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generali.at
Generali Gruppe Österreich
Facts and Figures 2016
generali.at
2
Generali Group: At a Glance
Numbers contained in the diagram
are as at 2016
* MIT Technology Review
** Fortune Global 500
One of the world‘s
50 largest
companies**
More than
60 countries
in the world
70 billion Euro
in premiums
Among the 50
smartest companies
in the world*
55 million
customers
530 billion Euro
of AUM
74,000
employees
3
Generali Group: Major Markets and Premium Incomes
Through Generali Employee Benefits,
the Group operates
in more than 100 countries Insurance operations of Generali Group
Other countries in which Europ Assistance operates
ITALY
GERMANY
23.6 bln Euro
16.2 bln Euro
FRANCE
CENTRAL &
EASTERN EUROPE
LATIN AMERICA Argentina, Brazil, Chile,
Ecuador, Guatemala,
Columbia, Panama
10.9 bln Euro
3.5 bln.Euro
EMEA Europe, Middle East,
Africa – including
Austria
10.6 bln Euro
ASIA China, Hong Kong,
Indonesia, India, Japan,
Malaysia, Philippines,
Thailand, Vietnam
1.2 bln Euro
2.6 bln Euro
Generali relies on innovation as a key driver for future growth. Innovation
allows for more tailored solutions and quicker product development.
Through innovation, Generali will achieve product excellence.
In the Life segment, every new product is approved ex-ante by the Group’s
Head Office. Products are assessed periodically to ensure Group’s
standards are met.
In the P&C segment, Generali is committed to enhancing the performance
of the P&C offer, by improving the sophistication of its products and services
for a better definition of clients’ profiles, and its claims management
services.
Generali is a leader in the retail segment and it is increasing the contribution
of the Commercial business, in which it serves from small to large
companies at international level leveraging the Group’s global reach and its
strong ties with international brokers.
PRODUCT INNOVATION
In the Life segment, its offer ranges from savings and family protection
policies to unit-linked policies and complex plans for multinationals.
In the P&C segment, the well-balanced portfolio goes from massmarket
coverage such as Car, Home, Accident & Health, to sophisticated
Commercial and Industrial Risk Coverage.
The Group is committed to achieving the optimal client segmentation and
enhancing product innovation in order to deliver a targeted approach to
clients. Generali aims to be best-in-class for client retention and satisfaction.
4
Generali Group: Insurance as Core Business
An extensive line of products in the Life and Property & Casualty segments to meet all the clients’ needs.
LIFE AND P&C
Generali is Europe’s leader in direct channels
(internet and telephone) and intends to further
improve its position by launching new initiatives
in high-growth markets.
► Leader in Italy, where it created, through
Genertel, the first Italian online Life, P&C
and Pension insurance portal
► Leader in Germany, where it has been
present since 1982 through COSMOS Direkt
► Leader in France in the online Life insurance
segment
► First operator in Hungary, where Genertel.hu
was launched in 2007
► Rapidly growing in Slovakia, where
Genertel.sk was launched in 2010, and in
Turkey, where the multi-access platform
started in 2014
DIRECT CHANNELS
Traditional channels account for most of the
Group’s premium collection.
Generali relies on agencies, financial advisors,
brokers and other partners to distribute its
products and solutions with a view to providing a
convenient and excellent service to clients.
Generali adopts optimized sales processes to
increase sales effectiveness and profitability. In
particular, the Group is streamlining the structure
with simplified and modern processes tailored to
the clients’ needs.
5
Generali Group: A Diversified Distribution Model
The Generali Group operates in the insurance sector with a multichannel distribution strategy through a
global proprietary sales network of agents and financial advisors, supported by brokers, bancassurance
and direct channels.
TRADITIONAL CHANNELS
Generali plans to enhance its bancassurance
channel by maximizing the full potential of the
existing partnerships as well as exploring new
initiatives. Bancassurance will be key in the Life
segment to increase the share of capital-light
products and in the P&C segment to boost sales.
BANCASSURANCE
Generali Global Health is a Generali Group business unit that offers health
insurance solutions that are valid worldwide, dedicated to international
companies, organizations and bodies, and expatriate and travelling
employees. With particular focus on multinational clients Generali Global
Health offers modular and flexible health products, insurance management
with the broadest geographic coverage, a widespread network of hospitals
and outpatient care in the major world markets, and personalized and
multilingual client service.
