Generali outlines new three-year strategy for growth

Generali has announced “ambitious 2024 targets based on sustainable growth”, including 4% growth in P&C non-motor premiums (CAGR 2021-2024), and strong earnings growth of 6%-8% up to 2024. The insurer is also planning to invest €1.1bn in technology and digital transformation in the period 2022-2024, a 60% increase on 2021. The board of directors of Assicurazioni Generali has approved the group’s new three-year strategy, entitled ‘Lifetime Partner 24: Driving Growth’. The insurer said the plan will deliver sustainable growth across its core and emerging business lines. It said the bedrock of the new plan is Generali’s ongoing commitment to be a ‘lifetime partner’ to its more than 68 million customers in over 50 countries. Under the plan, Generali said it will enhance its earnings profile, increase the profitability of its life business, invest €1.1bin in technology and digital transformation, grow third-party asset management revenues and further improve efficiency. Philippe Donnet, Generali Group CEO, said: “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. The ambitious targets and initiatives we have announced are possible thanks to the successful delivery of our previous strategic plans.” He added: “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. 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.” Generali also announced that it will go further in its sustainability commitments during this strategic cycle, with a continued focus on making a positive social, environmental and stakeholder impact. It said that by 2024, Generali will 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. Generali said it will “continue to boost P&C revenues and maintain best-in-class 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”. It also said it has created a €250m insurtech venture fund to harness high-potential opportunities, and will launch a new digital direct operation to capture a larger share of digital profit pools in Europe. The insurer said it will redeploy its capital “on profitable growth initiatives” and “will target opportunities to strengthen its insurance leadership in Europe and expand its presence in selected Asian growth markets”. The group will also launch a new digital direct operation to capture a larger share of digital profit pools in Europe.

Generali outlines new three-year strategy for growth

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