ALLWO GmbH 094 EUR 17,895,500 G 10 46.86 AachenMünchener Versicherung AG 100.00 100.00
Generali 3. Immobilien AG & Co. KG 094 EUR 62,667,551 G 10 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
Generali Private Equity Investments GmbH 094 EUR 500,000 G 9 100.00 Generali Investments Holding S.p.A. 100.00 99.64
Generali Investments Deutschland Kapitalanlagegesellschaft mbH 094 EUR 9,050,000 G 8 100.00 Generali Investments Holding S.p.A. 100.00 99.64
Generali Deutschland Pensor Pensionsfonds AG 094 EUR 5,100,000 G 2 100.00
Generali Beteiligungs- und Verwaltungs-AG 094 EUR 66,963,298 G 4 98.78 Generali Deutschland Holding AG 100.00 100.00 1.22 Transocean Holding Corporation
AM Erste Immobilien AG & Co. KG 094 EUR 71,360,992 G 10 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
CENTRAL Erste Immobilien AG & Co. KG 094 EUR 4,823,507 G 10 100.00
CENTRAL Zweite Immobilien AG & Co. KG 094 EUR 12,371,997 G 10 100.00
Deutsche Bausparkasse Badenia Aktiengesellschaft 094 EUR 40,560,000 G 7 100.00 Generali Deutschland Holding AG 100.00 100.00
Thuringia Generali 1.Immobilien AG & Co. KG 094 EUR 21,388,630 G 10 100.00
AM Sechste Immobilien AG & Co. KG 094 EUR 85,025,000 G 10 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
Generali Deutschland Finanzdienstleistung GmbH 094 EUR 52,000 G 11 100.00 Generali Deutschland Holding AG 100.00 100.00
Generali Deutschland Informatik Services GmbH 094 EUR 15,000,000 G 11 100.00 Generali Deutschland Holding AG 100.00 100.00
Grundstücksgesellschaft Einkaufszentrum Louisen-Center Bad Homburg mbH & Co. KG 094 EUR 77,675,829 G 10 100.00 Generali Deutschland Holding AG 100.00 100.00
GID-Fonds ALAOT 094 EUR 803,034,597 G 11 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
GID-Fonds AVAOT 094 EUR 89,462,713 G 11 100.00 Generali Versicherung Aktiengesellschaft 100.00 100.00
GID-Fonds GDRET 094 EUR 192,349,528 G 11 8.79 Generali Deutschland Holding AG 100.00 100.00
GID-Fonds AMLRET 094 EUR 574,466,602 G 11 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
GID-Fonds GLMET 094 EUR 801,922,792 G 11 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds GPRET 094 EUR 101,254,032 G 11 96.87 Generali Deutschland Pensor Pensionsfonds AG 96.87 96.87
GLL AMB Generali Properties Fund I GmbH & Co. KG 094 EUR 36,860,630 G 11 100.00
GID-Fonds ALRET 094 EUR 1,546,241,459 G 11 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
Prudence Creole 029 EUR 6,164,000 G 2 0.01 Generali France S.A. 93.81 92.82 93.79 Generali France Assurances S.A.
SAS Lonthènes 029 EUR 529,070 G 10 100.00 E-Cie Vie S.A. 100.00 98.95
Europ Assistance France S.A. 029 EUR 2,464,320 G 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
SAS Ocealis 029 EUR 300,000 G 11 75.00 Europ Assistance Holding S.A. 75.00 74.23
Europ Assistance Holding S.A. 029 EUR 17,316,016 G 2 37.86 Generali Vie S.A. 99.99 98.98 57.81 Generali France S.A.
Generali France Assurances S.A. 029 EUR 1,038,510,560 G 5 100.00 Generali France S.A. 100.00 98.95
E-Cie Vie S.A. 029 EUR 86,950,710 G 2 100.00 Generali France Assurances S.A. 100.00 98.95
Haussmann Investissement SAS 029 EUR 2,501,000 G 9 80.00 Generali Vie S.A. 100.00 98.95 10.00 Generali IARD S.A.
Expert & Finance S.A. 029 EUR 3,292,070 G 11 91.19 Generali Vie S.A. 91.19 90.23
Terra Nova V Montreuil SCI 029 EUR 1,000 G 10 0.10 Torelli S.à.r.l. 100.00 99.66 99.90 Sammartini S.à.r.l.
Courtage Inter Caraibes 029 EUR 50,000 G 11 99.76 GFA Caraïbes 99.76 98.71 0.03 Generali France S.A.
SAS IMMOCIO CBI 029 EUR 68,690,268 G 10 100.00 Immobiliare Commerciale des Indes Orientales (IMMOCIO) 100.00 98.95
Oudart Patrimoine Sarl 029 EUR 56,120 G 8 100.00 Oudart S.A. 100.00 100.00
Europ Assistance S.A. 029 EUR 35,402,786 G 2 100.00 Europ Assistance Holding S.A. 100.00 98.98
SCI Generali Reaumur 029 EUR 10,643,469 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI 42 Notre Dame Des Victoires 029 EUR 13,869,690 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI Generali Pyramides 029 EUR 409,706 G 10 67.88 Generali IARD S.A. 100.00 98.95 32.12 SCI Generali Wagram
SCI Generali Wagram 029 EUR 284,147 G 10 100.00 Generali IARD S.A. 100.00 98.95
SCI du Coq 029 EUR 12,877,678 G 10 0.81 Generali IARD S.A. 100.00 98.95 99.19 Generali Vie S.A.
