Italy’s Generali to launch strategic business review in 2013
Italy’s insurer Generali is planning to launch a new strategic business plan in January in order to boost its profitability, following a strategic review launched by chief executive Mario Greco, who joined Generali in August from Swiss insurer Zurich.
During the presentation of third-quarter results published today, Greco confirmed the firm will carry an assessment of its geographical presence and its products, in order to improve rate of profits and strengthen the balance sheet, and to evaluate opportunities to compete against global competitors.
Generali posted a 43% rise in third-quarter operating results and €291m profits, in line with analysts’ expectations.
Over the last quarters, Generali suffered more than competitors such as Allianz and Axa for its exposure to Italian government bonds.