Generali has completed the acquisition of the minority stake in Generali Asia, a move to simplify the company’s business structure in the region.
Under the terms of the deal, Generali acquired 40% minority stake, worth 40m, from its partner Kuok Group.
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The Generali Group CEO Mario Greco said that the minority buy-out of Generali Asia allows the company to simplify its operations in the region and it is in line with its strategy to have the full control of its core businesses.
"This investment is testament to our commitment to Asia, an area with exceptionally high growth prospects due to rising middle class and a young population," Greco added.
Generali Asia, established in 1999, is the holding company controlling the group’s insurance operations in the Philippines, Thailand and Indonesia.
In Indonesia, Generali Asia operates in the Life segment through a multi-channel distribution strategy, while in the Philippines, it runs in the Life segments primarily through bancassurance.
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By GlobalDataThe company’s operations in Thailand are currently in the P&C and Life businesses segments through in the direct and broker channels.
