Introduction of Future Generali Insurance

8/12/2019 Introduction of Future Generali Insurance

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INTRODUCTION OF INSURANCE

The business of insurance is related to the economic values of assets. Every asset has

a value. The asset would have been created through the efforts of the owner. The asset

is valuable to the owner, because he expects to get some benefits from it. The benefits

may be an income or something else. It is a benefit because it meets some of his

needs. In the case of a factory or a cow, the product generated by is sold and income

generated. In the case of a motor car, it provides comfort and convenience in

transportation. There is no direct income.

Every asset is expected to last for a certain period of time during which it will

perform. After that, the benefit may not be available. There is a life time for a

machine in a factory or a cow or a motor car. None of them will last forever. The

owner is aware of this and he can so manage his affairs that by the end of that period

or life time, a substitute is made available. Thus, he makes sure that the value or

income is not lost. However, the asset may get lost earlier. An accident or some

unfortunate event may destroy it or make it non-functional. In that case, the owner

and those deriving benefits there from, would be deprived of the benefit and the

planned substitute would not have been ready. There is an adverse or unpleasantsituation. Insurance is a mechanism that helps to reduce the effect of such adverse

situations.

SOME DFFINITIONS OF INSURANCE

1. Insurance, in law and economics, is a form of risk management primarily usedto hedge against the risk of a contingent loss. Insurance is defined as the

equitable transfer of the risk of a potential loss, from one entity to another, in

exchange for a premium.

2. Plans in which individuals and organization who are concerned about potentialrisks will pay premiums to an insurance company, who in return, will

reimburse them if there is loss. To generate a profit, the insurer will invest the

premiums it receives.

3. A contract that provides compensation for specific losses in exchange for aperiodic payment. An individual contract is known as an insurance policy and

the periodic payment is known as an insurance premium.


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4. A contract in which one party agrees to pay for another partys financial lossresulting from a specified incident (for example, a collision, theft or storm

damage).

BRIFE HISTORY OF INSURANCE

The business of insurance started with marine business, traders, who used to gather in

the Lloyds coffee house in London, agreed to share the losses to their goods while

being carried by ships. The losses used to occur because of pirates who robbed on the

high seas or because of bad weather spoiling the goods or sinking the ship/the first

insurance policy was issued in 1583 in England. In India, insurance began in 1870

with life insurance being transacted by an English company was the Albert. The first

Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed in

1970.

Later, the Hindustan cooperative was formed in Calcutta, the united India in Madras,

the Bombay life in Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi.

These were all Indian companies, started as a result of the Swadeshi movement in the

early 1900s. By the year 1956, when the life insurance business was nationalized and

the Life Insurance Corporation of India (LIC) was formed on 1 st September 1956,

there were 170 companies and 75 provident fund societies transacting life insurance

business in India. After the amendment to the relevant laws in 1999, the LIC did not

have the exclusive privilege of doing life insurance business in India. By 31/3/2002,

eleven new insurance had been registered and had begun to transact life insurance

business in India.


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accidental manner. Nobody should be in a position to make the risks happen. In other

words, none in the group should set fire to his assets and ask others to share the costs

of damage. This would be taking unfair advantage of an arrangement put into place to

protect people from the risks they are exposed to the occurrence has to be random,

accidental and not the deliberate creation of insured person.

Assets are insured, because they are likely to be destroyed, through accidental

occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,

lightning, earthquakes etc. are perils. If such perils cab case damage it the asset, we

say that the asset is exposed to that risks. Perils are the events. Risks are the

consequential losses or damages. The risk to an owner of a building, because of the

peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the

cost of the building and the contents in it.

The risk only means that there is a possibility of loss or damage. The damage may or

may not happen. Insurance is done against the contingence that it may happen. There

has to be an uncertainty about the risk. Insurance is relevant only if there are

uncertainties. If there are no uncertainties about the occurrences of an event, it cannot

be insured against, in the case of a human being, death is certain, but the time of death

is uncertain. In the case of a person who is terminally ill, the time of earth is not

uncertain, though not exactly known. He cannot be insured.

Insurance does not protect the asset. It does not prevent its loss due to the peril. The

peril cannot be avoided through insurance. The peril can sometimes be avoided,

through better safety and damage control management. Insurance only tries to reduce

the impact of the risks on the owner of the assets and those who depend on that asset.

It only compensates the losses and that too not fully.

Only economic consequences can be insured. If the loss is not financial, insurance

may not be possible. Examples of non-economic losses are love and affection of

parents, leadership of managers, sentimental attachments to family heirlooms,

innovative and creative abilities, etc.

