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Generali to exit markets to boost efficiency, sticks to targets

MILAN Nov 23 Italy's biggest insurer Generali confirmed financial targets on Wednesday as it looks to leave unattractive markets and cut costs to improve profitability and boost capital.

The insurer said it aimed to generate 1 billion euros ($1 billion) in cash by 2018 by exiting less profitable markets and reduce operating costs by 200 million euros in mature markets over the period 2016-2019.

On Tuesday sources told Reuters Generali was mulling shedding up to 8,000 jobs outside of Italy.

Generali, which generates most of its revenues and earnings in Italy, France and Germany, is looking to generate more than 7 billion euros in cash by 2018 and distribute more than 5 billion euros in dividends. ($1 = 0.9406 euros) (Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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