Generali accelerates the implementation of its strategic plan for excellence and long-term value creation in Germany
- “One Company” approach: operations to be streamlined to maximize operating effectiveness and efficiency;
- Strengthening the Generali brand in traditional channels. Further investment in digital business CosmosDirekt, leader in the German market;
- Distribution joint venture with Germany’s leading sales network DVAG to be extended to integrate the Generali tied-agents channel (EVG) under a new exclusive distribution agreement for Generali branded products;
- Generali Leben put into run-off as of Q1 2018. This will increase Generali Group Economic Solvency by 1.7 p.p. thus freeing up resources to support growth in the German market.
Trieste/Munich – Generali Deutschland, Germany’s second-largest primary insurance group, today launches the next phase of its industrial transformation to strengthen its operating performance and increase long-term value creation, Generali Group’s two key strategic objectives. The actions announced today reflect the six core initiatives that underpin the Group’s commitment to achieve excellence, including:
- rationalizing the operating machine, through a wide-ranging simplification of the German product and services’ factories infrastructure;
- strengthening the Generali brand, by rationalizing Germany’s portfolio;
- focus on innovation for customers and distributor, with a simplified and improved distribution strategy;
- rebalancing the portfolio, with a long-term solution for the Life insurance back-book in Generali Leben.
Generali Group CEO Philippe Donnet commented: “Today’s announcement is in line with Generali Group’s key strategic objectives: to improve operating performance and to create long- term value. It accelerates Generali’s transformation in Germany, one of the Group’s core markets. These actions will simplify processes, consolidate our distribution network, increase our product range and strengthen the Generali brand. Further, the run-off of Generali Leben will free up resources that will allow us to capture new growth opportunities in the German market.”
The CEO of Generali Deutschland, Giovanni Liverani, stated: “This is the next step towards excellence for Generali Deutschland. This next phase will accelerate our growth story, increase profitability, reduce capital absorption and strengthen our competitive position. The adoption of the “One Company” approach will reduce complexity, improve go-to market capability and reinforce our leading role in product innovation and smart insurance. Leveraging on our long-term partnership with the outstanding DVAG sales network and enhancing CosmosDirekt’s leadership in digital sales we will reinforce further our strong competitive advantage in distribution.”
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