SCI Cogipar 029 EUR 10,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
SC Commerce Paris 029 EUR 1,746,570 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI Generali Commerce 1 029 EUR 100,000 G 10 100.00 Generali IARD S.A. 100.00 98.95
SC Generali Logistique 029 EUR 123,680,773 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI Beaune Logistique 1 029 EUR 8,001,000 G 10 0.10 Generali Vie S.A. 100.00 98.95 99.90 SC Generali Logistique
OPCI Parcolog Invest 029 EUR 225,848,750 G 10 68.31 Generali Vie S.A. 100.00 98.95 31.69 E-Cie Vie S.A.
SCI Parcolog Isle D’Abeau 2 029 EUR 12,476,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parcolog Isle D’Abeau 3 029 EUR 12,476,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parcolog Combs La Ville 1 029 EUR 7,001,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parcolog Mitry Mory 029 EUR 11,320,950 G 10 100.00 SC Generali Logistique 100.00 98.95
SC Parcolog Messageries 029 EUR 1,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Eureka Nanterre 029 EUR 1,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
SAS Parcolog Lille Henin Beaumont 1 029 EUR 302,845 G 10 100.00 OPCI Parcolog Invest 100.00 98.95
OPCI Generali Bureaux 029 EUR 103,996,539 G 10 100.00 Generali Vie S.A. 100.00 98.95
OPCI GR1 029 EUR 200,481,793 G 10 19.16 Generali IARD S.A. 100.00 98.95 42.51 Generali Vie S.A.
SCI Berges de Seine 029 EUR 7,500,250 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI 5/7 MONCEY 029 EUR 13,263,396 G 10 100.00 OPCI GR1 100.00 98.95
SCI 28 COURS A 1ER 029 EUR 14,629,770 G 10 100.00 OPCI GR1 100.00 98.95
SC HOCHE 029 EUR 250 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI BUREAUX PARIS 029 EUR 250 G 10 100.00 Generali Vie S.A. 100.00 98.95
Generali Holding Vienna AG 008 EUR 63,732,464 G 5 29.67 Generali Rückversicherung AG 100.00 100.00
HSR Verpachtung GmbH 008 EUR 35,000 G 10 60.00 BAWAG PSK Versicherung AG 100.00 85.00 40.00 Generali Versicherung AG
Europ Assistance Gesellschaft mbH 008 EUR 70,000 G 11 25.00 Generali Holding Vienna AG 100.00 99.23 75.00 Europ Assistance Holding S.A.
Generali Immobilien GmbH 008 EUR 4,900,000 G 10 100.00 Generali Versicherung AG 100.00 100.00
Generali Leasing GmbH 008 EUR 730,000 G 11 100.00 Generali Versicherung AG 100.00 100.00
Europäische Reiseversicherungs AG (AT) 100.00 74.99 3 Banken-Generali-GLStock 008 EUR 5,724 G 11 1.00 Generali Holding Vienna AG 100.00 99.88 0.35 Europäische Reiseversicherungs AG (AT)
3 Banken Generali GLBond Spezialfonds 008 EUR 9,330 G 11 100.00 Generali Versicherung AG 100.00 100.00 3 Banken-Generali-GSBond 008 EUR 3,650 G 11 93.84 Generali Versicherung AG 93.84 93.84 3 Banken-Generali - GEN4A Spezialfonds 008 EUR 55,500 G 11 100.00 Generali Versicherung AG 100.00 100.00
Generali Belgium Senior Homes FCP FIS 092 EUR 44,420,000 G 11 100.00 Generali Belgium S.A. 100.00 99.71
BSI Fund Management S.A. 092 EUR 2,500,000 G 11 100.00 BSI Europe S.A. 100.00 100.00
Generali Investments Luxembourg S.A. 092 EUR 1,921,900 G 11 100.00 Generali Investments Holding S.p.A. 100.00 99.64
Generali North American Holding 1 S.A. 092 USD 13,246,799 G 11 85.25 Generali Vie S.A. 100.00 98.97 6.56 E-Cie Vie S.A.
Generali North American Holding 2 S.A. 092 USD 7,312,384 G 11 100.00
Generali Northern America Real Estate Investments GmbH & Co. KG 100.00 100.00
Method(1) Activity(2) Shareholding% Group equity ratio(3)Direct Indirect Through Total 9.77 Generali Real Estate Investments B.V.
GLL AMB Generali Cross-Border Property Fund FCP 092 EUR 225,000,000 G 9 28.00 AachenMünchener Lebensversicherung AG 100.00 100.00
BG Fund Management Luxembourg S.A. 092 EUR 2,000,000 G 11 100.00 Banca Generali S.p.A. 100.00 50.61
GLL AMB Generali City22 S.à.r.l. 092 EUR 200,000 G 11 100.00 GLL AMB Generali Cross-Border Property Fund FCP 100.00 100.00
Generali Diversification USD Investment Grade Corporate Bond Fund 092 EUR 919,742,502 G 11 0.69
Generali Diversification USD Corporate Bond Fund AAA - A- 092 EUR 2,157,576,955 G 11 0.50
Cosmos Lebensversicherungs Aktiengesellschaft 0.51 Cosmos Versicherung Aktiengesellschaft 0.18 ENVIVAS Krankenversicherung AG
Generali Financial Hold SF2 092 EUR 0 G 11 4.72 Alleanza Assicurazioni S.p.A. 100.00 99.89 15.84 Flandria Participations Financières S.A.
Generali España, S.A. de Seguros y Reaseguros 100.00 99.02 95.00 Europ Assistance Holding S.A.
Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 067 EUR 24,933,093 G 10 100.00
Generali Vida Companhia de Seguros S.A. 055 EUR 9,000,000 G 2 99.99 99.99 99.99
Generali Belgium S.A. 009 EUR 40,000,000 G 2 22.52 Flandria Participations Financières S.A. 99.99 99.71 32.29 Generali Italia S.p.A.
