The Generali board of directors, led by chairman Andrea Sironi, has endorsed a significant restructuring of the organisation as proposed by group CEO Philippe Donnet.
Effective June 1, 2024, Generali Group will reposition itself as a diversified financial entity with a dual focus on its insurance and asset management divisions.
The company explains that this restructuring aligns with Generali's strategic vision outlined in “LifeTime Partner 24: Driving Growth,” which aims to catalyse growth and enhance the management of its core business areas.
The new structure is also intended to lay a strong foundation for sustained innovation and success, enhancing the group's capacity to seize future opportunities and prepare for upcoming strategic phases.
Under the new framework, the insurance division will be spearheaded by CEO of insurance, Giulio Terzariol.
The revamped division will include five business units — Italy, France & Global Business Activities, Germany, Austria, Switzerland — and three regions — Mediterranean & Latin America, Central Eastern Europe, and Asia.
Jaime Anchústegui, formerly CEO international, will serve as deputy CEO of insurance, tasked with managing strategic partnerships and global insurance projects.
On the other hand, Generali Investments Holding (GIH) will replace the current Asset and wealth management business unit, overseeing global asset management excluding select operations, such as those in China.
GIH aims to deliver top-tier performance and grow its global client base, bolstered by the recent addition of Conning Holdings Limited and a long-term partnership with Cathay Life established on April 3, 2024.
Woody Bradford is appointed as CEO of GIH while maintaining his role as CEO & chair of the board at Conning Holdings Limited. Donnet, meanwhile, will take on the role of chair of GIH, while Carlo Trabattoni, currently at the helm of asset and wealth management, will transition to new duties within the asset management sector.
Banca Generali will continue its focus on providing comprehensive financial advisory and wealth management solutions under the leadership of CEO Gian Maria Mossa.
Additionally, David Cis, group chief operating officer, will now be part of the group management committee, as the company focuses on the strategic goal of enhancing service levels and operational efficiency through digitisation, AI integration, and shared technological platforms.
With this restructuring, Generali’s group head office will continue to shape overarching corporate strategies and objectives, supporting all business divisions with tailored approaches.
“Generali Group has successfully evolved into an integrated insurance and asset management player at the global level, with a solid capital position and a strong focus on innovation and sustainability. Thanks to a simpler and leaner approach, the new group’s organisational structure centring on insurance and asset management will accelerate the group’s transformation, and it will support the definition of the plan for the next strategic cycle,” Donnet said.
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