ExclusiveGenerali CEO: Insurer on the hunt for acquisition opportunities in Asia
- After years of restructuring, insurer looking to grow organically, through acquisitions
- Italian insurer announced a new strategic plan in November
Philippe Donnet is in a buying mood.
After years of restructuring and selling unprofitable businesses at Assicurazioni Generali, Donnet, the Italian insurer’s group chief executive, believes the company is finally in a healthy position to expand its business both organically and through external acquisitions, particularly in “high potential” markets in Asia and in Latin America.
The company unveiled a three-year strategic plan in November designed to improve shareholder returns and increase profitability across its insurance and asset management business. It includes a target of a 6 per cent to 8 per cent compound annual growth rate for earnings per share.
“Definitely, we are now a buyer because we have the money and because this is a good way to grow the group,” the 58-year-old French executive told the Post.
“We are looking at anything that is consistent with our strategy and anything that is consistent with our financial discipline,” he said.
Generali, based in Trieste, Italy, was founded in 1831 and opened its first Asian offices in Hong Kong and in Japan in 1975.
But, much of its premium revenue – more than 70 per cent – comes from just three countries: France, Germany and Italy.