INTRODUCTION OF INSURANCE

The business of insurance is related to the economic values of assets. Every asset has a value. The asset would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefits from it. The benefits may be an income or something else. It is a benefit because it meets some of his needs. In the case of a factory or a cow, the product generated by is sold and income generated. In the case of a motor car, it provides comfort and convenience in transportation. There is no direct income. Every asset is expected to last for a certain period of time during which it will perform. After that, the benefit may not be available. There is a life time for a machine in a factory or a cow or a motor car. None of them will last forever. The owner is aware of this and he can so manage his affairs that by the end of that period or life time, a substitute is made available. Thus, he makes sure that the value or income is not lost. However, the asset may get lost earlier. An accident or some unfortunate event may destroy it or make it non-functional. In that case, the owner and those deriving benefits there from, would be deprived of the benefit and the planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effect of such adverse situations.

SOME DFFINITIONS OF INSURANCE

1. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium. 2. Plans in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. 3. A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy and the periodic payment is known as an insurance premium.

4. A contract in which one party agrees to pay for another partys financial loss resulting from a specified incident (for example, a collision, theft or storm damage).

BRIFE HISTORY OF INSURANCE

The business of insurance started with marine business, traders, who used to gather in the Lloyds coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship/the first insurance policy was issued in 1583 in England. In India, insurance began in 1870 with life insurance being transacted by an English company was the Albert. The first Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed in 1970. Later, the Hindustan cooperative was formed in Calcutta, the united India in Madras, the Bombay life in Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were all Indian companies, started as a result of the Swadeshi movement in the early 1900s. By the year 1956, when the life insurance business was nationalized and the Life Insurance Corporation of India (LIC) was formed on 1st September 1956, there were 170 companies and 75 provident fund societies transacting life insurance business in India. After the amendment to the relevant laws in 1999, the LIC did not have the exclusive privilege of doing life insurance business in India. By 31/3/2002, eleven new insurance had been registered and had begun to transact life insurance business in India.

PURPOSE & NEED OF INSURANCE

Only economic consequences can be insured. If the loss is not financial, insurance may not be possible. Examples of non-economic losses are love and affection of parents, leadership of managers, sentimental attachments to family heirlooms, innovative and creative abilities, etc. The mechanism of insurance is very simple. People who are exposed to the same risks come together and agree that, if any one of them suffers a loss, the others will share the loss and make good to the person who lost. All people who send goods by ship are exposed to these risks, which are related to water damage, ship sinking, piracy etc. Those owning factors are not exposed to these risks, but they are exposed to different kinds of risks like fire, hailstorms, earthquakes, lightning, burglary etc. Like this, different kinds of risks. By this method, the heavy loss that any one of them may suffer (all of them may such losses at the same time) is divided into bearable small losses by all. In others words, the risks is spread among the community and the likely big impact on one is reduced to smaller manageable impacts on all. There are certain principles, which make it possible for insurance to remain a fair arrangement. The first is that it is difficult for any one individual to bear the consequence of the risks that he is exposed to. It will become bearable when the community shares the burden. The second is that the peril should occur in an

accidental manner. Nobody should be in a position to make the risks happen. In other words, none in the group should set fire to his assets and ask others to share the costs of damage. This would be taking unfair advantage of an arrangement put into place to protect people from the risks they are exposed to the occurrence has to be random, accidental and not the deliberate creation of insured person. Assets are insured, because they are likely to be destroyed, through accidental occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns, lightning, earthquakes etc. are perils. If such perils cab case damage it the asset, we say that the asset is exposed to that risks. Perils are the events. Risks are the consequential losses or damages. The risk to an owner of a building, because of the peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the cost of the building and the contents in it. The risk only means that there is a possibility of loss or damage. The damage may or may not happen. Insurance is done against the contingence that it may happen. There has to be an uncertainty about the risk. Insurance is relevant only if there are uncertainties. If there are no uncertainties about the occurrences of an event, it cannot be insured against, in the case of a human being, death is certain, but the time of death is uncertain. In the case of a person who is terminally ill, the time of earth is not uncertain, though not exactly known. He cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The peril can sometimes be avoided, through better safety and damage control management. Insurance only tries to reduce the impact of the risks on the owner of the assets and those who depend on that asset. It only compensates the losses and that too not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible. Examples of non-economic losses are love and affection of parents, leadership of managers, sentimental attachments to family heirlooms, innovative and creative abilities, etc. If a Jumbo Jet with more than 350 passengers crashers, the loss would run into crores of rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo jets, come together into an insurance pool, whenever one of the Jumbo Jets in the pool crashes, the loss to be borne by each airline would come down to a few lakhs of rupees. Thus, insurance is a business of haring.

