Generali clinches life insurance licence in Philippines

Added 9th August 2016

Italy’s largest insurer Generali has been granted a licence to operate as a life insurance company in the Philippines, according to local media reports.

Generali clinches life insurance licence in Philippines

The move comes as the insurer looks to relaunch its life business, Generali Life Assurance Philippines, in the country following the end of a 17-year joint venture with the Philippines' largest lender, BDO Unibank earlier in the year.

The new business will provide employee benefit policies via group life and medical insurance to multinational corporations, as well as small and medium-sized enterprises, operating in the Philippines.

Generali Life Assurance Philippines also has plans to offer individual life insurance policies.

Partnership split

In June, BDO announced a buyout of holding company Generali Pilipinas Holdings Company, which oversaw the joint venture units Generali Pilipinas Life Assurance Company (Gplac) and Generali Pilipinas Insurance Company (Gpic)

During the split, Gplac was renamed as BDO Life Assurance Company while the Generali Group acquired Gpic, rebranding the company as Generali Life Assurance Philippines.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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