Life net inflows were very positive at € 5.1bn entirely driven by protection and unit-linked as new business value grew to € 1,289m (+3.7%).

The adjusted net result was €2.0bn (-13.1%) mainly as a result of capital gains and other one-offs recorded during 1H2023. Excluding these effects, the adjusted net result would have been stable, Generali said.

The group’s total assets under management reached €821bn (+25.2%) mainly driven by the consolidation of Conning Holdings Limited.

The Solvency Ratio was 211% (220% FY2023), primarily reflecting the acquisition of Liberty Seguros and the launch of the €500m buy-back programme already announced.

Generali Group CEO, Philippe Donnet, said: “With continued operating result growth and the return to strong positive Life net inflows, our results confirm the resilience of Generali, the effectiveness of our strategy and our ability to deliver value for all stakeholders also in a complex macroeconomic and geopolitical context.

“We are evolving as a global insurance and asset management player with an increasingly diversified business profile. Our relentless focus on cash and capital position allows us to launch the € 500 million share buy-back, highlighting our commitment to increased shareholder remuneration.

“With only a few months until the close of our ‘Lifetime Partner 24: Driving Growth’ plan, we are fully on track to reach all its ambitious targets thanks to the continued efforts of all our colleagues and agents. Looking ahead, I am working with the top management team on the new Group strategy that we will present at our Investor Day on 30 January 2025 in Venice.”

The Generali Investments subsidiary has named Denis Panel as chief executive.

Panel recently served as global head of the multi-asset, quantitative and solutions (Maqs) division at BNP Paribas Asset Management.

Emeric Préaubert, co-founder of Sycomore AM, steps down from his operational role but remains a member of the supervisory board.

Christine Kolb and Cyril Charlot, co-founders of the firm and respectively head of business development and chief investment officer, will maintain their current responsibilities and functions.

Credit Suisse

The banking group has named Rehan Anwer as Singapore chief executive, subject to regulatory approval.

He will retain his current role as the chief executive of southeast Asia and head of southeast Asia investment banking and capital markets.

Anwer is succeeding Wong Chien Chien, who is leaving the bank to pursue other interests.

He joined Credit Suisse in March 2007 after almost 10 years at Deutsche Bank covering multiple Asia-Pacific markets.

In addition, Dominique Boer will take on the role of deputy Singapore chief executive, in addition to her current role as the chief executive of SymAsia Foundation and wealth management market group head for Singapore and the Singapore booking centre.

Boer has over 30 years of experience in banking and has been with Credit Suisse since 2015.

IQ-EQ

The financial services provider appoints Matthew Abbott to the newly created role of global head of sales operations.

Prior to joining IQ-EQ, Abbott was director and global head of sales and client enablement for HSBC Securities Services.

Avellemy

The UK asset manager has appointed David Morcher as head of collectives, effective immediately.

He joins Avellemy from Saunderson House, where he was a senior member of the company’s investment team, a voting member on its investment committee, and was responsible for heading fixed income collectives research.

Ocorian

The financial services provider has appointed Paul Spendiff as head of business development for global funds.

Spendiff joins Ocorian from FundRock, where he was global head of strategic development.

Atomos

The wealth manager has boosted its Fareham office with the appointments of Sean Sims and Bruce Davison as wealth planning director and senior wealth planner, respectively.

They will report to Mike Mason, head of the Fareham office.

Sims joins from Sims Financial Planning, a Southampton-based business which he founded over 25 years ago. Davison joins from NFU Mutual, where he was a financial adviser.

The wealth manager has hired Sarah Ackland as global head of distribution.

Ackland joins from Liontrust, where she was head of multi-asset business.

Premier Miton Investors

Jonathan Willcocks has been appointed as global head of distribution at the investment firm.

Willcocks was most recently at M&G, where he spent 17 years, including as global head of distribution.

Lombard Odier

The private banking group has named Ivan Basa as managing director of its Spanish operation.

Basa is currently senior vice president of Lombard Odier’s Madrid office.

