Ladies and gentlemen, good afternoon to all of you, and welcome to Venice, here in St. Mark's Square, where our symbol of the winged lion is coming from. We are delighted to have you there with us today as we present Lifetime Partner 27: Driving Excellence. This very ambitious plan builds on our strong foundation as a leading insurance and asset management player to create greater value for all stakeholders. Since I became Group CEO of Generali in March 2016, each strategic plan had clear goals. For the first plan, we had two objectives: improving operating performance and creating long-term value. In the second plan, we focused on leveraging our strength to accelerate growth while optimizing our financial structure and capital position. The most recent plan was about driving sustainable growth, enhancing our earnings profile and leading in innovation.
Thanks to our consistent delivery, cycle after cycle, Generali is today stronger than ever. The foundation is our insurance leadership across Property & Casualty and life, now combined with a truly global and diversified asset management platform. This combination is powered by our trusted agent-led distribution network. It is, in fact, so much more than a network. It is the key to unlocking deeper insight, greater coordination, and excellent customer experience. We also have the most experienced, talented, and motivated leadership team that I have ever been part of. Supported by our skilled people, I am extremely confident that we will continue to deliver superior results and navigate complex challenges. Now, the focus of our new plan is driving excellence. The pursuit of excellence has always been our ultimate goal. Excellence requires a clear vision and effective execution. Excellence is also about creating value for all stakeholders in a fast-evolving environment.
We are proud of what we have accomplished and excited for what comes next. Let's look at our key qualities, which all show that Generali is stronger than ever. We have reshaped our life business model with strategic product changes and enforced management. Today, 70% of our reserves are capital-light, supporting growth and resilience. This has been achieved thanks to both organic and strategic operations. We have significantly grown our property and casualty franchise, expanded it by EUR 12 billion in gross written premium since 2016, and we have significantly grown our net adjusted results up by 77% since 2016, and also thanks to a much larger contribution of our asset management. Thanks to our Lifetime Partner promise, we have built stronger brand loyalty, resulting in industry-leading satisfaction levels.
We are number one by relationship Net Promoter Score in our peer group, and we have three million more multi-holding customers than in 2022. Our growth story was made possible thanks to our people. Our colleagues have taken the opportunity we provided them to develop new skills in different areas, and today, we are better equipped to drive innovation, deliver excellence, and capture opportunities ahead. Last but not least, we have delivered on our commitments to strong shareholder returns. Supported by our solid and significantly improved capital position, we have increased the dividend per share by over 60% since 2016, and since November 2016, when this team held its first investor day, our total shareholder return has reached nearly 300%, outperforming both our sector and our indices, and at the same time, we have successfully reinvested capital in internal and external opportunities that keep driving sustainable value creation.
The outcome of this progress is outstanding financial performance. While these results will be formally published in March, I'm pleased to confirm today that we have over-delivered against all financial targets of our previous plan, Lifetime Partner 24. Including the EUR 1 billion in share buybacks, we have returned EUR 6.5 billion to shareholders since 2022. At Generali we always deliver on promises. And now we are ready to deliver again. Our confidence comes from our deep understanding of market opportunities and our readiness to capture them. First, customer expectations are always increasing. Seamless interaction across physical and digital channels is now essential. We are constantly working to improve our premium customer experience, blending the latest technologies with our human touch. Second, the core socioeconomic trends we talked about in 2021 are even more critical today.
An aging population and insufficient public health care, our strong focus on health, pension, and protection makes us uniquely equipped to meet these needs. There is also the urgent need for enhanced climate coverage. Last year, global economic losses due to the lack of insurance protection against natural events reached €160 billion. And at Generali, we are proactively addressing this protection gap by developing innovative coverage models and solutions. Markets and technology landscapes are also rapidly evolving. In asset management, we are sharpening our competitive edge and positioning ourselves in high-growth asset classes such as private markets and alternatives. And when it comes to new technologies like AI and data analytics, we are proud to lead the way. We estimate that the positive impact of new technologies on our operating result was €235 million during the last plan. We see further upside there.
This evolving environment requires us to stay agile, innovative, and forward-thinking. We will achieve this by executing once again on our clear vision as the Lifetime Partner to our customers. The foundation is our market-leading insurance business. We are a well-capitalized, technically excellent property casualty and life insurance underwriter. We protect customers while addressing their evolving and increasingly complex needs. Our insurance business generates a large pool of high-quality, long-term liabilities, providing steady inflows and investment firepower to our asset management business, and thanks to our strategic efforts, we now have a truly global asset management platform. It is worth thinking about how far we have come since 2017 when we first launched our asset management strategy and since the acquisition of our first affiliates in 2018. We established Generali Investments Holding to better deliver world-class performance and service to our clients.
The acquisition of Conning and its affiliates in 2024 and the creation of a long-term partnership with Cathay Life further strengthen our capabilities and our footprint. The recent acquisition of the U.S. private direct lending investment business, MGG, helps us to go even further in meeting evolving client needs, including those of our own insurance business. And now, the proposed partnership between Generali Investments Holding and Natixis Investment Managers can take us to the next level. By combining the best in insurance and the best in asset management, we will deliver excellence to customers through integrated offerings with value-adding services. Build on the core characteristics that define who we are and continue to create real value. When we talk about creating value, we mean for all stakeholders. And we also mean economic, financial, and social value.
Economic value as we help our customers to live, to move, to invest as they can transfer a significant part of their risk to us. Here, we have moved far beyond the traditional view of insurance as a commodity. Insurance is not a commodity. We create financial value through our investment capabilities for our life policyholders as well as third-party asset management clients, which now represent more than a third of our assets under management. And we generate meaningful social value through the public debt we hold as a long-term investor in the real economy in areas like technological innovation and ecological transition. And also, and maybe even more, through our commitment to our community, our strong commitment to our communities. Once again, we are ready to create value through the successful execution of our new strategic plan.
Let's take a closer look at the Lifetime Partner 27: Driving Excellence Plan. Our objective is clear: driving excellence in everything we do and creating value for all stakeholders. The new plan is built on three strategic priorities. First, excellence in customer relationship. We will enhance our Lifetime Partner proposition by offering a truly seamless experience across both digital and physical channels. We will add more personalized and integrated solutions to address emerging customer needs. And we will strengthen our powerful distribution network by equipping our agents with the very best tools, maximizing the client-facing time and productivity. The key metric will be our continued leadership in terms of relationship Net Promoter Score and a customer retention rate of 90% or even above. Next, excellence in our core capabilities. We will accelerate our business growth by capitalizing on our broad customer base and strong distribution footprint.
We will improve our technical capabilities to increase profitability and scale the use of group-wide assets across our value chain to be even more effective. We are targeting 8%-9% average annual growth in property casualty operating result and 4%-5% growth for our life insurance operating result. In asset management, we will continue to diversify our investment capabilities and strengthen our distribution and client offer. The third strategic priority is excellence in our group operating model. We will continue to centralize areas of distinctive expertise to deliver growth, nurture talent, and optimize capital expenditure. This will ensure that we deploy our global expertise and tools in the most effective way to address growing protection gaps in areas such as climate, demographic change, health, and mobility.
We will invest around €1.3 billion in strategic initiatives that support business growth, while also targeting an improvement in our insurance cost-to-income ratio of between 2.5% and 3% points. In the next presentations, Marco will address the first and the third priorities in more detail. After that, Giulio and Woody will focus on the excellence in our core capabilities in the insurance and in the asset management. Lifetime Partner 27 has three key foundations, and the first is obviously our people. Skilled people are the differentiating factor for our business. We are proud to have a highly engaged and connected workforce that has successfully boosted skills in strategic areas such as technical excellence, customer advisory, as well as AI. With the latest advanced technologies at their disposal and the best technical training, they will drive our journey toward excellence.
Through Lifetime Partner 27, we will continue to leverage our human touch, a true Generali differentiator. We will further strengthen our leadership in developing new skills thanks to our outstanding global academy, and we will remain future-ready, always embracing innovation and new technology. We will continue to reward excellence and sustainable value creation. AI and data is the second key foundation supporting the execution of our plan. Scaling up the use of advanced technology was central to Lifetime Partner 24, and it remains vital to the evolution of our industry. The technology is the tool, but it is nothing without the highly skilled professionals that maximize its positive impact. Today, we have over 300 specialists working on AI and data initiatives on a full-time basis. Marco will tell you more about all our exciting plans in this area.
Our commitment is that all our business units will deploy high-impact applications on this transformative strategy. The third foundation is sustainability. Generali has successfully integrated sustainability in its business and operations, aligning with its commitment as a responsible insurer, investor, employer, and corporate citizen. Today, sustainability is both a driver of profitable growth and a generator of positive impact on people and the planet. We are proud of our achievements and of the many important recognitions we have received, which endorse our approach. Over the new plan horizon, we are prioritizing two key areas. First, continued support to the green and just transition of the real economy. We will pursue our journey to net zero greenhouse gas emissions by 2050 with updated 2030 milestone targets. And we will also develop innovative climate and green transition solutions in both insurance and asset management. The second key area is societal resilience.
Here, we will work to improve the natural catastrophe protection gap through dedicated solutions for SMEs. This is part of our broader support to this backbone of the economy, particularly in our home market of Italy. We will also work to address health and pension coverage gaps, significantly strengthening our insurance offering of underserved customer groups, and our foundation, the Human Safety Net, which is housed here in the Procuratie Vecchie, will also continue to assist the most vulnerable communities through dedicated insurance solutions and other social initiatives. Our Lifetime Partner 27: Driving Excellence Strategic Plan is once again about delivering growth, and we have clear and ambitious financial targets. We are focusing on the same key areas so you can clearly track our continued progress, earnings growth, cash generation, and shareholder remuneration. We will deliver higher compound annual earnings per share growth between 8% and 10%.
We will increase cash generation, delivering more than €11 billion in cumulated net holding cash flow, and we will increase our dividend per share with a compound annual growth rate exceeding 10%. Under Lifetime Partner, we will significantly increase our focus on growing and sustainable shareholder returns. Our annual dividend per share growth target corresponds to more than €7 billion in total dividends over the plan horizon. As a result, total cumulative dividends will be around 30% higher than during the previous cycle. In the last plan, we carried out €1 billion in share buybacks. Now, we commit to at least €500 million of share buybacks every year. The first tranche of €500 million for 2025 has been announced today, subject, obviously, to our AGM and regulatory approvals. We will then carefully assess the merits of further capital deployment based on a clear approach.
The group will evaluate M&A opportunities with its usual strict discipline, benchmarking any potential transaction against shares buyback. Any residual amount will be then distributed to shareholders at the end of the plan. Cristiano will give you more details on our capital management framework in his presentation. This is a step change in Generali's approach to capital management and shareholder remuneration, made possible by the significant strategic and financial progress we have made. It's time now to hear from the rest of the team. But before handing over, let me just say, Generali is in the best shape ever and is ready to grow even stronger thanks to our new Lifetime Partner 27 plan. Thanks to the combination of our insurance and asset management platforms and by leveraging our powerful distribution network, we will continue to create value for all stakeholders.
We will drive excellence in our customer relationships, in our core capabilities, in our operating model. And this will be enabled by our people, our AI and data capabilities, and our continued commitment to sustainability. As a result, we will drive higher earnings growth and cash generation to support our ongoing commitment to growing shareholder remuneration. And this is supporting our vision of a human, inclusive, and sustainable capitalism. Thank you so much for your attention. I look forward to speaking to you again and answering your questions very soon. Marco, the floor is yours.
So, hi. Good afternoon. Good afternoon, everyone. Very happy to be here with you today. And so let's say Philippe has introduced our Lifetime Partner 27: Driving Excellence Strategic Plan.
I'm going to focus on how we will deliver excellence in our customer relationship, in our operating model, and all supported by AI, innovation, and data. After me, Giulio and Woody will then cover the other strategic priorities, our excellence in core capabilities across insurance and asset management. Our Lifetime Partner commitment has been critical to deepening the relationship with our customers, attracting new customers, and overall, as a result, becoming the first choice brand of the industry. But customer behaviors and needs are always evolving, and so our Lifetime Partner commitment. Experiencing a consistent and seamless journey is now a critical factor, and also interaction needs to be always simple. Year after year, we see an increasing requirement of need of protection, of financial management, with additional personalized services. Let's now look at how we are addressing this customer expectation in more detail.
I will discuss three aspects of our strategy. First, how we will continue to offer the premium experience that the customer has come to expect from Generali. The second, how we will continue to evolve our group operating model. And finally, how we are unlocking the potential and all the benefits of AI and data as a real accelerator of our strategic progress. I believe a key ingredient to our success is our ability to understand and adapt to the constantly evolving customer needs. In the recent years, we have seen an increase in the number of hybrid customers, those who engage with us online and offline. 72% of customers want to see a quotation online, while 70% of customers still want to talk to an agent to make the final purchase. This is why an effective and seamless multi-access experience is really essential.
