(Finance) – “With 11 months remaining before the end of our plan, we are on track to reach all key financial targets. Recent results have shown that Generali has a very solid position and is today a profitable and diversified insurance and asset manager group.” Philippe Donnet, Group CEO Of Generalduring the Investor Day at the Generali Tower in Milan.
“The macroeconomic scenario is very different from when the plan was conceived”, but “we have been able to remain healthy even in a complex environment”, he added, explaining that the company has “improved market position in core markets in which we want to operate” and underlining “the continuous profitable growth in the Protection, Health and Accident business lines”.
The CEO explained that the acquisition of Liberty Seguros has “strengthened insurance leadership in Europe”, while the acquisition of Conning was made “to accelerate the asset management strategy and improve the offer in the investment field”.
“Generali has transformed its balance sheet in recent years, and now has a strong liquidity and capital positionwith reduced market sensitivity,” Donnet said.
“Thanks to the achievement of targets and disciplined acquisitions, Generali is today more resilient and less exposed to capital markets – he said – We have a better product and geographic mix, and will now follow an efficient mix between M&A and buybacks, on an annual basis, to create value for shareholders. This is why at the next meeting we will ask to approve a 500 million euro share buyback plan.”
According to the CEO, “the group is in its best form ever“. At the end of his speech he recalled that the next plan will be presented at the beginning of next year and will benefit from the experience of Giulio Terzariol, new CEO Insurance. “His entry into the company is also a clear signal of how Generali manages to attract talent, a key factor in our industry”, he highlighted.