Generali Is Seeking Buyers for Turkey, Philippines Units: Sources

June 21, 2024 admin-dominor

Assicurazioni Generali SpA is seeking to sell its units in Turkey and the Philippines, people with knowledge of the matter said.

The Italian insurer has kicked off separate processes to dispose of its small Istanbul-based Generali Sigorta AS subsidiary and of Generali Life Assurance Philippines, the people said, asking not to be identified as the matter is private. Discussions involve about half a dozen suitors in each process, they said, adding that there’s no certainty the talks will lead to transactions.

A spokeswoman for Generali declined to comment.

The sales are part of Generali’s drive to streamline its structure and focus on core markets and segments. Generali last year sold both Tua Assicurazioni, a unit inherited from its purchase of a smaller Italian rival, and its Deutschland Pensionskasse AG unit.

Chief Executive Officer Philippe Donnet, who’s working on a new strategy that will be announced at the beginning of next year, is looking to improve profitability through more lucrative products as he seeks to reach annual per share earnings growth between 6% and 8% for 2021-2024.

Photograph: The Assicurazioni Generali SpA sign on the headquarters in the CityLife Shopping District in Milan, Italy, on Monday April. 30, 2024. Photo credit: Francesca Volpi/Bloomberg

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