FTSE MIB Component
|Andrea Sironi (Chairman)|
Philippe Donnet (CEO)
|Products||Insurance, banking, investment management|
|Revenue||€99.01 billion (2021)|
|€5.85 billion (2021)|
|€2.85 billion (2021)|
|Total assets||€710 billion (2021)|
|Total equity||€31.88 billion (2021)|
Number of employees
Future Generali India Insurance
Assicurazioni Generali S.p.A. (// JEN-ər-AH-lee, Italian: [assikuratˈtsjoːni dʒeneˈraːli]; meaning 'general insurances') or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in the world by net premiums and assets.
The company was founded on December 26, 1831, as Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche ('Imperial and Royal Privileged Company for General Austrian-Italian Insurances'). At the time, Trieste was the most important seaport 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[update], the company ranks 57th on the Fortune Global 500 list of companies and 43rd on MITs worldwide "Smartest Companies" ranking in 2015.[needs update]
Generali operates primarily in Europe, the Middle East, and East Asia, with large market shares in Italy, Czech Republic, Poland, Hungary, Germany (under the name of Generali Deutschland), France, Austria, Slovenia, The Netherlands, Croatia, Serbia (as Generali Osiguranje), Spain, Switzerland, Romania, Israel, Japan, China and Bosnia and Herzegovina, with secondary operations in Latin America. Its 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.
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. The Generali Building is still owned by the Italian insurance firm through its local representative, the Migdal Insurance Company. 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. 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 which appears on all of its branches worldwide since 1848.
In India, the company is represented by Future Generali, a joint venture of Future group and Assicurazioni Generali. It provides life, property and casualty insurance. The non-life business is known as Future Generali India Insurance Company Limited. The life business is known as Future Generali India Life Insurance Company Limited.
The main subsidiaries of the group in Italy include Alleanza Assicurazioni, Banca Generali, Cattolica Assicurazioni, Generali Italia, Genertel and Genertellife. Its subsidiaries in France include Europ Assistance.
In 2006, Generali bought the controlling stake of Delta Osiguranje, a Serbian insurer, from Delta Holding. In 2014, the group bought the remaining stake from the minority shareholders. The subsidiary was renamed to Generali Osiguranje Srbija.
Generali Group also had subsidiaries in Croatia and Montenegro, also known as Generali Osiguranje.
Assicurazioni Generali was an active minority owner of Italian banks, such as Banca Intesa (7.54% direct and indirect ownership) and Banca Nazionale del Lavoro (approx 8.72% in 2004). Both banks are no longer held by Generali Group.
Banca Generali is a subsidiary of Assicurazioni Generali.
As of June 2016, Assicurazioni Generali's largest shareholders were:
- 12.79% Mediobanca S.p.A.
- 9.95% Caltagirone (Francesco Gaetano Caltagirone)
- 9.82% Leonardo Del Vecchio
- 4.75% Benetton family (through Edizione holding)
Based on the share capital, 65.13% of Assicurazioni Generali is owned by Italian investors.
- 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, and sponsored the French Federation of Volleyball for 19 years. It launched the Responsible Sports Charter in 2010, coherently with the Group guidelines, to actively promote the culture of sustainability in sports.
A lawsuit aiming to collect claims on life insurance policies sold to victims of the Holocaust was dropped after a ten-year struggle. Sidney Zabludoff, a Holocaust insurance expert, estimates that Generali had coverage on about 110,000 Jews at the time, which he estimated to be worth $4.5 billion today. In court papers, Generali says it had paid $135 million on about 5,200 claims.
The Law & Order episode "Blood Money" is based on Generali subsidiaries selling life insurance to poor Jews in WWII Europe and then not paying out in case of death. In the episode, the motive for a retired insurance salesman's murder appears to be a series of policies he sold to Jews in Poland during the Holocaust.
- Palazzo delle Assicurazioni Generali (Milan)
- Generali Building
- European Financial Services Roundtable
- "Annual Integrated Report and Consolidated Financial Statements 2021 Generali Group" (PDF). Retrieved 2022-05-16.
- "Company References Archived July 16, 2010, at the Wayback Machine." Assicurazioni Generali. Retrieved on 8 July 2010.
- "These are the top 25 largest insurance companies in the world".
- "Assicurazioni Generali | Global 500". Fortune. Retrieved 27 July 2017.
- Alex Witula: Le Più Belle Azioni D'Epoca, p. 41; ISBN 978-88-95848-10-5
- "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.
- "Italian insurer Generali buys Adriatic Slovenica for EUR 245m". 23 May 2018. Retrieved 22 June 2018.
- "Generali will sell BMA's life insurance operations". Kansas City Business Journal. 2002-04-30. Retrieved 11 January 2015.
- 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.
- Even-Or, Shmuel (May 1984). ירושלים: בניינים בעיר החדשה [Jerusalem: Buildings in the New City]. Kardom (in Hebrew): 20–23.
- בניין ג'נראלי [Generali Building] (in Hebrew). All About Jerusalem. 2014. Retrieved 3 April 2014.
- Bar-Am, Aviva (19 September 2003). "Return to Bevingrad". The Jerusalem Post. Archived from the original on 11 June 2014. Retrieved 3 April 2014. (subscription)
- Future Generali India Insurance Company website
- Future Generali India Life Insurance Company website
- "Generali Group acquires majority shareholding in Delta Osiguranje, Serbia's largest private insurance company" (Press release). Generali. Retrieved 4 February 2018.
- "ĐENERALI PREUZEO MIŠKOVIĆEV UDEO U DELTA ĐENERALIJU". kamatica.com (in Serbian). 19 May 2014. Retrieved 4 February 2018.
- 2006 Annual report Banca Intesa
- 2004 bilancio Banca Nazionale del Lavoro (in Italian)
- "La Repubblica/lf_primo_piano: Generali, si riaccende lo scontro tra Maranghi e Fazio". www.repubblica.it. Retrieved 2020-08-12.
- "Ownership structure". Assicurazioni Generali S.p.A. Retrieved 16 May 2022.
- "Holocaust victims settle with Generali - Business - International Herald Tribune". The New York Times. 30 January 2007. Retrieved 27 November 2017.
- ""Law & Order" Blood Money (TV Episode 1999)". IMDb. Retrieved 27 November 2017.