Generali to Focus on U.S., Asia in New Strategic Growth Plan: Report

Assicurazioni Generali SpA, Italy’s largest insurer, is preparing to unveil an international-growth strategy to investors this week, according to the Repubblica newspaper.

The plan, to be presented by Chief Executive Officer Philippe Donnet on Wednesday, will focus on the company’s aim to boost growth in digital, asset management and insurance in foreign markets such as India and the U.S., Repubblica reported Sunday, without saying where it got the information.

The move comes at a time when shareholders Francesco Gaetano Caltagirone and Leonardo Del Vecchio, the founder of eyewear giant Luxottica, are seeking to challenge Mediobanca SpA’s grip on Generali. Mediobanca owns 15.5% of the insurer. The two billionaires have been building up their stakes in Generali and may be preparing to oust Donnet, whose job is up for renewal with the rest of the board on April 29.

Since becoming chief executive in 2016, Donnet has strengthened the firm’s finances, cut costs and expanded into more lucrative product areas while cementing Generali’s presence in its home market by taking over smaller rival Societa Cattolica di Assicurazioni.

Del Vecchio and Caltagirone do not comment on media reports, and they will assess the plan when it’s presented later this week, according to a person familiar with their thinking.

Photograph: An Assicurazioni Generali SpA logo sits above an entrance to their offices in Rome, Italy, on Friday, Jan. 27, 2017. Photo credit: Alessia Pierdomenico/Bloomberg.