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Date 02/05/2000
Companies BANCO SANTANDER CENTRAL HISPANO - GENERALI -
Subject Generali forecasts 14% ROE for 2000, min 15% for 2001
 
  Generali presented to analysts on the 2nd May in a move to increase its openness. Some of the key points made were:

* ROE forecast of 14% for 2000 rising to at least 15% from 2001
* Cost savings from INA merger more than doubled to E290 p.a.
* Move to ISA accounting from 2001
* Premium increases for 2000 : Life 15% Non-life 2%


In the question session following, Generali confirmed it may end its Bancassurance arrangement with Banco Santander Central Hispano. The reason stated was that under the reorganisation planned by BSCH all insurance operations would be placed under a new holding company which would allow Generali only a minority share and that it was not Generali Policy to own minority shares in such cases. It has been known for a long time that BSCH are unhappy with the Generali arrangement as the profits made by it from Bancassurance are only a fraction of that made by their chief rival, BBVA. BSCH intend to form a new Bancassurance company which it would own 60% of. The remaining 40% would be split between its predominantly European Insurer, currently Generali, and its predominantly South American insurer, Metropolitan Life.
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