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Generali ESG Presentation 
2021

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Sustainability & Governance 
Diversity & Inclusion
Responsible Investments
2021 Sustainability Goals & Climate Strategy
The Human Safety Net
Generali ESG presentation 2021
Business Overview & Key 2020 Figures
Sustainability Bond Framework 
Green & Social Products
Lifetime Partner & Digital Assets

2
The path to Generali's sustainable business transformation
1.
A transition towards a low-carbon economy which integrates the social dimension
OUR PURPOSE
OUR SUSTAINABILITY
AMBITION
To enable people to shape a safer future by caring for their lives and dreams
Pursuing long-term growth, integrating sustainability into our core business 
and acting as Lifetime Partner to our stakeholders
GREEN RECOVERY
REBOOT & REBOOST 
our economics for a 
sustainable future
PART OF POWERFUL
SUSTAINABILITY PLATFORMS
EU Alliance for a 
Green Recovery
RECOGNIZED AS A SUSTAINABLE PLAYER 
BY KEY INDICES AND OUR OWN PEOPLE
of our people 
see Generali as 
a sustainable 
company
81%
PROUD OF OUR SUSTAINABLE
BUSINESS INNOVATIONS
Climate Change 
Strategy: 
to promote a Just 
Transition1
First European 
insurer to issue a 
Sustainability &
Green Bond and 
to issue a Green 
Insurance-Linked 
Security: LION III 
RE Cat Bond.
A global initiative to 
extend Generali’s 
purpose to the most 
vulnerable in our 
communities
Champion Diversity 
and Inclusion by    
focusing on gender, 
generations, culture 
and inclusion

Sustainable business transformation: our journey to create value in the long term
INTEGRATING
SUSTAINABILITY IN THE
CORE BUSINESS
SHARED VALUE CREATION
2020
Climate-related 
Financial 
Disclosure
and ESG
at Strategy Day
and Investor Day
2004
Establishment
of Corporate 
Social 
Responsibility
Unit
2005
First
Sustainability 
Report
2007
Participant
of the
UN Global 
Compact 
Network
2013
First
Integrated
Report
2014
Joined
the Principles
for Sustainable
Insurance
2017
Launch of
The Human 
Safety Net 
2018
Sustainability
as Enabler
of Generali 2021 
and Generali 
Climate Change
Strategy
2019
Sustainability
Policy
and first
Green Bond 
Proactive - Value Creation
Reactive - Value Protection
Generali’s
Green
Bond
2021
Sustainability 
as an originator 
for Generali 
Business 
Strategy
3

SUSTAINABILITY Foundations
Control 
functions
Governance 
Integrated 
Reporting
Control functions provide a 
second and third level of 
control over sustainable 
business processes
Our integrated Governance is 
essential to driving 
sustainability at all levels of our 
organisation
Integrated Reporting is the 
’moment of truth’ when we 
assess our yearly performance 
and present it to our 
stakeholders
Sustainability is part of 
Executive remuneration
Stakeholders’ engagement 
increases the resilience of our 
business model and ensures 
that our capability to deliver
results is future proof
Engagement 
with our 
stakeholders 
Remuneration
Our solid foundations to integrate sustainability into the core activities 
4

The Materiality assessment: our priorities to keep transforming our business in a 
sustainable way
5
In
November
2020
the
Board
of
Directors
approved
the
Group
materiality assessment, identifying the
relevant
Environmental,
Social
and
Governance (ESG) megatrends* that
the Group needs to manage properly
and report on, to be recognised as a
sustainable player
Megatrends
are
long-term
driving
forces, observable in the present and
likely to continue in the next decade,
that we expect will reshape the business
world,
the
society
and
the
natural
environment, bringing relevant risks and
opportunities for our Group, our value
chain and the stakeholders
Megatrends to be addressed 
by the Group through all 
business units/functions 
Megatrends to be addressed 
by the Group through specific 
business units/functions
Megatrends to be monitored
1
2
3

