    ▪ Submitted ideas were distributed across the Generali Hallmarks
 Fund, a                          Favour small and mid-sized ideas, as funding
                                  multiple small projects can explore new ideas, and                  and the Digital Enablers and ranged from smart automation and

 concrete                         helps pinpoint which should be taken to scale                       computer vision to parametric products, and everything in between

 example                          Accelerate and allow BUs to execute. Delivery will
                                  be local – the fund’s role will be that of an investor,
                                                                                                    ▪ Co-funded more than 40 ideas helping us to compete in this rapidly
                                  not delivery or program management.
                                                                                                      changing environment
                                  Subject to budget availability, innovation coaching
                                  and methodology will be offered to maximise success

                        The Fund aims to be the catalyst for a critical mass of innovation in 2020 and beyond

35
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Cyber: our strategy is to develop solutions to enhance the security posture of the
Group on 4 key dimensions

                Business Initiatives                                                      New cyber threats
                       Enablement                                                         Be resilient to security incidents if
     Be prepared for new cyber threats affecting                                          cyber attack exploits vulnerabilities
                         new digital technology                                           and be able to monitor new threats

                                                     Cyber Security
                                                     Transformation

                             Governance                                                   People, skill & education
     Be efficient to manage information security                                          Be aware of cyber risks and acquire skills
            processes and to address cyber risk                                           and competencies to face the emerging
                                                                                          security threats
       Fully compliant (inter alia) with the GDPR
                                        Regulation

The Program is going to be completed for all Major Generali Countries and it will start for all the other Generali
Business Units by the end of 2020

37
Increased protection and measures to cover different areas: technical controls,
compliance, risks, awareness and governance

       Threats detection and            Cyber Insurance           Security awareness             Guidelines, policy,
         security incident                                        monitoring and social        standard and security
           management                                            engineering for internal            minimum
                                                                       education                   requirements

 • Central security monitoring      • Majorana tool to          • USB & Phishing              • Standards and controls
   system (SIEM) and Security         support the cyber           campaigns                   • Regulations
   Operation Center (SOC)             insurance business,       • Communication and adv       • External Certifications
 • Advanced antimalware solution      estimating the cyber        campaigns
 • Group Computer Emergency           risk of customers         • Educational course
   Response Team (CERT)             • Partner and
 • Threat intelligence integrated     processes to support
   solutions and services             security incident of
 • Vulnerability Management and       customers
   Continuous Monitoring

     Business Continuity and Crisis Management program demonstrated solid bases during Covid-19 emergency

38
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Our People are always at the heart of our Strategy

     Generali’s Strategy 2021 “Leveraging strengths to accelerate growth” reflects the need to become a Lifetime partner to customers,
                          offering innovative, personalized solutions thanks to an unmatched distribution network

 OUR                             GPEOPLE STRATEGY 2021:                     2019 BIENNIAL GLOBAL
 PEOPLE                          OUR PRIORITIES                             ENGAGEMENT SURVEY

                                 1   Promote a culture of innovation,           89%                       82%                            62,000+
                                                                                Group response           Group engagement                Employees
             71,936                  customer-centricity and inclusion          rate (+3 pp vs 2017)     score (+2 pp vs 2017)
             Employees (+1.7%)
                                 2   Build and develop key
                                     competencies for the digital age
                                                                                 + 170                     + 33,460                      +430
             51%                                                                 Organizational            Open comments                 Local actions
             (+0.2 pps)          3   Favour the development of leaders           entities                  received                      designed
                                     and global talent

             49%                 4   Leverage excellence and creation of
             (-0.2 pps)              sustainable value                            81% favourable responses to
                                                                                  the following question:                        June 2021
                                                                                   «In my opinion, my Company                    4th edition of GGES
                                     Become a simple, agile and efficient         is socially responsible»
                                 5
                                                                                  (+5 pp vs 2017)
                                     organization

40
Delivering on our Group People Strategy 2021: key initiatives in 2019 (1/3)

INITIATIVES                                                                                           KEY HIGHLIGHTS

              Lifetime Partner Behaviours
     1
              ▪ New inclusive, customer-centric and open culture that will foster a high level of
                engagement among employees and support the Lifetime Partner vision (launched                9,000+ people attended
                in 2019)

              MAP: Managerial Acceleration Program
              • A global initiative to empower all employees by enhancing managers’ skills.
                                                                                                            8,000+ Managers trained (100% by 2019)

              Full Performance Management Framework
                                                                                                            99% of our people take part
              ▪ A global initiative to promote a culture based on performance
              ▪ Structured in different phases: goal setting, performance evaluation, feedback
                dialogue and individual development plan.

