Generali launches Lifetime Partner 27: Driving Excellence

• Strong earnings growth: 8-10% EPS CAGR
• Solid cash generation: > EUR 11 billion Cumulative Net Holding Cash Flow
• Increasing dividend per share: > 10% DPS CAGR with ratchet policy

Clear capital management framework with increased focus on shareholder returns
• More than EUR 7 billion in cumulative dividends (2025-27) – around 30% more than 2022-2024
• Committed to at least EUR 1.5 billion share buyback over the plan horizon
• EUR 500 million buyback to be launched in 2025

Key foundations

• PEOPLE POWERED: Enable our people to thrive through continuous skills development and a culture of excellence, meritocracy, and diversity
• AI & DATA DRIVEN: Boost capabilities to improve customer and distributor experience, and drive operational efficiency and technical excellence
• SUSTAINABILITY ROOTED: Deliver a positive impact on profit, people and the planet

Philippe Donnet, Generali Group CEO, said: “Generali has successfully over-delivered against the financial targets of its ‘Lifetime Partner 24: Driving Growth’ plan in a tough global macro environment. We will now accelerate our pursuit of excellence to drive higher earnings growth and cash generation, targeting increased shareholder returns with double-digit growth in the dividend per share leading to over EUR 7 billion in cumulative dividends plus a commitment to at least EUR 1.5 billion in share buybacks over the plan horizon, including the EUR 0.5 billion buyback that we are launching in 2025 as presented today.

Thanks to our ‘Lifetime Partner 27: Driving Excellence’ plan, we will further enhance excellence across our customer relationships, our Group operating model and our core capabilities. We will invest in AI, new technologies and upskilling our employees to capture opportunities from emerging trends, fast-changing customer expectations and a rapidly evolving market.
The combination of our market leading P&C and Life business and a global Asset Management platform, that can be further transformed by our proposed partnership with BPCE, is a powerful differentiator that creates significant value. Generali is ready to once again support individuals, families, professionals and businesses, and deliver for all stakeholders throughout our ‘Lifetime Partner 27: Driving Excellence’ plan.”

Venice – At a meeting chaired by Andrea Sironi, the Board of Directors of Assicurazioni Generali approved the Group’s new three-year strategic plan: Lifetime Partner 27: Driving Excellence, which will be presented to the investment community today.

Building on the strong platform established since 2016, and the over-delivery against all key financial targets of the 2022-24 plan, Generali’s new strategy focuses on driving excellence in customer relationships, in its core Insurance and Asset Management capabilities, as well as in its operating model.

Lifetime Partner 27: Driving Excellence will create significant and sustainable value, targeting an EPS CAGR between 8 and 10%. The plan will also target sustained growth in cash generation, reaching over EUR 11 billion of Net Holding Cash Flow (2022- expected 24: ca. EUR 9.5billion), supported by ca. EUR 14 billion of remittance from subsidiaries (2022- expected 24: ca. EUR 11.5billion); in addition, the Group will target normalized capital generation of above EUR 14 billion over the plan horizon (2022- expected 24: over EUR 13 billion). All of this reflects the consistent application of the Group’s capital management framework and a clear commitment to increasing shareholder returns.

As a result, Generali commits to a Dividend per Share (DPS) CAGR of above 10%, targeting more than EUR 7 billion in dividends over the plan horizon, ca. 30% higher than the EUR 5.5 billion distributed during Lifetime Partner 2024.

More than EUR 3 billion have been allocated to share buybacks and other capital deployment (e.g. M&A). The Group has committed to at least EUR 0.5 billion in annual share buybacks, with the amount to be assessed at the start of each year. A EUR 0.5 billion share buyback for 2025 has already been confirmed, subject to AGM and regulatory approval. The Group will assess M&A opportunities with a strict discipline, also benchmarking any potential transaction against share buybacks.

Between EUR 0.5 and EUR 0.7 billion are allocated to internal capital deployment to support business growth and strategic initiatives.

The Group’s new strategic plan is powered by its people, AI & data, and sustainability. Generali will support the further development of its teams by enhancing their technical skills to drive Group-wide innovation and efficiency, while enriching Generali’s powerful agent-led distribution network with the latest AI & data capabilities. Generali retains its deep-rooted commitment to sustainability, with additional targets and investment goals.

Generali Osiguranje Srbija a.d.o. Beograd

Generali Osiguranje

Andrea Sironi

Philippe Donnet

Lifetime Partner 27