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SUSTAINABILITY 
COMMITTEE
TOP 
MANAGEMENT
Integrated governance driving sustainability at all organisational levels
61.5% independent board members
38.4% female representation
Chair: Non-Executive Non-CEO
Chaired by Group CEO
Drives the strategic integration of sustainability
13 executive members including heads of Group functions and country CEOs
RESPONSIBLE INVESTMENT COMMITTEE
GROUP ENGAGEMENT COMMITTEE
INTEGRATED REPORTING LAB
RESPONSIBLE BUSINESS LAB
Specific committees and working groups with cross-functional composition 
and expertise
In charge of delivering the strategic view of Sustainability
Providing technical input to ensure appropriate implementation of the strategy
BODIES
BOARD OF DIRECTORS
CORPORATE GOVERNANCE
SOCIAL & ENVIRONMENTAL
SUSTAINABILITY COMMITTEE 
KEY CHARACTERISTICS
BOARD
Chaired by the Chairman of the Generali Board of Directors 
Advisory, recommendatory and preparatory role for the Board of Directors
5 non-executive members 
OPERATIONAL 
LEVEL

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Sustainability fully integrated into remuneration
Generali integrates its sustainability strategic objectives into remuneration, through a short-term annual incentive linked to 
sustainability goals and a long-term incentive plan factoring in ESG ratings.
Short-term Incentive & internal sustainability goals:
Long-term Incentive tied to external ESG ratings:
LTI 
Remuneration =
50%
+
50%
x
ESG MULTIPLIER
% LTI Vesting 
Net 
Holding 
Cash 
Flow
Relative 
TSR 
(Total S. 
Holder 
Return)
Sustainability
Factor
MSCI ESG 
rating 2023
S&P CSA 3-
year average 
result
0%
≤ 6.6 bn
N/A
0.8
2023 rating 
< A
< 75o perc.
Target Vesting
≥ 7.1 bn
≥ 50o
perc.
1
2023 rating 
≥ AA
≥ 90o perc.
Maximum 
Vesting 
≥ 8.1 bn
≥ 90o
perc.
1.2
2023 rating 
AAA
≥ 95o perc.
The Group’s 2021-2023 LTI plan introduces ESG goals for the first time among 
the performance parameters:

ESG goals that reflect Generali’s rating, presence and positioning in the main 
market sustainability indices: Morgan Stanley Capital International ESG 
rating (MSCI) and Standard & Poor’s Global Corporate Sustainability 
Assessment (S&P) with a multiplier/reducer factor in a range of x0.8 to x1.2.
The balanced scorecard of the Group Management Committee 
(GMC) and the Global Leadership Group (GLG), includes:

Risk adjusted economic and financial performance (>50%)

Specific Country/BU goals and Group strategic projects (15-35%)

Generali 2021 Enablers (20-30%)
Generali 2021 Enablers examined:
KPI Area
Example of Indicators used
People Value 
Focusing on the quality of the succession 
plan, internal Diversity & Inclusion Index, 
Reskilling program execution, and the 
Group Engagement Index
Brand & 
Lifetime 
Partner 
Focusing on Relationship Net Promoter 
Score (NPS), Customer Retention, and
Brand Preference
Sustainability 
Commitment
Focusing on Group/local initiatives with 
priority on increasing green & social 
products, green & sustainable investments, 
The Human Safety Net development, 
Climate Strategy implementation

Disclosure and Transparency
Our sustainable value creation story is moving forward on the basis of Integrated Thinking. 
It started in 2013, when the first integrated report was published, and then developed using the Core&More reporting approach.
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MORE Financial and non-financial information is 
available on the Group website and other reports
CORE Financial and non-
financial information included 
Group Annual Integrated 
Report…
…and assured 
by independent 
external auditors
...is gathered through 
a strong and 
verified data 
collection process...

9
Sustainability integration brings tangible progress in all areas
Net-Zero Asset Owner Alliance € 6.0 billion
of new green and sustainable 
investments as of FY 2020
investments with dedicated ESG 
mandates and funds
€ 41.5 billion
<0.1% 
insurance exposure to 
thermal coal and upstream 
oil & gas of P&C premiums. 
GWP from green and social products in 2020
€ 16.9 billion
in GHG emissions 
in 2020 vs 2013
-36%
purchased green 
power in 2020
99%
active in 22 countries 
as of FY 2020
partners collaborating
as of FY 2020
56
Engagement Index 
in 2019
82%
reskilled employees 
as of FY 2020
52%
D&I Index in 2020
(+25 pps vs baseline)
106%
of employees in 
remote working
90%
giving visibility to sustainable SMEs
Relationship NPS(1)
+14
attended in 2020
1,487 AGMs
(1)    Delta vs Q1 2019 baseline
member since 2020
Net-Zero Insurance Alliance
founding member 2021

