Milan, 9 October. Generali is set to enhance its client offering in the fast-growing “insurbanking” channel, by establishing a partnership that combines two strong capabilities: the distribution strength and quality of Alleanza Assicurazioni and the private banking and investment management expertise of Banca Generali.

This new partnership will add an integrated range of banking and insurance products to Alleanza’s customer proposition, in line with Generali’s Lifetime Partner promise to meet the evolving needs of its customers.

The partnership will see Alleanza’s network - 10,000 highly qualified insurance advisors, 2,700 of whom are enabled for registration in the register of financial advisors - to increasingly support families in risk protection, more informed management of savings and diversification of investments, through personalized solutions now combined with the excellence of Banca Generali’s banking services for liquidity and securities account portfolio management.

With this insurbanking partnership, Generali anticipates the evolution of the sector by leveraging strong customer satisfaction and loyalty. The project offers a new growth opportunity for Alleanza, aimed at increasing market share and diversifying its revenue streams. The Company’s offering is enriched with new tools for the efficient management of financial flows and the personalized allocation of family investments: Conto Unico – a simple, modern, and competitive current account – and Stile Unico – a new multi-line policy with high financial content.

At the same time, Banca Generali will benefit from significant profitable growth opportunities in the affluent segment through access to Alleanza’s unique Distribution Network and its 1.9 million clients, as well as increased opportunities as a managing company for assets underlying multi-line policies.

Giancarlo Fancel, Country Manager and CEO of Generali Italia, stated: “Through this innovative partnership in insurbanking, Alleanza Assicurazioni and Banca Generali are strengthening Generali’s integrated insurance and banking services offering, establishing a new important development path Italy. This complements Country Italy’s model, strengthening Generali’s role as partner of choice for Italian households, anticipating the industry’s evolution and consolidating its market leadership. The powerful combination of Alleanza’s excellent network of advisors and Banca Generali’s extensive banking expertise is the right model to reinforce our market leadership in Italy and unlock further value for all of our customers.”

Davide Passero, Chief Executive Officer of Alleanza Assicurazioni, stated: “Alleanza has been responsibly interpreting Italy’s social and economic changes with strategic vision for 127 years. Our Company stands out as a successful case study in change management and innovation within the insurance sector, as it climbed the ranking of both Italian Life Insurance Companies, moving from the ninth to the current third place in 10 years and, representing today a top 10 leader in the Health segment. Through this important agreement with Banca Generali, we aim to encourage Italians to 'protect themselves first in order to invest better', offering an effective solution to families who continue to hold large amounts of idle liquidity in deposits as a form of self-protection. By expanding their insurance coverage, they can free up resources to be allocated to greater portfolio diversification and a longer investment horizon, thereby optimizing their investment return.”

Gian Maria Mossa, Chief Executive Officer of Banca Generali, stated: “A new development path is opening for our Bank, which has worked closely with the Group and Alleanza and now has the opportunity for providing our quality banking products and extensive expertise in investment selection and management to a new large customer base. We are providing our enhanced digital tools, advanced data governance, efficient and high-quality banking products and extensive management skills to one of Italy’s leading agency networks to compete in the Italian Affluent sector with a comprehensive approach. The outstanding capabilities within our Group are being pooled to offer households a fully-fledged alternative to the traditional approach of managing liquidity, savings and investments, by focussing on people protection and quality.”

Market context and competitive factors

The Italian financial service sector is changing due to the regulatory evolution that is shaping competitive trends, leading an increasing number of operators to combine banking and insurance solutions.

The macroeconomic context is heightening the challenges as in the previous year households’ targetable financial wealth1 reached €3,600 billion, a significant part of which — 37% of the total and 55% of clients with investible assets between approximately €100,000 and €500,000 — is still held in low-return deposits. Combining the distribution capabilities of 2,700 Private Advisors with the value proposition of a private bank and an integrated advisory model, Alleanza Assicurazioni and Banca Generali aim at seizing this strategic opportunity by offering high-quality instruments able to shift part of the savings held in low-return deposits or securities towards medium-to-long-term insurance solutions that combine capital protection with the opportunities arising from investment diversification in alignment with the needs expressed by clients.

Alleanza relies on one of Italy’s largest and most widespread Networks, with 10,000 insurance advisors serving 1.9 million clients with estimated total assets of approximately €170 billion. Of this amount a 75% is held with third-party operators, and half of this percentage is held in deposits.

Within this scenario, Banca Generali’s specific asset management expertise in service of households’ wealth and its experience in training and diversification-oriented commercial paths, combined with the Alleanza Network’s high satisfaction and retention rates, are key competitive factors on the market.

“Protect themselves first in order to invest better”