December 2021
AMBITIOUS 2024 TARGETS BASED ON SUSTAINABLE GROWTH
- Strong earnings growth: 6% - 8% EPS CAGR range (2021-24)1
- Increased cumulative net Holding cash flow: > € 8.5 billion (2022-24)2
- Higher dividend3: cumulative € 5.2 - 5.6 billion cash dividends (2022-24)4 vs € 4.5 billion (2019-21)
NEW PLAN BUILDS ON SUCCESSFUL DELIVERY OF GENERALI 2021 AND BEST-IN-CLASS SHAREHOLDER RETURNS
- Generali 2021 targets all met or exceeded despite Covid-19 environment5
- Total shareholder return of 111%6 since Investor Day 2016
- € 500 million share buyback announced on completion of Generali 2021, the first in 15 years7
- #1 in Relationship Net Promoter Score among European international peers8
- Stronger balance sheet with lower financial debt, reduced interest expenses and industry-leading Solvency II Ratio
- Sustainability fully embedded into business – with climate strategy and targets upgraded in June 2021
LIFETIME PARTNER 24: DRIVING GROWTH BASED ON THREE STRATEGIC PILLARS WITH FINANCIAL AND OPERATIONAL KPIS
Drive sustainable growth
- > 4% growth in P&C non-motor premiums (CAGR 2021-24)
- € 2.3 - 2.5 billion New Business Value in 2024 (€ 1.9 billion FY2020)
Enhance earnings profile
- € 2.5 – 3 billion cumulative discretionary free cash flow for redeployment to initiatives that drive profitable growth and create value, including M&A in Insurance and Asset Management
- € 100 million increase in third-party Asset Management revenues
Lead innovation
- € 1.1 billion investment in technology and digital transformation (2022-24) up by 60% on Generali 2021
- 2.5-3.0 p.p. cost-income ratio improvement9
- €250 million insurtech venture fund to harness high-potential opportunities
Philippe Donnet, Generali Group CEO, said: “Generali’s longstanding Lifetime Partner commitment puts our customers at the heart of everything we do. Under our new plan, we will take this commitment to the next level and confirm Generali as a customer-focused and data-driven innovator. The ambitious targets and initiatives we have announced today are possible thanks to the successful delivery of our previous strategic plans. Today, Generali has a strong financial position, diversified earnings, consistent profitable growth and a track record of generating best-in-class shareholder returns. We look forward to building on these achievements over the next three years. Our leadership in insurance, our established in-house asset management capabilities, our digitally-enabled network of 165,000 agents and our increased commitment to making a positive social and environmental contribution mean that Generali is ideally placed to achieve sustainable growth for the benefit of all stakeholders.”
Read the full PRESS RELEASE HERE