Europ Assistance Belgium S.A. 009 EUR 6,012,000 G 2 100.00 Europ Assistance S.A. 100.00 98.98
Europ Assistance Services S.A. 009 EUR 186,000 G 11 20.00 Generali Belgium S.A. 100.00 99.12 80.00 Europ Assistance Belgium S.A.
RVT Zottegem SA 009 EUR 2,250,000 G 10 99.68 Generali Belgium Senior Homes FCP FIS 100.00 99.70 0.32 Generali Real Estate Investments B.V.
Generali Levensverzekering Maatschappij N.V. 050 EUR 11,344,505 G 2 100.00 Generali Verzekeringsgroep N.V. 100.00 98.56
NV Schadeverzekering Maatschappij De Nederlanden van Nu 050 EUR 500,000 G 2 100.00
Iberian Structured Investments I B.V. 050 EUR 90,000 G 4 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Hellas Insurance Company S.A. 032 EUR 12,976,200 G 2 100.00 100.00 100.00
Europai Utazasi Biztosito Rt. 077 HUF 400,000,000 G 2 13.00 Europäische Reiseversicherungs AG (AT) 74.00 56.11 61.00 Generali Biztosító Zrt.
Generali Alapkezelo Zártköruen Muködo Részvénytársaság 077 HUF 500,000,000 G 8 74.00 Generali Biztosító Zrt. 100.00 76.00 26.00 Generali PPF Holding B.V.
Genertel Biztosító Zrt 077 HUF 1,180,000,000 G 2 100.00 Generali Biztosító Zrt. 100.00 76.00
PCS Praha Center Spol.s.r.o. 275 CZK 396,206,000 G 10 100.00 CA Global Property Internationale Immobilien AG 100.00 100.00
Parížská 26, s.r.o. 275 CZK 200,000 G 10 100.00 Ceska pojistovna, a.s. 100.00 76.00
Ceska pojistovna, a.s. 275 CZK 4,000,000,000 G 2 100.00 CZI Holdings N.V. 100.00 76.00
CP INVEST investicní spolecnost, a.s. 275 CZK 91,000,000 G 8 100.00 Ceska pojistovna, a.s. 100.00 76.00
CP Direct, a.s. 275 CZK 20,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 76.00
CP INVEST Realitní Uzavrený Investicní Fond a.s. 275 CZK 152,000,000 G 9 13.00 GP Reinsurance EAD 100.00 76.00 10.00 Generali Pojistovna a.s.
Solitaire Real Estate, a.s. 275 CZK 128,296,000 G 10 100.00 CP INVEST Realitní Uzavrený Investicní Fond a.s. 100.00 76.00
Generali Poistovna a.s. 276 EUR 25,000,264 G 2 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Zycie Towarzystwo Ubezpieczen S.A. 054 PLN 63,500,000 G 2 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Powszechne Towarzystwo Emerytalne S.A. 054 PLN 145,500,000 G 11 100.00 Generali Towarzystwo Ubezpieczen S.A. 100.00 76.00
Generali Zavarovalnica d.d. 260 EUR 39,520,356 G 2 99.84 Generali PPF Holding B.V. 99.84 75.88
Generali Bulgaria Holding EAD 012 BGN 83,106,000 G 4 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Insurance AD 012 BGN 16,571,800 G 2 99.37 Generali Bulgaria Holding EAD 99.37 75.52
Europ Assistance (Suisse) Holding S.A. 071 CHF 1,400,000 G 4 75.00 Europ Assistance Holding S.A. 85.00 84.23 10.00 Generali (Schweiz) Holding AG
Generali Worldwide Insurance Company Limited 201 EUR 86,733,397 G 3 100.00
Generali Portfolio Management (CI) Ltd 201 USD 194,544 G 9 100.00
Generali Reosiguranje Srbija a.d.o. 289 RSD 616,704,819 G 6 0.01 GP Reinsurance EAD 100.00 76.00 99.99 Generali Osiguranje Srbija a.d.o.
Akcionarsko društvo za upravljanje dobrovoljnim penzijskim fondom Generali 289 RSD 135,000,000 G 11 100.00 Generali Osiguranje Srbija a.d.o. 100.00 76.00
Europ Assistance North America, Inc. 069 USD 34,061,342 G 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
GMMI, Inc. 069 USD 400,610 G 11 100.00 Europ Assistance North America, Inc. 100.00 98.98
General Securities Corporation of North America 069 USD 364,597 G 9 1.00 Generali North American Holding 1 S.A. 100.00 99.63 1.00 Generali North American Holding 2 S.A.
GNAREI 1 Farragut LLC 069 USD 34,037,500 G 10 100.00 GNAREH 1 Farragut LLC 100.00 99.63
Generali Claims Solutions LLC 069 USD 100,000 G 11 100.00 Generali Consulting Solutions LLC 100.00 100.00
Generali Argentina Compañía de Seguros S.A. 006 ARS 79,391,209 G 3 50.00 100.00 94.55 50.00 Caja de Seguros S.A.
La Estrella Seguros de Retiro S.A. 006 ARS 90,255,655 G 3 50.00 Caja de Seguros S.A. 50.00 44.55
Ritenere S.A. 006 ARS 512,000 G 11 50.83 Caja de Seguros S.A. 100.00 89.54 49.17 Caja de Ahorro y Seguro S.A.
