Generali will act as an advisor to Chinese authorities on pension plans and benefits for retired employees of state-owned enterprises

Generali has been chosen by China’s State-owned Assets Supervision & Administration Commission (SASAC) to act as advisor on pension plans for retired employees of state-owned enterprises (SOEs) held by the Chinese central Government.

On 20 February 2008, Generali Group chief executive officer Sergio Balbinot met with SASAC deputy chairman Shao Ning in Beijing and Ma Zhengwu, chairman of the China Chengtong Group (CCT).

The CCT Group has been chosen by SASAC as to lead the way for all SASAC state-owned enterprises involved in the reform and restructuring of State-owned assets and personnel.

“In its advisory role, Generali intends to draw on and share with China Chengtong its international expertise.

Generali Group chief executive officer Sergio Balbinot

Balbinot said: ‘I am very honoured that Generali has been chosen by the Chinese authorities to provide SASAC and CCT Group with technical assistance on pensions and benefits for retirees of state-owned enterprises’.

Balbinot added: ‘In its advisory role, Generali intends to draw on and share with China Chengtong its international expertise.’

In 2002 Assicurazioni Generali S.p.A. and China National Petroleum Corporation (CNPC) established the life insurance joint venture, Generali China Life Insurance Company. In 2005 Generali China Life wrote a single-premium group policy covering 390,000 CNPC retirees, for RMB 20bn.