Generali’s Results Prove It Has Right Strategy, Says Chairman

The good results Generali has racked up are proof that the insurer is well run and has the backing of shareholders, the group’s chairman Gabriele Galateri di Genola said on Tuesday.

Generali became a target of speculation recently when Italian businessman Leonardo Del Vecchio blamed the insurer’s CEO and his counterpart at Mediobanca for Generali’s poor share price performance compared to peers, sources said.

Mediobanca, one of Italy’s leading investment banks, is Generali’s main shareholder with a stake of 13%.

Del Vecchio, who owns just under 5% of Generali, has criticized strategy at Mediobanca where he recently raised his stake to almost 7% to become its third-biggest investor.

(Reporting by Gianluca Semeraro, writing by Stephen Jewkes)

Related:

• Mediobanca Pressed to Grow via M&A and Rely Less on Its Prized Asset, Generali
• Major Generali Shareholder, Mediobanca, Pushed to Alter Strategy for Insurer