Generali ESG presentation 2020 - Generali Group
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Generali ESG presentation 2020
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
2
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
3
▪ 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’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
5
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
▪ 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 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
▪ 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
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
10Generali’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
11Generali’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
12Our 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
13Governance: 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 processThe 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
15Building 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
16Public 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
19Main 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
20Become 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.
21Generali 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
22Transparency 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.
23Green 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
24Main 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
25ESG 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:
28SRI 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 SycomoreActive 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 experienceListening 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 personsGenerali 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
34Introducing 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
37Increased 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
40Delivering 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
41Delivering 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
42Delivering 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.
45Our 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
46Internal 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
47Compliance 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
48Compliance 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
51The 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
52Embedding 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
53Annex 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
55Our 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
56Our 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
5758
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 Conduct59
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)You can also read
