The Italian insurer has kicked off separate processes to dispose of its small Istanbul-based Generali Sigorta AS subsidiary and of Generali Life Assurance Philippines. Discussions involve about half a dozen suitors in each process.
The sales are part of Generali’s drive to streamline its structure and focus on core markets and segments. Generali last year sold both Tua Assicurazioni, a unit inherited from its purchase of a smaller Italian rival, and its Deutschland Pensionskasse AG unit.
Chief Executive Officer Philippe Donnet, who’s working on a new strategy that will be announced at the beginning of next year, is looking to improve profitability through more lucrative products as he seeks to reach annual per share earnings growth between 6% and 8% for 2021-2024.
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