Ot he r i nta ng ibl e as se ts 1, 1,
Pr ov isi on s for o uts tan din g cla im s 1, 2, 2, 2,
Ot he r i ns ur an ce p ro vi sio ns
,8 0, 9, - o f w hic h qu ote d bo nd s 2, 4, 2, 7,
Lo an s an d re ce iv ab les fr om c us tom er s 1, 6, 1, 6,
Lo an s an d re ce iv ab les fr om b an ks 1, 1,
De po sit c om po ne nts o f r ein su ra nc e co ntr ac ts
Ot he r f ina nc ial in ve stm en ts 2, 1, 3, 2, 5, 4,
He ld to m atu rity in ve stm en ts Lo an s an d re ce iv ab les Av ail ab le for s ale fin an cia l a ss ets
Fi na nc ial a ss ets a t fa ir va lue th ro ug h pr ofi t o r l os s
A ss et s an d lia bi lit ie s re la te d to p ol ic ie s w he re th e in ve st m en t r is k is bo rn e by p ol ic yh ol de rs an d to p en si on fu nd s
Po lic ies w he re th e inv es tm en t r isk is b or ne b y the po lic yh old er s
Ot he r i ns ur an ce p ro vi sio ns of w hic h pr ov isi on s for lia bil ity a de qu ac y tes t
Lif e ins ur an ce p ro vi sio ns (*)
Pr ov isi on s for o uts tan din g cla im s 5, 4, 1, 6, 5,
To ta l p ro vi si on s 2, 2, 3, 3, 6, 5,
Fi na nc ia l l ia bi lit ie s
,9 w he re th e in ve st m en t r is k is b or ne b y th e po lic yh ol de rs
De po si ts re ce iv ed fr om re in su re rs
Li ab ilit ie s to c us to m er s 8,
Ne t a mo un t Gr os s a mo un t Re ins ure rs' sh are Ne t a mo un t
,01 b C ha ng e i n t he pr ov isi on s f or ou tst an din g c lai ms c C ha ng e i n c lai ms to be re co ve red d C
In co m e an d ex pe ns es fr om in ve st m en ts
,0 a fro m la nd a nd b uil idi ng s
b fro m in ve stm en ts in su bs idi ar ies , a ss oc iat ed c om pa nie s an d joi nt ve ntu re s c fro m h eld to m atu rity in ve stm en ts d fro m lo an s an d re ce iv ab les 2, 2, 2, 2, e fro m a va ila ble fo r s ale fin an cia l a ss ets 7, 1, 3,
In co m e an d ex pe ns es fr om re ce iv ab le s
,4 a fro m fin an cia l li ab ilit ies h eld fo r t ra din g b fro m fin an cia l li ab ilit ies d es ign ate d as a t fa ir va lue th ro ug h pr ofi t o r l os s c fro m o the r f ina nc ial lia bil itie s
In co m e an d ex pe ns es fr om p ay ab le s
Re ali ze d los se s To tal re ali ze d ga ins a nd lo ss es
To tal u nr ea liz ed ga ins a nd lo ss es
To tal in co m e an d ex pe ns es
O the r a cq uis itio n co sts 1.
C ha ng e in de fer re d ac qu isi tio n co sts d C
Co m m iss ion s an d pr ofi t c om m iss ion s fro m re ins ur er s
Co m m iss ion s an d oth er a cq uis itio n co sts n et of co m m iss ion s an d pr ofi t c om m iss ion s fro m re ins ur er s( *)
efo re th e eli m ina tio n of int ra -g ro up tr an sa cti on s be tw ee n se gm en ts.
Ne t u nr ea liz ed g ain s an d los se s on h ed ge o f a n et inv es tm en t in fo re ign o pe ra tio ns
S ha re o f o the r c om pr eh en siv e inc om e of as so cia tes
Ite m s t ha t m ay n ot b e r ec las sif ied to p ro fit an d lo ss in fu tu re p er io ds
Re se rv e for re va lua tio n m od el on in tan gib le as se ts
Tr an sfe r t o pr ofi t a nd lo ss a cc ou nt
D et ai ls o n fin an ci al a ss et s re cl as si fie d an d its e ffe ct s in pr of it an d lo ss a cc ou nt a nd c om pr eh en si ve in co m e
Fin an cia l as se ts rec las sifi ed in
Fin an cia l as se ts rec las sifi ed un til 2
Fa ir v alu e g ain s o r lo ss es th rou gh eq uity
Fa ir v alu e g ain s or los se s t hro ug h pro fit o r lo ss
Fa ir v alu e g ain s o r los se s t ha t w ou ld be re co gn ise d thr ou gh pr ofit or los s w itho ut rec las sifi ca tion
Fa ir v alu e g ain s o r los se s t ha t w ou ld be rec og nis ed th rou gh eq uity w itho ut rec las sifi ca tion
Fin an cia l a ss et at fair va lue th rou gh pr ofit or los s
Lo an s a nd re ce iva ble s Co rpo rat e bo nd s
Fin an cia l a ss ets re cla ss ifie d i n 2
Am ou nt of the fin an cia l as se ts rec las sifi ed in the ye ar at the rec las sifi ca tion da te
Fa ir v alu e a s a t 3 1/1 2/2
: f ai r v al ue h ie ra rc hy
Av ail ab le fo r s ale fin an cia l a ss ets 2, 1,
Fi na nc ial a ss ets d es ign ate d at fa ir va lue th ro ug h pr ofi t o r l os s
To ta l f in an ci al li ab ili tie s at fa ir va lu e on re cu rr in g ba si s
rre nt lia bil itie s or o f d isc on tin ue d op er ati on s 1,
Fi na nc ia l a ss et s de si gn at ed a s at fa ir va lu e th ro ug h pr of it or lo ss
Fi na nc ia l l ia bi liti es h el d fo r t ra di ng
Fi na nc ia l a ss et s at fa ir va lu e th ro ug h pr of it or lo ss
He ld to m atu rity in ve stm en ts 2, 4, 1, 3, 1, 3, 4,
Newly consolidated: 1. BSI Bank (Panama) S.A., Panama 2. BSI Fund Management S.A., Luxembourg 3. Cofifo S.A.S., Paris 4. DWP Partnership, Bangkok 5. EASA Training Academy (Pty) Ltd, Constantia Kloof 6. FTW Co. Ltd., Bangkok 7. Generali Financial Holding FCP-FIS - Sub-Fund 2, Luxembourg 8. Generali Investments Luxembourg S.A., Hesperange 9. GG Einkaufszentrum Marienplatz , Berlin 10. GID-Fonds AAHYSL, Cologne 11. GID-Fonds DLAET, Frankfurt 12. GID-Fonds GLRET 5, Frankfurt 13. Haussmann Investissement SAS, Paris 14. HSR Verpachtung GmbH, Wien 15. MGD Co. Ltd., Bangkok 16. MKE Kaufhausvermietungs GmbH, Wien 17. Palac Krizik a.s., Prague 18. Residenze CYL S.p.A., Milan 19. SC HOCHE, Paris 20. SCI 18-20 rue de la Paix, Paris 21. SCI 204 PEREIRE, Paris 22. SCI 28 COURS A 1ER, Paris 23. SCI 33 MONTAIGNE, Paris 24. SCI 5/7 MONCEY, Paris 25. SCI 6 MESSINE, Paris 26. SCI Berges de Seine, Paris 27. SCI BUREAUX PARIS, Paris newly consolidated change in the consolidation area(*)
Europ Assistance Service S.p.A. 086 EUR 4,325,000 G 11 100.00 Europ Assistance Italia S.p.A. 100.00 90.49
Europ Assistance Vai S.p.A. 086 EUR 468,000 G 11 98.89 Europ Assistance Service S.p.A. 98.89 89.48 2.00 Genertellife S.p.A.
