MILAN, April 30 (Reuters) - Generali’s Chief Executive Mario Greco said Italy’s biggest insurer is planning to improve its dividend policy once it has met its key capital target.
Generali, Europe’s third-largest insurer, doubled its dividend on 2013 but its dividend yield of 2.6 percent remained below that of major competitors like Axa and Allianz .
“Meeting the capital target is a priority. Once we have reached that, we will change our dividend policy and we plan to improve it,” the CEO told shareholders at an annual meeting.
Greco, who is pushing through a turnaround at Generali, is aiming to improve the Solvency I ratio, a measure of financial strength for insurers, to above 160 percent in 2015. Greco said on Wednesday the group would meet this target ahead of time. (Reporting by Lisa Jucca and Gianluca Semeraro)