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Generali ESG Presentation 2021 Generali ESG Presentation 2021 1 0 Generali ESG Presentation 2021 Generali ESG presentation 2021 1 Sustainability & Governance Business Overview & Key 2020 Figures 2021 Sustainability Goals & Climate Strategy Sustainability Bond Framework Green & Social Products Responsible Investments Lifetime Partner & Digital Assets Diversity & Inclusion The Human Safety Net The path to Generali's sustainable business transformation 2 OUR PURPOSE To enable people to shape a safer future by caring for their lives and dreams OUR SUSTAINABILITY Pursuing long-term growth, integrating sustainability into our core business AMBITION and acting as Lifetime Partner to our stakeholders PROUD OF OUR SUSTAINABLE PART OF POWERFUL RECOGNIZED AS A SUSTAINABLE PLAYER BUSINESS INNOVATIONS SUSTAINABILITY PLATFORMS BY KEY INDICES AND OUR OWN PEOPLE ▪ Climate Change ▪ Champion Diversity Strategy: and Inclusion by GREEN RECOVERY to promote a Just focusing on gender, REBOOT & REBOOST ▪ EU Alliance for a Transition1 generations, culture our economics for a Green Recovery and inclusion sustainable future ▪ First European insurer to issue a of our people Sustainability & 81% see Generali as Green Bond and a sustainable to issue a Green ▪ A global initiative to company Insurance-Linked extend Generali’s Security: LION III purpose to the most RE Cat Bond vulnerable in our communities 1. A transition towards a low-carbon economy which integrates the social dimension Sustainable business transformation: our journey to create value in the long term 3 SHARED VALUE CREATION INTEGRATING SUSTAINABILITY IN THE CORE BUSINESS 2021 2020 Sustainability as an originator 2019 Climate-related for Generali 2018 Financial Business 2017 Sustainability Disclosure Strategy 2014 Sustainability Policy 2007 2013 and ESG 2005 Launch of as Enabler and first at Strategy Day 2004 Joined The Human of Generali 2021 Green Bond First and Investor Day Participant the Principles Safety Net and Generali First Establishment of the Integrated for Sustainable Climate Change Sustainability of Corporate UN Global Report Insurance Strategy Social Report Compact Responsibility Network Unit Generali’s Green Bond Reactive - Value Protection Proactive - Value Creation Our solid foundations to integrate sustainability into the core activities 4 SUSTAINABILITY Foundations Engagement Integrated Control with our Governance Remuneration Reporting functions stakeholders Stakeholders’ engagement Our integrated Governance is Sustainability is part of Integrated Reporting is the Control functions provide a increases the resilience of our essential to driving Executive remuneration ’moment of truth’ when we second and third level of business model and ensures sustainability at all levels of our assess our yearly performance control over sustainable that our capability to deliver organisation and present it to our business processes results is future proof stakeholders The Materiality assessment: our priorities to keep transforming our business in a 5 sustainable way ▪ In November 2020 the Board of Directors approved the Group materiality assessment, identifying the relevant Environmental, Social and Governance (ESG) megatrends* that the Group needs to manage properly and report on, to be recognised as a sustainable player ▪ Megatrends are long-term driving forces, observable in the present and likely to continue in the next decade, that we expect will reshape the business world, the society and the natural environment, bringing relevant risks and opportunities for our Group, our value chain and the stakeholders 1 2 3 Megatrends to be addressed Megatrends to be addressed Megatrends to be monitored by the Group through all by the Group through specific business units/functions business units/functions Integrated governance driving sustainability at all organisational levels 6 BODIES KEY CHARACTERISTICS ▪ 61.5% independent board members BOARD OF DIRECTORS ▪ 38.4% female representation ▪ Chair: Non-Executive Non-CEO BOARD CORPORATE GOVERNANCE ▪ Chaired by the Chairman of the Generali Board of Directors SOCIAL & ENVIRONMENTAL ▪ Advisory, recommendatory and preparatory role for the Board of Directors SUSTAINABILITY COMMITTEE ▪ 5 non-executive members ▪ Chaired by Group CEO TOP SUSTAINABILITY ▪ Drives the strategic integration of sustainability MANAGEMENT COMMITTEE ▪ 13 executive members including heads of Group functions and country CEOs RESPONSIBLE INVESTMENT COMMITTEE ▪ Specific committees and working groups with cross-functional composition and expertise OPERATIONAL GROUP ENGAGEMENT COMMITTEE ▪ In charge of delivering the strategic view of Sustainability LEVEL INTEGRATED REPORTING LAB ▪ Providing technical input to ensure appropriate implementation of the strategy RESPONSIBLE BUSINESS LAB Sustainability fully