VENICE (Reuters) -Generali on Thursday pledged to return more than 8.5 billion euros ($8.9 billion) to shareholders through dividends and share buybacks through 2027, as CEO Philippe Donnet said he would be ready for a new term.

Donnet, whose term at the helm of Italy's biggest insurer ends in the spring, in the past has come under attack from two billionaire investors who sought in vain to oust him in 2022, complaining he had not done enough for Generali's expansion.

Donnet has the backing of Generali's top investor Mediobanca, a Milanese bank which recently became a takeover target for state-backed Monte dei Paschi (MPS).

Generali said it had earmarked 1.5 billion euros under the plan for mergers and acquisitions, after signing this month a memorandum of understanding with France's BPCE to set up an asset management joint venture that would have more than 1.9 trillion euros in assets.

In presenting its new multi-year strategy, Italy's top insurer committed to growing earnings per share (EPS) by 8-10% a year on average in 2025-2027 with a net cash flow above 11 billion euros, it said in a statement.

The insurer said buybacks would total at least 1.5 billion euros, including 500 million euros for 2025.

($1 = 0.9599 euros)

(Reporting by Gianluca Semeraro; Editing by Valentina Za)