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Net Promoter Score
±0
+3
+9
+14
Generali relationship NPS
vs Q1 2019 Baseline
Baseline   2019    2020   2021
Generali’s key sustainability data trends
12.7
15.2
16.9
Green & Social Products
Green product premiums + social 
product premiums (€ bn)
2018    2019    2020
33.2
35.5
41.5
ESG Investing
Investments with dedicated 
ESG mandates and funds (€ bn)
2018    2019    2020
30.0
32.4
34.8
70.0
67.6
65.2
Gender Diversity
Percentage (%) of 
women managers*
Board Diversity
Women make up 38.4% of 
the Board of Directors
Portfolio Carbon Footprint
176 tCO2 per 
€ million invested,
with a target of 
net-zero by 2050
Net-Zero Asset Owner Alliance 
and TCFD-aligned metric
€ 2.7 bn
€ 3.3 bn
2020
2019
Sustainable Investments
New green and sustainable 
investments 
€ 4.5 bn 
target by 2021
+19.7 p.p.
+32.3 p.p.
2020
2019
Reskilled Employees
Percentage of reskilled employees
50% target 
by 2021
2020
2019
2018
*Identified as people who manage at least one person
€ 6.0 bn total
#1 R-NPS in 
2021 VS
EUROPEAN PEERS

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2021 strategy goals aligned with the Charter of Sustainability Commitments:
Sustainability strategy goals and public commitments
GENERALI 2021 STRATEGY
Flagship projects :
−Responsible Consumer to create distinctive and customised
product offering for responsible consumers
−EnterPRIZE project fostering sustainable transition for SMEs
−The Human Safety Net expand Generali global community support 
initiative in and beyond existing 22 countries
NOTABLE PUBLIC COMMITMENTS
Sustainability KPIs:
−+ € 8.5 – € 9.5 billion of new green and sustainable 
investments between 2021-2025
−Sustainable solutions GWP CAGR 2022-2024: +5-7%
−2050 carbon neutral investments with an interim 2024 
goal of 25% carbon reduction of the corporate portfolio
THE NET-ZERO ASSET 
OWNER ALLIANCE
CLIMATE RISK STATEMENT

Resilience to Climate Change:
Actions & targets on climate change and the green transition 
Physical 
Risks
Life-business amounts to 2/3 of total written premiums with a focus on lower risk geographies
89.1% Combined Ratio in P&C Segment, the lowest and least volatile among peers
LION III RE Cat Bond €200 million covering windstorms in Europe & earthquakes in Italy 
Transition 
Risks
Zero coal exposure in underwriting by 2038 globally
No underwriting of upstream oil & gas
Below 0.1% P&C premium exposure to thermal coal and upstream oil & gas
Progressively restrictive exclusion roadmap for coal, with total global divestment by 2040
Investments
€ 6.0 billion of new green and sustainable investments (2018-20)
176 t CO2 per € m invested, 2050 net-zero emission goal for direct investment portfolio
Insurance & 
Finance
Founding member of the NZIA2 with a goal for a carbon neutral insurance portfolio by 2050
Insurance first Sustainability Bond: € 500 million | Generali’s second Green Bond: € 600 million
Operations
Carbon footprint related to offices and business travel reduced by -36.1% vs 2013
Ambition to be climate negative by 2040, with 100% renewably sourced power where possible
Opportunities of a green economy & climate change adaptation: 
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Targets
REDUCTION IN  
GREENHOUSE GAS 
EMISSIONS 
-25% by 20251
€ 8.5 – 9.5 billion
GREEN AND 
SUSTAINABLE 
INVESTMENTS 2021-25
€ 2 billion
GRADUAL 
DIVESTMENT FROM 
COAL ISSUERS 
≤0.1% of P&C
MAINTAIN LOW P&C 
PREMIUM EXPOSURE
1.
Compared to 2019 emissions
2.
Net-Zero Insurance Alliance

An umbrella Framework that will allow Generali to issue 3 types of bonds: Green, Social & Sustainable bonds
2021 launch of Generali’s Sustainability Bond Framework
Building a solid Framework
Expanding on the existing 
6 Green Bond categories 
Second Party Opinion received 
by Sustainalytics, confirming 
alignment of the Framework 
with the 2021 version of the 
Green and Social Bond 
Principles and the 
Sustainability Bond Guidelines
Fully consistent with our Group 
Sustainability Strategy
ü
ü
ü
The Framework allows issuance of three types of bonds:
1. Green Bonds to finance and/or refinance Eligible Green Assets;
2. Social Bonds to finance and/or refinance Eligible Social Assets;
3. Sustainability Bonds to finance and/or refinance a mix of Eligible Green Assets 
and Eligible Social Assets. 