For Generali, our tied agent network continues to contribute a significant part of our gross retail premium, which is well above the market average overall. And the Net Promoter Score, so the satisfaction from the client that we get from customers served by agents is really higher compared to the average of our Net Promoter Score. And by the way, also the retention. But as you can see here, when our agent offer is complemented by digital channels, we get an even higher Net Promoter Score. So overall, summarizing and looking ahead, we will focus on three areas. So the first, we will offer a more global value proposition, including enhanced coverage or coverages of evolving needs like climate change or living well in retirement. Second, we will ensure consistent high-quality services for our customers across different channels.
Third, we will further empower our tied agent with the right tools to become even more productive. On customer experience here, our priority 25-27 is centered on enhancing the service and even more meeting the customers where they want. We will continue to invest in our intuitive, easy-to-use portal and apps. Our core platforms are designed to provide comprehensive and relevant functionalities so customers can manage their needs autonomously while support clearly is always available when they need it. Investment in customer experience, platform features, functionalities will drive an increased adoption of these portals. Next, we will focus on ensuring a smooth transition between different channels regardless of the starting point of the interaction. Here, we are working with our agent to develop a better way to manage the relationship, leveraging a unified customer view thanks to our CRM.
On the topic, on this topic, for example, France is doing amazing things. Here, we have been able to maximize the value creation, demonstrating the real impact of our methodology to all of our agents. So through our new CRM platform, we have helped agents to localize customer campaigns, target advice, and unlock greater cross-selling opportunities. These initiatives have been a direct result in a direct increase in our sales performance. So globally, around 40% of agents are fully trained on this topic, so there is a clear potential to go even further. Ultimately, customer satisfaction comes from addressing every need in a timely manner. So we are achieving this through streamlined claim processing and real-time responsiveness overall. On these, clearly, technology can play a big role. Agent and customer requests can be addressed through automatic responses, minimizing back-office involvement.
Our goal is to retain the number one position in net promoter score and maintain an outstanding customer loyalty, as you can see, exceeding 90% customer retention. We also aim to increase our multi-access journey, significantly growing the number of customers that actively engage with us via digital channels, so we want to reach more than 50% by 2027, so clearly, to do all of this, our agent and distributor are the key to achieving this satisfaction. Our objective in this new plan is to ensure they become even more the trusted advisor of our customers, so we are rolling out different training on advanced advisory training program covering the full range of the relationship from first contact to after-sales engagement. In Italy, all of the agents of Alleanza, for example, are trained on this topic, on advisory, and this has been really instrumental in reaching 60% of multi-holding customers.
14 business units globally have rolled out this training. And as of today, just over a third of agents are fully trained on the topic. So even here, there is clear potential to go even further. We are also deploying our new need-based assessment tool, which is already active in 14 markets. An example here is Czech Republic, where 3,500 advisors are already using this tool. 54,000 customers have already a policy generated with this plan. And we are seeing an increase of 26% on average life premium when the tool is used. We are also enhancing our digital agency model to maximize client-facing activity of our agents. So lower agent administrative load will come from both the self-service feature that we have just discussed, but also from rethinking some of the processes to handle routine tasks more efficiently.
We are integrating digital tools to organize agent and distributor schedule, suggest action, and optimize overall the workload. In the industry, so overall, it is estimated that just 40% of an agent's time is spent on commercial activity, while 60% is spent on administrative tasks. We want, and we are working to reverse that ratio. This will increase the time spent on activities that offer the most to our customers. We are also helping our network boost sales by optimizing the lead management funnel and optimizing overall our online visibility. So as you can see here, we will increase our multi-holding customer base. Just as a reminder, that's the customer that satisfies their needs with two or more of their needs with the Generali policy from 20-24 million by 2027.
We are also targeting a 7% P&C non-motor growth and a cumulative net inflow up to EUR 30 billion in life. So let's now move to the next priority of our plan, evolving our group operating model. So first, we are developing distinctive group capabilities. By consolidating and centralizing our specialized function and competencies, we can enhance our services. Second, we are rolling out our shared service group-wide. Here we are pragmatically expanding the shared service to leverage the full potential of scale in AI and automation. And later in the presentation, I will give you a few examples. Additionally, we are modernizing and consolidating our technological landscape, reducing the complexity, accelerating the convergence on global standardized platforms for both core and non-core systems. So through this strategic effort, we will increase our cost efficiencies by up to 3 percentage points in cost-to-income ratio and enhancing our overall performance.
One good example of how we are centralizing competencies is the group function that we have on global asset allocation and investment. So global investment centralization will allow us to adapt to market conditions, to implement portfolio changes much more quickly. And this function will ensure we maintain a consistent and precise investment approach regardless of the market or the location and further streamlining processes. This initiative is foundational to the optimization of our strategic asset allocation. So the new investment function will enhance our risk-bearing capacity and create more resilient portfolios. This includes further managing sensitivity to government bonds, diversifying our credit allocation, and strategically increasing our investment in private market over the medium term. So we will better use our expertise strengthened by the acquisition of Conning and with further upside from the recent deal that we have announced.
Woody will expand more on the asset management strategy later in his presentation. So, let's now move on and look at another change in our operating model, how we are centralizing our competencies. So, I have to say we are increasingly seeing consistent emerging needs both from our teams and from our customers across multiple markets, so very different markets. And therefore, we are creating centralized competencies that build on local excellence with proven track record. Here we have highlighted some of the priority competencies that we are developing, and we will provide you with more detail on how the business unit will implement this later in the presentation. So, for example, on health service factory, Giulio will share more detail later in the day.
From a technical perspective, though, this hub will ensure a coordinated pricing and underwriting guideline, loss prevention initiatives, better risk modeling, and overall supporting stronger profitability. So in addition to centralizing all these competencies and functions, we will continue to invest in the consolidation of our operating model. So the size and the global nature of Generali today means there is greater scope for operational efficiency, process streamlining, and automation at scale, as well as productivity gains. This will also ensure we deliver a consistent high-quality approach throughout all of our operations, whether they are big or especially small. This is not just about some technical improvement, but it's really changing the way we operate and rethinking how our activities are performed and allocated along the value chain. There are three areas of focus in the coming years.
One is when we are introducing a new centralized service platform for standardized or capacity-intensive activities. On anti-financial crime, for example, we are creating a shared service built on a common screening tool that has already been developed in many, many geographies. So this will really enable us to reduce the complexity and delivering efficiency in an area with an increasing regulatory burden. We are expanding and consolidating the current operational services that we have along different geographies, such as IT infrastructure and procurement. And we are establishing a global IT factory, in particular for insurance core systems, to avoid investment duplication and reduce recurring costs. Our unique core system is already active in two geographies, Spain and Switzerland, and will be active in six geographies by 2027. And this is really a pivotal initiative in our journey to modernize our system.
Finally, in supporting function, our group finance platform will standardize processes in all business units. This will clearly open up opportunities for further simplification, and we are already testing its functionality in Europ Assistance. All in all, this will significantly improve our ability to deliver exceptional services at scale across the group. Let me move on to AI and data. And I would say that thanks to all of the investment and the focus that we have on technology on the previous plan, we are now in a very good position to leverage AI and data as a strategic accelerator for this plan. So the key priority is to deliver flagship AI applications to drive efficiency, technical excellence, and better customer relations. Supported by over 50 global engines, we aim to implement all of these across areas and markets at scale.
So I give you one example here: our engine on health claims automatic settlement, which is already active in several markets like Italy, Germany, Austria, Europ Assistance. So it reads the invoice, extracts all the data, performs all the required checks in the policy, and can speed up the settlement time by up to 80%. So we are also deploying brand new applications through, I would say, exciting external partnerships like the one we have signed with MIT that you have seen in the previous days, in the last days. So as Philippe was saying, we have now 300 data scientists working on AI and data, and we will continue to invest on this topic. So let me say that investment is important, but success lies in attracting and empowering skilled talent that can operate freely into all of our operations, innovating and applying their innovation.
I want to take a closer look at all of our AI and data factory. This factory, as you can see, is and will serve as the backbone of our operation and is a truly collaborative ecosystem where anyone can put the best and deploy the best in every market. One example that I can give you of a very effective application is our document analyzer. This tool has been developed for our audit function, and it's used at the moment by 450 auditors in 35 different countries. In this year, in 2025, we plan to expand this, making it useful to claims management, to procurement, to organization. This will assist all the claims handlers, for example, with labor-intensive tasks.
Just to give you an idea on how important this is going to be, we estimate that around a quarter of the P&C claims handling activity will materially benefit from this type of generative AI assistant. So as you can see in this page, we have 16 flagship applications that are already being scaled across many different geographies. So I would not go now over each one of these, clearly, but if you want and you are curious, we can deep dive later after the presentation. So let me conclude here by summarizing our key commitments. So we will continue to raise the bar on our service level, delivering premium experience and service for both customers and distributors, maintaining the number one position in Net Promoter Score. We are targeting a 7% P&C non-motor growth and a 20% increase in the number of customers holding two or more Generali policies.
To achieve this, we are investing up to €1.3 billion to evolve our group operating model, and this will drive an improvement of our cost-income ratio by up to 3 percentage points. Thank you for your attention. Giulio, up to you.
Thank you, Marco, and good afternoon, everybody. As Philippe and Marco have already highlighted, there are two main strengths to be considered: environmental and social factors that are creating new protection needs and rising customer demands, which calls for integrated solutions. To meet these challenges, we are further strengthening our lifetime partner commitment to our customers across our business lines: property and casualty, centered on our personal lines, retail and SME business, protection and health and accident to address risks in our customers' lives, and then our life business, successfully focused on hybrid, unit-linked, and capitalized savings.
Across all our business lines, we will reinforce our leadership by offering comprehensive and tailored solutions combined with first-class advisory and seamless customer journeys. We strongly believe that superior customer experience is the successful combination of all these elements and the strong brands. We will deliver this ambitious agenda through close alignment, strong steering, and our ability to scale up distinctly group assets. Philippe spoke about our scale and geographical presence as strong foundations for Generali. Today, we serve 71 million customers across professional, families, and SMEs with a leading NPS score. We are supported by a network of around 220,000 distributors, including more than 160,000 agents and a total of 79,000 highly engaged people at Generali. We are leaders in our core markets, where we are always at scale to ensure that we are competitive.
In continental Europe, we are a top five insurance player in 13 out of 19 markets and have a scalable footprint in high-potential regions like Asia. Our global businesses, such as Europ Assistance, Generali Employee Benefits, and Generali Global Corporate & Commercial, enrich our global presence and enhance our portfolio. And as Marco mentioned earlier, we draw on a wide range of group enablers that are key to driving excellence. So we have a great footprint and a diverse set of group assets that we want to further develop and scale up. And now, starting from this strong foundation, I'm going to outline how we will achieve excellence across our core capabilities. First, we will accelerate growth across our lines of business with an integrated offering to unlock new opportunities in high-value profit pools. Next, augmented technical proficiency.
This will allow us to increase our profitability and to navigate any emerging challenge in a rapidly evolving environment. Finally, enhanced group effectiveness. Part of my role is to ensure that we are deploying group capabilities in the business unit to achieve our full potential by combining local expertise with group solutions. Let's start now with accelerated business growth. In the next strategic cycle, we will grow our multi-holding customer base by addressing protection gaps and emerging needs. In P&C, our focus is on family, professional, and SMEs in order to provide these customers with a more comprehensive offering. Broadening the reach of Europ Assistance will be fundamental in serving untapped needs here. For protection and health and accident, we will provide enhanced value propositions based on an expanded product and service offering. We are also supporting our distribution network to deliver a truly end-to-end premium customer experience.
And in life, we will preserve our capitalized strategy and leverage our strengths and SMS capabilities to maintain our leadership in the hybrid and unit-linked offering. What is important is that all of these solutions must be seen together as an integrated offering to be the go-to provider for our customers. This is at the core of our Lifetime Partner strategy and our multi-channel customer approach. Let's now take a closer look at how we want to grow across lines of business, starting with P&C. In P&C, as I just mentioned, we are focusing on addressing key protection gaps with a distinct product offering to deliver continued profitable growth. Let's start with families and professionals. First, we will continue to enhance our product range by creating modular solutions and new value propositions suited to their evolving needs.
We will also leverage our powerful distribution network by equipping our agents with the tools and solutions that Marco highlighted. SME next. In Europe, 7 out of 10 SMEs remain partially or entirely uninsured, and therefore, this presents a significant opportunity. Here, we will refine our product offering. As an example, we are expanding cyber assistance services into our insurance solution, given this is a major protection coverage gap. We are also scaling growth solutions for SMEs around risk assessment and loss prevention. An example is RiskCare, a complete digital platform for customers, underwriters, and brokers, which has been developed in France and will now be deployed across the group. In this segment, we expect to achieve a CAGR of 6%-7% and, at the same time, to maintain a very healthy level of profitability.
