Generali, green light for the budget but with the abstention of the shareholder Caltagirone-Corriere.it

Pride and satisfaction. These are the words used by Andrea Sironi to open his first general meeting in the role of president who approved the budget with profits of 2.9 billion. Then, the reference to governance, one of the most complex aspects for a large group, especially for Leo in the last twelve months: great satisfaction with the completion of a governance that consolidates Generali’s reputation as the bearer of best practices at the European and international, and which operates through a board of high quality. 63.12% of the capital participated in the vote, Sironi reported, a level similar to that of the meeting a year ago when the shareholders voted to renew the board with the group’s CEO Philippe Donnet in his third term. The green light to the budget arrived from 90% of those present. With an operating result of 6.5 billion, up 11.2%, the Generali group closed a record balance sheet which in 2022 also saw net profit rise by 2.3% to 2.9 billion. A level which, without the impact of investments in Russia, would have exceeded 3 billion. The boost reached 81.5 billion in premium income, driven by the life and non-life sectors (+9.8%), especially in the non-auto sector. Numbers that have allowed the company led by CEO Philippe Donnet to propose a dividend of 1. 16 euros, an increase of 8.4%, respecting the pace set by the Lifetime Partner 24 plan which aims at the distribution of 5.2-5.6 billion in cash dividends in up to 2024, compared to the previous 4.5, in constant growth since Donnet’s arrival at the top of the Lion in 2016, today at the end of the first year of his third term as CEO

Donnet’s challenges

Donnet summarized the challenges and achievements: 2022 represented another year of great complexity for the world, but a very positive one for our society. We have confirmed our European leadership, and this must be a source of great pride for all of Italy because the strong international presence of companies like ours helps to make the whole country stronger. In a historic moment in which Europe is called upon to play an essential leadership role for international balances and to protect the well-being of its citizens in the long term, – added the CEO – we are convinced that Italy can and must play a leading role also at the political level.

The weights of the shareholders

Small changes in the shares of Generali’s large shareholders, based on the shares deposited in view of the meeting. At the shareholders’ meeting Mediobanca appears to have 13.11% in the portfolio with a rounding of 0.11%, essentially due to the buyback, the Caltagirone group was present with only 2.1% in the VM portfolio, out of the total share of 6.23 %, reduced from the previous 6.56% of a year ago. Delfin dropped from 9.99 to 9.77%. The stake of the Benetton family held through Schema33, on the other hand, remained unchanged at 4.83%.

Green light to the budget with 90% of the votes

Among the points, approved with over 90% of the capital voting for the budget, the best ever, while the Caltagirone group would have abstained on this chapter, which would have done the same thing on the employee share plan, passed with 90% about % of votes. The novelty this year is that Caltagirone and Delfin – as well as the Benetton group and Fondazione Crt with its 1.7% recorded a year ago and with its new president Fabrizio Palenzona – seem to have taken different paths compared to the assembly of a year ago. En plein for the dividend, with the coupon voted by 99.69% of the capital present. So by all present.

The new board of statutory auditors and the dividend

Among other key points, those kept an eye on by the market, the appointment of the new board of statutory auditors. The Assogestioni list had the majority (88.77%). Paolo Ratti and Sara Landini were therefore nominated, a composition that ensures gender equality. While the one proposed by Caltagirone came second with 5.56% but the group obtained the appointment of Carlo Schiavone as president of the college. Delfin and Benetton would instead have voted for Assogestioni’s candidacies. As for the management fees, and in particular for Sironi and Donnet, they were approved by 69.94%, a point which saw 14.35% against and 15.7% abstain. The appointment of Stefano Marsaglia was also approved, co-opted to the board of directors in July after the resignation of Francesco Gaetano Caltagirone: over 89.34% votes in favour, 10% of the shareholders abstained and among these there would also be the company linked to Caltagirone. While the Delfin of the Del Vecchio family voted in favor and the Crt Foundation and Benetton would follow the same line. The Long-term incentive plan for employees and the related purchase of treasury shares was then approved, with 89,383 capital present. Against 10.477%, and among these co would also be the Vm.

Il Leone forte: Solvency Ratio equal to 221%

Our ability to execute the strategic plan in a disciplined and rigorous manner – Donnet underlined – is further confirmed by the excellent financial results as of December 31, 2022, which we presented last month. Once again, Generali was able to achieve a record operating result of 6.5 billion euros, up 11.2 percent on the previous year and driven mainly by the Life segment and the growth in the P&C business. net income also grew to over €2.9 billion, up 2.3% on the end of 2021 and we also confirmed our extremely solid capital position, with a Solvency Ratio of 221 percent . I would like to underline that the quality of these results allows us today to offer you a dividend of 1.16 euro per share, an increase of 8.4 percent compared to last year. This is in line with our goal of distributing between 5.2 and 5.6 billion euros in cumulative dividends between 2022 and 2024, and confirms once again the strong desire to guarantee you solid and constantly growing dividends, concluded Donnet.

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