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Generali to return up to 6.1 billion euros to investors under new plan By Reuters


© Reuters. FILE PHOTO: The emblem of insurance coverage firm Generali is seen on the corporate headquarters in Budapest, Hungary, November 29, 2019. Picture taken November 29, 2019. REUTERS/Tamas Kaszas/File Photo

MILAN (Reuters) -Italy’s prime insurer Generali (MI:) on Wednesday pledged to return up to 6.1 billion euros ($7 billion) in dividends and buybacks to shareholders as Chief Executive Philippe Donnet offered a new technique to 2024.

Donnet, whose permanence on the helm has been known as into query due to a conflict amongst Generali’s prime three shareholders, additionally earmarked up to 3 billion euros for mergers and acquisitions in insurance coverage and asset administration.

Generali targets a median earnings per share progress of 6-8% a 12 months under the new plan, it mentioned in an announcement.

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Donnet’s technique gained 11 votes out of 13 on Generali’s board, two sources shut to the matter mentioned late on Tuesday.

Generali’s second-largest shareholder, Italian magnate Francesco Gaetano Caltagirone, voted towards whereas a consultant for Leonardo Del Vecchio, one other prime investor, didn’t attend the assembly, the sources mentioned.

Caltagirone and Del Vecchio, the billionaire founding father of eyewear big Luxottica, have challenged Donnet’s management and his reappointment in April which is backed as a substitute by a majority of board members and Generali’s greatest investor Mediobanca (OTC:).($1 = 0.8875 euros)

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