              Diversity & Inclusion Strategy                                                                 77% D&I Index value in 2019 (100% target by 2021)
              ▪ 4 priorities set (gender, age, culture and inclusion)
              ▪ 10 KPIs identified and Diversity & Inclusion Index launched to monitor the progress          11 Group projects, +200 local initiatives

41
Delivering on our Group People Strategy 2021: key initiatives in 2019 (2/3)

INITIATIVES                                                                                       KEY HIGHLIGHTS

              WE LEARN Program                                                                         19.7% reskilled employees in 2019 (50% target by 2021)
     2
              ▪ Training on new business/digital and behavioral skills.
              ▪ Provided by best in class academic institutions and internal experts &                 12 reskilling    90+             150+ skilled owners/SMEs
                ambassadors.                                                                           champions        ambassadors on 60 priority skills

                                                                                                       27,000+ employees have access to a new learning platform
                                                                                                       released in Q4 2019

              Training
                                                                                                        97.7% Employees trained (+1,9 pps)
              ▪ Developing and continuously improving excellent business/digital and behavioral
                skills in all of our people with common approaches, metrics and language.               36.4       Average hours employee training (+6,4%)

                                                                                                        60.3 million         Training costs (+10,7%)

     3
              Global Leadership Programs                                                                46 CEOs involved in a CEO program Co-designed with
                                                                                                        London Business School
              ▪ Managerial skills of our leaders and talents to support their development and
                business growth strategy.                                                                36 Group Talents involved in a leadership program Co-
                                                                                                         designed with Insead

                                                                                                         41 Group Talents involved in Global Mentoring Program (3rd
                                                                                                         edition) to enhance their career acceleration and development

42
Delivering on our Group People Strategy 2021: key initiatives in 2019 (3/3)

INITIATIVES                                                                                   KEY HIGHLIGHTS

               We SHARE
     4                                                                                              21,430 Employees joined from 35 countries
               ▪ Launched in October 2019, “We SHARE” is the first ownership plan for Group
                  employees

               ▪ It promotes a culture of ownership through empowerment, engagement towards        35.3% Participation rate
                  the strategic objectives, sustainable value creation

               ▪ Winner of the best ownership plan at the Milan Insurance Festival                 Eur 420,000+

     5        Smart Working
              ▪ Smart Working is part of our digital transformation and has been crucial in
                 supporting our business resilience during COVID 19

              ▪ It promotes a new way of working based on a people-empowering and                  62% organizational entities with a Smart Working policy by
                                                                                                   2019* (target of 100% by 2021)
                 performance-driven culture

              ▪ It enables people to choose where / when / how to work and relying on
                 personal accountability towards results delivery.

43            *Where applicable based on local regulations
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
Tax and transparency

          ▪ In April 2020 the Board of Directors approved                                                           Effective tax rates1
                                                                                                                       32.6%
            the new Group Tax Strategy, the basis of our                                                                                    31.3%                    ▪ We seek to report
            TAX RISK MANAGEMENT MODEL                                                                                                                                  all our tax affairs
                                                                                                                                                                       accurately and in a
          ▪ 5 guiding principles: Values, Legality, Tone at
 NEW!

                                                                                                                                                                       timely manner
            the Top, Transparency and Shareholders’
                                                                                                                         2018                2019
            Value
          ▪ Full cooperation with tax authorities based
                                                                                                                  ▪ Tax Control Framework: identify, measure,
            on openness and transparency, 1 of 7
                                                                                                                    manage and control tax risk
            implementation guidelines

         ▪ Generali companies mainly operate in high tax                                                          ▪ Generali companies operating in black list
           jurisdictions, such as Italy, Germany & France                                                           jurisdictions are subject to tax in Italy on a look-
                                                                                                                    through approach

     1. The decrease in the tax rate is mainly attributable to the higher deductible acquisition costs in China and to the income from taxes of previous years recorded in Italy and Germany.

