Sustainability Report 2012 - Generali Versicherung AG

EngagementDuring the hearing before the Environmental Commissionsof the Chamber of Deputies on 29 November 2012, aspart of the survey on seismic safety in Italy, the GroupChief Insurance Officer stated that a mandatory or semimandatorysystem should be introduced, with tax breaksfor subscribing policies, in which the government shouldSacred Convent of Assisi, Restoration of Frescoes by Giotto, Italyplay the role of ultimate reinsurer, intervening to supportthe market should extreme events occur. The Group CIOalso pointed out that the repeated calamities in Italy inthe last few years are changing people’s mentality andcreating greater awareness of the need to protect oneselffrom the consequences of these events. However, thisphenomenon still has to take a strong hold, and thepersistent economic crisis is an obstacle to the use ofinsurance. Generali has, however, begun to marketearthquake coverage, which is sold together with firecoverage in home policies.STRATEGYIn the second half of 2012, Generali faced an in-depthreview of its operationel and financial strategy toidentify the Group’s areas of excellence and areas forimprovement to be focused on in the strategic plan for2013-2015.The Generali Group’s strategy for the next three years isbased on several strengths:• a very strong brand, both in Italy and abroad;• a widespread, diversified international presence,with several hubs of excellence in both mature andemerging markets;• a total amount of premiums and assets which placesthe Group among the top insurance groups in theworld;• consolidated leadership in the life segment and solidperformance in the non-life segment.Starting from these strengths, the Group is dedicated todeveloping a strategy based on three fundamental criteria:discipline, simplicity and focus on the fundamentals ofthe insurance business.The goal is to steer the Group with a clear approachto increasing the profitability of the insurance businessmanagement and creating value, with a sharp focuson capital and its optimum allocation, as well as ongenerating cash flow for the business.excellencein managingdistributionchannelscustomercentricitystrengtheningGroupgovernanceFUNDAMENTALELEMENTSOF THESTRATEGYoptimisingcapital solidityrationalisingthe geographicfootprintimproving theperformance ofthe life businessand increasingoperations in thenon-life businessstrengtheningthe operationalmodel30 | Assicurazioni Generali - Sustainability Report 2012For in-depth information, consult theManagement Report and ConsolidatedFinancial Statements 2012, available on thewebsite www.generali.com/Investor Relations