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class="page-title">Internal Control & Risk Management System</h1> </div> <div class="mt-3 mb-md"> <div class="highlights pb-4"> <h2 class="h4 lh-base mb-0"> <span><span><span><span><span><span><span>The internal control and risk management system is the set of company rules, procedures and structures that ensure the effective operation of the Company and enable it to identify, evaluate, measure, manage and monitor the main risks to which it is exposed.</span></span></span></span></span></span></span> </h2> </div> </div> <div class="mt-3 txt-component"> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The Internal Control and Risk Management System (ICRMS) is an integrated system that involves the <strong>entire organisational structure of the Company and the Group</strong>: the corporate bodies and the company structures contribute to its operation in a coordinated and independent way.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The <strong>Board of Directors</strong> is the leading player in the System, having responsibility for establishing internal control and risk management strategies and policies and guaranteeing their suitability and soundness over time, in terms of completeness, functionality and efficacy.  In the Company the other players are: the <strong>Risk and Control Committee</strong>, the <strong>Remuneration Committee</strong>, the <strong>Board of Statutory Auditors</strong>, the <strong>Top Management</strong>, the <strong>Managerial Risk Committees</strong>, the <strong>Dirigente Preposto</strong> (appointed in compliance with the provisions of art. 154-bis of the TUF (Consolidated Law on Finance as of Italian Legislative Decree n.58 of February 24, 1998, amended and supplemented), the <strong>heads of operational areas</strong>, and the <strong>control functions</strong>.  Group entities implement a coherent system of governance.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The <strong>risk management system</strong>, defined within the Risk Management Group Policy, establishes the main principles and minimum process requirements to identify, measure, manage, control and report present and forward-looking risks that could arise from the activities performed by Generali Group.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The <strong>Policy</strong> aims at ensuring a sound and effective management of risks throughout the Group consistently with the risk appetite defined by the </span></span></span><span><span><span>Board of Directors</span></span></span><span><span><span>, on the basis of Solvency II regulatory framework, as adopted by IVASS and other European National Competent Authorities. </span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The risk management system at Group level must be adequate for carrying out effective control over the Group’s overall strategic decisions and the balanced management of each GLE. For these purposes, a <strong>Group Risk Appetite Framework </strong>is adopted.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>This Group Policy includes also the principles underlying the <strong>Own Risk and Solvency Assessment (ORSA)</strong> process.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The risk management framework, regulated by the Policy is founded on the following <strong>four processes</strong>:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><span><span><span><span>risk identification,</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span><span>risk measurement,</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span><span>risk management and control,</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span><span>risk reporting (including ORSA Reporting).</span></span></span></span></span></span></span></span></li> </ul> </div> <div class="mt-3 txt-component"> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span><strong>ORSA</strong> is defined as the <strong>set of processes and procedures employed to identify, assess, monitor, manage and report the risks </strong>that the Group is facing and will face in the future, as well as the level of Own Funds required to ensure that the Group’s solvency needs are met.