The Board of Directors of Generali, chaired by Andrea Sironi, has approved a new organizational structure to reflect its main activities proposed by Philippe Donnet, Group Chief Executive Officer.
Effective June 1st 2024, the Generali Group will operate as a diversified financial group focused on two main businesses, namely Insurance and Asset Management.
This transformational change in structure, according to the group, is “designed to further accelerate growth and address key business priorities for the insurance and asset management businesses more effectively, fully aligned with the ambitions of the Group strategic plan “LifeTime Partner 24: Driving Growth.”
The Insurance Division is led by Giulio Terzariol, CEO Insurance, who will drive business performance across all geographies, enhancing coordination, strategic alignment and a closer proximity to markets, by adopting a streamlined and simplified organizational model.
The business units DACH and International will be reorganized as part of the new Division, which will consist of the five business units, which are Italy, France & Global Business Activities, Germany, Austria, Switzerland and three Regions that include Mediterranean & Latin America, Central Eastern Europe and Asia. The entire division will report directly to Terzariol.
Jaime Anchústegui, current CEO International, is appointed as the Deputy CEO Insurance, reporting to Terzariol. Anchústegui’s remit includes the responsibility to represent the CEO Insurance in local governance bodies, manage strategic partnerships and joint ventures, and drive Global Insurance projects across the Division.
Giovanni Liverani, currently CEO of the DACH Business Unit, will take on new responsibilities.
Generali Investments Holding (GIH) is replacing the current Asset and Wealth Management Business unit and will oversee all global asset management activities within the Group, excluding selected operations in China.
GIH will focus on existing and new investment capabilities, leveraging the addition of Conning Holdings Limited and its affiliates and the long-term partnership established with Cathay Life as part of the transaction closed on April 3rd, 2024.
Woody Bradford will be appointed as CEO, GIH and will also maintain his current role as CEO & Chair of the Board of Conning Holdings Limited, along with Donnet being appointed Chair of GIH.
Carlo Trabattoni, current CEO Asset and Wealth Management and CEO of Generali Investments Holding, will assume new responsibilities within the asset management area. Along with Banca Generali led by Gian Maria Mossa, CEO .
David Cis, Group Chief Operating Officer reporting to General Manager Marco Sesana, will join the Group Management Committee, in line with the strategic ambition to achieve best-in-class service levels and operating efficiency leveraging on digitization and AI, core process automation and shared technology platforms.
Within this new organizational structure, the Group Head Office remains in charge of defining the overarching strategy and corporate goals, while effectively steering, controlling and supporting all business areas with a tailored focus and approach.
Donnet said: “Generali Group has successfully evolved into an integrated insurance and asset management player at the global level, with a solid capital position and a strong focus on innovation and sustainability. In Asset Management, the recent acquisition of Conning and long-term partnership with Cathay Life resulting from this agreement allows us to broaden our investment offering, expand our international client base, focus on growing third-party business, and invest in distribution capabilities targeting important markets as one of Europe’s top-ten largest asset managers.
“The Insurance Division will continue to strengthen the Group’s presence in our key markets, leveraging on the technical excellence of our business, implementing new technologies and adapting our offering to meet our customer’s needs in a constantly changing environment. Thanks to a simpler and leaner approach, the new Group’s organizational structure centering on insurance and asset management will accelerate the Group’s transformation, and it will support the definition of the plan for the next strategic cycle.”