Building upon our Green Bond Framework, the Green and Social Bond 
Principles and the Sustainability Bond Guidelines promote integrity in the 
development of the market for Green, Social and Sustainability Bonds by 
clarifying the approach for issuing such instruments. 
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Proceeds from Green, Social & Sustainable Bonds 
must contribute to one of 10 categories or more:
Green Buildings
Energy Efficiency
Renewable Energy
Recycling, re-use & 
waste management
Sustainable Water 
Management
Clean Transport
Response to Health 
and Natural 
Disaster Crises
SME financing & 
socioeconomic 
advancement
Affordable Housing
Access to Essential 
Services / Social 
Infrastructure
The Framework is 
built on four pillars 
Use of proceeds aligned 
with 10 categories 
Process for Project 
Evaluation and Selection
Management of Proceeds
Reporting
1
2
3
4

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Main features of the Green Insurance Linked Securities (ILS) Framework 
GREEN IMPACTS
ILLUSTRATIVE TRANSACTION STRUCTURE 
The Framework’s four key pillars apply to:
Generali ILS’s Freed-up Capital
Investments in High-quality Green Assets
An amount equivalent to the freed-up capital by the Green ILS is allocated to:
Eligible Green Assets
Eligible Green Products
Set-up of the Green ILS Committee to oversee the evaluation, selection, monitoring and tracking of funds to ensure its full allocation
Annual impact and allocation reporting
GREEN ANGLES
Green ILS structure is based on 2 green elements:
Issuer* 
(SPV)
Noteholders
Collateral Trust
(invested in “risk-free” assets)
Premium
Interests +
spread
Notional
Notional at due 
date and interests
Notional
Integrating sustainability principles into alternative mechanisms for the transfer of insurance risk to institutional investors
Further enhancing Generali’s ability to support green projects, including insurance products, and mobilizing all its stakeholders around this objective
The collateral held in the SPV is fully invested in high quality Green 
Investments which are subject to annual impact and allocation reporting
2
1
* The choice of the main service providers of the SPV considers also their 
commitment to a sustainable framework in performing their activities.
1
2

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Health 
products 
providing 
payout or 
services
73.4%
7.3%
19.3%
€ 1.6
billion
Becoming a Lifetime partner for Responsible Consumers
€ 16.9 billion
2020 GWP green and social products
41.9%
Risk
reduction
0.6%
Pollution
0.4%
Other
0.1%
Energy 
efficiency
1.8%
Renewable energy
55.2%
Mobility
€ 15.4
billion
SOCIAL
GREEN
SUSTAINABLE 
INVESTMENT
SOLUTIONS
RESPONSIBLE 
CONSUMER
GREEN
& SOCIAL 
PRODUCTS
THE RESPONSIBLE 
CONSUMER ECOSYSTEM
Agence Bas
Carbone
Products
promoting 
responsible 
behaviour
Products aimed 
at targeted 
clients/ 
events
Target of +5-7% compound annual growth  
rate (CAGR) between 2022-24

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2011
Clear commitments taken on Investments
IMPLEMENTATION THROUGH A MIX OF RI APPROACHES / STRATEGIES
UN Principles for Responsible Investing
INITIATIVES ON RESPONSIBLE INVESTMENTS SUPPORTED
OUR CONVICTION ON RESPONSIBLE INVESTMENTS (RI)
Proactive integration of Environmental, Social and 
Governance (ESG) factors into the investment process, 
across all asset classes, will support the Group to achieve 
both long-term financial returns and social good, 
while reinforcing our risk management approach
2018
G7 Investor Leadership Network
2020
UN-convened Net Zero Asset Owner Alliance

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ACTIVE OWNERSHIP
IMPACT & THEMATIC INVESTMENT
Encouraging ESG practices in investee companies
Voting at AGM (1,487 meetings attended and 19,731 resolutions in 2020)
Dialogue with investee companies on ESG topics, targeting 20 carbon-intensive investees with 
engagement by 2025
€ 8.5 – € 9.5 billion new Green & Sustainable and Infrastructure Investments between 2021 
and 2025: already achieved € 6.0 billion of target ahead of schedule
€ 3.5 billion investment plan by 2025 to support EU Recovery (€ 1 billion committed in 2020) 
ESG INTEGRATION
Target full ESG integration by 2024
ESG criteria for selecting direct investment in liquid Corporates and Sovereigns:
— 81% of investments covered by ESG analysis 
— € 41.5 bn of dedicated ESG mandates and funds
New Real Estate Guidelines embedding Sustainability
Infrastructure debt investments covered by ESG assessment and contribution to UN SDGs (€ 1 billion)
Selection of new 3rd party assets under management based on ESG screening criteria
EXCLUSION POLICIES
Cover direct listed investments
Unethical Behaviors and breach of UN Global Compact 
Controversial business sectors (unconventional weapons)
Risky activities for the environment (coal, tar sands)
Weight
of ESG 
in Investment 
decisions
Comprehensive ESG coverage of our investments
Direct investments: c. € 300 billion AuM as of June 2020 (c. %80 General account investments) 
Indirect investments (Funds): Selection of new funds aligned with Group’s ESG convictions