45
Our values within the Code of Conduct
The "Code of Conduct" sets minimum standards of behaviour that all of us, as part of Generali, have to follow in the
relationships with colleagues, customers, shareholders, suppliers and the other stakeholders

                                  GROUP RULES
                                  ▪ The Generali Group is focused on maintaining the highest integrity and reputation at all times
                                  ▪ Each company of the Group must ensure a widespread culture of ethics and compliance and an effective
                                    management of compliance risks, according to Group requirement and guidelines
                                  ▪ The Group Rules focus on specific provisions and provide internal implementing rules that apply to every employee

                                            Assets and business data protection                  Communicating with certain external parties

                                   Conflicts of interest            Personal information and privacy
                                                                                                                       Work environment, diversity
                                                                                                                             and inclusion
                                               Fair conduct of business               Customer relations

                                   Workspace                 Corporate social responsibility                 Anti-bribery and anti-corruption

                                                                                                  Fair competition and antitrust
                                              Anti-money laundering, anti-terrorist
                                             financing and international sanctions
                                                                                                 Insider dealing                     Supplier selection

46
Internal Control Framework & Risk Management
The set of company rules, procedures and structures that ensure the effective operation of the Company and enable it to
identify, manage and monitor the main risks to which it is exposed

                                                                   INTERNAL CONTROL FRAMEWORK

3° level controls                         Internal                          Group entities must establish the Actuarial, Compliance and Risk Management
                                           Audit                            functions as second line of defence and the Internal Audit Function as third line of
                                                                            defence according to the provisions of the relevant Group Policies
                                   Risk Management
2° level controls
                                  Compliance Actuarial                      The Control Functions are to be considered key functions in the system of
                                                                            governance of each Group Legal Entity
                              Head of operational areas
1° level controls                      (risk owners)

                                                          GENERALI INTERNAL REGULATIONS SYSTEM(GIRS)

     The Generali Internal Regulations System has the aim of supporting a sound and effective Group system of governance. It defines the hierarchy of Group internal
                                     regulations and outlines the roles and accountabilities within the process governing their life-cycle

GROUP POLICIES                                             GROUP GUIDELINES                                          GROUP TECHNICAL MEASURES

47
Compliance Management System
Regulatory (risk) identification and impact analysis                                                                 Risk Assessments
▪ Ongoing regulatory analysis                                                                                        ▪ Top Down view (overall)
▪ Documented identification of the processes and roles impacted by the regulations                                   ▪ Bottom-Up view (process)
  – stored in the GRC                                                                                                ▪ Aimed at:
                                                                                                                            - Identifying the compliance risks that may
                                                                                                                              impact the business model and strategy
                                                                                                                            - Improving the weaknesses in processes
                                                                                      RISK                                    related to compliance with key regulatory
               NEW                                                                                                            requirements
            REGULATION                                                           IDENTIFICATION

                                                                                                                     ▪ Inputs for planning and budgeting
                                                                                                                       (and Solvency evaluations)
                                                                                                                     ▪ Workflow in the GRC
▪ Ensure appropriate information
  on compliance risks are delivered                                                                        RISK
  in the decision making process                        REPORTING
                                                        & PLANNING                                     MEASUREMENT
  (BoD, Top Mgmt, Risk Owners)
                                                                                                                                 Potential
                                                                                                                                   losses

                                                                                                                                                     CMS
▪ Data collection (KRIs, KPIs) to detect red
  flags and to ground risk evaluation on
  objective information
▪ Periodic control testing                                                                           RISK            ▪ Compliance Programs: identify key
                                                                    RISK
▪ Follow-up on mitigation actions                                MONITORING
                                                                                                  MITIGATION           measures to mitigate risks (internal
                                                                                                                       regulations, training, Key controls)
▪ Info and workflows in the GRC
                                                                                                                     ▪ Advice

48
Compliance Academy & Compliance week 2020

                         COMPLIANCE ACADEMY                                                      COMPLIANCE WEEK 2020

            The Compliance Academy is aimed at assuring that                          The annual initiative, dedicated to increase the awareness
            professionals follow a common practice and share the same                 on compliance topics, this year will be focused on
            values in their daily activity, and thus guarantee a closer link          Sustainability, specifically on the emerging regulation on
     Why?   between control activities and corporate strategy and culture.     Why?   Sustainable Finance with an overview on the
            The final certification, granted by Generali Group and SDA                international context (UN 2030 Agenda for sustainable
            Bocconi, assures stakeholders, are competent and professional             development, Paris Agreement on climate change), delving
            and that they apply the highest standards in their daily                  into the European and other geographies developments
            activity.                                                                 (e.g. European Commission Action Plan).

