Metamorphosis

22 January 2003

For the first time, the giant Italian insurer has revealed its strategic plan, with profit forecasts up to 2005. This is a welcome change from a firm better known for obscurantism. Too bad, then, that it has declined to reveal this year s earnings.

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Italy's largest insurer Generali said it would cut jobs and raise income from premiums as part of a new strategic plan to increase profits after it made its first loss in 2002 for over 20 years.

Generali said it would grow net profits by 8.2% a year up to 2005, and cut its combined ratio to 100.3% from 108% in 2001. The group stressed it would focus on profitability, rather than market share or geographical reach.

Investors have consistently criticised the group for the poor quality of its disclosure.

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