The Board of Directors of Generali has approved a new organisational structure to reflect the Group’s main activities, as proposed by the Group CEO, Philippe Donnet.
Starting from June 1st 2024, the Generali Group will operate as a diversified financial group focused on two main businesses: Insurance and Asset Management.
This transformational change in structure is designed to further accelerate growth and address key business priorities for the insurance and asset management businesses more effectively, fully aligned with the ambitions of the Group strategic plan “LifeTime Partner 24: Driving Growth”.
It establishes a robust foundation for continued success and innovation, ensuring the Group’s ability to capture future opportunities even more effectively and preparing the Group for the next strategic cycle.
The Insurance Division led by CEO Insurance, Giulio Terzariol, will drive insurance business performance across all geographies, enhancing coordination, strategic alignment and a closer proximity to markets, by adopting a streamlined and simplified organisational model.
The business units DACH and International will be reorganised as part of the new Division, which will consist of five business units and three Regions.
Generali Investments Holding (GIH), replacing the current Asset and Wealth Management Business unit, will oversee all global asset management activities within the Group, with the exception of selected operations, namely those in China.
GIH will focus on delivering world class performance and service to existing clients, while continuing to grow the business with global third-party clients.
This is expected to be done with existing and new investment capabilities, leveraging the addition of Conning Holdings Limited and its affiliates and also thanks to the long-term partnership established with Cathay Life as part of the transaction closed on April 3, 2024.
Woody Bradford will be appointed as Chief Executive Officer of GIH and will also maintain his current role as CEO & Chair of the Board of Conning Holdings Limited.
Generali Group CEO Philippe Donnet will be appointed Chair of GIH. Carlo Trabattoni, currently CEO Asset and Wealth Management and CEO of Generali Investments Holding, will assume new responsibilities within the asset management area.
Moreover, outside the GIH perimeter, Banca Generali, led by the CEO Gian Maria Mossa, will continue to focus on providing comprehensive financial advisory services and wealth management solutions.
David Cis, Group Chief Operating Officer reporting to General Manager Marco Sesana, will join the Group Management Committee, in line with the strategic ambition to achieve best-in-class service levels and operating efficiency leveraging on digitisation and AI, core process automation and shared technology platforms.
Within this new organisational structure, the Group Head Office remains in charge of defining the overarching strategy and corporate goals, while effectively steering, controlling and supporting all business areas with a tailored focus and approach.
Generali Group CEO, Philippe Donnet, said, “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. In Asset Management, the recent acquisition of Conning and long-term partnership with Cathay Life resulting from this agreement allows us to broaden our investment offering, expand our international client base, focus on growing third-party business, and invest in distribution capabilities targeting important markets as one of Europe’s top-ten largest asset managers.
“The Insurance Division will continue to strengthen the Group’s presence in our key markets, leveraging on the technical excellence of our business, implementing new technologies and adapting our offering to meet our customers’ needs in a constantly changing environment. 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,” he continued.
Copyright © 2024 InsurTech Analyst
