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