Commitment to our shareholders

Making the best use of our shareholders’ investments has proven to be one of our priority interests. Over the last year, we pursued this goal with a revised business policy that assures shareholders the achievement of the set financial targets and higher profitability of the business, as well as a satisfactory economic return for those who have placed their trust in the Generali Group. In confirmation of this, for 2013 the Group has decided to offer shareholders a dividend of 0.45 euro per share, more than double the dividend distributed in 2012. As a result, we are confident in stating that we are keeping the promise made to shareholders to work to increase the returns on their investments.

Dividends policy
Dividends (in million euro)701311311701
Dividend per share (in euro)0.450.200.200.45

Generali’s shareholders also include investors who adopt ethical criteria for investment. The total share capital held by these investors has remained stable at around 3%. This is mainly comprised of the stake held by Norges Bank Investment Management (1.69%), the division of the central bank that manages the Norwegian Government Pension Fund, followed by the stake of the American California Public Employees' Retirement System (0.26%) pension fund, in addition to smaller stakes held by other institutional investors and pension funds, primarily European.

Furthermore, a study by Nasdaq OMX, a financial services consulting firm, shows that the 75% of shares managed by investment advisors in Generali are held by institutions signatories of one of the four most important international agreements on social responsible investment (United Nations Principles for Responsible Investment, Institutional Investor Group on Climate Change, UK Stewardship Code and the CDP ). This figure demonstrates the significant attention placed on sustainability issues also by most investors that do not define themselves as primarily ethical investors, which still constitute investors interested in our commitment to social responsibility and the results we have achieved.

The highly positive results achieved by Generali in 2013, both financial and in terms of business development, in spite of market conditions that remain challenging, are the fruit of our ongoing commitment to realise our clear vision, through the best leveraging of our discipline, simplicity and focus on the insurance business, the principles that guide our strategy and our actions.

A clear sign of the Group intrinsic soundness is provided by the ratings assigned by the leading international rating agencies, primarily the confirmation of the A- rating from Standard & Poor’s in the first few months of 2014. This is an extremely important result, achieved following the stress test with positive solvency in highly distressed scenario, a sign that our financial statements are deemed strong and capable of weathering highly adverse situations.

At the same, the ratings assigned by agencies specialising in sustainability issues continue to be improved. An increasing number of these agencies consider the financial instruments issued by Generali as social responsible investments (SRI). In 2013 the results achieved in the various areas of social responsibility confirmed Generali in many of the most prestigious ethical indices, including FTSE4Good, NYSE Euronext Vigeo Europe 120 and the ESG MSCI indices, as well as being included in the CDP Global 500 Climate Performance Leadership Index (CPLI).

In our relationship with the financial community, we consider maximum transparency in disclosure to be crucial. Relationships with institutional investors, financial analysts and rating agencies are becoming more vigorous, and are conducted through the publication of financial results, press releases and other communications as a result of significant changes in the Group, as well as through meetings with the Top Management and the Investor Relations team (roadshows and sector conferences). We also hold an Investor Day, usually once a year. This important event provides a detailed illustration of our main strategic goals, the performance of our business lines and the results achieved.

We also receive numerous requests from specialised ESG analysts, for more information on the Group commitment and social and environmental performance as well as its governance, and from SRI investors, to assess the Group compliance with the defined criteria in order to consider the investment in Generali as socially responsible. Dialogue with "ethical" analysts, investors and rating agencies is managed with the support of the Corporate Social Responsibility department, mainly through telephone calls and video conferences, and requests to fill out questionnaires.

The financial community can directly communicate with the Company at all times through the Investor Relations team. Lastly, the Group website provides considerable useful information for the public and for analysts, concerning both the financials and various sustainability issues.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328