            The Compliance Academy will address about 400 people among                The Compliance Function will lead the initiative with the
     Who?   professionals and staff of the Compliance Function, based in 40    Who?   involvement of the most impacted business areas and
            different countries, from Asia to LatAm.                                  with the participation of international experts.

            The Compliance Academy will be delivered through a training               The colleagues from the whole Group will be invited to
     How?   platform, developed together with Group Academy.
                                                                               How?   participate to virtual laboratories held with the support of
                                                                                      a dedicated multimedial platform.

49
▪ Business Overview
▪ Generali’s holistic response to the COVID-19 emergency
▪ Generali 2021 strategy
▪ Sustainability and Governance
▪ 2021 Responsible Business and Climate strategy
▪ Responsible Investments and Active Ownership
▪ Lifetime Partner
▪ Cyber Security
▪ The Human Capital
▪ Tax & Compliance
▪ The Human Safety Net
The Human Safety Net: a global movement of people helping people
Extending Generali’s purpose to the most vulnerable ones in our society
•     Its mission is to unlock the potential of people living in vulnerable circumstances, so that they can transform the lives of their families and communities.
•     Supports families with young children and refugee integration through work.
                                                                                                                             •   The engine of The Human Safety Net is a
•     Brings together the strengths of non-profit organizations and the private sector, in Europe, Asia and South America.
                                                                                                                                 Foundation set up in 2017 by Generali.
•     As an open net, it welcomes working with other companies and organizations.                                            •   By mobilizing its people and resources
                                                                                                                                 (time, skills, networks, assets, products),
                                                                                                                                 Generali can amplify the impact of The
                                                                                                                                 Human Safety Net.

51
 51
The Human Safety Net: unlocking the potential of vulnerable people
Over 30,000 families and refugees reached so far
IMPACT
 >19.8k children                                             683 refugees supported
 >10k parents                                                >100 start ups created

FOR FAMILIES                                                 FOR REFUGEE START-UPS                                  FOR NEWBORNS
                                                                                                              for
                              ‘This program helped me                               ‘I have experienced                                   ‘Today Laura is active
                              a lot. Now, we understand                             everything as a young                                 and has put on weight
                              better how to take care of                            entrepreneur and                                      nicely - these are all
                              our children, which I didn’t                          newcomer, both good and                               positive signs of
                              know before’                                          bad. But I don’t get                                  healthy growth. We have
                                                                                    discouraged. I just                                   to wait, but we are sure
                                                                                    get up and go back to work!’                          she will be okay!’
                              Ana Mariana, Indonesia                                Beslan, Germany                                       Laura, Poland

     The Families program supports parents                     Refugees have the talent and resilience to            Prematurity and birth complications like
     living in vulnerable circumstances in the                 build successful businesses – but they                asphyxia can influence a baby’s future life.
     first six years of their children’s life, to lay          need dedicated support.                               The Newborns program improves quality
     the strongest possible foundations for their              The Refugee Start-Ups program helps                   of care and support to these babies and
     future, contributing to early childhood                   refugees flourish as entrepreneurs to                 their families, especially in vulnerable
     development (ECD).                                        integrate them into their host countries.             communities.

25 partner NGOs in 16 countries,                             9 partners in 4 countries and 14                       5 countries with 4 partners
with over 100 locations                                      locations

52
Embedding volunteering in Group People strategy
In 2019, 5% of Generali employees spent a total 20,000 hours volunteering for The Human Safety Net.

                                 Leveraging Generali’s business know- how (e.g. financial, communications, and IT skills)
     Partner Volunteering        to offer training and coaching to NGOs or the families and refugees reached by the
     (skilled)                   program
                                                                                                                                   Supported by
                                          Committing our employees’ time to running activities for families and refugees who         a global
     Partner Volunteering                 are part of the programs supported by The Human Safety Net, from leisure to
     (non-skilled)                        educational activities
                                                                                                                                   volunteering
                                                                                                                                     platform
     Other type                                 Supporting long-term engagement with our partners and amplifying our reach
     of volunteering                            through fundraising and awareness raising activities that are designed and run
                                                by volunteers

                            ‘As an agent, my job is to                          ‘I always tell my colleagues:                    ‘Volunteering not only lets us give
                            protect families and                                help others and the community.                   something back from a
                            properties. So for me,                              It costs you nothing – just a little             professional point of view, but
                            getting involved to help                            of your time – yet it does a                     involves a lot of human touch.’
                            vulnerable families is                              great deal of good.’
                            simply a natural
                            extension of my job.’