The third profit pool relates to our travel and assistance company, Europ Assistance, which is number two globally, with a footprint and set of capabilities that makes it a real growth engine. We will continue to consolidate our leadership in travel and mobility with a focus on growth and revenue diversification. We will also further develop our B2B2C capabilities to provide a consistent experience to our partners. We are targeting growth in Europ Assistance to innovate at a CAGR between 7% and 8% during the planned horizon. Overall, our approach will deliver continued profitable growth of more than 6% in P&C, thanks to our comprehensive product offering and our distinctive distribution network. Let's now look at how we are accelerating growth in protection and health and accident. Here, we are looking to evolve from being our customer health insurer to becoming a true health partner. How will we achieve this?
First, by being innovative, shaping tailored solutions that meet individual client needs. We have highlighted three customer segments that are currently underserved: older customers, women, and young people. For each of them, we have developed comprehensive value propositions targeting their specific needs. These solutions are now being deployed across our business units. Next, enhancing customer experience. We aim to ensure an outstanding end-to-end protection, health, and accident journey by integrating new technologies. This includes the expanded use of automated underwriting across our business processes while always preserving the human touch. And finally, we will provide new value-added services. As highlighted by Marco, our health service factory within Europ Assistance will better support our business unit in delivering a comprehensive health service offering. The factory will roll out centralized competencies in case management, as well as prevention, telemedicine, and well-being programs.
All of these elements position us to meet client needs across every stage of the health journey. Looking now at the numbers, we are projecting approximately EUR 15 billion in cumulative net inflows, with EUR 3 billion in cumulative new business value at a CAGR of more than 10%, and finally, if we also consider the premiums reported in the P&C segments, we expect to reach EUR 24 billion in gross written premium by 2027 versus EUR 20 billion in 2024. Now we move to life, where we are continuing our capital-light approach centered around unit-linked and hybrid. So what are our priorities here? First, we are shaping an integrated comprehensive value proposition. We are expanding our red-label unit-linked funds offering, and more broadly, we will further leverage synergies with asset management in product development and access to distribution partners.
We are ready to take value propositions that have been co-developed and piloted by our marketing teams and progressively expand and deploy them. Secondly, we are consolidating our role as a leading pension accumulation solution by offering, for example, comprehensive investment options for the pre-retirement phase and flexible accumulation strategy for the retirement phase. The valuable expertise of our advisors, paired with new tools, will allow us to deliver tailored guidance that balances personalization and efficiency. Here, our target is to reach about €20 billion in cumulative net inflows of hybrid and unit-linked business, with €5 billion in cumulative new business value, growing at a CAGR of more than 5%. All of these initiatives were centered on growth. The center area of focus is on further augmenting our technical proficiency. In property and casualty, we are harnessing data and AI solutions to achieve advanced pricing sophistication and claims excellence.
Additionally, we are adapting our operation to address climate change-related volatility. Within protection and health and accident, we are deploying shared solutions to deliver first-class services. The development of group hubs and the development of health-dedicated technical programs will lead to consistent quality and proficiency in pricing, underwriting, and case management across our business units, and in life, we are enhancing profitability by leveraging synergies between life and asset management while continuing on the path of strict technical and financial discipline. Starting with P&C, our ambition is to achieve best-in-class technical core capabilities thanks to the deployment of new technologies, the more extensive use of data, and the adoption of group-wide solutions. We already have sophisticated tariff-based pricing in place in motor. Now we are extending this to non-motor with a goal to cover more than 90% of our tariff-based business with advanced pricing tools.
On the portfolio management side, for every business unit, we have a granular view of the profitability of their portfolio with a predicted loss ratio for every bucket. Marco and his teams are also progressively building a data warehouse where we can access raw information very quickly to monitor emerging trends. When it comes to claims management, our goal is to differentiate Generali by its efficiency, effectiveness, and customer service. The integration of artificial intelligence in our processes will be a key enabler. We are embedding fast settlements for simple claims, increasing productivity, reducing claims leakage, and delivering a better customer experience. We will also improve recovery and reduce fraud by introducing machine learning for detection, among other things. The combination of all these initiatives will lead to an improvement of between 1.5 and 2 percentage points in attritional and discounting loss ratio by 2027 versus the current level.
This comes after a reduction of 1 percentage point in 2024 for an overall improvement of 2.5 percentage points in four years. This corresponds to about EUR 1 billion of additional operating results, and then there is a topic on natural catastrophe. As Philippe flagged, global uninsured economic losses from natural catastrophe total over EUR 160 billion in 2024, and there is an urgent need for climate resilience. We are activating technical initiatives to increase our resilience against rising natural catastrophe events by optimizing our underwriting and disposal management. At the same time, we want to be at the forefront of providing solutions to our customers by offering risk prevention and loss mitigation advice. For example, Generali France, in partnership with the Growth Technical Area, has developed a platform for management of natural catastrophes disposal supported by advanced modeling and enriched by a larger set of data.
This will be part of our climate hub approach, which is currently being rolled out worldwide. We are also recognizing in our plan a higher net Cat load of additional 30 basis points on a like-for-like basis versus the budget 2024, on top of 20 basis points increase already carried out last year. Overall, I'm really confident in our ability to achieve these results and to provide continuous strong and rising profitability in our P&C book. Coming now to P&A. Our focus is on scaling group-wide solutions to drive technical excellence in this area. Our group hubs are going to be pivotal in generating profitable added value. Our protection underwriting hub is developing automated AI enhanced capabilities, while our demographic hub is focused on ensuring consistent pricing and underwriting across our geography by implementing common risk assessment models.
We are setting up also health-focused technical programs and scaling, as an example, our Advance Care health claim platform starting from the CEE region. The deployment of these solutions is going to bring our P&C's net insurance service results, considering the business reported both in P&C and life, to more than EUR 2 billion by 2027, with a CAGR of more than 7% and a proxy combined ratio of 90%. The healthy growth, the strong profitability, and low capital intensity make this business particularly attractive. On the life side, we have made great progress in optimizing our portfolio in the current strategic cycle. We reaffirm our capitalized strategy and anticipate retaining a strong new business margin calculated with a new methodology of approximately 6%. At the same time, we will continue to refine our product offering to adjust to ever-evolving regulatory requirements.
We will further expand the internalization of Unit-linked funds, with two-thirds of new business production flowing to our fund solutions. As already mentioned, synergies between life and asset management will support greater technical proficiency and ultimately profitability by exploiting economies of scope from the vertical integration. And finally, we will continue to be very disciplined in managing the performance of our in-force portfolio by further optimizing the risk-return profile and by efficiently managing capital to ensure a stable solvency level in our business unit. Thanks to our effort, we expect that the amount of capitalized reserves will be about 75% by the end of 2027, confirming the strong quality of our life business. The third element of our strategy is enhanced effectiveness. As Marco said earlier, the group is providing our businesses with assets that we can scale across the whole value chain.
We will enhance productivity and improve OpEx by harvesting the benefit from group programs around AI and automation, IT consolidation, and process simplification. We will also continue to roll out tools and standards across our business unit to ensure a first-in-class experience for our distribution and customers. Then, a key enabler of success is a robust data platform that tracks both technical, operational, and customer distribution KPIs. By stepping up the monitoring of critical metrics, we gain deeper and more timely insights to ensure a consistent and disciplined execution against our strategic initiative. As you all know, we have a very strong portfolio, and we are committed to support all of our business units to achieve the highest performance level. We also laser focus on improving the operating entities which are currently not performing in line with our standards.
In addition to delivering best-in-class operational performance, we are committed to a sound allocation of capital to ensure that we achieve proper risk-adjusted returns. Cristiano will touch on this point later. Now, coming to the bottom line of all this. In P&C, we expect operating profit growth of 8%-9%, driven by revenue growth of more than 6%, and an improvement in the discounting combined ratio of 1.5 percentage points, while we expect conservatively the investment results to be relatively flat. In life, we anticipate growth in operating profit of 4%-5%, which is in line with the overall growth of the business and a sustained strong marginality. Cristiano will provide, as usual, further details on our financials later, but just one final remark from my side.
I'm really confident about our ability to achieve these results based on the following: the quality and the strong fundamentals of our business, the initiatives that we have in place, and then the quality of our teams across our business units. To sum it up, we have a strong long-term vision with a clear path to excellence. We will focus on increasing the number of multi-holding customers, strengthening our ties with a larger number of family and professional SMEs, and reinforcing our position as the trusted partner. We will increase P&C profitability by leveraging group solutions and the wide usage of AI and data. Our ambition is to become the leaders in protection, health, and accidents by establishing ourselves as the go-to provider in this area.
And to ensure the continuous sustained quality of our life portfolio, we will continue to focus on capitalized savings solutions with strong marginality, and we will leverage on the expanded asset management capabilities. And finally, we will achieve premium quality delivery standards across all our business units through a cohesive approach enabled by group-wide assets. To all the initiatives outlined above, we are truly committed to drive excellence in every field, to consolidate our role as lifetime partner, and to take it to the next level. Thank you very much for your kind attention. And now, I turn it over to you.
That's great. Thank you. Good afternoon. Hi, everybody. Nice to see you all, those I've spent time with. It's been nice. I look forward to spending more time with you tonight as well. Connectivity between insurance companies and asset managers today is a clear trend in the industry and in the marketplace, and it continues to drive growth for asset managers around the world, driven by private markets and alternative strategies exposures. Why is this? It's because life insurance companies and asset managers, part of one group, can help each other.
Insurance companies offer asset managers a number of things that are very useful to an asset manager: a collection of long-dated liabilities providing steady inflows, the opportunity to offer seed capital to grow and accelerate strategies and businesses, distribution to retail customers, and more recently, with a shift in the asset allocation of many asset owners, a move to more private markets exposures in their portfolios that looks to continue for quite some time. Asset managers also provide substantial benefits to insurance companies. Asset management is a capital-light business model compared to insurance. It provides earnings diversification and attractive cash conversion to an insurance group. And importantly, as you heard earlier, a bespoke approach to asset allocation and investment solutions where embedding insurance solutions and knowledge in the portfolio management process can truly add value.
I'm talking about modeling tools, structuring skills, accounting expertise, solvency and risk modeling, and all of that, even before looking at specialty access to certain securities that can add value. With an in-house asset manager, as you heard earlier, a life insurance company can also internalize fees that would otherwise be paid to external managers. At Generali, as you heard from the prior speakers and my partners, this combination is a clear competitive advantage for our group. Across the asset management industry, we observe a wave of consolidation where scope and scale, not just scale, scope and scale, and distribution prowess and efficiency are becoming increasingly important to success, especially in the lower fee areas of the marketplace. Many of the moves that we've observed, we think are strategic, and the insurance and asset management combinations that we see are a recurring theme in these combinations.
For example, we see alternatives managers buying and starting life insurance companies and reinsurance companies and sidecars. We see reciprocity transactions across the marketplace that are highly bespoke and potentially very value-added. While there are definitely a few examples of insurers moving the other direction, we believe the overall direction of travel is clear that collaboration and integration between life insurance companies and asset managers will continue. As importantly and certainly related, there is an evolution in client preferences that we see in the marketplace. I hear it every day. An increased focus, not by everybody, but the clear majority in private assets, including infrastructure and real estate and private credit, in addition to the traditional exposures to private equity. This is across most channels, and it's global, and there's definitely exceptions because asset class preferences vary based on market conditions and asset owners' individual circumstances.
We think the trend is pretty clear. For example, recently, asset owners have been generally more cautious on real estate coming out of the pandemic for reasons that are probably obvious to all of you here. And there's been a push over recent years into private credit exposure, and that's moving from generic private credit to more specialized areas of private credit as spreads in high-quality private credit have become compressed. Infrastructure, debt, and equity more recently have been a greater area of focus and a wonderful growth opportunity for our business as it exists today. At the same time that these preferences are shifting, clients are demanding more customization and then demanding a bespoke approach for managing their assets, demanding more for their partners. Like many other industries, clients want more for less. We have to also recognize an increasingly intense competition for talent across the industry.
This is a people business requiring alignment on strategy, on culture, and on incentives to attract and retain and motivate the best talent in the business to do the best job delivering for our clients. Since 2017, Generali has been building a strong asset management platform, now a top 10 European player, to serve the needs of our insurance partners, our clients, and to position Generali Investments to capitalize on industry trends. As an industry observer for nearly 30 years, to see the progress that's been made in that short amount of time is quite extraordinary. We operate on a multi-affiliate platform characterized by a few things.
One, an aspiration to deliver differentiated investment capabilities designed to perform in line with clients' investment needs and their risk tolerance, a coordinated distribution platform strengthened by access to our partners in the distribution network, an opportunistic approach to shared services and common infrastructure in line with that multi-affiliate model, and a deliberate expansion of private markets offerings, infrastructure, debt, and equity, real estate, and private credit, as evidenced most recently by the exciting announcement of the acquisition of MGG in the United States. The availability of seed money is an important competitive advantage today, and it's one of the key drivers in many of the transactions that you've seen in the marketplace. We think this competitive advantage is important to manage through a very disciplined approach that ensures competitive investment performance and fees for our insurance company partners.
