Assicurazioni Generali (G) Investor Day 2025 summary

Strategic priorities and future plans

• Launch of Lifetime Partner 27 and entry into the 'Excellence' phase (2025-2027) focus on customer-centricity, technical excellence, digital transformation, AI, and sustainability.

• Targets include 8%-9% annual growth in P&C operating result, 4%-5% in Life, and significant expansion in asset management, leveraging acquisitions and partnerships.

• Investment of €1.2-1.3 billion in AI and technology, aiming to improve cost-to-income ratio by up to 3 percentage points and centralize group capabilities.

• Commitment to sustainability with updated 2030 milestones for net zero emissions, €12 billion in climate solutions, and innovative solutions for climate and societal resilience.

• Focus on growing multi-holding customers to 24 million by 2027 and maintaining customer retention above 90%, with >50% digital customer interactions.

Financial guidance and shareholder returns

• Ambitious targets: 8%-10% CAGR in earnings per share, over €11 billion in cumulative net holding cash flow, and more than €7 billion in total dividends for 2025-2027, with >10% DPS CAGR and a ratchet policy.

• Annual share buybacks of at least €500 million, with a minimum €1.5 billion over the plan period and flexibility for additional capital deployment.

• Enhanced capital management benchmarks M&A against buybacks, with any residual capital returned to shareholders.

• Cost-to-income ratio expected to fall below 57% by 2027, with general expenses growing below inflation and income above 3%.

• Return on risk capital targeted above 18% by plan end, driven by business mix optimization and disciplined capital allocation.

Business developments and operational transformation

• Expansion of asset management through acquisitions and a proposed joint venture with Natixis/BPCE, aiming for a global top 10 position with €1.9 trillion AUM and €170 million pre-tax run-rate synergies.

• Centralization of group functions and shared services to drive efficiency, including IT, procurement, and finance platforms, targeting 9% of FTEs in shared services long-term.

• AI and data initiatives scaled across business units, with over 300 specialists and flagship applications improving claims handling and customer service.

• Product innovation in P&C, health, and life, with modular solutions, enhanced SME offerings, and increased internalization of unit-linked funds.

• Reinsurance structure maintained, with increased Cat aggregate and focus on risk prevention and mitigation.