If a Jumbo Jet with more than 350 passengers crashers, the loss would run into crores

of rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo

jets, come together into an insurance pool, whenever one of the Jumbo Jets in the pool

crashes, the loss to be borne by each airline would come down to a few lakhs of

rupees. Thus, insurance is a business of haring.


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The manner in which the loss is to be shared can be shared can be determined

beforehand. It may be proportional to the risk that each person is exposed to. This

would be indicative of the benefit he would receive if he the peril befell him. The

share could be collected from the members after the loss has occurred or the likely

shares may be collected in advance, at the time of admission to the group. Insurance

companies collect in advance and create a find from which the losses are paid.

The collection to be made from each person in advance is determined on assumption.

While it may not be possible to tell beforehand, which person will suffer, it may be

possible to tell, on the basis of past experiences, how many person, on an average,

may suffer losses.

INSURANCE AS A SECURITY TOOLS

The united Nations Declaration of human Rights 1948 provides that Everyone has a

right to a standard of living adequate for the health and well-being of himself and his

family, including food, clothing, housing and medical care and necessary social

services and the right to security the event of unemployment, sickness, disability,

widowhood or other lack of livelihood in circumstances beyond the control.


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When the breadwinner dies, to that extent, the familys income dies. The economic

condition of the family is affected, unless other arrangements come into being to

restore the situation Life insurance provides if this did not happen, another family

would be pushed into the lower strata creates a cost on society. The lower strata create

a cost on society. Poor people cost the nation by way of subsidies and doles and so on.

Poor people also cost by way of larger growth in population, poor education and

vagaries in behavior of children. Life insu0rance tends to reduce such costs. In this

sense life insurance business is complementary to the states efforts in social

management.

Under a socialistic system the responsibility of full security is placed upon the state to

find resources for providing social security. In the capitalistic society, provisions of

security are largely left to the individuals. The society provides instruments, which

can be used in security this aim. Insurance is one of them. In a capitalistic society too,

there is a tendency to provide some social security by the state under some schemes,

where members are required to contribute e.g. Social Security Schemes in U.K.

In India, social security finds a place in our constitution. Article41 requires state,

within the limits of its economic capacity and development, to make effective

provisions for security right to work, to education and to provide public assistance in

case of unemployment, old age, sickness and disablement and in other cases of

undeserved want. Part of the states obligations to the poorer sections is met through

the mechanism of life insurance.

TYPES OF INSURANCE


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1. Auto InsuranceThis is insurance, which protect the insured against losses involving the

use of automobiles.2. Business Insurance

Insurance that is intended to serve the insurance needs of a business rather

than the needs of an individual.

3. Health InsuranceA broad term applying to all types of insurance indemnifying or

reimbursing for losses caused by bodily injury or sickness or for expenses

of medical treatment necessitated by sickness or accidental bodily injury.

Health policies can offer many options and very in their approaches to

coverage. It might also include prescriptions and doctor visits.

4. Life InsuranceIt provides for payment of a sum of money upon the death of the insured

person.

5. Loss of Income InsuranceInsurance that covers workers who are unable to work for any reason.

They are usually paid 80% of the insured income. They may have to be off

work for 3 months before the policy comes in effect.

6. Property InsuranceProperty insurance provides protection against risks to property, such as

fire, theft or weather damage

7. Travel InsuranceIs an insurance cover taken by those who travel abroad, which covers

certain losses such as medical expenses, loss of personal belongings, travel

delay, personal liabilities?

8. Workers Compensation InsuranceA State-mandated from of insurance covering workers injured in job-

related accidents.

9. Insurance adviceAdvice offered to you related to insurance.


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Tax Benefits, Riders and Age Eligibility

1. Premiums paid under this plan are eligible for tax benefits underSection 80C of the Income Tax Act, 1961. Any sum received under

this plan is exempt from tax under section 10(10D) of the Income Tax

Act, 1961.

2. Attach Accident, Waiver of premium, Payer Benefit (for juvenilepolicy) and Critical Illness riders to this policy at a nominal extra cost

for added protection.

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body

in April 2000 has fastidiously stuck to its schedule of framing regulations and

registering the private sector insurance companies.

The other decisions taken simultaneously to

provide the

supporting systems to the insurance sector and in particular the life insurance

companies were the launch of the IRDAs online service for issue and renewal of

licenses to agents.The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of insurance

agents in place to sell their products, which are expected to be introduced by early

next year.

Since being set up as an independent statutory

body the IRDA has

put in a framework of globally compatible regulations. In the private sector 12 life

insurance and 6 general insurance companies have been registered.


