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Assicurazioni Generali S.p.A

Generali is one of the largest global insurance and asset management providers, operating in over 50 countries.

Lobbying Activity

Generali urges EU to refine Taxonomy for insurance and buildings

3 Dec 2025
Topic — This initiative reviews the EU taxonomy environmental delegated act to update and simplify technical screening criteria.
Message — Generali requests removing forward-looking climate-scenario requirements from underwriting pricing as they fall outside realistic horizons. They suggest aligning real estate criteria with European directives instead of the uncertain top 15% benchmark. The firm wants risk reduction defined as implementing adaptation measures or transferring exposure through insurance.123
Why — These refinements would reduce compliance uncertainty and facilitate easier taxonomy implementation for Generali.4
Impact — Environmental groups lose the strict building benchmark in favor of less ambitious national energy performance ratings.5
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Meeting with Tilman Lueder (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and Allianz SE and Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen

14 Oct 2025 · Solvency II

Meeting with Maria Luís Albuquerque (Commissioner) and

1 Oct 2025 · Savings and Investments Union Savings and Investment Account PEPP and IORP

Response to Delegated Regulation supplementing the review of prudential rules for the insurance and reinsurance sector (Solvency II)

4 Sept 2025

Generali Group welcomes the outcome of the Solvency II Review Directive 2025/2 (Directive) as a constructive and forward-looking development. It is essential that the subsequent Level 2/Delegated Acts consolidate the political decisions already endorsed, by faithfully reflecting the co-legislators intent to support the real economy and to foster sustainable growth, competitiveness and investment across the European Union. Although the Commissions draft proposal incorporates several constructive elements, it nonetheless requires further targeted amendments to ensure full alignment with the strategic direction and substantive reforms introduced by the Directive. Without such adjustments, there is a concrete risk that the achievements of the Directive at Level 1 may be dissipated, thereby weakening the coherence and effectiveness of the overall regulatory framework. There are two key priorities in particular whose proper calibration must align with the political outcome of the Directive: 1.The EPIFP (Expected Profits in Future Premiums) is a fundamental and integral component of the reconciliation reserve and should be treated consistently with the other own funds items included in it which are considered fully available at group level, without requiring separate assessments of availability. The proposed revision to EPIFP treatment would substantially undermine the anticipated capital release needed to advance the Unions economic goals and strategic priorities. We support a principle-based approach, taking into account the elements currently identified by present regulations, ensuring consistent treatment of all elements within the reconciliation reserve. Therefore, we call for the removal of the specific reference to EPIFP [deleting the reference to article 70(2)] from the amended article 330(1). 2. The Risk Correction (RC) is an adjustment to the Volatility Adjustment (VA) calculation, deducted from the total VA (thus reducing its amount and effectiveness) to reflect the risk of default and downgrade of bond securities, including both Government and Corporate bonds. According to the Directive, the RC should reflect only the portion of that spread that is attributable to a realistic assessment of expected losses or unexpected credit or other risk of the assets. In this respect, the RC should be calibrated using appropriate historical statistics (i.e. default rates) in a coherent manner with the definition of the RC stated in the Directive. Furthermore, such calibration should be established to preserve the ability of the VA to act as a countercyclical tool in case of spread widening, taking into consideration the peculiarities of the methodology introduced for calculating the RC under the Directive. In particular, the calibration for the RC could be improved following the approach provided by ANIA. Such an approach is based on actual market data on spreads and default rates (as required by the Directive) applied to European insurance portfolios under highly prudent and realistic assumptions. This analysis, detailed in ANIAs proposal for a realistic assessment of the Risk Correction within the Volatility Adjustment (attached), produces parameters which are coherent, justified, and aligned with the Directives requirements. Accordingly, it is recommended that the final calibration of the RC parameters be aligned more closely with the industrys evidence-based proposal, ensuring greater consistency with the Directives intent and underlying data.
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Generali demands insurance inclusion in EU savings account blueprint