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The Internal Control and Risk Management System operates according to a "three lines of defence” approach where the <span><span>company functions</span></span></span></span> </span><span><span><span>have a clear organizational position and play a defined role:</span></span></span></span></span></span></span></p> </div> <div class="mt-md image-component tcenter"> <figure class="" title="Internal Control &amp; Risk Management System"> <img loading="lazy" class="" src="/doc/jcr:97b629d6-a687-47ed-9937-90607e2eb279/lang:en/generali_GOV_def_4_InternalControl22.png" alt="Internal Control &amp; Risk Management System"> </figure> </div> <div class="mt-3 txt-component"> <ul> <li><span><span><span><span><span><span><span><span>The<strong> operational department heads</strong> (risk owners) have the task of ensuring correct management of risks correlated with the activities performed and introducing suitable controls, in compliance with the organisational structure and the giudelines issued by the Group CEO, to guarantee implementation of the Internal Control and Risk Management Policies issued by the Board. The roles and responsibilities of each organisational unit are established within the system of delegated powers and the policies approved by the Board.<br />  </span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span><span>The<strong> risk management, compliance, anti financial crime and actuarial functions</strong> are the second line of defence. They guarantee continuous monitoring of the relevant risks applicable to the Company's business and are not in charge of any operational areas. The control functions are established in a form of specific organizational units and report directly to the Board of Directors.<br />  </span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span><span>The<strong> audit function</strong> is the third line of defence and is responsible for monitoring and evaluating the efficacy and efficiency of the Internal Control and Risk Management System. This Function is characterised by strong independence from the business and a high degree of autonomy; the head of the Function does not depend hierarchically on any head of the operational areas, but is answerable directly to the Board, with direct reporting to its Chairman.</span></span></span></span></span></span></span></span></li> </ul> </div> <div id="accordion1" class="accordion-item first-child mt-md"> <a id="heading1" class="p-3 p-md-4 d-flex justify-content-between align-items-center collapsed" data-bs-toggle="collapse" data-bs-target="#collapse1" href="#collapse1" aria-expanded="false" aria-controls="collapse1"> <h3 class="h5-section font-regular mb-0 me-3">Group Risk Map</h3> <span class="icongen-right-arrow-bold"></span> </a> <div id="collapse1" data-bs-parent="#accordion1" class="collapse" role="tabpanel" aria-labelledby="heading1"> <div class="px-3 px-md-4 p-4 pt-0"> <div class="mt-3 txt-component"> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><span><span><span>The Group Risk Map, being part of the Risk Management Group Policy, includes the main risks listed hereafter:</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><span><span><span><span><strong><span><span><span>Financial risks:</span></span></span></strong><span><span><span> driven by asset price volatility of financial assets. Financial risks are further split in:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><span><span><span>equity risk deriving from the risk of adverse changes in the market value of the assets or in the value of liabilities due to changes in the level of equity market prices which can lead to financial losses; </span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>equity volatility risk deriving from changes in the volatility of the markets;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>interest rate risk, defined as the risk of adverse changes in the market value of the assets or in the value of liabilities due to changes in the level of interest rates in the market;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>property risk deriving from changes in the level of property market prices;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>currency risk deriving from adverse changes in exchange rates;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>concentration risk deriving from asset portfolio concentration to a small number of counterparties. </span></span></span></span></span></span></span></li> </ul> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><strong><span><span><span>Credit risks:</span></span></span></strong><span><span><span> related to invested assets and arising from other counterparties (e.g., reinsurance, cash). Credit risks are further split in:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><span><span><span>spread widening risk, defined as the risk of adverse changes in the market value of debt security assets; </span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>default risk, defined as the risk of incurring in losses because of the inability of a counterparty to honour its financial obligations.