Indiscretions and "no comments" shake up the stock on the Stock Exchange Generali. In the afternoon the Bloomberg agency wrote that the Italian company intends to sell its life reinsurance business on the US market. A decision that would fall within the strategy of the new CEO, Mario Greco, who aims to increase the profitability of the group. In the wake of the news, the group's stock gains over 4 points in Piazza Affari.
According to the agency, Life Reinsurance – the subsidiary of Generali in the United States – it could be worth between $800 million and $XNUMX billion. Bloomberg also specifies that Citigroup has been appointed as a consultant on the deal and the sale documents could be sent to prospective buyers as early as next month.
Generali did not want to comment the news. And yet, during the last half-yearly conference call, the managing director Sergio Balbinot he explained that the group is “launching a careful review of its strategy, the group's strategy and the business portfolio. So, any decisions on divestitures will be made as part of that review."
The same Greco had announced the launch of a "thorough review of the group's strategy and its business portfolio". A Bank of America reports published in March indicated precisely the life reinsurance business in the USA, together with the Banca della Svizzera Italiana, as one of the assets most likely to be put on the market.
