Generali Plans EUR500 Million Share Buyback; Sees 2024 Targets on Track
By Helena Smolak
Assicurazioni Generali is on track to meet all mid-term targets it set for 2024 and plans to return 500 million euro ($541.7 million) to shareholders through a share buyback, it said.
The Italian insurer said Tuesday that its share buyback plan will be submitted for shareholder approval in April and is intended to be launched this year.
The buyback is the result of the company's confidence in completing its strategic plan set in late 2021 that ends this year and in the group's cash and capital position, Chief Executive Philippe Donnet said.
Generali said Liberty Seguros, which it agreed to acquire last year, will scale up its property and casualty business in Spain and Portugal, while strengthening the group's presence in the Irish market.
The company's proposed acquisition of Conning will accelerate the group's asset- management strategy and allow it to enter the U.S. market, it said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
January 30, 2024 03:10 ET (08:10 GMT)
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