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Generali to buy portfolio management assets to boost profits

MILAN May 11 Italy's biggest insurer Generali said on Thursday it was ready to buy portfolio management assets to beef up its fee-based business and help lift group profits.

The insurer said in a statement it was targeting a net profit for its asset management business of 300 million euros ($326 million) by the end of 2020 to lift the group's profits by 150 million euros.

The asset management division aims to have 500 billion euros of assets under management by the end of 2020, it said. ($1 = 0.9202 euros) (Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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