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Assicurazioni Generali

Assicurazioni Generali S.p.A. or simply Generali is an Italian insurance company, the largest in Italy and third in the world.[2] It has its headquarters in Trieste.[3] In 2010, Assicurazioni Generali Group was the second largest insurance group in the world by revenue after AXA.

Assicurazioni Generali S.p.A.
Listed
Traded asBITG
FTSE MIB Component
ISINIT0000062072 Edit this on Wikidata
IndustryFinancial services
Founded1831; 188 years ago (1831)
Headquarters,
Area served
Italy, Europe, Asia[citation needed], Middle East[citation needed], Americas[citation needed]
Key people
Gabriele Galateri di Genola (Chairman)
Philippe Donnet (CEO)
ProductsInsurance, banking, investment management
RevenueDecrease € 68.5 billion[1] (2017)
1,702,000,000 euro (2010) Edit this on Wikidata
Increase € 2.1 billion[1] (2017)
Total assetsIncrease € 542 billion[1] (2017)
Total equityIncrease € 25 billion[1] (2017)
Number of employees
71,327[1] (2017)
SubsidiariesGenertel, Alleanza Toro, Ina Assitalia, Europ Assistance Group
Websitewww.generali.com

Under the name of Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche, the company was founded on December 26, 1831. At the time, Trieste was the most important sea port 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, the company ranks 57th on the Fortune Global 500 list of companies and 43rd on MITs worldwide "Smartest Companies" ranking in 2015.[4]

Generali’s major competitors at international level are AXA, Allianz and Zurich. Besides them, there are companies competing at local and regional level in various countries and markets.

OperationsEdit

 
The symbol of Assicurazioni Generali is derived from the flag of the Republic of Venice, dissolved by Napoleon three decades before the company was founded.
 
Original metal plaque with raised gilt signature and Lion of Saint Mark, 1924–1940.
 
Insurance policy of the Assicurazioni Generali, issued 1919[5]
 
France men's national volleyball team in World Championship 2014

Today Generali operates primarily in Europe, Middle East and East Asia, with large market shares in Italy, Poland,[6] Hungary, Germany (under the name of Generali Deutschland), France, Austria, Slovenia,[7] The Netherlands, Croatia, Serbia (Generali Osiguranje), Spain, Switzerland, Romania, Israel, Japan, China and Bosnia and Herzegovina, with secondary operations in Latin America. Generali's 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.[8] In 2002, Generali sold BMA's life insurance arm to the Royal Bank of Canada.[9] In 2013, Generali sold its US reinsurance arm to Scor.[10]

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.[11] The Generali Building is still owned by the Italian insurance firm through its local representative, the Migdal Insurance Company.[12] 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.[11] 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[11][13] which appears on all of its branches worldwide since 1848.[12]

In India the company is represented by Future Generali, a joint venture of Future group and Assicurazioni Generali. It provides both life and property/casualty insurance. The Life business is known as Future Generali India Life Insurance Company Limited.[14]

Main Subsidiaries of the group includes, in Italy: Genertellife, Alleanza Assicurazioni, Generali Italia and Banca Generali.

In France: Europ Assistance

Eastern Europe subsidiariesEdit

In 2006, Generali bought the controlling stake of Delta Osiguranje, a Serbian insurer, from Delta Holding.[15] In 2014, the group bought the remaining stake from the minority shareholders.[16] The subsidiary was renamed to Generali Osiguranje Srbija.

Generali Group also had subsidiaries in Croatia and Montenegro, also known as Generali Osiguranje.

Bank ownershipEdit

Assicurazioni Generali was an active owner of Italian banks, such as Banca Intesa (7.54% direct and indirect ownership[17]) and Banca Nazionale del Lavoro (8.71980% in 2004[18]) as minority owner. Both banks are no longer held by Generali Group.

Banca Generali is the subsidiary of Assicurazioni Generali.

Shareholder structureEdit

As of June 2016, Assicurazioni Generali's largest shareholders were:[19]

Notable employeesEdit

  • Franz Kafka worked for nearly nine months (between November 1, 1907, and July 15, 1908) at the Assicurazioni Generali office in Prague.

Edit

Generali is the sponsor of France National Volleyball Team. Generali sponsor of the French Federation of Volleyball for 19 years, launched the Responsible Sports Charter in 2010, coherently with the Group guidelines, to actively promote the culture of sustainability in the sporting arena.

ControversyEdit

After nearly 10 years of struggling to get a big Italian insurance company to pay claims on life insurance policies sold to victims of the Holocaust, the lawyers for most of the victims are giving up the fight. Sidney Zabludoff, a Holocaust insurance expert, estimates that Generali had coverage on about 110,000 Jews at the time, and he estimates this be worth $4.5 billion today. In court papers, Generali says it has paid $135 million on about 5,200 claims.[20]

In popular mediaEdit

Blood Money - Law & Order Episode is based on Generali subsidiaries selling life insurance to poor Jews in WW2 Europe and then not paying out in case of death. The motive in the murder of a retired insurance salesman appears to be a series of policies he sold to Jews in Poland during the Holocaust.[21]

ReferencesEdit

  1. ^ a b c d e "Annual Integrated Report and Consolidated Financial Statements 2017" (PDF). Retrieved 15 March 2018.
  2. ^ "Assicurazioni Generali SpA Company Profile". Yahoo! Finance. Archived from the original on 5 March 2007. Retrieved 29 March 2007.
  3. ^ "Company References Archived July 16, 2010, at the Wayback Machine." Assicurazioni Generali. Retrieved on 8 July 2010.
  4. ^ "Assicurazioni Generali | Global 500". Fortune. Retrieved 27 July 2017.
  5. ^ Alex Witula: Le Più Belle Azioni D'Epoca, p. 41; ISBN 978-88-95848-10-5
  6. ^ "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.
  7. ^ "Italian insurer Generali buys Adriatic Slovenica for EUR 245m". Retrieved 22 June 2018.
  8. ^ url=https://www.generalitravelinsurance.com/why-generali.html
  9. ^ "Generali will sell BMA's life insurance operations". Kansas City Business Journal. 2002-04-30. Retrieved 11 January 2015.
  10. ^ 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.
  11. ^ a b c Even-Or, Shmuel (May 1984). ירושלים: בניינים בעיר החדשה [Jerusalem: Buildings in the New City]. Kardom (in Hebrew): 20–23.
  12. ^ a b בניין ג'נראלי [Generali Building] (in Hebrew). All About Jerusalem. 2014. Retrieved 3 April 2014.
  13. ^ 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)
  14. ^ Future Generali India Life Insurance Company website
  15. ^ "Generali Group acquires majority shareholding in Delta Osiguranje, Serbia's largest private insurance company" (Press release). Generali. Retrieved 4 February 2018.
  16. ^ "ĐENERALI PREUZEO MIŠKOVIĆEV UDEO U DELTA ĐENERALIJU". kamatica.com (in Serbian). 19 May 2014. Retrieved 4 February 2018.
  17. ^ 2006 Annual report Banca Intesa
  18. ^ 2004 bilancio Banca Nazionale del Lavoro (in Italian)
  19. ^ "Azionisti rilevanti di ASSICURAZIONI GENERALI SPA". Commissione Nazionale per le Società e la Borsa. Archived from the original on 7 August 2016. Retrieved 27 December 2014.
  20. ^ "Holocaust victims settle with Generali - Business - International Herald Tribune". The New York Times. Retrieved 27 November 2017.
  21. ^ ""Law & Order" Blood Money (TV Episode 1999)". IMDb. Retrieved 27 November 2017.

External linksEdit