They are two of the giants of European insurance – and soon they could be side by side, if Press reports are to be believed.
The continent’s largest insurer, Allianz
SE, and Intesa Sanpaolo SpA are reportedly “interested” in Assicurazioni Generali SpA, according to reports in Italian newspaper La Stampa
The publication, which did not cite anyone, states that banking group Intesa is considering a “possible operation” with reference to the Italian giant, but did not offer any further information.
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The potential move comes as Generali struggles to lift its profitability with investment returns falling and pressure placed on prices. It is reported that chief executive officer Philippe Donnet is focused on reducing costs and looking to boost cash generation in an effort to lift returns with regards to the firm’s retail business.
According to a Bloomberg
report, Generali’s board is set to meet within days to replace chief financial officer Alberto Minali after Il Sole 24
reported that negotiations surrounding his exit were already under way.
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