Assicurazioni Generali SpA Chief Executive Officer-designate Mario Greco faces the task of reviving the largest Italian insurer’s profit that is at a nine- year low as the European debt crisis threatens to engulf Italy.
Assicurazioni Generali SpA, Europe’s third-largest insurer, plans to cut costs and boost cash flow to more than 2 billion euros ($2.7 billion) by 2015 as it focuses on emerging markets and insurance to restore profitability.
Assicurazioni Generali SpA Chief Executive Officer Mario Greco is targeting growing emerging markets as he seeks to revive profit at the third-largest insurer in Europe, a mission that cost his predecessor the job.
Assicurazioni Generali SpA, Europe’s third-largest insurer, targets more than 2 billion euros ($2.7 billion) cash flow by 2015 and lower costs as the company focuses on growing emerging markets and its main insurance business.
Assicurazioni Generali SpA plans to name Mario Greco, head of general insurance at Zurich Insurance Group AG, as chief executive officer to replace Giovanni Perissinotto, ousted after shares slumped to a 26-year low.
Assicurazioni Generali SpA moved Managing Director Sergio Balbinot to the new position of chief insurance officer as Chief Executive Officer Mario Greco shuffles management after taking charge of Italy’s largest insurer.