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☆ Generali has 500 mln euros left for M&A, could return it to investors, CEO says
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An Assicurazioni Generali SpA's logo is seen on a building of their offices in Saint-Denis, near Paris, France, February 27, 2018. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsMILAN, Nov 8 (Reuters) - Italy's top insurer Assicurazioni Generali (GASI.MI) still has 500 million euros ($533.10 million) left for M&A deals, which will be returned to shareholders if not used for acquisitions, its Chief Executive Philippe Donnet said on Wednesday. In June, the insurer agreed to buy the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros, strengthening its property and casualty segment. I cannot say whether we will make another acquisition before the end of the plan. If we do not use this cash for an acquisition, we will return it to the shareholders", Donnet said.

Persons: Denis, Benoit Tessier, Assicurazioni, Philippe Donnet, Generali, Liberty Seguros, Donnet, Gianluca Semeraro, Gavin Jones Organizations: REUTERS, Liberty Mutual, Holdings, Liberty, Thomson Locations: Saint, Paris, France, Europe, Asia, United States, Connecticut

☆ Generali buys U.S. asset manager Conning under deal with Cathay Life
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 6 (Reuters) - Generali (GASI.MI) has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding (2882.TW), the Italian insurer said on Thursday. Cathay Life will become a minority shareholder in Generali Investments Holding, which comprises the majority of the group's asset management activities, with a stake of around 16.75%, Generali said. Furthermore Generali will become one of the top 10 players in asset management in Europe, he added. Generali and Cathay Life will enter an asset management agreement for at least 10 years. The acquisition of Conning and its affiliates increases Generali's total Assets Under Management (AUM) to $845 billion (775 billion euros), up from 620 billion euros at the end of March.

Persons: Philippe Donnet's, Generali, Carlo Trabattoni, Woody Bradford, Gianluca Semeraro, Valentina Za, Keith Weir Organizations: MILAN, Holdings, Cathay Life, Cathay Financial, Cathay, Generali Investments, Wealth Management, Generali, Thomson Locations: Connecticut, United States, Europe, Asia

☆ Italy’s hottest financial saga gets new twist
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 3 (Reuters Breakingviews) - Italy’s most gripping corporate soap opera has entered a new chapter. Delfin, the holding company of the family of late eyewear billionaire Leonardo Del Vecchio, won regulatory approval to raise its stake in Assicurazioni Generali (GASI.MI) above its current holding of about 10%. The saga also involved a failed attempt by a broader anti-Mediobanca coalition to replace Generali CEO Philippe Donnet last year, but seemed to quiet down after Del Vecchio passed away in June 2022. Despite the market rally, there is no sign that the Del Vecchio clan wants to increase its Generali presence right now. The family could nonetheless still increase its bet at some point in the future, but the next Generali plot twist may take time to materialise.

Persons: Delfin, Leonardo Del Vecchio, Assicurazioni, Del Vecchio, Philippe Donnet, Lisa Jucca, Liam Proud, Oliver Taslic Organizations: MILAN, Reuters, Delfin, Del, Twitter, KKR, Thomson Locations: Mediobanca, Generali, China

☆ Generali’s pounce may win over in-house sceptics
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The 29 billion euro Italian insurer on Thursday agreed to purchase Liberty Seguros, a group of European businesses, from U.S. insurer Liberty Mutual for 2.3 billion euros in cash. The Italian insurer’s largest acquisition since 2013 nearly exhausts its M&A firepower, which the group had assessed at between 2.5 billion euros and 3 billion euros. At 2.3 billion euros, or nearly two times its 1.2 billion euros of annual revenue, Liberty Seguros’ price tag does not look cheap. But the real price falls to 1.8 billion euros after factoring in around 500 million euros of cash expected from a sale of Brazilian assets announced earlier this year. Assuming three-quarters of these are cost cuts, they may be worth around 800 million euros once taxed at 25% and capitalised.

