Dividends
The shareholder remuneration policy
In the new Generali 2019-21 Strategic plan, among our financial targets, Assicurazioni Generali is committed to a sustainable growth of the dividend, underpinned by a target pay-out ratio range of 55% to 65% over the plan period and attractive profitability delivered through a target average Return on Equity of more than 11.5%. Generali confirmed the validity of the shareholder remuneration policy, as per the Generali 2021 strategy, also after the suspension of the second tranche 2019 dividend’s pay-out, due to the regulatory positions, intending to to seek shareholders’ approval also for the distribution of the second tranche of the 2019 dividend in 2021.
2019 dividend
On March 12th 2020 the Board of Directors proposed to distribute a dividend of Eur 0.96 per share, a significant 6.7% increase (Eur 0.06) over the dividend paid on accounting year 2018 (Eur 0.90). The pay-out ratio, excluding the capital gains relating to disposals and the one-off expense of the liability management transaction, is equal to 63.6%, well within the range established by the objectives of the Generali 2021 plan. A total Eur 1,513 million will be distributed to shareholders.
Having taken into account the subsequent statements by the regulatory authorities1 and the progress of the Covid 19 emergency, and in accordance with the continued existence of all the prerequisites, including the solvency ratio, to proceed with the distribution of the dividend for the 2019 financial year, the Board of Directors on April 10th decided to confirm the proposal to distribute a dividend per share of Eur 0.96 at the Shareholders' Meeting on April 30th 2020, but to divide it into two tranches: the first equal to Eur 0.50 payable in May and the second of Eur 0.46 payable by the end of the year and subject to verification by the Board, inter alia, of the limits set by the Group Risk Appetite Framework as of September 30th 2020, as well as the positive confirmation of compliance with the norms and the regulatory recommendations concerning dividend payments at that time.
At its November 11th 2020 meeting chaired by Gabriele Galateri di Genola, the Assicurazioni Generali Board of Directors examined the conditions for the payment of the second tranche of the 2019 dividend approved by the Annual General Meeting on 30th April 2020, equal to € 0.46 per share, to be paid by year-end and subject to the Board’s verification.
At the meeting, the Board of Directors verified the compliance with the limits set by the Group’s Risk Appetite Framework as of 30th September 2020.
The Group’s Solvency II Ratio as of 30th September 2020 was equal to 203%, after deduction of the entire 2019 dividend and the pro-rata accrual of the 2020 dividend, and as such well within the target operating range of 180%-240%. The Solvency II Ratio post stress test was well above the 150% soft limit set by the Risk Appetite Framework. The liquidity position of the Group and of the Holding remain very strong.
The Group’s solid capital position and resilience are among the main reasons for which customers and investors place their trust in Assicurazioni Generali every day. This is complemented by strong operations as highlighted by the Group’s operational and financial performance during the COVID-19 crisis and demonstrated by the just approved nine-month results.
The Board of Directors recognises the importance of dividend income to many institutional investors as well as retail investors, particularly in the current environment. However, the Board of Directors took note of the letter received from IVASS on 10th November 2020, in which the Regulator indicated that the application of the European Systemic Risk Board (ESRB) recommendation dated June 20202 - and still in force with regards to dividend distribution - has general application and doesn’t entail a case by case evaluation, therefore committing the Group not to proceed with the payment of the second tranche. The Board has therefore decided to comply with the current demands of the Regulator and consequently not to proceed with the payment of the second tranche of the 2019 dividend by year-end.
Generali Group remains focused on pursuing its dividend plan and, in particular, achieving the objective set out in the strategic plan for the distribution of cash dividends worth €4.5-5 billion in the period 2019-2021, subject to regulatory recommendations.
In 2021, the Group, subject to a positive regulatory position, intends to seek shareholders’ approval also for the distribution of the second tranche of the 2019 dividend.
The first dividend tranche has been paid on May 20th 2020, with a record date for the dividend on May 19th and ex-dividend date on May 18th. The payment date, record date and ex-dividend date for the second tranche will be determined at a later time. We specify that each coupon will entitle to the distribution of the single related tranche only.
1 EIOPA’s communication dated March 17th 2020 and IVASS’s letter dated March 30th, 2020, in relation to mitigating actions for the impact of Covid – 19 on the European insurance sector, invited insurance groups to follow prudent policies on dividend distribution as well as top management variable compensation.
