Luciano CIRINA: Austria, CEE & Russia, a growth engine for the group

18 November 2019 — Andrei Victor
"I'm proud to say that we are a significant profit engine for the Group: as a matter of fact we are the second biggest net profit contributor in 2018. We have a proven track record of profitable growth and we are the most profitable insurance Group in the region. We are ready to capture market opportunities, thanks to our strong market position and a highly efficient regional platform", according to an interview with Luciano CIRINA, Austria, CEE & Russia Regional Officer and CEO of GENERALI CEE Holding published on the insurer' website.

CIRINA pointed out that the CEE Region represents young and dynamic markets, with a huge potential. The potential of this markets results from their low insurance penetration compared with the average western European one and, the overall general economic growth.

Commenting about the region, CIRINA mentioned the GENERALI's reinforcement in the region through "selective acquisitions of important insurance and investment players on the Slovene and Polish market. You remember Adriatic Slovenica in Slovenia, Concordia and Union Investment in Poland".

Speaking about the further development on Russian market, "we are definitely interested in looking at the Russian market. Last year we implemented the first tangible step on our own, by opening our representative office in Moscow, and this year we coupled it with a new established broker: the entity which is dedicated exclusively to the B2B2C market. For us it's fundamental to have our own team on the ground in order to make sure that we have our own local expertise. On top of that, we are in charge of a region where we have a participation into Ingosstrakh, which is one of the leading companies of the Russian market and with whom we have cooperated for decades. Nevertheless, we will evaluate all possible options, open to enter the market".

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