(Finance) – “We always try to balance M&A and shareholder remuneration in the best possible way. We are starting to do it on an annual basis and we will continue on this path, always with a great discipline on M&A“. This was stated by the Group CEO of General, Philippe Donnetin the call with the financial community that followed the publication of the half-yearly report.
“We have been selective up to now and will continue to be so – he added – If there is not a deal with a strong logic, a strategic and cultural fit, and clear benefits, we will consider the shareholder remuneration as the priority“.
This morning Generali announced the start of operations buyback of own shares for 500 million of euros, with the buyback starting on August 12, 2024 and ending by December 2024.
Commenting on the performance of the first six months of the year, Donnet stressed that “Operating profit growth continueswhich exceeded 3.7 billion euros, thanks to an increasingly diversified corporate profile”.
At the same time, it is “solid capital position confirmeddespite the acquisitions we have completed and the buyback”. The solvency ratio stands at 211%, down from 220% at the end of 2023, including in particular the acquisition of Liberty Seguros and the launch of the buyback just announced. As of August 6, 2024, specified CFO Cristiano Borean, the solvency ratio is approximately 209%”.
The insurance company’s number one was happy to see a “return to a net collection Positive life led by the Protection and Unit Linked lines, with a very significant reduction in outflows from Savings”.