The transaction reflects Generali’s strategy to refine its global presence and prioritise markets where it holds a strong position.
The deal aligns with Generali’s “Lifetime Partner 24: Driving Growth” plan, which focuses on long-term sustainability and optimising its earnings mix.
The sale is projected to result in a post-tax capital loss of approximately €20 million but is not expected to impact the group’s adjusted net results or materially affect its solvency II ratio.
The transaction is subject to regulatory approvals and is expected to conclude in the first half of 2025.
PwC served as the financial advisor and vendor support provider for the transaction, while PJS Law (Dentons) acted as Generali’s legal counsel.
Generali is also reportedly in preliminary discussions about a potential collaboration with Natixis Investment Managers, according to individuals familiar with the matter.
Natixis, part of the French financial group BPCE SA, oversees US$1.3 trillion in assets through its network of boutique firms, which includes Harris Associates and Naxicap.
Generali, with €843 billion in managed assets as of September, has been working to expand its asset management footprint globally.
Although talks are ongoing, there is no certainty that a partnership will materialise, and Natixis may explore agreements with other firms, sources told Bloomberg. Representatives for both companies declined to comment on the matter.
Generali has been increasing its focus on asset management, recently completing its acquisition of Conning Holdings Ltd. The deal added over US$117 billion in assets to its portfolio from centres in Asia, Europe, and North America.
Generali has also reportedly been exploring the acquisition of MGG Investment Group, a New York-based credit investment firm, as part of its strategy to grow in private assets.
In an August press conference, Generali CEO Philippe Donnet emphasised the company’s intent to expand its asset management platform and diversify revenue streams. He also confirmed that no major acquisitions would occur in 2024 as the group concentrates on executing its current strategic initiatives.
