Slide 1: ESG Investor Presentation 2025
ESG INVESTOR PRESENTATION 2025
Slide 2: Summary
1 SUMMARY 1. INTRODUCTION TO OUR BUSINESS 2. OUR SUSTAINABILITY FRAMEWORK AND FOUNDATIONS 3. GENERALI 2022-2024 STRATEGIC PLAN: ‘LIFETIME PARTNER 24: DRIVING GROWTH’ RESULTS 4. GENERALI 2025-2027 STRATEGIC PLAN: ‘LIFETIME PARTNER 27: DRIVING EXCELLENCE’ 4.1 RESPONSIBLE INVESTOR: ASSET OWNER 4.2 RESP
Slide 3: Introduction to Our Business
INTRODUCTION TO OUR BUSINESS
Slide 4: Generali at a Glance
3 GENERALI AT A GLANCE Over € 95 billion Gross Written Premiums in 2024 1 Largest continental Europe insurer, with a focus Retail and SME clients, providing Life and Health and Property and Casualty Insurance solutions Life 64% P&C 36% 2 Growing and profitable CEE and Asia franchises 71 million insu
Slide 5: Our Sustainability Journey
4 OUR SUSTAINABILITY JOURNEY OUR PURPOSE: “Enable people to shape a safer and more sustainable future by caring for their lives and dreams” SUSTAINABILITY ORIGINATOR ROOTED EXCELLENCE PIONEER ENABLER OF THE STRATEGIC OF THE STRATEGY OF THE SUSTANABILITY FOUNDATIONS INITIATIVES 2015 - 2018 LEVERAGING
Slide 6: Our Sustainability Framework and Foundations
OUR SUSTAINABILITY FRAMEWORK AND FOUNDATIONS
Slide 7: The Sustainability Framework Is Leading Generali's Activities
6 THE SUSTAINABILITY FRAMEWORK IS LEADING GENERALI’S ACTIVITIES RELATED TO SUSTAINABILITY AMBITION AND APPETITE SUSTAINABILITY INTEGRATION MATERIAL SUSTAINABILITY MATTERS DOUBLE MATERIALITY ASSESSMENT RESPONSIBLE RESPONSIBLE RESPONSIBLE RESPONSIBLE INVESTOR INSURER EMPLOYER CORPORATE CITIZEN FOUNDAT
Slide 8: Our Sustainability Ambition
7 OUR SUSTAINABILITY AMBITION Sustainability will shape the way all decisions are taken This will lead Generali to be a transformative and impact driven company, able to create shared-value It is about integrating sustainability in the key processes and considering the impact of the Group’s decision
Slide 9: Governance: Board of Directors, Committees and GMC
8 GOVERNANCE: BOARD OF DIRECTORS, COMMITTEES AND GMC Innovation, Social and Environmental Sustainability Committee BOARD OF GENERAL Chair: Umberto Malesci, Independent – 44 y.o. STATUTORY MEETING AUDITORS ▪ Responsible for business development and marketing for the Internet of Things (IOT) business
Slide 10: Governance: Integrated Governance Driving Sustainability
9 GOVERNANCE: INTEGRATED GOVERNANCE DRIVING SUSTAINABILITY AT ALL ORGANISATIONAL LEVELS BODIES KEY CHARACTERISTICS ▪ 77% independent Board members ▪ 77% have relevant ESG experience ▪ 46% female representation ▪ 61 years average age BOARD OF DIRECTORS BOARD ▪ Independent Chair ▪ 97.7% average meetin
Slide 11: Group Internal Regulations: Our Policies and Guidelines
10 GROUP INTERNAL REGULATIONS: OUR POLICIES AND GUIDELINES We have policies and guidelines that ensure the alignment with the principles of Sustainability and their actual integration into the core business Generali Group Strategy P&C UW and Reserving Personal Data Protection on Climate Change Polic
Slide 12: Incentives: Sustainability Is Integrated into Remuneration
11 INCENTIVES: SUSTAINABILITY IS INTEGRATED INTO REMUNERATION Since 2018, we have progressively linked remuneration to key sustainability metrics, starting with Top Management STI, including Sustainability metrics in the LTI since 2021, and most recently integrating sustainability into the employee