Generali Colombia Vida - Compañia de Seguros S.A. 017 COP 4,199,989,500 G 3 15.38 99.81 90.67
BSI Investment Advisors (Panama) Inc 051 USD 410,000 G 11 100.00 BSI S.A. 100.00 100.00
Generali Financial Asia Limited 103 HKD 105,870,000 G 9 100.00 100.00 100.00
Generali Investments Asia Limited 103 HKD 50,000,000 G 9 100.00 Generali Investments Holding S.p.A. 100.00 99.64
BSI Bank Limited 147 USD 214,000,000 G 7 100.00 BSI S.A. 100.00 100.00
Generali Life Assurance (Thailand) Co. Ltd 072 THB 3,300,000,000 G 3 49.00 Generali Asia N.V. 91.42 89.16 42.42 KAG Holding Company Ltd
KAG Holding Company Ltd 072 THB 1,791,244,200 G 4 99.99 IWF Holding Company Ltd 99.99 94.66
MGD Co. Ltd. 072 THB 200,000 G 4 90.57 Generali Asia N.V. 90.57 90.57
DWP Partnership 072 THB 200,000 G 4 50.00 FTW Co. Ltd. 100.00 90.57 50.00 MGD Co. Ltd.
Europ Assistance Worldwide Services (Pty) Ltd 078 ZAR 18,264,900 G 11 64.02 Europ Assistance Holding S.A. 64.02 63.37
Europ Assistance Financial Services (Pty) Ltd 078 ZAR 100 G 11 100.00
EASA Training Academy (Pty) Ltd 078 ZAR 100 G 11 49.00 Europ Assistance Worldwide Services (Pty) Ltd 49.00 31.05
Randgo Reward (Pty) Ltd 078 ZAR 1,000 G 11 50.10 Europ Assistance Worldwide Services (Pty) Ltd 50.10 31.75
(1) Consolidation Method: Line-by-line consolidation method =G, Proportionate consolidation method = P, Line-by-line consolidation method arising from joint management = U.
(2) 1=Italian Insurance companies; 2=EU Insurance companies; 3=non EU Insurance companies; 4=Insurance holding companies; 5=EU Reinsurance companies; 6=non EU Reinsurance companies; 7=Banks; 8=Asset Management companies; 9=other Holding companies; 10=Real Estate companies; 11=other.
The total percentage of votes exercitable at shereholders’general meeting, which differs from that of direct on indirect shareholding, is a follows: Generali Investments Europe 100.00%
Finagen S.p.A. in liquidazione 086 EUR 6,700,000 a 8 0.10 Generali Italia S.p.A. 100.00 100.00 16,109 99.90 Alleanza Assicurazioni S.p.A.
Solaris S.r.l. in liquidazione (*) 086 EUR 20,000 b 10 40.00 Generali Properties S.p.A. 40.00 40.00 89.13 Generali Italia S.p.A.
AEON Trust Soc. Italiana Trust (**) 086 EUR 90,000 a 11 100.00 BSI S.A. 100.00 100.00 129 0.28 AachenMünchener Lebensvers.
Investimenti Marittimi S.p.A. 086 EUR 103,000,000 b 9 30.00 Generali Italia S.p.A. 30.00 30.00
Valore Immobiliare S.r.l. (*) 086 EUR 10,000 c 10 1.00 Generali Properties S.p.A. 50.00 50.00 463 49.00 Generali Italia S.p.A.
GI SIM S.p.A. 086 EUR 3,000,000 a 8 100.00 GI Holding S.p.A. 100.00 99.64 3,000
Generali Akademie GmbH 094 EUR 25,600 a 11 100.00 Generali Versicherung AG 100.00 100.00
Versicherungs-Planer-Vermittl. 094 EUR 35,600 a 11 100.00 Generali Lebensversicherung AG 100.00 100.00 40
Deutscher Lloyd GmbH 094 EUR 30,700 a 11 100.00 Generali Beteiligungs AG 100.00 100.00
MLV Beteiligungverwaltungsges. 094 EUR 51,129 a 9 100.00 Generali Holding Vienna AG 100.00 100.00 41
Generali Finanz Service GmbH 094 EUR 26,000 a 11 100.00 Generali Beteiligungs AG 100.00 100.00
AVW Versicherungsmakler GmbH 094 EUR 1,550,000 b 11 26.00 Generali Versicherung AG 26.00 26.00 2,232
Generali Partner GmbH 094 EUR 250,000 a 11 100.00 Generali Lebensversicherung AG 100.00 100.00 808
Generali Lloyd Vers.smakler 094 EUR 153,388 b 11 50.00 Generali Versicherung AG 50.00 50.00
Central Fixed Assets GmbH 094 EUR 25,000 a 9 100.00 Central Krankenversicherung AG 100.00 100.00 25
GLL GmbH & Co. Retail KG 094 EUR 405,010,000 b 10 29.63 49.38 49.38 130,179 4.93 AachenMünchener Lebensvers.
Louisen-Center Bad Homburg Vr. 094 EUR 25,000 a 10 94.90 Generali Deutschland Holding 94.90 94.90 24
Verwaltungsges. Marienplatz 094 EUR 25,000 a 10 74.00 Generali Real Estate S.p.A. 74.00 74.00 25
Verwaltungsg. Wohnen Westhafen 094 EUR 25,000 a 10 85.00 Generali Versicherung AG 85.00 85.00 21
Generali Deutschland IV GmbH 094 EUR 25,000 a 10 100.00 Generali Real Estate S.p.A. 100.00 100.00 35
Generali Alternative Inv. GmbH 094 EUR 25,000 a 9 100.00 Generali Deutschland Holding 100.00 100.00 25 ver.di Service GmbH 094 EUR 75,000 b 11 50.00 Generali Versicherung AG 50.00 50.00 21
Trieste Courtage S.A. 029 EUR 39,000 a 11 0.02 Generali Vie S.A. 99.98 98.93 39 99.96 Generali France Assurances SA
Generali Gerance S.A. 029 EUR 228,000 a 11 0.07 Generali IARD S.A. 99.73 98.68 241 99.66 Generali Vie S.A.
SCI Les 3 Collines Le Ferandou 029 EUR 304,000 b 10 33.30 Generali IARD S.A. 48.30 47.79 142 15.00 Generali Vie S.A.
