Generals, here are Caltagirone’s cravings, amnesia and ends
What are the latest rumors about Francesco Gaetano Caltagirone's goals for Assicurazioni Generali. The asset management dossier and more.
The relaunch of Generali Assicurazioni according to Francesco Gaetano Caltagirone? It will pass through Banca Generali and the relaunch of asset management, according to the latest journalistic rumors .
The idea raised more than one eyebrow, even in Turin, the headquarters of the Crt Foundation, alongside Caltagirone and Leonardo Del Vecchio who animate the protests against Mediobanca, the first shareholder of Assicurazioni Generali.
Environments of the Turin Foundation are amazed that it is Caltagirone who raises the asset management dossier, with whispered criticisms to the newspapers on the conduct in this sector by the top management of Generali, and in particular by the number one of the insurance group, Philippe Donnet.
Among other things, it is whispered in Trieste, by the major shareholders (including the muttering Roman builder and publisher) no criticism of Generali's plans has ever reached the boards of directors, even on the side of the asset management business.
Yet the anti Donnet pacts – who are above all anti Nagel, to tell the truth – believe among other things that in recent years the ceo group has not pushed on asset management, and has conducted an aggressive m & a strategy.
“Considerations against which Generali opposes the results – Corriere della Sera wrote yesterday – In relation to asset management, the contribution to the group's operating profit went from 3% in 2016 to 10% in 2021. In the m & a, Since 2018, the Lion has carried out 12 transactions and in 2019-2021 it has so far invested 3.5 billion: the target of 4 is missing the finalization of La Médicale in France and a growth initiative in India. Looking at the previous plans, approved by all shareholders, the one in 2018 closed with the achievement of the targets, with over 5 billion cumulative dividends. And as regards what ends in a few weeks, the Lion has achieved in advance objectives such as the growth of coupons, with 4.5 billion paid so far on the 4.5-5 expected over the plan period, and the reduction of indebtedness financial amount of € 1.9 billion. The solvency ratio is 224% and the total shareholder return, with the capitalization passing between November 2016 and today from 18 to 30 billion: for Generali shareholders it is 113%, in Allianz it is 66% and in Axa at 47% ".
Not only that: those who follow Generali, in fact, remember well that Caltagirone's coldness was one of the main factors that induced Tim Ryan, the proud head of Generali's asset management, to leave the insurance giant for Natixis.
One of the two: either Caltagirone is convinced of the centrality of asset management, or its relaunch (with some oddities on derivatives, reports L a Stampa ) is envisaged to entice investors. Which in the assembly of the Lion will weigh a lot. And in some ways, as underlined by Carlotta Scozzari in “Affari & Finanza” of the newspaper Repubblica last Monday, they are decisive.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/generali-ecco-smanie-amnesie-e-fini-di-caltagirone/ on Fri, 10 Dec 2021 07:31:07 +0000.