Slide 13: Monitoring and Reporting: Disclosure and Transparency
12 MONITORING AND REPORTING: DISCLOSURE AND TRANSPARENCY We tell our story of creating sustainable value by adopting a Core & More1 approach, which allows to connect the information contained among the Group’s different reports and communications channels intended for a specialised audience or for a
Slide 14: Generali 2022-2024 Strategic Plan Results
GENERALI 2022-2024 STRATEGIC PLAN: ‘LIFETIME PARTNER 24: DRIVING GROWTH’ RESULTS
Slide 15: 2022-2024 Strategic Sustainability Goals & Results
14 2022-2024 STRATEGIC SUSTAINABILITY GOALS & RESULTS RESPONSIBLE RESPONSIBLE RESPONSIBLE RESPONSIBLE INVESTOR INSURER EMPLOYER CORPORATE CITIZEN Net-Zero Insurance Portfolio 40% Women in strategic positions5 The Human Safety Net – A social Net-Zero Investments by 2050 38.6% (+3.8 p.p.) innovation h
Slide 16: Generali 2025-2027 Strategic Plan: Lifetime Partner 27
GENERALI 2025-2027 STRATEGIC PLAN: ‘LIFETIME PARTNER 27: DRIVING EXCELLENCE’
Slide 17: Generali Sustainability Framework: Focus on Sustainability Integration
16 GENERALI SUSTAINABILITY FRAMEWORK: FOCUS ON SUSTAINABILITY INTEGRATION AMBITION AND APPETITE SUSTAINABILITY INTEGRATION MATERIAL SUSTAINABILITY MATTERS DOUBLE MATERIALITY ASSESSMENT RESPONSIBLE RESPONSIBLE RESPONSIBLE RESPONSIBLE INVESTOR INSURER EMPLOYER CORPORATE CITIZEN FOUNDATIONS MONITORING
Slide 18: Double Materiality Assessment: Sustainability Priorities
17 DOUBLE MATERIALITY ASSESSMENT: SUSTAINABILITY PRIORITIES IDENTIFIED AS INPUT FOR ‘LTP27: DRIVING EXCELLENCE’ STRATEGY The current Double Materiality Assessment was approved by the Board of Directors in May 2024. It identifies the material sustainability matters, on which to focus actions and stra
Slide 19: Lifetime Partner 27: Driving Excellence Strategy Overview
18 ‘LIFETIME PARTNER 27: DRIVING EXCELLENCE’ STRATEGY: OVERVIEW Enhance seamless customer experience, innovative Group value propositions and strengthened distribution network Accelerate growth in preferred Evolve Group operating model profit pools, increase technical to provide distinctive proficie
Slide 20: Sustainability & People Are Foundations of LTP27
19 SUSTAINABILITY & PEOPLE ARE FOUNDATIONS OF ‘LIFETIME PARTNER 27: DRIVING EXCELLENCE’ STRATEGY Our Priorities Our Goals ▪ Net-zero by 2050: ▪ -60% CO2 emissions by 2030 for own operations and for investments GREEN AND Climate ▪ -30% Emission Intensity by 2030 of Personal Motor portfolio1 & -40% Em
Slide 21: Responsible Investor: Asset Owner
RESPONSIBLE INVESTOR: ASSET OWNER
Slide 22: Responsible Investment Framework
21 RESPONSIBLE INVESTMENT FRAMEWORK TO INTEGRATE SUSTAINABILITY FACTORS INTO INVESTMENT DECISION + Focus in following slides ESG APPROACHES INVESTMENT PORTFOLIOS OWN AND SHARED RISK AVOID INTEGRATE INFLUENCE NEGATIVE INVESTMENT WITH POSITIVE ACTIVE OWNERSHIP1 SUSTAINABLE SCREENING SCREENING (ENGAGEM
Slide 23: Strategic Goals & Commitments: 2024 Results & New Ambition
22 STRATEGIC GOALS & COMMITMENTS: 2024 RESULTS & NEW AMBITION The Group has committed1 to reaching net-zero GHG emissions for its investments by 2050, to limit global temperature rise to 1.5oC. The long-term commitment will be reached through the definition of mid-term intermediate targets. ASSET CL
Slide 24: Decarbonization: Portfolio Targets
