France is “giving results” and “Germany continues to perform well,” Greco said in an interview with Class CNBC published by MF-today. A Generali spokesman confirmed the comments to Bloomberg News today.
Greco said he continues to see economic difficulties in Spain and Italy affecting Generali, Italy’s biggest insurer, while the year has started in line with expectations. The executive, who started in August, is seeking to revive profit and boost capital by cutting costs, disposing of assets and targeting faster-growing emerging markets. The Trieste-based company is selling its U.S. life-reinsurance business and Swiss asset-management unit BSI Group as part of a plan approved in January.
Generali on March 14 said its fourth-quarter operating profit climbed 12 percent from a year earlier to 928 million euros ($1.2 billion), boosted by the non-life insurance business.
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