The Italian period
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.[12] Alleanza Assicurazioni was acquired during this period.[14]
However, the mid-1930s brought challenges, as the rise of racial laws and the tightening relationship with Fascism created a difficult environment.[6] In the first century of activity, Assicurazioni Generali had consolidated and expanded also thanks to the decisive presence of shareholders and managers of Jewish origin,[15] 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.[6]
The company faced significant challenges during World War II, including German and Yugoslav occupations and the subsequent British-American administration of the Free Territory of Trieste. Following this tumultuous period, Generali's branches in Eastern countries were expropriated under the presidencies of Antonio Cosulich (1943–1948) and Mario Abbiate (1948–1954), adding to the complexities.[12] Between 1960 and 1968, Baroncini, who had been with Generali since 1937, served as president during Italy's economic boom.
In 1963 the French branch of Generali, Concorde, adopting the intuition of Pierre Desnos, founded Europ Assistance; the new company gave birth to the concept of "private assistance", offering organized support to individuals facing difficult situations away from home.[16]
In 1974, the company established Genagricola, which focused on the Group's agricultural activities.[17]
From 1968 to 1979 Cesare Merzagora was president and restructured the company in a more efficient and transparent way.[16][6] He was succeeded by Enrico Randone, who held the position until 1990.[18]
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.[19][20] In 1996,[21] Generali made a strategic decision to sell its share package, providing the necessary liquidity for the purchase of INA Assitalia.[22][23][24]
In 1994, Generali launched Genertel, the first company in Italy to offer financial services via telephone.[25][26] 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
Following the acquisition of INA Assitalia in 2000, Generali acquired Toro Assicurazioni in 2006.[27] As the company expanded, it established Generali Real Estate in 2011 to manage its real estate activities.[28] Generali Real Estate soon became a prominent player in the sector, becoming the sole owner of CityLife,[29] 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.[30]
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
