Assicurazioni Generali S.p.a. · MIL:G
Assicurazioni Generali — ESG Presentation (2020)
70 slides from Assicurazioni Generali's sustainability presentation, Jul 1, 2020
Slide 1: Generali ESG presentation 2020
Generali ESG presentation 2020
Slide 2: 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 Ta
Slide 3: Generali Group: one of the world's leading insurers
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 thousan
Slide 4: Agenda
▪ 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 & Compli
Slide 5: Generali's holistic response to the COVID-19 emergency
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 SUPPOR
Slide 6: Generali and COVID-19 emergency: a multistakeholder approach
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
Slide 7: Agenda
▪ 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 & Compli
Slide 8: Generali 2021: strategic pillars and financial targets
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 MA
Slide 9: Agenda
▪ 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 & Compli
Slide 10: Sustainable business transformation: creating value in the long term
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 Reportin
Slide 11: Generali's Sustainable & Strategic Corporate Governance Process
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 ▪
Slide 12: Generali's Sustainable & Strategic Corporate Governance Process
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, str
Slide 13: Our Governance: the Management Sustainability Committee
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
Slide 14: Governance: Integration of Sustainability into remuneration
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
Slide 15: The Group Materiality Matrix: our ESG priorities
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
Slide 16: Building a future-proof business model: embedding the ESG priorities
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 priori
Slide 17: Public non-financial disclosure
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-financ
Slide 18: Agenda
▪ 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 & Compli
Slide 19: Deliver our publicly disclosed sustainability targets
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 p
Slide 20: Main Generali 2021 targets for responsible business
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 vulne
Slide 21: Become a Lifetime partner through initiatives with strong sustainability footprint
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 a
Slide 22: Generali commitments on Climate change
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) I
Slide 23: Transparency on our management of climate-related risks and opportunities
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
Slide 24: Green Bond Framework and Green Insurance Linked Securities Framework
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 t
Slide 25: Main features of the Green Insurance Linked Securities (ILS) Framework
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
Slide 26: ESG features in the new revolving credit facilities (RCF)
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
Slide 27: Agenda
▪ 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 & Compli
Slide 28: Responsible Investments activities
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
Slide 29: SRI Funds product offering & Sycomore Asset Management
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 sol
Slide 30: Active ownership: Proxy Voting and Engagement
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 en
Slide 31: Agenda
▪ 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 & Compli
Slide 32: Generali to become a Lifetime Partner
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 th
Slide 33: Listening and satisfying customers & distributors
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 t
Slide 34: Generali Digital! ambition to drive Lifetime Partner
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
Slide 35: Innovation, everywhere, for everyone
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 innovato
Slide 36: Agenda
▪ 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 & Compli
Slide 37: Cyber: strategy to enhance the security posture of the Group
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 technolog
Slide 38: Increased protection and measures across different areas
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 m
Slide 39: Agenda
▪ 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 & Compli
Slide 40: Our People are always at the heart of our Strategy
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
Slide 41: Delivering on our Group People Strategy 2021 (1/3)
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+
Slide 42: Delivering on our Group People Strategy 2021 (2/3)
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 ex
Slide 43: Delivering on our Group People Strategy 2021 (3/3)
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,
Slide 44: Agenda
▪ 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 & Compli
Slide 45: Tax and transparency
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 manne
Slide 46: Our values within the Code of Conduct
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 maint
Slide 47: Internal Control Framework & Risk Management
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
Slide 48: Compliance Management System
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: - I
Slide 49: Compliance Academy & Compliance week 2020
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 v
Slide 50: Agenda
▪ 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 & Compli
Slide 51: The Human Safety Net: a global movement of people helping people
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. • Su
Slide 52: The Human Safety Net: unlocking the potential of vulnerable people
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
Slide 53: Embedding volunteering in Group People strategy
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
Slide 54: Annex
Annex 54
Slide 55: Our rules for running business with integrity
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 su
Slide 56: Our Policies and Codes
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 li
Slide 57: Our Policies and Codes
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 ado
Slide 58: Megatrends and matters envisaged by leg. decree 254/2016
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 dev
Slide 59: Generali 2021: green and social products
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 reward
Slide 60: Generali 2021: green and social products
60 Generali 2021: green and social products Generali’s social products ✓ Promote responsible behaviour with positive impact on people and Health products ✓ Protect specific categories of people (i.e young families, children, the elderly) Products aimed at targeted clients/events: Eur 13.9 bn premium
Slide 61: Green Bond Framework: Use of Proceeds and Reporting
Green Bond Framework: Use of Proceeds and Reporting Balance of unallocated Breakdown of total Breakdown by country Allocation Reporting Amount of Green Bond proceeds at reporting amount of Eligible – or any other relevant net proceeds and end-period Assets per category geographic area ELIGIBLE ASSET
Slide 62: Green Bond Framework: Focus on Green Buildings
Green Bond Framework: Focus on Green Buildings ▪ The acquisition of green commercial and residential buildings which meet regionally, nationally or internationally recognized standards of certification ▪ Expenses in building retrofitting with an improvement in energy efficiency resulting in a minimu
Slide 63: Our Governance: the Board
Our Governance: the Board Independent Shareholders’ Board of Statutory Auditors Meeting Auditors BOARD IN CHARGE ▪ 13 members, 2 elected from the minority slate Board Risk and ▪ 61.5% independence of Directors Control Committee Remuneration ▪ 38.5% gender quota and Appointments ▪ Average Age: 59.4 C
Slide 64: Our Shareholders Structure
Our Shareholders Structure Shareholders Structure Italian and Foreign Shareholders 0.61% Great Britain Of the share capital 38.08% 7,24% of the share capital France Of the share capital 5,40% of the share capital Not identifiable shareholders Institutional Italy United States Investors ** 64,03% of
Slide 65: The Board Committees and the GMC
The Board Committees and the GMC Mandatory Committees by the Other Corporate Governance Code or Italian Voluntary Committees legislation Related Party Corporate Governance, Investments Strategic Operations Risk & Control Appointments Committee Committee Transactions Social and Environmental Committe
Slide 66: Our Board of Directors
Our Board of Directors Insurance Experience 85% Financial and Accounting Skills 85% Regulation Framework & regulatory requirements 85% SKILLS, Managerial Experience 77% EXPERTISE AND BACKGROUND International Experience 69% Experience in Large Cap Companies 31% Academic Experience 23% Entrepreneurial
Slide 67: Remuneration: Approach & Metrics
Remuneration: Approach & Metrics Approach FIXED (21%) VARIABLE (79%) (CEO target) Base Salary + ANNUAL SHORT-TERM INCENTIVE (21%) + LONG-TERM INCENTIVE (31%) + STOCK PLAN (27%) (yearly basis) (multi-year basis) (multi-year basis) Core business Key Performance Indicators (KPIs) PERSPECTIVES ▪ Net Pro
Slide 68: Contacts
Contacts Assicurazioni Generali Lucia Silva Michele Amendolagine Piazza Duca degli Abruzzi 2 Group Head of Sustainability and Social Responsibility Head of Shareholder & Governance 34132 Trieste, Italy Fax: +39 040 671338 lucia.silva@generali.com michele.amendolagine@generali.com ir@generali.com +39
Slide 69: Disclaimer
Disclaimer www.generali.com Certain of the statements contained herein are statements of future expectations and other forward- looking statements. www.generali-invest.com These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties
Slide 70: Thank you.
Thank you. ©6900 ®@