Assicurazioni Generali SpA is looking to sell Tua Assicurazioni, a unit inherited from its purchase of a smaller Italian rival, people with knowledge of the matter said.
The insurer has hired advisers to sell the non-life company, which is valued at more than €300 million ($329 million), said the people, asking not to be identified because the discussions are private. The sale process will formally begin next month with Generali aiming to complete the disposal by the end of the third quarter, the people said.
A spokesman for Generali declined to comment.
The sale is part of Generali’s drive to streamline legacy assets and policies from Societa Cattolica di Assicurazioni SpA, which it bought in 2021. The company is seeking to improve profitability by focusing on more lucrative businesses, and it is selling non-core portfolios and life products.
Chief Executive Officer Philippe Donnet in 2021 outlined plans to return as much as €5.6 billion in dividends to shareholders by 2024, while expanding in non-life insurance and asset management.
Photograph: An Assicurazioni Generali SpA logo sits above an entrance to its offices in Rome, Italy, on Friday, Jan. 27, 2017. Photo credit: Alessia Pierdomenico/Bloomberg
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