But it's critical that we use it to help launch and grow investment strategies and businesses at scale that can be really attractive to our third-party clients. And some people in the industry have referred to this when it works as a flywheel effect. Investing in these great strategies delivers good results, works with third-party clients to raise money, has more scale, attracts more talent, and delivers more value for internal and external clients. Our strategic and tactical moves in the recent months and quarters fit well with these industry trends.
I and the team are very focused on executing a substantial expansion in private markets and real asset capabilities, both geographically and, for example, infrastructure growth into the United States announced in November and December, private credit expansion, both organically and with the acquisition of the MGG business, but also laterally as we build into mezzanine real estate in the US as those markets recover and the opportunities become more attractive. I mentioned client preferences earlier, and we must stay relentlessly focused on the clients, and the capability and quality of distribution and the service model on top of differentiated investment results is required for us to be successful in today's competitive marketplace. Like many other people in the investment management industry who are forward-looking, we're also deploying process automation.
We're leveraging artificial intelligence, which I like to actually call augmented intelligence, to work with our human partners and employees who are the real talent that drive the business, best practice sharing among similar businesses to drive efficiency and find opportunities to help make each other better. As I mentioned earlier, asset management is a people business, and attracting and retaining and motivating the best talent is critical to us being able to do a good job for our clients. I don't believe anytime soon we'll be sitting at a table asking a machine telling us where value is going to be and actually pulling the trigger on it. I think we're some time away on that.
I believe the multi-affiliate platform allows us to leverage the entrepreneurial spirit that characterizes that model, and I think it's a very powerful way for us to align our clients' preferences, the talent in our model, and our owners. Now, while we're in a strong position today with a clear strategic direction, last Tuesday's announcement would transform and accelerate the journey, and I believe it's completely consistent with this strategy. The Generali Investments and the Natixis combination would create a leader in asset management, a global top 10 player with assets of over EUR 1.9 trillion on a pro forma basis. There is strong complementarity between the two businesses. A number of examples. There's limited natural overlap in the two client bases given where we've grown. Together, we would have scale in the fixed income insurance and pension business in Europe that would be second to none.
We would use the seed money at our disposal to grow and accelerate strategies that are consistent with the needs of the insurance company that you heard about earlier, but will allow us to develop and expand in critical private markets areas. We would have complementary distribution networks and, importantly, through the partnership, have a very well-established and very well-respected US distribution capability in our operation. And we believe all of that would create a very strong and compelling value proposition to investment talent, the engine that makes this business work. The partnership will be characterized by equal ownership and board representation with a strong management empowerment that supports the agility that we need and the ability that we need to create value for clients and for our investors.
I want to highlight a point that there's been some confusion about, and that's that Generali will retain the full authority over investment decisions and asset allocation. Nothing will change in terms of protection of Generali insurance policies because they're still under all of the provisions and the current rules and norms that Generali remains as the decision-maker where to invest its money today. But Generali benefits from having an even stronger global asset management partner to help create value for the general account and for its clients. The partnership brings together complementary strengths and creates new avenues for growth with proven investment capabilities across insurance and pension, high conviction active strategies, and private markets. The new platform would benefit from respected distribution through both shareholders' networks combined with a central distribution platform with strong positions in Europe and the United States and with a growing platform in Asia.
I can't overstate the power and value of the U.S. distribution network that will be part of our combined group when this is concluded. This combination would create a European champion, but one with a truly global operation, a European champion that can compete and win on the global stage with over 400 sales and marketing employees working from over 60 offices in more than 25 countries. Both businesses today operate a successful multi-affiliate platform, and I'm confident that this setup will help us increase the probability of a smooth transition period in execution. Preservation of our affiliate ecosystem should reduce the execution risk and allow us to continue to focus on delivering value for clients and post-merger focus on growing the business. Strong coordination, central distribution, seed money, and a comprehensive risk and compliance program should allow this model, this multi-affiliate model, to achieve its full potential.
As you've seen, we've estimated thus far around €210 million of synergies with potential upside from the deployment of seed money over time. About €170 million of that is cost synergies, representing approximately 10% of the addressable cost base, which is aligned with similar transactions involving multi-affiliate businesses, and around 40 million of synergies before the value creation by leveraging the $15 billion seed money commitment that Generali makes over the first five years of the partnership. Let me conclude my prepared remarks today by making two final points. First, we have a well-positioned asset management business and strategy today with the tools and the resources and critical elements of competitive advantage to compete well in today's rapidly evolving asset management markets.
But secondly, we've announced a very attractive and transformational transaction that can really accelerate Generali's positioning, increasing our ability to deploy and grow private asset businesses, creating a strong global combination of distribution and seed money and investment talent that we are confident can win in the marketplace for our clients and for our shareholders. Thank you. I look forward to spending more time with you later today. Cristiano.
Hello everybody. I'm very pleased to be here with my colleagues and all of you as we present Generali's new strategic plan. Philippe has given an overview of our strategy, while Marco has described how we will apply our commitment to excellence, to customer relationship, and to our group operating model. Giulio and Woody explained how we will capitalize on our leadership position in insurance and deliver on our ambition in asset management.
Now, it's my turn to show you how all of these elements translate into ambitious financial targets. Philippe has already shared how we successfully delivered the three key financial targets of EPS CAGR, cumulative net holding cash flow, and cumulative dividends. Allow me to complement this by summarizing our performance against the financial targets in our Lifetime Partner 24 strategy. These targets were achieved in a global macro landscape that was more challenging than the prevailing market expectation when the Lifetime Partner 24 plan was developed. Think, for example, of higher claim inflation. In terms of our three key targets, we expect to achieve EUR 11.5 billion in remittance from subsidiaries, exceeding our target of EUR 10.5 billion, more than EUR 13 billion in normalized group capital generation, overachieving our target of more than EUR 12 billion, and EUR 9.5 billion in net holding cash flow, above our target of more than EUR 8.5 billion.
This result was achieved thanks to higher remittance, but also thanks to positive contribution from reinsurance cash flow in 2023 and positive tax impacts in 2022, but were in part one-off in nature, as we commented when we presented the results. I will expand more on this later in the presentation. We also expect to reduce our cost-to-income ratio in the insurance perimeter by about five percentage points, exceeding our 2024 target of a 2.5-3 percentage point improvement. Along with achieving the key financial target, we have also continued the transformation of our business across multiple strategic plans. As Philippe highlighted, we have transformed our Life Back Book. Since 2016, the share of the LifeBook without guarantees has grown from 25% to 40% thanks to effective business steering and our proprietary distribution channels, as well as portfolio disposals.
The spread between the current return on the life book and the average guarantee in force is now exceeding 2%, over 50 basis points higher than 2016. This reflects our continuous discipline on new business underwriting and the ongoing decline in in-force guarantees. Let me emphasize that this metric is measured on the portfolio with guarantees. We have significantly strengthened our balance sheet thanks to primarily the accumulation of retained earnings, leading to almost 30% growth in book value per share since 2016.
On the capital quality and resilience side, I am also pleased that the share of Own Funds represented by unrestricted Tier 1 capital has increased from 77% to 83%, along with reduced sensitivities of our group solvency II key financial drivers. We have further diversified our business mix thanks to both organic growth and selected acquisitions. More than a third of our gross written premium now comes from P&C.
We have strengthened our asset and wealth management platform, doubling its contribution to overall operating result since 2016. We have improved cash conversion from 64% in 2021 to 68% in 2024, driven by our strong capital management framework and our rebalanced business mix. In simple terms, Generali today is a business with diversified revenue streams, accelerated cash conversion, lower solvency sensitivities, and a more resilient balance sheet. This is a powerful platform for continued growth. During the previous strategic plans, we also significantly improved our debt maturity profile, reducing refinancing risks. In terms of key achievement, we have reduced our overall debt, leading to best-in-class leverage ratio of 17% with headroom and flexibility within the Solvency II limits. We have reduced gross insurance expense by EUR 60 million since 2021, achieving our target range of EUR 50 million-EUR 100 million of improvement.
The interest expense is now around € 250 million, lower than it was in 2018. And we have enjoyed credit rating upgrades by all agencies since 2022. We have the maximum credit uplift versus the sovereign rating under Moody's and Fitch methodologies, and our AM Best rating, recently upgraded to A+, is now at par with our key peers. Over the past few years, we have de-risked our debt structure and achieved a more balanced debt maturity profile. Let me remind you that in September 2024 and January 2025, we launched a new subordinated issuance of € 750 million and a liability management transaction of € 500 million, completing the refinancing of all 2025 maturities and also part of our 2026 maturities. These transactions once again confirm our proactive stance towards debt management. We have three key priorities going forward to improve our debt profile.
Continue to maintain a disciplined refinancing strategy, targeting a maximum annual maturity of EUR 1.25 billion to avoid concentration risk. Preserve a well-balanced debt profile, maintaining an adequate capital mix in terms of tiering, optimizing the capital structure. Continue to optimize interest expense through a proactive approach to debt management. In our Lifetime Partner 27 strategic plan, we will build on this powerful platform to deliver our new financial ambition, which are strong earnings per share growth thanks to top-line growth and margin expansion, as well as further capital deployment, including share buybacks. Solid cash and capital generation, leveraging on underlying business profitability, recent acquisitions, and disciplined capital management, and an increased focus on shareholder remuneration with a growing dividend, annual share buybacks, and benchmarking M&A deals also against investment in our own shares.
Let me emphasize that this is a step change compared to the past, enabled by the business and financial transformation achieved in the past three plans. As Philippe has already said, our Lifetime Partner 27 strategic plan focuses on delivering growth, and this is fully reflected in our new financial targets. In this new plan, we have defined even more ambitious growth targets compared to the previous plan, namely higher compound annual earnings per share growth rate between 8% and 10% compared to 6% and 8% to the previous plan. Increased cash generation, leading to more than € 11 billion in cumulative net holding cash flow. Significantly greater annual dividend per share with a CAGR exceeding 10%, equating to over € 7 billion of cumulative dividends compared to the € 5.5 billion we distributed in the past plan.
Please bear in mind that the starting point for the DPS CAGR target is the €1.28 euro dividend per share we paid in May 2024. You can see the results of the strategic initiatives presented in our plan for both insurance and asset management and wealth management, as well as the contribution from capital deployment. More than 6% will come from our insurance business. P&C will be the largest growth driver, accounting for around two-thirds of the insurance contribution to EPS growth. This is thanks to projected increase in P&C gross written premium exceeding 5% and an around 2 percentage points improvement of the undiscounted combined ratio compared to nine months 2024, resulting from the initiatives presented by Marco and Giulio earlier. Around one-third of the insurance contribution to EPS growth will come from the life business.
This is thanks to projected growth of between 4% and 5% in the life operating insurance service result, benefiting primarily from a higher CSM release. Around 1% will come from asset and wealth management. The key drivers will be organic growth in third-party flows, increasing asset internalization, margin expansion supported by our strategic focus on alternatives, as well as the contribution from recent acquisition in private credit. We focused on asset management, and you'll be able to hear more on the drivers of wealth management growth at the Banca Generali Investor Day. More than 1% will come from capital deployment, and I will present our capital management framework in more detail in the next slides. A key driver of performance in the new plan will be the sustained growth in cash and capital generation. There are three components to this, each with a clear 2027 target.
First, a target of around €14 billion in cumulative remittance from subsidiaries. This is an increase of €2.5 billion compared to the €11.5 billion we delivered under the previous plan and reflects the underlying growth in business profitability, as well as the ongoing disciplined application of our capital management framework to centralize cash and capital. I will provide more details on remittance in the next slide. Second, we will target more than €11 billion of cumulative net holding cash flow. This net holding cash flow target is €1.5 billion higher than the result we expect to achieve in the 2022-2024 plan. It is worth considering that this higher target will be sustained by growing remittance, even after assuming that the other components of the net holding cash flow are projected with a lower contribution of around €1 billion compared to the 2022-2024 plan.
In particular, when comparing the new net holding cash flow target of more than € 11 billion in 2022 versus the 2022-2024 one, expected achievement I was mentioning before of 9.5, you should take into consideration the following. First of all, we are factoring in one-off investments in strategic initiatives for around € 0.2 billion in the holding, I mean, that therefore negatively impact parent company expenses. Second, we assume a prudent reinsurance cash flow with no contribution over the 2025-2027 plan horizon. The contribution from reinsurance cash flow during the 2022-2024 plan is expected to be positive of around € 0.4 billion. But please remember that we said that the 2023 benefited from a positive one-off or around € 0.2 billion, stemming primarily from the activation of the Cat aggregate. Third, we project conservative assumption on the tax effect at the parent company level compared to 2022-2024 results.