Method(1) Activity(2) Shareholding% Group equity ratio(3)Direct Indirect Through Total 3.35 Alleanza Assicurazioni S.p.A.
EOS Servizi Fiduciari S.p.A. 086 EUR 3,000,000 G 11 100.00 BSI S.A. 100.00 100.00
Genertel Servizi Assicurativi S.r.l. 086 EUR 80,000 G 11 50.00 Genertellife S.p.A. 100.00 100.00 50.00 Genertel S.p.A.
D.A.S. Legal Services S.r.l. 086 EUR 100,000 G 11 100.00 DAS - Difesa Automobilistica Sinistri S.p.A. 100.00 50.01
Generali Deutschland Holding AG 094 EUR 137,560,202 G 5 4.04 100.00 100.00 94.10 Generali Beteiligungs-GmbH
Cosmos Lebensversicherungs Aktiengesellschaft 094 EUR 11,762,200 G 2 100.00 Generali Deutschland Holding AG 100.00 100.00
ENVIVAS Krankenversicherung AG 094 EUR 1,022,800 G 2 100.00 Generali Deutschland Holding AG 100.00 100.00
AdvoCard Rechtsschutzversicherung Aktiengesellschaft 094 EUR 12,920,265 G 2 100.00 Generali Deutschland Holding AG 100.00 100.00
Generali Deutschland Pensionskasse AG 094 EUR 7,500,000 G 2 100.00 Generali Deutschland Holding AG 100.00 100.00
Volksfürsorge 1.Immobilien AG & Co. KG 094 EUR 3,583 G 10 100.00
DBB Vermögensverwaltung GmbH & Co. KG 094 EUR 21,214,579 G 10 100.00
Generali Deutschland Schadenmanagement GmbH 094 EUR 100,000 G 11 100.00 Generali Deutschland Holding AG 100.00 100.00
Cosmos Finanzservice GmbH 094 EUR 25,565 G 11 100.00 Cosmos Versicherung Aktiengesellschaft 100.00 100.00
Schloss Bensberg Management GmbH 094 EUR 250,000 G 10 100.00 AachenMünchener Lebensversicherung AG 100.00 100.00
Volksfürsorge 5.Immobilien AG & Co. KG 094 EUR 637,238,457 G 10 100.00
GID-Fonds CLAOT 094 EUR 330,312,556 G 11 100.00 Cosmos Lebensversicherungs Aktiengesellschaft 100.00 100.00
GID-Fonds CEAOT 094 EUR 472,120,787 G 11 100.00 Central Krankenversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds VLAOT 094 EUR 1,604,768,317 G 11 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds GLLAE 094 EUR 639,802,405 G 11 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds GVMET 094 EUR 329,182,874 G 11 100.00 Generali Versicherung Aktiengesellschaft 100.00 100.00
GLL AMB Generali Properties Fund II GmbH & Co. KG 094 EUR 63,480,666 G 11 100.00
GID-Fonds AVAOT II 094 EUR 37,677,828 G 11 100.00 AachenMünchener Versicherung AG 100.00 100.00
GID-Fonds AVAOT III 094 EUR 30,981,237 G 11 100.00 AdvoCard Rechtsschutzversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds CERET 094 EUR 1,996,846,378 G 11 100.00 Central Krankenversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds CLRET 094 EUR 655,124,008 G 11 100.00 Cosmos Lebensversicherungs Aktiengesellschaft 100.00 100.00
GID-Fonds GLRET 094 EUR 2,621,288,460 G 11 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds GDPRET 094 EUR 259,753,829 G 11 100.00 Generali Deutschland Pensionskasse AG 100.00 100.00
GID-Fonds GVRET 094 EUR 560,657,125 G 11 100.00 Generali Versicherung Aktiengesellschaft 100.00 100.00
GID-Fonds AVRET 094 EUR 196,690,722 G 11 100.00 AachenMünchener Versicherung AG 100.00 100.00
GID-Fonds GLAKOR 094 EUR 153,482,488 G 11 100.00 Generali Lebensversicherung Aktiengesellschaft 100.00 100.00
GID-Fonds AAHYSL 094 EUR 146,959,780 G 11 36.10 AachenMünchener Lebensversicherung AG 96.52 96.52
Generali Vie S.A. 029 EUR 299,197,104 G 2 100.00 Generali France Assurances S.A. 100.00 98.95
L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 029 EUR 22,469,320 G 2 99.99 Generali France Assurances S.A. 99.99 98.94
GFA Caraïbes 029 EUR 5,742,000 G 2 100.00 Generali France Assurances S.A. 100.00 98.95
Suresnes Immobilier S.A. 029 EUR 43,040,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
GEII Rivoli Holding SAS 029 EUR 12,000,000 G 10 100.00 Generali Europe Income Holding S.A. 100.00 99.65
Immobiliare Commerciale des Indes Orientales (IMMOCIO) 029 EUR 134,543,500 G 10 100.00 Generali Vie S.A. 100.00 98.95
Europ Assistance Téléassistance S.A.S. 029 EUR 100,000 G 11 100.00 Europ Assistance France S.A. 100.00 98.98
SCI du 54 Avenue Hoche 029 EUR 152,400 G 10 99.99 Generali Vie S.A. 100.00 98.95 0.01 Generali IARD S.A.
SCI Espace Seine-Generali 029 EUR 153,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI Landy-Novatis 029 EUR 1,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
Generali Habitat SCpI 029 EUR 934,956 G 10 91.14 Generali Vie S.A. 91.14 90.18
SCI Font Romeu Neige et Soleil 029 EUR 15,200 G 10 100.00 Generali IARD S.A. 100.00 98.95
SCI Landy-Wilo 029 EUR 1,000,000 G 10 0.10 Generali IARD S.A. 100.00 98.95 99.90 Generali Vie S.A.
