By Mauro Orru

Assicurazioni Generali SpA said Wednesday that it is targeting an additional 100 million euros ($118.6 million) in recurrent savings by 2021 as it confirmed its near-term strategy and financial targets.

The Italian insurance giant said the extra savings would come on top of its original reduction target of EUR200 million.

The company said debt reduction has come to EUR1.9 billion, at the higher end of the target range and one year ahead of its plan.

Generali is targeting cumulative dividends between EUR4.5 billion and EUR5 billion between 2019 and 2021, with a return on equity of more than 11.5% between 2019 and 2021, despite the effects of the coronavirus pandemic and one-offs in 2020.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 18, 2020 02:32 ET (07:32 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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