</span></span></span></span></span></span></span></li> </ul> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><strong><span><span><span>Insurance life risks:</span></span></span></strong><span><span><span> deriving from the Group’s core insurance business in the life and health segments. Insurance life risks are further split in:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><span><span><span>mortality risk, defined as the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in mortality rates, where an increase in mortality rates leads to an increase in the value of insurance liabilities. Mortality risk also includes mortality catastrophe risk, resulting from the significant uncertainty of pricing and provisioning assumptions related to extreme or irregular events;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>longevity risk, similarly to mortality, is defined as the risk resulting from changes in mortality rates, where a decrease in mortality rates leads to an increase in the value of insurance liabilities;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>disability and morbidity risks derive from changes in the disability, sickness, morbidity and recovery rates;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>lapse risk is linked to the loss or adverse change in liabilities due to a change in the expected exercise rates of policyholder options. The relevant options are all legal or contractual policyholder rights to fully or partly terminate, surrender, decrease, restrict or suspend insurance cover or permit the insurance policy to lapse. Mass lapse events are also considered;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>expense risk results from changes in the expenses incurred in servicing insurance or reinsurance contracts;</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>health risk results from changes in health claims and also includes health catastrophe risk.</span></span></span></span></span></span></span></li> </ul> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><strong><span><span><span>Insurance non-life risks:</span></span></span></strong><span><span><span> arising from the Group’s insurance business in the Property & Casualty segment. Insurance life risks are further split in:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><span><span><span>pricing and catastrophe risks, deriving from the possibility that premiums are not sufficient to cover future claims, also in connection with extremely volatile events and contract expenses; </span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>reserving risk, related to the uncertainty of the claims reserves (in a one-year time horizon);</span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span><span>non-life lapse risk, arising from the uncertainty of the underwriting profits recognised in the premium provisions.</span></span></span></span></span></span></span></li> </ul> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><strong><span><span><span>Operational risks:</span></span></span></strong><span><span><span> arising from losses due to inadequate or failed internal processes, personnel or systems, or from external events, and including compliance risk and financial reporting risk.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><strong><span><span><span>Liquidity risk:</span></span></span></strong><span><span><span> deriving from the uncertainty, related to business operations, investment or financing activities, over the ability of the Group and its legal entities to meet payment obligations in a full and timely manner, in a current or stressed environment.</span></span></span></span></span></span></span></p> <p style="margin-left:0cm; margin-right:0cm"><br /> <span><span><span><span><span><span><span>Among <strong>other risks</strong> are emerging and sustainability risks:</span></span></span></span></span></span></span></p> <ul> <li><span><span><span><span><strong><span><span><span>Emerging risks:</span></span></span></strong><span><span><span> arising from new trends or evolving risks, which are difficult to perceive and quantify, although typically systemic. The most important are the environmental trends and <strong><em>climate change</em></strong>, <strong><em>technological changes and digitalization</em></strong>, <strong><em>geopolitical developments</em></strong> and <strong><em>demographics and social changes</em></strong>. For further details on these risks, please refer to the </span><a href="/what-we-do/emerging-risks">Emerging Risks Booklet</a><span>;</span></span></span></span></span></span></span><br />  </li> <li><span><span><span><span><strong><span><span><span>Sustainability risks</span></span></span></strong><span><span><span>: referring to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative impact on the value of the investment or on the value of the liability.