SCI Generali Commerce 2 029 EUR 100,000 G 10 100.00 Generali IARD S.A. 100.00 98.95
SCI Generali le Moncey 029 EUR 919,020 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI Parcolog Lille Henin Beaumont 2 029 EUR 633,077 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Iris La Défense 029 EUR 1,350 G 10 44.44 Generali IARD S.A. 100.00 98.95 55.56 Generali Vie S.A.
SCI Parc Logistique Maisonneuve 1 029 EUR 7,051,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parc Logistique Maisonneuve 2 029 EUR 5,104,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parc Logistique Maisonneuve 3 029 EUR 8,004,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parc Logistique Maisonneuve 4 029 EUR 8,004,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parcolog Isle D’Abeau 1 029 EUR 11,472,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Parcolog Marly 029 EUR 7,001,000 G 10 100.00 SC Generali Logistique 100.00 98.95
SCI Commerces Regions 029 EUR 1,000 G 10 1.00 Generali IARD S.A. 100.00 98.95 99.00 Generali Vie S.A.
SCI Thiers Lyon 029 EUR 1,000 G 10 1.00 Generali IARD S.A. 100.00 98.95 99.00 Generali Vie S.A.
SCI Iliade Massy 029 EUR 1,000 G 10 100.00 Generali Vie S.A. 100.00 98.95
OPCI Generali Residentiel 029 EUR 149,607,800 G 10 100.00 Generali Vie S.A. 100.00 98.95
OPCI GB1 029 EUR 153,698,740 G 10 100.00 Generali Vie S.A. 100.00 98.95
L’Equité S.A. Cie d’Assurances et Réass. contre les risques de toute nature 31.14 E-Cie Vie S.A.
SCI 18-20 rue de la Paix 029 EUR 20,207,750 G 10 100.00 Generali Vie S.A. 100.00 98.95
SCI 6 MESSINE 029 EUR 9,631,000 G 10 100.00 OPCI GR1 100.00 98.95
SCI 204 PEREIRE 029 EUR 4,480,800 G 10 100.00 OPCI GR1 100.00 98.95
SCI 33 MONTAIGNE 029 EUR 174,496 G 10 100.00 OPCI GR1 100.00 98.95
BSI Asset Managers SAM 091 EUR 2,000,000 G 8 99.96 BSI Monaco SAM 99.96 99.96
Europäische Reiseversicherungs AG (AT) 008 EUR 730,000 G 2 74.99 Generali Holding Vienna AG 74.99 74.99
MKE Kaufhausvermietungs GmbH 008 EUR 72,673 G 10 100.00 HSR Verpachtung GmbH 100.00 85.00
Generali Versicherung AG 008 EUR 27,338,520 G 2 7.81 Generali Rückversicherung AG 100.00 100.00 92.19 Generali Holding Vienna AG
BAWAG Spezialfonds 6 008 EUR 13,730 G 11 100.00 BAWAG PSK Versicherung AG 100.00 75.00 3 Banken-Generali - GEN4Dividend Spezialfonds 008 EUR 1,248,500 G 11 5.84 Generali Holding Vienna AG 92.33 92.20 0.50 Europäische Reiseversicherungs AG (AT)
Generali Real Estate Luxembourg S.à r.l. 092 EUR 250,000 G 8 100.00 Generali Real Estate S.p.A. 100.00 100.00
Generali Europe Income Holding S.A. 092 EUR 39,235,001 G 8 4.52 Generali Immobilien GmbH 100.00 99.65
Generali European Real Estate Investments S.A. 092 EUR 269,883,728 G 8 1.17 100.00 99.66 9.77 Generali Rückversicherung AG
Generali España, S.A. de Seguros y Reaseguros 24.41 Generali Vie S.A.
GLL AMB Generali Bankcenter S.à.r.l. 092 EUR 175,000 G 11 100.00 GLL AMB Generali Cross-Border Property Fund FCP 100.00 100.00
Sellin Bond Sub-Fund II 092 EUR 421,420,630 G 11 100.00 Generali Deutschland Holding AG 100.00 100.00
Cajamar Vida S.A. de Seguros y Reaseguros 067 EUR 9,015,200 G 2 50.00
Europ Assistance España S.A. de Seguros y Reaseguros 067 EUR 3,612,000 G 2 5.00
Europ Assistance Servicios Integrales de Gestion, S.A. 067 EUR 400,000 G 11 100.00
Coris Gestión de Riesgos, S.L. 067 EUR 3,008 G 11 100.00 Europ Assistance Servicios Integrales de Gestion, S.A. 100.00 99.02
Grupo Generali España Agrupación de Interés Económico 067 EUR 35,597,000 G 11 99.98
Gensegur Agencia de Seguros S.A. 067 EUR 60,101 G 11 100.00 Generali España, S.A. de Seguros y Reaseguros 100.00 99.90
Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 055 EUR 7,500,000 G 2 53.00 Europ Assistance Holding S.A. 53.00 52.46
Europ Assistance - Serviços de Assistencia Personalizados S.A. 055 EUR 250,000 G 11 99.90
MRS Bioul S.A. 009 EUR 850,000 G 10 99.87 Generali Belgium Senior Homes FCP FIS 100.00 99.71 0.13 Generali Real Estate Investments B.V.
RVT Kortenaken SA 009 EUR 1,200,000 G 10 99.97 Generali Belgium Senior Homes FCP FIS 100.00 99.71 0.03 Generali Real Estate Investments B.V.
RVT Oordegem SA 009 EUR 146,382 G 10 48.67 Generali Belgium Senior Homes FCP FIS 100.00 99.47 51.33 Generali Real Estate Investments B.V.
Method(1) Activity(2) Shareholding% Group equity ratio(3)Direct Indirect Through Total 34.11 Generali Italia S.p.A.
Generali Verzekeringsgroep N.V. 050 EUR 5,545,103 G 4 12.77 Flandria Participations Financières S.A. 98.56 98.56
B.V. Algemene Holding en Financierings Maatschappij 050 EUR 4,696,625 G 9 100.00 Generali Holding Vienna AG 100.00 100.00
Participatie Maatschappij Transhol B.V. 050 EUR 8,168,000 G 9 100.00 Transocean Holding Corporation 100.00 100.00 74.00 Generali Italia S.p.A.
