The leading Italian insurer, Generali, has commissioned BNP Paribas to conduct the sale of its activities in the Netherlands. This initiative comes within the cost reduction strategy adopted in poor growth markets. The cession shall also make it possible to boost the group’s profits.
Generali Nederland N.V has been operational in the country for 140 years where it has conducted life, non life and pension activities. By generating 5.4 million EUR (5.7 million USD) of profits in 2015, Generali Nederland N.V has more than tripled its net profits in the Netherlands despite the decline in the turnover of non life insurance.
Once successfully achieved, this move will be the first in a long series of disengagements in 13 to 15 countries. The objective set by the executive management is to recover 1 billion EUR (1.05 billion USD).
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