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Generali CEO says no need for capital increase - Handelsblatt
October 13, 2017 / 8:58 AM / 10 days ago

Generali CEO says no need for capital increase - Handelsblatt

FRANKFURT (Reuters) - The chief executive of Assicurazioni Generali (GASI.MI) has damped speculation of a capital increase, saying the Italian insurer does not need one in an interview with German newspaper Handelsblatt published Friday.

A logo of Italy's biggest insurer Assicurazioni Generali is seen in central Rome, Italy, February 8, 2016. REUTERS/Alessandro Bianchi/File Photo

Asked about speculation of a capital increase, Philippe Donnet said: “We don’t need one.”

“Our capital position is strong,” he said. “We have a solvency quota of 207 percent. 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 Generali was seeing “great external interest” for its 44 billion euro ($52 billion) Germany life insurance portfolio.

Asked when a decision would be made on the possible sale of the portfolio, he said: “Whether we manage the book internally or give it over to a run-off company is a technical decision.”

“It is up to our customers, our operation, our employees and the supervision authorities,” he said. “They all have different views. We listen to all sides.”

Reporting by Tom Sims; editing by Jason Neely

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