Generali Real Estate Investments B.V. 050 EUR 250,000,000 G 10 59.66 Generali Belgium S.A. 100.00 99.24
Lion River II N.V. 050 EUR 48,500 G 9 2.06 Generali Italia S.p.A. 100.00 99.98 2.06 Generali Beteiligungs-GmbH
CZI Holdings N.V. 050 CZK 2,662,000,000 G 4 100.00 Generali PPF Holding B.V. 100.00 76.00
CP Strategic Investments N.V. 050 EUR 225,081 G 9 100.00 Ceska pojistovna, a.s. 100.00 76.00
BSI Trust Corporation (Malta) Ltd 105 EUR 50,000 G 11 98.00 BSI S.A. 98.00 98.00
Generali-Ingatlan Vagyonkezelo és Szolgáltató Kft. 077 HUF 5,296,788,000 G 10 100.00 Generali Biztosító Zrt. 100.00 76.00
Generali Pojistovna a.s. 275 CZK 500,000,000 G 2 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Development spol. s.r.o. 275 CZK 200,000 G 10 100.00 Generali Pojistovna a.s. 100.00 76.00
Palac Krizik a.s. 275 CZK 2,020,000 G 10 50.00 Ceska pojistovna, a.s. 50.00 76.00
Penzijní spolecnost Ceské Pojištovny, a.s. 275 CZK 300,000,000 G 11 100.00 CP Strategic Investments N.V. 100.00 76.00
Ceská pojištovna ZDRAVI a.s. 275 CZK 100,000,000 G 2 100.00 Ceska pojistovna, a.s. 100.00 76.00
Generali PPF Asset Management a.s. 275 CZK 52,000,000 G 8 100.00 CZI Holdings N.V. 100.00 76.00
Univerzální správa majetku a.s. 275 CZK 1,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 76.00
Generali PPF Services a.s. 275 CZK 3,000,000 G 11 20.00 Generali Pojistovna a.s. 100.00 76.00 80.00 Ceska pojistovna, a.s.
Pankrac Services, s.r.o. 275 CZK 200,000 G 10 100.00 Ceska pojistovna, a.s. 100.00 76.00
Fond kvalifikovaných investoru GPH 275 CZK 0 G 11 16.67 Generali Pojistovna a.s. 100.00 76.00 83.33 Ceska pojistovna, a.s.
Generali Towarzystwo Ubezpieczen S.A. 054 PLN 190,310,000 G 2 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Finance spólka z ograniczona odpowiedzialnoscia 054 PLN 15,230,000 G 8 100.00 Generali Towarzystwo Ubezpieczen S.A. 100.00 76.00
Generali Societate de Administrare a Fondurilor de Pensii Private S.A. 061 RON 52,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 76.00
S.C. Generali Romania Asigurare Reasigurare S.A. 061 RON 179,100,909 G 2 84.49 Generali PPF Holding B.V. 99.91 75.93 15.42 Iberian Structured Investments I B.V.
Generali Insurance Life AD 012 BGN 7,000,000 G 2 99.58 Generali Bulgaria Holding EAD 99.58 75.68
Generali Zakrila Medical and Dental Centre EOOD 012 BGN 100,000 G 11 100.00 Generali Insurance AD 100.00 75.52
GP Reinsurance EAD 012 BGN 53,400,000 G 5 100.00 Generali PPF Holding B.V. 100.00 76.00
Generali Assurances Générales 071 CHF 27,342,400 G 3 99.92 Generali (Schweiz) Holding AG 99.92 99.92
Generali Personenversicherungen AG 071 CHF 106,886,890 G 3 15.06 Generali Assurances Générales 100.00 99.98 84.94 Generali (Schweiz) Holding AG
Europ Assistance (Suisse) S.A. 071 CHF 200,000 G 11 100.00 Europ Assistance (Suisse) Holding S.A. 100.00 84.23
Europ Assistance (Suisse) Assurances S.A. 071 CHF 3,000,000 G 3 100.00 Europ Assistance (Suisse) Holding S.A. 100.00 84.23
Generali International Ltd 201 EUR 13,938,259 G 3 100.00 Generali Worldwide Insurance Company Limited 100.00 100.00
GW Beta Limited 202 GBP 745,676 G 9 100.00 Generali Worldwide Insurance Company Limited 100.00 100.00
Generali Sigorta A.S. 076 TRY 104,586,866 G 3 99.67 Generali Turkey Holding B.V. 99.67 99.67
Delta Generali Holding d.o.o. Podgorica 290 EUR 5,000,000 G 4 57.50 Generali Osiguranje Srbija a.d.o. 100.00 76.00 18.00 Generali Reosiguranje Srbija a.d.o.
Generali Osiguranje Srbija a.d.o. 289 RSD 2,131,997,310 G 3 100.00 Generali PPF Holding B.V. 100.00 76.00
Europ Assistance USA Inc. 069 USD 5,000,000 G 11 100.00 Europ Assistance North America, Inc. 100.00 98.98
Customized Services Adminitrators Inc. 069 USD 2,974,774 G 11 100.00 Europ Assistance North America, Inc. 100.00 98.98
GNAREH 1 Farragut LLC 069 USD 34,421,491 G 10 35.73 Generali North American Holding 1 S.A. 100.00 99.63 21.09 Generali North American Holding 2 S.A.
Generali Consulting Solutions LLC 069 USD 156,420 G 11 100.00 100.00 100.00
Europ Assistance Canada Inc. 013 CAD 6,738,011 G 9 100.00 Europ Assistance Holding S.A. 100.00 98.98
CMN Global Inc. 013 CAD 203 G 11 100.00 Europ Assistance Canada Inc. 100.00 98.98
Caja de Seguros S.A. 006 ARS 228,327,700 G 3 99.00 Caja de Ahorro y Seguro S.A. 99.00 89.10
La Caja de Seguros de Retiro S.A. 006 ARS 5,020,000 G 3 5.00 Caja de Ahorro y Seguro S.A. 100.00 89.14 95.00 Caja de Seguros S.A.