Finally, we expect a lower contribution from the cost of debt in the parent company following the partial subordinated repayment by Country Italy and the transfer to the parent company of the subordinated debt initially held by Cattolica, happened in December 2024. Let me highlight that these other components of the net holding cash flow that I just detailed embed no positive one-off items over the plan horizon. Finally, we will target more than EUR 14 billion of normalized group capital generation over the plan horizon. This will also be supported by a more balanced business mix with a higher contribution from P&C, as well as asset management and more capital-light life business. Let's look more closely at the first component, the cumulative remittance from subsidiaries. In the previous plan, we delivered significant growth in remittance from subsidiaries underpinned by robust capital generation.
We are now targeting even higher remittance in the next three years. Around 90% of total remittance will come from recurring growth made up of three elements: the growth of our core business, including the contribution from recent M&As, improved earnings diversification achieved thanks to the rebalancing of the business mix, making this remittance flow more resilient, and sustained underwriting profitability supported by the initiative presented by Marco and Giulio that will reduce dependency on external factors. Let me highlight that recurrent remittance is expected to see a 2024-2027 CAGR very similar to the EPS CAGR projected in the plan, underscoring the quality and sustainability embedded in this target. Around 10% of total remittance will come from capital optimization initiatives. We will continue to activate initiatives such as business unit restructuring and reorganization and continuous application of internal model extension to further support driving up capital fungibility.
We expect these measures to allow us to upstream capital in the short term. We will also continue to analyze further cash flow optimization opportunities with a focus on reducing cash and capital constraints and maximizing capital synergies. These efforts underscore both the underlying business growth and the pivotal role of our capital management framework in driving sustainable financial performance and long-term value creation, all within the context of our confirmed risk appetite framework. Let me emphasize that when we define the remittance target for each business unit, we do this with a strong focus on the sustainability of the remittance trajectory. This focus on long-term remittance also accounts for an adequate level of investments in the business by operating entities, as Marco and Giulio have described before. I now want to focus on cash conversion, starting with a quick look back on the previous strategic cycle.
Between 2021 and 2024, recurrent remittance from subsidiaries, excluding the contribution of one-off capital optimization, grew at a faster pace compared to normalized capital generation from business operation at 8.7% and 6.5%, respectively. The ratio of the two items that I just mentioned, the so-called cash conversion rate, improved by four percentage points over the period 2021-2024, moving from 64% to 68%. Looking ahead, the continued optimization of the business mix and the execution of the 2025-2027 driving excellence plan is expected to bear further acceleration of the cash conversion rate of around five percentage points. The key contributors to this will be our stronger focus on capital-light life business, the continued improvement in the P&C combined ratio, and further development of asset management, as well as further recurring cash generation from recent M&A deals where their contribution is expected to ramp up in this new strategic cycle.
Let me emphasize that a cash conversion lower than 100% is a healthy signal, as it demonstrates that the group continues to focus on profitable and growing new business, especially in the life segment. Another key area of improvement over the previous strategic cycles has been the return on risk capital, which increased by 6 percentage points between 2018 and 2024. This result has been achieved thanks to the increased contribution from P&C and asset management, the transformation of the life business, the proactive portfolio management, and enhanced capital diversification, as well as the discipline of embedding return on risk capital into our target setting, something that has been part of our incentive system for over a decade. In the next strategic plan, we expect to increase the return on risk capital by a further 2 percentage points above 18%.
This will be driven by growth in adjusted net result, continued proactive business mix and portfolio steering, increased capital allocation efficiency, and continuous application of the Solvency II internal model extension. We target more than € 11 billion of cumulative cash available for capital allocation. As outlined by Philippe earlier, we are committed to a capital management framework that delivers attractive and growing shareholders' returns. Across 2025-2027, over € 7 billion will be distributed as dividends. We have introduced a new dividend per share CAGR target of more than 10% with a ratchet policy to ensure that the dividend per share is at least equal to prior year, underlying the strategic importance of increasing payouts to our shareholders. Our cumulative dividends will be around 30% higher than the € 5.5 billion distributed during the three years of the Lifetime Partner 24 plan. This is a very substantial increase.
Between EUR 0.5 and EUR 0.7 billion will be allocated to internal capital deployment to support business growth and strategic initiatives. This then leaves more than EUR 3 billion to be deployed with an objective to maximize long-term shareholder value creation. We commit to perform annual buybacks of at least EUR 500 million in the next three-year plan, giving us a cumulative floor of EUR 1.5 billion for buybacks for this new plan. The assessment of the annual buyback amount will be performed at the beginning of each year. As a reflection of this, we announced today that we will launch a EUR 500 million share buyback this year, clearly subject to AGM and regulatory approval. Moreover, today we have announced the start of a share buyback for the purpose of the LTI plan 24-26 for a maximum number of 10.5 million shares approved.
Let me remind you that this amount corresponds to the maximum achievement of LTI plans, and therefore the shares that eventually will not be used for LTI 24-26 plan can be used for other remuneration and incentive plans approved at a given time. This gives us further optionality in our capital deployment. Philippe has highlighted how we will apply strict discipline when considering M&A. As part of this, any M&A opportunity must be benchmarked also against an additional share buyback. Any remaining resources not spent will then be distributed to shareholders at the end of the plan, leaving upside potential to the 1.5 baseline cumulative figure I mentioned above. Needless to say, this is a material improvement in our approach to capital return, thanks to the position of strengths that Generali enjoys today. Let me now recap the key messages I would like you to take home today.
We launched this plan from a position of significant financial strength with diversified sources of profit, a strong balance sheet with low leverage, and reduced refinancing risk. Thanks to these strong fundamentals, we will accelerate our growth and margin expansion trajectory. Combined with an effective capital management framework, we aim to deliver higher targets in 2025-2027. We are increasingly focused on shareholders' remuneration, and we are going to deliver fast-growing dividends that will be primarily driven by underlying business growth and enabled by improved cash conversion. We commit to annual buybacks of at least EUR 500 million starting already in 2025, and we will continue to apply strict financial discipline on M&A opportunities.
Thank you for your attention. After a short break, we will open the Q&A session. So, good afternoon, everyone. We are now ready to start the Q&A session. David, would you like to start?
David Barma from Bank of America. I have three questions, please. My first one is on the combined ratio and P&C, and maybe, can you help us bridge the combined ratio target, the top-line target, and the 9% earnings growth target? I struggle to reconcile the two. I think the difference might be cost savings that are outside of the combined ratio and maybe your assumption for discounting benefits. That's the first one. Secondly, on the new business margin. So, you were at 5.2% on the new definition at the nine months. You plan to go to 6%. I have two small questions linked to that. One is, if we adjust for all the negative effects that you had during 2024, where would you be on a kind of adjusted basis?, and then secondly, Cristiano, you mentioned a higher CSM release ratio. Can you explain this, please?
And then lastly, on leverage. So, you talked a little bit about the debt and maturity profile, but your leverage ratio is at a very good level and quite below your direct peers in the sector. Do you aim to keep that ratio flat around the 17% and so be a net issuer over the next few years? Thank you.
So, thank you very much, David. I think, Cristiano, the three questions are for you. And clearly, Giulio, feel free to comment on the one on the combined ratio and the new business value.
Okay. So, thank you, David. So, the first one on the combined ratio, the bridge, I think you need to, first of all, I would like to clarify one point.
The improvement in the so-called 1.5 percentage points of general expenses over gross insurance revenues is evenly split between something which you see in the administrative ratio component of the expense ratio, and the other part stays inside what is the loss ratio and a small other minor part outside. In the end, what is the improvement of the administrative ratio is eaten up by the increase of the acquisition cost because the mix of the premium is further tilted towards non-motor. On the expense ratio, you should not see the full effect. You see the effect stemming from the general expenses component into the loss ratio, plus the improvement coming from the technical increase, especially in the motor business, coupled with the growth.
I would say, and we were discussing with Giulio, please comment if you don't agree, it's slightly less, around 40% on the expenses component of the loss ratio, the other part, okay? And the rest is evenly split between growth and profitability, one-third growth, one-third profitability. This is the bridge. Going on the 8%-9% growth, we do not assume investment result growth on one side for prudence, on the other side because of the dependency also on a small portion of our business in Argentina, which is having much less inflation, hence much less investment result from the component there. So, we are staying flat. But all what I told you before between the amount of gross retail premium growth and the improvement in the undiscounted loss ratio is explaining the delta together with the normalized run rate of 2% of the prior year we are taking.
Then, on the new business margin, this year, the negative effect stemming from a full 12-month basis from the so-called protection accounting effect in France should weigh 0.3 percentage point. So, we would have an improvement without accounting effects of 0.3. Then, related, by the way, also you were telling me on the discounting in P&C, discounting is not projected to be materially different because the hypotheses are basically broadly stable compared to the one. I recall that for 50 basis points movement, there is almost EUR 100 million discounting up or down depending where the movement goes. On the release ratio, the release ratio is an effect of three components. The first component is what Giulio showed you, the increased weight and speed of growth of the protection component in the business part, which is clearly having a different pattern.
The second one are the adjustment we are making and we will continue to make also in the Q4 of our hypothesis on operating variances also to complete the last adjustment, which is shortening because of the hypothesis of length of stay like lapses and other the stay. So, you have a higher release of what is coming afterwards. And then the third is a natural effect. But when we made the adoption first time of the CSM IFRS 17 approach, we were evaluating release ratio, which is constantly improving due to an effect which we called constantly in a growing environment from the adoption because we called the so-called delayed effect of the full adoption of the discounting at the actual rate. We are discounting with an average 10-year view out of that.
You should expect something which is in the order of 0.4-percentage-point increase in the release ratio throughout the plan. Clearly, if rates stay as in the hypothesis. But this is a support. On the debt leverage, we are at a very low end of all peers. This is bringing us the full flexibility to manage it, David. So, we are not committing to keep the same amount of leverage in the sense by definition, but we have the full flexibility to not issue or stay within that according to what are the flexibility and optionality that we have. So, we are thinking for us, the main message I wanted to convey to you is the refinancing risk. No more refinancing risk pattern in our debt. No more refinancing risk.
You remember the 22 and 26.7 increase of refinancing, and this kind of shape will never materialize in the structure we are having.
Right. Michael over here.
Wait for the mic, please.
So, thank you very much. It's amazing to be somebody. You should have seen the face of all of us in that boat. It's so much fun. Anyway, three things. One, I'd like to challenge you on Slide 68, but in a very nice manner. The second, I can't imagine that a group as big as Generali is happy with doing just €1.5 billion of deals in the next three years. So, I just wondered if you can kind of give us the flexibility. And the third one is a very cheeky question. Where are the buffers? Because it's nice, your targets are actually not growing very much.
I magine there's buffers built into your model. So, I just wanted to point it. On Slide 68, so my math is not very good, so you can kind of destroy me very easily. You show a ratio of EUR 3.7 billion net cash remittance, I think, to EUR 5.4 billion capital generation. And if I divide the next three years by three, I get to a ratio of 3.7 divided by 4.7. Now, of course, the ratio improves because the denominator is lower, but the numbers are actually the same, or they're actually lower. So, I'm just wondering whether you can give us a little bit more feel for that. That's it. Thank you.
Thank you, Michael. Cristiano, both questions are for you. But Philippe, of course, feel free to integrate on the M&A strategy and overview if you like. Yeah.
First of all, I would say that on Slide 68, since you're making, I think that when we say five percentage point, we like to overdeliver on what we commit. I'm answering partially also the third question. I would like to highlight two effects. The capital generation going forward is not at the same level you're seeing in the previous plan for mainly a couple of reasons, at least the target. When we say more than, again, the philosophy we are setting. The first element is that since we change also in the accounting, the fact that we are putting in the operating result cost, the long-term incentive plan, because we are doing recurring buyback from only 2024 in the previous plan embedded this in the capital generation. The whole new plan has it fully embedded inside, okay?
While before it was just an operating variances up to the year-end 2023. The second element I think is to be taken into account is that we have also almost achieved the peak of the so-called release of SCR in building. You know, part of it was coming from release. I called it the washing machine effect, which I know my IR doesn't like it, but it is cleaning up the capital intensity of the balance sheet. And this is going to end because of, let's say, after basically more than 10 years in the lifetime horizon of the plan, you have already achieved a lot of importance. Giulio told you more than 75% capital light. So, the growth in the P&C is now also biting a little bit to create some hundreds, 100-200 million EUR of SCR capital intensity into that.
So, taking all too into account, I agree that on the cash conversion, I can answer the third question. Then, on deal money, if you wanted to go, Philippe, but I will just highlight that we already used one piece of this deal for the MGG transaction, which will be paid during the 25-27 plan, has been announced in January. So, again, please consider what I told you before. The LTI plan doesn't need to be always bought the maximum level of achievement. So, we have flexibility. So, the number around that could stay around that, about EUR 320 million less because of this already first redeployment. But we have the full flexibility, including the discussion that we answered before to David on what we can extract on top of what we can overachieve throughout the plan. Yes.
