Tax Transparency Report

The Generali Group is well aware of the great importance of its contribution in terms of taxes paid (borne and collected) in the countries where it operates. In fact, fair, effective and stable tax payments are a fundamental part of the government’s funding to provide essential public services such as healthcare, security, education, pensions, infrastructures and active response to support people’s spending power.

In other words, for the Generali Group achieving the goals set in its “Lifetime Partner 24: Driving Growth” Strategic Plan does not only mean doing business in order to maximize the value created, but also to contribute to the needs of the territories to which the Group belongs. This attitude makes of Generali a Responsible Group, a reference point for its customers, its employees, for the communities where it operates and for all its stakeholders.

This is why, Generali considers Tax Reporting a main pillar in its approach to taxation, and has always embraced any initiative at OECD level to promote tax transparency. To that extent, the Group fully complies with any relevant regulation, and it has been submitting its Country-by-Country Report to the Italian Tax Authority since reporting year 2016.

With its Tax Transparency Report, Generali provides an overview of the Group commitment to its tax responsibilities. The Report describes the pillars of Generali sustainable tax outcomes and details the Group Total Tax Contribution for the year 2023 of about € 9.4 billion (10 in 2022) , including taxes borne and taxes collected.

The Generali Group shares its Tax Transparency Report with its stakeholders, describing:

• the Tax strategy and principles on taxation;
• the Tax governance, management and control system, i.e. how the above tax principles are embedded in the Group and in the relations with its stakeholders;
• the Tax Reporting with both: i) the Total Tax Contribution, detailing the breakdown by tax jurisdictions of taxes directly paid on its business (taxes borne) and of taxes withheld and transferred to governments (taxes collected) and ii) the Country-by-Country Data, providing a clear overview of Total income, Profit before income taxes, Income tax accrued, Income tax paid, Tangible assets and Number of employees, aggregated by jurisdiction of tax residence (i.e., the jurisdiction in which the entities are resident for tax purposes).

The Generali Group, anticipating the introduction of a public CbCR and in line with S&P Global guidance for the Dow Jones Sustainability Indices, has chosen to disclose the above mentioned figures on the basis of OECD rules on CbCR.