</span></span></span></span></span></span></span></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <section class="component space-top"> <div class="component background-white-2 space-end space-top"> <div class="large-container"> <div class="container"> <div class="row justify-content-center align-items-center justify-content-stretch"> <div class="col-12 col-md-4 col-lg-4 mb-md-0 align-self-stretch mb-4 "> <a href="/info/discovering-generali" 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Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With almost 82,000 employees serving 70 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.</p> </div> </div> </div> </div> <div class="background-grey-light last"> <div class="large-container"> <div class="row"> <div class="col-12 col-md-7"> <ul class="list-unstyled"> <li> <a title="Legal Info" href="/info/legal-information">Legal Info</a> </li> <li> <a title="Cookie Policy" href="/info/cookies-policy">Cookie Policy</a> </li> <li> <a title="Privacy & GDPR" href="/info/privacy/privacy-information">Privacy & GDPR</a> </li> <li> <a title="FATCA" href="/info/fatca">FATCA</a> </li> <li> <a title="EMIR exemption " href="/info/European-Market-Infrastructure-Regulation">EMIR exemption </a> </li> <li> <a title="Holocaust" href="/info/holocaust">Holocaust</a> </li> <li> <a title="Accessibility" href="/info/accessibility">Accessibility</a> </li> <li> <a target="_blank" title="Whistleblowing" 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href="/who-we-are/at-a-glance">At a Glance</a></li> <li> <a href="/who-we-are/history"> Our History </a> <ul> <strong class="back">Who We Are</strong> <li class="flex-column main-section"> <h3>Our History</h3> <a class="btn-red mb-3 mt-2" href="/who-we-are/history">Discover</a> </li> <li><a href="/who-we-are/history/Generali-190-Anniversary">Generali 190 Anniversary</a></li> <li><a href="/who-we-are/history/Generali-190-Anniversary-Events-Timeline">Generali 190 Events timeline</a></li> <li><a href="/who-we-are/history/interactive-timeline">Interactive Timeline</a></li> <li><a href="/who-we-are/history/our-logo-over-190-years">Our logo over 190 years</a></li> <li><a href="/who-we-are/history/the-age-of-the-lion">Generali publications</a></li> <li><a href="/who-we-are/history/posters-and-advertising">Posters and advertising</a></li> <li><a href="/who-we-are/history/The-Generali-Group-Historical-Archives">Group Historical Archives</a></li> <li><a href="/who-we-are/history/group-libraries">Group libraries</a></li> </ul> </li> <li><a href="/who-we-are/our-culture">Our Culture</a></li> <li> <a href="/who-we-are/Strategic-Plan-Lifetime-Partner-24"> Strategic Plan: Lifetime Partner 24 </a> <ul> <strong class="back">Who We Are</strong> <li class="flex-column main-section"> <h3>Strategic Plan: Lifetime Partner 24</h3> <a class="btn-red mb-3 mt-2" href="/who-we-are/Strategic-Plan-Lifetime-Partner-24">Discover</a> </li> <li><a href="/who-we-are/Strategic-Plan-Lifetime-Partner-24/Sustainable-growth">Sustainable growth</a></li> <li><a href="/who-we-are/Strategic-Plan-Lifetime-Partner-24/Earnings-profile">Earnings profile</a></li> <li><a href="/who-we-are/Strategic-Plan-Lifetime-Partner-24/Lead-innovation">Lead innovation</a></li> </ul> </li> <li> <a href="/who-we-are/global-positioning"> Our organization </a> <ul> <strong class="back">Who We Are</strong> <li class="flex-column main-section"> <h3>Our organization</h3> <a class="btn-red mb-3 mt-2" href="/who-we-are/global-positioning">Discover</a> </li> <li><a href="/who-we-are/global-positioning/italy">Italy</a></li> <li><a href="/who-we-are/global-positioning/germany">Germany, Austria and Switzerland</a></li> <li><a href="/who-we-are/global-positioning/france">France</a></li> <li><a href="/who-we-are/global-positioning/international">International</a></li> <li><a href="/who-we-are/global-positioning/global-business-activities">Global Business Activities</a></li> <li><a href="/who-we-are/global-positioning/investments-asset-and-wealth-management">Asset & Wealth Management</a></li> </ul> </li> <li><a href="/who-we-are/discovering-generali">Generali Stories</a></li> <li><a href="/who-we-are/our-business">Our business model </a></li> <li><a href="/who-we-are/our-activities">Our activities</a></li> <li><a href="/who-we-are/our-management">Our management</a></li> <li><a href="/who-we-are/our-brand">Our Brand</a></li> <li> <a href="/who-we-are/sponsorship"> Sponsorship </a> <ul> <strong class="back">Who We Are</strong> <li class="flex-column main-section"> <h3>Sponsorship</h3> <a class="btn-red mb-3 mt-2" href="/who-we-are/sponsorship">Discover</a> </li> <li><a href="/who-we-are/sponsorship/Sport">Sport</a></li> <li><a href="/who-we-are/sponsorship/Arts-and-Culture">Arts and Culture</a></li> <li><a href="/who-we-are/sponsorship/Generali-women-in-sailing">Generali Women in Sailing</a></li> </ul> </li> </ul> </li> <li> <a href="/what-we-do">What we do</a> <ul> <strong class="back">back</strong> <li class="flex-column main-section"> <h3>What we do</h3> <p class="mt-1 mb-3"> Our purpose is to enable people to shape a safer and more sustainable future by caring for their