Generali announces new organizational structure | Insurance business America
The consolidated operations will focus on two primary business areas
Insurance News
By Kenneth Araullo
The Generali Board of Directors, led by CEO Andrea Sironi, has agreed to a major restructuring of the organization as proposed by the group’s CEO Philippe Donnet.
Effective June 1, 2024, Generali Group will reposition itself as a diversified financial company with a dual focus on its insurance and asset management divisions.
The company explains that this restructuring is consistent with Generali’s strategic vision set out in “LifeTime Partner 24: Driving Growth”, which aims to catalyze growth and improve the management of its core businesses.
The new structure is also intended to create a solid foundation for sustainable innovation and success and strengthen the Group’s ability to capitalize on future opportunities and prepare for upcoming strategic phases.
Under the new framework, the insurance department will be led by Giulio Terzariol, CEO of the insurance department.
The redesigned division will include five business units – Italy, France and Global Operations, Germany, Austria, Switzerland – and three regions – Mediterranean and Latin America, Central Eastern Europe and Asia.
Jaime Anchústegui, previously CEO International, will be appointed Deputy CEO for Insurance to lead strategic partnerships and global insurance projects.
On the other hand, Generali Investments Holding (GIH) will replace the current Asset and Wealth Management business unit and will oversee global asset management except for selected activities, for example in China.
GIH strives to deliver excellence and expand its global customer base, supported by the recent addition of Conning Holdings Limited and a long-term partnership with Cathay Life, established on April 3, 2024.
Woody Bradford is appointed CEO of GIH while retaining his role as CEO and Chairman of Conning Holdings Limited. Donnet, meanwhile, will take on the role of chairman of GIH, while Carlo Tauftoni, currently head of wealth and asset management, will take on new responsibilities in the asset management sector.
Banca Generali, under the leadership of CEO Gian Maria Mossa, will continue to focus on providing comprehensive financial advisory and wealth management solutions.
Additionally, David Cis, Group Chief Operating Officer, will now be part of the Group Management Committee as the company focuses on the strategic goal of improving service levels and operational efficiency through digitalization, AI integration and shared technology platforms.
With this restructuring, Generali Group Headquarters will continue to shape overarching corporate strategies and goals and support all business areas with tailored approaches.
“Generali Group has successfully developed into an integrated insurance and asset management company on a global scale, with a solid capital base and a strong focus on innovation and sustainability. Thanks to a simpler and leaner approach, the organizational structure of the new group, focused on insurance and asset management, will accelerate the transformation of the group and support the definition of the plan for the next strategic cycle,” said Donnet.
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2024-04-19 09:17:03
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