Considering the changes to the regulatory framework and new managerial responsibilities previously announced, Generali Group announces the key changes in the area of public disclosure in advance, to be presented upon the publication of annual data scheduled for 15 March.

Disclosure of non-financial information pursuant to Legislative Decree 254/2016

Following the enactment of Legislative Decree no. 254 of 31 December 2016 implementing Directive 95/2014/EU on the 'disclosure of non-financial and diversity information by certain large undertakings and groups', Generali Group will evolve the consolidated disclosure starting from the reporting as at 31 December 2017.

In particular, the new regulation imposes the obligation for large companies qualifying as 'public interest entities' to prepare and publish a Non-Financial Statement (NFS) that must contain a description of the company's business management and organisation model, information regarding the main risks deriving from the company's activities and its products and services, as well as the policies implemented and the results achieved in relation to environmental, social and employee matters, respect for human rights, as well as anti-corruption and bribery matters 'to the extent necessary for an understanding the company's activities, its performance, results, and impacts'.

Therefore, Generali will present a Consolidated Non-Financial Statement within the 2017 Annual Integrated Report and Consolidated Financial Statements in a specifically designated section. This Statement will include certain non-financial information, previously contained in the Sustainability Report, and identified through a specific materiality process. Additional non-financial information previously contained in the Sustainability Report will be made available on the Group website in the 'Our Responsibilities' section. As a result, the Sustainability Report will no longer be published and non-financial information previously included in this Report will be presented in a manner that is more consistent with the new regulatory framework and in line with the best international practices1.

New geographic representation for Group reporting

Generali presents its results according to a geographic representation, based on the Group's managerial structure. In accordance with communications to the market in recent months regarding new organisational structures, starting from the reporting as at 31 December 2017, the following new geographic representation will become effective, consisting of the three main markets - Italy, France and Germany - and four regional structures:

  • Central and Eastern Europe countries: Czech Republic, Poland, Hungary, Slovakia, Serbia/Montenegro, Romania, Slovenia, Bulgaria and Croatia;
  • International: consisting of EMEA, Americas, Asia, Europ Assistance and Other companies;
  • Investments, Asset & Wealth Management, which includes the main Group entities operating in investment advisory, asset management and financial planning;
  • Group holdings and other companies, which includes the Parent Company's management and coordination activities, including Group reinsurance, other financial holding companies and suppliers of international services not included in the previous geographic areas.

The 2016 operating result2 broken down according to this new geographic representation is presented below.

Note that effective 1 January 2018, Austria will be integrated into the Central and Eastern Europe area: the geographic reporting will therefore be adapted to reflect this new organisational structure.

Recalculation of the main 2016 KPIs pursuant to IFRS 5

With reference to the disposal of the Dutch and Irish businesses, in application of IFRS 5 the Dutch and Irish companies being sold are classified as assets held for sale. Therefore, these investments are not excluded from consolidation in the financial statements disclosure as at 31 December 2017, but both the total of the related assets, liabilities, and profit and loss, net of tax effects, are shown separately in specific line items of the financial statements. The 2016 comparative data has also been reclassified: the table below shows the new value for the Group's main KPIs, recalculated based on the current scope of consolidation.

[1] Core & More i.e. the new reporting approach developed by Accountancy Europe envisages a 'core' report, containing a summary of all the main information for evaluating and understanding a company, and 'more' reports that provide detailed information. For further information www.accountancyeurope.eu

[2] Compared to the data published as at 31 December 2016, the operating result was recalculated as detailed below.

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Impact of the new regulation on reporting and other information 301 kb

Assicurazioni Generali S.p.A. published this content on 21 February 2018 and is solely responsible for the information contained herein.
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