Nina Aguas—Contributed Photo
MANILA, Philippines — Life insurance giant Insular Life Assurance Co. Ltd. will buy the Philippine business of Italy-based Generali Life as part of an expansion plan seen to broaden its services in the country.
In a statement on Wednesday night, InLife said it had agreed to acquire 100 percent of Generali’s stake in Generali Life Assurance Philippines Inc. The deal will be finalized in the first half of 2025.
According to InLife, its takeover of the Italian insurance company will bring “key business synergies, reinforce distribution strength and expand the company’s end-to-end corporate product suite.”
“This acquisition is a proud moment for InLife as it demonstrates our capability and resolve to further expand and innovate while remaining steadfast to our mission of serving the insuring public,” InLife executive chair Nina Aguas said.
Focusing on core market
For its part, Generali said the sale would allow it to focus on its core markets and enhance its earnings profile.
PwC acted as the sole financial advisor and provided vendor assistance services. PJS Law (Dentons) served as the legal advisor to Generali.
Generali had a total premium income of 82.5 billion euros in 2023, with presence in over 50 countries, according to its website.
It currently has around 82,000 employees serving 70 million customers globally.
Generali is expected to incur a loss of around 20 million euros as a result of the disposal of its Philippine assets.
Still, it emphasized that the deal would have “immaterial impact” on its Solvency II position.
Solvency II refers to the regulatory framework for insurance and reinsurance firms in the European Union that sets the standards for financial stability and risk management.
Generali Philippines was established in 1999. It currently provides life insurance solutions to both international and local clients.