Assicurazioni Generali

Assicurazioni Generali S.p.A.
listed società per azioni
Traded as BIT: G
FTSE MIB Component
Industry Financial services
Founded 1831 (1831)
Headquarters Trieste, Italy
Area served
 Italy, Europe, Asia, Middle East, Americas
Key people
 Gabriele Galateri di Genola (Chairman)
Philippe Donnet (CEO)
Luigi Lubelli (CFO)
Sandro Panizza (CRO)
Isabelle Conner (CM&CO)
Timothy Ryan (CIO)
Products Insurance, banking, investment management
Revenue Decrease € 68.5 billion[1] (2017)
Increase € 2.1 billion[1] (2017)
Total assets Increase € 542 billion[1] (2017)
Total equity Increase € 25 billion[1] (2017)
Number of employees
 71,327[1] (2017)
Subsidiaries Genertel, Alleanza Toro, Ina Assitalia, Europ Assistance Group
Website www.generali.com

Assicurazioni Generali S.p.A. or simply Generali is an Italian insurance company, the largest in Italy and third in the world.[2] It has its headquarters in Trieste.[3] In 2010, Assicurazioni Generali Group was the second largest insurance group in the world by revenue after AXA.

Under the name of Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche, the company was founded on December 26, 1831. At the time, Trieste was the most important sea port of the Austrian Empire. The company grew in importance, becoming one of the largest insurance operators both in Italy and in Central Europe. As of 2017, the company ranks 57th on the Fortune Global 500 list of companies and 43rd on MITs worldwide "Smartest Companies" ranking in 2015.[4]

Operations

The symbol of Assicurazioni Generali is derived from the flag of the Republic of Venice, dissolved by Napoleon three decades before the company was founded.
Original metal plaque with raised gilt signature and Lion of Saint Mark, 1924–1940.
Palazzo delle Assicurazioni Generali in Florence, Italy
Insurance policy of the Assicurazioni Generali, issued 1919[5]
France national team
Generali Tower in Milan
Palazzo Generali in Trieste

Today Generali operates primarily in Europe, Middle East and East Asia, with large market shares in Italy, Poland,[6] Hungary, Germany (under the name of Generali Deutschland), France, Austria, Slovenia,[7] The Netherlands, Croatia, Serbia (Generali Osiguranje), Spain, Switzerland, Romania, Israel, Japan, China and Bosnia and Herzegovina, with secondary operations in Latin America. Generali's United States operations are concentrated in financial products management, a result of the group's acquisition of Business Men's Assurance Company of America (BMA) in 1990 and travel insurance products as part of the Europ Assistance Group.[8] In 2002, Generali sold BMA's life insurance arm to the Royal Bank of Canada.[9] In 2013, Generali sold its US reinsurance arm to Scor.[10]

On Jerusalem's Jaffa Road, the Generali Building (בניין ג'נרלי), built by the company in 1935, is still known by that name although the company operated its Jerusalem branch in the building only from 1935 to 1946.[11] The Generali Building is still owned by the Italian insurance firm through its local representative, the Migdal Insurance Company.[12] The building currently houses various government offices, including the Jerusalem District Administration, the Ministry of Interior, the Department of Immigration and Population Registry, and the Internal Auditing Office.[11] It is a famous Jerusalem landmark, due to the large and well-preserved stone statue of a winged lion on its roof; this is the Lion of Saint Mark, patron saint of Venice, and the symbol of the Generali insurance company[11][13] which appears on all of its branches worldwide since 1848.[12]

In India the company is represented by Future Generali, a joint venture of Future group and Assicurazioni Generali. It provides both life and property/casualty insurance. The Life business is known as Future Generali India Life Insurance Company Limited.[14]

Main Subsidiaries of the group includes, in Italy: Genertellife, Alleanza Assicurazioni, Generali Italia and Banca Generali.

In France: Europ Assistance

Bank ownership

Assicurazioni Generali was an active owner of Italian banks, such as Banca Intesa (7.54% direct and indirect ownership[15]) and Banca Nazionale del Lavoro (8.71980% in 2004[16]) as minority owner. Both banks are no longer held by Generali Group.

