Generali it splits in two and a new organizational structure is given. In essence, one could say that Generali it splits. On the one hand, in fact, it remains an insurance company with almost 200 years of history with a geography of Insurance division which however is simplified under the guidance of the already appointed CEO Insurance Julius Tertiaryol. On the other hand, it brings together under the umbrella of a new holding company, Generali investment holding (Gih) all asset management with the exception of activities in China and excluding Banca Generali. At the head of the new holding comes, as CEO, Woody Bradford da Conning and Philippe Donnet assumes the presidency and therefore the strategic direction.
The result is that from next June 1st Generali "will operate as a diversified financial group focused on the two core businesses: insurance and asset management". The objective is to further accelerate the group's growth and respond even more effectively to the priorities of insurance and asset management activities, in line with the current strategic plan.
Generali, this is what the new organization will look like
The Insurance division, led by Terzariol, will manage the insurance business in all geographical areas, through an agile and simplified organizational model that strengthens coordination and strategic alignment and guarantees greater proximity to the markets. The current Asset & wealth management business unit will be replaced by Generali investments holding (GIH), which will oversee all asset management activities globally within the group, with the exception of activities based in China. Woody Bradford will be appointed CEO of GIH and will retain his current role as CEO and Chairman of the Board of Conning Holdings Limited. The group CEO of Generali, Donnet, will be appointed chairman of the board of directors of Gih.
In the insurance sector, the Dach and International business units will be reorganized as part of the new division, which will be composed of five business units (Italy, France and Global business activities, Germany, Austria, Switzerland) and three regions (Mediterranean & Latin America, Central Europe -Eastern and Asia) reporting directly to Terzariol.
Jaime Anchústegui, current CEO International, is appointed deputy CEO Insurance, reporting to Giulio Terzariol, with the responsibility of representing the CEO Insurance in the governance bodies of individual countries, managing strategic partnerships and joint ventures and leading global insurance projects for the entire division. John Liverani, current CEO of the Dach business unit, will take on new important responsibilities. As for Gih, explains Generali, it will be focused on providing excellent performance and services to current customers and on growing the business for third-party customers on a global level, through the valorisation of current skills and new ones, which derive from the acquisition of Conning and the partnership with Cathay Life.
Carlo Trabattoni, currently CEO of asset & wealth management and CEO of Generali Investments Holding, will take on new responsibilities in the asset management area. Outside the perimeter of Gih, General Bank will continue to focus on offering comprehensive financial advisory services and wealth management solutions.
David Cis, Group chief operating officer reporting to the general manager, Marco Sesana, will join the Group management committee, in line with the strategic ambition of achieving the best levels of service and operational efficiency, leveraging digitalisation and artificial intelligence, automation of core processes and shared technological platforms. Under the new organizational structure, the group head office remains responsible for defining the group's strategy and objectives, effectively supervising and supporting all business areas with a dedicated focus and approach.
Furthermore, outside the GIH perimeter, Banca Generali, led by the CEO Gian Maria Mossa – reconfirmed yesterday as head of the institute – will continue to focus on offering complete financial consultancy services and wealth management solutions.
Generali, Donnet's priorities
The new organization was launched by the board of directors in a year in which Donnet, expiring as CEO of the Generali group at the spring 2025 assembly, has two priorities: integrating Conning and preparing the industrial plan for the next three years. “Thanks to a simpler and more agile approach, the new organizational structure, focused on insurance and asset management, will accelerate the transformation of the group and support the definition of the plan for the next strategic cycle,” explained Donnet. The insurance division will manage the insurance business in all geographical areas, through a more agile and simplified organizational model.
Then regarding the position of Chief transformation officer vacated at the end of 2023 by Bruno Scaroni the group - from what appears - has already identified the manager who will replace him. The name is expected to be announced soon. Wednesday April 24 in the meantime, the Generali meeting is scheduled to take place behind closed doors. The vote will be expressed only through the designated representative but shareholders will be able to follow the first part of the proceedings via streaming. The 20st May the board of directors will then meet on the quarterly report which will be distributed and illustrated the following day.