Generali Colombia - Seguros Generales S.A. 017 COP 22,154,947,500 G 3 81.83 86.61 4.77 Transocean Holding Corporation
Generali Ecuador Compañía de Seguros S.A. 024 USD 2,130,000 G 3 51.74 51.74 51.74
BSI Bank (Panama) S.A. 051 USD 10,000,000 G 9 100.00 BSI S.A. 100.00 100.00
BSI Overseas (Bahamas) Ltd 160 USD 10,000,000 G 8 100.00 BSI S.A. 100.00 100.00
Generali China Life Insurance Co. Ltd 016 CNY 3,700,000,000 G 3 50.00 50.00 50.00
PT Asuransi Jiwa Generali Indonesia 129 IDR 628,000,000,000 G 3 98.73 Generali Asia N.V. 98.73 98.73
Generali Pilipinas Life Assurance Co. Inc. 027 PHP 1,725,050,515 G 3 100.00 Generali Pilipinas Holding Co. Inc. 100.00 60.00
Generali Pilipinas Insurance Co. Inc. 027 PHP 1,208,860,137 G 3 99.99 Generali Pilipinas Holding Co. Inc. 99.99 60.00
Generali Insurance (Thailand) Co. Ltd 072 THB 860,000,000 G 3 47.67 Generali Asia N.V. 82.56 80.69 34.88 KAG Holding Company Ltd
FTW Co. Ltd. 072 THB 200,000 G 4 90.57 Generali Asia N.V. 90.57 90.57
Labour Assist (Pty) Ltd 078 ZAR 100 G 11 90.00 Europ Assistance Worldwide Services (Pty) Ltd 90.00 57.03
Access Health Africa (Proprietary) Limited 078 ZAR 1,000 G 11 100.00
Buxola (Pty) Ltd 078 ZAR 100 G 11 100.00 Randgo Reward (Pty) Ltd 100.00 31.75
MRI Criticare Medical Rescue (Pty) Limited 078 ZAR 200 G 11 100.00
Risparmio Assicurazioni S.p.A. 086 EUR 150,000 a 11 100.00 Generali Italia S.p.A. 100.00 100.00 161
Sementi Dom Dotto S.p.A. 086 EUR 3,500,000 a 11 100.00 Genagricola S.p.A. 100.00 100.00 3,820
Generali Horizon S.p.A. 086 EUR 120,000 a 9 100.00 Generali Italia S.p.A. 100.00 100.00 177
Initium S.r.l. in liquidazione (*) 086 EUR 250,000 b 10 49.00 Generali Properties S.p.A. 49.00 49.00 3,624
HSR S.r.l. in liquidazione 086 EUR 20,000 a 10 90.00 Generali Properties S.p.A. 90.00 90.00 54 28.92 Generali Italia S.p.A.
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Deutsche Vermögensberatung AG (*) 094 EUR 150,000,000 b 11 40.00 Generali Deutschland Holding 40.00 40.00 256,930
Thuringia Vers.svermittlungs 094 EUR 25,600 a 11 100.00 Generali Beteiligungs AG 100.00 100.00 26
Generali Pensionsmanagement 094 EUR 52,000 a 11 100.00 Generali Beteiligungs AG 100.00 100.00 112
Volksfürsorge Fixed Assets 094 EUR 104,000 a 11 100.00 Generali Lebensversicherung AG 100.00 100.00 104
AM RE Verwaltungs GmbH 094 EUR 25,000 a 9 100.00 AachenMünchener Lebensvers. 100.00 100.00 25
Cosmos Fixed Assets GmbH 094 EUR 25,000 a 9 100.00 Cosmos Lebensversicherungs AG 100.00 100.00 24
Zweite AM RE Verwaltungs GmbH 094 EUR 25,000 a 9 100.00 AachenMünchener Versicherung 100.00 100.00 25
Alstercampus Verwaltung. mbH 094 EUR 25,000 a 9 50.00 Generali Real Estate S.p.A. 50.00 50.00 13
BA1 Alstercampus Grundstücksg. (*) 094 EUR 1,000 c 10 50.00 Generali Lebensversicherung AG 50.00 50.00 4,965
Grundstücksg. Wohnen Westhafen 094 EUR 4,731,000 c 10 84.99 Generali Versicherung AG 84.99 84.99
MPC Real Value Fund GmbH&Co.KG 094 EUR 5,000,200 a 11 100.00 Generali Lebensversicherung AG 100.00 100.00 3,679
Generali European Retail IG KG 094 EUR 20,250 a 10 50.62 Generali Real Estate S.p.A. 100.00 100.00 94 49.38 Generali Deutschland IV GmbH
Generali Alternative Inv. G.KG 094 EUR 60,000 a 9 100.00 Generali Deutschland Holding 100.00 100.00 75
Dein Plus GmbH 094 EUR 50,000 b 11 60.00 Generali Versicherung AG 60.00 60.00 vSPS Management GmbH 094 EUR 25,000 a 11 100.00 Generali Versicherung AG 100.00 100.00 25
Bourbon Courtage S.A. 029 EUR 124,500 a 11 0.12 Generali IARD S.A. 100.00 92.83 75 0.12 Generali Vie S.A.
Generali Reassurance Courtage 029 EUR 3,016,656 a 11 100.00 Generali France Assurances SA 100.00 98.95 2,219
Europ Assistance Océanie SAS 225 XPF 24,000,000 a 11 99.88 Europ Assistance Holding S.A. 99.88 98.86 286
Risque et Sérénité S.A. 029 EUR 6,135,300 a 9 49.12 Generali Vie S.A. 61.16 60.51 4,060 12.04 Generali France Assurances SA
Europ Assistance IHS Services 029 EUR 7,287,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98 994
Bien Être Assistance S.A.S. (*) 029 EUR 1,000,000 c 11 51.00 EAP France SAS 51.00 25.74 599
SAS 100 CE (*) 029 EUR 51,277,080 c 10 50.00 Generali Europe Income Holding 50.00 49.82 24,352
EAP France SAS (*) 029 EUR 738,500 c 11 51.00 Europ Assistance France S.A. 51.00 50.48 1,451
Generali 9 S.A.S. 029 EUR 1,000 a 9 100.00 Generali France Assurances SA 100.00 98.95 1
SCI Malesherbes (*) 029 EUR 1,000 c 10 100.00 Generali Vie S.A. 100.00 98.95 24,800
SCI Pasquier (*) 029 EUR 6,437,750 c 10 50.00 Generali IARD S.A. 50.00 49.47 12,659
VIGIE Assurances SARL Agence 029 EUR 4,271,610 a 11 100.00 Generali IARD S.A. 100.00 98.95 1,354
ABT SAS 029 EUR 125,000 c 11 25.00 Generali France Assurances SA 25.00 24.74 31
Drei-Banken Versicherungs-AG (*) 008 EUR 7,500,000 b 7 20.00 Generali Holding Vienna AG 20.00 20.00 9,593 3 Banken-Generali Investment (*) 008 EUR 2,600,000 b 8 48.57 Generali Holding Vienna AG 48.57 48.57 1,854
Generali Betriebsrestaurants 008 EUR 36,336 a 11 100.00 Generali Versicherung AG (A) 100.00 100.00 484
MAS Versicherungmakler GmbH 008 EUR 55,000 a 11 100.00 Generali Sales Promotion GmbH 100.00 100.00 125
Global Private Equity Holding 008 EUR 482,680 b 9 11.39 Generali Lebensversicherung AG 23.02 23.02 56 11.63 Generali Versicherung AG (A)
BONUS Vorsorgekasse AG (*) 008 EUR 1,500,000 b 11 50.00 Generali Holding Vienna AG 50.00 50.00 2,395
Risk-Aktiv Versicherungsserv. 008 EUR 35,000 a 11 100.00 Generali Versicherung AG (A) 100.00 100.00 35
