Materiality analysis - Generali Group

Materiality analysis is the compass of our journey towards sustainable business transformation. It helps to sharpen the priorities related to ESG factors, i.e. environmental, social and good governance of organizations, on which to focus our strategies and actions to protect the Group's ability to create lasting value.

Since 2014, we have been conducting a process of materiality assessment at least every three years. In 2019, we developed the materiality analysis process methodology by concentrating our efforts on the identification of the mega trends, i.e., the large social, environmental and governance transformations, which are expected to be able to change the world of enterprises, society and the natural environment significantly over a ten-year horizon, and this entails risks and opportunities for Generali, its value chain and its stakeholders.

During 2020, following the COVID-19 pandemic, we reviewed the relevance of the materiality analysis conducted the previous year and we confirmed its validity, making limited changes because we believe that the priorities previously identified still constitute an effective summary of the main business and social challenges for the years to come. The Board of Directors approved these updates in November 2020 and the distribution of the priorities of our sustainable transformation within three priority clusters that determine the Group’s approach to their management.

In 2022, such analysis continued to guide the Group’s approach to managing and reporting on mega trends, also in light of the perspective of the potential impact that they can have on the Group and how they can be influenced by the Group, also through its value chain. Belonging to one of the three priority clusters determines the Group’s approach for its management and reporting.

The priorities outlined are placed at the heart of our strategies to generate lasting value for all stakeholders and are clearly anchored in the UN 2030 Agenda and the related Sustainable Development Goals (SDGs):

• climate change is linked with SDG number 7 “affordable and clean energy” and 13 “climate action”
• ageing and new welfare is linked with number 3 “good health and well-being” and 10 “reduced inequalities”
• pandemics and extreme events is linked with number 3 “good health and well-being” and 11 “sustainable cities and communities”