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INSURANCE IN INDIA

Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the

name of Life Insurance Corporation of India's corporate headquarters, is derived from

the Rig Veda. The term suggests that a form of "community insurance" was prevalent

around 1000 BC and practiced by the Aryans. Burial societies of the kind found in

ancient Rome were formed in the Buddhist period to help families build houses,

protect widows and children. Bombay Mutual Assurance Society, the first Indian life

assurance society, was formed in 1870.

Other companies like Oriental, Bharat and Empire of

India were also set up in the 1870-90s. It was during the swadeshi movement in the

early 20th century that insurance witnessed a big boom in India with several more

companies being set up. As these companies grew, the government began to exercise

control on them. The Insurance Act was passed in 1912, followed by a detailed and

amended Insurance Act of 1938 that looked into investments, expenditure and

management of these companies' funds.By the mid-1950s, there were around 170

insurance companies and 80 provident fund societies in the country's life insurance

scene. However,in the absence of regulatory systems, scams and irregularities were

almost a way of life at most of these companies. As a result, the government decided

nationalizes the life assurance business in India. The Life Insurance Corporation of

India was set up in 1956 to take over around 250 life companies.

For years thereafter, insurance remained a monopoly of

the public sector. It


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was only after seven years of deliberation and debate - after the RN Malhotra

Committee report of 1994 became the first serious document calling for the re-

opening up of the insurance sector to private players that the sector was finally

opened up to private players in 2001.The Insurance Regulatory & Development

Authority, an autonomous insurance regulator set up in 2000, has extensive powers to

oversee the insurance business and regulate in a manner that will safeguard the

interests of the insured. The insurance sector in India has come a full circle from

being an open competitive market to nationalization and back to a liberalized market

again. Tracing the developments in the Indian insurance sector reveals the 360-degree

turn witnessed over a period of almost two centuries.

Milestone of Indian Life Insurance Industry

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance

businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian, foreign insurers and provident societies was taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz.


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LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government

of India.

Insurance sector reforms:

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor

R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend

its future direction.

The Malhotra committee was set up with the objective of complementing the reforms

initiated in the financial sector. The reforms were aimed at "creating a more efficient

and competitive financial system suitable for the requirements of the economy

keeping in mind the structural changes currently underway and recognizing that

insurance is an important part of the overall financial system where it was necessary

to address the need for similar reforms".

In 1994, the committee submitted the report and some of the key recommendations

included:

1) Structure

Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that

these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.2) Competition

Private Companies with a minimum paid up capital of Rs.1bn should beallowed to enter the industry.

No Company should deal in both Life and General Insurance through a singleentity.

Foreign companies may be allowed to enter the industry in collaboration withthe domestic companies.

Postal Life Insurance should be allowed to operate in the rural market. Only One State Level Life Insurance Company should be allowed to operate

in each state.

3) Regulatory Body


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The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance (Currently a part from the Finance Ministry) should be

made independent.

4) Investments

Mandatory Investments of LIC Life Fund in government securities to bereduced from 75% to 50%.

GIC and its subsidiaries are not to hold more than 5% in any company (Therecurrent holdings to be brought down to this level over a period of time).

5) Customer Service

LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in

the insurance industry The committee emphasized that in order to improve the

customer services and increase the coverage of the insurance industry should

be opened up to competition.

But at the same time, the committee felt the need to exercise caution as any failure on

the part of new players could ruin the public confidence in the industry. Hence, it was

decided to allow competition in a limited way by stipulating the minimum capital

requirement of Rs.100 crores. The committee felt the need to provide greater

autonomy to insurance companies in order to improve their performance and enable

them to act as independent companies with economic motives. For this purpose, it had

proposed setting up an independent regulatory body.

MAJOR POLICY CHANGES

Insurance sector has been opened up for competition from Indian private insurance

companies with the enactment of Insurance Regulatory and Development Authority

Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance

Regulatory and Development Authority (IRDA) was established on 19th April 2000to protect the interests of holder of insurance policy and to regulate, promote and


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ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for

the entry of private players into the insurance market which was hitherto the exclusive

privilege of public sector insurance companies/ corporations. Under the new

dispensation Indian insurance companies in private sector were permitted to operate

in India with the following conditions:

Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself

or through its subsidiary companies or its nominees, do not exceed 26%, paid

up equity capital of such Indian insurance company;

The company's sole purpose is to carry on life insurance business or generalinsurance business or reinsurance business.

The minimum paid up equity capital for life or general insurance business isRs.100 crores.

The minimum paid up equity capital for carrying on reinsurance business hasbeen prescribed as Rs.200 crores.