                            Christian, a Generali                               Peter, a Generali                                Carlo, CEO of Generali
                            agent in France                                                                                      Investment Partners
                                                                                employee in Slovakia

53
Annex

54
Our rules for running business with integrity
                                                                                                 To enable people
                                                                                              to shape a safer future
                                                                                       by caring for their lives and dreams

                                                           Sustainability
                                                           Group Policy

               Generali                 Diversity Policy
           Group Code                      for Members
            of Conduct                                                                 Group Policy
                                       of the Corporate                                   for the
                                                 Bodies                                Environment
                                                                                       and Climate

                        Ethical code
                       for suppliers                       Responsible
                                                                            Reputational           Responsible
                     of the Generali                       Underwriting
                                                                            Risk Group             Investment
                              Group                          Group
                                                                             Guideline              Guideline
                                                            Guideline

55
Our Policies and Codes

Running a sustainable business,         The Sustainability Group Policy           The "Code of Conduct" sets                The    Group    Policy  for    the
pursuing excellence in our internal     define the process, the roles and the     minimum standards of behavior that        Environment and Climate reiterates
processes, and living the community,    responsibilities to identify, evaluate,   all of us, as part of Generali, have to   the commitment of Generali in
playing an active role where we         manage, monitor and report the risks      follow in the relationships with          safeguarding the environment and
operate,    beyond our day-to-day       and     opportunities   related  to       colleagues,               customers,      includes the guiding principles by which
business, represent our commitments     Environmental,        Social    and       shareholders, suppliers and the           the strategies and goals of Group
to stakeholders and the society as a    Governance (ESG) factors in               other stakeholders. The "Code of          comapnies’                environmental
whole. We have renewed them in the      coherence with Generali’s goal to         Conduct" applies to all employees of      management must abide, in order to
Charter of Sustainability Commitments   foster the sustainable development        Generali Group, including members         ensure: protection of the environment;
                                        of business activities and generate       of supervisory and management             prevention of pollution; protection and
                                        value lasting over time                   bodies. In addition, third parties        conservation       of       biodiversity;
                                                                                  (consultants, suppliers, agents, etc.)    appropriate response to the challenges
                                                                                  who act on behalf of the Group are        posed by cliamte change
                                                                                  expected to adhere to the principles
                                                                                  set out in the Code

56
Our Policies and Codes

The   Responsible         Investment       Guideline     The       Responsible     Underwriting         Group     The Ethical Code for suppliers of the Group
outline the principles to which the Group shall          Guideline outline the principles and rules               Generali outlines the general principles that
adhere to ensure the adoption of a responsible           aimed at assessing environmental, social and             have to underpin fruitful relations with contract
conduct   in    the     investment      process,    by   governance features of the prospective/insured           partners. The Group requires its contract
incorporating     Environmental,        Social     and   clients in the P&C underwriting process. The             partners   to   align   with     its   policies   while
Governance (ESG) factors into the investment             respect of such principles ensures the adoption          performing business and to ensure compliance
decision-making       practice,   and    reduce    the   of    a   responsible   conduct    of     underwriting   with all the levels of the relevant supply chain.
exposure to Issuers whose behaviours are not             management       at     Group     level    aimed    at   The Generali Group is committed to performing
aligned with Group’s principles                          minimizing/avoiding potential reputational risks         its business with contract partners by complying
                                                                                                                  with the following principles: 1. Correctness and
                                                                                                                  honesty 2. Transparency and impartiality 3.
                                                                                                                  Avoiding conflict of interests

57
58
    Megatrends and 5 matters envisaged by leg. decree 254/2016
         MATTERS                                         MATERIAL MEGATRENDS
                                                                                                                MAIN RISK CATEGORIES                       KEY PERFORMANCE INDICATORS                           SUSTAINABLE DEVELOPMENT GOALS
  ex. Leg decree 254/2016                                ex 2019 materiality matrix
                              Climate change                                                                Emerging risks with foreseeable      Total emissions
                              Extreme events                                                                developments on underwriting,        Purchased renewable energy
                              Shortage of planet resources and shift to circular/sharing economy            financial and operational risks      Premiums from environmental products
                                                                                                                                                 Insurance exposure to clients of the coal sector
                                                                                                                                                 Engagement activities with companies of the coal sector
Environmental matters                                                                                                                            New green and sustainable investments
                              Growing expectations toward corporate purpose, sustainability practices and                                        Direct investments to which the Responsible Investment
                                                                                                            Operational risks                    Guideline is applied
                              transparency
                                                                                                                                                 Sustainable and Responsible Investments
                                                                                                                                                 Engagement activities

