Italy's insurer Generali to return up to $7 bn to investors under new plan

Italy's top insurer Generali on Wednesday pledged to return up to 6.1 billion euros ($7 billion) in dividends and buybacks to shareholders as Chief Executive Philippe Donnet presented a new strategy to 2024.

Donnet, whose permanence at the helm has been called into question due to a clash among Generali's top three shareholders, also earmarked up to 3 billion euros for mergers and acquisitions in insurance and asset management.

Generali targets an average earnings per share growth of 6-8% a year under the new plan, it said in a statement.

Donnet's strategy won 11 votes out of 13 on Generali's board, two sources