Europe and the Shift Towards Sustainability

Europe and the Shift Towards Sustainability: Generali as a Leader in the Green Transition

DI PHILIPPE DONNET — GENERALI GROUP CEO

In the second half of 2021, the European economic recovery continued its post-COVID-19 upwards trajectory, thanks to the efficacy of the vaccination campaign and the implementation of public response plans that were able to mobilise resources on a scale that would until recently have been deemed unthinkable. On the one hand, this grants us a degree of confidence in the immediate future. At the same time, however, we are not yet out of the woods when it comes to the pandemic, and we must be on the alert for a number of issues that may yet threaten this recent stability, not least of which are the grave concerns surrounding the recent resurgence in cases in central-eastern Europe and the macroeconomic uncertainty regarding a return to inflation. If we lift our gaze beyond the here-andnow, we must also consider the long-term impact on our society of a radical paradigm shift such as the one we are currently living through. An unpredictable global event such as the pandemic has first and foremost demonstrated the fragility of our systems, at least as they were until recently. And the irreversible nature of climate change also demands rapid and long-term decisions on our part. Throughout history, however, periods of great upheaval have also revealed positive aspects, and this one is no different. Above all, we have witnessed the adaptability and resilience of people, institutions and businesses, helped along by the opportunities provided by digitalisation and a newfound awareness of the importance of reinforcing a sense of international solidarity and finding collective solutions to collective problems. At Generali, we do not intend to lose sight of the work we did during the most critical stages of the pandemic to protect our clients, employees and communities most at risk. That is why we are continuing to invest in the recovery of the real economy through SMEs, infrastructure and the real-estate sector, education, healthcare and the energy transition. This is also why we continue our unflinching work to support European institutions, which are laying the groundwork for a green and digital recovery through their unprecedented recent contributions. There is a need for solutions that rise to the challenges of the global risks facing us, and this is possible only through a tightknit collaboration between member states, the EU and the private sector. This is also our approach to finding innovative solutions that will enable us to tackle the next pandemic crisis that may arise. In this rapidly changing context, the insurance sector is leading on the need for urgent change. Generali tackled the most severe post-war global crisis by leveraging its traditional strengths: the focus on technical excellence, an extensive distribution network, and a diversified business model. These elements are all brought to bear in the new “Generali Lifetime Partner 24: Driving Growth” strategy that we recently presented.

Traditional strengths: technical excellence, a strong distribution network and a diversified business model

This plan looks to the future, articulating a clear vision of the Group in 2024 without shying away from the great challenges that await Europe, embracing change as a primary motivator for the transformation of the company. It is a plan based on three core convictions. The first is our enduring, powerful and deeply embedded mission statement, to enable people to shape a safer and more sustainable future by caring for their lives and dreams. This has always been the source of our fully personalised service that is supplemented by digital technologies. The third conviction mentioned above regards our ability to always be “future ready”, whatever may happen. In the current situation, there is no longer such a thing as an unimprovable business model. Increasing the efficiency and productivity of our investments, accelerating the digital transformation and the abilities of our colleagues and becoming a datadriven innovator is an ongoing project. We are convinced that these strategic commitments will lead us towards an increasingly solid and sustainable growth, enable us to offer an increasingly top-quality experience to our clients and utilise the abilities of our employees to enhance our social and environmental impact. Picking up from the significant progress made over the course of the previous strategic cycle, sustainability will continue to be a central pillar of our business and our commitment to our communities over the next three years. We have already taken significant steps, but we can continue to raise the bar further in terms of our ambitions, to set new global standards in excellence in sustainability, while supporting the environmental and socioeconomic transition of the economy. Sustainability and Europe are tightly linked to the group’s strategic goals. And through our projects, we intend to continue our contribution to new initiatives that fall under the Next Generation EU programme. With the European Green Deal and the European Recovery Fund, the EU is finally finding its voice among the various global powers, offering a long-term sustainable vision that opens the door to closer integration at the level of both its institutions and disparate communities. At the same time, over the coming years we will continue to support a radical shift in approaches to work and manufacturing, as well as naturally in technology. It is now the responsibility of those with the greatest degree of knowledge and preparation to rise to the challenge of this change, to anticipate and interpret trends. To take the lead.