Philippe Donnet - the new chief executive of Italian insurer Generali plans tell his top 200 managers this week to get back to the basics of insurance: cutting costs and improving underwriting.
“Things have been moving too slowly. We’ve made significant moves on the financial turnaround in the past three years. We now need operational turnaround, and we have to accelerate the pace,” he said in an interview. Asia will be “central” for the group, he said, and also opportunities in central and eastern Europe.
Operational improvements are at the core of his plan. He wants the group to sell more protection and health products that do not carry long-term investment guarantees. Low interest rates have made such guarantees increasingly difficult for insurers to offer. In non-life insurance, he plans to boost profits by cutting costs and improving underwriting discipline, saying the group can no longer rely on investment income.
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