Generali expands its footprint in China by fully acquiring Generali China Insurance.
Hanuman Footprint :1Generali Expands China Insurance Now
Generali is now the only owner of the property and casualty insurance industry in China after signing a deal to purchase the remaining 51% of Generali China Insurance Company Limited (GCI).
generali- logo The €99 million deal is a major step forward for Generali’s strategic expansion into important Asian markets.
The acquisition is in line with Generali’s “Lifetime Partner 24: Driving Growth” strategy, which aims to strengthen the company’s position in important Asian markets. It was the outcome of a public auction process that was started by CNPC Capital.
The estimated impact of the transaction on the Regulatory Solvency Ratio of the Generali Group is approximately -1 percentage point, contingent upon regulatory approvals.
With full ownership of GCI now acquired, Generali intends to use this to increase the size of its distribution network in China and capitalize on the nation’s efforts to achieve carbon neutrality to improve its line of green business insurance.
The company wants to stand out from the competition and make better use of its local, regional, and worldwide experience to enhance GCI’s distribution plan.
“This acquisition is fully aligned with our Group strategy, which aims at strengthening our footprint in key Asian markets,” said Jaime Anchústegui, CEO of Generali’s international division. Gaining complete ownership of GCI will allow us to develop our product line, market reach, and distribution system even further.
Reliance Footprint
Generali and CNPC Capital will maintain their prosperous collaboration in the Life and Asset Management domains by means of their joint venture, Generali China Life Insurance Company Limited. established in 2002.
In 2022, this joint venture’s gross written premiums exceeded €3 billion.
The strategic significance of China in the global insurance market was emphasized by Generali’s Asia Regional Officer, Rob Leonardi. He expressed confidence that the acquisition will position Generali to take advantage of opportunities and establish itself as more customers’ preferred insurance partner in China.
In this deal, Generali received legal and financial advice from Fangda Partners and UBS, respectively.
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