GENERALI Group of Italy has obtained a license to operate a life insurance company in the Philippines, aiming to become a significant player in this market in the years ahead.
Assicurazioni Generali S.p.A. announced on Monday that its local unit, Generali Life Assurance Philippines Inc. (Generali Life Philippines), would provide employee benefit solutions via group life and medical insurance to multinational corporations, as well as small and medium enterprises.
Generali Life Philippines also intends to expand its product offerings to include individual life products.
The group is building an insurance business on its own after ending a 17-year insurance venture with BDO Unibank.
Insurance veteran Reynaldo Centeno was appointed as chief executive officer of Generali Life Philippines.
Prior to joining Generali, Centeno was with Philam Life companies, where he held several senior leadership roles as chief operating officer, chief financial officer and chief actuary. He has extensive experience from having been involved in various areas including pre-need, health care, non-life insurance, mutual funds, savings bank, credit card, call center and property development.
Centeno holds a Master of Science degree in Actuarial Mathematics from the University of Michigan and is an accredited life and non-life actuary.