Generali has finalized the 100% sale of their participation in Generali Life Assurance Philippines to The Insular Life Assurance Company, insurance company based in Philippines.
The operation follows the announcement of the last 4 December and it is part of the strategic plan "Lifetime Partner 24: Driving Growth”, which provides for a rationalization of the Group’s geographical presence. The Lion of Trieste aims to concentrate on markets where it holds a prominent position.
According to the communication, the transfer will have a “negligible impact" on the Solvency II Ratio and will lead to a capital loss of approximately 20 million of euros, net of taxes and minority interests. The normalized net result will remain unchanged.
The deal received the green light from the relevant authorities and closed on time. PwC acted as financial advisor, while PJS Law (Dentons) provided legal assistance to Generali.
