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.
Greco also said he was aiming to boost Generali's operating profit by a quarter by expanding the lucrative non-life insurance arm, investing more in fast-growing eastern Europe and Asia, and cutting 600 million euros ($800.7 million) of costs.
An outsider who took office on Aug. 1 backed by top shareholder Mediobanca, Greco also promised operating profit of more than 5 billion euros, up from an estimated 4 billion euros in 2012, though the period over which this would be delivered was specified only as “over the cycle”.
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