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Generali executive points finger at government intervention

A top-ranking executive with Italian insurer Generali has suggested in an interview with the Financial Times that recent intervention by the country's government in commercial dealings has been "negative for the market."

According to the FT, Giovanni Perissinotto, co-chief executive of Generali, said that he believes interference by the Italian government to be partly responsible for the performance of the company’s shares, which have been below that of similar companies based in other countries.

It has been reported that Italian politicians have intervened on a number of occasions in the recent past in order to prevent Italian interests from being merged or divested abroad.

In the interview, Mr Perissinotto complains that government interventions have been of an ad hoc nature, which undermines the credibility of the system.

Elsewhere in the interview, Mr Perissinotto also pours cold water on rumors of a possible bid for UK-based insurer Aviva. He admitted that Generali is keeping an eye on opportunities in the UK but ruled out any move for Aviva in the near future.