GENERALI INVESTOR DAY - November 27, 2013
Reshaping Generali: delivering the strategy at rapid pace
Driving profitability through financial discipline and a focus on technical and operational excellence
FINANCIAL TARGETS:
Operating RoE of 13% by 2015 confirmed
Confirmed Solvency 1 ratio above 160% by 2015, with an "AA" approach to managing capital and leverage
Total gross operating improvement to €1.6 bln by 2015
- Upgraded gross cost savings reaching €750 mln by 2015 and €1 bln by 2016
- Expected gross benefit from technical excellence initiatives of €750 mln by 2015
- New treasury and centralized reinsurance will bring €100 mln of benefits by 2015
New debt leverage ratio target below 35% by 2015
Net free surplus generation above €2 bln by 2015 confirmed; new remittance ratio of at least 75%
Generali’s Group CEO, Mario Greco, stated: "Ten months into our three year turnaround plan and the discipline, simplicity and focus with which we are revolutionizing our business are taking hold. We have made excellent progress in rebuilding our capital, with more than 60% of our targeted €4 billion in asset sales completed and a greater focus on our core insurance business. In this second 2013 Investor Day we confirm our existing targets and provide additional ones so that our shareholders can see a clear roadmap to greater returns in the near term."
London - Generali held its second Investor Day of 2013 in London to update the market on the progress made towards the strategic initiatives announced in January. This strategy is designed to improve shareholder returns and overall profitability by refocusing on the Group’s core insurance business, building capital strength, enhancing technical excellence and cost control, and adopting a more client focused approach.
For more information on Generali Investor Day, please visit the Generali Group website.