8 Jul 2025
Topic — The European Commission seeks to create a blueprint for retail investment accounts.
Message — Generali argues the EU blueprint must include insurance-based investment products. They recommend replacing the term accounts with solutions to define the initiative. The group also calls for harmonized rules and professional financial advice.123
Why — This would allow the company to protect its significant market share in retail assets.4
Impact — Smaller digital-only competitors might lose market share to traditional, advice-led insurance firms.5
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Meeting with Michalis Hadjipantela (Member of the European Parliament)

8 Jul 2025 · SME Enterprise project

Meeting with Larisa Dragomir (Cabinet of Commissioner Maria Luís Albuquerque)

16 Jun 2025 · Exchange on market developments.

Meeting with Nicola Zingaretti (Member of the European Parliament)

20 May 2025 · insurance

Meeting with Vincent Hurkens (Cabinet of Executive Vice-President Stéphane Séjourné)

19 May 2025 · Solvency II, Securitisation, Climate resilience

Meeting with Jan Ceyssens (Cabinet of Commissioner Jessika Roswall), Pernille Weiss-Ehler (Cabinet of Commissioner Jessika Roswall)

19 May 2025 · Discussions on joint collaboration, ahead of the Climate Resilience Act

Meeting with Marco La Marca (Cabinet of Commissioner Dubravka Šuica) and Microsoft Corporation and

6 May 2025 · Demographic Policy

Meeting with Alessandra Sgobbi (Head of Unit Climate Action)

9 Apr 2025 · Exchange of views on sustainable finance

Generali urges higher thresholds for EU green finance reporting

26 Mar 2025
Topic — New European Union rules aim to simplify sustainability reporting requirements for financial companies.
Message — Generali requests a 10% minimum threshold to avoid reporting on minor green assets. They also propose a cutoff date for new guidance to ensure enough preparation time.12
Why — These exemptions would lower administrative costs by reducing the volume of required data.3
Impact — Environmental groups lose access to detailed data on a significant portion of corporate investments.4
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Meeting with Pasquale Tridico (Member of the European Parliament)

26 Mar 2025 · Meeting with Generali

Meeting with Nicola Zingaretti (Member of the European Parliament)

25 Mar 2025 · Insurance and asset management Sector

Meeting with Mariateresa Vivaldini (Member of the European Parliament) and ERION COMPLIANCE ORGANIZATION S.C.A R.L.

12 Mar 2025 · Meeting conoscitivo

Meeting with Michele Picaro (Member of the European Parliament)

12 Mar 2025 · Meeting

Meeting with Stefano Cavedagna (Member of the European Parliament)

12 Mar 2025 · Introductory meeting

Meeting with Marco Falcone (Member of the European Parliament) and TIM S.p.A.

12 Mar 2025 · Competition policy report

Meeting with Lara Magoni (Member of the European Parliament) and NOVE

12 Mar 2025 · Presentation of the event "SME EnterPrize"

Meeting with Tilman Lueder (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

17 Feb 2025 · Solvency II

Meeting with Aurore Lalucq (Member of the European Parliament, Rapporteur)

3 Feb 2025 · Priorités pour le nouveau mandat, union pour l’épargne et l’investissement, compétitivité de l’économie européenne

Meeting with Nicola Procaccini (Member of the European Parliament)

22 Jan 2025 · Introductory Meeting

Meeting with Nicola Zingaretti (Member of the European Parliament)

21 Jan 2025 · industrial policy

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

21 Jan 2025 · Solvency II / Retail Investment Strategy

Meeting with Pasquale Tridico (Member of the European Parliament)

21 Jan 2025 · Meeting with Generali - Fabio Marchetti - Group Head of International Public Affairs and Regulatory Advocacy

Meeting with Kinga Kollár (Member of the European Parliament)

21 Jan 2025 · importance of the insurance sector in supporting EU’s economic growth

Meeting with Massimiliano Salini (Member of the European Parliament)

