GENERALI prepared to attack the growth program by the end of the year

After completing its turnaround plan, by the end of 2018, GENERALI will launch its next development program, switching to "a new phase, of expansion, a growth phase," the Italian Group's CEO, Philippe DONNET told Bloomberg Europe.

After 2012, GENERALI has carried out a comprehensive restructuring plan aiming to substantially improve the Group's financial status, to improve shareholder returns by focusing on the insurer's core insurance business and geographic priorities, increasing the weight of its P&C operations and the disposal of non-core businesses. "2018 is a very important year for GENERALI, as it is the last year of our turnaround plan. We are very pleased with the results achieved so far and we trust that by the end of 2018 we will achieve all our targets," said DONNET.

As for the near future, he said that new Group's plan to be launched at the end of 2018 will not be another turnaround plan, but an expansion one. "We have created internally the conditions for this and the world is going to help us," said DONNET. In his view, the global economy is in a very good position, with growth in the USA, China and Europe as well. Also, this year may mark the end of the monetary policy easing, which for the life insurance segment would be very helpful. "The scenario of the progressive deceleration of the QE policy will lead to a steady increase of the interest rates, which is a positive thing for GENERALI given the fact that we are a big life insurer. This scenario seems very positive, but I remain very cautious and I think we cannot bet on it: shocks are always possible, and we are prepared to deal with them," Phillipe DONNET pointed out. He also said that although the future strategy will be growth oriented and GENERALI is traditionally "opportunistic" in what the M&A operations are concerned, there are no concrete plans in this respect. "We constantly look at opportunities which can help us to accelerate the implementation of our strategy, but at the same time we need to remain very disciplined on this topic," he said.

GENERALI Group CEO Philippe DONNET attended the World Economic Forum annual meeting in Davos, Switzerland. The above statements were made on this occasion for Bloomberg Europe.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AXA leaves the Ukrainian insurance market

AXA announced on 23 October it had entered into an agreement with Fairfax Financial Holdings Limited, through its subsidiary FFHL Group Ltd., ("Fairfax") to sell all its insurance operations in Ukraine and exit the Ukrainian market.

2018-10-23

US antitrust approval granted for MMC's acquisition of JLT Group

Marsh & McLennan Companies (MMC) and Jardine Lloyd Thompson Group (JLT) have confirmed that October 10 the Federal Trade Commission (FTC) granted early termination for the waiting period under the Hart-Scott-Rodino Act, with respect to MMC's previously announced acquisition of JLT.

2018-10-18

Mark WILSON steps down as CEO of AVIVA

AVIVA announced Mark WILSON and the Board have agreed that Mark is stepping down as CEO of the group. "Mark will remain with the group until April 2019 and will assist with the planned and orderly transition".

2018-10-11

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all