MILAN (Reuters) - Italy's top insurer Assicurazioni Generali (BIT:GASI) still has 500 million euros ($533.10 million) left for M&A deals, which will be returned to shareholders if not used for acquisitions, its Chief Executive Philippe Donnet said on Wednesday.
Under its current three-year plan which ends in 2024, Generali had been looking for acquisition targets in insurance and asset management and had earmarked up to 3 billion euros ($3.25 billion) for M&A transactions, citing possible deals in Europe, Asia and the United States.
In June, the insurer agreed to buy the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros, strengthening its property and casualty segment.
In July, Generali struck a deal, structured as an exchange of assets without a cash consideration, to buy Connecticut-based asset manager Conning Holdings, fulfilling Donnet's ambition to expand into the asset management sector in the United States.
"Our priority today is the successful integration of Liberty Seguros and the combination with Conning. I cannot say whether we will make another acquisition before the end of the plan. A major acquisition is unlikely. If we do not use this cash for an acquisition, we will return it to the shareholders", Donnet said.
($1 = 0.9379 euros)