Later, the EIOPA communication dated April 2nd 2020, urged insurance companies - taking into account the current uncertainty - to temporarily suspend dividend distribution.
2 ESRB, System –wide restraints on dividend payments, share buybacks and other pay-outs, June 2020.
Please note also the Recommendations of the European Systemic Risk Board of 27 May 2020 on restricion of distributions during the COVID-19 pandemic and the Recommendations on dividend pay-out and Remuneration policies as updated by IVASS on 30 July 2020.
Dividends in the history of Generali
Generali has always placed great importance on rewarding its shareholders. The ex-dividends paid made over the last 15 years are shown in the graph below.
Dividends per share
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
| Dividend per share (€) | 0.54 | 0.75 | 0.90 | 0.15 | 0.35 | 0.45 | 0.20 | 0.20 | 0.45 | 0.60 | 0.72 | 0.80 | 0.85 | 0.90 | 0.96** |
| 0.63* |
* The dividend in kind corresponds to 1/25 of the share and is equal to the official price of 21 May 2009, date of payment of the dividend. The unit value of the dividend distributed, cash + 1/25 of a share, amounts to 0.78 euro per share.
** Full amount of the dividend on fiscal year 2019. The amount, as resolved by the Shareholders’ Meeting, will be divided in two tranches: €0.50 paid on May 20th and € 0.46 to be paid in a second tranche, to be approved by shareholders, subject to a positive regulatory position.
| Year | Dividend per share (€) | % Previous year increase | Aggregate payout (€ mln) |
% Previous year increase | Maximum aggregate payout (€ mln) | % Previous year increase | Parent Company net profit (€ mln) | % Previous year increase | Consolidated net profit (€ mln) | % Previous year increase |
| 2019 | 0.96*** | 6.67*** | 1,513.0 | 7.11 | 1,513*** | 7.11*** | 2,379 | 6.6 | ||
| 2018 | 0.90 | 5.88 | 1,412.6 | 5.88 | 1,412.6 | 5.88 | 1,473.3 | 4.90 | 2,309 | 9.4 |
|
2017 |
0.85 |
6.25 |
1,330.4 |
6.25 |
1,330.4 |
6.25 |
1,404.5 |
28.11 |
2,110 |
1.4 |
|
2016 |
0.80 |
11.11 |
1,249.4 |
11.25 |
1,249.4 |
11.25 |
1,096.2 |
17.68 |
2,081 |
2.51 |
|
2015 |
0.72 |
20.00 |
1,123.1 |
20.00 |
1,123.1 |
20.00 |
931.5 |
26.26 |
2,030 |
15.34 |
|
2014 |
0.6 |
33.33 |
934.1 |
33.33 |
934.1 |
33.33 |
737.8 |
29.57 |
1,760 |
-8.08 |
|
2013 |
0.45 |
125 |
700.6 |
125.56 |
700.6 |
124.98 |
569.4 |
335.63 |
1,915 |
2,036.80 |
|
2012 |
0.2 |
= |
310.6 |
= |
311.4 |
= |
130.7 |
-59.85 |
90 |
-89.53 |
|
2011 |
0.2 |
-55.55 |
310.6 |
-55.55 |
311.4 |
-55.55 |
325.5 |
-48.64 |
856 |
-49.70 |
|
2010 |
0.45 |
28.57 |
698.8 |
28.57 |
700.6 |
28.57 |
633,8 |
14,05 |
1,702 |
30.01 |
|
2009 |
0.35 |
133.33** |
543.5 |
167.21** |
544.9 |
157.64** |
555.7 |
-32.91 |
1,309 |
52.07 |
|
2008 |
0.15 |
-13.33 |
203.4 |
-12.8 |
211.5 |
-15.51 |
828.3 |
-40.88 |
861 |
-70.47 |
|
0.63* |
860.6* |
860.6* |
||||||||
|
2007 |
0.9 |
20 |
1,220.1 |
27.74 |
1,269.0 |
32.37 |
1,401.1 |
15.45 |
2,916 |
21.24 |
|
2006 |
0.75 |
38.89 |
955.2 |
38.64 |
958.7 |
39.15 |
1,213,6 |
32.38 |
2,405 |
25.35 |
|
2005 |
0.54 |
25.58 |
689 |
25.61 |
689 |
25.61 |
916.8 |
-9.42 |
1,919 |
15.18 |
|
2004 |
0.43 |
30.3 |
548.5 |
30.3 |
548.5 |
30.3 |
1,012.1 |
83.88 |
1,666 |
64.1 |
|
2003 |
0.33 |
17.86 |
420.9 |
17.89 |
420.9 |
17.89 |
550.4 |
166.9 |
1,015 |
234.56 |
|
2002 |
0.28 |
0 |
357.1 |
0.03 |
357.1 |
0.03 |
206.2 |
-53.35 |
-754 |
-168.58 |
|
2001 |
0.28 |
--- |
356.9 |
--- |
356.9 |
--- |
442,1 |
--- |
1,100 |
--- |
Italian GAAP consolidated net profit from 2001 to 2003; IAS-FRS consolidated net profit from 2004.
