Assicurazioni Generali S p A : Management Report and Parent Company Financial Statements 2020 (April, 29, 2021)

189th year			generali.com
	INTEGRATED
ANNUAL AND	CONSOLIDATED
REPORT	STATEMENTS
FINANCIAL
2020

	INTEGRATED
ANNUAL AND	CONSOLIDATED
REPORT	STATEMENTS
FINANCIAL
2020

Across almost two centuries of history, Generali has consolidated its resilience and helped people build a safer future by caring for their lives and their dreams.

It remained this way, even in an unprecedented year, such as 2020, and will also be in the future.

The ability to offer solutions with competence and a human touch was celebrated in the Group's first global advertising campaign, from which the images illustrating this Report are taken

and which highlight the distinctive characteristics of Generali Red: empathy, passion, dynamism, proactivity.

For us, these are the qualities that people look for in a brand and that add value to the lives of customers, agents, employees, investors and partners.

Please note that the Report is translated into English solely for the convenience of

international readers.

2	Generali Group	Annual Integrated Report and Consolidated Financial Statements 2020

CORPORATE BODIES AT 10 MARCH 2021

CHAIRMAN	Gabriele Galateri di Genola
VICE-CHAIRMEN	Francesco Gaetano Caltagirone
	Clemente Rebecchini
MANAGING DIRECTOR AND GROUP CEO	Philippe Donnet
BOARD MEMBERS	Romolo Bardin
	Paolo Di Benedetto
	Alberta Figari
	Ines Mazzilli
	Antonella Mei-Pochtler
	Diva Moriani
	Lorenzo Pellicioli
	Roberto Perotti
	Sabrina Pucci
BOARD OF STATUTORY AUDITORS	Carolyn Dittmeier (Chairwoman)
	Antonia Di Bella
	Lorenzo Pozza
	Silvia Olivotto (Alternate Auditor)
	Tazio Pavanel (Alternate Auditor)
BOARD SECRETARY	Giuseppe Catalano

	Assicurazioni Generali S.p.A.
	Company established in Trieste in 1831
	Registered office in Trieste, piazza Duca degli Abruzzi, 2
	Share capital € 1,576,052,047 fully paid-up
	Fiscal code and Venezia Giulia Companies' Register no. 00079760328
	VAT no. 01333550323
ISIN: IT0000062072	Company entered on the Register of Italian insurance and reinsurance companies under no.1.00003
Reuters: GASI.MI	Parent Company of the Generali Group, entered on the Register of insurance groups under no. 026
Bloomberg: G IM	Pec: [e-mail]
	Contacts available at the end of this document
	Comments and opinion on the Report can be sent to [e-mail]

3

INDEX

THE INTEGRATED OVERVIEW OF OUR REPORTS............................	4
ABOUT THE ANNUAL INTEGRATED REPORT...................................	5
LETTER FROM THE CHAIRMAN AND THE GROUP CEO....................	6
MANAGEMENT REPORT
WE, GENERALI..................................................................................	9
GROUP'S HIGHLIGHTS...............................................................	10
2020 KEY FACTS......................................................................	12
SIGNIFICANT EVENTS AFTER 31 DECEMBER 2020
AND 2021 CORPORATE EVENT CALENDAR.................................	16
THE VALUE CREATION PROCESS................................................	18
CHALLENGES AND OPPORTUNITIES OF THE MARKET CONTEXT...	20
THE GENERALI 2021 STRATEGY ...............................................	30
OUR RULES FOR RUNNING BUSINESS WITH INTEGRITY................	51
OUR GOVERNANCE AND REMUNERATION POLICY.......................	54
OUR PERFORMANCE.......................................................................	63
GROUP'S PERFORMANCE..........................................................	65
GROUP'S FINANCIAL POSITION..................................................	72
OUR MAIN MARKETS: POSITIONING
AND PERFORMANCE.................................................................	83
LIFE SEGMENT.........................................................................	96
PROPERTY & CASUALTY SEGMENT...........................................	104
ASSET MANAGEMENT SEGMENT..............................................	112
HOLDING AND OTHER BUSINESSES SEGMENT...........................	114
SHARE PERFORMANCE ...........................................................	115
RISK REPORT................................................................................	117
OUTLOOK......................................................................................	135

CONSOLIDATED NON-FINANCIAL STATEMENT
pursuant to legislative decree of 30 December 2016, 254 as amended......	139
INDEPENDENT AUDITOR'S REPORT
ON THE CONSOLIDATED NON-FINANCIAL STATEMENT................	145
APPENDICES TO THE MANAGEMENT REPORT.............................	151
NOTES TO THE MANAGEMENT REPORT.....................................	152
METHODOLOGICAL NOTES ON ALTERNATIVE
PERFORMANCE MEASURES......................................................	156
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS...................................	165
NOTES...........................................................................................	175
APPENDICES TO THE NOTES........................................................	279
ATTESTATION AND REPORTS

ATTESTATION TO THE CONSOLIDATED FINANCIAL STATEMENTS

pursuant to art. 154-bis, paragraph 5, of legislative decree of 24 February 1998,
no. 58 and art. 81-ter of Consob regulation of 14 May 1999,
no. 11971 as amended......................................................................	325
BOARD OF STATUTORY AUDITORS' REPORT................................	329
INDEPENDENT AUDITOR'S REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS ..................................	343
GLOSSARY..............................................................................	352
CONTACTS ............................................................................	358