Persons: Francesco Gaetano Caltagirone, Philippe Donnet, Generali, Lisa Jucca, Pierre Briancon, Oliver Taslic Organizations: MILAN, Reuters, Liberty, Liberty Mutual, Axa, Allianz, Twitter, Thomson Locations: U.S, Italian, Iberia, Spain, Portugal, Europe, Cava

☆ Generali to buy Liberty Mutual's Spanish Unit in $2.5 billion all-cash deal
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Generali (GASI.MI) will buy out the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros ($2.51 billion), in a move aimed at strengthening its property and casualty segment, Italy's top insurer said on Thursday. "Generali is acquiring a profitable insurance business in three growing European markets with very attractive characteristics, that will create significant long-term value for all stakeholders," Chief Executive Philippe Donnet said in a statement. Generali said it expects the acquisition to bring a reduction of 9.7 percentage points on the group's regulatory solvency ratio. The all-cash deal would allow the Italian group to become one of the main players in the Spanish insurance market, as well as enter Ireland and Northern Ireland, Generali said. ($1 = 0.9179 euro)Reporting by Federica Urso in Rome and Shivani Tanna in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Philippe Donnet, Generali, Federica Urso, Jonathan Oatis Organizations: Liberty Mutual, Citigroup, Credit Suisse, Thomson Locations: Spanish, Ireland, Northern Ireland, Rome, Bengaluru

☆ Generali's No.3 investor Caltagirone withholds backing for 2022 accounts
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

MILAN, April 28 (Reuters) - Italian tycoon Francesco Gaetano Caltagirone, the third-largest investor in Generali (GASI.MI), on Friday withheld his approval for the insurer's 2022 accounts, two sources said, after attempting to bring about a management shake-up last year. They proposed an alternative candidate for the job but lost out in the April 2022 shareholder vote. During the AGM, Donnet said those results put Generali "in an excellent position" to achieve all the targets of its plan to 2024. In April last year, at the height of the shareholder clash, the 2021 accounts got around 85% of AGM votes. Italy's Benetton family, with a 4.8% stake, also challenged Donnet who had the support of Generali's top shareholder Mediobanca (MDBI.MI), which holds 13% of the insurer.

☆ Generali provides dividend cheer, no exposure to SVB
▼ + stars: | 2023-03-14 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +2 min

SummarySummary Companies 2022 operating profit 6.5 bln euros vs forecast 6.19 bln2022 dividend up 8.4%Shares rise 2%MILAN, March 14 (Reuters) - Italy's Assicurazioni Generali (GASI.MI) surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever. Finance chief Cristiano Borean also told reporters the leading Italian insurer had no exposure to collapsed U.S. lender Silicon Valley Bank (SVB) (SIVB.O) and just "a marginal" position in its third-party risk portfolio. Generali shares were up 2% in early trade, outperforming a flat Italian blue-chip (.FTMIB) index. The solvency ratio, a measure of the financial strength of Generali, stood at 221% at the end of 2022 and had risen to 230% as of March 10. ($1 = 0.9354 euros)Reporting by Gianluca Semeraro Editing by Alvise Armellini and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Generali reports record operating profit in 2022
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 14 (Reuters) - Italy's top insurer Assicurazioni Generali (GASI.MI) said on Tuesday it beat estimates with its 2022 results, posting its best operating profit ever as higher interest rates boosted the life insurance business. Net operating profit, the figure most closely watched by the market, grew 11.2% to 6.5 billion euros ($6.95 billion), above an analysts' consensus provided by the company of 6.19 billion euros. Net profit came in at 2.91 billion euros, up 2.3% from 2021, despite a negative impact from Russian investments of 154 million euros. The profit was above an analysts' consensus of 2.81 billion euros. ($1 = 0.9351 euros)Reporting by Gianluca Semeraro; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Generali sticks to 2024 targets, generates $1 bln per year for M&A
▼ + stars: | 2022-11-10 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +2 min

In September, sources had said Generali was exploring several potential U.S. acquisition targets in the asset management business, including investment firm Guggenheim Partners. For a deal of this size, Generali may need to divest its private bank Banca Generali (BGN.MI), sources had said at that time. In a post-results call with journalists, Chief Financial Officer Cristiano Borean declined to comment on rumours of an acquisition in the U.S. but said Generali was "a happy investor" in Banca Generali. Nine-month net profit came in at 2.23 billion euros ($2.24 billion), down 0.8% from a year ago, due to impairments of 141 million euros on Russian investments. The profit was above an analyst consensus provided by the company of 2.05 billion euros.

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