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.

Related articles

SCOR completes the acquisition of MutRe

French reinsurer SCOR said it has successfully completed its 100% acquisition of mutual reinsurer - MutRe S.A. SCOR has been a 33% shareholder and a major technical and commercial partner of MutRe since the company was created in 1998.




"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.


See all