(Reuters) — Generali, Italy's biggest insurer, said it would stick to bold earnings goals for 2024, hike dividends and launch its first buyback in 15 years as CEO Philippe Donnet's bid to stay on faces opposition from two billionaire investors.

Mr. Donnet's reappointment as CEO next year is opposed by construction magnate Francesco Gaetano Caltagirone and Leonardo Del Vecchio, founder of eyewear giant Luxottica, who want the insurer to be more ambitious in expanding via acquisitions.

The new strategy, which Mr. Donnet outlined in a news briefing Wednesday, earmarks up to €3 billion ($3.4 billion) for mergers and acquisitions in insurance and asset management.

When the plan was put to a board vote, Mr. Caltagirone opposed it and a representative for Mr. Del Vecchio did not attend the meeting after saying they received details too late to study them properly, two sources close to the matter said.

Overall, the plan won 11 out of 13 votes, the sources said. Mr. Donnet is backed by Mediobanca, Generali's biggest shareholder. Mr. Caltagirone and Mr. Del Vecchio are the second and third largest.

The stock climbed 1% Wednesday, as analysts gave the new strategy a thumbs up.

"M&A remains a tool to accelerate value creation for shareholders," Mr. Donnet told the briefing, saying Europe and Asia would be targets for insurance and asset management, and the United States and Britain just for asset management.

In addition to the buyback over the next 12 months, Generali aims to pay up to €5.6 billion in dividends in the next three years, up from €4.5 billion in the previous three years. It said it aimed for average earnings per share growth of 6%-8% a year.

In his previous M&A plan, Mr. Donnet had spent 85% of a €4 billion M&A war chest. He spent almost €1 billion buying rival Italian insurer Cattolica.

Under the strategy outlined Wednesday, the Trieste-based insurer also said it would increase digital investments by 60% versus 2021 to a cumulated €1.1 billion by 2024.

The company aimed to boost premiums in nonmotor property and casualty by more than 4% a year on average in 2021-2024, it said, adding that it targeted small businesses and senior care in Europe and travel insurance in the United States.