COLOGNE (dpa-AFX) - Generali (GDEUF.PK, GE1G) issued an update on the progress of its three-year Generali 2021 strategy, confirming the company's ability to deliver the financial targets by effectively navigating the COVID-19 crisis. Generali said higher contributions from expense reduction and debt optimisation have helped it remain on track to meet its earnings per share target.
Generali stated that the solvency II ratio as of 30th September 2020 was 203%. Financial debt reduction stands at 1.9 billion euros meeting the higher end of the target range for Generali 2021 one year ahead of the plan. The net holding cash flow target of over 7 billion euros is ahead of the Generali 2021 plan.
The Group said it has accelerated business transformation, which is further driving profitability, confirming 1 billion euros in strategic investments. The target of 200 million euros in expense reduction has been secured ahead of plan. In 2021, Generali targets additional 100 million euros in savings raising expense reduction target to 300 million euros.
Copyright RTT News/dpa-AFX
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