lives and dreams. </p> <a class="btn-red mb-3" href="/what-we-do"> Discover </a> </li> <li><a href="/what-we-do/what-is-insurance">What is insurance</a></li> <li> <a href="/what-we-do/life-insurance"> Life insurance </a> <ul> <strong class="back">What we do</strong> <li class="flex-column main-section"> <h3>Life insurance</h3> <a class="btn-red mb-3 mt-2" href="/what-we-do/life-insurance">Discover</a> </li> <li><a href="/what-we-do/life-insurance/pure-risk-cover">Pure-Risk Cover</a></li> <li><a href="/what-we-do/life-insurance/investment-policies">Investment policies</a></li> <li><a href="/what-we-do/life-insurance/pension-funds">Pension Funds</a></li> <li><a href="/what-we-do/life-insurance/before-taking-out-a-life-insurance-policy">Before Taking Out a Life Insurance Policy</a></li> </ul> </li> <li> <a href="/what-we-do/property-and-casualty-insurance"> Property and Casualty Insurance </a> <ul> <strong class="back">What we do</strong> <li class="flex-column main-section"> <h3>Property and Casualty Insurance</h3> <a class="btn-red mb-3 mt-2" href="/what-we-do/property-and-casualty-insurance">Discover</a> </li> <li><a href="/what-we-do/property-and-casualty-insurance/damage-to-property">Damage to property</a></li> <li><a href="/what-we-do/property-and-casualty-insurance/personal-injury">Personal Injury</a></li> <li><a href="/what-we-do/property-and-casualty-insurance/third-party-liability">Third-Party Liability</a></li> <li><a href="/what-we-do/property-and-casualty-insurance/before-taking-out-a-property-and-casualty-policy">Before Taking Out a Property and Casualty Policy</a></li> <li><a href="/what-we-do/property-and-casualty-insurance/insurance-product-distribution-and-claims-management">Insurance Product Distribution and Claims Management</a></li> </ul> </li> <li><a href="/what-we-do/insurance-for-companies">Insurance for Companies</a></li> <li><a href="/what-we-do/insurance-solutions-with-ESG-components">Insurance solutions with ESG components</a></li> <li> <a href="/what-we-do/Global-Advisor-Excellence-Contest"> Global Advisor Excellence Contest </a> <ul> <strong class="back">What we do</strong> <li class="flex-column main-section"> <h3>Global Advisor Excellence Contest</h3> <a class="btn-red mb-3 mt-2" href="/what-we-do/Global-Advisor-Excellence-Contest">Discover</a> </li> <li><a href="/what-we-do/Global-Advisor-Excellence-Contest/Hall-of-fame">Hall of Fame & Finalists</a></li> <li><a href="/what-we-do/Global-Advisor-Excellence-Contest/Young-lion">Young Lion</a></li> <li><a href="/what-we-do/Global-Advisor-Excellence-Contest/engaged-agents">Generali Engaged Agents</a></li> </ul> </li> <li><a href="/what-we-do/asset-management">Asset Management</a></li> <li><a href="/what-we-do/Insurance-for-dummies">Insurance for dummies</a></li> <li><a href="/what-we-do/emerging-risks">Emerging risks</a></li> </ul> </li> <li> <a href="/sustainability">Sustainability</a> <ul> <strong class="back">back</strong> <li class="flex-column main-section"> <h3>Sustainability</h3> <p class="mt-1 mb-3"> Sustainability is the originator of our strategy. </p> <a class="btn-red mb-3" href="/sustainability"> Discover </a> </li> <li> <a href="/sustainability/responsible-business"> Responsible Business </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Responsible Business</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/responsible-business">Discover</a> </li> <li><a href="/sustainability/responsible-business/charter_sustainability_commitments">Charter of Sustainability Commitments </a></li> <li><a href="/sustainability/responsible-business/materiality-analysis">Materiality assessment</a></li> <li><a href="/sustainability/responsible-business/stakeholder-engagement">Stakeholder engagement</a></li> <li><a href="/sustainability/responsible-business/sustainability-indices-and-ratings">Sustainability indices and ratings </a></li> <li><a href="/sustainability/responsible-business/external-commitments">External commitments</a></li> </ul> </li> <li> <a href="/sustainability/responsible-insurer"> Responsible Insurer </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Responsible Insurer</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/responsible-insurer">Discover</a> </li> <li><a href="/sustainability/responsible-insurer/insurance-solutions-with-ESG-components">Insurance solutions with ESG components</a></li> <li><a href="/sustainability/responsible-insurer/SME-EnterPRIZE">SME EnterPRIZE</a></li> <li><a href="/sustainability/responsible-insurer/becoming-a-life-time-partner-to-our-customers">A Lifetime partner to our customers</a></li> <li><a href="/sustainability/responsible-insurer/NPS-improving-clients-experience">NPS: improving clients’ experience</a></li> <li><a href="/sustainability/responsible-insurer/Public-Private-partnerships">Public-Private partnerships</a></li> <li><a