Generali is likely to invest at least €3 billion for growth through midsize acquisitions in insurance and asset management, CEO Philippe Donnet told Bloomberg News.
Donnet is targeting midsize continental European insurance companies with a focus on nonlife, health, benefits and assistance. In asset management, Generali is eyeing potential deals in the U.S., Asia and Europe, including the U.K., according to the report.
The Italian insurer is also in discussions to purchase the Central European assets of MetLife Inc., Bloomberg noted, citing previous statements by people with knowledge of the matter. It had been reportedly interested in certain of Spain-based Banco Bilbao Vizcaya Argentaria SA's insurance businesses, but was reported by Reuters on Oct. 1 to have dropped out over concerns about the target business's profitability.
In July, the company agreed to acquire Portugal's Seguradoras Unidas SA and AdvanceCare - Gestão de Serviços de Saúde SA for €600 million. Following the transaction, Generali will still have roughly €3 billion to invest for growth, said Donnet, who indicated in November 2018 that up to €4 billion was available.