The manner in which the loss is to be shared can be shared can be determined beforehand. It may be proportional to the risk that each person is exposed to. This would be indicative of the benefit he would receive if he the peril befell him. The share could be collected from the members after the loss has occurred or the likely shares may be collected in advance, at the time of admission to the group. Insurance companies collect in advance and create a find from which the losses are paid. The collection to be made from each person in advance is determined on assumption. While it may not be possible to tell beforehand, which person will suffer, it may be possible to tell, on the basis of past experiences, how many person, on an average, may suffer losses.

INSURANCE AS A SECURITY TOOLS

The united Nations Declaration of human Rights 1948 provides that Everyone has a right to a standard of living adequate for the health and well-being of himself and his family, including food, clothing, housing and medical care and necessary social services and the right to security the event of unemployment, sickness, disability, widowhood or other lack of livelihood in circumstances beyond the control.

When the breadwinner dies, to that extent, the familys income dies. The economic condition of the family is affected, unless other arrangements come into being to restore the situation Life insurance provides if this did not happen, another family would be pushed into the lower strata creates a cost on society. The lower strata create a cost on society. Poor people cost the nation by way of subsidies and doles and so on. Poor people also cost by way of larger growth in population, poor education and vagaries in behavior of children. Life insu0rance tends to reduce such costs. In this sense life insurance business is complementary to the states efforts in social management. Under a socialistic system the responsibility of full security is placed upon the state to find resources for providing social security. In the capitalistic society, provisions of security are largely left to the individuals. The society provides instruments, which can be used in security this aim. Insurance is one of them. In a capitalistic society too, there is a tendency to provide some social security by the state under some schemes, where members are required to contribute e.g. Social Security Schemes in U.K. In India, social security finds a place in our constitution. Article41 requires state, within the limits of its economic capacity and development, to make effective provisions for security right to work, to education and to provide public assistance in case of unemployment, old age, sickness and disablement and in other cases of undeserved want. Part of the states obligations to the poorer sections is met through the mechanism of life insurance.

TYPES OF INSURANCE

1. Auto Insurance This is insurance, which protect the insured against losses involving the use of automobiles. 2. Business Insurance Insurance that is intended to serve the insurance needs of a business rather than the needs of an individual. 3. Health Insurance A broad term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or sickness or for expenses of medical treatment necessitated by sickness or accidental bodily injury. Health policies can offer many options and very in their approaches to coverage. It might also include prescriptions and doctor visits. 4. Life Insurance It provides for payment of a sum of money upon the death of the insured person. 5. Loss of Income Insurance Insurance that covers workers who are unable to work for any reason. They are usually paid 80% of the insured income. They may have to be off work for 3 months before the policy comes in effect. 6. Property Insurance Property insurance provides protection against risks to property, such as fire, theft or weather damage 7. Travel Insurance Is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, personal liabilities? 8. Workers Compensation Insurance A State-mandated from of insurance covering workers injured in jobrelated accidents. 9. Insurance advice Advice offered to you related to insurance.

Tax Benefits, Riders and Age Eligibility

1. Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961. 2. Attach Accident, Waiver of premium, Payer Benefit (for juvenile policy) and Critical Illness riders to this policy at a nominal extra cost for added protection.

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAs online service for issue and renewal of licenses to agents.The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

INSURANCE IN INDIA

Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist period to help families build houses, protect widows and children. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds.By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However,in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalizes the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies.

For years thereafter, insurance remained a monopoly of the public sector. It

was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the reopening up of the insurance sector to private players that the sector was finally opened up to private players in 2001.The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

Milestone of Indian Life Insurance Industry

The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian, foreign insurers and provident societies was taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz.

LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

Insurance sector reforms:

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at "creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms".

In 1994, the committee submitted the report and some of the key recommendations included: 1) Structure

Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.

2) Competition

Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry.

No Company should deal in both Life and General Insurance through a single entity.