To complete Cristiano's answer, when you look at the past plan, we've been very proactive on M&A. Last year, in January, we closed the Liberty Seguros acquisition. In April, we closed the Conning transaction. A couple of weeks ago, we announced the MGG acquisition. And one week ago, we announced the memorandum of understanding of the transaction with Natixis Investment Managers. So, I think at some point, it's also important to be focused on the integration of what we acquire. It's important to be focused on the combination of Conning and Generali, and then next, the combination of Generali Investments Holding together with Natixis Investment Managers. I think it's important because, as you know, the quality of the execution is really critical.
Then, as you know, when you look at what we've achieved with the asset management since we started in 2017, we've been doing deals with very few money because the Conning acquisition was a no-cash acquisition. And the Natixis Generali Investments Holding creation of a new company is basically a no-cash transaction as well. So, with EUR 1.5 billion and with the flexibility Cristiano mentioned, I think we are fine for the next three years for the next plan.
Farooq here.
Hi. Thank you very much for an excellent presentation. This is Farooq Hanif from JP Morgan. Firstly, going back to the combined ratio, so the undiscounted improvement that you target, the 1.5 to 2, I think you've explained a little bit the technical excellence side of that, the cost. But what about pricing assumptions that you're making within that? What about the shift to non-motor?
Related to that, do you think if the BTP yield dropped 200 basis points, that you could offset the discounting effect through other mechanisms? That'll be interesting to know that because that's a question obviously we need to factor in. And the last point is you've talked about more FTEs in the central line. Does that mean the central cost is going to be a higher number, or should we assume that's flat? I mean, just kind of wanted to understand in terms of the modeling how to think about that. Thank you.
Thank you, Farooq. The first question is for Giulio and Cristiano, feel free to integrate, while the second one is for Marco. Okay, perfect.
On your question about the combined ratio, if I look at the improvement of 1.5-2 percentage points in the traditional loss ratio, part of that improvement is coming from the loss adjustment expenses. The part that we keep it there that we showed in the expense ratio improvement. A third, I would say, is coming from what we call cost containment ratio activity. That's about all the technical excellence that we're putting in place also on the claim side, network steering, fraud, recovery. That's about a third. The rest is coming from pricing environment where we are basically making an assumption that clearly we are going to get the benefit from pricing, the price increases that we had in 2024 flowing into 2025.
Also, in 2025, we are still going to have some positive gap between inflation and what we can put through. And then, as we think about 2026 and 2027, we are projecting more that the pricing environment is going to be in line with inflation. If you ask me, our assumptions are relatively conservative. So, coming to your question, what happens if we have a change in interest rates and what could be the impact on discounting? Can we offset that? I would say to a certain degree, yes. Cristiano will tell you the sensitivity of 50 basis points change in interest rates for our operating results is about EUR 100 million. So, if you put this in the relation to the combined ratio, it's about 30 basis points, something like that.
I would definitely say that in the way we build the plan with the action that we have in place, with the pricing environment that we, with the pricing that we will see materializing, we should be able to cushion definitely a lower positive impact from discounting. Final notes, the discounting that we have assumed in our plan is a little bit lower compared to the discounting that we have right now. So, if you look at the current numbers, we have a discounting impact divided by the gross revenue of about 2 percentage points. And in the plan, we are assuming more 1.7. So, that's also a little bit of a reduction already included there. So, we feel very good about our combined ratio. So, I think it's an improvement that we believe we are going to get, and maybe there is some upside.
So, does it work? Yes.
Hi, Farooq. In terms of the FTE that you have seen, I think you should see and read this movement as a consolidation of FTE that are already present in the group. We have at the moment many, like for similar processes, we have articulated processes or we have duplication of this process because we do it in multiple locations. The way you should see that number is that we are consolidating those people into one service unit. The benefit that we see are multiple, so clearly on the effectiveness of the process, but also on the fact that we can save, for example, external money because we don't need to buy some services or we want to streamline processes. We're going to use less resources.
So, overall, you shouldn't see this movement in shared service as an increased level of FTE overall in the group, but actually the way you're going to see is that this will be instrumental to deliver the cost saving that we have planned. So, the minus 3 percentage point in cost-to-income ratio. So, that's overall how you should see the transition. We have a plan for the next three years, but also going forward, we see a number of shared service that we can start to pull together to give benefit to the group.
Perfect.
James over here.
Thank you. Good afternoon, and thank you for the presentation. My first question, I'm just looking at the capital generation. Again, I'm kind of the view it looks very conservative versus what you've done up to this point. I hear what you say in terms of the increased strain.
Can you just clarify for me? I think that you have previously reported the prior year reserve development as variance on the P&C side. That could be another EUR 2 billion over the plan. Could you just clarify if that's in that EUR 14 billion number? And then also on solvency, rightly or wrongly, I've always thought that you've kind of guided to the midpoint of your target range as being a realistic number. The range you've confirmed today of the 180%-230%, can we expect you to be at the midpoint over the planned period, or are you going to remain at the top of that? Next question was also on the debt. I can see the way you calculated it, you compare very low versus peers. The Moody's ratio, though, is not. It's in line with peers.
Can you just help me understand some of the adjustments there where you see yourselves as actually carrying a low level of gearing versus others? And then just my final question was this new target you put in, which is not quite an ROE target, but it's still quite interesting in terms of the return on risk capital over 18%. It seems to me you're going to hit that pretty easily next year anyway. Could you just clarify to me how management will be remunerated if it is tiered at certain levels? So, obviously higher levels at a higher return. Thank you.
So, thank you, James. We have four questions. Cristiano, capital generation, solvency to target operating range, leverage, and the RORC. So, over to you, Cristiano.
Thank you. So, James, the first one, without repeating what's said before, so basically just recall fast, embedding the cost of a long-term incentive plan, which we put prudently at the maximum level of acquisition inside this projection. And this EUR 100 million-EUR 200 million solvency, I would say closer to EUR 200 million solvency capital requirement increase and not release, which is changing the effect. There is also another effect. When we write more than 14, clearly the number of policies is higher. We took a little bit of margin of inserting the higher VAN, okay, from the real number, a margin of safety coming from the fact that interest rate is sensitive, especially for the life part. In the previous plan, also we had a life positive environment with very high interest rate, which were supportive on the new business value.
I hope putting all this together is giving you the element, but the starting point is higher, but there is a greater VAN exactly also to add a little bit of sensitivity out of that. Going to solvency ratio. Solvency ratio, I think that the group now is in the mid range, and the situation of the market is bringing the group in the mid range, plus minus effect. Throughout the plan, there is clearly the effect of redeployment of capital and not the full usage of the capital generation because there is a difference between the capital point. We are not projecting so far anything in 2027 from the new change of solvency to regime. To answer you, if the change could happen, we could be maybe a little bit better than the mid range.
If the change with the difference could be different from what we are expecting, not. So, without embedding it, we are prudently, I would say, in the mid plus, let's say a normal growth without any deployment because in the plan, on top, we put a floor of EUR 1.5 billion and we keep the excess capital, and so we eventually remit it only at the end of the plan, as we said, so in the 2027 number, it's not affected basically in the projection, but it is not a material change and there are no M&A projected, so clearly, this is a factor which would bring us there. The leverage ratio on Moody's is in line, fair point, because clearly, as you know, in our Moody's approach, since many years, we are not favoring callable components. We are going always with bullet feature.
Call feature clearly has not the major benefit among that, but is a trade-off between cost and, let's say, let's call it the cost per unit of capital that you are paying compared to the flexibility cost of the option. And I remember when the market was overpricing this cost, we decided to drop this optionality. So, fair point to say if we measure on the unrestricted Tier 1 or on the financial leverage part, we are basically there. This is another reason not to be too much enthusiastic about managing or going up with the debts. That's why we manage all these dimensions, and you are perfectly spot on. On the RORC, easy to achieve? Well, I would say it is not for two reasons. Because first of all, the way it is remunerated, we set a budget and we set a target on the budget.
By the way, it's one of the highest components of it, which is bringing a lot of focus. But in the next plan, we are deploying a strategic asset allocation, which is also going into the direction that I think Marco and Woody were commenting because we are underexploiting compared to our peers, the private asset market, and that has a little bit of some solvency capital consumption. So, also to link to the previous answer on solvency, when you increase your non-tangible component of solvency or through VIF, value in force, you can put it at work to create more return with a certain level of risk. So, it's not so easy, not so linear because the easy part of cleaning up has been done. So, now it is mainly growth-driven, okay, through a risk-adjusted approach. Right. William. Sorry. Sorry. The level.
I'm not sure that 18 could be already next year for all the reasons I'm saying. I'm pretty sure that we will overachieve by the end of the plan, maybe one year before or after, depending on how the financial market goes. But for sure, I'm not seeing it as an easy catch for next year. Don't forget, this is also a very regulated target compared to the accounting one that we were pitching, which is a lot influenced by the accounting choices, especially a transition on the return on equity one I'm referring.
William over here.
Thank you very much. It's William Hawkins from KBW. Could you talk a bit more about the outlook for the agency network? Really interesting stuff about how you're tech enabling the agents, but I'm kind of just interested a bit more in the structure of your agency network over time.
I think in the last business plan, the number of agents has kind of been about stable, maybe drifted down very slightly. I'm not really sure if you're thinking, you know, is that a number that's growing because the business is growing or does technology ultimately mean you have fewer agents? And I'm wondering about the structure within that, seniors, juniors, and teams. Secondly, please, the cost-income ratio that you're thinking about improving two and a half to three points. I'm sorry, but I'm not actually sure what the figure is in the first place. So, if you could kind of help me on that. And I'm just trying to get clear, is that coming down because costs in absolute terms are falling, or is it all because costs are efficient as revenues going up?
And then lastly, on the return on risk capital that we just talked about, I agree it's an important metric, but I'm not really sure about the metric you're using because the metric itself is IFRS versus solvency, and the book value you're using is actually SCR, and you're not running yourself at one times SCR. You're running way higher than that. So, I wondered if you could just talk a bit more about how you think about returns on capital. And if you were advising me to think about your book value, do I just take IFRS equity or do I add the CSM or do I look at solvency? How are you thinking about book value, please?
Perfect. Thank you, William. The first question is for Marco, and the second and third are for Cristiano.
So, as usual, when we talk about our agent network, so they are very different across Europe, across Asia. So, it would require some time to describe them properly because everyone has different characteristics. So, overall, what we can say is that we are a company that, as you have seen in the presentation, is mainly driven by the distribution of agents. In the next years, what we would like to do is to strengthen the structure of the agent. So, clearly, we have seen that some characteristics of the agents are more important than others. So, for example, the size, the ability to change, the ability to select different and specific targets is very important. And over time, depending on the market, we would like to slightly grow our number of agents. So, if you—this is really depending on the market. I can make an example.
For example, in Austria, we are investing to grow our number of agents. In Italy, we are quite happy with the number of agents we have. It's really differentiated market by market, but overall, we think we can grow our agent size. As you have seen, we think that we will leverage the ability of the agent to talk to the client by also giving them more tools for productivity to make sure that they leverage our online visibility. Our online visibility is very high at the moment. We need to connect better the offline and online world to make them more effective.
Talking about cost-to-income ratio, we are expecting slightly below 60% cost-to-income ratio in 2024, and we are expecting less than 57% cost-to-income ratio in 2027. The growth of the general expenses is below inflation.
It is between 1.3%-1.4% and the 1.3%, I would say. And the growth of the income, which is related, is above 3%. And the income is clearly net of the cost, as you can imagine. So, the unit amount of euro you have to spend to earn one euro of profit is decreasing, which is the major message. It was not very simple to manage the oxymoron of having a transformational set of investment in AI, which are of paramount importance and of IT and exploiting the value of being a group for central platform, while at the same time immediately containing it because the effect has a small delay and there will be also restructuring in the plan embedded. So, clearly, you have effects which are anticipating cost versus the full benefit.
On the answer of RORC versus return on equity, first of all, we are expecting to be slightly above the 16% for the 2024 forecast. Next year, depending on the evolution, we will not reach the 18%. We could maybe improve to something which is closer to the 17%. What is important in your remark is fair, but clearly, you don't run a company at 100% operating. But what is important is that for us, it is an unbiased way to measure industrial performances, and this is a quite important element. While on the accounting, it is clear that if you just run a 1.5 time the solvency capital requirement locally, you don't need to post also capital in the holding, for example, because it is already covered by the participations.
But at the end of the story, what you have is that on the return on equity, we really deeply thought about that. And we saw, I just make an example, the group now and the plan will stay in 2024 around this 12% return on equity if you take the full adjusted earnings. But had we done the same effect that all our peers had at the transition where we basically had a shareholder equity flat compared to the changes or the accounting choices, for example, fair value option for the CSM with profit contract, VFA, or treatment of real estate in a different way compared to what we put on those portfolios, we could have ended up in a 3 percentage point more. So, we could be a 15% return on equity being the same company just because of accounting choices.