23 DECARBONIZATION: PORTFOLIO TARGETS Carbon intensity of Listed equity and corporate bonds CO2 (tCO2e /€ Mn invested) ▪ Generali is a signatory of the UN PRI Net Zero Asset 182 -60% Owner Alliance, committing to transition its investments to net zero GHG emissions by 2050 ▪ Net-zero goal by 2050 to
Slide 25: Financing the Transition: Climate Solutions Investments Target
24 FINANCING THE TRANSITION: CLIMATE SOLUTIONS INVESTMENTS TARGET ▪ ESG Bond (both Regulatory or Market standard2) Estimated projection Cumulated net new investments in with proceeds predominantly invested in projects Climate Solutions1 € Bn and/or activities aimed at climate change mitigation BONDS
Slide 26: Responsible Insurer
GENERALI RESPONSIBLE INSURER
Slide 27: Responsible Insurance Framework for Managing Sustainability Factors
26 RESPONSIBLE INSURANCE FRAMEWORK FOR MANAGING SUSTAINABILITY FACTORS ESG APPROACHES AVOID INFLUENCE INTEGRATE NEGATIVE SCREENING – NET ZERO RESPONSIBLE UNDERWRITING INSURANCE ENGAGEMENT CLIMATE INSURANCE SOLUTIONS EU TAXONOMY GROUP GUIDELINE JOURNEY P&C ▪ Exclude assets when policy ▪ Carry out por
Slide 28: P&C Portfolio: Emissions Intensity Reduction
27 P&C PORTFOLIO: EMISSIONS INTENSITY REDUCTION 1 BRIEF DESCRIPTION LTP27 TARGET LEVERS Reducing emission intensity on -30% ktCO2e/M€ ◼ Focus on profitably growing (2021 vs 2030) business for EV/HV, Personal Motor portfolio2, in line with the Net-Zero journey by developing usage-based 2050 in P&C un
Slide 29: P&C Portfolio: Climate Insurance Solutions
28 P&C PORTFOLIO: CLIMATE INSURANCE SOLUTIONS In line with its ongoing commitment to help mitigate climate change, the Group developed an internal framework to identify the insurance solutions with a larger role in supporting a green and just transition BRIEF DESCRIPTION LTP27 TARGET COMMENTS Growin
Slide 30: P&C Portfolio: Natural Catastrophe Insurance for SMEs
29 P&C PORTFOLIO: THE GROWTH OF NATURAL CATASTROPHE INSURANCE BUSINESS FOR SMEs SUPPORTS A MORE RESILIENT GLOBAL ECONOMY Grow the natural catastrophe insurance offerings to support the resilience of SMEs, including dedicated solutions such as parametric insurance Develop additional services to promo
Slide 31: SME EnterPRIZE: Promoting a Culture of Sustainability
30 SME EnterPRIZE: PROMOTING A CULTURE OF SUSTAINABILTY AMONG ENTREPRENEURS REASON WHY OBJECTIVES In line with the Generali Group Strategy, the SME EnterPRIZE project aims at As the flagship project of Generali Group, SME EnterPRIZE aims to: strengthening the positioning in the SME segment, establis
Slide 32: L&H Solutions: Health & Life Protection and Pension for Underserved Customers
31 L&H SOLUTIONS: HEALTH & LIFE PROTECTION AND PENSION FOR UNDERSERVED CUSTOMERS The Group is committed to grow the health, protection and pension business with the aim of bridging the insurance gap in these business areas, with particular attention to underserved customers BRIEF DESCRIPTION LTP27 T
Slide 33: Responsible Employer
GENERALI RESPONSIBLE EMPLOYER
Slide 34: Our People Strategy: Results in 2024
33 OUR PEOPLE STRATEGY: RESULTS IN 2024 Our People Women Men Other 86,851 45,304 41,545 2 2024 KEY HIGHLIGHTS Enhance a Lifetime Partner, sustainable and CULTURE meritocratic culture 83% Engagement Rate +0 p.p vs 2023, above market Build a more diverse work environment ensuring benchmark1 DEI equal
Slide 35: Diversity, Equity & Inclusion
34 DIVERSITY, EQUITY & INCLUSION 2024 KEY HIGHLIGHTS 40% WOMEN IN TARGETS 2022-24 STRATEGIC POSITIONS1 ZEROING EQUAL PAY GAP 38.6% Women in strategic positions1 Diversity Highlights Equity Highlights Inclusion Highlights ▪ Continued strengthening our women ▪ The Group achieved our strategic target ▪
