Generali jumps on the Stock Exchange by more than 2% after the presentation of the half-yearly data to the financial community. The numbers beat the analysts' expectations and the market appreciated the confirmation of the 2012 operating target for growth over 2011. The financial director Raffaele Agrusti once again ruled out a capital increase: "As far as the capital increase is concerned, there is no 'there is no intention in this regard", he said, also specifying that "Regarding the joint-venture with PPF, there are no changes with respect to what has already been communicated".
But today was the day the new CEO made his debut in front of the financial community. Mario Greco, who officially took office yesterday at the helm of the Leone, opened the presentation of the accounts, which was then entrusted to the Cfo Agrusti. “It was difficult – said Greco – to break the strong ties with Zurich colleagues and friends, especially after the successes achieved together as a team. However, it was also a simple decision, due to the high potential that exists in Generali as a global player", said Greco for whom the "opportunity to bring Generali back towards a leadership position among European insurers, to re-establish strong business profitability and to achieve a solid capital position is irresistible”.
The new strategic plan, eagerly awaited by the financial community, will be presented in the coming months: "on November 9, when I present the third quarter accounts, I will illustrate the roadmap to share the results of my review and an agenda for the execution of the plan", said Greco who recalled that when contacting him Generali's board of directors indicated "the improvement of shareholder returns as the main priority". There is always room for operational, financial and, in general, strategic improvement and this is particularly true for Generali today”, added Greco who will tour the group in the coming weeks to meet the management in order to understand with them what the opportunities and challenges.
Three key actions to act on immediately: 1) review financial and operational performance, comparing them with the best in each business sector, 2) strategy, starting a review of the group and its portfolio, 3) organization, examining the structure of the decision-making processes, the internal governance systems, the skills and objectives of the managers, comparing everything with the best insurance groups. "My task, which will keep me busy over the coming months in reviewing the business, is to develop a clear plan of action to give value to shareholders and other stakeholders," said the manager at the end of the conference call.
Around 14.40 pm, the Generali share in Piazza Affari gains 3%
