Chairman and Group CEO letter to the stakeholders


2012 was a turning point for the Generali Group.

A new strategy was developed based on discipline, focus and simplicity and a process was launched for the profound transformation of the Group, consistent with its international profile and in line with the highest market standards. The corporate governance was improved with a simpler and more integrated organisational structure at Group level, thanks in no small part to the creation of the Group Management Committee, introducing a team managerial approach and a more transparent, effective and shared decisionmaking process.

The Group closed the year with its financial performances yielding an improvement in the operating result and a substantial strengthening of its capital, one of the main priorities of the new strategy.

These significant results were achieved thanks to the efforts of our employees, the trust of our shareholders and investors, and to our customers, who rewarded us by choosing our services. We want to create value for everyone as we firmly believe that our business goals must be accompanied by an ongoing commitment to Corporate Social Responsibility. A commitment that has been reflected in the improved ratings assigned to us by SRI agencies and by our inclusion in important ethical indices.

The ten principles promoted by the UN Global Compact, to which we joined in 2007, continue to act as our guidelines: respect for human and labour rights, the fight against corruption, and environmental protection are key pillars of our new Code of Conduct. We also want to play a positive role in society with regard to these fundamental principles and, as such, we ask our partners to respect them. In addition to this, we also attribute value to the virtuous conduct of our policyholders and the businesses in which we invest.

As part of our commitment to continuous improvement, we take the responsible management of our impact on the environment very seriously. We believe that environmental problems should be addressed promptly, that preventive action should be taken before damage is done and that we should not just limit ourselves to meeting legal requirements; it is also for this reason that we are committed to raising awareness of the consequences of climate change both internally and in terms of public opinion.

The Charter of Sustainability Commitments was also recently approved. It extends the management approach based on objectives - already adopted for environmental issues - to the social sphere. This represents an important step that must primarily be seen as a strengthening of our commitment to sustainability as we pursue our challenging goals. The Charter is also an opportunity to improve communications with our stakeholders, thanks to increased levels of transparency which facilitate dialogue and create the foundations that will enable us to direct our efforts towards shared improvement goals.

As insurers, we want to use our experience to help address emerging social requirements.

For example, we are committed to the promotion of inclusive forms of insurance, such as microinsurance in South America and India, which can significantly improve the quality of life of the poorest members of society.

We believe that businesses nowadays cannot just limit themselves to making profits - they must also seek to have a positive effect on the social fabric in which they operate. This is the principle that inspires our work and the results outlined in this report are the evidence of this.

Gabriele Galateri di Genola

Gabriele Galateri di Genola Presidente

Mario Greco
Group CEO

Mario Greco Group CEO