21 Jan 2025 · EU Taxonomy

Meeting with Cristina Dias (Cabinet of Commissioner Maria Luís Albuquerque), Larisa Dragomir (Cabinet of Commissioner Maria Luís Albuquerque)

15 Jan 2025 · Follow up to call held with the Commissioner on 10 January 2025

Meeting with Maria Luís Albuquerque (Commissioner) and

10 Jan 2025 · Online call with Mr Philippe Donnet, CEO of Generali Group

Meeting with Pietro Fiocchi (Member of the European Parliament)

3 Dec 2024 · Resilienza piccole e medie imprese

Meeting with Aldo Patriciello (Member of the European Parliament) and NOVE and European Respiratory Society

21 Nov 2024 · first general meeting

Meeting with Elisabetta Gualmini (Member of the European Parliament) and Federazione Nazionale dell'Industria Chimica italiana

17 Oct 2024 · ITRE Committee

Meeting with Roberto Vannacci (Member of the European Parliament)

24 Sept 2024 · GENERALI ANNUAL RECEPTION

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur) and JPMorgan Chase & Co. and

11 Sept 2024 · Retail Investment Strategy

Meeting with Lukas Sieper (Member of the European Parliament) and Intuitive Surgical, Inc

4 Sept 2024 · Introductory meeting at networking event

Meeting with Isabella Tovaglieri (Member of the European Parliament)

25 Jul 2024 · Outcomes of European Elections

Meeting with Pierfrancesco Maran (Member of the European Parliament)

17 Jul 2024 · New legislature

Meeting with Niels Geuking (Member of the European Parliament)

17 Jul 2024 · Vision for the next five years

Meeting with Matej Tonin (Member of the European Parliament)

17 Jul 2024 · Europe’s competitiveness

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

21 May 2024 · Priorities of FISMA for the next political cycle - Future of CMU/ Savings & Investments Union - Future of EU insurance supervision

Meeting with Stephanie Riso (Director-General Budget)

14 May 2024 · Presenting the EU issuance programme and discussing opportunities for investors to invest in EU bonds.

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur) and BNP PARIBAS and

22 Feb 2024 · Retail investment Strategy

Meeting with Marco Zanni (Member of the European Parliament)

24 Jan 2024 · Solvency II - RIS - CS3D

Meeting with Ralf Seekatz (Member of the European Parliament, Shadow rapporteur)

16 Jan 2024 · Kleinanlegerstrategie

Meeting with Martina Dlabajová (Member of the European Parliament)

28 Nov 2023 · 3rd annual SME EnterPRIZE Award Ceremony

Meeting with Beatrice Covassi (Member of the European Parliament)

28 Nov 2023 · SMEs and sustainability

Meeting with Marco Zanni (Member of the European Parliament, Shadow rapporteur)

13 Nov 2023 · Solvency II review

Meeting with Marco Zanni (Member of the European Parliament, Shadow rapporteur)

6 Sept 2023 · Solvency II review

Generali warns EU retail strategy overemphasizes cost over value

28 Aug 2023
Topic — A legislative package aimed at increasing retail investor participation and confidence in EU capital markets.
Message — Generali requests that product benchmarks include qualitative metrics rather than focusing solely on costs. They also urge a longer timeframe before regulators reconsider banning sales commissions.12
Why — Broader value definitions help the company protect its existing commission-based sales of premium insurance products.34
Impact — Price-sensitive consumers lose protection against high fees if regulators move away from strict cost-based benchmarks.5
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Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

7 Jul 2023 · Banking union, Solvency II,RIS

Meeting with Pierre-Arnaud Proux (Cabinet of Executive Vice-President Margrethe Vestager) and NOVE

6 Jul 2023 · Sustainability & SMEs

Meeting with Irene Tinagli (Member of the European Parliament, Committee chair)

6 Jul 2023 · Courtesy meeting

Meeting with Tsvetelina Penkova (Member of the European Parliament) and Banco Santander, S.A. and Mastercard Europe

