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General: reorganization in Germany, G. Leben put into run-of

Generali D. second biggest insurance company in the country

28 September, 13:35
(ANSA) - MILAN - Generali speeds up the implementation of their strategies in Germany, by simplifying the whole functioning of the company, strengthening the brand in traditional channels and integrating the exclusive agents channel into a new jv distribution agreement. General Leben, 40bn reserves at year-end (21bn for Generali Deutschland), will be put into run-off in the first quarter of 2018 by guaranteeing existing policies, with an impact on the solvency ratio of 1.7 points and 26 pts on of Generali Deutschland's solvency.

Generali Deutschland is the second biggest insurance group in Germany. Through this operation - the company explains in a press release - we intend to launch the next stage of industrial transformation to strengthen operational performance. Among the actions envisaged, the brand will be enhanced through the rationalization of the German brand portfolio and the focus will be on innovation for customers and distribution network.

''This operation will accelerate Generali's transformation in the German market, which is one of our key markets'', said CEO Philippe Donnet; Generali Leben's run-off will also provide resources and thus new growth opportunities in the German market. ''This program will enable us to accelerate our growth and strengthen our competitive position'', he said CEO of Generali Deutschland Giovanni Liverani. Through the 'One Company' approach, Generali will move from a system based on ten factories to one based on a single 'product centre'. As for distribution, Generali Deutschland has signed an exclusive agreement with Germany's DVAG network of advisers and insurance agents (6mn customers and about 30,000 consultants).

AachenMuenchener and Central will be part of the Generali brand.

Dvag, a joint venture which is 40% owned by Generali, will incorporate the network of about 2,800 agents of Generali Versicherungen, starting mid-2018. Currently Dvag generates about half of Generali's new business in Germany. (ANSA)
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