In January the trating agency Fitch has confirmed Generali’s and its subsidiaries IFS (Insurer Financial Strenght) rating at A-; the outlook has been confirmed stable. The rating reflects the improvement in Group’s capital position, the expectations that operating performance will remain strong and that management’s ongoing focus will be to preserve capital and reduce financial leverage.
On the basis of Fitch’s internal model (FBM), Generali’s capital position remained strong at the end of 2014 and it is now very close to the “Very strong” level, thanks to the improvement in the Group’s capitalization.
On 26th January 2016 the Group CEO, Mario Greco, has informed the Chairman of the Company, Gabriele Galateri di Genola, that he would be unwilling to serve another term as CEO of the company at the expiry of his current mandate, which is planned to coincide with the Annual General Meeting to approve the financial statements as of 31 December 2015. On 9th February the Assicurazioni 2016 corporate event calendar Generali Board of Directors has approved the mutually agreed termination of all existing relations between the Company and Mario Greco, with immediate effect and in line with the Group’s remuneration policies. The Board of Directors has resolved to assign temporarily the powers of Group CEO to the Chairman of the Company, formerly attributed to Mario Greco, pursuant to the Group’s provisions for succession plan. The Board of Directors has also resolved to task the Appointments and Corporate Governance Committee to initiate the process for the selection of candidates to the Group’s provisions for succession planning.
On 17 March 2016 the Board of Directors of Assicurazioni Generali appointed Philippe Donnet as Group CEO, conferring on him all related executive powers. The Board of Directors also appointed Alberto Minali as General Manager of the Company. Philippe Donnet and Alberto Minali will continue to hold their current positions within the Group.