The Authority has notified 27 Regulations on various issues which include

Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-

insurance, Obligation of Insurers to Rural and Social sector, Investment and

Accounting Procedure, Protection of policy holders' interest etc. Applications were

invited by the Authority with effect from 15th August, 2000 for issue of the

Certificate of Registration to both life and non-life insurers. The Authority has its

Head Quarter at Hyderabad.

Insurance Companies:

IRDA has so far granted registration to 12 private life insurance companies and 9

general insurance companies. If the existing public sector insurance companies are

included, there are currently 13 insurance companies in the life side and 13 companies

operating in general insurance business. General Insurance Corporation has been

approved as the "Indian reinsurer" for underwriting only reinsurance business.

Particulars of the life insurance companies and general insurance companies including

their web address are given below:


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Indian Insurance sector touted to record a 18% growth

According to K N Bhandari, the Secretary General of General Insurance Council,

India's general insurance sector is slated to grow at an 18% rate in 2008. The

comparable figure for 2007 was 13%. As per Mr. Bhandari, the present market value

of the Indian general insurance sector is Rs 30,000-crore. The current penetration

level of the Indian insurance sector is 0.65%.

The Indian urban sector is a significant contributor to the general insurance market. In

comparison, contribution from rural India is small. Efforts are afoot to capture the

dormant rural market via strategies like awareness generation, institutional marketing

and e-marketing.

LIFE INSURERS Websites

Public Sector

Life Insurance Corporation of India www.licindia.com

Private Sector

Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com

ING Vysya Life Insurance Company Limited www.ingvysayalife.com

Max New York Life Insurance Co. Limited www.maxnewyorklife.com

MetLife Insurance Company Limited www.metlife.com

Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com

SBI Life Insurance Company Limited www.sbilife.co.in

TATA AIG Life Insurance Company Limited www.tata-aig.com


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AMP Sanmar Assurance Company Limited www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited www.avivaindia.com

GENERAL INSURERS

Public Sector

National Insurance Company Limited www.nationalinsuranceindia.com

New India Assurance Company Limited www.niacl.com

Oriental Insurance Company Limited www.orientalinsurance.nic.in

United India Insurance Company Limited www.uiic.co.in

Private Sector

Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com

IFFCO-Tokyo General Insurance Co. Ltd. www.itgi.co.in

Reliance General Insurance Co. Limited www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com

TATA AIG General Insurance Co. Limited www.tata-aig.com

Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com

Export Credit Guarantee Corporation www.ecgcindia.com

HDFC Chubb General Insurance Co. Ltd.

REINSURER

General Insurance Corporation of India www.gicindia.com


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Introduction of Future Generali India Life and Non Life

Insurance Company Limited

Company Profile

Future Generali is a joint venture between the India-based Future Group and the Italy-

based Generali Group. Future Generali is present in India in both the Life and Non-

Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali

India Insurance Co. Ltd.

Future Group

Future Group, led by Mr. Kishore Biyani, is positioned to cater to the entire Indian

consumption space. The Future Group operates through six verticals:

1. Future Retail (encompassing all lines of retail business)2. Future Capital (financial products and services)3. Future Brands (all brands owned or managed by group companies)4. Future Space (management of retail real estate)5. Future Logistics (management of supply chain and distribution)6. Future Media (development and management of retail media spaces)

The groups flagship enterprise, Pantaloon Retail, is Indias leading retail company

with presence in food, fashion and footwear, home solutions and consumer

electronics, books and music, health, wellness and beauty, general merchandise,

communication products, E-tailing and leisure and entertainment. The company owns

and manages multiple retail formats catering to a wide cross-section of the Indian

society and its width and depth of merchandise helps it capture almost the entire

consumption basket of the Indian consumer. Headquartered in Mumbai (Bombay), the

company operates through 4 million square feet of retail space, has over 150 stores
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across 35 cities in India and employs over 15,000 people. The companys revenues

for FY 05-06 were Rs. 2017 crore

Founded in 1987, as a garment manufacturing company, Pantaloon Retail forayed into

modern retail in 1997 with the opening up of a chain of department stores, Pantaloons.In 2001, it launched Big Bazaar, a hypermarket chain, followed by Food Bazaar, a

supermarket chain and went on to launch Central, a first of its kind, seamless mall

located in the heart of major Indian cities. Some of its other formats include,

Collection I (home improvement products), E-Zone (consumer electronics), Depot

(books, music, gifts and stationaries), all (fashion apparel for plus-size individuals),

Shoe Factory (footwear) and Blue Sky (fashion accessories). It has recently launched

its retailing venture, futurebazaar.com.