href="/sustainability/responsible-insurer/EU-Taxonomy-TSC-4-Data-sharing">EU Taxonomy</a></li> <li><a href="/sustainability/responsible-insurer/sustainability-into-underwriting">Sustainability into Underwriting</a></li> </ul> </li> <li> <a href="/sustainability/responsible-investor"> Responsible Investor </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Responsible Investor</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/responsible-investor">Discover</a> </li> <li><a href="/sustainability/responsible-investor/sustainability-into-investments">Sustainability into Investments</a></li> <li><a href="/sustainability/responsible-investor/investing-for-the-climate">Investing for climate</a></li> <li><a href="/sustainability/responsible-investor/real-estate-investments">Sustainable real estate investing</a></li> <li><a href="/sustainability/responsible-investor/sustainability-related-disclosures">Sustainability related disclosures</a></li> </ul> </li> <li> <a href="/sustainability/responsible-employer"> Responsible Employer </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Responsible Employer</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/responsible-employer">Discover</a> </li> <li><a href="/sustainability/responsible-employer/Generali-people-strategy">Generali People Strategy</a></li> <li><a href="/sustainability/responsible-employer/Employees_engagement">Employee engagement </a></li> <li><a href="/sustainability/responsible-employer/diversity-and-inclusion">Diversity Equity and Inclusion</a></li> <li><a href="/sustainability/responsible-employer/investing-in-our-people">Investing in our people</a></li> <li><a href="/sustainability/responsible-employer/training">Training</a></li> <li><a href="/sustainability/responsible-employer/work-life-balance">Work-life balance</a></li> <li><a href="/sustainability/responsible-employer/well-being">Well-being</a></li> <li><a href="/sustainability/responsible-employer/environmental-management">Environmental management system of Group Operations</a></li> <li><a href="/sustainability/responsible-employer/greenhouse-gas-emissions">Greenhouse gas emissions</a></li> <li><a href="/sustainability/responsible-employer/Green-offices-energy-use-of-resources-and-waste">Our offices: energy, use of resources and waste</a></li> <li><a href="/sustainability/responsible-employer/mobility">Mobility of our personnel</a></li> <li><a href="/sustainability/responsible-employer/social-dialogue">Social Dialogue</a></li> <li><a href="/sustainability/responsible-employer/european_social_charter">European Social Charter</a></li> <li><a href="/sustainability/responsible-employer/European_Works_Council">European Works Council</a></li> <li><a href="/sustainability/responsible-employer/working-with-our-suppliers">Working with our suppliers</a></li> </ul> </li> <li> <a href="/sustainability/responsible-citizen"> Responsible Corporate Citizen </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Responsible Corporate Citizen</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/responsible-citizen">Discover</a> </li> <li><a href="/sustainability/responsible-citizen/the-human-safety-net">The Human Safety Net</a></li> <li><a href="/sustainability/responsible-citizen/how-we-contribute">How we contribute</a></li> </ul> </li> <li> <a href="/sustainability/our-commitment-to-the-environment-and-climate"> Commitments to the environment and climate </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Commitments to the environment and climate</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/our-commitment-to-the-environment-and-climate">Discover</a> </li> <li><a href="/sustainability/our-commitment-to-the-environment-and-climate/participation-in-public-debate">Climate advocacy policy and participation in public debate</a></li> </ul> </li> <li> <a href="/sustainability/performance-and-reporting"> Performance and Reporting </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Performance and Reporting</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/performance-and-reporting">Discover</a> </li> <li><a href="/sustainability/performance-and-reporting/data-and-performance">Data and performance</a></li> <li><a href="/sustainability/performance-and-reporting/how-we-report-vista">Sustainability reports archive</a></li> </ul> </li> <li> <a href="/sustainability/sustainable-financial-management"> Sustainable Financial Management </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Sustainable Financial Management</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/sustainable-financial-management">Discover</a> </li> <li><a href="/sustainability/sustainable-financial-management/green-and-sustainability-bonds">Green & Sustainability Bonds</a></li> <li><a href="/sustainability/sustainable-financial-management/green-social-and-sustainability-ILS">Green, Social and Sustainability