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.

[citation needed] The adjective "Generali" ("general") referred to the company's comprehensive insurance coverage across all the branches (fire, life, hail, sea, land and river transport).

In its first decade, the company's agency network expanded across all Italian states, major cities of the empire, and leading European ports.

[7] 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.

[6] By 1856, Generali had grown to become the largest insurance company in the Austrian Empire, culminating in its listing on the Trieste Stock Exchange the following year.

[8] 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.

[10][11] During this period, Generali's most prestigious Italian offices were constructed, including notable buildings in Florence, Trieste, Milan, Rome, and Turin.

[12] 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.

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.

[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.

[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.

[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.

[42] 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.

[52] To fulfill its mission, The Human Safety Net collaborates with approximately 60 entities, including non-governmental organizations (NGOs) and social enterprises.

[62][63] The Law & Order episode "Blood Money" is based on Generali subsidiaries selling life insurance to poor Jews in WWII Europe and then not paying out in case of death.