Fenice 190: supporting the relaunch of the European economy, with sustainability 
at the core

Flagship investment program to mark Generali’s 190th anniversary, with overall commitment of 
€ 3.5 billion over five years to support the European economy following the Covid-19 
pandemic, of which € 1 billion has already been deployed in 2020

Leverages on the Group’s asset management expertise and proven track record in ESG 
investing, with support to SMEs, investments in sustainable living and specific focus on 
infrastructure for health, education and digital

Supporting communities beyond our day-to-day business activities has been part of Generali’s 
DNA for nearly two centuries. We aim not only to be an insurer and asset manager, but also a 
social innovator. In the past, the present as well as in the future
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Lifetime Partner 
& Digitalisation
Lifetime Partner is the 2021 Generali overarching strategy for continued business 
growth, for transitioning to a digitalised economy, and for meeting customer needs.
Net Promoter 
Score
Committed to maintaining 1st choice in RNPS among European international peers.
Generali improved its Relationship NPS with a growth of +14 vs. the Q1 2019 baseline.
Cyber Security
A new cyber security strategy: Cyber Security Transformation Program 2 2020-2022.
The Security Operation Center (SOC) records events 24/7 and reacts to potential incidents.
Developed an IT security awareness program for all our employees.
The Group identified the most relevant risk scenarios as: cyber-attacks & data protection.
Creation of a dedicated unit managing Group-wide cyber risks and IT security.
Lifetime Partner & digital assetsv
OUR CUSTOMERS
+7.3%
65.9 millionv
CHANGE IN RELATIONSHIP 
NET PROMOTER SCORE
+14 vs.1Q2019v
165 thousand
OUR AGENTS
+5.5%
HUMAN & CARING 
EXPERIENCE 
B1 LANGUAGE 
DIFFERENTIATING 
VALUE PROPOSITIONS
SEAMLESS OMNICHANNEL 
EXPERIENCE
DIGITAL VISIBILITY
MANGEMENT OF 
GENERATED LEADS
NEEDS’-BASED 
ADVISORY
PAPERLESSv
24hrs a day
COVERAGE OF INCIDENTS 
BY SECURITY OPERATION 
CENTER
To achieve the Lifetime Partner vision, we have 8 Generali hallmarks :
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€ 1.1 billion
CUMULATIVE 
INVESTMENTS IN DIGITAL
AND TECHNOLOGY

Human Capital Management – Our People Strategy
OUR PEOPLE
+1% vs 2019
WOMEN
MEN
72,644
51%
49%
1. Our culture is based on behaviour principles of ownership, simplification, innovation, human touch
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1
Foster a customer-centric, inclusive & open culture1
Global Engagement Survey
Diversity & Inclusion Strategy
2
Build and evolve key skills for the digital age
WE LEARN Program
3
Grow global and diverse leaders and talents
Global Leadership Programs
to support talent growth
4
Reward excellence and Sustainable value creation
WE SHARE ownership plan
5
Become a simple, agile and efficient organisation
Smart Working 
PEOPLE STRATEGY PRIORITIES
2019 
Engagement 
Score
82%
Engagement 
Initiatives 
Implemented
75%
D&I Index (more details to follow)
106%
Employees Reskilled
52%
2021 Target: 50%  
Leaders & Group Talents
650
Employee share plan participation
35%
Organisational entities 
with smart working policy
83%
2021 Target:
100%

