Generali raises the shot. The new Strategic Plan at 2027 of the Leo is underway: 7 billion of dividends to the shareholders, growth up to 10% per year, target 11 billion generation of cash, at a buy back of at least 1.5 billion. On the table at the Strategy Day of Generali today in Venice also the Natixis affair, defended with a sword taken by the CEO Philippe Kminit. While there was a noisy no comment on the other key point for the future: the OPS launched by Monte dei Paschi di Siena on Mediobanca. However, all issues that will be crucial for the Assembly of 8 May when the board is renewed.
The three -year plan presented by CEO Philippe Kminit It provides for a growth of the profit by action between 8% and 10% per year, with a particularly generous distribution policy: over 7 billion of dividends (+30% compared to the previous three years) and a program for the recourse of shares their own for 1.5 billion, of which 500 million already scheduled for this year. The goal is to consolidate Generali’s position as a European leader in the insurance sector and asset management. “We are very confident about what will happen. We feel fully prepared also because we are very well trained, since we have also successfully made the previous plans. Generali today is stronger than ever and will continue to create value for all stakeholders, “said Child.
On the acquisition front, Generali has allocated 1.5 billion for M&A operations, With a focus on the integration of recent acquisitions, including that of MGG and the agreement with Natixis. “We will have a strong discipline. After the acquisition of MGG and considering Natixis, our focus will be on the integration and implementation of the plan, “explained the CEO.
And the Natixis dossier is at the center of internal lion tensions. The joint-venture with the French aims to create a giant of savings managed with 1,900 billion assets under management. An agreement that Kminit has also defined today “a unique and transformative opportunity” and which is however contested within the Trieste group, by weight shareholders such as Francesco Gaetano Caltagirone (which holds 6.9% of Generali) and Delfin (9.9%). In addition, the tension on Natixis is intertwined with another game: the OPS launched by Monte dei Paschi di Siena on Mediobanca, which holds 13.1% of Generali. If Mps, where Caltagirone and Delfin have a significant presence, managed to conquer Mediobanca, the consequence would be a significant change in the equity balance and the control of the insurance company.
All this right now, in the months preceding the renewal of the Board of Directors of Generali, scheduled for May 8. The current management is ready to keep the reins. Kminit, the president Andrea Sironi and other councilors have in fact confirmed the availability to a new mandate. But the outgoing board has decided not to present its own list for the renewal of the top. So at the May race, where Kminit arrives with the plan presented today as a business card, there is unknown on lists and balances. Mediobanca, the company’s first shareholder, should nominate Kminit and Sironi (since there are no outgoing board list), then drawing on profiles between institutional investors and on the other side Caltagirone and Delfin could offer the alternative list. The future of the governance of the lion could then be in the hands of the scales of the scale, Assogestioni.
The plan presented today focuses on growth, profitability and an expansion strategy through targeted acquisitions. The Assembly of 8 May will be decisive for the future of Generali and in the middle, however, there are many variables.