Generali 3Banken Holding AG (*) 008 EUR 70,000 b 9 49.30 Generali Versicherung AG (A) 49.30 49.30 73,045
Generali FinanzService GmbH 008 EUR 50,000 a 11 100.00 Generali Sales Promotion GmbH 100.00 100.00 854
308 | Generali Group - Annual Integrated Report 2014 Consolidated Financial Statements - Generali Group | 309
PCO Immobilien GmbH 008 EUR 35,000 a 10 100.00 Generali Immobilien GmbH 100.00 100.00 381
Lead Equities II Auslandsbet. 008 EUR 730,000 b 9 21.59 Generali Versicherung AG (A) 21.59 21.59
Lead Equities II Private Eq. 008 EUR 7,300,000 b 9 21.59 Generali Versicherung AG (A) 21.59 21.59
Groupe Vervietois d’Assureurs 009 EUR 94,240 a 11 99.95 Generali Belgium S.A. 99.95 99.65 571 0.42 Groupe Vervietois d’Assureurs
Nederlands Algemeen Verzek. 050 EUR 18,151 a 11 100.00 Generali Verzekeringsgroep NV 100.00 98.56 2,518
C.V. Admirant (*) 050 EUR 18,000 b 10 50.00 Generali Real Estate Inv. B.V. 50.00 49.62 24,401
Beleggingscons. Sloterdijk CV (*) 050 EUR 18,000 b 10 21.37 Generali Real Estate Inv. B.V. 21.37 21.21 1,633
Beleggingscons. Sl. Beheer BV (*) 050 EUR 18,000 b 10 21.37 Generali Real Estate Inv. B.V. 21.37 21.21 5
UBS (Lux) Euro Value Added 092 EUR 282,200,000 b 10 7.09 AachenMünchener Lebensvers. 26.58 26.58 11,148 1.77 AachenMünchener Versicherung 17.72 Generali Lebensversicherung AG
GARBE Logistic Strategic Fund (*) 092 EUR 125,750,000 b 11 7.95 AachenMünchener Lebensvers. 39.76 39.76 36,615 23.86 Generali Lebensversicherung AG
BSI & Venture Partners S.A. (**) 092 EUR 200,000 a 9 100.00 BSI S.A. 100.00 100.00 201
Ponte Alta Lda 055 EUR 400,000 a 11 100.00 Europ Assistance Portugal 100.00 52.46 3,400
Europ Assistance A/S 021 DKK 500,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
Shaza & Toptorony zrt (*) 077 HUF 0 c 11 50.00 GLL AMB Generali Bankcenter 50.00 50.00 32,583
AUTOTÁL BiztosításiSzolgáltató 077 HUF 104,000,000 a 11 100.00 Generali Biztosító Zrt. 100.00 76.00 1,013
CP Asistence s.r.o. 275 CZK 3,000,000 a 11 100.00 Europ Assistance s.r.o. 100.00 94.00
Nadace pojištovny Generali 275 CZK 500,000 a 11 100.00 Generali Pojistovna a.s. 100.00 76.00 18
Generali IT S.r.o. 276 EUR 165,970 a 11 100.00 Generali VIS Informatik GmbH 100.00 100.00 132
VUB Generali d.s.s., a.s. (*) 276 EUR 10,090,951 b 11 50.00 Generali Poistovna a.s. 50.00 38.00 9,011
Europ Assistance Polska Spzoo 054 PLN 3,000,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98 73
Funicolare Lugano-Paradiso 071 CHF 600,000 b 11 31.00 BSI S.A. 31.00 31.00
BSI Art Collection S.A. (**) 071 CHF 100,000 a 11 100.00 BSI S.A. 100.00 100.00 83
Europ Assistance d.o.o. 289 RSD 1,405,607 a 11 100.00 Europ Assistance Kft 100.00 93.01
Intl Inheritance Planning Ltd (**) 049 NZD 5,000 a 9 100.00 BSI S.A. 100.00 100.00 3
GLL 200 State Street L.P. (*) 069 USD 1,000 c 11 49.90 GLL AMB Generali 200 State 49.90 49.90 35,212
Montcalm Wine Importers Ltd 069 USD 600,000 a 11 80.00 Genagricola S.p.A. 80.00 80.00
Pluria Productores de Seguros 006 ARS 50,000 a 11 96.00 Caja de Ahorro y Seguro S.A. 96.00 86.40 473
Care Management Network Inc. 160 USD 9,000,000 a 11 100.00 Europ Assistance (Bahamas) Ltd 100.00 98.97
Europ Assistance (Bahamas) Ltd 160 USD 10,000 a 11 99.99 Europ Assistance IHS Services 99.99 98.97
Europ Assistance Brasil S.A. 011 BRL 2,975,000 c 11 100.00 EABS Serviços Partecipaçoes SA 100.00 26.23
Europ Servicios S.p.A. 015 CLP 1,000,000 a 11 100.00 Europ Assistance SA 100.00 38.62
La Nacional Cia Inmobiliaria 024 USD 47,647 a 10 100.00 Generali Ecuador S.A. 100.00 51.74 754
Europ Assistance India Private 114 INR 230,590,940 a 11 100.00 Europ Assistance Holding S.A. 100.00 98.98
Europ Assistance Angola Lda 133 AOA 2,250,000 a 11 90.00 Europ Assistance IHS Services 90.00 89.08
Europ Assistance–IHS Services 119 XAF 1,000,000 a 11 100.00 Europ Assistance IHS Services 100.00 98.98
EA-IHS Services Congo Sarl 145 XOF 10,000,000 a 11 100.00 Europ Assistance IHS Services 100.00 98.98
Europ Assistance IHS (Pty) 078 ZAR 400,000 a 11 15.00 Europ Assistance W.Services 100.00 93.64 4 85.00 Europ Assistance IHS Services
Europ Assistance NIGER 150 XAF 1,000,000 a 11 100.00 Europ Assistance IHS Services 100.00 98.98
(*) Partecipations valued at equity. (**) At 31 December 2014, the investment is classified under “Assets held for sale” as falling within the scope of the BSI Group.
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3. The undersigned further confirm that: 3.1 the consolidated financial statements as at 31 December 2014: a) are prepared in compliance with applicable international accounting standards recognized by the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, with the provisions of Legislative Decree No. 38 of 28 February 2005, of the Italian Civil Code, of Legislative Decree No. 209 of 7 September 2005 and with applicable provisions, regulations and circular letters issued by ISVAP (now IVASS); b) correspond to the related books and accounting records; c) provide a true and correct representation of the financial position of the issuer and the group of companies included in the scope of consolidation; 3.2 the management report contains a reliable analysis of the business outlook and management result, the financial position of the issuer and group companies included in the scope of consolidation and a description of the main risks and uncertain situations to which they are exposed.