He succeeds José Couret, who will remain within the group as senior banker and adviser.

Prudential

The financial services company has hired Don Guo as group chief investment officer.

He joins Prudential from Catalina Holdings, where he was chief investment officer for Asia and Europe.

Progeny

The financial services provider has named Stewart Cape as head of corporate development.

In his new remit, Cape will take responsibility for informing and driving the acquisition activity of the business in line with Progeny’s strategic objectives for development and growth.

Cape spent 12 years at KPMG, where he led the financial services M&A practice for its northern corporate finance business.

Stonehage Fleming

The family office has appointed Stefan Flachsmann as group head of financial services.

He joins from UBS, where he was head of asset servicing Europe.

Generali Investments

Edi Aumiller has joined the firm as head of sales for Switzerland and Etienne de Boni joins the team as sales manager for Switzerland.

Aumiller was sales director at Franklin Templeton, while de Bonie previously worked at Franklin Templeton Switzerland as institutional client account manager.

Penfold

The pension provider has hired Steve Ayers as head of business development, according to his Linkedin profile.

Ayers was previously regional director at Quilter Financial Advisers.

Chief executive of Abrdn Capital, the firm’s discretionary management arm, Richard Charnock will step down in April, he said in an email to clients and financial advisers.

He helped setting arm the division, formerly known as Standard Life Wealth, 15 years ago and, prior to that, he was chief executive of Williams de Broe and Lloyds’ private banking division.

Generali Asia

Davide Glavina has been promoted to chief executive of Generali Life Hong Kong as well as general manager of the Hong Kong branch.

Previously, he served as head of finance of Generali International since 2018.

Glavina’s appointment is subject to regulatory approval.

LGT Vestra

The UK wealth firm has hired John Godfrey to lead its expansion into Scotland.

He becomes a senior wealth manager and will be based in Edinburgh.

Godfrey joins from Barclays Wealth and Investment Management, where he was regional centre head and investment director. He was at the firm for 24 years.

AJ Bell

Jamie Ward has taken on the role of head of investment solutions at the platform to oversee the growth of its investment business.

He was previously at Crux Asset Management, where he was a fund manager on the Crux UK Core fund.

Value Partners

The Hong Kong wealth manager has recruited Hyung Do Kim as senior director and head of ETF business and Korea sales.

He joins from CSOP Asset Management, where he worked as deputy head of quantitative investment.

Hawksmoor

The investment management business has named Leighton Dunkley as chief finance officer.

He was previously at Simplyhealth, where he served as director of strategy and corporate finance.

Advanta Invest

The wealth firm has appointed Matt Webber as investment director.

He joins from Abrdn, where he worked as a senior investment manager.

Tilney Smith & Williamson

The UK wealth management group has expanded its financial planning team.

Francesca Allard takes on the role of financial planning associate director. She was previously at James Hambro & Partners, where she worked for five years as an associate financial planner.

Stephenson Harwood

The law firm has expanded its private wealth practice with the hire of Jonathan Conder.

He joins as a partner in the London office and was previously at Macfarlanes where he held a similar position.

Conder advises UK and international private clients, families, and private banks on tax, trust, estate and succession planning.

The company will close its representative office in Moscow, after “closely monitoring the situation and implications for operations and financial markets”.

As part of the exit, Generali will resign from positions held on the board of Russian insurer Ingosstrakh, where it holds a 38.5% minority investment stake. This means the Italian firm will have no influence on the Russian company’s operations.

Additionally, Europ Assistance, a Generali subsidiary specialising in health, car and home insurance, will shut down its business in the country.

“Generali’s minor exposure to the Russian market in terms of investments and insurance business is also under constant evaluation and fully compliant with all applicable sanctions,” the firm said.

The group also decided to make a €3m (£2.5m, $3.4m) donation to support refugee programmes, including a donation to the United Nations High Commissioner for Refugees (UNHCR).

An employee donation campaign is underway as well, with the sum collected being matched 1:1 by Generali, which will be given to Unicef.