GENERALI GLOBAL HEALTH
Global Corporate & Commercial is the new Generali Group unit that
develops the P&C business and insurance services for medium and large
companies. The unit acts on a global scale and deploys an integrated
approach at Group level with a central management team and specialized
teams active in individual countries. Through the new unit, Generali aims to
become a key world player in this segment.
6
Generali Group: Global Business Lines
Generali Group has developed an insurance offering platform unique to the market, comprising the
following global business units: Generali Global Corporate & Commercial, Generali Employee Benefits,
Generali Global Health and Europ Assistance.
GLOBAL CORPORATE & COMMERCIAL
Europ Assistance offers Care Services with a focus on innovation. Europ
Assistance serves more than 300 million people around the world through
8,000 staff and 44 companies and branches in 33 countries. It is the leading
global brand for Care Services.
EUROP ASSISTANCE Generali Employee Benefits is the strategic business unit of the Generali
Group dealing exclusively with Employee Benefits, offering sophisticated
solutions to multinational companies that wish to provide Life, Accident,
Disability, Health and Pension cover to their employees. GEB is the global
market leader in its business segment with more than 1,500 multinational
clients. The GEB network is present in more than 100 countries.
GENERALI EMPLOYEE BENEFITS
7
Generali Group: Vision, Mission and Values
OUR VISION
“To actively protect and enhance people’s lives”
OUR VALUES
OUR MISSION
“To be the first choice by delivering relevant and
accessible insurance solutions”
Deliver on the promise
We tie a long-term contract of mutual trust with our people, clients and
stakeholders; all of our work is about improving the lives of our clients.
We commit with discipline and integrity to bringing this promise to life and
making an impact within a long lasting relationship.
Live the community
We are proud to belong to a global Group with strong, sustainable and
long lasting relationships in every market in which we operate. Our
markets are our homes.
Value our people
We value our people, encourage diversity and invest in continuous
learning and growth by creating a transparent, cohesive and accessible
working environment. Developing our people will ensure our company’s
long term future.
Be open
We are curious, approachable and empowered people with open and
diverse mindsets who want to look at things from a different perspective.
KEY FINANCIAL TARGETS FOR 2018
Dividends*
> 5 bln Euro
Cumulative Gross Expenses
Reduction 2017-2018
0.5 bln Euro (1.5 bln Euro since 2012)
Total Investments*
1.25 bln Euro
8
Generali Group: Strategy Retail Insurance Leader in Europe
The Generali Group aims to be recognized as a leader in retail insurance in Europe, consistent with its
history, business approach and expertise.
Retail leader in Europe
► A distinctive brand
► Stronger relationship with
distributors and customers
Fast, lean, agile
► Rationalization of cost
base to invest in business
transformation
► Focus on cash generation
Simple & Smart
► Improving client satisfaction
► Maximizing efficiency
Leveraging on technology
and partnership
► Further develop telematics
solutions
► New partnership to
complement current
capabilities (e.g. MyDrive)
Net Free Cash Flow*
> 7 bln Euro
* Cumulative total 2015–2018
2015 2016
GROSS WRITTEN PREMIUMS 74.2 bln Euro 70.5 bln Euro
OPERATING RESULT 4.79 bln Euro 4.83 bln Euro
NET RESULT OF THE PERIOD 2.0 bln Euro 2.1 bln Euro
SHAREHOLDERS‘ EQUITY AT BOOK VALUE 23.6 bln Euro 24.5 bln Euro
AGENCY RATING OUTLOOK
AM Best A Stable
Fitch A- Stable
Moody‘s Baa1 Stable
9
Generali Group: Key Figures 2016
Mediobanca Group 13.04%
Caltagirone Group 3.65%
Delfin S.A.R.L. 3.16%
(Leonardo del Vecchio Group)
Other investors 80.15%
Ownership
Structure
10
Generali Gruppe Österreich: At a Glance
Major Companies
Generali Holding Vienna AG
Generali Versicherung AG
BAWAG P.S.K. Versicherung AG (BPV)
Europäische Reiseversicherung AG (ERV)
BONUS Pensionskassen AG
BONUS Vorsorgekasse AG
Generali Bank AG
Europ Assistance GmbH
1831 1882 Foundation of
Assicurazioni
Generali Austro-
Italiche in Trieste
Foundation of
Erste Allgemeine
Versicherungs-AG
1907 2007 Acquisition of a
majority stake in
BAWAG P.S.K.
