TRIESTE (dpa-AFX) - Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) Wednesday said all its fiscal 2021 targets were met or exceeded despite Covid-19 environment.
Further, Generali launched ambitious 2024 targets, Lifetime Partner 24, based on sustainable growth. From 2021 to 2024, the company projects strong earnings growth of 6 percent to 8 percent EPS CAGR range.
The Board approved the company's new three-year strategy: Lifetime Partner 24: Driving Growth. The plan is expected to deliver sustainable growth across Generali's core and emerging business lines.
The company projects above 4 percent growth in P&C non-motor premiums and 2.3 billion euros to 2.5 billion euros new business value in 2024, up from 1.9 billion euros in fiscal 2020.
The company also projects higher dividend, with cumulative 5.2 billion euros to 5.6 billion euros cash dividends in 2022-24, compared to 4.5 billion euros in 2019-21.
By 2024, Generali expects to complete the integration of ESG criteria into the direct investments of its general account portfolio, reduce the carbon footprint of the corporate investments portfolio by 25 percent, and grow sustainable products Gross Written Premiums by 5 percent to 7 percent (CAGR) by 2024.
Under the plan, Generali will enhance its earnings profile, increase the profitability of its Life business, invest 1.1 billion euros in technology and digital transformation, grow third-party Asset Management revenues and further improve efficiency.
Copyright RTT News/dpa-AFX