Slide 36: Our New People Strategy 2025-2027: People Powered Excellence
35 OUR NEW PEOPLE STRATEGY 2025-2027: PEOPLE POWERED EXCELLENCE TO BE LEVERAGED AS A DISTINCTIVE CULTURE COMPETITIVE ADVANTAGE TO STRENGTHEN OUR RECOGNISED SKILLS LEADERSHIP POSITION AS A LEADING UPSKILLING ENVIRONMENT TALENT ATTRACTION & PEOPLE TO BE RECOGNISED AS AN EMPLOYER OF CHOICE DEVELOPMENT
Slide 37: Decarbonisation of Generali's Own Operations
36 DECARBONISATION OF GENERALI’S OWN OPERATIONS COMMITMENTS THE MAIN LEVERS TO ACHIEVE THE TARGET BUILDINGS ▪ The Group is decarbonising its own operations in line with climate science. ▪ In the context of the new 2025-2027 strategy, the existing target of -35% compared to the 2019 baseline has been
Slide 38: Responsible Corporate Citizen
RESPONSIBLE CORPORATE CITIZEN
Slide 39: The Human Safety Net: Generali's Initiative for the Community
38 THE HUMAN SAFETY NET: GENERALI’S INITIATIVE FOR THE COMMUNITY 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. It focuses on two programmes: 25 Active Countries 85 Active Partners ▪ Brings
Slide 40: Sustainable Financial Management
SUSTAINABLE FINANCIAL MANAGEMENT
Slide 41: 'ESG' Bonds Issuance
40 ‘ESG’ BONDS ISSUANCE Our sustainability journey since 2019: ‘ESG’ bonds issued equal to €5.5 Bn GREEN, SOCIAL & SUSTAINABILITY GREEN INSURANCE- INSURANCE-LINKED LINKED SECURITIES SECURITIES FRAMEWORK1 FRAMEWORK1 GREEN, SOCIAL AND GREEN SUSTAINIBILITY SUSTAINABILITY BOND BOND BOND FRAMEWORK1 FRAME
Slide 42: Generali Green, Social and Sustainability Bond Framework
41 GENERALI GREEN, SOCIAL AND SUSTAINABILITY BOND FRAMEWORK ▪ In December 2023, we updated the previous Sustainability Bond Framework with the Generali Green, Social and Sustainability Bond Framework in accordance with the ICMA principles and the key aspects of the EU Green Bond Standard ▪ The Frame
Slide 43: The Green Social and Sustainability ILS Framework
42 THE GREEN SOCIAL AND SUSTAINABILITY ILS FRAMEWORK MAIN FEATURES ILLUSTRATIVE TRANSACTION STRUCTURE SUSTAINABILITY ANGLES Green, Social and Sustainability ILS1 structure is based on 2 elements: ▪ Integrating sustainability principles into Interests + Spread, alternative mechanisms for the transfer
Slide 44: ESG Features in the Revolving Credit Facilities
43 ESG FEATURES IN THE REVOLVING CREDIT FACILITIES Green and Sustainable RCF negotiated with international banks Amount & AMOUNT& Year YEAR Duration DURATION Global Coordinator Linked to Green and Sustainable €2 Bn, 2021 3+1+1+ years Unicredit New green and sustainable bond investments according to
Slide 45: Annex
GENERALI ANNEX
Slide 46: Annex Summary
45 ANNEX SUMMARY 1. FOUNDATIONS ▪ GOVERNANCE: BOARD OF DIRECTORS ▪ MONITORING & REPORTING: ESG RATINGS & EU TAXONOMY 2. SUSTAINABILITY INTEGRATION ▪ DOUBLE MATERIALITY ASSESSMENT ▪ RESPONSIBLE INVESTOR: NEGATIVE SCREENING ▪ RESPONSIBLE INSURER: NEGATIVE SCREENING, INSURANCE SOLUTIONS WITH ESG COMPON
Slide 47: Annex: 1. Foundations
GENERALI ANNEX: 1. FOUNDATIONS
Slide 48: Governance: Focus on the Board of Directors
47 GOVERNANCE: FOCUS ON THE BOARD OF DIRECTORS Andrea Sironi Philippe Donnet Marina Brogi Flavio Cattaneo Patricia Estany Chairman Managing Director and Director Director Director Group CEO Age: 61 Age: 57 Age: 61 Age: 62 Age: 64 In office since: In office since: 29/04/2022 In office since: 29/04/20
