Following the downgrading of the company’s rating by Moody’s, Mario Greco, Generali’s chairman for three months, has undertaken an overhaul plan which consisted in ceding assets deemed to be non-strategic and reducing exposure to Italian, Spanish and Portuguese sovereign debts.
Following the sale of its Israeli subsidiary company Migdal for 705 million EUR (906 million USD), three months ago, the insurer is about to part way with Swiss private bank BSI and with Generali USA Life Reassurance. A solution should also be provided for PPF Generali, the subsidiary established in 2007, and whose 49% shares are to be sold by the group.
Generali has posted 1.1 billion EUR (1.4 billion USD) of net profits over the first three quarters of 2012 (+37%) for premiums collection of 51 billion EUR (65.9 billion USD), that is a 1.8% increase.
