Italian insurer Generali has outlined a new three-year strategy to deliver sustainable growth across its core and emerging business lines, enhance its earnings profile, and drive innovation.
Under the plan, Generali will enhance its earnings profile, increase the profitability of its Life business, invest € 1.1 billion in technology and digital transformation, grow third-party Asset Management revenues and further improve efficiency.
The company will also go further in its sustainability commitments during this strategic cycle, with a continued focus on making a positive social, environmental and stakeholder impact.
By 2024, Generali plans to complete the integration of ESG criteria into the direct investments of its general account portfolio, reduce the carbon footprint of the corporate investments portfolio by 25%, and grow sustainable products Gross Written Premiums by 5% to 7% (CAGR) by 2024.
Among its growth targets, Generali intends to continue boosting P&C revenues and maintaining technical margins by improving its market share in areas with significant growth potential, including SMEs, Health, senior care in Europe and Travel in the US.
In the Life segment, the Group will also grow its capital light business and technical profits, driving unit-linked and protection business volumes and further internalizing margins as well as expand its ESG product range.
Growth will be underpinned by cost management, with continued cost discipline in mature markets and focused investment in Asia and on fee-related business.
“Generali’s longstanding Lifetime Partner commitment puts our customers at the heart of everything we do. Under our new plan, we will take this commitment to the next level and confirm Generali as a customer-focused and data-driven innovator,” said Philippe Donnet, Generali Group CEO.
“The ambitious targets and initiatives we have announced today are possible thanks to the successful delivery of our previous strategic plans. Today, Generali has a strong financial position, diversified earnings, consistent profitable growth and a track record of generating best-in-class shareholder returns. We look forward to building on these achievements over the next three years,” Donnet continued.
“Our leadership in insurance, our established in-house asset management capabilities, our digitally-enabled network of 165,000 agents and our increased commitment to making a positive social and environmental contribution mean that Generali is ideally placed to achieve sustainable growth for the benefit of all stakeholders.”