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Generali CEO says capital increase not required

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Generali CEO says capital increase not required

Generali CEO Philippe Donnet said the insurer did not need to raise fresh capital because it is adequately capitalized, Reuters reported, citing an interview published in Handelsblatt.

"We have a solvency quota of 207%. Investors and analysts told me last week in London that we had too much capital. A year ago, we were told we had too little. The truth is probably somewhere in the middle," Donnet said.

Meanwhile, he said the insurer's €44 billion German life insurance portfolio was garnering "great external interest."

Generali said in late September that it would put Generali Leben into runoff in the first quarter of 2018. Donnet said whether the book is run down internally or handed over to a runoff firm would be a "technical decision" based on the opinions of customers, employees and regulators, who "all have different views."