* Amount corresponding to the dividend in kind, equivalent to 1/25 of the share, according to the official price of 21 May 2009 (dividend payment date). The dividend per unit, cash + 1/25 of the share, amounts to 0.78 euro per share.
** Percentage increase in the amount distributed in cash for 2008.
*** Data referring to the full amount of the dividend to be paid on the fiscal year 2019, divided in two tranches for € 0.50 and € 0.46 respectively.
|
Year of |
Date of |
Dividend |
Number of |
Total |
| 2020 | 20.05.20 | Euro 0.50 | 1,576,052,047 | 788,026,023.5 |
| To be determined | Euro 0.46 | 1,576,052,047 | 724,983,941.62 | |
| 2019 | 22.05.19 | Euro 0.90 | 1,569,600,895 | 1,412,640,805.5 |
|
2018 |
23.05.18 |
Euro 0.85 |
1,565,165,364 |
1,330,390,559.40 |
|
2017 |
24.05.17 |
Euro 0.80 |
1,561,808,262 |
1,249,446,609.60 |
|
2016 |
25.05.16 |
Euro 0.72 |
1,559,883,538 |
1,123,116,147.36 |
|
2015 |
20.05.15 |
Euro 0.60 |
1,556,873,283 |
934,123,969.80 |
|
2014 |
22.05.14 |
Euro 0.45 |
1,556,873,283 |
700,592,977.35 |
|
2013 |
23.05.13 |
Euro 0.20 |
1,556,873,283 |
311,374,656.60 |
|
2012 |
24.05.12 |
Euro 0.20 |
1,556,873,283 |
311,374,656.60 |
|
2011 |
26.05.11 |
Euro 0.45 |
1,556,873,283 |
700,592,977.35 |
|
2010 |
27.05.10 |
Euro 0.35 |
1,556,873,283 |
544,905,649.05 |
|
2009 |
21.05.09 |
Euro 0.15** |
1,410,113,747 |
211,517,062.05 |
|
2008 |
22.05.08 |
Euro 0.90 |
1,410,015,363 |
1,269,013,826.70 |
|
2007 |
24.05.07 |
Euro 0.75 |
1,278,285,370 |
958,714,027.50 |
|
2006 |
25.05.06 |
Euro 0.54 |
1,275,899,543 |
688,985,753.22 |
|
2005 |
26.05.05 |
Euro 0.43 |
1,275,587,018 |
548,502,417.74 |
|
2004 |
27.05.04 |
Euro 0.33 |
1,275,587,018 |
420,943,715.90 |
|
2003 |
22.05.03 |
Euro 0.28 |
1,275,284,781 |
357,079,738.68 |
|
2002 |
23.05.02 |
Euro 0.28 |
1,274,863,625 |
356,961,815.00 |
|
2001 |
24.05.01 |
ITL 500 |
1,252,991,340 |
626,495,670,000 |
|
2000 |
25.05.00 |
ITL 460 |
1,252,943,669 |
576,354,087,740 |
|
1999 |
31.05.99 |
ITL 425 |
1,025,847,404 |
435,985,146,700 |
|
1998 |
20.07.98 |
ITL 385 |
1,025,811,890 |
394,937,577,650 |
|
1997 |
21.07.97 |
ITL 375 |
881,704,686 |
330,639,257,250 |
|
1996 |
22.07.96 |
ITL 375 |
801,522,393 |
300,570,897,375 |
|
1995 |
17.07.95 |
ITL 360 |
801,474,647 |
288,530,872,920 |
|
1994 |
18.07.94 |
ITL 360 |
728,577,146 |
262,287,772,560 |
|
1993 |
16.07.93 |
ITL 350 |
728,511,075 |
254,978,876,250 |
|
1992 |
16.07.92 |
ITL 335.33 |
728,511,061 |
244,291,614,100 |
|
1991 |
17.07.91 |
ITL 349.48 |
582,802,343 |
203,677,762,800 |
|
1990 |
16.07.90 |
ITL 350 |
529,816,112 |
185,435,639,200 |
|
1989 |
17.07.89 |
ITL 330 |
