In an unprecedented context due to the crisis generated by the pandemic, Generali priorities are to consolidate the leadership in Europe and strengthen the position in high-potential markets, with an ambition to profitable growth, combined with financial optimisation as well as sustainability, innovation and digital transformation.
Despite a scenario that remains highly uncertain, the improving prospects for the distribution and efficacy of vaccines have helped to strengthen investors' prospects for the global economy in 2021.
The insurance sector is likely to benefit from the expected economic recovery in 2021: the demand for Life insurance products, while recovering, will remain lower as households continue to be cautious in terms of both investment and consumption. P&C premiums are expected to return to growth, at higher rates than those prior to the pandemic.
In this context, the Group confirms that it will continue with the strategy of rebalancing the Life portfolio to further strengthen profitability and with a logic of more efficient capital allocation. In P&C, Generali’s objective is to maintain the upswing trend of premium income, combined with outstanding profitability in the mature insurance markets in which the Group is present, and at the same time, strengthen its position in high growth potential markets by expanding its presence and offer.
In the course of 2021, with reference to the Asset Management segment, the Group will continue to identify investment opportunities through the expansion of the multi-boutique platform in order to increase its offering in terms of real assets, high conviction and multi-asset strategies for customers and partners.
Leveraging on all these initiatives and in light of the results achieved at the end of 2020, the Group confirms the objective of a 2018-2021 compound annual growth in earnings per share1 between 6% and 8%. RoE for 2021 is expected to be greater than 11.5%. Generali confirms the 2019-2021 cumulative dividend payment of € 4.5-5 billion, subject to the regulatory context.
1 Three-year CAGR; adjusted for impact of gains and losses related to disposals.