ILS</a></li> </ul> </li> <li> <a href="/sustainability/our-rules"> Our rules </a> <ul> <strong class="back">Sustainability</strong> <li class="flex-column main-section"> <h3>Our rules</h3> <a class="btn-red mb-3 mt-2" href="/sustainability/our-rules">Discover</a> </li> <li><a href="/sustainability/our-rules/governance-management">Governance & management</a></li> <li><a href="/sustainability/our-rules/code-of-conduct">Generali Group Code of Conduct</a></li> <li><a href="/sustainability/our-rules/respecting-human-rights">Respecting human rights</a></li> <li><a href="/sustainability/our-rules/anti-corruption">Anti-corruption</a></li> <li><a href="/sustainability/our-rules/financial-crimes-compliance">Financial crimes compliance</a></li> <li><a href="/sustainability/our-rules/Anti-Financial-Crime-and-Anti-Bribery-and-Corruption">Anti Financial Crime and Anti Bribery & Corruption</a></li> <li><a href="/sustainability/our-rules/tax-payments">Tax Strategy and Taxes</a></li> <li><a href="/sustainability/our-rules/tax-transparency-report">Tax Transparency Report</a></li> <li><a href="/sustainability/our-rules/group-security">Group security</a></li> </ul> </li> <li><a href="/sustainability/contacts">Contacts</a></li> </ul> </li> <li> <a href="/work-with-us">Work with us</a> <ul> <strong class="back">back</strong> <li class="flex-column main-section"> <h3>Work with us</h3> <p class="mt-1 mb-3"> People are our company's soul. </p> <a class="btn-red mb-3" href="/work-with-us"> Discover </a> </li> <li> <a href="/work-with-us/Get-to-know-us"> Get to know us </a> <ul> <strong class="back">Work with us</strong> <li class="flex-column main-section"> <h3>Get to know us</h3> <a class="btn-red mb-3 mt-2" href="/work-with-us/Get-to-know-us">Discover</a> </li> <li><a href="/work-with-us/Get-to-know-us/diversity-and-inclusion">Diversity Equity and Inclusion</a></li> <li><a href="/work-with-us/Get-to-know-us/Our-people-s-stories">Our people’s stories</a></li> </ul> </li> <li> <a href="/work-with-us/grow-with-us"> Grow with us </a> <ul> <strong class="back">Work with us</strong> <li class="flex-column main-section"> <h3>Grow with us</h3> <a class="btn-red mb-3 mt-2" href="/work-with-us/grow-with-us">Discover</a> </li> <li><a href="/work-with-us/grow-with-us/Drive-our-success">Drive our success</a></li> <li><a href="/work-with-us/grow-with-us/Your-development">Your development with us</a></li> <li><a href="/work-with-us/grow-with-us/We-LEARN">We LEARN</a></li> <li><a href="/work-with-us/grow-with-us/what-we-offer">What we offer</a></li> </ul> </li> <li> <a href="/work-with-us/join-us"> Join us </a> <ul> <strong class="back">Work with us</strong> <li class="flex-column main-section"> <h3>Join us</h3> <a class="btn-red mb-3 mt-2" href="/work-with-us/join-us">Discover</a> </li> <li><a href="/work-with-us/join-us/five-reasons-to-apply">Five reasons to apply</a></li> <li><a href="/work-with-us/join-us/Openings_Graduates_and_Students">Openings for Graduates and Students</a></li> <li><a href="/work-with-us/join-us/job-search">Job search</a></li> <li><a href="/work-with-us/join-us/contact-and-connect-with-us">Contact and connect with us</a></li> </ul> </li> </ul> </li> <li> <a href="/investors">Investors</a> <ul> <strong class="back">back</strong> <li class="flex-column main-section"> <h3>Investors</h3> <p class="mt-1 mb-3"> Driving sustainable growth, enhancing earnings profile, and leading innovation are the three pillars of our strategy. </p> <a class="btn-red mb-3" href="/investors"> Discover </a> </li> <li><a href="/investors/investing-in-generali">Investing in Generali</a></li> <li> <a href="/investors/Strategy"> Strategy </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Strategy</h3> <a class="btn-red mb-3 mt-2" href="/investors/Strategy">Discover</a> </li> <li><a href="/investors/Strategy/Outlook">Outlook</a></li> <li><a href="/investors/Strategy/investments-and-divestments">Investments and divestments</a></li> <li><a href="/investors/Strategy/transformation-strategy">Lead Innovation</a></li> <li><a href="/investors/Strategy/Growth-factors">Growth factors</a></li> </ul> </li> <li> <a href="/investors/financial-highlights"> Financial highlights </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Financial highlights</h3> <a class="btn-red mb-3 mt-2" href="/investors/financial-highlights">Discover</a> </li> <li><a href="/investors/financial-highlights/performance-by-segment">Performance by segment</a></li> <li><a href="/investors/financial-highlights/performance-by-country">Performance by country</a></li> <li><a href="/investors/financial-highlights/historical-data">Historical Data</a></li> </ul> </li> <li> <a href="/investors/reports-and-presentations"> Reports and presentations </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Reports and presentations</h3> <a class="btn-red mb-3 mt-2" href="/investors/reports-and-presentations">Discover</a> </li> <li><a