Allianz CFO headed for Generali to lead insurance business - Italian media

MILAN (Reuters) - Allianz's Chief Financial Officer Giulio Terzariol is set to leave his post at the German group to take a top job at Italy's biggest insurer Assicurazioni Generali, two Italian newspapers reported on Friday.

Dailies la Repubblica and La Stampa reported Terzariol would become the head of the insurance business of Generali, which also has large asset management operations.

Terzariol will report directly to Chief Executive Philippe Donnet, la Repubblica said, with La Stampa adding the appointment was expected in the next few days.

Both Generali and Allianz declined to comment. Terzariol was not immediately available for a comment.

Donnet was reappointed as CEO for the Generali group last year, after surviving a challenge from some rebel domestic investors, who questioned his strategy calling for a more aggressive M&A policy.

The Italian press at the time mentioned Terzariol as a possible candidate to the CEO role sponsored by the main rebel shareholder, Italian buisinessman Francesco Gaetano Caltagirone.

However, Caltagirone put forward instead as his CEO candidate a former Generali executive who failed to secure sufficient support at a shareholder meeting called to appoint a new board.

Separately on Friday, two sources close to the matter said Allianz's supervisory board would approve next week extending by three years the mandate of CEO Oliver Bäte, whose contract is currently set to end on Sept. 30, 2024 according to the Allianz website.

(Reporting by Gianluca Semeraro; additional reporting by Alexander Huebner, editing by Valentina Za)