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Generali to Return €500 Million to Buyers in Share Buyback

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Assicurazioni Generali SpA will return €500 million [$541.4 million] to shareholders, following acquisitions final yr which are set to spice up its non-life and asset administration companies.

The share buyback plan might be submitted for shareholder approval in April and began this yr, the insurer mentioned in a press release on Tuesday.

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Chief Govt Officer Philippe Donnet is specializing in insurance coverage segments with excessive margins as he seeks to return as a lot as €5.6 billion [$6.1 billion] to shareholders via dividends within the interval 2022 to 2024. The manager is increasing in asset administration in addition to casualty and property insurance coverage.

Final yr, the agency agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion [$2.5 billion] and to buy Conning Holdings Ltd. by signing a partnership accord with Cathay Life, a unit of Cathay Monetary Holding Co.

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The acquisition of Liberty Seguros will contribute over €250 million [$270.7 million] yearly to Generali’s pre-tax revenue by 2029, it mentioned within the assertion. The agency additionally mentioned it expects to attain annual synergies between €70 million and €80 million [$75.8 million and $86.6 million] and from the Conning deal inside 5 years.

“Latest acquisitions have additional strengthened Generali’s place as a number one European insurer and expanded our asset administration enterprise globally,” Donnet mentioned within the assertion. The proposed share buyback is a “results of our confidence in each finishing our plan and within the group’s money and capital place.”

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{Photograph}: An Assicurazioni Generali SpA’s emblem sits in a window of its places of work in Rome, Italy, on Friday, Jan. 27, 2017. Picture credit score: Alessia Pierdomenico/Bloomberg

Copyright 2024 Bloomberg.

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