Generali eyes extra €100m in expense savings by 2021

Italian insurer Generali is aiming for an additional €100 million in savings by next year as CEO Philippe Donnet confirmed the financial targets of its three-year 2021 strategy.

The company said it has achieved its target of €200 million in expense reduction ahead of plan, attributing it to "disciplined" strategy execution.

The insurer highlighted that its top-line has shown resilience, despite market headwinds and the impact of the COVID-19 pandemic.

Generali said its balance sheet remains strong with robust capital buffers and solid cash remittances.

In 2021, the company plans to fully consolidate new ways of working and further optimise its external services.

"Our Generali 2021 strategy remains effective and even more valid in the current market context," said Donnet. "The Group is navigating the most serious post-war global crisis by leveraging its strengths: disciplined strategy execution, focus on technical excellence, strong distribution network and a diversified business model.

"These strengths, combined with our solid capital position and excellence in innovation, allow us to fully commit to the financial targets of our strategy and to be well-positioned to capitalise on future opportunities."

Donnet added: "Two years after the launch of the plan, we are maintaining our commitments to all stakeholders, thanks also to the empowerment of our people, an increasingly strong brand and our growing commitment to sustainability.”