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Generali to launch ‘ambitious’ three-year plan in December: report

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Italian carrier Generali is to announce a “very ambitious” three-year plan in mid-December, according to a Reuters report citing CEO Philippe Donnet’s remarks on the company’s growth priorities.

Donnet told attendees at an industry event, the report stated, that the insurer is still actively looking for European and Asian M&A opportunities.

Reuters also indicated that the CEO, who has run Generali since 2016, defended his record in the face of opposition to his continued tenure by two of the company’s biggest investors, Francesco Gaetano Caltagirone and Leonardo Del Vecchio.

Generali’s board of directors has filed a slate of nominees for the renewal of the board that includes Donnet, ahead of an April shareholder vote. Donnet is understood to have the backing of the carrier’s main shareholder, Mediobanca.

Donnet said Generali has delivered total shareholder return of more than 100% since taking the CEO role, putting it ahead of competitors.

“Despite our imperfections we have been the best,” he reportedly said.

Of the three-year plan, Donnet said that while Europe is the company’s home, he will continue to press for growth in Asia.

This comes after the carrier recently struck deals to acquire a majority stake in Axa Affin joint ventures in Malaysia and the 100% purchase of MPI Generali.

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