Foreign companies may be allowed to enter the industry in collaboration with the domestic companies.

Postal Life Insurance should be allowed to operate in the rural market. Only One State Level Life Insurance Company should be allowed to operate in each state.

3) Regulatory Body

The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.

4) Investments

Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%.

GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time).

5) Customer Service

LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition.

But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.

MAJOR POLICY CHANGES

Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and

ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions:

Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company;

The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business.

The minimum paid up equity capital for life or general insurance business is Rs.100 crores.

The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores.

The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Reinsurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.

Insurance Companies:
IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance business. Particulars of the life insurance companies and general insurance companies including their web address are given below:

Indian Insurance sector touted to record a 18% growth

According to K N Bhandari, the Secretary General of General Insurance Council, India's general insurance sector is slated to grow at an 18% rate in 2008. The comparable figure for 2007 was 13%. As per Mr. Bhandari, the present market value of the Indian general insurance sector is Rs 30,000-crore. The current penetration level of the Indian insurance sector is 0.65%. The Indian urban sector is a significant contributor to the general insurance market. In comparison, contribution from rural India is small. Efforts are afoot to capture the dormant rural market via strategies like awareness generation, institutional marketing and e-marketing.

LIFE INSURERS Public Sector Life Insurance Corporation of India Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited

Websites

www.licindia.com

www.allianzbajaj.co.in www.birlasunlife.com www.hdfcinsurance.com www.iciciprulife.com www.ingvysayalife.com www.maxnewyorklife.com www.metlife.com www.omkotakmahnidra.com www.sbilife.co.in www.tata-aig.com

AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited

www.ampsanmar.com www.avivaindia.com

GENERAL INSURERS Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited Private Sector Bajaj Allianz General Insurance Co. Limited ICICI Lombard General Insurance Co. Ltd. IFFCO-Tokyo General Insurance Co. Ltd. Reliance General Insurance Co. Limited Royal Sundaram Alliance Insurance Co. Ltd. TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of India www.gicindia.com www.bajajallianz.co.in www.icicilombard.com www.itgi.co.in www.ril.com www.royalsun.com www.tata-aig.com www.cholainsurance.com www.ecgcindia.com www.nationalinsuranceindia.com www.niacl.com www.orientalinsurance.nic.in www.uiic.co.in

Introduction of Future Generali India Life and Non Life Insurance Company Limited

Company Profile
Future Generali is a joint venture between the India-based Future Group and the Italybased Generali Group. Future Generali is present in India in both the Life and NonLife businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

Future Group
Future Group, led by Mr. Kishore Biyani, is positioned to cater to the entire Indian consumption space. The Future Group operates through six verticals: 1. Future Retail (encompassing all lines of retail business) 2. Future Capital (financial products and services) 3. Future Brands (all brands owned or managed by group companies) 4. Future Space (management of retail real estate) 5. Future Logistics (management of supply chain and distribution) 6. Future Media (development and management of retail media spaces) The groups flagship enterprise, Pantaloon Retail, is Indias leading retail company with presence in food, fashion and footwear, home solutions and consumer electronics, books and music, health, wellness and beauty, general merchandise, communication products, E-tailing and leisure and entertainment. The company owns and manages multiple retail formats catering to a wide cross-section of the Indian society and its width and depth of merchandise helps it capture almost the entire consumption basket of the Indian consumer. Headquartered in Mumbai (Bombay), the company operates through 4 million square feet of retail space, has over 150 stores

