Generali revolution: insurance redrawn, asset management given wing
European insurance giant Generali will rejig its global structure, redefining its geographical approach to the insurance business while giving wing to the investment side of the business after recent acquisitions.
“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,” Philippe Donnet, Generali Group CEO, said of the move.
Starting from June 1st 2024, the Generali Group will operate as a diversified financial group focused on two main businesses: Insurance and Asset Management.
Woody Bradford will be appointed as CEO of Generali Investments Holding and Philippe Donnet, Generali Group CEO, will be appointed as Chair of the Board.
The insurance division will continue to be led by recent arrival Giulio Terzariol, but will rejig structures and geographical borders for “enhancing coordination, strategic alignment and a closer proximity to markets” via “streamlined and simplified organizational model.”
To date business units DACH for the German-speaking markets and International for other foreign ventures will be reorganized as the group falls into five business units - Italy, France & Global Business Activities, Germany, Austria, Switzerland - and three regions - Mediterranean & Latin America, Central Eastern Europe and Asia.
Jaime Anchústegui, currently CEO International, becomes deputy CEO of insurance, reporting to Giulio Terzariol, with a remit to oversee those local units, manage strategic partnerships and joint ventures, and drive global initiatives across the division. Giovanni Liverani, currently CEO of the DACH business unit, will “take on new responsibilities.”
Generali Investments Holding, replacing the current Asset and Wealth Management Business unit, will oversee nearly all global asset management activities within the group, with a focus on increasing third-party asset management following recent acquisitions of Conning Holdings and also thanks to the long-term partnership established with Cathay Life.
Those recent deals “allow 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,” Donnet said.
Banca Generali, led by the CEO Gian Maria Mossa, will continue to focus on providing comprehensive financial advisory services and wealth management solutions.
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