Andrew Putwain: Can you talk to me about your background and your role at Generali?
Anna Maria Reforgiato-Recupero: I began as a wannabe academic, studying economic theory, and then I moved into investment banking and markets.
This blend of academia and markets shaped a disciplined approach focused on optimisation under constraints, which aligns directly with my day-to-day role. This means high awareness of risk, capital efficiency and balance sheet resilience. This is the starting point for investment portfolio management for an insurer – we can’t abstract from the liability side: it’s where we start from. Moreover, the liabilities are not purely financial, which is what makes the exercise supremely interesting compared to traditional asset managers.
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