The new company, Generali Life Hong Kong, sits along side the Assicurazioni Generali - Hong Kong branch that provides general insurance to retail, small and medium enterprises, and corporate customers, as well as life insurance related products to groups and private banks.
Generali has offered life and general insurance through different entities to individual and corporate clients in Hong Kong for almost 40 years and has its Asian regional office based there.
In December 2015, Generali International merged with Generali Worldwide, to focus on its operations in the Bahamas, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey, Hong Kong, Singapore and the UAE.
The merger saw the insurer stop selling its products in 14 jurisdictions; including China, Brazil, and Switzerland.
In an interview with International Adviser, Generali Worldwide chief commercial officer Nick Griffin, explained that the “geographic footprint of the organisation has become more refined”.
The former regional director, Far East of Generali International, added: “We envisage Generali Worldwide becoming a more selective global player where deep market penetration, based on a local knowledge and presence, will be pursued.”
Phuong Chung, chief executive of Generali Life Hong Kong, said: “[This] marks an important milestone for Generali Asia. The creation of Generali Life Hong Kong 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.”
He continued: “Over the years, Generali in Hong Kong has established long-term relationships with our business partners, clients and stakeholders. Our client-centric approach, quality distribution partners and innovative product offerings have always been our key differentiators. Going forward, we will continue to focus on product and service excellence and reinforce Generali’s position as the insurer of choice in Hong Kong.”
The launch of the new Hong Kong company comes just around a year after Generali International’s sales manager for North Asia, Nick James, left the firm after spending more than a decade there.
His departure came shortly after Generali introduced a new Hong Kong savings product that was fully compliant with the ban on indemnity commission.