TRIESTE (dpa-AFX) - Italian insurer Assicurazioni Generali Spa (ARZGY.PK) announced a strategic business repositioning in Germany.
This aims at enhancing the competitive position of the group in the German market by the end of 2018 through a simpler and business-focused governance, a new business model in Life insurance to ensure long-term profitability, a stronger focus on distribution strengths and a modern and leaner operating platform.
Generali will further leverage on its key business strengths customizing the product offer on its three distribution pillars: Generali, AachenMünchener, and CosmosDirekt.
The life business model will be reshaped, establishing a 'New Normal' for the German life insurance business. The Group will redesign its life retail product portfolio, reducing the sale of pure traditional savings products and further enhancing its offer on unit linked, hybrid savings and term life.
Generali will also streamline and improve its IT architecture for a complete digitalization of the key processes and to establish multi-access approach and a modern interaction with distributors and customers.
Further, the company said three new members were appointed by the Supervisory Board of Generali Deutschland Holding with effect from June 1, and would, as a first step, complete the Board of Management at country level.
Copyright RTT News/dpa-AFX