Assicurazioni Generali facts for kids
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Assicurazioni Generali headquarters in Trieste
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| Public | |
| Traded as | BIT: G FTSE MIB Component |
| Industry | Financial services |
| Founded | 1831 |
| Headquarters | Trieste, |
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Area served
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Worldwide |
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Key people
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Andrea Sironi (Chairman) Philippe Donnet (CEO) |
| Products |
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| Revenue |  €81.538 billion (2022) |
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Operating income
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€6.509 billion (2022) |
| €2.912 billion (2022) |
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| AUM | €618 billion (2022) |
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Number of employees
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82,061 (2022) |
Assicurazioni Generali S.p.A. (which means 'general insurances') is an Italian insurance company. It is often called the Generali Group. Its main office is in Trieste, Italy.
As of 2022, Generali is the biggest insurance company in Italy. It is also one of the largest insurance companies in the world. They are known for their many types of insurance and financial services.
Generali's main competitors around the world include AXA, Allianz, and Zurich Insurance Group. The company's shares are traded on the Borsa Italiana, which is Italy's stock exchange.
Contents
History of Generali
Generali was started on December 26, 1831. Its first name was Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche. This long name meant 'Imperial and Royal Privileged Company for General Austrian-Italian Insurances'. It was founded in Trieste.
The word "Generali" meant that the company offered many types of insurance. This included fire, life, and transport insurance. At that time, most insurance companies in Trieste only focused on sea travel.
The "Austrian-Italian" part of the name showed its two main offices. One was in Trieste, which was an important port for the Austrian Empire. The other office was in Venice, which managed business in Italy.
Generali started with a lot of money from many different investors. These investors came from Trieste and the Italian region of Lombardy-Venetia. The company chose the Habsburg eagle as its symbol. This eagle was a sign of Trieste's connection to Austria.
In its first ten years, Generali grew quickly. It opened offices in many Italian states and major European ports. By 1848, after some political changes in Italy, the company dropped "Austrian-Italian" from its name. It became simply Assicurazioni Generali.
By 1856, Generali was the largest insurance company in the Austrian Empire. The next year, its shares were listed on the Trieste Stock Exchange. After Italy became one country, Generali grew to be the largest insurance company there too.
In 1869, Generali saw how important the Suez Canal would be for world trade. Leaders from Generali were involved in the canal's opening. The canal helped Generali expand its business even more. They grew across the Mediterranean, North Africa, the Far East, and the Americas.
Under the leadership of Marco Besso (1877-1920), Generali became a truly international company. It opened offices in many cities like St. Petersburg and Warsaw. It also started new companies in other countries, like Erste Allgemeine in Vienna. During this time, Generali built many beautiful offices in Italian cities like Florence and Rome.
During World War I, Generali's offices in Venice and Trieste stayed open. They managed to keep working even though Italy and Austria-Hungary were fighting.
Generali in the 20th Century
In 1920, Edgardo Morpurgo became president. Generali continued to grow worldwide. By 1924, it had offices in thirty countries. By 1935, it had 29 smaller companies in Europe and more in other parts of the world. The company also bought Alleanza Assicurazioni during this time.
In the 1930s, Generali faced challenges due to political changes in Italy. Some leaders had to step down during this difficult period. The company also faced problems during World War II. After the war, some of Generali's offices in Eastern countries were taken over by governments.
In 1963, Generali's French branch, Concorde, started a new company called Europ Assistance. This company created the idea of "private assistance." It offered help to people who faced problems when they were away from home.
In 1974, Generali started Genagricola to manage its farming businesses. From 1968 to 1979, Cesare Merzagora was president. He made the company more organized and efficient.
In 1988, Generali bought a part of Compagnie du Midi in France. Later, in 1996, Generali sold these shares. This helped them buy INA Assitalia, another big insurance company.
In 1994, Generali launched Genertel. This was the first company in Italy to offer financial services over the phone. Four years later, in 1998, Banca Generali was created as an online bank. Banca Generali later grew into a major part of the Group, focusing on managing money for wealthy clients.
Recent Years of Generali
After buying INA Assitalia in 2000, Generali also bought Toro Assicurazioni in 2006. As the company grew, it created Generali Real Estate in 2011. This part of the company manages all its real estate properties. Generali Real Estate now owns CityLife, a new group of buildings in Milan. The Generali Tower, designed by a famous architect named Zaha Hadid, is part of CityLife. It has been Generali's main office in Milan since 2019.
In 2013, Generali changed its structure. The Italian part of Assicurazioni Generali joined with INA Assitalia. This created a new company called Generali Italia. This new company included Toro Assicurazioni and other smaller companies. Philippe Donnet became the head of Generali Italia. He later became the CEO of the whole Generali Group in 2016.
In 2022, the company's shareholders voted to reappoint Philippe Donnet for another term. They also elected Andrea Sironi as the new president of the Group.
Generali continued to grow in 2023. They bought Liberty Seguros, an insurance company in Spain and Portugal. This made Generali one of the top insurance companies in those countries.
In July 2023, Generali also bought Conning, a company that manages investments. Generali also partnered with Cathay Life. This partnership helped Generali manage even more money, making it one of the largest investment managers in Europe.
How Generali Works
Generali is a global company. It works in 50 countries and has over 400 smaller companies.
The company is organized into five main business areas:
- Italy
- Germany, Austria and Switzerland
- France & Global Business Activities
- International
- Asset & Wealth Management (managing money and investments)
Generali's business focuses on three main parts:
- Life insurance: This helps people plan for their future and protect their families.
- Property & Casualty insurance: This covers things like homes, cars, and businesses from damage or accidents.
- Asset Management: This is about managing money and investments for clients.
Bank Ownership
Banca Generali is a bank that is part of the Assicurazioni Generali Group. Generali owns more than half of Banca Generali.
Who Owns Generali
As of April 2023, Assicurazioni Generali has many shareholders. These are the main owners:
- 31.72% are owned by large investment groups (Institutional investors).
- 13.10% is owned by Mediobanca S.p.A.
- 9.77% is owned by the Del Vecchio Group.
- 6.23% is owned by Caltagirone SpA.
- 4.83% is owned by the Benetton Group.
- The remaining 34.35% is owned by many other investors.
Most of Generali's shares (about 65%) are owned by Italian investors.
Famous People Who Worked at Generali
- The famous writer Franz Kafka worked at the Assicurazioni Generali office in Prague for about nine months in 1907-1908.
The Human Safety Net
The Human Safety Net is a special foundation started by Generali in 2017. Its goal is to help people and communities who are facing difficulties. The foundation wants to give them chances to grow and improve their lives.
To do this, The Human Safety Net works with about 60 different groups. These include non-governmental organizations (NGOs) and social enterprises. They run programs that help two main groups: families and refugees. The foundation is based at the Procuratie Vecchie in Venice, which is a historic Generali building.
Generali Sponsorships
Generali supports many sports and events.
- They are a sponsor of the French National Volleyball Team. They have supported the French Federation of Volleyball for 19 years.
- In 2010, Generali started the Responsible Sports Charter. This aims to encourage good sportsmanship and sustainability in sports.
- Generali also sponsors two football stadiums: the Stadion Letná in Prague and the Franz Horr Stadium in Vienna.
- For over forty years, Generali has sponsored Barcolana. This is a famous international sailing race held every year in Trieste.
- Generali also sponsors two marathons: the Generali Berlin Half Marathon in Berlin and the Generali München Marathon in Munich.
See Also
In Spanish: Assicurazioni Generali para niños
- Palazzo delle Assicurazioni Generali (Milan)
- Generali Building
