Generali: ups cost savings and confirms targets
(CercleFinance.com) - Italian insurer Generali plans to increase its cost reductions, thereby aiming to generate an additional 100 million euros in recurrent savings by 2021.
The Milan-based company said that it will consolidate new ways of working and further optimise external services in 2021, delivering 100 million euros in savings, which means it will reach a total expense reduction of 300 million euros under its plans, from an original target of 200 million euros in cuts.
During a virtual CMD on Wednesday, the insurance group also confirmed its financial targets, saying that EPS will grow by between 6% and 8% over 2018-2021.
Generali has also set a target of 4.5-5 billion euros in cumulative dividends for the period, and said that its return on equity (ROE) should exceed 11.5% in 2021.
Its shares were up slightly (+0.5%) in Milan after these announcements were made.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Milan-based company said that it will consolidate new ways of working and further optimise external services in 2021, delivering 100 million euros in savings, which means it will reach a total expense reduction of 300 million euros under its plans, from an original target of 200 million euros in cuts.
During a virtual CMD on Wednesday, the insurance group also confirmed its financial targets, saying that EPS will grow by between 6% and 8% over 2018-2021.
Generali has also set a target of 4.5-5 billion euros in cumulative dividends for the period, and said that its return on equity (ROE) should exceed 11.5% in 2021.
Its shares were up slightly (+0.5%) in Milan after these announcements were made.
Copyright (c) 2020 CercleFinance.com. All rights reserved.