MILAN (Reuters) – Italy’s top insurer Assicurazioni Generali said on Monday it had repurchased 500 million euros ($528 million) worth of its shares, completing a share buyback programme launched in August.
The insurer’s buyback programme, its first in 15 years, was aimed at making use of the excess liquidity accumulated between 2019 and 2021, which was not spent on M&A deals, providing shareholders with a reward in addition to the distribution of dividends.
Under a strategic plan to 2024 unveiled last year, Generali pledged to return up to 6.1 billion euros in dividends and buybacks to shareholders.
Since last August Generali repurchased around 33.1 million shares at an average compound price of 15.10 euros per share. As of Dec. 2, Generali and its subsidiaries held 2.5% of the insurer’s capital. ($1 = 0.9468 euros)
(Reporting by Gianluca Semeraro; editing by Keith Weir)
