New life businesses open this week in the Philippines and Hong Kong
Generali has signaled its intention to grow its Asian life insurance operations, launching new companies this week in the Philippines and Hong Kong.
Generali Life Assurance Philippines will provide employee benefit solutions via group life and medical insurance to multinationals, as well as small and medium enterprises. It also plans to include individual life products in the future.
Reynaldo Centeno has been appointed as Philippines chief executive and said the new entity planned to become a “significant player” in the country.
“I truly believe we have tremendous growth potential in the Philippines, and am eager to get started. Over the past 15 years, Generali has built up a solid track record, an extensive network of quality service providers, and developed strong local relationships in the Phlippines,” he said.
“Our primary focus will be on deepening our relationships with partners and customers, establishing new distribution arrangements, introducing innovative products and delivering service excellence.”
Meanwhile, in Hong Kong, the new Generali Life company will offer traditional life, unit-linked and universal life insurance for “high net worth individuals and mass affluent customers”.
Generali Life Hong Kong chief executive Phuong Chung (pictured) said the new business “puts us in a great position to leverage our strengths and capture the market opportunities”.
“Hong Kong is a leading insurance and wealth management centre where we have seen a growing number of high net worth and mass affluent individuals looking for highly sophisticated solutions. As a leading global player with a solid track record in Europe and growing presence in Asia, Generali has the experience and capability to cater to these target customers.”