Generali has announced a new organisational structure under which the group will operate with a clear focus on its two main businesses: Insurance and Asset Management.
The new structure is set to take effect from 1 June 2024 and aligns with the group’s ‘LifeTime Partner 24: Driving Growth’, strategic plan, the global insurer said. The three-year plan, which was announced in 2021, was introduced with an aim of driving sustainable growth, enhancing earnings profile, and leading innovation.
Under the new setup, the Insurance Division, led by CEO Insurance Giulio Terzariol, will look to improve performance and strategic cohesion across all geographical areas, Generali said.
The existing DACH and international business units will now fall into five country business units and three regions.
Philippe Donnet
Group CEOThese five-country business units are comprised of: Italy, France & Global Business Activities, Germany, Austria, and Switzerland.
While the regions are: Mediterranean & Latin America, Central Eastern Europe, and Asia.
Within the new structure, the Group Head Office remains in charge of defining overarching strategy and corporate goals, in order to effectively steer, control and support all business areas with a tailored focus and approach, Generali said.
Jaime Anchústegui, who was previously CEO, International, steps into the role of Deputy CEO, Insurance. He will represent the CEO Insurance in local governance bodies, manage strategic partnerships and joint ventures, and oversee Global Insurance projects within the Division.
Giovanni Liverani, the former CEO of the DACH Business Unit, will assume new duties within the organisation.
Asset management
The transformation also extends to the asset management arm with the establishment of Generali Investments Holding (GIH), which is to replace the current Asset and Wealth Management Business unit.
GIH will be responsible for the Group’s global asset management activities, excluding certain operations in China.
The strategic decision to exclude certain Chinese operations from GIH’s remit reflects a tailored approach to navigating the unique regulatory and market environments of China, Generali said. The global insurer added that, by doing so, Generali will be able to optimise its asset management strategy, ensuring it remains agile and responsive to the distinct opportunities and challenges presented by the Chinese market.
This new structure aims to leverage new and existing investment capabilities. This includes a partnership formed with Cathay Life following Generali’s acquisition of Conning Holdings Limited and its affiliates, completed on 3 April 2024 (see story below).
As part of the deal, Generali and Cathay Life formed a long-term partnership, with Cathay Life signing an asset management agreement for at least 10 years.
Woody Bradford has been appointed as the Chief Executive Officer of GIH and, in his new role, he will continue to build on the Group’s asset management capabilities. Philippe Donnet, Generali Group CEO, will serve as the Chair of the Board for GIH.
Donnet, commented: “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.”
The changes are set to play a crucial role in the development of the group’s upcoming 3-year strategy, which is set to be unveiled by Generali later this year.