Some of the groups subsidiaries include Home Solutions Retail India Ltd, Future

Bazaar India Ltd and Converge Retail India Ltd, which leads the groups foray into

home improvement, retailing and communication products, respectively. Other group

companies include, Pantaloon Industries Ltd, Galaxy Entertainment and Indus League

Clothing. It has also entered joint venture agreements with a number of companies

including ETAM group, Gini & Jony, Liberty Shoes, Staples and Planet Sports, a

company that owns the franchisee of international brands like Marks & Spencer,

Debenhams, Guess and The Body Shop in India.

Future Capital Holdings, the groups financial arm, focuses on asset management

through real estate investment funds (Horizon and Kshitij) and consumer-related

private equity fund, in division. It also plans to get into insurance, consumer credit

and offer other financial products and services.

Future Groups vision is to, "deliver Everything, Everywhere, Every time to Every

Indian Consumer in the most profitable manner." One of the core values at Future

Group is, Indian and its corporate credo is Rewrite rules, Retain values.

Generali Group

Established in Trieste on December 26, 1831, Generali is an international group

present in more than 40 countries and 5thlargest company in the world with insurance

companies and companies mostly operating in the financial and real estate sectors. Its

ranked is 47

th

in Global fortune list of 500s (2009). Over the years, the GeneraliGroup has reconstructed a significant presence in Central Eastern Europe and has
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started to develop business in the principal markets of the Far East, including China

and India.

Generali Group is a key player in Continental Europe, with a significantpresence in all the principal countries.

Generali is the third largest European insurance group by premium written andthe 47th largest company by revenues in the "Fortune Global 500" 2009

worldwide ranking.

Characterised since 1831 by a strong international drive. Implementing a decentralised multi-brand and multi-local approach. Focused on the retail market. Using a multi-channel distribution strategy.

Vision and values of Generali Group

Group`s Vision

We are committed to being a leading international team that producesconsistent, excellent results for our stakeholders in the short and long term.

We believe in the value of our people and we build our competitive advantagethrough the commitment of every individual. We will therefore seek to produce

and to leverage constantly a pioneering spirit, innovation and excellence.

We are committed to becoming the most attractive employer for the bestperforming people.

We will work constantly to enhance our group identity, proud of our history andof the richness of our diversities.

Pioneering spirit

Inclination towards innovation and continuous search for new and better solutions,

being open to changes and being ambitious to continuously improve and innovate.


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Passion for clients

Emphasis on clients and their needs, searching for the optimal solution to satisfy them

both by supplying high quality products and services as well as by providing them with

transparent and thorough information.

Responsibility

Ethical choice of accepting the consequences of ones own actions and of being loyal

to the organization, taking the initiative and making decisions within ones own

competence and responsibility.

Respect

Strong belief that doing business implies respecting the rules; rules linked to our

duties towards shareholders as well as rules affecting the relationship with all our

stakeholders, especially our employees and the community where we operate.

Flexibility

Ability to be open and to encourage others to stay open to change, to maintain and

improve work effectiveness in new situations, to adapt ones attitude and behaviour to

work effectively with different people, to readily adapt to changing priorities, new

procedures and methods, better ideas and strategies.

Integration

Ability to grow and work together by listening to each other and openly and

constructively comparing different ideas, which is fundamental to improve both oneself

and business results.

Professionalism

Continuous commitment of the individual and of the organization to develop


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knowledge and to increase the value of experience, in order to achieve a specific and

distinctive know-how.

Transparency

A must in the exchange of opinions and information, based on clear purposes and on

behavioural coherence in order to create and strengthen confidence amongst people and

integrity in business performance.

Business activity and Mission of Generali Group:

The Group`s Activity

The Generali Group is one of the most significant participants in the global insurance

and financial products market. The Group is leader in Italy and Assicurazioni

Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating

Company, characterised from the outset by a strong international outlook and now

present in 64 Countries, Assicurazioni Generali has consolidated its position among the


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world's leading insurance operators. It has in fact a strong position in western Europe,

its main area of activity, with significant market shares in Germany, France, Austria,

Spain, Switzerland as well as Israel.

In recent years, the Group has made a significantreturn to central-eastern European markets and has set up offices in the principal

markets of the Far East, among which China and India. In the last decade, the Group

has widened its product offerings from only insurance to include the entire range of

financial and real estate services and asset management.

The Group's Mission

The Mission of the Generali Group is to:

Become the leading insurance group in terms of profitability in the majorEuropean countries in which the Group operates and play an important role in

high-potential markets.

Grow in the retail and SME (Small & Medium-sized Enterprises) sectors byimplementing a distribution strategy based primarily on agents networks and

focused on a multi-brand approach.

Introduction of Future Generali Insurance

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