TRIESTE, Italy, May 7 (Reuters) - Italy’s biggest insurer Assicurazioni Generali has resources for acquisitions and is looking for shopping opportunities in Europe and in the asset management sector, Chief Executive Philippe Donnet said on Tuesday.
Europe’s No.3 insurer has earmarked up to 4 billion euros ($4.5 billion) for acquisitions and growth as it looks to asset management and other higher margin businesses to fuel earnings.
“We have capital and cash for acquisitions. We want to reinforce our presence in Europe. We will look at opportunities in a very disciplined way in order to increase our earnings per share and create value for shareholders”, Donnet said during the Annual General Meeting in Trieste.
“Earnings from the asset management business must grow including also through acquisitions”, Donnet added.
Reporting by Gianluca Semeraro, editing by Maria Pia Quaglia