(Alliance News) - The board of directors of Assicurazioni Generali Spa on Thursday approved a new organizational structure reflecting the group's core businesses, as proposed by Group CEO Philippe Donnet.

As of June 1, the Generali group will operate as a diversified financial group focused on its two core businesses: insurance and asset management.

"The organizational change is aimed at further accelerating the group's growth, responding even more effectively to the priorities of the insurance and asset management businesses, and is fully in line with the "Lifetime Partner 24: Driving Growth" strategic plan," the statement said.

The Insurance Division, led by Insurance CEO Giulio Terzariol, will manage the insurance business in all geographies through an agile and simplified organizational model that strengthens coordination and strategic alignment and ensures greater proximity to markets.

The DACH and International business units will be reorganized as part of the new division, which will be composed of five business units-Italy, France and Global Business Activities, Germany, Austria, and Switzerland-and three regions-Mediterranean & Latin America, Central and Eastern Europe, and Asia-directly reporting to the Insurance CEO.

Jaime Anchústegui, currently CEO International, has been appointed Deputy CEO Insurance, reporting to Giulio Terzariol, with responsibility for representing CEO Insurance in individual country governance bodies, managing strategic partnerships and joint ventures, and leading global insurance projects for the entire Division.

Giovanni Liverani, currently CEO of the DACH business unit, will assume new responsibilities. In place of the current outdated Asset & Wealth Management business unit, Generali Investments Holding will oversee all global asset management activities within the group, with the exception of the China-based business.

Woody Bradford will be appointed CEO of GIH and will retain his current role as CEO and chairman of the board of Conning Holdings Limited.

Generali Group CEO Philippe Donnet will be appointed chairman of the board of GIH.

Carlo Trabattoni, currently CEO Asset & Wealth Management and CEO of Generali Investments Holding, will assume new responsibilities in the asset management area.

In addition, outside the scope of GIH, Banca Generali, led by CEO Gian Maria Mossa, will continue to focus on offering comprehensive financial advisory services and wealth management solutions.

David Cis, Group Chief Operating Officer reporting to General Manager Marco Sesana, will join the Group Management Committee, in line with the strategic ambition to achieve the best levels of service and operational efficiency, leveraging digitization and artificial intelligence, automation of core processes and shared technology platforms. Under the new organizational structure, the Group Head Office remains responsible for defining the group's strategy and objectives, effectively overseeing and supporting all business areas with a dedicated focus and approach.

Assicurazioni Generali shares are up 0.3 percent at EUR22.53 per share.

By Chiara Bruschi, Alliance News reporter

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