Generali revolutionises its organisational structure

The Board of Directors of Generali, at a meeting chaired by Andrea Sironi, has approved a new organisational structure to reflect the main activities of the Group, as proposed by the Group's CEO, Philippe Donnet. Starting from June the 1st, 2024, the Generali Group will operate as a diversified financial group focused on two main activities: Insurance and Asset Management.

Structural transformation to accelerate growth:

This structural transformation is designed to further accelerate growth and more effectively address the main business priorities for insurance and asset management, fully aligned with the ambitions of the Group's strategic plan 'LifeTime Partner 24: Driving Growth'. It establishes a solid foundation for continuous success and innovation, ensuring the Group's ability to seize future opportunities even more effectively and preparing the Group for the next strategic cycle.

Insurance Division

The Insurance Division, led by the Insurance CEO, Giulio Terzariol, will drive the business performance of insurance across all geographies, improving coordination, strategic alignment and closer proximity to markets, adopting a lean and simplified organizational model.

The DACH and International operating units will be reorganized as part of the new Division, which will be made up by the following five operating units and three Regions that will report directly to the Insurance CEO:

• Country business units: Italy, France & Global Business Activities, Germany, Austria, Switzerland.
• Regions: Mediterranean & Latin America, Central and Eastern Europe and Asia.

Jaime Anchústegui, currently International CEO, is appointed Deputy Insurance CEO, reporting to Giulio Terzariol, with the responsibility of representing the Insurance CEO in local governance bodies, managing strategic partnerships and joint ventures, and leading Global Insurance projects within the Division. Giovanni Liverani, currently CEO of the DACH Operating Unit, will assume new responsibilities.

Generali Investments Holding (GIH)

Generali Investments Holding (GIH), which will replace the current Asset and Wealth Management Operating Unit, will oversee all global asset management activities within the Group, except for some selected operations, namely those in China.

GIH will focus on offering world-class performance and services to existing customers, continuing to grow the business with third-party global customers. This is expected to happen 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.

New roles

Woody Bradford will be appointed CEO of GIH and will also maintain his current role as CEO & Chairman of the Board of Conning Holdings Limited. Philippe Donnet, CEO of the Generali Group, will be appointed Chairman of GIH. Carlo Trabattoni, currently Asset and Wealth Management CEO and CEO of Generali Investments Holding, will assume new responsibilities in the field of asset management.

“The Generali Group has successfully evolved into an integrated player in the insurance and wealth management sector globally, with a solid financial position and a strong focus on innovation and sustainability. In Wealth Management, the recent acquisition of Conning and the long-term partnership with Cathay Life resulting from this agreement allow us to expand our investment offering, broaden our international customer base, focus on the growth of third-party business and invest in distribution capabilities targeted at important markets as one of the top ten wealth managers in Europe. The Insurance Division will continue to strengthen the Group's presence in our key markets, leveraging the technical excellence of our sector, implementing new technologies and adapting our offer to meet the needs of our customers in an ever-evolving environment. Thanks to a simpler and more efficient approach, the new organizational structure of the Group focused on insurance and wealth management will accelerate the Group's transformation and support the definition of the plan for the next strategic cycle”.

Philippe Donnet, CEO of the Generali Group