Pride of Italy – the story of success (success)
The most famous in the world and the most powerful Italian company – is Assicurazione Generali, has survived two world wars, numerous social upheavals, a rearranging of the geopolitical structure of the world, the technological revolution, having managed some of these events draw to their advantage. In the list compiled by Fortune magazine's 500 largest corporations in the world Generali is more than honorable 29th place. Another Italian giant – Energy Corporation, Eni holds 43 place, Fiat – 52th. In 2002, when Fiat was still in good shape, the buyer 40% of the shares owned auto company Europ Assistance (trade city-cars and travel insurance) it became Generali. (Fiat, however, the insurer has its own company – TORO – number three in the local market. One time a group of Fiat intended to expand its presence in the insurance business by the insurance company Fondiaria, affiliated with the industrial and financial conglomerate Montedison).
Today at the Generali account for approximately 20-22% of the Italian insurance market. In 2003 the volume of receipts of insurance premiums in all countries where there is Generali, totaled 49.6 billion euros, two thirds of this amount accounts for life insurance. The combined ratio (the ratio of the total share of the cost of insurance premiums and administrative expenses to premium income) from the company in 2003 amounted to 103.3%, in other words, the company came out covered only by a positive balance of its investment activities. This situation is typical of many major international operators, which, if judged according to the report, are primarily investors, and only then insurers. In 2003, net income amounted to 1 billion euros for 2004 is planned to increase this figure to 1.2 billion.
With Generali affiliated specializing in life insurance company Alleanza (a large German Allianz has nothing to do).
Judging from the geographical distribution of premiums Generali more international than the Italian company – in Italy there are only 40% of all premiums collected by the Generali group in the world. For Generali: 20% and 18% of Israeli Hungarian market. Access to the markets of Eastern European countries need to recognize the very successful and timely. More precisely, Generali soon returned to the markets, where she worked during the period of the Austro-Hungarian Empire. In the Czech Republic, she attended from 1832-till 1948. Learn more about shipping service!
But in the 90 years before the company opened up not only new opportunities but also additional problems arose. She caught up with a long echo of the war and, in particular, the genocide of the Jewish people. (Many Jews who have become victims of the Nazis, were the holders of policies issued by them before the war, Eastern European offices Generali). Affected, of course, other categories of investors. As you know, the whole insurance business after the "triumph of socialism" in this part of Europe was nationalized and local authorities, as well as public insurers are fully responsible for the obligations of its pre-war period did not recognize. In Czechoslovakia, for example, the new government withdrew fellow citizens just 14 days in which to formalize the requirements for payment of compensation for prewar insurance policies in Poland were considered lost all rights to those who left the country. These post-war touched almost no complications French insurers. The West has helped to settle with the insured or their heirs to the government. Generali has developed its own situation – the company "inherited" 300,000 pre-war contracts from the Eastern Zone. At the disposal of the insurer were legal services, it was possible to evade the obligations on the basis of force majeure, which was a war and revolution. However, in the Generali decided to pay for this purpose by creating a fund of 100 million dollars. The exact size of the potential benefits to determine it was not realistic due to the introduction of new currency and hyperinflation.
In recent years, Generali justifies the title of not only European but also global world of the operator. Purposefully mastered the Chinese market, where the company is moving from south to north: starting in Guangzhou, it is now settled in Beijing, thanks to partnerships established between Generali and China National Petroleum Company (CNPC). These links provide premium income, the same income from insurance operations, the Italian insurer in Switzerland. In the North American business Italian company has invested at least $ 200 million, which allowed the company to create a life reinsurance – Generali USA Life Reinsurance Co with high ratings. Recent reports from the United States risks to other companies – members of the transnational group Generali.
Generali's headquarters is located on the outskirts of Italy, near Venice, near Trieste, in the semi-rural areas or peri, which gives an additional attraction of the status of porto-franco. But it is from here and started work Generali. Today, the dislocation in addition to a number of other advantages (low cost of land, for example) can Italian insurance corporations to consolidate and retain staff – in the big cities have more employee choice. In the area of Trieste, together with the change of an employee, and Generali will have to change their place of residence, and other reputable employers do not have access. Personnel policy of the company's emphasis on training and promotion of their own staff, but if it is forced to attract managers and professionals from the outside, then it is considered a flaw of human services that are not required expertise nurtured from the inside and on the basis of Generali.