We now know who will be in charge of Generali in Portugal. Find out who does what in the new management team

Generali's management team in Portugal for the next three years has already been defined, after the directors were confirmed and the executive committee led by Pedro Carvalho since 2020 was reconstituted. In that year, Generali integrated Seguradoras Unidas and, in 2023, in a European purchase, the group acquired the operations of Liberty Mutual in a merger process that is still ongoing today.

All that is known is that Liberty is already Generali in Portugal and that the businesses, employees and assets are being transferred between companies. The labor side is also being negotiated with the unions and a company agreement has been signed already foreseeing new features such as the use of AI and algorithmic decisions .

In this growth path, Generali acquired 8.71% of Banco CTT's capital, also extending its preferential distribution of insurance to the Post Office itself, mainly in the Life segment — in which, as Tranquilidade, the company never developed much due to the lack of a banking channel. In 2024, Generali Tranquilidade's life insurance sales grew 81% to 225 million euros. It rose three places in the segment ranking (to 8th) and improved its market share to 3.2%.

'General Staff' is complete

In 2025, Generali's management was relaunched, appointed until 2027, coinciding with the new strategic cycle “Lifetime Partner 27: Driving Excellence”, which includes objectives of greater operational profitability of the Life and Non-Life insurance business, with the help of AI to help improve the technical account.

Heading the executive committee since 2020, CEO Pedro Carvalho is leading the transformation. Having only entered the insurance industry in 2015, he spent 14 years at the consulting firm McKinsey, and then was responsible for marketing and sales at the Sonae group until joining Tranquilidade. In addition to the executive committee, he is also a member of the board of directors, alongside Stefano Flori.

Flori is Chief Financial Officer (CFO), a position he has held since 2016 and leads the strategic planning, financial control and business analysis functions and has been a key figure in digital transformation initiatives and adaptation to new accounting standards , such as IFRS17, in Generali's Portuguese operation.

The executive committee for the coming years is quite decentralized. Joana Pina Pereira became Chief Commercial Officer, integrating the Marketing and Major Clients and Brokers areas, to ensure “an integrated vision of the distribution and marketing areas”. João Barata, an actuary with 30 years at Tranquilidade, continues as Chief Insurance Officer (CINSO) .

Two new departments were created with the aim of “strengthening key areas for growth”. Thus, Ana Rita Loução, current Director of People & Organization, becomes Chief People & Sustainability Officer (CPSO) , a move that, according to a source at the insurer, “reflects the strategic importance we attribute to our People and Sustainability as fundamental pillars of our future success”.

Another new role is represented by Natasha Revez, from General Counsel, who is now a member of the Executive Committee . This change aims to “ensure a more robust and effective position for Generali Tranquilidade with regulatory bodies and strengthen the management of legal matters, namely our active role in combating Financial Crime”, says a source from the company.

Since January 2023, the Chief Operations Officer is Andrea Fiorani , previously a director at Advance Care and previously at Europ Assistance – a company belonging to the Generali group – in Italy and France. Tiago Tavares Rodrigues, a former McKinsey with almost five years at Generali in Portugal, continues as CSO (Chief Service Officer).

Influential management is also necessary

For the success of Generali in Portugal, the management relies on Jaime Anchústegui as Chairman. He is also Deputy CEO Insurance for the group worldwide and after a corporate reorganization in 2024. He reports directly to Giulio Terzariol, CEO of the Insurance Division. He coordinates and oversees all insurance operations, reporting directly to Phillipe Donnet, Generali's global CEO.

The vice-president of the board is João Vieira de Almeida, a Senior Partner lawyer at VdA, as well as Santiago Villa Ramos, the group's Chief Insurance Business Performance Officer. Patrícia Espírito Santo, who has no connection to the banking family, was appointed to the Portuguese board , but remains Group Head of People & Organization in Austria, Switzerland, Spain and also Portugal.

The Italian Valentina Sarrocco combines strategic roles, at Generali Tranquilidade , she collaborates as a non-executive director in the governance and consolidation of Portuguese operations, in the global panorama of the Group she is recognized for her performance as a senior legal advisor in mergers and acquisitions.

What does Portugal mean to Generali?

In Portugal, although Generali is the third largest insurance group and the second in Non-Life insurance, the business accounted for only 1.9% of the group's total global premiums. It was around 1.809 billion euros in 2024, already including Liberty's business in Portugal in addition to that of Generali Seguros itself – the company that uses the Generali Tranquilidade, Açoreana and LOGO brands in the market.

In the world, where it operates in 55 countries, Generali achieved revenues of 95.19 billion euros in 2024, with Italy representing 34% of the business, France 20% and Germany 16% . Asia represents 8% and the countries of Central and Eastern Europe 5%.

However, Portugal and its 1.9% share, like Switzerland, deserves individual mention in the company's annual report and accounts. Portuguese business grew by 33%, while Generali's global business grew by 13%. Operating results in Portugal accounted for 1.8% of a total of 7.295 billion euros earned worldwide.

The Grow or Go strategy, sometimes mentioned by CEO Pedro Carvalho, seems to be focused on growth. At the end of 2024, Generali had 413 million euros of equity in Portugal, which represents 1.34% of the consolidated global total of 30,389 million euros . With 46.2 million euros in profits, the net return on equity in Portugal was 11.1%, while the consolidated return for the Trieste headquarters was 12.2%. Proportionally, the Portuguese operation is aligned, the contribution to the group is stable and the weapons are aligned for Generali to grow, not to exit.