Generali Group has appointed Mario Greco as
its new group CEO and general manager of the company.

The appointment follows the formal resignation
of Giovanni Perissinotto, former managing director and group CEO of
the company, from Generali’s board of directors on 23 July
2012.

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Greco joins the company from Zurich Insurance
Group where he was chief executive of its general insurance
business.

As part of the move, Greco will also become a
member of Generali Group’s executive committee and chairman of its
investment committee.

Speaking during Generali’s H1 2012 results
conference call, Greco said he has identified three key early
actions to be launched immediately:

  • a thorough review of the group’s financial and
    operational performance, particularly benchmarking it against the
    best in class for each sector of activity
  • a careful review of the strategy of the group
    and of its portfolio of activities
  • An examination of the current organisational
    structure, the decision processes, the internal governance systems
    and the management skills and commitments, benchmarking them
    against the best insurance international groups.

 

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Greco’s appointment announcement was followed
by the release of Generali’s consolidated results as at 30 June
2012, showing that gross life written premiums grew by 0.4%
year-on-year (YoY) to €23.2bn.

Looking at the group’s main areas of
operation, in H1 2012,  gross life written premiums increased
by 5.2% YoY in Central and Eastern (CEE) countries, and 3.2% YoY in
France.

Generali said the latin American life
market registered YoY growth of 13.2% in H1 2012 thanks to savings
income.

Greco joined Zurich in October 2007 and was
appointed CEO of its global life in April 2008. He assumed the role
of CEO for its general insurance operation in July 2010.