Generali reorganises business structure ahead of new strategic plan

Cathay Financial Holding

18/04/2024 15:12

MILAN, April 18 (Reuters) - Italy's top insurer Generali
 GASI.MI  said on Thursday it was reorganising to focus on its
two core businesses and streamline its geographical layout to be
ready for the new strategic cycle. 
    The company, which is on track to meet all the key financial
targets in its current three-year plan ending in 2024, is
working on a new strategic plan to be unveiled in early 2025.
    Under the new structure, effective from June 1, Generali
will operate as a diversified financial group focused on
Insurance and Asset Management divisions, it said in a
statement.
    The DACH (Germany, Austria and Switzerland) and
International business units will be reorganised as part of the
new Insurance division, led by Giulio Terzariol, which will
drive the development of the insurance business in all regions.
    Generali Investment Holding (GIH) will replace the current
Asset and Wealth Management business unit and will oversee all
the group's global asset management activities with the
exception of a few, namely those in China. 
    Earlier this month, Generali completed the acquisition of
U.S. asset manager Conning Holdings as part of a partnership
with Cathay Life, a unit of Taiwan's Cathay Financial Holding
 2882.TW , in an asset swap with no cash component. Cathay Life
became a shareholder in GIH with a stake of around 16.75%. 
    Woody Bradford, the current CEO of Conning, will be
appointed Chief Executive Officer of GIH, while Generali's CEO
Philippe Donnet will be appointed chair of GIH's board. 
    Banca Generali  BGN.MI , the insurer's private bank, will
remain outside GIH, and will continue to focus on financial
advisory services and wealth management. 
    Giovanni Liverani and Carlo Trabattoni, currently heads of
DACH and Asset and Wealth Management respectively, will take on
new roles within the group. Jaime Anchustegui, currently CEO of
the International division, will become deputy CEO of the
Insurance division.  

 (Reporting by Gianluca Semeraro; Editing by Mark Potter)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))