Generali aims for increased market share

Italian insurance group Generali has announced ambitious plans to increase its market share locally. "Eastern and Central Europe, with the emphasis on Poland, is Generali's third most important market after Southern Europe and China," said Erich Fischer, head of Generali's local subsidiaries. The company's main target is to become one of the top five insurers servicing individual clients, within three to five years. The group does not exclude further mergers and acquisitions. Generali and life insurer Generali Życie are currently in the process of merging with Zurich, acquired last year. The companies have already completed the operational merger and by late April or early May the Zurich pension fund will change name to Generali. Generali currently services around 500,000 clients. Fischer announced that due to significant cost reductions the group will reach profitability in 2005. (Puls Biznesu, p. 12) A.K.