Generali says to streamline Italian business, invest 300 mln euros

MILAN Fri Dec 14, 2012 10:59am EST

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MILAN Dec 14 (Reuters) - Italy's biggest insurer, Generali , said on Friday it would streamline its domestic operations and invest around 300 million euros ($393 million) in the next three years to improve the group's profitability on its home turf.

After a board meeting, Generali said in a statement its 10 existing domestic brands would be regrouped into three companies - Generali, Alleanza and Genertel - in 2015.

"This project will result in a much more efficient structure," Raffaele Agrusti, country manager for Italy, said in the statement. ($1 = 0.7641 euros) (Reporting By Silvia Aloisi; editing by Danilo Masoni)

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