Sustainability

WELCOME, to our sustainability section!

At Generali we think that being a sustainable player is about living our purpose: “to enable people to shape a safer and more sustainable future by caring for their lives and dreams”. We are passionate to build a more sustainable future integrating sustainability principles into everything we do.

This allows us to act as a true Lifetime Partner for all our stakeholders. Environmental, Social and Governance (ESG) commitments were embedded within our previous strategic plans and we further accelerate - sustainability is the originator of the new strategy Generali “Lifetime Partner 2021-2024: Driving Growth”. This means creating long-term value, preserving the environment, and acting for the common good.

To deliver sustainable long-term value, we have four “Responsible” roles to play as an Investor, an Insurer, an Employer, and a Citizen.

• A RESPONSIBLE INSURER, fostering a carbon neutral insurance portfolio by 2050, providing new sustainable solutions incorporating ESG principles (GDWP CAGR 2022-24: +5% -7%) and offering new solutions to Small and Medium-sized Enterprises (SMEs).

SME EnterPRIZE project was conceived with the intent to support small and medium-sized companies in their sustainable transition and highlight significant examples of responsible business, inspiring entrepreneurs of SMEs to develop sustainable behaviours with a direct impact in three areas: environment, welfare and community. In 2021, in its first edition, SME EnterPRIZE gave visibility to companies across Europe, including Austria, the Czech Republic and Hungary. In the upcoming years, more countries within Generali CEE Holding will join this sustainable project.

Further, we act in this field following our Generali Group Strategy on Climate Change whose goals span from the creation of a competence center to develop and share the best practices for underwriting the renewable energy sector, to no longer insuring any new construction of coal mines or coal-fired power plants or any existing coal mines or coal-fired power plants of new clients. For example, in the Czech Republic, in the last two years, we have decided not to renew insurance coverage for four coal-related companies, as we did not obtain from them a satisfactory transition plans and we continue limiting our activities in the area of coal-fired power plant insurance across the whole region.

Generali Group Sustainability Strategy pillars

• A RESPONSIBLE INVESTOR, committing to be carbon neutral by 2050 through a gradual decarbonization of our investment portfolio, with an interim goal of reducing by 25% our carbon footprint by 2024; the commitment is also to invest in new green and sustainable investment between 2021 and 2025 up to 9.5 billion euro at global scale.

• A RESPONSIBLE EMPLOYER, working to measure, reduce, and report the carbon footprint resulting from our own direct operations. In 2009 Generali developed the Group Environmental Management System (EMS) to effectively manage the impacts arising from the operating activities of the Group's companies. As of 31 December 2021 the System is being used also by Austria, the Czech Republic, Hungary, Poland, Serbia and Slovakia, and the scope of countries and legal entities will be further extended.

Being a responsible employer means also promoting dedicated actions to create, increase and nurture diversity, equity and inclusion, upskilling and new ways of working. Our Lifetime Partner 24 objectives include ensuring equal opportunities with a target of 40% of women in leadership positions*, placing people at the heart of our transformation with a target of 70% of employees upskilled and embracing a sustainable hybrid work model that is digitally-rooted, with a target of 100% adoption rate among our entities.

• A RESPONSIBLE CITIZEN, insurance companies of Generali CEE Holding are also active in helping communities. The Human Safety Net – a social innovation hub powered by Generali’s skills, networks, and solutions to create social impact – was activated in eleven countries of our region. Two out of three The Human Safety Net’s programmes were launched in various companies across the region. They target key social issues affecting communities including: creating equal life opportunities for children from disadvantaged backgrounds and saving newborns from the debilitating and potentially fatal consequences of asphyxia.

Sustainability is at the core of our long-term vision and success. Everything we do is based on the notion that true economic prosperity can be achieved only if it is built on socially just and environmentally sound foundations. This level of ambition has led Generali Group to publicly subscribe to voluntary agreements such as the Global Compact (2007), the Principles for Responsible Investment (2011), the Principles for Sustainable Insurance (2014), and the Paris Pledge for Action (2015), as well as to be one of the eight founding members of the Net-Zero Insurance Alliance and a member of the Net-Zero Asset Owner Alliance.

In accordance with EU Directive 95/2014/EU Article 19a par. 3 the Group does not disclose nonfinancial information in its consolidated financial statements as it is included in the consolidated financial statements of its ultimate parent company Assicurazioni Generali S.p.A.

* Group Management Committee, Global Leadership Group and their first reporting line