Diversity & Inclusion
DIVERSITY AND 
INCLUSION INDEX
106%
+ 25 pps
Key 2020 Gender 
Balance and Pay 
Equity Figures 
at Group level:
GENDER PAY GAP
(pay gap between 
females and males 
across the entire 
organisation)
-13.9%
EQUAL PAY GAP
(pay gap between 
females and males for 
comparable roles)
-2.8%
ACCESSABILITY 
GAP TO VARIABLE 
REMUNERATION 
(females vs. males)
-5.1%
Generali’s internal Diversity and Inclusion Index measures the Group’s progress on 8 KPIs versus 2021 internal goals.
Gender
Lioness Acceleration Program, an 18-month support & training program for female senior managers.
Elevate, a 12-week program for female managers based on webinars and live sessions.
More than 90 actions launched at local level, including women empowerment and mentoring programs.
Generations
Future Owners, a career planning program for retaining professionals under 30.
More than 40 actions launched at local level, including reverse mentoring, trainee and graduate programs.
Culture
Group upskilling and reskilling programs, to ensure the long-term relevance of the skills of our people.
More than 60 actions launched at local level, including mobility programs, reskilling and cross-cultural training.
Inclusion
Conscious Inclusion rapid learning series to increase unconscious bias awareness.
DiverseAbility Awareness Journey, helping to define & improve local disability action plans.
WeProud, the first Group LGBTQI+ employee and ally resource group has been launched.
More than 200 actions launched at local level, including unconscious bias training, disability awareness 
programs, mental health circles, partnership with LGBT associations, flexible work schedules for parents.
Summary of 2020 D&I actions:
In 2020, the D&I index increased by 25 pps to 106% compared to 2019 data thanks to the launch of key projects across 
four priorities: Gender, Generations, Culture and Inclusion. 
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2024 TARGET: 40% WOMEN IN 
LEADERSHIP POSITIONS

The Human Safety Net, Generali’s initiative for the community
•
Supports families with young children and refugee integration through work.
•
Brings together the strengths of non-profit organisations and the private sector, in Europe, Asia and S. America. 
•
As an open net, it welcomes working with other companies and organisations.
Its mission is to unlock the potential of people living in vulnerable circumstances, so that they can 
transform the lives of their families and communities. 
More info at https://www.thehumansafetynet.org/about/activity-report
Parents, children and refugees 
reached as of end of 2020
Over 86,000
Employee volunteer 
hours in 2020
Over 9,000
We support parents in the first six years of 
their children’s life to lay the strongest 
possible foundations for their future.
We help refugees flourish as entrepreneurs 
to integrate them into their host countries. 
We Improve quality of care and support for 
at-risk newborns and their families. 
For Families
For Refugee Start-Ups
Newborns
22

23
Annex

24
Our Governance: BoD, Committees and GMC
Shareholders’
Meeting
Surveillance 
Body
Board 
of Directors
Group CEO
Independent 
Auditors
Board of Statutory 
Auditors
Group Management 
Committee
Corporate 
Governance
Social & 
Environmental
Sustainability 
Committee
Risk and
Control 
Committee
Remuneration
and
Appointments 
Committee
Related Party 
Transaction 
Committee
Investments
Committee
Strategic 
Operations 
Committee
BOARD IN CHARGE

13 members, 2 elected 
from the minority slate

61.5% independence

38.5% gender quota

Average Age: 59.4

Chair: Non-Executive Non-CEO

No Overboarding cases

Clear related party transaction rules

Strict BoD meetings set up rules
TENURE
•
15% Up to 3 years
•
46% 3 - 6 years
•
23% 6 - 9 years
•
15% More than 9 years
AVERAGE 2020 ATTENDANCE: 94%

25
Our Governance: Skills and expertise of our BoD
15%
23%
31%
69%
77%
85%
85%
85%
Entrepreneurial Experience
Academic Experience
Experience in Large Cap Companies
International Experience
Managerial Experience
Regulation Framework & regulatory requirements
Financial and Accounting Skills
Insurance Experience
Sustainability expertise
Gabriele Galateri da Genola
Paolo di Benedetto
Antonella Mei-Pochtler
Clemente Rebecchini
• Chair of the Board of Directors 
of Generali Foundation The 
Human Safety Net ONLUS
• Chair of the Italian Institute of 
Technology
• Chair of Corporate Governance, 
Social & Environmental
Sustainability Committee since 
its creation in 2016
• Member of the Board of 
Directors of Edison S.p.A, 
Italian subsidiaries of 
Électricité de France S.A.
• Member of Corporate 
Governance
Social & Environmental
Sustainability Committee 
since its creation in 2016
• Member of the Supervisory 
Board of Teach For All, a 
global network of 59 
organisations whose 
mission is to expand 
educational opportunity 
around the world
• Member of the Board of 
Directors of Istituto Europeo
di Oncologia S.r.l. (European 
Institute of Oncology) a non-
profit private-law 
comprehensive cancer 
centre

