G Generali

By Giovanni Legorano

MILAN--Assicurazioni Generali SpA (G.MI) said Wednesday that the asset sales carried out over the past year will allow it to reduce its debt and focus more on its core business.

In an update to its business strategy, the insurer said it confirmed its operating return on equity target of 13% by 2015 and a Solvency 1 ratio above 160% for the same year.

It also said its gross savings target is 750 million euros ($1.02 billion) for 2015 and EUR1 billion by 2016.

"In recent months the group has worked hard on its cost base. A series of simple and effective actions have been identified to keep the cost base flat," the Generali Group Chief Executive Mario Greco said in a statement.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

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