Assicurazioni Generali SpA, the insurer that is part of the investor group that owns 22.4 percent of Telecom Italia SpA, plans to exit its holding as early as June, Chief Executive Officer Mario Greco said.
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.