Assicurazioni Generali (G) Investor Day 2025 summary

Strategic vision, priorities, and business model evolution

• Entering the 'Excellence' phase (2025-2027) with a focus on customer-centricity, technical excellence, digital transformation, and sustainability, including AI and data-driven operations.

• Reinforced leadership in insurance and asset management, leveraging a unique distribution network, upskilled workforce, and centralized group capabilities.

• Sustainability prioritized with updated 2030 net zero targets, €12 billion in climate solutions by 2027, and dedicated solutions for climate, health, and pension gaps.

• Asset management strategy strengthened by acquisitions and a proposed joint venture with Natixis/BPCE, aiming to create a global top-10 platform with €1.9 trillion AUM and targeted synergies.

• Enhanced stakeholder value through comprehensive solutions, empowered employees, and sustainable investor returns.

Financial targets and capital management

• Targets 8-10% EPS CAGR, over €11 billion cumulative net holding cash flow, and more than €7 billion in cumulative dividends for 2025-2027, about 30% higher than the previous plan.

• Annual dividend per share growth to exceed 10%, with at least €1.5 billion in share buybacks over the plan period and a ratchet policy.

• P&C operating profit targeted to grow 8-9% annually, Life operating profit 4-5%, and asset management to contribute 1% to EPS growth.

• Enhanced cash conversion and return on risk capital, with a target above 18% by 2027, and a 2.5-3.0 p.p. improvement in insurance cost/income ratio.

• M&A opportunities to be evaluated with strict discipline, focusing on integration, value creation, and flexibility for further shareholder distributions.

Operational and market performance

• Multi-holding customer base to grow from 20 million to 24 million by 2027, with a focus on increasing product density, loyalty, and >50% digital customer interactions.

• P&C premium growth expected at over 6% CAGR, with a 94.5% combined ratio by 2027, and strong growth in non-motor and SME segments.

• Life business to maintain a capital-light approach, targeting €25-30 billion in cumulative net inflows for hybrid and unit-linked products and ~6% new business margin.

• Asset management to expand in private markets, infrastructure, and alternatives, leveraging partnerships for global reach and €170-210 million in targeted synergies.

• Centralization of expertise and shared services, aiming for a -1.5 p.p. reduction in P&C general expenses/revenue ratio and 9% of FTEs in shared services long-term.