Generali has appointed the chief financial officer of Allianz to lead a newly created division that will bring all the group insurance business units under one roof. Meanwhile, Allianz has promoted its chief actuary to CFO.

Giulio Terzariol will return to his home country to join the Italian firm as chief executive for insurance from January 2024. He will report to group CEO Philippe Donnet. 

Generali said: “The creation of the new division further enhances coordination, effectiveness, and strategic alignment across geographies, streamlining and simplifying the group organisational model, and contributing to the achievement of the objectives of the strategic plan ‘Lifetime Partner 24: Driving Growth'.”

The CEO insurance will be responsible for overseeing the activities of the CEOs of Generali’s insurance business units - Italy, DACH (Germany, Austria and Switzerland), France & Global Business Activities – this includes Europ Assistance and Global Business Lines – and International, which covers the Central and Eastern Europe, Mediterranean and Latin America, and Asia regions.

Terzariol has been with Allianz for more than 20 years. He held regional CFO positions for the group’s Asia Pacific and North American businesses before being promoted to head of group planning in Germany in 2016. In 2018, Terzariol was appointed group CFO and member of the board of management of Allianz.

Donnet said he was confident that Terzariol’s addition would strengthen Generali’s position in the insurance sector, adding: “We will benefit from the wealth of experience that Giulio is bringing to the group, leading teams in different countries across the world. It is an exciting time for Generali, as demonstrated by the success of our strategy, strong financial position and profitable growth.”

Allianz said Terzariol will be granted a release from his mandate as a member of the board of management, which was slated for renewal at the end of 2025.

Allianz’s CEO Oliver Bäte said: “Giulio has been a wonderful colleague, leader and friend who brought excellence and integrity to every aspect of his portfolio. We would have loved to retain him, but we respect his personal decision and know that he will be successful in his next role.”

Meanwhile, Claire-Marie Coste-Lepoutre, currently the chief actuary and head of planning and controlling, will succeed Terzariol as CFO at Allianz on 1 January 2024, subject to regulatory approvals. The two have been working together for a smooth transition of responsibilities. 

Coste-Lepoutre was previously the CFO and deputy CEO of Allianz Global Corporate & Specialty, the group’s insurer for corporate and specialty risks. 

Allianz also announced that the mandate of Bäte as group CEO and chairman of the board of management has been renewed and extended until its annual shareholders meeting in 2028. 

The mandate of Andreas Wimmer as member of the board of management responsible for life and asset management has also been renewed for five years.

Bäte said: “As we look ahead to Allianz’s next chapter of growth, we are fortunate to have proven and high-performing leaders such as Andreas on our board. We are also fortunate to have strong and talented leaders such as Claire-Marie in the succession and development pipelines across our company. She has been working closely with Giulio on a seamless continuation of leadership and is fully ready to step into her new role.”