While on return on risk capital, you are really depending on the denominator set by the regulator. So, I do see that there are two elements which are important. The first one on the return on risk capital is that the trajectory that we made was growing. We did not increase the CR because it was the cleaning up of the balance sheet, making it less capital intense. And now we will project an increase of the solvency capital requirement throughout the plan because of the asset allocation, because of the growth also in P&C, which is now biting a little bit compared to the past versus what it is doing live. But in the end, the growth of the earnings outpaces that small growth of the denominator. This is the way to look at it. It's just industrially versus accounting-wise.
Okay. Andrew, over there. Okay.
This is Andrew Baker from Goldman Sachs. Thank you for taking my questions. First one, on your target around having greater than 65% unit-linked new business managed internally by 2027, are you able to give us a sense of what this number looks like today? And then just conceptually, what would stop this growing towards 100% over time? Is it an internal capability issue? Is it a regulatory issue? Or is it something else going on there? And then secondly, just back on the Solvency II review that you mentioned. So, I think you previously said it could be high single-digit or low double-digit benefit. Is that still the range you're thinking about? And just to clarify, that's not in any of the numbers you've shown today, right?
So, if that comes through and you choose to remit any benefit, that's all upside to remittances, HOCO cash, and things of that nature. Thank you.
Perfect. Cristiano, the Solvency II review question is for you. Giulio and Woody, feel free to comment on the unit-linked internalization.
I start with solvency?
Yes.
Okay. So, on solvency, you are perfectly spot on. We are not projecting in this plan any benefit from the Solvency II review. The Solvency II review will be fully clear in the Q1 of 2027. I confirm that so far, the approved version of the so-called level one framework goes to that level, which is confirmed of benefit. Okay. It could be small double-digit, so slightly higher than one single digit on the 10% level. But still, there are level two technical definitions which are pending before defining the final number.
Given this uncertainty that has not been reflected. And that clearly could be reflected since the Q1 of 2027 is something which could eventually touch remittance of 2028.
On the question about internalization, okay, the current number now is about 60%. So, we bring from 60% to 65%. Just to give you an idea in euro amounts, let's say that right now, if you use present value on a business premium as the metric, I would say about EUR 8 billion of present value on a business premium are flowing into our fund solution. By bringing from 60% to 65%, it's more like EUR 11 billion. So, it's EUR 3 billion. If you accumulate this every year, it's clearly a significant size. On the question why it's not 100%, it's a matter also of the distribution that we have. In Italy, our internalization is very high.
In Germany, by the way, we are getting too high numbers. When we have a distribution model which is more diversified, so less tied agency or employee salesforce and more banks, other partners, then the percentage changes, so I see Jean- Laurent in the audience. When we look at our network, control network, the percentage of internalization is very high. When you start talking to IFRS brokers, it's lower. I believe that the strategic move that we are making now anyway is going to give us more possibility because we have obviously more solutions. We have also distribution relationships, so overall, the internalization ratio grows more with the strategic move that we are doing now.
Okay. Farquhar?
Hi there. Thanks. Three questions from me, just starting probably on strategy. Obviously, you've discussed the mix being diversified.
There's been a lot of transformation over the years, and you've done several deals, as you recounted. I just wondered how close we are now to kind of the ideal for the business mix that you want going forward. And obviously, that probably relates a little bit to the M&A strategy from here. I just wondered how the M&A biases might be this time around versus previously. Then secondly, just turning to customers, I just wondered if you could give us some historical context to the targets there, namely the 24 million in terms of multi-holder kind of customers. That's a delta of 4 million in this planning period. I just wondered how that compared to the previous one. And similarly, on the 90% loyalty figure, I just wondered where's that now? How has it developed? Just to get a sense of reference.
And then finally, just on capital management, the capital actions, the 10% of the remittance amount. I just wondered if you could give us a sense of how concrete those are and maybe elaborate a little bit on which ones you have obviously. Thanks.
So, thank you, Farquhar. The question on the strategy and the M&A is for Philippe. The question on the customer and how it has moved over time is for Marco, while the last question on capital management is for Cristiano.
I don't have in mind, actually, an ideal mix. When I joined the company 12 years ago, there was a dream of being 50% life, 50% non-life. I was a bit skeptical about this kind of target or dream. By the way, since a few years now, we have been increasing quite significantly the share of the property casualty business, which is good.
But it's a matter of opportunities. I prefer a good life insurance company than a bad property casualty company. Talking about property casualty, as you know, our DNA is very much about individuals, families, professionals, and SMEs. So, we are writing some corporate and commercial business, but it's only 10% of our total property casualty business, and this is fine. Talking about the mix, since the beginning, I think that the share in terms of earnings, the share of the asset management in general is too low, was too low. We've been increasing significantly the asset management earnings, and we will do more thanks to Conning, thanks to the Natixis transaction. We will do much more because, actually, as you know, we are more a life insurance company than our peers.
We strongly believe in Generali that there is a strong connection, as it has been developed by Woody earlier. There is a strong connection between asset management and life insurance. I think that even just to catch up with our peers, we need to increase very significantly the share, the contribution in terms of earnings of the asset management. So, I would say that basically, we are fine on the insurance business. We will be opportunistic. We will look only at quality opportunities that completely fit our strategy framework. And we will work hard. But I think that now, thanks to what we've been doing, we have all the tools to accelerate the growth of the earnings in the asset management. And that will make our group even more balanced, even more diversified.
On your second question, just to clarify, so you're asking what was the baseline on the multi-holding customer? So,
sorry, Farquhar, would you like just to say on the mic for people on the webcast?
Yeah, sorry. I just wanted to actually a little bit of historical context because obviously, your plan is saying currently 20 million of multi-holders going to 24. So, that's a delta of 4 million. And I just wanted a sense of what was the delta in the previous plan? How did we come to get to the 20 million? And certainly on the 90, if that's okay.
So, clear. So, I think when we started the journey in, I would say, probably in 2021, we were about 15 million or something like that. But if you remember, in the previous plan, we had a target on percentage of our portfolio.
So, we arrived at 50-52% of our portfolio being multi-holding. Now, going forward, as we want to increase the number of customers, as we want to increase the number of retention, we believe it makes more sense to focus on how many customers are actually multi-holding customers. So, as I said, we are coming from a 15 million customer multi-holding, and we are going to 24. So, it's a very impressive journey, I think, that our agents are doing to, I would say, increase the product density in our portfolio. That's the way I would put it.
Then, Farquhar, on the capital management actions, nine actions, all identified. Nothing that I'm talking to is not identified. Only things which are there and ready to be deployed are presented. So, the effect is split: 30% in 2025, 30% in 2026, and 40% in 2027.
The countries which entail these actions are Italy, Austria. Italy is coming from the important reorganization we had throughout 2024, where we were able to secure and execute on different mergers and also transfer of portfolio, which are materially reducing the convexity risk of the portfolio, the capital intensity of that business, allowing for trapped capital to be released. The second country is Austria, where you know Austria has a super healthy solvency ratio, which is materializing over the years through also their larger real estate portfolio, which is rotated. And every plan, we can imagine, EUR 200 million of part. While Italy is much more material of this 10%, I would say they are having something in the order of the 3%-4%, so more than EUR 700 million. There are the effects, the final effects of entering in the full Internal Model in La Médicale.
The capacity to extract in France also other money. There is the usual, I would say, contribution coming from Central Eastern Europe, which is always performing extremely well, but as well as being able to be more efficient on the capital. Don't forget that we have also in this plan the release of the excess capital from the Liberty Seguros transaction, as well as minor effects, which account for the rest, among which a small contribution from our old acquisition made in Asia, in Malaysia.
Will?
Thank you. Will Hardcastle, UBS. I'm sorry, I didn't quite follow the actions you're taking on NatCat beyond raising the budget. Is it all gross actions being taken? Or is it just pricing? Is it risk prevention? Is there anything that you're changing or highlighting on reinsurance protection, perhaps? Second one, how much of the 6% P&C premium growth is assumed volume?
It sounds like you've got a bit of a pricing benefit near term, which you were mentioning. So, should we in theory think that 6% is a bit higher near term and drifts off a bit? And just to clarify, are we using forward rates here for year-end within your P&C operating profit target? I appreciate you gave a sensitivity, but just to clarify, are we using forward rates for that 89% growth? Thank you.
Thank you, Will. I think both questions are for Giulio, but Marco, feel free to interject on their insurance structure and Cristiano on the market assumptions in case.
Okay. I mean, from the NatCat, I would say on the reinsurance structure, not much has changed. Our structure for 2025 is very in line with the structure of 2024.
What is important, we have been able to renew again the aggregates, also placing more of the aggregate compared to last year, but fundamentally, the program is very similar, and on a risk-adjusted basis, also the price has been slightly even favorable, so from that point of view, the renewal has been positive. Otherwise, clearly, the focus is on accumulation, exposure management, all these kinds of things, and that's also clearly very important for us to have conversation with our clients about risk prevention and mitigation. Overall, in two years, we have brought up the budget by 50 basis points. I think you know that we are changing the definition of what we include in the buckets, but the bottom line is 50 basis points of more net cat budget, so I think we are well positioned for what we see as experience, and that's also important in our plan.
We have assumed very low positive runoff, which means if we have a negative impact due to net cat because there might be maybe higher than the 3 percentage point that we have assumed, we have also the ability somehow definitely to manage there. So, that was on that. On the use of forward rates, yes, usually we use basically the projected rates.
There was another question on this one.
No, I think I don't have anything. Giulio said everything on reinsurance, maybe also a clarification. So, we didn't change basically any structure of the reinsurance from last year to this year. So, we are quite happy with the type of protection and the attachment point that we have on a per-risk basis and also on the Cat aggregate.
This year, we have seen slightly more capacity in the market with rates that went down a little bit, and we were able to place more Cat aggregate, as Giulio said. Overall, we believe this type of reinsurance is protective from the type of business that we want to do, even considering the change in law that we see in some countries, especially Italy. We feel we are fine even with this structure.
Stephen?
Thank you. Stephen Howard from HSBC. You mentioned a lot of the potential actions, the nine actions, Cristiano, that you talked about. Can you provide any quantification on a Solvency II benefit from all of these actions in terms of the internal models adoption? Is there anything to do with branchification inside this as well?
Secondly, there's still in the Italian savings portfolio, there's still some fee holidays going on, I believe, to reduce the lapses that are coming out here. Has there been any thoughts about how this will develop in 2025? And then thirdly, the statement put out last night from the board of directors, for the non-Italians around here, can you give us a sense of what this means? And if you can talk about what could happen in terms of the proposals coming forward. Thank you.
Thank you very much, Stephen. The first question is for Cristiano. The second one is for Giulio. And the third one, of course, is for Philippe.
Yeah. So, on the nine capital actions, I was referring to the remittance of the 10%. There are Solvency II capital actions, which, I mean, within that is having La Médicale in the internal model.
But there are other actions which we are also deploying and are linked in a certain sense to the Liberty transaction, which is allowed to bring immediately excess cash back, but will pass to have the full benefit of the Solvency II recognition of the Liberty through a journey. And since the operation will be a reverse merger where not Liberty will be merged into our company, but we will merge our company into Liberty, we will temporarily lose the Internal Model benefit in our company to get the full benefit right after. So, by the end of the plan, we will get the full benefit of all Spain being into Internal Model while having a small decrease of the benefit in the meantime. Also, this explained maybe why I was a little bit more cautious on the SCR.
There are other actions which are of continuous improvement, which every year we are embedding in our so-called internal model application process, among which, for example, better treatment of diversification between regions where they're treated in internal model versus one which are not treated in internal model.
Yeah. Before I go into the lapses, I realize I didn't answer the question about the split between premium and the growth in premium. I would say it's broadly 50-50, maybe 40-60. So, 40 volume and 60 is coming from pricing environment. On the question about lapses and implication for doing business margin, first of all, you're going to be, I think, pleased when you see the evolution of inflows in Italy. We had a very good strong quarter, last quarter. We are anticipating also lower lapses as we go into 2025.
Already in the course of 2024, we saw the acceleration of lapses. So, from that point of view, I would say that the need to have discount is going to be diminishing. Indeed, we would expect the new business margin in Italy to be a little bit more elevated in 2025 versus 2024. But as always, we are going to see how the situation is developing. But the current evolution is definitely on the positive side.
Yes. On the third question, I'm not sure I'm the right person to answer because I'm at the same time Italian and non-Italian. Having said that, I'm talking under the control of our chairman who is here.
Yesterday, the board took this, I would say, obvious decision when you look at the new law in Italy, the so-called DDL Capitali, which makes it very difficult for us to submit to the shareholders' meeting a board list. Three years ago was the first time in the history of Generali we were submitting a board list. But in our almost 200 years of history, we've been living with the board list only three years. So, I think that this is not a great issue. We will come back for the time being. It doesn't mean about the future, but for the time being, we'll come back to the shareholders' list. So, I guess that some shareholders will submit a list for the next shareholders' meeting.
