Established on December 26, 1831, as the
Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche ('Imperial and Royal Privileged Company for General Austrian-Italian Insurances') in
Trieste. Its promoter was
Giuseppe Lazzaro Morpurgo. The adjective "Generali" (
"general") referred to the company's comprehensive
insurance coverage across all the branches (fire, life, hail, sea, land and river transport). This approach was rare at the time when most Trieste insurance companies focused solely on
maritime transport, except for the Azienda Assicuratrice, which also dealt with hail insurance. The "Austrian-Italian" label referred to the company's dual management structure, with the main office in Trieste responsible for the company's affairs and relations with the
Habsburg Monarchy, (at the time, Trieste was the most important seaport of the
Austrian Empire). Meanwhile, a management office in
Venice oversaw activities in
Lombardy-Venetia and the Italian peninsula. Financed with a share capital of two million
florins, Generali attracted a diverse group of shareholders from Trieste and Lombardy-Venetia, including influential figures like Giovanni Cristoforo Ritter de Záhony, Giovanni Battista de Rosmini, Marco Parente, Samuele Della Vida, and Pasquale Revoltella. Until 1847, Gianbattista de Rosmini, the legal adviser and a significant shareholder, played a pivotal role, serving as the permanent president of the General Congresses and effectively leading the company. The opening of the canal brought about a favorable economic climate for Generali, leading to its expansion across various regions, from the eastern
Mediterranean to
North Africa, the
Far East, and the
Americas. Under the stewardship of Marco Besso, who managed the company from 1877 to 1920 and eventually became its president, Generali assumed an international dimension. The company opened agencies in the Mediterranean,
St. Petersburg,
Warsaw, the Americas, and the Far East, while also founding subsidiaries such as Erste Allgemeine Schaden und Unfallversicherung in
Vienna, Generala in
Romania, Anonima Grandine, and Anonima Infortuni in
Italy. During this period, Generali's most prestigious Italian offices were constructed, including notable buildings in
Florence, Trieste,
Milan,
Rome, and
Turin. Amidst the challenges of the
First World War, which pitted Italy against Austria-Hungary, Generali's Venetian and Trieste headquarters maintained their operational independence, allowing the company to navigate complex circumstances without taking political positions that could compromise its integrity. In 1920, Edgardo Morpurgo assumed the role of president, ushering in a phase of further international expansion for the company. By 1924, due in part to the division of the Austro-Hungarian Empire, Generali had established eight overseas management offices and had a presence in sixty branches and agencies across thirty countries. By 1935, it had expanded to include twenty-nine subsidiaries in Europe, four in the Americas, two in Africa, and one in Asia. During this time, the company's image was managed by
Marcello Dudovich, contributing to its growing reputation. However, the mid-1930s brought challenges, as the rise of racial laws and the tightening relationship with Fascism created a difficult environment. from the
Morpurgos to the Maurogonatos, from the Levi Della Vidas to the Treves de' Bonfilis. In 1938, as the impending "
racial laws" loomed and
Benito Mussolini visited Trieste, a Morpurgo, who was serving as president at the time, was asked to resign, handing over the presidency to
Giuseppe Volpi di Misurata. During this era, Generali was under the guidance of managing director Gino Baroncini. In 1974, the company established Genagricola, which focused on the Group's agricultural activities. From 1968 to 1979 Cesare Merzagora was president and restructured the company in a more efficient and transparent way. In 1988, Generali bolstered its presence in
France by acquiring a stake in
Compagnie du Midi. The following year, it became a shareholder in the
AXA Midi group. In 1996, Generali made a strategic decision to sell its share package, providing the necessary liquidity for the purchase of
INA Assitalia. In 1994, Generali launched
Genertel, the first company in Italy to offer financial services via telephone. Four years later, in 1998,
Banca Generali was established as an online bank. Over time, Banca Generali evolved into a banking hub within the Group, moving into the
private banking segment.
Recent years in
Milan , Italy Following the acquisition of
INA Assitalia in 2000, Generali acquired
Toro Assicurazioni in 2006. As the company expanded, it established Generali Real Estate in 2011 to manage its
real estate activities. Generali Real Estate soon became a prominent player in the sector, becoming the sole owner of
CityLife, the new residential and commercial complex that stands on the area of the old Milan fair at
Portello. Among the notable structures within CityLife is the
Generali Tower, designed by archistar
Zaha Hadid, which has served as the Group's headquarters in Milan since 2019. In 2013, a significant corporate restructuring took place when the Italian branch of Assicurazioni Generali was incorporated into INA Assitalia, leading to the formation of
Generali Italia. The new entity, effective from July 1, 2013, encompassed
Toro Assicurazioni,
Lloyd Italico, and
Augusta Assicurazioni, with
Philippe Donnet assuming the role of managing director and Country Manager in Italy. Donnet became CEO of the Generali Group in March 2016. In 2022, the general shareholders' meeting reappointed Donnet for a third term, During the same meeting,
Andrea Sironi, an academic and president of
Bocconi University, was elected president of the Group. The company continued its expansion efforts in June 2023, announcing the acquisition of
Liberty Seguros, a competitor operating in
Spain and
Portugal's
non-life insurance sector, from the US group
Liberty Mutual. As a result, Generali will rise to become the fourth non-life insurance company in Spain, the second in the Portuguese market and will enter the top ten in the sector in
Ireland and
Northern Ireland. On July 6, 2023, Generali acquired
Conning and its subsidiaries. Additionally, the company entered into a ten-year partnership with
Cathay Life, making the latter a minority shareholder (holding 16.75% of shares) in Generali Investment Holding, an entity that houses the majority of Generali's asset management activities. This acquisition bolstered Generali's total
assets under management, which then amounted to 775 billion euros, an increase of 144 billion euros. Consequently, Generali claimed its position as the ninth European player in terms of assets under management. On 21 January 2025, Generali and
BPCE announced that they have signed a non-binding memorandum of understanding to create a 50-50 owned joint venture in order combine their asset management operations. As Natixis Investment Managers (BPCE's asset management arm, which includes
Ostrum Asset Management) has around €1.2tn in assets under management and as Generali has €630bn of assets under management, the deal would create one of the largest asset management firm in Europe, with around €1.9tn of assets under management. On 11 December 2025, Generali and BPCE announced the termination of the negotiations aiming at the creation of a joint venture between their asset management operations. ==Operations==