Slide 49: Governance: Board Members, Skills Matrix
48 GOVERNANCE: BOARD MEMBERS, SKILLS MATRIX Competencies and expertise BOARD % 100% 100% 92% 92% 92% 92% 92% 85% 85% 85% 77% 77% 69% 62% 46% 38% 38% 8% Andrea Sironi (Chair) Philippe Donnet (CEO) Marina Brogi Flavio Cattaneo
Slide 50: Generali's Key Sustainability & ESG Ratings Trends
49 GENERALI’S KEY SUSTAINABILITY & ESG RATINGS TRENDS Generali 2024 results confirm the Group's position as a leading sustainability player in the market OTHER ESG RATINGS Generali first Included in CDP DJSI Europe Awarded a ‘B’ Sustainalytics3 Generali first Low Risk Included in Ranked 27/300 DJSI
Slide 51: European Taxonomy Disclosures
50 EUROPEAN TAXONOMY DISCLOSURES 2024 Underwriting Activities 2024 Investment Activities The P&C Gross Written Premiums (GWP) from Group The coverage of assets assessed amounted to € 373.3 Bn, or 68.9% of total Group assets. activities in 2024 amounted to € 33.7 Bn. Insurance companies can contribut
Slide 52: Annex: 2. Sustainability Integration
ANNEX: 2. SUSTAINABILITY INTEGRATION
Slide 53: Double Materiality Assessment
52 DOUBLE MATERIALITY ASSESSMENT The current Double Materiality Assessment was approved by the Board of Directors in May 2024. It identifies the material sustainability matters, on which to focus actions and strategies in order to create long-term value and, at the same time, have a positive impact
Slide 54: Responsible Investor: Negative Screening Indirect Investments
53 RESPONSIBLE INVESTOR: NEGATIVE SCREENING INDIRECT INVESTMENTS The Group excludes issuers with poor ESG practices that represent higher sustainability and reputational risks Unconventional ESG Laggards ESG Controversies Weapons corporate and sovereign ◼ Corporate: Issuer responsible of severe Corp
Slide 55: Responsible Investor: Negative Screening – Climate Change
54 RESPONSIBLE INVESTOR: NEGATIVE SCREENING – CLIMATE CHANGE Thermal Coal activities All companies No investments if Coal Share of revenues > 20%. Mining companies No investment if Coal production > 10 Mil ton/year, and/or Developers of new mines. The Group defined a policy aiming at phasing out the
Slide 56: Responsible Insurer: Negative Screening – P&C Underwriting
55 RESPONSIBLE INSURER: NEGATIVE SCREENING – P&C UNDERWRITING EXCLUSION CRITERIA 1 KEY SECTORS SENSITIVE SECTORS COAL RELATED BUSINESS OIL & GAS RELATED BUSINESS Prudent underwriting: Particular The Group applies restrictions on coal assets related to clients The Group applies restrictions on oil &
Slide 57: Premiums from Insurance Solutions with ESG Components – Environmental Sphere
56 PREMIUMS FROM INSURANCE SOLUTIONS WITH ESG COMPONENTS – ENVIRONMENTAL SPHERE IN 2024 Mobility 55.9% MITIGATION Renewable energies 1.7% Energy efficiency €2.8 Circular economy 0.8% Bn 0.2% OTHER Risk reduction Pollution liability/Own damages ADAPTATION 40.8% 0.6% Mobility: products offering covera
Slide 58: Premiums from Insurance Solutions with ESG Components – Social Sphere
57 PREMIUMS FROM INSURANCE SOLUTIONS WITH ESG COMPONENTS – SOCIAL SPHERE IN 2024 Products promoting responsible behaviours or investing also in ESG components 13.0% €22.4 Products aimed at targeted clients/events Bn 66.5% Health products providing payout or services 20.5% Products aimed at targeted
Slide 59: LTP27: Accelerating Excellence in Customer Relationships