529,790,000 |
174,830,700,000 |
|
1988 |
18.07.88 |
ITL 600 |
208,472,862 |
125,083,717,200 |
|
1987 |
16.07.87 |
ITL 600 |
173,028,100 |
103,816,860,000 |
|
1986 |
17.07.86 |
ITL 600 |
123,092,718 |
73,855,630,800 |
|
1985 |
16.07.85 |
ITL 500 |
122,594,079 |
61,297,039,500 |
|
1984 |
17.07.84 |
ITL 325 |
122,098,100 |
39,681,882,500 |
|
1983 |
19.07.83 |
ITL 1,100 |
30,524,525 |
33,576,977,500 |
|
1982 |
16.07.82 |
ITL 1,100 |
24,419,620 |
26,869,582,000 |
|
1981 |
08.07.81 |
ITL 950 |
24,419,620 |
23,198,639,000 |
|
1980 |
21.07.80 |
ITL 750 |
24,419,620 |
18,314,715,000 |
|
1979 |
19.07.79 |
ITL 700 |
19,278,648 |
13,495,053,600 |
|
1978 |
19.07.78 |
ITL 600 |
16,457,544 |
9,874,526,400 |
|
1977 |
20.07.77 |
ITL 550 |
13,714,624 |
7,543,043,200 |
|
1976 |
19.07.76 |
ITL 500 |
13,714,624 |
6,857,312,000 |
|
1975 |
21.07.75 |
ITL 500 |
8,944,320 |
4,472,160,000 |
|
1974 |
09.07.74 |
ITL 500 |
8,944,320 |
4,472,160,000 |
|
1973 |
19.07.73 |
ITL 500 |
7,453,600 |
3,726,800,000 |
|
1972 |
19.07.72 |
ITL 450 |
7,453,600 |
3,354,120,000 |
|
1971 |
19.07.71 |
ITL 450 |
7,453,600 |
3,354,120,000 |
|
1970 |
08.06.70 |
ITL 550 |
5,324,000 |
2,928,200,000 |
|
1969 |
18.06.69 |
ITL 550 |
4,840,000 |
2,662,000,000 |
|
1968 |
19.06.68 |
ITL 1,000 |
2,420,000 |
2,420,000,000 |
|
1967 |
19.07.67 |
ITL 900 |
2,420,000 |
2,178,000,000 |
|
1966 |
08.08.66 |
ITL 850 |
2,420,000 |
2,057,000,000 |
|
1965 |
20.07.65 |
ITL 850 |
2,420,000 |
2,057,000,000 |
|
1964 |
21.07.64 |
ITL 850 |
2,420,000 |
2,057,000,000 |
|
1963 |
29.07.63 |
ITL 850 |
2,420,000 |
2,057,000,000 |
|
1962 |
22.06.62 |
ITL 850 |
2,200,000 |
1,870,000,000 |
|
1961 |
03.07.61 |
ITL 750 |
2,200,000 |
1,650,000,000 |
|
1960 |
04.07.60 |
ITL 700 |
2,000,000 |
1,400,000,000 |
|
1959 |
06.07.59 |
ITL 650 |
2,000,000 |
1,300,000,000 |
|
1958 |
07.07.58 |
ITL 600 |
2,000,000 |
1,200,000,000 |
|
1957 |
03.07.57 |
ITL 550 |
2,000,000 |
1,100,000,000 |
|
1956 |
02.07.56 |
ITL 500 |
2,000,000 |
1,000,000,000 |
|
1955 |
04.07.55 |
ITL 400 |
2,000,000 |
800,000,000 |
|
1954 |
08.07.54 |
ITL 350 |
2,000,000 |
700,000,000 |
|
1953 |
08.07.53 |
ITL 300 |
2,000,000 |
600,000,000 |
|
1952 |
07.07.52 |
ITL 250 |
2,000,000 |
500,000,000 |
|
1951 |
02.07.51 |
ITL 200 |
2,000,000 |
400,000,000 |
|
1950 |
06.07.50 |
ITL 160 |
2,000,000 |
320,000,000 |
|
1949 |
06.07.49 |
ITL 120 |
1,600,000 |
168,000,000 |
|
1948 |
22.07.48 |
ITL 60 |
1,200,000 |
72,000,000 |
|
1947 |
30.04.47 |
ITL 35 |
600,000 |
21,000,000 |
|
1946 |
11.02.46 |
ITL 31.5 |
600,000 |
18,900,000 |
|
1945 |
- |
ITL 31.5 |
600,000 |
18,900,000 |
|
1944 |
giu-44 |
ITL 35 |