28 Apr 2023 · EUROFI

Meeting with Irene Tinagli (Member of the European Parliament, Committee chair)

30 Mar 2023 · Meeting on Insurance issues

Meeting with Brando Benifei (Member of the European Parliament, Rapporteur)

29 Mar 2023 · Exchange of views on the AI Act (meeting held by assistant)

Meeting with Axel Voss (Member of the European Parliament, Shadow rapporteur) and BUSINESSEUROPE and

8 Mar 2023 · Corporate Sustainability Due Diligence

Meeting with Marco Zanni (Member of the European Parliament, Shadow rapporteur)

18 Jan 2023 · Solvency II review

Meeting with Markus Ferber (Member of the European Parliament, Rapporteur)

14 Dec 2022 · Insurance Regulation: Solvency II

Meeting with Daniela Rondinelli (Member of the European Parliament) and NOVE

14 Dec 2022 · Various

Meeting with Irene Tinagli (Member of the European Parliament, Committee chair)

13 Jul 2022 · Meeting on Insurance Issues

Meeting with Nicola Danti (Member of the European Parliament)

13 Jul 2022 · Scambio di vedute dossier in corso

Meeting with Martina Dlabajová (Member of the European Parliament)

31 May 2022 · SME EnterPrize project

Meeting with Marco Zanni (Member of the European Parliament, Shadow rapporteur) and Unipol Assicurazioni S.p.A: and Associazione Nazionale fra le Imprese Assicuratrici

17 May 2022 · Solvency II review

Meeting with Sandro Gozi (Member of the European Parliament)

3 May 2022 · SME Sustainibility

Meeting with Christoph Nerlich (Cabinet of Commissioner Nicolas Schmit), Santina Bertulessi (Cabinet of Commissioner Nicolas Schmit)

21 Mar 2022 · Presentation of The Human Safety Net

Meeting with Markus Ferber (Member of the European Parliament, Rapporteur)

18 Mar 2022 · Insurance Regulation: Solvency II

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

8 Mar 2022 · Solvency II

Meeting with Mairead McGuinness (Commissioner) and

11 Feb 2022 · Solvency II, ESG Strategy, Retail investment strategy and Pandemic Insurance.

Meeting with Tommy De Temmerman (Cabinet of Commissioner Mairead Mcguinness)

7 Feb 2022 · Preparatory meeting Panel Discussion.

Meeting with Valdis Dombrovskis (Executive Vice-President) and Deutsche Bank AG and

23 Sept 2021 · Economic recovery; Situation of the EU financial sector; sustainable finance

Meeting with Antoine Colombani (Cabinet of Executive Vice-President Frans Timmermans), Damyana Stoynova (Cabinet of Executive Vice-President Frans Timmermans)

18 May 2021 · Sustainable Finance, Climate adaptation, Climate Pact

Meeting with Valeria Miceli (Cabinet of President Ursula von der Leyen)

3 Feb 2021 · Upcoming Solvency review

Meeting with Tommy De Temmerman (Cabinet of Commissioner Mairead Mcguinness)

21 Jan 2021 · introduction to activities of Generali, Solvency 2

Meeting with Mauro Raffaele Petriccione (Director-General Climate Action)

26 Oct 2020 · Recovery plan

Meeting with Frans Timmermans (Executive Vice-President) and Commerzbank AG and

8 Sept 2020 · Green recovery: Financing of the Green Deal

Response to Review of measures on taking up and pursuit of the insurance and reinsurance business (Solvency II)

