Assicurazioni Generali S.p.A. (, ; meaning 'general insurances') or commonly known as Generali Group is an Italian insurance company based in Trieste.[2] As of 2022, it is the largest insurance company in Italy and ranks among the world's largest insurance companies by net premiums and assets.[3]
Generali's major competitors at the international level are AXA, Allianz and Zurich Insurance Group. The company is listed on the Borsa Italiana and is part of the FTSE MIB index of the same stock exchange.
History
Established on December 26, 1831, as the Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche ('Imperial and Royal Privileged Company for General Austrian-Italian Insurances') in Trieste. Its promoter was Giuseppe Lazzaro Morpurgo.
The adjective "Generali" ("general") referred to the company's comprehensive insurance coverage across all the branches (fire, life, hail, sea, land and river transport). This approach was rare at the time when most Trieste insurance companies focused solely on maritime transport, except for the Azienda Assicuratrice, which also dealt with hail insurance.[4]
The "Austrian-Italian" label referred to the company's dual management structure, with the main office in Trieste responsible for the company's affairs and relations with the Habsburg Monarchy, (at the time, Trieste was the most important seaport of the Austrian Empire). Meanwhile, a management office in Venice oversaw activities in Lombardy-Venetia and the Italian peninsula.[5]
Financed with a share capital of two million florins, Generali attracted a diverse group of shareholders[6] from Trieste and Lombardy-Venetia, including influential figures like Giovanni Cristoforo Ritter de Záhony, Giovanni Battista de Rosmini, Marco Parente, Samuele Della Vida, and Pasquale Revoltella.[5]
The Habsburg eagle symbol, a nod to Trieste's Austrian possession since 1382 until 1918, was chosen as the company's emblem. Generali's early presence in multiple markets stemmed from the historically commercial nature of both Trieste and Venice. In its first decade, the company's agency network expanded across all Italian states, major cities of the empire, and leading European ports.[7]
Until 1847, Gianbattista de Rosmini, the legal adviser and a significant shareholder, played a pivotal role, serving as the permanent president of the General Congresses and effectively leading the company.[6] Following the uprisings of the Risorgimento in 1848, the "Austrian-Italian" adjective was dropped, and the company became only Assicurazioni Generali.[6]
By 1856, Generali had grown to become the largest insurance company in the Austrian Empire, culminating in its listing on the Trieste Stock Exchange the following year.[7]
Following Italy's unification, Generali's Venetian management led the company to become the largest insurance company in the newly formed kingdom,[7] with Samuele Della Vida overseeing the Italian branch until 1875.[6]
In 1869, Generali foresaw the significant impact of the Suez Canal's inauguration on world trade. Key figures within the company, including Pasquale Revoltella and Giuseppe Morpurgo, were involved in the historic event, with Revoltella becoming the vice president of the Universal Company of the Suez Canal.[8]
The opening of the canal brought about a favorable economic climate for Generali, leading to its expansion across various regions, from the eastern Mediterranean to North Africa, the Far East, and the Americas.[9]
Under the stewardship of Marco Besso, who managed the company from 1877 to 1920 and eventually became its president, Generali assumed an international dimension. The company opened agencies in the Mediterranean, St. Petersburg, Warsaw, the Americas, and the Far East, while also founding subsidiaries such as Erste Allgemeine Schaden und Unfallversicherung in Vienna, Generala in Romania, Anonima Grandine, and Anonima Infortuni in Italy.[10][11]
During this period, Generali's most prestigious Italian offices were constructed, including notable buildings in Florence, Trieste, Milan, Rome, and Turin.[10] In 1914, the Procuratie Vecchie, the seat of the Venice administration, underwent restructuring.[12] Amidst the challenges of the First World War, which pitted Italy against Austria-Hungary, Generali's Venetian and Trieste headquarters maintained their operational independence, allowing the company to navigate complex circumstances without taking political positions that could compromise its integrity.[6]
The Italian period
In 1920, Edgardo Morpurgo assumed the role of president, ushering in a phase of further international expansion for the company. By 1924, due in part to the division of the Austro-Hungarian Empire, Generali had established eight overseas management offices and had a presence in sixty branches and agencies across thirty countries. By 1935, it had expanded to include twenty-nine subsidiaries in Europe, four in the Americas, two in Africa, and one in Asia. During this time, the company's image was managed by Marcello Dudovich, contributing to its growing reputation.[12] Alleanza Assicurazioni was acquired during this period.[14]
However, the mid-1930s brought challenges, as the rise of racial laws and the tightening relationship with Fascism created a difficult environment.[6] In the first century of activity, Assicurazioni Generali had consolidated and expanded also thanks to the decisive presence of shareholders and managers of Jewish origin,[15] from the
Operations
Generali operates in 50 countries through a network of over 400 companies.[46]
The company's current organizational structure comprises five distinct Business Units:[47]
The company's business model revolves around three core pillars:[48]
- Italy
- Germany, Austria and Switzerland
- France & Global Business Activities
- International
- Asset & Wealth Management
- Life insurance
Shareholder structure
As of 31 October 2025, Assicurazioni Generali's shareholders were:[50]
Based on the share capital, 69.93% of Assicurazioni Generali is owned by Italian investors.