Rocher Pierre SCpI (*) 029 EUR 35,401,086 b 10 48.52 Generali Vie S.A. 48.52 48.01 15,375
Foncière Hypersud S.A. (*) 029 EUR 72,993,000 b 10 49.00 Generali Vie S.A. 49.00 48.48 5,080
ASSERCAR SAS 029 EUR 37,000 b 11 14.86 Generali IARD S.A. 29.73 29.42 311 14.87 L’Equité IARD S.A.
Generali 8 S.A.S. 029 EUR 1,000 a 9 100.00 Generali France Assurances SA 100.00 98.95 1
Generali Investments Opera SAS 029 EUR 1,000,000 a 8 100.00 GI Holding S.p.A. 100.00 99.64 1,000
SCI Daumesnil (*) 029 EUR 2,500 c 10 45.00 Generali IARD S.A. 100.00 98.95 23,916 55.00 SCI GF Pierre
SCI 15 Scribe (*) 029 EUR 250 c 10 99.60 Generali IARD S.A. 100.00 98.95 28,272 0.40 Generali Vie S.A.
SCI 9 Messine (*) 029 EUR 2,420,250 c 10 50.00 Generali Vie S.A. 50.00 49.47 2,454
Generali Revenus FCP 029 EUR 9,587,828 a 11 2.55 Generali IARD S.A. 100.00 98.95 96.04 Generali Vie S.A.
SK Versicherung AG (*) 008 EUR 3,633,500 b 2 20.43 Generali Holding Vienna AG 39.66 39.66 5,065 19.23 Generali Versicherung AG (A)
Car Care Consult Versicherungs 008 EUR 35,000 a 11 100.00 Generali Sales Promotion GmbH 100.00 100.00 35
Generali Telefon-Auftragsserv. 008 EUR 35,000 a 11 100.00 Generali Bank AG 100.00 100.00 35
M.O.F. Immobilien AG 008 EUR 1,000,000 b 10 20.00 Generali Immobilien GmbH 20.00 20.00 4,349
Generali TVG Vorsorgemanagem. 008 EUR 145,346 a 11 100.00 Generali Sales Promotion GmbH 100.00 100.00 62
M.O.F. Beta Immobilien AG 008 EUR 1,000 b 10 20.00 Generali Immobilien GmbH 20.00 20.00 4,504
Generali Vermögensberatung 008 EUR 35,000 a 11 100.00 Generali Versicherung AG (A) 100.00 100.00 35
Europ Assistance Travel S.A. 067 EUR 60,101 a 11 100.00 Europ Assistance SIdG, S.A. 100.00 99.02 219
Robert Malatier 031 GBP 51,258 b 11 40.00 Generali IARD S.A. 40.00 39.58 634
Global Investment Planning Ltd (**) 031 GBP 10,000 a 11 100.00 BSI S.A. 100.00 100.00 19
Verzekeringskantoor Soenen NV 009 EUR 18,600 a 11 99.80 Generali Belgium S.A. 99.80 99.51 2,016
ANAC Verzekeringen B.V. 050 EUR 12,500 a 11 100.00 Nederlands Algemeen Verzek. 100.00 98.56
Stoutenburgh Adviesgroep B.V. 050 EUR 18,151 a 11 100.00 Nederlands Algemeen Verzek. 100.00 98.56
Admirant Beheer B.V. (*) 050 EUR 18,000 b 10 50.00 Generali Real Estate Inv. B.V. 50.00 49.62 10
Sigma Real Estate B.V. (*) 050 EUR 18,000 c 9 22.34 Corelli S.à.r.l. 22.34 22.26
Generali PPF Invest PLC 040 EUR 131,753,751 a 8 100.00 CP Invest Invest.spol. a.s. 100.00 76.00
BSI Art Collection S.A. (**) 092 CHF 1,000,000 a 9 99.00 BSI S.A. 100.00 100.00 788 1.00 BSI Laran S.A.
BSI & Venture Partners CMGP (**) 092 EUR 12,500 a 9 100.00 BSI S.A. 100.00 100.00 403
Generali Belgium FCP FIS 092 EUR 72,759,922 a 11 100.00 Generali Belgium S.A. 100.00 99.71
GP Consulting Kft 077 HUF 11,000,000 a 11 100.00 Generali Biztosító Zrt. 100.00 76.00 602
Famillio Kft 077 HUF 780,000,000 a 11 100.00 Generali Biztosító Zrt. 100.00 76.00 307
Generali Servis s.r.o. 275 CZK 100,000 a 11 100.00 Generali Pojistovna a.s. 100.00 76.00 4
Europ Assistance s.r.o. 275 CZK 2,900,000 a 11 75.00 Europ Assistance Holding S.A. 100.00 94.00 1,670 25.00 Ceska pojistovna, a.s.
Generali Care s.r.o. 275 CZK 1,000,000 a 11 100.00 Generali Pojistovna a.s. 100.00 76.00 28
AIV Sprava Nemovitosti s.r.o. 275 CZK 200,000 a 10 100.00 Generali Velky Spalicek S.r.o. 100.00 100.00 50
Nadace Ceské pojištovny 275 CZK 500,000 a 11 100.00 Ceska pojistovna, a.s. 100.00 76.00 126
GSL Services s.r.o. 276 EUR 6,639 a 11 100.00 Generali Poistovna a.s. 100.00 76.00 7
Gradua Finance, a.s. 276 EUR 335,320 a 11 100.00 CZI Holdings N.V. 100.00 76.00 800
S.C. San Pietro Romania 061 RON 15,112,570 a 11 100.00 Agricola San Giorgio S.p.A. 100.00 100.00 3,903 9.32 Agricola San Giorgio S.p.A.