600,000 |
21,000,000 |
|
1943 |
giu-43 |
ITL 35 |
600,000 |
21,000,000 |
|
1942 |
giu-42 |
ITL 35 |
600,000 |
21,000,000 |
|
1941 |
mag-41 |
ITL 35 |
600,000 |
21,000,000 |
|
1940 |
mag-40 |
ITL 35 |
600,000 |
21,000,000 |
|
1939 |
mag-39 |
ITL 175 |
120,000 |
21,000,000 |
|
1938 |
Apr-38 |
ITL 175 |
120,000 |
21,000,000 |
|
1937 |
Apr-37 |
ITL 175 |
120,000 |
21,000,000 |
|
1936 |
Apr-36 |
ITL 175 |
120,000 |
21,000,000 |
|
1935 |
Apr-35 |
ITL 175 |
120,000 |
21,000,000 |
|
1934 |
Apr-34 |
ITL 175 |
120,000 |
21,000,000 |
|
1933 |
Apr-33 |
ITL 175 |
120,000 |
21,000,000 |
|
1932 |
Apr-32 |
ITL 175 |
120,000 |
21,000,000 |
|
1931 |
Apr-31 |
ITL 175 |
120,000 |
21,000,000 |
|
1930 |
Apr-30 |
ITL 175 |
120,000 |
21,000,000 |
|
1929 |
Apr-29 |
ITL 175 |
120,000 |
21,000,000 |
|
1928 |
Apr-28 |
ITL 150 |
120,000 |
15,000,000 |
|
1927 |
Apr-27 |
ITL 150 |
120,000 |
15,000,000 |
|
1926 |
Apr-26 |
ITL 150 |
120,000 |
15,000,000 |
|
1925 |
mag-25 |
ITL 150 |
80,000 |
12,000,000 |
|
1924 |
mag-24 |
ITL 125 |
80,000 |
10,000,000 |
|
1923 |
giu-23 |
ITL 750 |
6,300 |
4,275,000 |
|
1922 |
giu-22 |
ITL 680 |
6,300 |
4,284,000 |
|
1921 |
lug-21 |
ITL 640 |
6,300 |
4,032,000 |
|
1920 |
- |
ITL 600 |
6,300 |
3,780,000 |
|
1919 |
- |
ITL 600 |
6,300 |
3,780,000 |
|
1918 |
- |
ITL 600 |
6,300 |
3,780,000 |
|
1917 |
- |
ITL 600 |
6,300 |
3,780,000 |
|
1916 |
- |
ITL 400 |
6,300 |
2,520,000 |
|
1915 |
Apr-15 |
gold Franc pieces 500 |
6,300 |
3,150,000 |
|
1914 |
Mar-14 |
gold Franc pieces 720 |
6,300 |
4,536,000 |
|
1913 |
Mar-13 |
gold Franc pieces 720 |
6,300 |
4,536,000 |
|
1912 |
Apr-12 |
gold Franc pieces 700 |
6,300 |
4,410,000 |
|
1911 |
Apr-11 |
gold Franc pieces 700 |
6,000 |
4,200,000 |
|
1910 |
Mar-10 |
gold Franc pieces 600 |
6,000 |
3,600,000 |
|
1909 |
Mar-09 |
gold Franc pieces 600 |
6,000 |
3,600,000 |
|
1908 |
Mar-08 |
gold Franc pieces 600 |
6,000 |
3,600,000 |
|
1907 |
Mar-07 |
gold Franc pieces 540 |
6,000 |
3,240,000 |
|
1906 |
Mar-06 |
gold Franc pieces 420 |
5,000 |
2,100,000 |
|
1905 |
Mar-05 |
gold Franc pieces 400 |
5,000 |
2,000,000 |
|
1904 |
Mar-04 |
gold Franc pieces 400 |
5,000 |
2,000,000 |
|
1903 |
Mar-03 |
gold Franc pieces 390 |
5,000 |
1,950,000 |
|
1902 |
Mar-02 |
gold Franc pieces 380 |
5,000 |
1,900,000 |
|
1901 |
Apr-01 |
gold Franc pieces 360 |
5,000 |
1,800,000 |
|
1900 |
Apr-00 |
gold Franc pieces 360 |
5,000 |
1,800,000 |
|
1899 |
- |
gold Franc pieces 360 |
5,000 |
1,800,000 |
|
1898 |
- |
gold Franc pieces 360 |
5,000 |
1,800,000 |
|
1897 |
- |
gold Franc pieces 360 |
5,000 |
1,800,000 |
|
1896 |
- |
gold Franc pieces 340 |
5,000 |
1,700,000 |
