New Generali Boss Outlines Shift Toward Non-Life Business to Boost Profits

New Generali boss Mario Greco hopes to raise 4 billion euros ($5.3 billion) from selling non-strategic businesses, in a "revolution" aimed at turbocharging the Italian insurer's financial performance by 2015.

By Lisa Jucca, Reuters, Myles Neligan, Reuters | Updated on January 14, 2013

LONDON (Reuters) – New Generali boss Mario Greco hopes to raise 4 billion euros ($5.3 billion) from selling non-strategic businesses, in a “revolution” aimed at turbocharging the Italian insurer’s financial performance by 2015.

Europe’s No.3 insurer has already put on the block Swiss private bank BSI and a U.S. life reinsurance unit, collectively valued at about 2.5 billion euros, but declined to say on Monday which other units might be sold.

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