Autolinee Regionali Luganesi 071 CHF 653,000 b 11 27.58 BSI S.A. 27.58 27.58
Generali Group Partner AG 071 CHF 100,000 a 11 100.00 Generali (Schweiz) Holding AG 100.00 100.00 83
Europ Assistance CEI OOO 262 RUB 10,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98 800
Blutek Auto d.o.o. 289 RSD 337,474,441 a 11 100.00 Generali Osiguranje Srbija ado 100.00 76.00 1,403
Atacama Investments Ltd (*) (**) 249 USD 15,536,634 b 11 44.16 BSI S.A. 44.16 44.16 20,492
Europ Assistance Argentina S.A 006 ARS 3,285,000 a 11 56.09 Ponte Alta Lda 84.99 55.18 66 28.90 Caja de Seguros S.A.
La Caja ART S.A. (*) 006 ARS 70,500,000 b 3 50.00 Caja de Seguros S.A. 50.00 44.55 32,394
EABS Serviços Partecipaçoes SA 011 BRL 46,238,940 c 9 50.00 Ponte Alta Lda 50.00 26.23
CEABS Serviços S.A. 011 BRL 6,000,000 c 11 50.00 Europ Assistance Brasil S.A. 100.00 26.23 50.00 EABS Serviços Partecipaçoes SA
BSI Servicios Internationales 015 CLP 64,000,000 a 11 100.00 BSI S.A. 100.00 100.00
Europ Assistance SA 015 CLP 335,500,000 a 11 25.50 Europ Assistance Holding S.A. 51.00 38.62 176 25.50 Ponte Alta Lda
EA Travel Assistance Services 016 EUR 1,750,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
Guotai Asset Management Co. (*) 016 CNY 110,000,000 b 8 30.00 30.00 30.00 129,722
Shanghai Sinodrink Trading Co. 016 CNY 5,000,000 b 11 45.00 Genagricola S.p.A. 45.00 45.00
Europ Assistance Worldwide Pte 147 SGD 182,102 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
NKFE Insurance Agency Co Ltd (*) 103 HKD 900,000 b 11 49.00 Generali Financial Asia Ltd 49.00 49.00 40
Future Generali India Life (*) 114 INR 1,223,000,000 c 3 25.50 Part. Maat. Graafschap Holland 25.50 25.50 10,833
Future Generali India Insur. (*) 114 INR 1,120,000,000 c 3 25.50 Part. Maat. Graafschap Holland 25.50 25.50 17,255
310 | Generali Group - Annual Integrated Report 2014 Consolidated Financial Statements - Generali Group | 311
EA-IHS Services Nigeria Ltd 117 NGN 10,000,000 a 11 100.00 Europ Assistance IHS Services 100.00 98.98
Generali Pacifique NC 253 XPF 1,000,000 a 11 100.00 Generali France S.A. 100.00 98.95 2,095
Cabinet Richard KOCH 253 XPF 1,000,000 a 11 100.00 Generali France S.A. 100.00 98.95 2,178
Europ Assistance Macau 059 MOP 400,000 a 11 70.00 Ponte Alta Lda 70.00 36.72
The total percentage of votes exercitable at shereholders’general meeting, which differs from that of direct on indirect shareholding, is a follows: Telco S.p.A. 30.58%
pursuant to the provisions of article 154-bis of legislative decree no. 58 of 24 February 1998 and art. 81-ter of consob regulation no. 11971 of 14 May 1999
Attestation of the consolidated financial statements pursuant to the provisions of art. 154-bis, paragraph 5, of legislative decree 58 of february 24, 1998 and art. 81-ter of consob regulation no. 11971 of 14 may 1999 as amended 1. The undersigned, Mario Greco, in his capacity as Managing Director and Group CEO, and Alberto Minali, in his capacity as Manager in charge of preparing the financial reports of Assicurazioni Generali S.p.A., and Group CFO, having also taken into account the provisions of Art. 154-bis, paragraphs 3 and 4, of the Italian Legislative Decree No. 58 dated 24 February 1998, hereby certify: • the adequacy in relation to the characteristics of the Company and • the effective implementation of the administrative and accounting procedures for the preparation of the consolidated financial statements over the course of the period from 1 January to 31 December 2014.
In addition to the above, in accordance with the plan of activities prepared at the beginning of its mandate, the Board of Auditors also: — obtained information on the Appointments and Corporate Governance Committee’s activities, which met 5 times during the corporate year; — held meetings with and obtained information from the Manager in charge of preparing the corporate books, from the head of the Internal Audit Function, the head of the Compliance Function, the head of the Risk Management function, the head of the Anti -Money Laundering Function, the General Counsel, the heads of the corporate functions involved from time to time in the Board’s supervisory activities; — met with the Supervisory Board set up pursuant to Legislative Decree 231/2001 for useful information exchanges; — pursuant to paragraphs 1 and 2 of article 151 of Legislative Decree 58/1998, held meetings and exchanged information with the supervisory bodies of the main subsidiary companies; — within the relations between supervisory and auditing bodies envisaged by the law, held ad-hoc meetings on a regular basis with the firm in charge of statutory auditing – Ernst & Young S.p.A. – during which significant data and information for fulfilling their respective duties were exchanged.
The Board of Auditors conducted its activities holding, as of its appointment, 23 meetings lasting approximately two hours on average. Furthermore, the Board: — participated in the 10 meetings of the Board of Directors; — participated in the 7 meetings of the Control and Risk Committee and in the 4 meetings of the Transactions with Related Parties Sub-Committee; — participated, through its Chairman or another auditor, in the 3 meetings of the Remuneration Committee; — participated, through its Chairman or another auditor, in the 7 meetings of the Investments Committee.