Adeline?
Hi. Thanks very much. A couple of very quick follow-ups, please.
So, Cristiano, I think we're effectively assuming bond yields don't move much over the forecast period. Under that scenario, can you tell us how you're thinking about the difference between the discount benefit and the unwind for 2027, please? And it's particularly given the growth of the business. And then related to the 10% of the EUR 14 billion and the one-offs, I think you've still got about EUR 1 billion of trapped capital in Switzerland. Is there anything that you can do with regards to that part of the business? And then Giulio, I think, apologies if I misheard, but I think you mentioned that you're top five in 13 of 19 countries.
Can you talk a little bit about the intentions for the other six countries and whether you feel you can get there organically to a top five position or if there may not be as core as the rest of the group? Thank you.
Perfect.
And some examples if possible. Sorry.
Cristiano?
So, the first question, Giulio called forward, I called spot, we say the same thing. It is flat. In the end, you are right. The curve does not change, and we don't want to take a material bet around that. The effect of discounting and unwinding, already this year, you will find broadly the same amount on discounting and unwinding. So, the real result is, in a certain sense, not polluted by, let's say, financial effect, okay? Because you are just getting the technical plus the investment result if the two effects cancel out in millions of euros.
We are talking something slightly above the EUR 600 million, okay? A number. At the end of the plan, if rates stay at that level with this level of production, basically the amount are not materially changing and stay very much in equilibrium, okay? What is interesting is just the difference of the speed of change in case of material change. If we have tomorrow a spot change, we have the EUR 100 million sensitivity on 50 basis points. But on the IFRS, okay, the finance expenses, they are growing up in the first three years for the vast majority.
So, even theoretically, if things stay with a steep movement and then stand still, in the end of the plan, you close this gap because you get there. Clearly, we did not project this erratic pattern. We are projecting this flat forward, as you want to call rate. Hope this clarifies.
On the capital one-off, yes, Switzerland is in it. I wanted to tell you that we closed the full ALM exercise. We are, as we told to the market, the regulator is taking out of any form of, let's say, so-called intensified supervision on limitation on capital repatriation. We are just giving them the time to do two things. They started to completely reshuffle the life offer because the capital is trapped in life. In the P&C, there is not material excess capital to be extracted. And so, we leave a little bit the time to stabilize the new offer as well as complete the small thing on the local reserving, which is creating some asymmetry between IFRS and local results. So, that we have a full stabilization. And then we are expecting to do what any shareholder does with his subsidiaries. So, if mama helps, mama husks.
Then the reasoning is correct. I hand over to Giulio for the third one.
Yeah. Coming to the six countries where we are not top five. One is. I tell you the names: France, Switzerland, Poland, Bulgaria, Ireland, and Romania. So, definitely, you know, we are not going to exit France just to start from there. But the point is there is a different way also to look at this statistic. One thing, if you are top five, the other one is, do we have a market share of 5% or more? That's also the way we look at that. Because once you achieve a market share of 5%, you could argue that one in 20 people buy insurance, our customers, so you have a certain size.
So, usually, we get to this threshold also in the, or close to this threshold also in the countries where we are not top five. So, from that point of view, yes, we have a path potentially either organically because we are so close or also through inorganic activity to get to a position also in these markets, which is at least 5% market share. So, that's the short answer. So, one thing is the ranking, but the most relevant number then from a management point of view, do we add a scale? Are we competitive in the market? Can we compete against the others with the same weapons and capacity and capabilities? I would say usually when you get to a 5% market share, that's absolutely possible. We are very close to that level, sometimes a little bit higher, sometimes a little bit lower.
Gianluca?
Yeah. Hi. Good afternoon. Gianluca Ferrari, Mediobanca. Three clarifications. The first one is the EUR 25-30 billion life inflows. Generali used to be an above EUR 10 billion a year company. I was wondering if you see this linear or you still expect 2025 to be pretty much below EUR 10 billion. The second is the impact on solvency ratio at the end of the plan from these private markets load up you described today. The third and final one is if you can give us the undiscounted motor combined ratio at the end of the plan. So, the 94.5% you mentioned, what is the level of motor? And linked to that, if you can dive on Liberty. So, where is Liberty getting to at the end of the plan and compared to the starting point? So, how much of the improvement is coming from there? Thank you.
So, thank you, Gianluca. Two questions for Giulio and two for Cristiano. Giulio, you take the net inflows and the undiscounted combined ratio on motor at the end of the plan. Cristiano, the impact of the investment SCR on the solvency ratio and the contribution over the plan from Liberty?
Yes. Starting from the net inflows, yes, there is a path where the net inflows are getting stronger during the plan horizon. You mentioned EUR 10 billion as the number that Generali had in the past. At the end of the planning horizon, we expect to be over EUR 10 billion. It's about EUR 11 billion of inflows. Most likely, we are starting from a level in 2025, which is more about EUR 8 billion. I think based on what we are seeing right now, we might be stronger already starting in 2025. But definitely, there is a path to go back to flows over EUR 10 billion.
On the undiscounted motor combined ratio, I tell you, but first we are starting from 99 as we speak. In the plan, we are thinking to go to 96-97. That's something that we are going to achieve also with the rate increases that we are putting through. And that's we put through last year. We are going to see the benefit come in 2025. Where we need additional rate increases, we are going to also push in 2025 for additional rate increases. Then we have also the improvement coming from Genertel. We know that the direct business is a challenging business. There, we are going to see some improvement from there. I can also take the Liberty acquisition because I'm very pleased about how the integration is going. Basically, from an IT operational point of view, everything is proceeding according to plan.
By the end of this time, we should get also the approval to do the legal merger, and from a number point of view, I'll tell you that the contribution to operating results that we expect to have by 2027 from Liberty is about EUR 200 million with about EUR 90 million synergies coming through, and then we expect to see additional improvement in 2028, 2029, but we are referring now to the next three years of planning, so everything according to plan with a sizable contribution from this acquisition, and even more important, especially in Spain, this gives us the possibility really to create a franchise that can be extremely competitive with the market, so I think this is going to be something very positive for Generali in that country,
So if I can add just on the Liberty, we'll contribute one percentage point of EPS CAGR. If you just add up all the numbers that Giulio said, because in 2024, there were lower results because of the integration cost and the starting point also of the PPA, if I take the full net result. On the Solvency II impact from the private asset only, so the full strategic asset allocation entails all the assets, the subcomponent on that, I would say that we are talking about something in the order of 3-4 percentage points per year allocated as extra yield from the private asset. But don't forget that we are generating something in between 19-20 points of capital generation, okay, which then are deducted also by the capital return, which is dividend plus capital return 11 points.
So, you have eight points which can be put to work to absorb on one side, let's say, slightly higher intense capital allocation and some movement of the market to gather some operating variances.
Maybe one additional comment is that when we allocate money to private market, like private equity, these are commitments. Then they are called over time. And so, you know, the use of solvency to capital is going to come later in time.
Michael?
Two, three. One, the 9%, the shared services. The second, a little bit on Italy because that's where we're here. And third is what I call the entrepreneurial shareholders. On the 9%, is that a change in the business model? You're centralizing more. You were never centralized before. So, I'm just wondering whether you're becoming more like a machine and less people kind of. I don't know.
I don't know how to express it. But you'll probably have a much better view. On Italy, it's because Giulio has done amazing work. And I just wondered whether you can highlight a little bit how much she's achieved in her time as CFO and also how much she's contributing to this plan. And then the third is entrepreneurial shareholders. I think, Philippe, in the past, you've mentioned that the board discussions were frank and open as one would say in English, and the board meetings. And I imagine now they're not anymore because you've actually achieved what the entrepreneurial shareholders were asking, I think, three years ago, more international, less Italy, etc., and hugely more cash distribution. So, I just wondered if now they're kind of asleep, not asleep, but it's kind of resting. What's pushing you to deliver more?
So, thank you very much, Michael. As you know, it's not our habit to comment on our shareholders. Thank you for the question, and concerning the shared services, Marco, that is of course for you. Giulio will comment on the Italy.
Yeah, so it's an interesting question. So clearly, it's a different direction compared to what we were doing before. If you look in the industry, you can calculate how many FTE are for each group, how many are in shared service or in function that serve multiple business units, and how many are working for a specific business unit. So we were very low compared to the other player in the industry. So it's something different that we are doing. We believe that this is very important in serving the customer in an efficient way. So also looking at how much pressure overall in the world there is on cost.
We need to deliver a better result. And I would say increasing by just two, three percentage points, the people on the shared service will not make us a machine or less people. Actually, these people are very important because we are going to leverage on their expertise to bring the best not only in one business unit, but in multiple business units. So, the way we work with people, the way we're going to leverage their expertise, the way we're going to leverage their skill are even more important. Am I forgetting?
Giulio?
No. Okay. So, no. On life, the contribution of Italy to our plan and our results is clearly very important. I can tell you that maybe less from an operating results, less on the life side where we have a little bit of a conservative assumption.
But on the P&C side, we expect to see nice growth combined also with the improvements of the combined ratio. So, we have really nice evolution. But more important is because I'm kind of new to Generali, I can tell you that the franchise we have in Italy is really outstanding. So, we have not only a great distribution, and that's really the best distribution that's in the market. And maybe I would even dare to say together with DVAG, the best distribution network in Europe. And then we have a lot of capabilities also in the business unit. For example, as we speak about artificial intelligence, they have about 100 people in the business unit in Italy developing tools. So, there are a lot of capabilities, a lot of really good asset and skill set.
So, when you put all together, it's not just about the contribution to the financial results. It's also really the contribution they have to the quality of the group, which is, in my opinion, outstanding, and I stop here with compliments. Otherwise, they get too cocky, and we want always to keep them on their toes.
If I can add on the remittance for the group, Italy contributes to around 30%. And it is not only CFO discussion. It is really now the total remittance of the group is 30% contribution from them, which is a signal of very clear alignment to the capital management priorities of the group. All the management team in Italy perfectly understands that they are a key driver for us, and the simplification that they did allows us also to manage this plan in a much better way.
Thank you very much. This concludes our...
Please. Third question.
Okay. Please, for...
You don't want me to answer it?
Oh, no.
No. I'm not going to comment on shareholders. What I can tell you is that during the past three years, we had a very good dynamic in our board of directors because the board is made with very senior, high-standing, experienced, international, independent, and competent board members. This is the reason why we've been able to achieve many things during the past three years. When you say we achieved what they wanted, the entrepreneurial shareholders wanted us to achieve, no, we achieved the plan. We presented an ambitious plan three years ago. And as we have showed today, we have overdelivered the plan. And by the way, this team has delivered, even overdelivered, three plans successively. What is pushing us to achieve more? This is our job to do even better, even more.
I think that you are pushing us to achieve more and to do more. And this is good. This is normal. This new plan is very ambitious. It will create significant value for all stakeholders. And I'm sure that we will overdeliver it once more.
Perfect. Thank you very much, Philippe. This concludes our Q&A session. But before we finish, let me hand over to Philippe for some closing remarks.
So, thank you very much again to all of you for joining us for our Investor Day. It was a real pleasure to host you here in this beautiful and meaningful Procuratie Vecchie. This 500-year-old building has always had a strong connection with Generali, with us, and means a lot to us. In fact, it was our second office ever opening in 1832, only a few months after our creation in Trieste.
Today, after a huge major renovation, it has become the home of The Human Safety Net. It is now an innovative, open, and forward-looking global hub for social purpose. Before we bring this event to a close, I would like to leave you with the following messages. Today, Generali is stronger than ever thanks to the powerful combination of our global insurance and asset management platforms. Such strength comes from a clear long-term vision and a path of continuity and persistence that has allowed us to successfully deliver over the last three strategic cycles. I'm very proud of what has been achieved since 2016. We are not done yet. As a leadership team, we are totally committed to making our group even stronger over the next three years through the disciplined execution of Lifetime Partner 27.
We are confident that we will achieve this goal by driving excellence in the way we serve customers in line with the ambition to be a lifetime partner to them, by driving excellence in our operating model, and by driving excellence and sustainable growth for all our stakeholders. And as we do it, we will further reinforce our action as a responsible insurer, investor, employer, and corporate citizen. We will also continue to follow our purpose, enable people to shape a safer and more sustainable future by caring for their lives and dreams. I would like to thank our management team and all our colleagues and agents worldwide who represent the heart and the soul of this group. Everything we have achieved is possible thanks to them. They will be equally instrumental in our future success.
I would also like to thank our shareholders for their continuous support over the years. Today, we are pleased to launch our Shareholders Club, which is another way to demonstrate our gratitude for your continued trust and loyalty. In conclusion, we are very excited to get started delivering excellence for all stakeholders, and on behalf of our 85,000 colleagues and 165,000 agents worldwide, I thank you once more for your attention. Thank you.