Italian insurer Assicurazioni Generali is exploring potential acquisitions as part of its expansion strategy, with some targets valued above €10bn ($10.9bn), reported Bloomberg, citing sources.  

The company, based in Trieste and with a market capitalisation nearing €35bn, is focusing on friendly transactions, the sources said.  

It has identified multiple companies of interest including Aviva and UNIQA Insurance Group. 

Generali also evaluated the benefits of a possible deal with NN Group NV, a Dutch insurer with a market value of approximately €11bn.  

The insurer is inclined to pursue targets not exceeding half of its own stock value.  

Generali’s representative refrained from commenting on the news.  

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Although high-level informal discussions have taken place with some of these potential targets, no formal negotiations are currently active. 

Generali CEO Philippe Donnet, who is expected to announce new financial goals later this year, has been committed to balancing growth investments with shareholder returns since his appointment in 2016.  

Under his leadership, Generali has bolstered its financial position, reduced costs, ventured into more profitable product segments and expanded through acquisitions, both domestically and internationally. 

Generali recently acquired several European operations from US-based Liberty Mutual Holding for €2.3bn and Conning Holdings from Cathay Life.  

The company’s current acquisition plans are centred on its primary European markets and are likely to involve share-based transactions rather than cash. 

Other potential targets in the insurer’s list include AEGON, Ageas, Baloise Holding, ERGO Group, Mapfre and Vienna Insurance Group.  

Recently, Generali also finalised the divestiture of Tua Assicurazioni to Allianz for €280m. 

The move aligns with its objectives to foster profitable growth, streamline operations, and improve property and casualty diversification in Italy.