Published January 14, 2013
LONDON – Generali, Europe's No.3 insurer, expects to boost its capital reserves by about 4 billion euros ($5.34 billion)over the next three years through the sale of peripheral businesses, its Chief Executive said.
"We expect the total benefit to the business from the disposal of non-core assets, including those arleady mentioned, as well as possible others, will bring in around 4 billion euros of regulatory capital by end-2015," Mario Greco told reporters on Monday ahead of an investor presentation in London.
Generali, which earlier on Monday unveiled reorganization aimed at revitalizing its flagging financial performance, has publicly said BSI, its Swiss private banking unit, and its life reinsurance business in the United States are up for sale. ($1 = 0.7493 euros)
(Reporting by Myles Neligan; editing by Lisa Jucca)