Generali reached a agreement to sell 100% of his participation in Generali Life Assurance Philippines Inc. a The Insular Life Assurance Company, Ltd. The transaction represents a crucial strategic choice for the insurance group, in line with the “Lifetime Partner 24: Driving Growth” plan. The aim is to consolidate its presence in markets where Generali holds a leadership position, improving its earnings profile and pursuing sustainable growth.
The sale will generate a capital loss of 20 million
The sale will generate a net capital loss of approximately 20 million euros, net of taxes and minority interests, but without impacting the normalized net result. Furthermore, theimpact on Solvency II Ratio Group it will be negligible, a key element that guarantees Generali's financial stability.
The transaction, subject to approval by the competent authorities, is expected to completion in the first half of 2025.
PwC acted as sole financial advisor and provided vendor assistance services to the Group. PJS Law (Dentons) acted as legal advisor to Generali.
Generali: the “Lifetime Partner 24: Driving Growth” plan
Generali's strategic plan, “Lifetime Partner 24: Driving Growth,” focuses on a sustainable growth and on a continuous improvement of profitability, aiming to become a reference partner for its 70 million customers in over 50 countries. Among the main objectives there is expansion in high-potential sectors, such as SMEs, Senior Care in Europe and Travel in the United States. In the Life segment, the company plans to develop capital-light products and increase collections of unit-linked and protection lines.
Generali then also focuses on the innovation, investing €1,1 billion in technology and digitalization, enhancing digital consulting and expanding its omnichannel approach. The company intends to reduce costs and improve operational efficiency, with a positive impact on the cost/income ratio. A €250 million venture capital fund will be dedicated to insurtech, and Generali will launch a new digital platform in Europe.
Sul sustainability front, the plan includes the growth of premiums from sustainable products and a commitment to reduce CO2 emissions, as well as making new green investments between 2021 and 2025. The EnterPRIZE project will support SMEs in the sustainable transition, while The Human Safety Net will continue to support vulnerable people.
Finally, the Group focuses on involving your people, promoting an inclusive and sustainable work environment, with the goal of upskilling 70% of employees by 2024, and reaching 40% women in leadership positions. The Group will also adopt hybrid working models, contributing to the well-being of employees and stakeholders.