— In the month of June 2014 Assicurazioni Generali S.p.A completed the disposal of 100% of Fata Assicurazioni Danni S.p.A. for a total value, after the price adjusting procedure, of € 194.7 million. The transaction yielded a non-recurring profit of € 56 million.
— In November 2014, Assicurazioni Generali S.p.A announced the launch of a buyback operation of three hybrid bonds. That transaction, which was covered by a new issue, is aimed at refinancing the Group’s debt maturing between June 2016 and February 2017 in order to reduce 0the interest expenditure over the next few years.
— In April 2014 Assicurazioni Generali S.p.A placed a fixed-rate junior bond issue with a duration of 12 years for an overall amount of € 1 billion, aimed both at strengthening the regulatory capital, given the exclusion, for these purposes, of the € 500 million junior financing issued in 2008 and refunded in April 2014, and at refinancing the Group’s senior debt maturing in 2015 at a lower cost.
Assicurazioni Generali S.p.A. adopted “Procedures regarding transactions with related parties” in compliance with the provisions of Consob Regulation 17221/2010, as amended, and by article 2391-bis of the Civil Code, also applying to transactions performed by subsidiaries. Those procedures were updated in December 2013.
The Board of Auditors, after taking office, examined said Procedures and concluded that they comply with the prescriptions of Consob Regulation 17221/2010, as amended. The annual Financial Report describes the impact of the transactions with related parties on the financial statements as well as the nature of the most significant transactions. Since the beginning of the mandate of this Board, no transactions classified as significant according to the above Procedures have been submitted to the Transactions with Related Parties Sub-Committee, and no transactions with related parties have been performed as a matter of urgency. With reference to intragroup transactions in the corporate year, the Board, in its supervisory activity, found that they were performed in compliance with the relevant yearly guidelines adopted by the Board of Directors, according to ISVAP Regulation no. 25 of 27 May 2008. Those transactions, which were implemented with a view to rationalizing operating functions, lowering costs, ensuring the level of service and utilizing the Group’s synergies and were regulated at market prices or at cost, consisted in reinsurance or co-insurance relations, management of fixed assets and real estate, management and settlement of claims, IT and administrative services, financing and guarantees, as well as staff loans.
Some of the most significant transactions occurred after the end of the corporate year include: — in January 2015, the Generali Group gained complete control of Generali PPF Holding B.V. (GPH) by acquiring the remaining 24% of shares held by the PPF group. The purchase of the remaining shares in GPH was completed in line with the terms previously announced to the markets, for a final price of € 1,245.5 million.
— On 1 January 2015 the assets and liabilities of the Portuguese branch of Assicurazioni Generali S.p.A. were transferred to the newly-established Generali Companhia de Seguros SA, a company incorporated under the Portuguese law. After that transfer, Assicurazioni Generali S.p.A. now holds 163,996 shares of the newly established company over a total of 164,000 shares.
— In March 2015 Assicurazioni Generali S.p.A announced a Non-Prosecution Agreement (NPA) entered into by BSI and the U.S. Department of Justice regarding the disputes related to the private banking business conducted in the past with U.S. clients. The amount owed by BSI to the U.S. Department of Justice – USD 211 million – is consistent with the reserve already earmarked in the 2014 financial statements of the Generali Group.
With particular reference to the internal control and risk management system, it is to be emphasized that the Company has adopted Policies explaining the principles, strategies and processes aimed at identifying and monitoring the risks, as well as the roles and responsibilities of corporate bodies and operating structures within the risk management process.
Against this background of constant evolution and consolidation of control systems, in line with the gradual update of the applicable sector discipline, the Board of Auditors has maintained continuous oversight over the adequacy of the internal control and risk management system adopted by the Company and its Group. In particular, the Board: i) acknowledged the adequacy assessment of the internal control and risk management system expressed by the Board of Directors which took into account the report written by the Risk and Control Committee; ii) reviewed the Risk and Control Committee’s report, which was released in support of the Board of Directors; iii) became familiar with the activities performed by the Internal Audit, Compliance e Risk Management functions, including by participating in the meetings of the Control and Risk Committee and by talking with the respective heads; iv) reviewed the half-yearly reports written by the head of the Internal Audit Function; v) observed compliance with the Audit Plan approved by the Board of Directors and received information flows on the outcomes of the audits; vi) reviewed the reports written by the Supervisory Board set up by the company in compliance with the provisions of Legislative Decree 231/2001 and received updates regarding its activity; vii) obtained information from the heads of the relevant corporate functions; viii) became familiar with the framework of Policies, regulations, guidelines and procedures aimed at complying with the specific norms of the insurance industry, as well with those prescribed for listed companies and adopted by the Company (including – as regards market abuse – management of confidential information, internal dealing, transactions with related parties); initiatives launched for the preparatory phase to the introduction of Solvency II, with particular reference to the governance system, to the forward-looking risk assessment, to the reporting and pre-application of internal models for the calculation of new capital requirements. The Company also describes in the Management Report the actions implemented or scheduled following the results of the stress tests published by EIOPA on 30 November 2014, including any requests submitted by IVASS in line with the Recommendations released by EIOPA on 27 November 2014. In this regard, the Board acknowledges that the Group updated the Directives on the internal control and risk management system, also based on the regulatory provisions of Regulation 20/2008 IVASS in the updated version in force since 30 June 2014 and according to the guidelines described in the Letter to the Market issued by IVASS on 15 April 2014. In addition to the update of said Directives, which establish the roles and responsibilities of the main corporate bodies and control functions, the Group in 2014 outlined, in agreement with IVASS, a plan for adopting the Policies envisaged by Solvency II. To this end, the Group updated the main Policies referring to control functions and updated and defined the management Policies concerning various types of risk. The Board also acknowledged that, as written in