Generali annonce un plan de rachat d’actions de 500 millions d’euros et revient auprès de la communauté financière sur ses récentes acquisitions et ses activités Prévoyance, mais aussi sur sa trésorerie et son capital

The Group CEO Philippe Donnet said: “Since the launch of our ‘Lifetime Partner 24: Driving Growth’ strategic plan, Generali has continued to enjoy profitable growth and create value for all stakeholders. Recent acquisitions have further strengthened Generali’s position as a leading European insurer and expanded our Asset Management business globally. Alongside our strong financial results, we have also maintained our focus on innovating our Lifetime Partner relationship model and successfully carrying on our long-term sustainability journey. As a result of our confidence in both completing our plan and in the Group’s cash and capital position, we will propose a € 500 million share buyback at the next AGM in April, confirming our focus on shareholders remuneration.”

The Protection, Health and Accident (“PH&A”) businesses have become significant contributors to the Group profitability, representing 22% of Gross Written Premiums in 2022. Generali expects continued growth from the PH&A businesses, thanks to the Group’s leadership position in European personal lines, an extensive and revamped product offering, and its unique proprietary distribution network.

Generali announced the acquisition of Liberty Seguros in June 2023. The transaction significantly strengthens the Group’s market position in Spain and in Portugal, complementing Generali’s existing Iberian operations in terms of product offering and distribution strategy. The acquisition also gives Generali a presence in the profitable Irish P&C market. The transaction will enhance profitability and competitivenes and it is expected that Liberty Seguros will contribute, after excess capital repatriation, over € 250 million annually to the Group’s Pre-Tax Profit by 2029.

The Conning deal, announced in July 2023, will accelerate the implementation of the Group’s vision on Asset Management and enables the Group to enter the US market. Conning is a strong cultural fit thanks to a shared insurance DNA and specialized investment capabilities. The long-term partnership with Cathay Life ensures stability of AUM at Conning and provides opportunities for business expansion in Asia. The Group expects to achieve annual synergies between € 70 and € 80 million from the transaction within five years.

The Group is on track to exceed its targets on Remittance and on Net Holding Cash Flow. The Group’s Solvency 2 sensitivities to market factors have significantly reduced. As a result, the Group’s Risk Appetite Framework has been revised by lowering the upper end of the target range from 240% to 230%. The Group also benefits from the transition to the new accounting standards, with the Life business showing steady growth and more predictability. Thanks to the tariff strengthening and technical measures implemented during 2022 and 2023, which will continue in 2024, the undiscounted Combined Ratio is expected to stay below 96% in 2024.

In light of all these achievements, the Group has decided to submit a proposal to the upcoming AGM in April to launch a €500 million share buyback plan during 2024, subject to all relevant approvals, emphasising the focus on shareholders remuneration and the confidence in the Group’s cash and capital position.

WEBCAST

The Group CEO Philippe Donnet, the CEO of Insurance Giulio Terzariol, the Group General Manager Marco Sesana, the CEO of International Jaime Anchustegui, the CEO of Asset & Wealth Management Carlo Trabattoni and the Group CFO Cristiano Borean will host a webcast presentation followed by a Q&A session. The webcast and the supporting material can be accessed at this link. The webcast will be held on 30 January 2024, starting from 14.15 CET. Please use the link below to join the webcast in listen-only mode:

• Webcast registration link

• Conference call registration link

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À PROPOS DU GROUPE GENERALI
Generali est l’un des plus grands groupes internationaux d’assurance et de gestion d’actifs. Fondé en 1831, il est implanté dans 50 pays et a réalisé un chiffre d’affaires de 81,5 milliards d’euros en 2022. Avec environ 82 000 collaborateurs au service de 69 millions de clients à travers le monde, le Groupe occupe une position de leader en Europe et une place croissante en Asie et en Amérique latine. L’ambition de Generali est d’être le partenaire de ses clients tout au long de leur vie, en leur proposant des solutions innovantes et personnalisées et en s’appuyant sur un réseau de distribution inégalé, une expérience client de premier ordre et ses capacités de distribution mondiale digitalisée. Le Groupe a pleinement intégré le développement durable dans tous ses choix stratégiques, dans le but de créer de la valeur pour toutes les parties prenantes tout en construisant une société plus juste et plus résiliente.

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