The number one insurance company in Italy, Generali, announced on Wednesday a vast reorganization in its governing bodies, which results in the departure of the number two in the group, Frédéric de Courtois, and Tim Ryan, director of investments.
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Generali boss Philippe Donnet intends to ensure greater control over the achievement of the objectives of the 2019-2021 strategic plan, which has entered its final year.
“The aim of our new organizational structure is to help the group complete the final stages of our 'Generali 2021' strategy and prepare for the challenges ahead,”
he said in a statement.
This management reorganization proposed by Philippe Donnet was approved by the group's board of directors.
Frédéric de Courtois, a former French insurer Axa like Philippe Donnet, joined Generali in 2016 and was appointed general manager in 2018. Briton Tim Ryan served as director of investments and CEO of Generali Asset Management since 2017. As part of this new
, the group
"promotes a certain number of senior executives"
who will report directly to the CEO
"in order to achieve the objectives of the 'Generali 2021' plan,"
the statement said.
Philippe Donnet will thus have free rein to decide on possible acquisitions for which the insurer still has 2.5 billion euros provided for in this plan.
He explained last November that the coronavirus pandemic could create new opportunities in the sector.
At the end of December, Generali thus concluded an agreement with Axa to buy out the insurance activities in Greece from the French group for an amount of 165 million euros.
Generali said in November that it had already achieved some of the objectives of its strategic plan and confirmed others, such as an increase in earnings per share of 6 to 8% per year and cumulative dividends of 4.5-5 billion over the period. 2019-2021.
The third-largest European insurer in terms of market capitalization said it had reduced its financial debt by 1.9 billion euros, reaching this target one year in advance.
In the first nine months of 2020, Generali saw its net profit fall by 40% to 1.29 billion euros, due in particular to the impact of the epidemic.
Its operating profit, on the other hand, increased by 2.3% to 4.02 billion euros, thanks to growth in the P&C and Asset Management segments.