26 Aug 2020

Generali Group believes that the Solvency II (SII) framework has made a positive contribution to aligning capital with the risks incurred by the industry and in strengthening governance models and risk management processes. The framework is now well established and it has contributed to the stability of the insurance industry. Therefore, the fundamental pillars should be maintained, although a few steps should be taken to improve its efficiency and reduce volatility without further increasing the capital burden placed on the European industry. While the draft opinion for the revision of SII put forward by EIOPA is relatively technical, we believe that the SII framework has major socio-economic impacts both through the product offering to an aging population and its stabilizing role of long-term investors. Therefore, the debate on SII review should be driven by a global and political perspective. This is also in line with the Capital Market Union and the EU Green Deal and Sustainable growth agenda. The insurance sector can significantly contribute to reaching these objectives as we are natural long-term investors. In this context the SII review should have the ambition to support the European political agenda rather than weaken the insurance industry by adding excessive conservatism. The recent Covid-19 crisis has shown that events that we imagined remote and unlikely can quickly materialize. We should learn this lesson for future catastrophic events, such as pandemics or climate change disasters. Public institutions must now unlock the full investment potential of the financial industry to channel unprecedented amounts of capital towards the development of an innovative, sustainable and environmentally friendly economy. International competitiveness is also crucial. EU policymakers must look at other markets/jurisdictions and have a global vision before developing any new legislation that could penalize European players. Against this background, the overall objectives of the review should ensure that undue volatility is better mitigated to facilitate long term investments and the right incentives and boundaries are given to allow investments by insurers, both in standard and in alternative asset classes like sustainability and SMEs projects. In particular, the strong fluctuations of the solvency ratios in the early stage of the recent Covid-19 crisis, proved the inadequate functioning of the adjustment mechanism for volatility (Volatility Adjustment - VA) which should be made more effective in order to remove unintended artificial volatility in own funds, to avoid pro-cyclical investment behavior and to limit forced sales of assets. In this context, EIOPA’s design for reviewing the current VA framework does not seem fully appropriate since it would result in increased pro-cyclicality and make the VA less rather than more effective in a crisis. Regarding investments, we encourage the Commission to further investigate two categories which are very satisfactory in a long-term-sustainable perspective such as Sustainable Infrastructures and Green Bonds. One aim of the Commission is to mobilize investment across the Union in areas such as Sustainable Infrastructure. Currently, under SII, there is a set of qualifying criteria for infrastructure assets that allow applying a more favorable capital charge but they are fairly restrictive/difficult to apply. A more in-depth investigation of these criteria, to make them more appealing to investors, would be an incentive to attract more capital. Within the SII framework a specific treatment of the “Green Bond” asset class could be developed considering their different nature and related risks compared to other types of bonds. Currently green bonds are traded at a tighter yield compared to non-green bonds; from a risk-return perspective and asset allocation optimization we would prefer having a more appropriate risk charge to avoid undue penalization in the investment decision process.
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Meeting with Valdis Dombrovskis (Executive Vice-President)

15 Jun 2020 · Recovery strategy, Solvency II, sustainable finance

Meeting with Pascal Canfin (Member of the European Parliament)

3 Jun 2020 · Green recovery

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

28 May 2020 · The impact of the pandemic on the insurance industry

Meeting with Paolo Gentiloni (Commissioner)

28 Apr 2020 · Impact of Covid19 on insurance sector and ways ahead

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis)

11 Dec 2019 · Solvency II, sustainable finance

Meeting with Despina Spanou (Cabinet of Vice-President Margaritis Schinas)

10 Dec 2019 · The team of the NGO presented to us the mission of the foundation and the programmes that they run under this NGO. On our side we asked more information about their programme, which helps refugees to open businesses and startups

Meeting with Telmo Baltazar (Cabinet of President Jean-Claude Juncker)

1 Oct 2019 · Climate Change

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

17 May 2018 · Sustainable Finance, Fintech, Solvency II

Meeting with Andrus Ansip (Vice-President) and

22 Jun 2017 · Digital Single Market, FinTech and innovation, cybersecurity

Meeting with Violeta Bulc (Commissioner)

6 Nov 2015 · Meeting Generali CEO

Meeting with Edward Bannerman (Cabinet of Vice-President Jyrki Katainen), Miguel Gil Tertre (Cabinet of Vice-President Jyrki Katainen) and

25 Mar 2015 · Investment plan and EU economic outlook