|
1895 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1894 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1893 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1892 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1891 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1890 |
- |
gold Franc pieces 255 |
5,000 |
1,275,000 |
|
1889 |
- |
gold Franc pieces 255 |
5,000 |
1,275,000 |
|
1888 |
- |
gold Franc pieces 265 |
5,000 |
1,325,000 |
|
1887 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1886 |
- |
gold Franc pieces 310 |
5,000 |
1,550,000 |
|
1885 |
- |
gold Franc pieces 300 |
5,000 |
1,500,000 |
|
1884 |
- |
gold Franc pieces 220 |
5,000 |
1,100,000 |
|
1883 |
- |
gold Franc pieces 255 |
5,000 |
1,275,000 |
|
1882 |
- |
gold Franc pieces 270 |
5,000 |
1,350,000 |
|
1881 |
- |
gold Franc pieces 180 |
5,000 |
900,000 |
|
1880 |
- |
gold Franc pieces 170 |
5,000 |
680,000 |
|
1879 |
- |
gold Franc pieces 153.75 |
4,000 |
615,000 |
|
1878 |
- |
gold Franc pieces 125.05 |
4,000 |
500,200 |
|
1877 |
- |
gold Franc pieces 173.75 |
4,000 |
615,000 |
|
1876 |
- |
gold Franc pieces 153.75 |
4,000 |
615,000 |
|
1875 |
- |
gold Franc pieces 190 |
4,000 |
760,000 |
|
1874 |
- |
gold Franc pieces 180 |
4,000 |
720,000 |
|
1873 |
- |
gold Franc pieces 200 |
4,000 |
800,000 |
|
1872 |
- |
gold Franc pieces 187.5 |
4,000 |
750,000 |
|
1871 |
- |
gold Franc pieces 150 |
4,000 |
600,000 |
|
1870 |
- |
gold Franc pieces 150 |
4,000 |
600,000 |
|
1869 |
- |
gold Franc pieces 125 |
4,000 |
500,000 |
|
1868 |
- |
gold Franc pieces 73.5 |
4,000 |
294,000 |
|
1867 |
- |
gold Franc pieces 73.5 |
4,000 |
294,000 |
|
1866 |
- |
gold Franc pieces 73.5 |
4,000 |
294,000 |
|
1865 |
- |
gold Franc pieces 126 |
4,000 |
504,000 |
|
1864 |
- |
gold Franc pieces 73.5 |
4,000 |
294,000 |
|
1863 |
- |
gold Franc pieces 73.5 |
4,000 |
294,000 |
* As from 2000, the relevant coupon detachment date will be three days before the payment date. Starting from 2015, the relevant coupon detachment date will be two days before the payment date.
** The dividend per unit includes Euro 0.15 per share in cash and the free allotment of one Assicurazioni Generali ordinary share for every 25 shares held. The dividend in kind corresponds to 1/25 of the share and is equal to 0.63 euro according to the official price of 21 May 2009 (Euro 15.869). For tax purposes, the “normal value” of each allotted share is equal to Euro 15.724 and is made by the arithmetic mean of the share prices between 18 April and 18 May 2009 (coupon detachment date) on the days when the regulated market was open.