across 35 cities in India and employs over 15,000 people. The companys revenues for FY 05-06 were Rs. 2017 crore Founded in 1987, as a garment manufacturing company, Pantaloon Retail forayed into modern retail in 1997 with the opening up of a chain of department stores, Pantaloons. In 2001, it launched Big Bazaar, a hypermarket chain, followed by Food Bazaar, a supermarket chain and went on to launch Central, a first of its kind, seamless mall located in the heart of major Indian cities. Some of its other formats include, Collection I (home improvement products), E-Zone (consumer electronics), Depot (books, music, gifts and stationaries), all (fashion apparel for plus-size individuals), Shoe Factory (footwear) and Blue Sky (fashion accessories). It has recently launched its retailing venture, futurebazaar.com. Some of the groups subsidiaries include Home Solutions Retail India Ltd, Future Bazaar India Ltd and Converge Retail India Ltd, which leads the groups foray into home improvement, retailing and communication products, respectively. Other group companies include, Pantaloon Industries Ltd, Galaxy Entertainment and Indus League Clothing. It has also entered joint venture agreements with a number of companies including ETAM group, Gini & Jony, Liberty Shoes, Staples and Planet Sports, a company that owns the franchisee of international brands like Marks & Spencer, Debenhams, Guess and The Body Shop in India. Future Capital Holdings, the groups financial arm, focuses on asset management through real estate investment funds (Horizon and Kshitij) and consumer-related private equity fund, in division. It also plans to get into insurance, consumer credit and offer other financial products and services. Future Groups vision is to, "deliver Everything, Everywhere, Every time to Every Indian Consumer in the most profitable manner." One of the core values at Future Group is, Indian and its corporate credo is Rewrite rules, Retain values.

Generali Group
Established in Trieste on December 26, 1831, Generali is an international group present in more than 40 countries and 5th largest company in the world with insurance companies and companies mostly operating in the financial and real estate sectors. Its ranked is 47th in Global fortune list of 500s (2009). Over the years, the Generali Group has reconstructed a significant presence in Central Eastern Europe and has

started to develop business in the principal markets of the Far East, including China and India.

Generali Group is a key player in Continental Europe, with a significant presence in all the principal countries.

Generali is the third largest European insurance group by premium written and the 47th largest company by revenues in the "Fortune Global 500" 2009 worldwide ranking.

Characterised since 1831 by a strong international drive. Implementing a decentralised multi-brand and multi-local approach. Focused on the retail market. Using a multi-channel distribution strategy.

Vision and values of Generali Group

Group`s Vision

We are committed to being a leading international team that produces consistent, excellent results for our stakeholders in the short and long term.

We believe in the value of our people and we build our competitive advantage through the commitment of every individual. We will therefore seek to produce and to leverage constantly a pioneering spirit, innovation and excellence.

We are committed to becoming the most attractive employer for the best performing people.

We will work constantly to enhance our group identity, proud of our history and of the richness of our diversities.

Pioneering spirit
Inclination towards innovation and continuous search for new and better solutions, being open to changes and being ambitious to continuously improve and innovate.

Passion for clients

Emphasis on clients and their needs, searching for the optimal solution to satisfy them both by supplying high quality products and services as well as by providing them with transparent and thorough information.

Responsibility
Ethical choice of accepting the consequences of ones own actions and of being loyal to the organization, taking the initiative and making decisions within ones own competence and responsibility.

Respect
Strong belief that doing business implies respecting the rules; rules linked to our duties towards shareholders as well as rules affecting the relationship with all our stakeholders, especially our employees and the community where we operate.

Flexibility
Ability to be open and to encourage others to stay open to change, to maintain and improve work effectiveness in new situations, to adapt ones attitude and behaviour to work effectively with different people, to readily adapt to changing priorities, new procedures and methods, better ideas and strategies.

Integration
Ability to grow and work together by listening to each other and openly and constructively comparing different ideas, which is fundamental to improve both oneself and business results.

Professionalism
Continuous commitment of the individual and of the organization to develop

knowledge and to increase the value of experience, in order to achieve a specific and distinctive know-how.

Transparency
A must in the exchange of opinions and information, based on clear purposes and on behavioural coherence in order to create and strengthen confidence amongst people and integrity in business performance.

Business activity and Mission of Generali Group:

The Group`s Activity

The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company, characterised from the outset by a strong international outlook and now present in 64 Countries, Assicurazioni Generali has consolidated its position among the

world's leading insurance operators. It has in fact a strong position in western Europe, its main area of activity, with significant market shares in Germany, France, Austria, Spain, Switzerland as well as Israel. In recent years, the Group has made a significant return to central-eastern European markets and has set up offices in the principal markets of the Far East, among which China and India. In the last decade, the Group has widened its product offerings from only insurance to include the entire range of financial and real estate services and asset management.

The Group's Mission

The Mission of the Generali Group is to:

Become the leading insurance group in terms of profitability in the major European countries in which the Group operates and play an important role in high-potential markets.

Grow in the retail and SME (Small & Medium-sized Enterprises) sectors by implementing a distribution strategy based primarily on agents networks and focused on a multi-brand approach.