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Italian insurer Generali has defined a new three-year strategy to generate sustainable growth in its core and emerging businesses, improve its earnings profile and drive innovation.
As part of this plan, Generali will improve its profit profile, increase the profitability of its Life business, invest € 1.1 billion in technology and digital transformation, increase revenues from third-party asset management and improve still its effectiveness.
The company will also go further in its sustainability commitments during this strategic cycle, with a focus on positive social, environmental and stakeholder impact.
By 2024, Generali plans to complete the integration of ESG criteria in direct investments of its general account portfolio, reduce the carbon footprint of the corporate investment portfolio by 25% and increase gross premiums issued sustainable products of 5-7% (CAGR) by 2024.
Among its growth objectives, Generali intends to continue to increase its P&C revenue and maintain its technical margins by improving its market shares in areas with high growth potential, in particular SMEs, Healthcare, and senior care in Europe. and Travel to the United States.
In the Life segment, the Group will also increase its light capital activities and technical profits, by increasing unit-linked and protection business volumes and by further internalizing margins, while expanding its range of ESG products.
Growth will be supported by cost management, with continued cost discipline in mature markets and targeted investments in Asia and expense related businesses.
“Generali’s long-standing commitment as a lifelong partner puts our customers at the heart of everything we do. As part of our new plan, we will take this commitment to the next level and confirm Generali as a customer-centric and data-driven innovator â€, said Philippe Donnet, CEO of Generali Group.
“The ambitious goals and initiatives we announced today are made possible through the successful implementation of our previous strategic plans. Today, Generali has a strong financial position, diversified earnings, consistent profitable growth and a history of generating the best returns for shareholders. We look forward to building on these achievements over the next three years, â€continued Donnet.
“Our leadership in insurance, our established internal asset management capabilities, our digital network of 165,000 agents and our increased commitment to make a positive social and environmental contribution mean that Generali is uniquely positioned to achieve sustainable growth for profit. of all stakeholders. “
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