According to a statement issued by the insurer, it achieved a P&C combined ratio of 92.8% and a life new business margin of 39.2% in 2017. Furthermore, the group is on track to achieve all of its industrial and financial targets for 2018.
Now its new strategy is based on four key principles: European insurance markets will remain attractive, the retail and SME markets are driving profitable growth, an integrated insurance and asset management offer is key for customers worldwide, and physical distribution is empowered and not replaced by digital platforms.
The firm has committed to creating a customer-centric and innovative culture, with a target of helping at least 50% of its staff acquire digital skills by 2021. It stated its brand promise of being a life-time partner for its customers by targeting the best relationship net promoter score among European international players.
Generali also reiterated its commitment to sustainability, by looking to grow green and social retail products by 7% to 9% during the plan’s timeline, as well as allocating €4.5 billion to green and sustainable investments by 2021.
The plan consists of three pillars in achieving its financial targets. The first one is profitable growth, which the firm aims to reach by focusing on Europe, especially on the Italian and German markets, and the high-growth markets of Asia and Latin America.
The second pillar is capital management and financial optimisation, which seeks to reduce the company’s level of debt by streamlining financial processes.
The final pillar is innovation and digital transformation. Generali will invest €1 billion in internal strategic initiatives by 2021, and drive transformation of its operation and distribution channels, including enhancing the agent-customer relationship through technology.
“This clear and distinctive strategic vision leverages on our strengths to consolidate leadership in Europe on retail and SME customers, expand operations in high-potential markets and develop a global asset management platform,” said Philippe Donnet, Generali Group’s CEO. “At the same time, Generali will continue to focus on generating and managing capital to fund growth opportunities in key markets and drive innovation and digital transformation wherever we operate.”