the Company’s Management Report, the approval process of the Policies by the Board of Directors will be completed in the second quarter of corporate year 2015, according to a plan previously agreed upon with the Supervisory Authority and consistent with a wider plan of adjustments to Solvency II requirements. As written in the same Management Report, considering the pre-application for using the partial internal model in order to calculate the regulatory requirement, the framework of risk policies is being supplemented by further Policies aimed at regulating the processes regarding governance, validation and for changing the internal model. As for the forward-looking assessment of risks, according to the requests contained in Regulation 20/2008 and in IVASS’s Letter to the Market of 15 April 2014, referred to above, the so-called “ORSA (Own Risk Solvency Assessment) Policy” was defined as an integral part of the Risk Management Policy. During 2014 the Group ORSA Report referring to 31 December 2013 was also submitted to IVASS. As far as reporting is concerned, the Group is continuing its activities aimed at setting up information processes and systems needed to comply with the quantitative and qualitative reporting requirements of
In addition to the above, the Board of Auditors carried out further assessments consistent with the current laws and regulations applying to the insurance industry. In particular the Board, also through its participation in the activities of the Control and Risk Committee: — maintained oversight over the compliance with the guidelines on investment policies adopted following the issue of ISVAP Regulation no. 36 of 31 January 2011 by the Board of Directors on 13 May 2011, as amended in 2012, 2013 and, most recently, in December 2014; — performed checks on transactions with derivative financial instruments in accordance with the guidelines and limitations prescribed by the Board of Directors and confirmed that the Company duly sent regular reports to IVASS; — reviewed the administrative procedures adopted for handling, safekeeping and entering in the books financial instruments by verifying the prescriptions given to their custodians as to the regular dispatch of bank statements with the appropriate evidence of any restrictions; — checked the absence of restrictions and the full availability of the assets backing technical reserves; — confirmed their matching with the register of assets backing technical reserves.
In view of the above, the analyses conducted and the information acquired provided no elements that might prompt this Board to consider the internal control and risk management system inadequate as a whole, although taking into account the continuous improvement in the effectiveness of the system pursued by the Company.
The auditing firm Reconta Ernst & Young S.p.A. was charged with the statutory audit of the financial statements of Assicurazioni Generali S.p.A. and of the consolidated financial statements of the Group. Reconta Ernst & Young S.p.A. verified, in the course of corporate year 2014, the proper accounting and correct reporting of the operational results of the Company in its books. On 30 March 2015 the auditing firm released the reports required by articles 14 and 16 of Legislative Decree 39/2010 for the financial statements and for the Group consolidated financial statements as at 31 December 2014, respectively. Those reports show that the annual reports were prepared with the necessary clarity and describe truthfully and correctly the financial position, the net result and the cash flows for the year ended on that day.
As regards the consolidated financial statements of the Assicurazioni Generali Group, the Board acknowledges that said financial statements were drawn up in compliance with the IAS/IFRS international accounting standards issued by IASB and approved by the European Union, pursuant to EU Regulation no. 1606 of 19 July 2002 and to Legislative Decree 58/1998 as well as to Legislative Decree 209/2005, as amended. The financial statements and the explanatory notes were drawn up by adopting the methods required by ISVAP Regulation no. 7 of 13/7/2007, as amended, and contain the information required by Consob Statement no. 6064293 of 28 July 2006.
8. compliance with the voluntary selfRegulatory code. composition and Remuneration of the Board of directors. (item 17 of Consob Statement no. 1025564/01)
The Board of Auditors also checked the correct application of the criteria and procedures adopted by the Board of Directors in order to assess the independence of the directors qualified as “independent”; it also confirmed that it fulfils the requirements concerning its own independence. The Board acknowledges that the Board of Directors adopted a plan for the top management’s succession. The Board has no comments to make on the consistency of the remuneration policy with the recommendations of the Voluntary Self-Regulatory Code and its compliance with ISVAP Regulation no. 39 of 9 June 2011.
The Board, on 30 July 2014, attested, pursuant to article 2412 of the Civil Code, on transactions regarding the management of maturing debt and the renewal of the plan of EMTN bond issues.
The Board also held meetings with the heads of the Reconta Ernst & Young auditing firm charged with the statutory audit of books, also pursuant to article 150, paragraph 3 of Legislative Decree 58/1998, during which information was exchanged without any noteworthy facts or circumstances emerging.
In particular, the Board of Auditors expressed its favourable opinion, pursuant to article 2386, paragraph 1, of the Civil Code, as to the appointment by co-option of Dott. Flavio Cattaneo, after reviewing the process followed by the Company and by its Committees in that case. That director was later appointed managing director of NTV, a company in which the Group indirectly holds a 15% stake. With the opinion of the Ap-
thy of censure, omissions or anomalies that should be reported to the competent Supervisory Authorities.
Given all the considerations contained in this Report, the Board of Auditors does not find any impediments to the approval of the financial statements of Assicurazioni Generali S.p.A. for the year ended on 31 December 2014, as submitted by the Board Of Directors, and expresses its favourable opinion on the proposed allocation of the operating profit for the year and on the proposal to distribute the dividend, to be drawn in part from the extraordinary reserve.
net cash inflows: equal to the amount of premiums collected net of benefits paid.
APe, new business annual premium equivalent: net of minority interests, is equivalent to the sum of new annual premium policies, plus a tenth of premiums in single premium policies.
current accident year loss: is the ratio between: — current year incurred claims + related claims management costs net of recoveries and reinsurance to
Previous accident year loss: is the ratio between: — previous year incurred claims + related claims management costs net of recoveries and reinsurance to
Integrated report: concise communication that illustrates how the strategy, governance and future prospects of an organization, in the external environment in which it operates, are used to create value in the short, medium and long term.
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