Versicherung AG
Foundation of
Europäische
Reiseversicherung
AG
2004 Merger of Generali
Versicherung AG with
Interunfall
Versicherung AG
1832 First branch
opens in
Vienna
History of Generali in Austria
2.6 billion Euro
premium income
in 2016
Important market
for Generali Group
Customers:
1.6 million – Generali
250,000 – BPV
2 million – ERV
1,900 employed field staff
100 group agents
130 agencies
2,310 brokers
With over 4,800 employees
one of the leading insurances
on the market
Certified employer:
Audit workandfamily,
Career‘s Best Recruiters
11
Generali Austria: Strategic Orientation 2016-2018
Generali Austria is striving to reinforce its position as the market leader in key areas of retail operations.
The high level of digitization further deepens Generali’s understanding of its customers in order to meet the
needs and desires of our customers even better.
Optimize our Operating Machine
Improve our Footprint
Enhance our Insurance Capabilities
Rebalance our Portfolio Structure
Keep Positive Momentum
on Innovation
Strengthen our Brand
Perf
orm
an
ce
Valu
e C
reati
on
Generali Gruppe Österreich: Successful Brands under one Umbrella
12
Generali Versicherung AG
► Premium income of 2.3 bln Euro
► Strong implementation and successful in the fields of
customer orientation and digitization
► The market leader in key areas of retail operations
BAWAG P.S.K. Versicherung AG
► Premium income of 231 mln Euro
► Innovative and successful cooperation with BAWAG P.S.K. Bank
► Successful extension of cooperation in the field of accident insurance
Europäische Reiseversicherung AG
► Premium income of 56 mln Euro
► The market leader in travel insurance has been operating
for 110 years
► Focus on innovative services and special products tailored
for specific target groups
► Generali Versicherung generates a premium volume of 2.3 billion Euro
and is thus Austria's third largest insurance company as well as the
market leader in key areas of retail operations.
► Irrespective of intensified competition Generali could increase its
premiums for property, casualty and health as well as in the profitable life
segments.
13
Generali Versicherung: Increased Customer Experience
THE MARKET LEADER IN KEY AREAS OF RETAIL OPERATIONS
► The well established consistent optimization of all procedures and
processes as well as high-quality customer advice and service have lead
to Generali’s exclusive sales agent network as being one of the most
successful sales channels in the insurance industry.
► By offering modern and flexible communication channels, each customer
can decide how he or she wants to be contacted and can benefit form the
simple processes as well as online services.
► The use of modern digital tools provides sales employees with an
innovative working environment and allows them to spend more time on
individual customer care.
CUSTOMER BENEFIT FROM THE TECHNOLOGICAL LEAD
2.3 million Euro premium income
Roughly 1.6 million customers
Over 4,400 employees
The Net Promoter System assesses the direct
customer experiences nationwide
Generali’s customer portal simplifies
communication between customers,
sales agents and the company
A high quality advice via GAPAplus as well as
self-management via Sales Cockpit
Paperless processing by way of a fully
electronic proposal process as well as
signature on the smartphone
► BAWAG P.S.K. Versicherung, with a premium volume of 231 million
Euro, is an important insurer in the life segment.
► The positive development of BAWAG P.S.K. Versicherung is based on
the innovative and successful cooperation with BAWAG P.S.K. Bank.
14
BAWAG P.S.K. Versicherung: Innovative and Successful Cooperation
with BAWAG P.S.K. Bank
SUCCESSFUL COOPERATION
► With the expansion of its business to casualty insurance BAWAG P.S.K.
Versicherung strengthens Generali's competence in the field of
bancassurance as broker.
► The integration of the insurance solutions in the product and process
management of BAWAG P.S.K. will be extended to the digital distribution
channels in 2017.