Mario Greco Alberto Minali Managing Director Manager in charge of preparing and Group CEO the Company’s financial reports and Group CFO
2. transactions having a significant Impact on the economic, Financial and Assets Position. other significant events (item 1 of Consob Statement no. 1025564/01)
The Board oversaw the Company’s compliance with the law and with the articles of association and its adherence to the principles of sound management,
Report by the Board of Auditors to the shareholders’ meeting of Assicurazioni Generali s.p.A, which was convened to approve the Financial statements as at 31 december 2014 pursuant to articles 153 of legislative decree 58/1998 and 2429, paragraph, 3 of the civil code
Dear Shareholders, according to the provisions of article 153 of Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Financial Intermediation) and to the indications in Consob statement no. 1025564 of 6 April 2001, as amended, also considering the conduct principles recommended by the National Council of Certified Accountants, the Board Of Auditors of Generali S.p.A. reports to you on the supervisory activity conducted in the year 2014. This Board of Auditors took office on 30 April 2014 when the Shareholders’ Meeting appointed the control body of the Company for the following three years, changing its entire composition. The activity conducted during 2014, after its appointment, allowed the Board, inter alia, to gain knowledge of the Company, of the group, of its organizational, administrative, and accounting structures as well as of its internal control and risk management system, useful also for planning its activities.
1. Activities of the Board of Auditors during the year ended on 31 december 2014 (item 10 of Consob Statement no. 1025564/01)
catastrophic events resulting from storms in Europe for a period of three years.
— In May 2014 the Company completed the acquisition of its stake in Generali Deutschland Holding from minority shareholders. Following the completion of the squeeze-out resolution adopted in December 2013, Assicurazioni Generali S.p.A was assigned all the shares held by the minority shareholders of the German subsidiary, followed by their delisting. The transaction determined a reduction in Group’s Equity by € 130 million.
— In the same month of May 2014 a € 1,500 million senior bond was redeemed.
— In the month of July 2014, Assicurazioni Generali S.p.A signed the agreement for the sale of its entire stake in BSI Group to BTG Pactual, for an overall amount of € 1.24 billion. Pending the necessary regulatory authorizations, since June 2014 the stake in BSI Group has been classified as a disposal group held for sale. The transaction had – as a whole, also according to IFRS 5 – a negative impact on the income statement for € 112 million.
— In December 2014 Assicurazioni Generali S.p.A entered the Malaysian insurance market by means of an agreement with Multi-Purpose Capital Holdings Berhad (a company fully owned by the Malaysian group led by MPHB Capital) concerning the acquisition of 49% of the MPIB (“Multi-Purpose Insurans with particular reference to significant transactions under the economic, financial and assets profile by constantly participating in the above meetings of the Board of Directors and by reviewing the documentation provided. In this regard, the Board received information from the Managing Director and from the Board of Directors on the activities conducted and on the transactions having a significant impact on the economic, financial and assets position performed by the Company, also through its direct or indirect subsidiaries. Based on the information available, the Board reasonably concluded that those transactions are to be regarded as complying with the law, with the articles of association and with the principles of sound management, and that they do not appear patently imprudent, rash or in conflict with the resolutions taken by the Shareholders, or capable of undermining the corporate assets. In particular, the Board was informed about transactions in which directors stated their interest, on their behalf or on behalf of third parties, and has no observations with regard the compliance of the respective resolutions with laws and regulations.
The main significant events involving the Group during 2014 and also described in the management report are listed below: — in January 2014 Assicurazioni Generali S.p.A. issued a senior bond for an overall amount of € 1,250 million, underwritten for approximately 90% by foreign institutional investors. The issue was aimed at refinancing part of the Group’s senior debt maturing in 2014, for an overall amount of € 2,250 million.
— In the same month of April 2014 Assicurazioni Generali S.p.A. entered the market of Insurance Linked Securities (ILS) in order to optimize its protection against catastrophic events. This transaction also marks the very first placement of a bond indemnity hedging against storms in Europe based on US regulation 144A. Thanks to this transaction, Assicurazioni Generali S.p.A optimized its protection against
finding of 5 March 2015, confirmed in first instance the validity of the settlement agreement reached in July 2013 with Dott. Raffaele Agrusti, ordering Assicurazioni Generali S.p.A. to comply with the provisions contained therein and rejecting, on the merits, the claims for damages brought against Dott. Agrusti himself. The Board of Auditors acknowledges that, in the meantime, the Board of Directors has continued to monitor the outcomes of the initiatives launched by the Company concerning to the investments underlying the above litigation.
3. transactions with Related Parties and Intragroup transactions. Atypical and/ or unusual transactions (items 2 and 3 of Consob Statement no. 1025564/01)
With reference to other significant events, the Board of Auditors received information at the Shareholders’ Meeting of 20 January 2015, regarding the litigation under way with former Company managers Dott. Giovanni Perissinotto and Dott. Raffaele Agrusti. In particular, the Board acknowledged that the Court of Trieste – Labour Section, in its finding of 23 December 2014, rejected in first instance the action brought by Assicurazioni Generali S.p.A. to challenge the settlement agreement signed in 2012 by Dott. Giovanni Perissinotto, while declaring that it lacks jurisdiction as to the claims for damages lodged by the Company against him. The Board of Directors resolved, during the same meeting of 20 January 2015, to start appropriate appeal proceedings before the competent authorities against the above finding of the Court of Trieste. The Board of Auditors will monitor the evolution of said proceedings also in order to assess the existence of any pre-conditions for its intervention. Lastly, the Court of Trieste – Labour Section, with its
Group and of the adequacy of the prescriptions given by Assicurazioni Generali S.p.A. to the subsidiary companies pursuant to article 114, paragraph 2, of Legislative Decree 58/1998 in order to promptly obtain the information needed to fulfil the disclosure requirements prescribed by law. The review of the reports drawn up by the supervisory boards of the subsidiaries and/or of the reports transmitted by them to this Board following specific request found no significant elements worthy of your attention.
5. Internal control and Risk management system, Administrative-Accounting system and Financial Information Process (items 13 and 14 of Consob Statement no. 1025564/01)
Within the framework outlined by those Policies, the Company adopted specific regulations, processes and structures suitable for monitoring and hedging against the risks connected with its activity, such as financial, credit, insurance, operational and other risks such as liquidity, reputational, strategic and contagion risks, as described in the Management Report. The above Policies on the internal control and risk management system are also adopted by the main subsidiaries, taking into account the regulatory specific details of the various countries in which the Group operates and any business peculiarities. The corporate functions operate according to an organizational model based on three levels of control: the heads of the operating areas (risk owners); the Group Risk Management and the Group Compliance; the Group Audit. The Group CEO is also assigned the role of director in charge of the internal control and risk management system. According to the request submitted by Consob on 19 February 2015 as per article 114, paragraph 5, of Legislative Decree no. 58/1998, following the issue of Guidelines by EIOPA on 31 October 2013 and their subsequent transposition by IVASS in its regulations, the Company emphasized in the Management Report the
Based on the information provided to us, no atypical and/or unusual transactions were implemented.
