Generali Group

          where we are



          Generali has been active in Germany since 1837. The Group ranks second in terms of total premium income due to a 9.1% market share in the Life business (also including health business), in which it plays a leadership role in the unit-linked and protection lines, and to a 5.3% P&C share, distinguished by a sharply higher premium profitability than the market average.


          Data at 31.12.2019. The indicated market shares and ranking, based on written premiums, refer to the most recent official data.

          Gross written premium € 14,299 mln
          Total operating result € 832 mln
          Life market share 9.1%
          P&C market share 5.3%
          Ranking 2nd
          Our people 9,613


          In 2019, Generali successfully completed implementation of the strategic turnaround programme Simpler, Smarter for You to Lead in Germany. This programme, fully consistent with the Group’s strategy, was aimed at:

          • maximisation of the distribution power by: integrating the channel of exclusive Generali agents in the DVAG network, which with 37,000 agents is the largest distribution network in Germany, operating on an exclusive basis to sell Generali brand products; the strengthening of its leadership in the direct channel (CosmosDirekt), also through sizeable investments in the simplification of the processes and extension to new forms of digital intermediation; and the focusing of the broker channel (Dialog) on improvement of profitability and on the digitalisation process;
          • maximisation of operational efficiency and innovation with creation of the “One company” model that led to concentrating employees in two main companies, creation of four product factories (Life, P&C, Health, Prevention and assistance) serving all distribution channels with considerable management synergies, and rationalisation of the brands portfolio, with significant strengthening of the Generali brand. To this regard, in October 2019 the merger of the P&C companies AachenMünchener Versicherung and Generali Versicherungen was finalised. It led to the creation of Generali Deutschland Versicherung, a company dedicated to the exclusive sale channel. The P&C company Dialog Versicherungen for the broker channel was set up. During the year, the Group retained its leading positioning on the market in the product innovation area and in customer services thanks to the Smart Insurance approach, focused on strengthening the Prevention and assistance offer, particularly thanks to the Generali Vitality programme and the products in telematics (Generali Mobility), domotics (Generali Domocity), and digital security through the CyberIdentity solutions;
          • mitigation of the interest rate risk and return on invested capital: during 2019, Generali finalised the sale of 89.9% of Generali Lebensversicherung to Viridium Gruppe, with which it had come to an industrial partnership agreement for the profitable management of the traditional guaranteed Life portfolio that is particularly subject to the interest rate risk. The transaction, which entailed a comprehensive valuation of 100% of Generali Lebensversicherung totalling € 1 billion and repayment to the Group of € 882 million in subordinated instruments, will allow more efficient and remunerative resources for the Group to be allocated.

          The initiatives carried out in 2019 fall within the Generali 2021 context, which also in Germany are aimed at fulfilling the Group’s ambition to become a Life-time Partner of its customers and to be number one on the market in terms of profitable growth, return on capital and innovation.

          The Human Safety Net

          Generali also successful continued to execute many initiatives part of The Human Safety Net programme. The programme, which initially supported refugees and their start-ups, was also extended to families with children in underprivileged situations in 2019. During 2019, Generali’s colleagues located in Germany were for the first time involved in the programme through corporate voluntary activities, and The Human Safety Net was hosted as part of the Bürgerfest initiative promoted by the President of the German Federal Republic.

          Key Events in Germany

          Key Events in Germany

          1998 - Acquisition of the AMB Group
          2009 - Establishment of Generali Deutchland, a holding company for all operations in Germany. Completion of merger between Generali Versicherungen and Volksfürsorge.
          2013 - Squeeze-out of the minority shareholdings in Generali Deutschland Holding and subsequent delisting
          2015 - Repositioning programme: simplified governance and focus on business with the merger of the previous Generali Deutschland Holding, Generali Versicherungen and Generali Lebensversicherung into the new Generali Deutschland AG
          2016 - Vitality was launched, an innovative health and wellness programme encouraging and rewarding the behaviour of clients who follow a healthier lifestyle.
          2017 - Launch of the "Simpler, smarter for you to lead" programme for maximum operational efficency and distributing power.

          Group structure

          Group structure


          MANAGER IN CHARGE The Country Manager for Germany is Giovanni Liverani.

          Main Group companies

          Main Group companies

          Generali Deutschland (

          • Company headquartered in Munich
          • Generali Deutschland integrated the AachenMuenchener brand
          • One of the market leaders in unit-linked products, corporate pensions and first company to successfully launch the Generali Vitality program
          • One of the market’s best performing P&C players in terms of profitability
          • Exclusive distribution agreement with Deutsche Vermögensberatung (DVAG), the biggest and most successful autonomous financial/ insurance sales organisation in Germany with more than 17,000 full-time salespeople
          Main Group companies

          CosmosDirekt (

          • The main direct insurance company in the German market, expanding online services and combining them with personal advice
          • Market leader in term risk Life insurance
          • The largest InsurTech in Europe
          Main Group companies

          Dialog (

          • Company specialised in biometric risks (term Life, professional disability, unit-linked pension products) and P&C solutions
          • Dialog is the Group insurer dedicated to brokers in Germany