(Bloomberg) -- Assicurazioni Generali SpA will return €500 million to shareholders, following acquisitions last year that are set to boost its non-life and asset management businesses.  

The share buyback plan will be submitted for shareholder approval in April and started this year, the insurer said in a statement on Tuesday. 

Chief Executive Officer Philippe Donnet is focusing on insurance segments with high margins as he seeks to return as much as €5.6 billion to shareholders through dividends in the period 2022 to 2024. The executive is expanding in asset management as well as casualty and property insurance. 

Last year, the firm agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion and to buy Conning Holdings Ltd. by signing a partnership accord with Cathay Life, a unit of Cathay Financial Holding Co.

The acquisition of Liberty Seguros will contribute over €250 million annually to Generali’s pre-tax profit by 2029, it said in the statement. The firm also said it expects to achieve annual synergies between €70 million and €80 million from the Conning deal within five years.

“Recent acquisitions have further strengthened Generali’s position as a leading European insurer and expanded our asset management business globally,” Donnet said in the statement. The proposed share buyback is a “result of our confidence in both completing our plan and in the group’s cash and capital position.”

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