integrated into remuneration 7 Generali integrates its sustainability strategic objectives into remuneration, through a short-term annual incentive linked to sustainability goals and a long-term incentive plan factoring in ESG ratings. Short-term Incentive & internal sustainability goals: Long-term Incentive tied to external ESG ratings: The balanced scorecard of the Group Management Committee The Group’s 2021-2023 LTI plan introduces ESG goals for the first time among (GMC) and the Global Leadership Group (GLG), includes: the performance parameters: ▪ Risk adjusted economic and financial performance (>50%) ▪ ESG goals that reflect Generali’s rating, presence and positioning in the main ▪ Specific Country/BU goals and Group strategic projects (15-35%) market sustainability indices: Morgan Stanley Capital International ESG ▪ Generali 2021 Enablers (20-30%) rating (MSCI) and Standard & Poor’s Global Corporate Sustainability Generali 2021 Enablers examined: Assessment (S&P) with a multiplier/reducer factor in a range of x0.8 to x1.2. KPI Area Example of Indicators used LTI 50% 50% ESG MULTIPLIER Remuneration = + x Focusing on the quality of the succession plan, internal Diversity & Inclusion Index, People Value Sustainability Reskilling program execution, and the Net Relative Group Engagement Index Holding TSR % LTI Vesting S&P CSA 3- Cash (Total S. MSCI ESG Brand & Focusing on Relationship Net Promoter Holder Factor year average Flow Return) rating 2023 Lifetime Score (NPS), Customer Retention, and result Brand Preference Partner 2023 rating 0% ≤ 6.6 bn N/A 0.8 < 75o perc. Focusing on Group/local initiatives with < A priority on increasing green & social ≥ 50o 2023 rating Sustainability Target Vesting ≥ 7.1 bn 1 ≥ 90o perc. products, green & sustainable investments, perc. ≥ AA Commitment The Human Safety Net development, Maximum ≥ 90o 2023 rating Climate Strategy implementation ≥ 8.1 bn 1.2 ≥ 95o perc. Vesting perc. AAA Disclosure and Transparency 8 Our sustainable value creation story is moving forward on the basis of Integrated Thinking. It started in 2013, when the first integrated report was published, and then developed using the Core&More reporting approach. CORE Financial and non- MORE Financial and non-financial information is financial information included available on the Group website and other reports Group Annual Integrated Report… ...is gathered through a strong and verified data collection process... …and assured by independent external auditors Sustainability integration brings tangible progress in all areas 9 Net-Zero Asset Owner Alliance € 41.5 billion member since 2020 € 6.0 billion investments with dedicated ESG of new green and sustainable mandates and funds 1,487 AGMs investments as of FY 2020 of employees in attended in 2020 90% remote working giving visibility to sustainable SMEs Net-Zero Insurance Alliance 106% founding member 2021 D&I Index in 2020 52% (+25 pps vs baseline) reskilled employees € 16.9 billion as of FY 2020 GWP from green and social products in 2020 Relationship NPS(1) +9 as of Q4 2020 <0.1% insurance exposure to 82% thermal coal and upstream Engagement Index oil & gas of P&C premiums. in 2019 -36% 99% 56 in GHG emissions purchased green partners collaborating active in countries 22 in 2020 vs 2013 power in 2020 as of FY 2020 as of FY 2020 (1) Delta vs Q1 2019 baseline Generali’s key sustainability data trends 10 Green & Social Products ESG Investing Sustainable Investments Portfolio Carbon Footprint Green product premiums + social Investments with dedicated New green and sustainable Net-Zero Asset Owner Alliance product premiums (€ bn) ESG mandates and funds (€ bn) investments and TCFD-aligned metric € 6.0 bn total 16.9 € 3.3 bn 41.5 € 4.5 bn 15.2 2020 176 tCO2 per 35.5 33.2 target by 2021 € million invested, 12.7 with a target of € 2.7 bn net-zero by 2050 2019 2018 2019 2020 2018 2019 2020 Net Promoter Score Gender Diversity Board Diversity Reskilled Employees Generali relationship NPS Percentage (%) of Women make up 38.4% of Percentage of reskilled employees vs Q1 2019 Baseline women managers* the Board of Directors 2020 50% target +9 34.8 65.2 +32.3 p.p. by 2021 2020 2019 +3 32.4 67.6 ±0 2018 +19.7 p.p. 30.0 70.0 2019 Baseline 2019 2020 *Identified as people who manage at least one person Sustainability strategy goals and public commitments 11 GENERALI 2021 STRATEGY New 2021 strategy goals aligned with the Charter of Sustainability Commitments: Sustainability KPIs: ▪ Flagship projects : − + € 8.5 – € 9.5 billion of new green and − Responsible Consumer to create distinctive and customised product sustainable investments between 2021-2025 offering for responsible consumers − 7- 9% GWP growth in Green and Social Products − EnterPRIZE to award the best sustainable SMEs − 2050 carbon neutrality with an
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