58 LTP27: ACCELERATING EXCELLENCE IN CUSTOMER RELATIONSHIPS Lifetime Partner LIFETIME PARTNER 2027 2027 KPIs 2024 2027 … MORE RELEVANT NEEDS-BASED VALUE WITH CUSTOMERS PROPOSITIONS EXCELLENCE 20 Mn 24 Mn1 IN CUSTOMER # Multiholding Customers … MORE EFFICIENT MANAGING RELATIONSHIPS TOUCHPOINTS ACROSS
Slide 60: Climate Change Integrated within Enterprise Risk Management
59 CLIMATE CHANGE INTEGRATED WITHIN ENTERPRISE RISK MANAGEMENT Risk Map as per Risk Management Group Policy: Emerging and sustainability risks with 3 main features: Long-term horizon Analysis beyond the business planning period, covering also medium and long-term Spread Life lapse Equity Price Reser
Slide 61: Climate Change Risk Measurement
60 CLIMATE CHANGE RISK MEASUREMENT SCENARIO1 7 NGFS2 Climate Scenarios used to assess climate ▪ Projection of risks, in combination with 3 IPCC3 scenarios: ▪ macroeconomic/energe Climate risk impacts 4.0 tic variables (i.e. energy Temperature increase vs pre- demand) ▪ Physical risks: mostly relevan
Slide 62: Climate Change Risk Impacts: Investments
61 CLIMATE CHANGE RISK IMPACTS: INVESTMENTS Climate risk impacts: INVESTMENTS (NAV €494 Bn1) The Group’s investments portfolio shows2 potential losses in terms of change in Net Asset Value (NAV) under long-term climate scenarios as follows: Net Zero 2050 Delayed transition Fragmented World 0.0% ▪ Ph
Slide 63: Climate Change Risk Impacts: P&C Underwriting
62 CLIMATE CHANGE RISK IMPACTS: P&C UNDERWRITING P&C UNDERWRITING (GWP €34 Bn1) Climate risk impacts: Hailstorms as at 2050; Generali illustrative modelling and Hailstorms as at 2050; Generali illustrative modelling and P&C underwriting portfolio analysis in terms of Operating Result change in repre
Slide 64: Climate Change Risk Impacts: Life Underwriting
63 CLIMATE CHANGE RISK IMPACTS: LIFE UNDERWRITING LIFE UNDERWRITING (BEL1 €353 Bn) Climate risk impacts: Heatwaves as Generali Heatwaves as at 2050; at 2050; Generali illustrative and representation under scenario SSP 2-4.5 modelling Heatwaves as at 2050; Generali Heatwaves as at 2050; Generali illu
Slide 65: Emerging Risks Overview
64 EMERGING RISKS OVERVIEW ▪ Publication of Emerging and Sustainability Risks booklet ▪ Integration of sustainability risks, fostering a common view with o sustainability factors and Materiality Assessment o Lifetime Partner 27: Driving Excellence (included in 2025 update, previously Lifetime Partne
Slide 66: Generali's Trustworthy AI Principles
65 GENERALI’S TRUSTWORTHY AI IS A UNIQUE COMBINATION OF OUR CORPORATE VALUES AND ETHICAL PRINCIPLES INSPIRING US Generali AI Ethics Framework Generali Trustworthy AI 1 Principles Our AI values our People by guaranteeing human oversight on digital technologies HUMAN CENTRICITY PRINCIPLES and sound go
Slide 67: Contacts
66 CONTACTS Assicurazioni Generali Piazza Duca degli Abruzzi 2 34132 Trieste, Italy e-mail: ir@generali.com Lucia Silva Massimo Romano Chiara Ceresa Group Chief Sustainability Officer Group Head of Integrated Reporting Head of Company and Corporate Governance generali.com sustainability@generali.com
Slide 68: Disclaimers
67 DISCLAIMERS Certain of the statements contained herein are statements of future The use by Assicurazioni Generali S.p.A. of any MSCI ESG Research expectations and other forward-looking statements. LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, These expectations are based on mana
Slide 69: Generali
GENERALI