- 30.55% Institutional investors
- 13.19% Banca Monte dei Paschi di Siena (through Mediobanca)
- 10.05% Delfin S.à.r.l
- 6.68% UniCredit
- 6.28% Caltagirone SpA (Francesco Gaetano Caltagirone)
- 4.86% Benetton Group (through Edizione holding)
Notable employees
- Franz Kafka worked for nearly nine months (between November 1, 1907, and July 15, 1908) at the Assicurazioni Generali office in Prague.
The Human Safety Net
The Human Safety Net is the foundation established by Generali in 2017 with the mission to support disadvantaged individuals and communities.[51] The foundation focuses on assisting people living in vulnerable conditions, providing them with opportunities for growth and progress.[52]
To fulfill its mission, The Human Safety Net collaborates with approximately 60 entities, including non-governmental organizations (NGOs) and social enterprises.[53] Through these partnerships, the foundation implements various programs aimed at two primary target groups: families[54] and refugees.[55] The Human Safety Net is based at the Procuratie Vecchie, Generali's historic headquarters in Venice.[56]
Sponsorship
Generali demonstrates a strong commitment to sports sponsorship and sustainability, engaging in various initiatives that promote and support sports activities. In 2010, Generali launched the Responsible Sports Charter, aimed at actively fostering a culture of sustainability in sports. Furthermore, Generali sponsors two football stadiums, the Stadion Letná in Prague and the Franz Horr Stadium in Vienna.
For over four decades, Generali has been a sponsor of Barcolana, a historic international sailing regatta held annually in the Gulf of Trieste.[57]
Additionally, Generali is a sponsor of two road races, the Generali Berlin Half Marathon in Berlin[58] and the Generali München Marathon in Munich.[59]
Generali also supports culture and in France, since 1995, it has been committed to promoting and reviving Italian art and culture. The first commitment was to support the restoration of Giambattista Tiepolo
Controversy
Although Generali is involved in indemnifying the policies of Holocaust victims (having created in 1997 a “Policy Information Center” in Trieste, funded the independent trust “The Generali Fund in Memory of the Generali Insured in East and Central Europe Who Perished in the Holocaust”, ceased in 2008, and being a founding member of the International Commission on Holocaust Era Insurance Claims), a lawsuit aiming to collect claims on life insurance policies sold to victims of the Holocaust was started. In 2007 Generali decided to voluntarily[61] enter into a class action settlement approved by the US Court of Appeals for the Second Circuit, after the lower court had already dismissed all of the cases and claims against it.[62][63]
The Law & Order episode "Blood Money" is based on Generali subsidiaries selling life insurance to poor Jews in WWII Europe and then not paying out in case of death. In the episode, the motive for a retired insurance salesman's murder appears to be a series of policies he sold to Jews in Poland during the Holocaust.[64]
See also
- Palazzo delle Assicurazioni Generali (Milan)
- Generali Building
- Generali Italia
References
- Annual Integrated Report and Consolidated Financial Statements 2025 Generali Group^
- "Company References ." Assicurazioni Generali. Retrieved on 8 July 2010.^
- Forbes 2023: Top 20 largest insurance companies in the world