26
Mobility
•
Products for Green vehicles (electric and hybrid vehicles):
•
Products rewarding environmentally-friendly driving behavior (e.g.: Insurance for cars with “Pay as you drive”)
Efficiency
•
Products for Green constructions (e.g.: New Construction and renovation activities for buildings/plants
including or promoting energy efficient equipment);
•
Products for energy saving (e.g.: Products providing energy efficiency advisory);
Renewable energy
•
Loss of profits coverages: for renewable energy (wind, solar) generation equipment covering income loss due
to lack of wind or sunshine (e.g.: business interruption for industrial/commercial operators);
•
Property and other coverage for renewable energy generation equipment
Wind energy
Solar energy
Geothermal facilities
Hydropower
Risk reduction
•
Special conditions on policies to companies with environmental certifications as ISO 14001, EMAS, or
adopting safety measures to prevent environmental damages;
•
Products for NATCAT events (e.g.: Windstorm, Hail, Earthquake, Fire Following Earthquake, Volcanic
Eruption, Tsunami, Flood, Landslide, Subsidence, Snow Pressure and Freeze, Bushfire, Meteor Strike);
•
Agriculture products covering crops
Products covering pollution damages (e.g.: Liability coverages, Other coverages for pollution cleaning / mitigation
activities)
Other (e.g.: Products supporting circular economy / recycling)
Promote responsible behaviour with positive impact on the environment and reduce environmental impact
Generali 2021: green products
41.9%
Risk
reduction
0.6%
Pollution
0.4%
Other
0.1%
Energy 
Efficiency
1.8%
Renewable energy
55.2%
Mobility
€1.6
billion

27
Products aimed at targeted clients/events:
•
Products strengthening social inclusion by addressing vulnerable/disadvantaged people (e.g.: elderly, children, 
young families/people, women, …);
•
Products strengthening social inclusion by addressing critical events (e.g.: disability, unemployment, occupational 
disability, funeral);
•
Products promoting a stable and stronger society (e.g.: Insurance product providing differential 
pricing/condition/services for clients engaged in volunteering activities);
•
Products addressing welfare needs (e.g.: pensions);
•
Microinsurance products targeted at poor/rural livelihoods (e.g.: Skill acquisition, income support, health 
awareness, access to health care, reduction of the gender gap, prevention of repression and violence etc among 
low-income families and less privileged segments of the population);
Products promoting responsible behavior:
•
Connected insurance products (e.g.: insurance to improve health/well-being);
•
Other preventive products (e.g.: preventive medicine);
•
Other products rewarding responsible behavior (e.g.: bonus for excellent school results);
Health products providing pay-out or services:
•
Substitution or upgrade of the public health insurance (e.g.: Supplementary & Complementary health insurance, 
Dread Disease or Long-Term Care coverages)
Promote responsible behaviour with positive impact on people and Health products
Protect specific categories of people (i.e young families, children, the elderly)
Generali 2021: social products
Health 
products 
providing 
payout or 
services
73.4%
€15.4
billion
Products
promoting 
responsible 
behaviour
Products 
aimed 
at targeted 
clients/ 
events
7.3%
19.3%

28
2021 Group catastrophe reinsurance protection 

Level of risk retention strategically set in line 
with the geographical footprint

Similarly, protection in each territory designed in 
line with the geographical footprint; however 
minimum coverage requirement set at 250-y 
return period OEP

Cat Bond solution fully integrated within 
traditional protection

Per event Cat protection capable to mitigate 
impacts from extreme events worldwide, granting 
modest volatility after reinsurance (aggregate 
net losses in the worst year 2017 €436m vs 10-y 
average €337m before taxes)

Cat Aggregate in place to further mitigate 
volatility in case of extreme frequency years
Aggregate
One single retention applies in case of losses affecting two or more territories
Italy
Europe flood
Europe wind
Rest of the world
Retention
Reinsurance
Cat Bond
Retention
Total exposure

