Generali Italia: Alleanza to boost dividends for the holding company

Leaving aside the Catnat issue, what are your expectations for 2026 in terms of figures?

Last year went very well; as a country, we made a significant contribution to the group, and the first half of the year also went very well. Then, in the summer, adverse weather conditions had an impact, but I can still say that overall premium income demonstrates strength and consistency in a competitive environment. In Life insurance, we have chosen to manage our business by prioritising quality and margins, and I am now confident of a stronger push from our sales network, particularly in terms of net premiums written: we will end the year in positive territory, but a further effort is essential. The protection segment is growing well, as is the non-life business, which exceeded 4 billion in the first half of the year, confirming the central role of the health sector, which accounts for over 1 billion in premiums; the property and non-motor segments are also making a good contribution. We must certainly continue to work on customer satisfaction and our technological offering, in which we are investing over 325 million as part of the plan.

How are you getting on with the plan’s objectives?

The 18 months have passed; we’re more than halfway through. I’d say that, as a country, we’ve exceeded our 2025 targets, and I think we’ll do just as well in 2026, because I’m convinced that in the latter part of the year the network will provide a good boost to our year-end results.

Do you see any challenges in the coming months, or rather opportunities for further consolidation?

If we remain true to the pillars of our strategic plan, the opportunities for growth are certainly there; it is crucial that we stay focused on our objectives and targets and ensure maximum support for the network that serves our customers. All of this allows us to look forward to the completion of the plan with confidence.

Generali is indirectly involved in the banking crisis and is itself working with MPS and UniCredit to assess the scope for a possible bancassurance agreement. How do you view this scenario? 

We are closely monitoring how the situation develops, but our focus is on the business. It is clear that, should an agreement be reached in the bancassurance sector in the future, I do not foresee any direct competition; it operates differently and targets a segment of the customer base that is not necessarily taken away from our agency network. At present, we are merely speculating, but in any case I believe that the coexistence of these competing models is very healthy for the market.

Are you concerned, however, about the impact that the potential success of Intesa’s takeover bid for MPS might have on the balance of the Italian insurance market?

We are a thoroughly Italian company with a very strong network; I don’t think it will have any impact on our business. It doesn’t worry me at the moment; I’m staying focused on our objectives. We are the market leader and we’d like to extend our lead over the runners-up.

A few days ago, Generali’s board of directors approved the merger with Alleanza. What will the next steps be, and how do you respond to those who have questioned the value creation of this transaction? 

This decision came after we had considered it on several occasions at different times. Then Covid, the integration of Cattolica and Genertellife, and the reorganisation of Cronos took priority. Now is the right time to go ahead with it; we began considering it in April and, after the summer, we initiated the first discussions with the regulator, whilst on Thursday we submitted all the documents to finalise the merger in April 2027. Alleanza is a wholly-owned subsidiary, and this transaction enables us to streamline capital management because it allows for greater flexibility by concentrating everything within a single entity; it also eliminates an intermediate step in the dividend process and thus optimises cash flows to the parent company. From a management perspective, moreover, there has already been a high degree of integration for years. Alleanza has recorded significant growth over the last ten years, and this is not down to a single person but to the entire management team, which will continue to make its vital contribution. The Alleanza division to be established, with Marco Oddone as general manager, will retain the brand and its autonomy and will encompass – to give just a few examples – product development, network management, marketing and incentives, all of which are essential functions for safeguarding the brand’s identity.

Will the partnership with Banca Generali continue?

Of course it’s staying.