A big coup by Generali and above all by the new CEO, Philippe Donnet who, in agreement with the general director Alberto Minali, wasted no time and started a wide-ranging organizational reorganization of the Trieste company, approved yesterday by the board of directors. But Donnet's crowning glory is having wrested the head of Axa in Italy from the competition, the same French company from which Donnet came: from September 49 Frederic de Courtois, 2017-year-old engineer, long-time manager in the insurance sector and from XNUMX CEO of Axa in Italy, will join the Group Management Committee of Generali and will have responsibility for the new function reporting directly to Donnet, i.e. Global Business Lines & International.
The other important decision proposed by Donnet and approved by yesterday's board of directors is the succession in Generali Italia, of which Donnet will remain president and country manager, with the promotion to new CEO and general manager of Marco Sesana, currently Chief insurance and Operations Officer of the company.
“With the appointments approved by the Board of Directors – said Donnet – Generali's management team is strengthened with the aim of allowing the Group to better manage strategic and operational priorities and make the supervision of the business areas more efficient. I am particularly pleased - added Donnet - to welcome to Generali Frederic, a manager with great international experience, who brings with him a profound knowledge of the areas for which he has been entrusted with responsibility. The appointment of Marco Sesana as Chief Executive Officer of Generali Italia confirms the high level of quality of Generali's management team and is also the confirmation of our desire to enhance the internal resources of the Group". "I will not remain Country Manager of Italy forever . We will make a decision when the time comes. Now the right thing is to maintain this position,” Donnet later specified during the conference call with analysts.
THE QUARTERLY
Generali opens its first financial year under Philippe Donnet (who took office only in mid-March) with a net profit that is down but better than expected, the targets confirmed and a new organizational structure. This morning the insurance company communicated its first quarter accounts which closed profits down 13,8% to 588 million but above analysts' estimates and good technical performance, including a combined ratio improving to 92% (-1,3 ,188 points) and an Economic Solvency Ratio of 14%, down by 202 points from 2015% at the end of 13. In this scenario, the group underlined in the note on the accounts, the operating Roe is "over XNUMX%, confirming the 'objective of the plan'.
"We confirm the target and the plan even if the conditions are more difficult", added the general manager Alberto Minali commenting on the data. In fact, profits were affected by “the lower realization of capital gains on investments due to adverse market conditions”. Premium income was in line with forecasts at 20 billion (-1,1%), divided between 13,4 billion in life (-1,3%) and 6,3 billion in non-life (-0,6%). The operating result amounted to 1,1 billion (-12,3%), below expectations due to the impact of the financial performance and derives for 756 million (-8,2%) from life and for 498 million (-1,4, 4,5%) from damage. Life net funding exceeds 6,4 billion (+XNUMX%).
Today, just over an hour after the opening, Generali's share on the Stock Exchange loses 2,75% (to 12,75 euros), the worst performance of the Ftse Mib.