Banca Generali is the subsidiary of Assicurazioni Generali.

Shareholder structure

As of June 2016, Assicurazioni Generali's largest shareholders were:[17]

Notable employees

  • Franz Kafka worked for nearly nine months (between November 1, 1907, and July 15, 1908) at the Assicurazioni Generali office in Prague.

Generali is the sponsor of France National Volleyball Team. Generali sponsor of the French Federation of Volleyball for 19 years, launched the Responsible Sports Charter in 2010, coherently with the Group guidelines, to actively promote the culture of sustainability in the sporting arena.

Controversy

Denial of Life Insurance Payment to Jewish Holocaust Victims

After nearly 10 years of struggling to get a big Italian insurance company to pay claims on life insurance policies sold to victims of the Holocaust, the lawyers for most of the victims are giving up the fight. Sidney Zabludoff, a Holocaust insurance expert, estimates that Generali had coverage on about 110,000 Jews at the time, and he estimates this be worth $4.5 billion today. In court papers, Generali says it has paid $135 million on about 5,200 claims.[18]

Blood Money - Law & Order Episode is based on Generali subsidiaries selling life insurance to poor Jews in WW2 Europe and then not paying out in case of death. The motive in the murder of a retired insurance salesman appears to be a series of policies he sold to Jews in Poland during the Holocaust.[19]

References

  1. 1 2 3 4 5 "Annual Integrated Report and Consolidated Financial Statements 2017" (PDF). Retrieved 15 March 2018.
  2. ↑ "Assicurazioni Generali SpA Company Profile". Yahoo! Finance. Archived from the original on 5 March 2007. Retrieved 29 March 2007.
  3. ↑ "Company References Archived July 16, 2010, at the Wayback Machine.." Assicurazioni Generali. Retrieved on 8 July 2010.
  4. ↑ "Assicurazioni Generali | Global 500". Fortune. Retrieved 27 July 2017.
  5. ↑ Alex Witula: Le Più Belle Azioni D'Epoca, p. 41; ISBN 978-88-95848-10-5
  6. ↑ "GENERALI extends its presence in Poland by acquiring the CONCORDIA companies; premium income from Austria, CEE and Russia Region to exceed EUR 6.4 billion – Insurance". Retrieved 22 June 2018.
  7. ↑ "Italian insurer Generali buys Adriatic Slovenica for EUR 245m". Retrieved 22 June 2018.
  8. ↑ url=https://www.generalitravelinsurance.com/why-generali.html
  9. ↑ "Generali will sell BMA's life insurance operations". Kansas City Business Journal. 2002-04-30. Retrieved 11 January 2015.
  10. ↑ Jucca, Lisa; Christian Plumb (2013-06-04). "Generali sells U.S. unit to Scor in $920 million deal". Reuters. Milan/Paris. Retrieved 11 January 2015.
  11. 1 2 3 Even-Or, Shmuel (May 1984). ירושלים: בניינים בעיר החדשה [Jerusalem: Buildings in the New City]. Kardom (in Hebrew): 20–23.
  12. 1 2 בניין ג'נראלי [Generali Building] (in Hebrew). All About Jerusalem. 2014. Retrieved 3 April 2014.
  13. ↑ Bar-Am, Aviva (19 September 2003). "Return to Bevingrad". The Jerusalem Post. Retrieved 3 April 2014. (subscription)
  14. ↑ Future Generali India Life Insurance Company website
  15. ↑ 2006 Annual report Banca Intesa
  16. ↑ 2004 bilancio Banca Nazionale del Lavoro (in Italian)
  17. ↑ "Azionisti rilevanti di ASSICURAZIONI GENERALI SPA". Commissione Nazionale per le Società e la Borsa. Retrieved 27 December 2014.
  18. ↑ "Holocaust victims settle with Generali - Business - International Herald Tribune". The New York Times. Retrieved 27 November 2017.
  19. ↑ ""Law & Order" Blood Money (TV Episode 1999)". IMDb. Retrieved 27 November 2017.
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