4. company and Group organizational structure (item 12 of Consob Statement no. 1025564/01)
The Group’s organizational structure envisages a matrix model with Business Units and Group Head Office Functions; the latter act as supporting functions aimed at promoting the development of key skills globally by setting up competence centres guaranteeing functional excellence at a Group level. The organizational governance and the interaction between Business Units and Group Head Office Functions are regulated by formal integration and coordination mechanisms, consisting in: — the Group Management Committee (GMC), as a co-ordination body with which the Top Management shares the main strategic decisions; — the Quarterly Business Reviews, through which local businesses define their own goals in line with the global strategy; — the Functional Guidelines and Function Councils through which company functions are coordinated at a global level; — a grouping of functions into two categories (so-called Solid and Dotted) based on the importance of reporting and coordination between the functions supporting the Business Units and their counterpart functions of the Group Head Office.
the third pillar of Solvency II. Furthermore, consistently with the EIOPA guidelines and with the IVASS indications, in December 2014 the Group approved the policy of reporting to supervisory authorities (i.e. the Reporting Policy) which specifies the corporate functions responsible for preparing, validating and transmitting the third pillar reporting and the characteristics of the platform those processes were built upon. For more details on the measures being implemented and for further information on the subject, please refer to the Management Report.
At the period ending date, the solvency margin was adequately covered by its underlying elements. The Management Report and the Notes to the Accounts provide evidence of the Net Equity and of the solvency ratios of the Company and of the Group.
The Company included in the Notes to the Accounts ix) pursuant to paragraphs 1 and 2 of article 151 of Legislative Decree 58/1998, exchanged information with the supervisory bodies of subsidiary companies; Within its own supervisory activity of the internal control and risk management system, the Board focused in particular on the profiles regarding the compliance with the anti-money laundering rules, in view of some issues emerged in the management of the Centralized Computer Archive in 2013 for the subsidiary Generali Italia S.p.A., in the context of the reallocation of insurance portfolios after the restructuring of the Group’s Italian business, which had been described by the supervisory body previously in office in its report at its last Meeting. The Board, in agreement with the boards of auditors of the companies involved, constantly monitored the progress and the actual implementation of the action plan adopted by the Company on this subject, as submitted by the same Supervisory Authority, including farther-reaching measures proposed in the field of anti -money laundering and counter-terrorism. Within this same action plan, the new “Anti-Money Laundering & Counter Terrorism Financing Policy” was approved by the Board of Directors: it applies to all subsidiary insurance companies operating both in life and non-life lines of business. The implementation plan of the new Policy at a Group level, about which this Board informed Consob and IVASS, is currently under way and its progress is in line with the expected timelines.
As regards the accounting & administrative system and the financial information process, the Board of Auditors also monitored the activities conducted by the Company with a view to continuously assessing their adequacy. This goal was pursued by the Company by adopting a “financial reporting model” made up of a set of princi-
9. statutory Audit (items 4, 7, 8 and 16 of Consob Statement no. 1025564/01)
The Manager in charge of preparing the corporate books and the Managing Director and Group CEO released the statements and attestations required by article 154-bis of Legislative Decree 58/1998 with reference to the financial statements and to the consolidated financial statements of Assicurazioni Generali S.p.A as at 31 December 2014.
The Board provided oversight, within the limits of their responsibilities, over the general layout of the financial statements and of the consolidated financial statements in accordance with the law and with the specific regulations on drawing up insurance financial statements.
The explanatory notes explain the assessment criteria adopted and provide the information required by current regulations; the Management Report prepared by the directors details the development of management the information regarding share-based payment agreements, in particular bonus plans linked to capital instruments assigned by the Parent Company and by the other Group companies.
7. organization and management model Pursuant to legislative decree no. 231/2001
pointments and Corporate Governance Committee, the Board of Directors determined Dott. Cattaneo’s lack of independence, as required pursuant to the Voluntary Self-Regulatory Code.
In December 2014, the Board of Directors resolved the appointment of a new head for the Group’s Internal Audit Function, after identifying him with the aid of a leading head hunting firm, with a view to further strengthening the Group’s auditing arm in its new organizational structure. The Board reviewed the selection process and, taking into account the tasks and goals of the function in question, gave its own favourable opinion on the appointment and on the proposed remuneration, as required by the Voluntary Self-Regulatory Code. The mandate of the new head of the Group Audit function shall begin in April 2015.
The Board also duly expressed its remarks on the Quarterly Reports on complaints prepared by the head of the Internal Audit Function in compliance with provisions of ISVAP Regulation no. 24 of 19 May 2008. The reports raised no particular organizational issues or deficiencies. The Board also verified whether its reports and relevant remarks were promptly transmitted to IVASS by the Company.
11. Petitions and complaints pursuant to article 2408 of the civil code. Possible omissions, reprehensible actions or anomalies (items 5, 6 and 18 of Consob Statement no. 1025564/01)
On 30 March 2015 Reconta Ernst & Young S.p.A. issued their report pursuant to article 19, paragraph 3 of Legislative Decree 39/2010, which contains no elements deserving your attention.
The Board examined the further tasks/services assigned to the statutory auditing firm Reconta Ernst & Young S.p.A. and to firms within its network, whose fees are described in detail in the Notes to the Accounts. Considering the statement confirming its independence issued by Reconta Ernst & Young S.p.A. pursuant to article 19, paragraph 9 of Legislative Decree no. 39/2010 and the nature of the tasks assigned to it and to the firms belonging to its network by Assicurazioni Generali S.p.A and by the Group, no elements have emerged that let us reasonably assume that the independence of the auditing firm is at risk.
10. opinions Given by the Board of Auditors during the corporate year (item 9 of Consob Statement no. 1025564/01)
During the corporate year, the Board of Auditors also provided the opinions, remarks and certificates required by the current legislation.
Gross written premiums: equal to gross written premiums of direct business and accepted by third parties.
nBv, value of new business: net of the portion attributable to minority interests, is obtained by discounting at the date of new contracts the corresponding expected profits net of the cost of capital.
operating return of investments: equal to the ratio between the operating result and the average investments calculated based on the financial statement figures, as described in the methodological notes.
solvency I ratio: equal to the ratio of the available margin and the required margin.
equivalent terms: refer to equivalent exchange rates and equivalent consolidation scope.
earning per share: equals to the ratio of Group net result and the weighted average number of ordinary shares outstanding.
operating earnings per share: is the ratio between: — total operating result net of interest on financial liabilities, taxes and third party interests (as defined in the section 3 of the methodological note), and
operating return on equity: an indicator of return on capital in terms of the Group operating result adjusted as described in the previous methodological note.
Contacts Assicurazioni Generali s.p.A. P.zza Duca degli Abruzzi 2 34132 Trieste, Italy
The photo shoot was organized in the Generali offices in milan, Prague, Paris and hong kong