href="/investors/reports-and-presentations/report-archive">Report Archive</a></li> <li><a href="/investors/reports-and-presentations/Presentations">Presentations</a></li> <li><a href="/investors/reports-and-presentations/investor-day">Investor Days</a></li> <li><a href="/investors/reports-and-presentations/opa-cattolica">Cattolica Tender</a></li> </ul> </li> <li> <a href="/investors/share-information-analysts"> Share information & analysts </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Share information & analysts</h3> <a class="btn-red mb-3 mt-2" href="/investors/share-information-analysts">Discover</a> </li> <li><a href="/investors/share-information-analysts/key-share-figures">Key share figures</a></li> <li><a href="/investors/share-information-analysts/tickers-and-indices">Tickers and indices</a></li> <li><a href="/investors/share-information-analysts/share-capital">Share capital</a></li> <li><a href="/investors/share-information-analysts/dividends">Dividends</a></li> <li><a href="/investors/share-information-analysts/Shareholding-calculator">Shareholding calculator</a></li> <li><a href="/investors/share-information-analysts/equity-analysts-and-consensus">Equity analysts and consensus</a></li> <li><a href="/investors/share-information-analysts/ownership-structure">Ownership structure</a></li> <li><a href="/investors/share-information-analysts/share-buyback">Share buyback</a></li> </ul> </li> <li> <a href="/investors/debt-ratings"> Debt & ratings </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Debt & ratings</h3> <a class="btn-red mb-3 mt-2" href="/investors/debt-ratings">Discover</a> </li> <li><a href="/investors/debt-ratings/listed-debt-securities">Debt securities</a></li> <li><a href="/investors/debt-ratings/debt-composition-and-maturity">Debt composition and maturity</a></li> <li><a href="/investors/debt-ratings/ratings">Ratings</a></li> <li><a href="/investors/debt-ratings/credit-analysts">Credit analysts</a></li> <li><a href="/investors/debt-ratings/sustainability-bond-framework">Sustainability Bond Framework and Report </a></li> </ul> </li> <li> <a href="/investors/Our-ESG-approach"> Our ESG approach </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Our ESG approach</h3> <a class="btn-red mb-3 mt-2" href="/investors/Our-ESG-approach">Discover</a> </li> <li><a href="/investors/Our-ESG-approach/Environmental">Environmental</a></li> <li><a href="/investors/Our-ESG-approach/Social">Social</a></li> <li><a href="/investors/Our-ESG-approach/Governance">Governance</a></li> </ul> </li> <li><a href="/investors/financial-calendar">Financial calendar</a></li> <li><a href="/investors/Retail-shareholders">Retail shareholders</a></li> <li> <a href="/investors/contacts"> Contacts </a> <ul> <strong class="back">Investors</strong> <li class="flex-column main-section"> <h3>Contacts</h3> <a class="btn-red mb-3 mt-2" href="/investors/contacts">Discover</a> </li> <li><a href="/investors/contacts/Contacts-for-institutional-investors">Contacts for institutional investors</a></li> <li><a href="/investors/contacts/Contacts-for-retail-shareholders">Contacts for retail shareholders</a></li> </ul> </li> </ul> </li> <li> <a href="/media">Media</a> <ul> <strong class="back">back</strong> <li class="flex-column main-section"> <h3>Media</h3> <p class="mt-1 mb-3"> The latest from Generali. </p> <a class="btn-red mb-3" href="/media"> Discover </a> </li> <li><a href="/media/press-releases">Press releases</a></li> <li> <a href="/media/News"> News </a> <ul> <strong class="back">Media</strong> <li class="flex-column main-section"> <h3>News</h3> <a class="btn-red mb-3 mt-2" href="/media/News">Discover</a> </li> <li><a href="/media/News/covid-19-emergency">COVID-19 emergency</a></li> </ul> </li> <li> <a href="/media/podcast"> Podcast </a> <ul> <strong class="back">Media</strong> <li class="flex-column main-section"> <h3>Podcast</h3> <a class="btn-red mb-3 mt-2" href="/media/podcast">Discover</a> </li> <li><a href="/media/podcast/190-Years-of-Future">190 Years of Future</a></li> </ul> </li> <li><a href="/media/media-kit">Media kit</a></li> <li><a href="/media/events-calendar">Events calendar</a></li> <li> <a href="/media/multimedia-gallery"> Multimedia-Gallery </a> <ul> <strong class="back">Media</strong> <li class="flex-column main-section"> <h3>Multimedia-Gallery</h3> <a class="btn-red mb-3 mt-2" href="/media/multimedia-gallery">Discover</a> </li> <li><a href="/media/multimedia-gallery/video">Videos</a></li> <li><a href="/media/multimedia-gallery/images">Images</a></li> </ul> </li> <li> <a href="/media/social-media"> Social media </a> <ul> <strong class="back">Media</strong> <li class="flex-column main-section"> <h3>Social media</h3> <a class="btn-red mb-3 mt-2" href="/media/social-media">Discover</a> </li> <li><a 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