Methodological note

The 2012 Sustainability Report (SR), the ninth one published by the Generali Group, was drafted along the lines of previous editions and, as a whole, based on the desire to launch an innovative process for communicating with stakeholders, that will be developed in the coming years.

Document - This year too, the SR is published as a separate document, distinct from the Group’s other information tools, to dedicate attention to social and environmental issues that wouldn’t be able to find any space in financial reports. Nevertheless, the SR is increasingly more integrated with the Management Report and Consolidated Financial Statements, which contain in-depth information on sustainability principles, policies and governance, as well as a detailed series of quantitative indicators that, like the technical indicators on the insurance business, measure the results obtained over the year in relation to the social and environmental issues that are most important to the Group.

Reporting standards - The drafting principles, structure and contents of the SR follow version 3.1 of the Sustainability Reporting Guidelines and the Financial Services Sector Supplement of the Global Reporting Initiative (GRI). Meanwhile, the AccountAbility1000 standards are used for the information-gathering process.

SR area: countries and companies - The aforementioned reporting standards have been applied to companies consolidated on a line-by-line basis in the seven main countries where the Group operates, i.e. Italy, Austria, Czech Republic, France, Germany, Spain and Switzerland, which account for 70% of the Group’s entire workforce, and 83% of direct total gross premiums.

However, there are exceptions as far as quantitative data goes, indicated when applicable, consisting of a widening of the area considered, which may incorporate the Group as a whole, as in the chapter Community, or a restriction to a lower number of countries, as in the chapter Environment and Climate Change, where reference is made solely to countries included in the Group’s Environmental Management System.

For the first year, data and information for the Czech Republic are complete and are provided for all chapters.

The data relating to France include those of the company Europ Assistance France, solely in the chapters Employees and Suppliers, and of the company Europ Assistance Holding in the chapter Employees.

SR Area: business sectors - The SR focuses on the Group’s core business, therefore incorporating companies in the insurance and banking industry, including the related service activities, of the countries in the SR area.

Structure and contents - The opening section of the volume provides an overview of the key contents and the most significant data of the various chapters of the Report. This summary version will also be distributed as a separate document, to inform the wider public of the Group’s social and environmental commitment.

The information in the volume is organised into two parts: the first is dedicated to the Group, which provides a profile and overview of some relevant issues, plus certain available data for the entire Generali Group, while the second contains a series of chapters given over to the different categories of stakeholder, each of which shows the associated data and information.

In this structure which remained essentially unchanged, certain amendments were made, especially to bring related subjects closer together, thus avoiding repetitions and making it easier to read the document. In particular, there is no longer a chapter dedicated to the stakeholder Issuing companies, and the bulk of the information which was contained therein in previous years was added to the chapter the Group, given that it concerns the socially responsible investment policy and the associated tools and practice; by contrast, the chapter Clients contains, under products with a social and environmental value, information concerning SRI funds and the chapter Environment and Climate Change contains information relating to investments in renewable energies. For greater completeness and transparency, the chapter Environment and Climate Change also includes a new section dedicated to the risks and opportunities related to climate change. Lastly, it should be noted that the SR includes an area dedicated to the subject of Innovation, elaborated in the chapter the Group, under Material issues, and in the chapter Clients, as regards the activities of the innovation team.

The last section of the volume includes a table named GRI Content Index, drafted in accordance with the guidelines of version 3.1 of the GRI and the ten Global Compact principles. Furthermore, it should also be pointed out that the process of definition of the contents is based on the principles of materiality, stakeholder inclusiveness, sustainability context and completeness, and the process to guarantee information quality is based on the principles of balance, comparability, accuracy, timelines, clarity and reliability envisaged by the GRI. In order to ensure the reliability of the information reported, directly measurable amounts have been included, reducing the use of estimates to a minimum.

The document is streamlined, thanks, in particular, to the greater use of cross references to other information sources of the Group for in-depth analysis.

Currency - The amounts in the document are expressed in Euros and figures are rounded to one decimal place, unless indicated otherwise, the result being that the sum of the rounded amounts does not always coincide with the rounded total.

Graphics - Graphics were completely reviewed this year. The Company wanted, above to all, to provide evidence of the increasing integration between the SR and the Consolidated Financial Statements, evidenced by harmonised graphs and, in particular, by cover page images which complement one another to form that of a single square.

The Company has also endeavoured to make more use of graphs, in place of tables, provided that they are explanatory and can be quickly interpreted, so that the reader can get an increasingly better grasp of the contents of the volume.

The images used to illustrate the volume relate to Group activities.

Time period - In the majority of the chapters, the data concern two financial years, 2012 and the previous year, for which homogeneous data are presented, to allow comparisons without misrepresentations. The result is that the data relating to 2011 may, in turn, differ from the data published previously, given that they are recalculated using the same criteria used for the corresponding data in 2012 whenever changes are made. In addition, this year, for the most significant data, the changes over the last three-year period are also provided, each one calculated on homogeneous data, to show the trends over a longer period of time. As normal, thanks to the availability of information, the chapter Financial Community instead shows the data relating to a four-year period.

The chapter Environment and Climate Change also shows the changes to homogeneous terms in the 2009- 2012 period, to allow a significant comparison with the environmental objectives and targets that the Group set in the System in the 2010-2012 three-year period.

However, descriptive aspects are updated at the time of printing this report.

Certification - The decision not to request an external company to certify the compliance of the SR is also confirmed. This choice is based on the Group’s desire to focus its available resources on improving its social and environmental performance and maintaining an effective reporting system, in terms of the quality and quantity of information provided and its consistency with the interests of the various stakeholders with whom the Group has various types of relations.

The Group asked Certification Body RINA Services S.p.A.

to certify, in accordance with ISO standard 14064-1, the data relating to greenhouse gas emissions (Scope 1) and to indirect emissions from energy consumption (Scope 2), as already occurred in 2011.