29
Green & Sustainable RCF negotiated with international banks
ESG features in the new revolving credit facilities (RCF)
The size and terms reflects Generali’s strong credit standing. Primary 
Italian and international banks participated in the syndication with 
significant commitments
The facilities are an efficient tool whose main purpose is to protect the 
Group’s financial flexibility in case of adverse scenarios
They have innovative sustainable and green features: their cost is 
linked both to targets on green and sustainable investments and to 
progress made on sustainability initiatives
PUBLIC RECOGNITION
Highlight GENERALI’s strategy to improve its ESG performance
POTENTIAL COST REDUCTION PER YEAR
Potential cost reduction on both drawn and undrawn borrowing costs
LIMITED LEGAL CONTRAINTS
No triggering of any draw-stop, mandatory prepayment or event of default clauses if borrowers 
decided to stop the annual assessment
USE OF PROCEEDS FLEXIBILITY
No change in the general corporate purpose of its RCFs
FEATURES
AMOUNT& YEAR
Eur 2 bn, 2021
Eur 2 bn, 2018
DURATION
3+1+1+ years
5 years
GLOBAL 
COORDINATOR
Unicredit
Santander
LINKED TO
New green and sustainable bonds investments 
according to the Climate Change strategy
MSCI ESG rating
Green and sustainable
Sustainable

30
Michele Amendolagine
michele.amendolagine@generali.com
Head of Shareholder & Governance
Assicurazioni Generali
Piazza Duca degli Abruzzi 2
34132 Trieste, Italy
Fax: +39 040 671338
e-mail: ir@generali.com
www.generali.com
Lucia Silva
csr@generali.com
Group Head of Sustainability and 
Social Responsibility
Rodolfo Svara
rodolfo.svara@generali.com
+39 040 671823
Investor & ESG Relations
Contacts
Giulia Raffo 
giulia.raffo@generali.com
+39 02 43535324
Head of Investor & Rating Agency 
Relations

31
Disclaimer
www.generali.com
Certain of the statements contained herein are statements of future expectations and other forward-
looking statements.
These expectations are based on management's current views and assumptions and involve known
and unknown risks and uncertainties.
The user of such information should recognise that actual results, performance or events may differ
materially from such expectations because they relate to future events and circumstances which are
beyond our control including, among other things, general economic and sector conditions.
Neither Assicurazioni Generali SpA nor any of its affiliates, directors, officers, employees or agents
owe any duty of care towards any user of the information provided herein.
The manager charged with preparing
the company’s financial reports, Luigi Lubelli, declares,
pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that
the accounting information contained in this presentation corresponds to
document results, books
and accounts records.
The use by Assicurazioni Generali S.p.A. of any MSCI ESG Research LLC or its affiliates (“MSCI”)
data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute
a sponsorship, endorsement, recommendation, or promotion of Assicurazioni Generali S.p.A. by
MSCI.
MSCI services and data are the property of MSCI or its information providers, and are
provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of
MSCI.
www.generali-invest.com
GIS SRI European Equity and GIS SRI Ageing Population are sub-funds of Generali Investments
SICAV, an investment company qualifying as a “société d’investissement à capital variable” with
multiple subfunds under the laws of the Grand Duchy of Luxembourg, managed by Generali
Investments Europe S.p.A. Società di gestione del risparmio. The information contained in this
document is only for general information on products and services provided by Generali Investments
Europe S.p.A. Società di gestione del risparmio. It shall under no circumstance constitute an offer,
recommendation or solicitation to subscribe units/shares of undertakings for collective investment in
transferable securities or application for an offer of investments services. It is not linked to or it is not
intended to be the foundation of any contract or commitment. It shall not be considered as an explicit
or implicit recommendation of investment strategy or as investment advice. Before subscribing an
offer of investment services, each potential client shall be given every document provided by the
regulations in force from time to time, documents to be carefully read by the client before making any
investment choice. Generali Investments Europe S.p.A. Società di gestione del risparmio, periodically
updating the contents of this document, relieves itself from any responsibility concerning mistakes or
omissions and shall not be considered responsible in case of possible damages or losses related to
the improper use of the information herein provided. Past performance is not a guarantee of future
performance and the fund present a risk of loss of capital. No assurance is released with regard to
the approximate correspondence of the future performances with the ones above mentioned. It is
recommended to look over the regulation, available on our website www.generali-invest.com. The
client shall carefully read the KIID, which must be delivered before subscribing the investment, and
the prospectus which are available on our website (www.generali-invest.com), on Generali
Investments Luxembourg S.A. (Management Company of Generali Investments SICAV) website
(www.generali-investments-luxembourg.com), and by distributors. Generali Investments is part of the
Generali Group which was established in 1831 in Trieste as Assicurazioni Generali Austro-Italiche.
Generali Investments is a commercial brand of Generali Investments Europe S.p.A. Società di
gestione del risparmio.
© 2017 - GENERALI Investments Europe S.p.A Società di gestione del risparmio.

32
Generali ESG Presentation 
2021