A STRONG FOCUS ON THE FUTURE
231 million Euro premium income
Roughly 250,000 customers
Over 100 employees
Further development of the product portfolio
with a focus on biometric risks
Strengthening of sales –
digital sales channels and e-commerce
in cooperation with BAWAG P.S.K. Bank
15
Europäische Reiseversicherung: The Market Leader has been
Operating for 110 Years
AUSTRIA'S LEADING TRAVEL INSURANCE COMPANY
► Europäische Reiseversicherung is with a premium volume of 56 million
Euro Austria‘s largest travel insurance company.
► The product portfolio includes insurances for holidays in Austria and
travel abroad as well as annual travel insurances through insurance
packages for companies and business travels.
STRONG SALES PERFORMANCE, INNOVATION AND COMPETENCE
► Europäische Reiseversicherung is the market and innovation leader in
the domestic travel insurance sector and also a competence centre for
safety when travelling.
► Europäische Reiseversicherung has established an extensive sales
network involving approximately 1,500 partner travel agencies, 3,300
hotels and tourist accommodations,1,800 brokers and many other
partners providing ancillary services.
► The most recent innovation of Europäische Reiseversicherung is the app
"MEINE URLAUBERIA" which provides travellers with increased safety,
a clearer overview and an additional value.
56 million Euro premium income
Over 2 million customers
Roughly 90 employees
110th anniversary in Austria
Leading provider of travel insurance
Innovative services –
app MEINE URLAUBERIA
Target group oriented special products –
adding of the cancellation and travel product
“Bus/Bahn/Auto+Schutz” to the portfolio
Extensive sales network
16
Generali Gruppe Österreich: Strong Implementation in the Fields of
Customer Orientation and Digitization
“There is no contradiction between
digitization and individual care. By using
digital tools we are reducing administration
costs and increase processing efficiency.
This allows us to satisfy the needs of our
customer even better and our agents are
able to spend more time for customer care.”
Alfred Leu CEO Generali Austria
The successful implementation of digital tools improves the customer experience and simplifies
communication. This allows to spend more time on customer advise and care.
17
Generali Gruppe Österreich: Sales Strength due to More Time to
Advise Customers
Digital tools reduce administrative burdens and increase processing efficiency. This frees up time to advise
customers. Digital communication needs are being satisfied.
Exclusive Sales Force 1,900 employed field staff,
100 group agents, 130 agencies
Brokers 2,310
partners
3-Banken-Gruppe Oberbank, Bank für Kärnten und Steiermark,
Bank für Tirol und Vorarlberg
BAWAG P.S.K.
Digital Agent
This project will greatly increase the individual presence of Generali
customer advisors in the internet during 2017.
Multi-Access Sales
Extensive individualized care and support through every channel based
on the effective implementation of automation and digitization.
Fully Electronic Application Process
During 2016, the proportion of paperless insurance applications doubled
from 31% to 65% of the total. Currently this ratio is 84%.
18
Generali Gruppe Österreich: Profitable Growth
Gross Written Premium from Primary Insurance (mln Euro)
2015
+1.1% -3.0%
2,638
2016
2,527
+0.3%
2016
+5.1%
+0.8%
2,559
2015
2,500
2016
823
2015
820
2016
273
2015
259
2016
1,432
2015
1,420
Property/Casualty Health Life without
Single Premium
Saving & Pension
Total without
Single Premium
Saving & Pension
Total with
Single Premium
Saving & Pension
19
Generali Gruppe Österreich: A Balanced Portfolio Structure
Total
2,559 mln Euro
Life/Health
1,127 mln Euro
Property/Casualty
1,432 mln Euro
Portfolio Breakdown by Line of Business (Gross Written Premium from Primary Insurance)
56% 33%
11%
Property/Casualty
Life
Health
48%
31%
21%
Classical
Health/Risk
United Linked Life
39%
50%
11%
Motor
Property/Liability
Accident/BusinessInterruption
20
Generali Gruppe Österreich: A Sustained Profit- and Risk-Orientated
Business Policy
Net Combined Ratio (%)
2015
93.4
2014
94.2 94.6
-1.5ppt
2016 2013
-2.7ppt
91.9
APE (2016)
Outstanding underwriting result due to the excellent quality of the portfolio in the property/casualty segment.
Strongly focusing new business acquisition on health, risk and unit-linked life insurance
(total increase of 16 percentage points).
