LONDON (Reuters) – New Generali boss Mario Greco hopes to raise 4 billion euros ($5.3 billion) from selling non-strategic businesses, in a "revolution" aimed at turbocharging the Italian insurer's financial performance by 2015.
Europe's No.3 insurer has already put on the block Swiss private bank BSI and a U.S. life reinsurance unit, collectively valued at about 2.5 billion euros, but declined to say on Monday which other units might be sold.
Greco also said he was aiming to boost Generali's operating profit by a quarter by expanding the lucrative non-life insurance arm, investing more in fast-growing eastern Europe and Asia, and cutting 600 million euros ($800.7 million) of costs.
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