                              Digital transformation and cybersecurity
                                                                                                                                                 Investments in internal strategic initiatives
                              Growing expectations toward corporate purpose, sustainability practices and   Operational risks                    Customers
                              transparency                                                                                                       Distributors
                                                                                                                                                 Relationship Net Promoter Score
                              Ageing and evolving social security                                                                                Premiums from social products
Social matters                                                                                                                                   Direct investments to which the Responsible Investment
                              Change in healthcare needs and services                                       Emerging risks with foreseeable      Guideline is applied
                              Evolving lifestyle and consumption patterns                                   developments on strategic,           Sustainable and Responsible Investments
                                                                                                            underwriting and operational risks   Engagement activities
                              Increasing inequality and reducing social mobility                                                                 Countries and partners of The Human Safety Net

                              Growing expectations toward corporate purpose, sustainability practices and                                        Engagement and response to Generali Global Engagement Survey
                              transparency                                                                                                       Employees
                                                                                                                                                 Female employees
                              Employment dynamics and restructuring of business landscape                                                        Trained employees
                                                                                                                                                 Reskilled employees
Employee-related matters                                                                                    Operational risks                    Per capita training
                                                                                                                                                 Training investment
                                                                                                                                                 Employees engaged in performance management process
                              Women empowerment and minorities inclusion
                                                                                                                                                 Organizational entities with smart working
                                                                                                                                                 Diversity & Inclusion index

                                                                                                                                                 Direct investments to which the Responsible Investment
                              Growing expectations toward corporate purpose, sustainability practices and                                        Guideline is applied
Respect for human rights      transparency
                                                                                                            Operational risks                    Sustainable and Responsible Investments
                                                                                                                                                 Engagement activities

                              Growing expectations toward corporate purpose, sustainability practices and                                        Direct investments to which the Responsible Investment
                              transparency                                                                                                       Guideline is applied
Anti-corruption and bribery                                                                                                                      Sustainable and Responsible Investments
                                                                                                            Operational risks                    Engagement activities
matters
                              Regulatory complexity & need for an integrated governance                                                          Managed reports related to the Code of Conduct
                                                                                                                                                 Employees trained in the Code of Conduct
59
Generali 2021: green and social products
Generali’s green products

   Promote responsible behaviour with positive impact on the environment and reduce environmental impact

     Mobility                                                                                                                   Eur 1.4 bn premiums from green products
            • Products for Green vehicles (electric and hybrid vehicles):
            • Products rewarding environmentally-friendly driving behavior (e.g.: Insurance for cars with “Pay as you drive”)
                                                                                                                                              0.7%         0.3%
     Efficiency                                                                                                                               Pollution      Other
             • Products for Green constructions (e.g.: New Construction and renovation activities for buildings/plants
               including or promoting energy efficient equipment);
             • Products for energy saving (e.g.: Products providing energy efficiency advisory);

     Renewable energy                                                                                                             39.2%                              58.2%
            • Loss of profits coverages: for renewable energy (wind, solar) generation equipment covering income loss due         Risk                               Mobility
              to lack of wind or sunshine (e.g.: business interruption for industrial/commercial operators);                      reduction
            • Property and other coverage for renewable energy generation equipment
                                   Wind energy
                                   Solar energy
                                   Geothermal facilities                                                                           0.1%                              1.5%
                                   Hydropower                                                                                      Efficiency             Renewable energy
     Risk reduction
            • Special conditions on policies to companies with environmental certifications as ISO 14001, EMAS, or
              adopting safety measures to prevent environmental damages;
            • Products for NATCAT events (e.g.: Windstorm, Hail, Earthquake, Fire Following Earthquake, Volcanic
              Eruption, Tsunami, Flood, Landslide, Subsidence, Snow Pressure and Freeze, Bushfire, Meteor Strike);
            • Agriculture products covering crops

     Products covering pollution damages (e.g.: Liability coverages, Other coverages for pollution cleaning / mitigation
     activities)

     Other (e.g.: Products supporting circular economy / recycling)
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