18.8%
Health
23.3%
Unit
Linked
11.7%
Risk
46.3%
Saving &
Pension
Investment management is one of Generali Austria’s key core areas of expertise. The focus remains on
combining security with an acceptable return. The low interest rates environment, the volatility of the
financial markets and Brexit are permanent challenges.
21
Generali Gruppe Österreich: A Successful Investment Strategy
Investments in Unit Linked 2,171 mln Euro
Investments (at 31/12/2016; market values)
Bonds and Loans 78%
Government: 35%
Corporate, Other: 42%
Property used by Third Parties: 11%
Total 13,821 mln Euro Shares, Alternative Investments: 6%
Equity Investments: 3%
Cash: 2%
10y German Bunds (annual average)
Equity Market Performance in 2016
22
Generali Gruppe Österreich: Pleasing Profit Growth and
Very Solid Capital Resources
Solvency II Ratio:
195.1%
Very Solid Capital Resources (Generali Versicherung AG)
220
+5.6%
2016
233
2015
Profit before Tax (in mln Euro)
CAREER´S BEST RECRUITERS
Generali was awarded as one of the best employers
in Austria for the seventh time in 2016. Companies
which associate with applicants in a sincere and
professional way will be honored.
KUNUNU EMPLOYER REVIEW SITE
Generali was awarded by the employer review
kununu as TOP Company as well as OPEN
Company.
“Top Companies” are concerned with the welfare of
their employees and are evaluated by them as well.
“Open Companies” are proactive and encourage
employee feedback.
23
Generali Gruppe Österreich: Awards as Employer
AUDIT WORKANDFAMILY (NATIONAL CERTIFICATE)
Family-friendly working conditions for employees are
an important component of Generali’s corporate
culture. Generali has received the “Basic Certificate”
of the audit workandfamily in 2012. After re-auditing,
the certificate has been confirmed in 2015.
DECLARED BELIEF IN CHARTER OF DIVERSITY
With the signing of the Charter of Diversity Generali
commits to value all members of the society –
regardless of gender, color, nationality, ethnic
backgrounds, religion or ideology, disability, age,
sexual orientation and identity.
VIENNA QUALITY SEAL – TOP APPRENTICESHIP COMPANY
Generali was awarded as TOP Apprenticeship
Company with the “Vienna Quality Seal”.
The Austrian Insurance Broker Association (ÖVM) awards the Assekuranz Awards Austria to insurance companies and their products on an annual basis.
EXCELLENT No. 1 in the category Casualty
EXCELLENT No. 2 in the category Health
EXCELLENT No. 3 in the category Household/Homeowner
EXCELLENT in the category Private Legal Protection
GOOD No. 2 in the category Saving & Pension
24
Generali Gruppe Österreich: Awards for Products and Services
ASSEKURANZ AWARD AUSTRIA 2016
The annual AssCompact Awards are presented at the AssCompact trend day; these awards are based on the opinion of insurance brokers and agents as
well as investment consultants on the products and services of domestic insurance companies.
No. 2 in the category Company Pensions
No. 2 in the category Commercial Liability Insurance
No. 3 in the category Commercial Combination of Insurances
No. 3 in the category Commercial Technical
No. 3 in the category Entire Commercial Segment
ASSCOMPACT AWARD 2016
25
Generali Gruppe Österreich: Awards for Products and Services
26
Generali Gruppe Österreich: Management
GENERALI VERSICHERUNG AG
GENERALI HOLDING VIENNA AG
generali.at
Managing Board
Alfred Leu, CEO
Walter Kupec
Arno Schuchter
Axel Sima
Martin Sturzlbaum
Klaus Wallner
BAWAG P.S.K. VERSICHERUNG AG
bawagpsk-versicherung.at
Managing Board
Peter Wilk, CEO
Guy Cowley
Roswitha Hönigsperger
EUROPÄISCHE REISEVERSICHERUNG AG
europaeische.at
Managing Board
Wolfgang Lackner, CEO
Andreas Sturmlechner
Angelika Knap
Media Spokesperson and Head of General Secretary
Phone: +43 1 53401 12443
E-Mail: [email protected]
PRESS CONTACT
Generali Holding Vienna AG
General Secretary
Landskrongasse 1-3
1010 Vienna
Phone: +43 1 53401 12443
E-Mail: [email protected]
generali.at
Issue: June 2017
27
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