# Generali Deutschland Krankenversicherung

Generali Deutschland Krankenversicherung is an Insurance based in Munich, Germany.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Munich, Germany
- **Region:** Europe
- **Address:** Munich, Germany
- **Founded:** 1913
- **Assets under management:** Undisclosed
- **Website:** generali.de

## Regulatory record

- **Reports private funds:** No

## About

Generali Deutschland Krankenversicherung is a Munich-based insurance company with approximately $22.2 billion in assets across 1 fund. It operates primarily in Europe.

## Sectors

- Real Estate
- Infrastructure
- Private Credit

## People

- Stefan Lehmann — CEO of Generali Deutschland AG and Country Manager for Germany
- Ulrich Ostholt — Chief Investment Officer of Generali Deutschland AG

## Questions

### Who oversees investment strategy at Generali Deutschland Krankenversicherung?

Ulrich Ostholt is the Chief Investment Officer of Generali Deutschland AG and directs the investment portfolio for the group's German entities, including the health insurance business. He reports to CEO Stefan Lehmann and operates within the strategic asset allocation framework set by the parent company, Assicurazioni Generali, in Trieste.

### How does Solvency II regulation shape the firm's investment portfolio?

Solvency II imposes risk-based capital charges that heavily penalize equity and low-rated credit exposure for insurance general accounts. This pushes the portfolio toward high-grade fixed income, particularly German government bonds and covered bonds, with selective allocations to real estate, infrastructure debt, and senior private placements that receive favorable capital treatment.

### Does Generali Deutschland invest in real estate directly or through funds?

The group holds direct commercial real estate assets including the Procuratie Vecchie in Venice and the Hamburg Sustainable Project mixed-use development. It also participates in pooled real estate vehicles such as the Millennium Portfolio, a diversified German property basket. Real estate exposure serves both the general account and, in some cases, unit-linked life products sold through other Generali Deutschland entities.

### What is the relationship between Generali Deutschland Krankenversicherung and the Italian parent company?

GDK is a wholly owned subsidiary of Generali Deutschland AG, the German holding company, which itself is majority-owned by Assicurazioni Generali S.p.A., the publicly listed Italian insurance group headquartered in Trieste. The parent sets group-wide risk appetite and strategic asset allocation; the German CIO executes portfolio management under local BaFin regulatory requirements.

### Has the firm engaged with digital assets or blockchain technology?

Generali participated in the European Investment Bank's digital bond issuance using security tokens on a permissioned blockchain. The group was also a member of B3i, an insurance-industry consortium that explored distributed ledger technology for reinsurance placement and capital management. The B3i initiative wound down operations in 2022.

## Related profiles

- [Generali Deutschland](https://altss.com/profile/generali-deutschland)
- [Generali Deutschland Lebensversicherung](https://altss.com/profile/generali-deutschland-lebensversicherung)

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Last updated: 2026-06-03T20:00:00.000Z

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