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.
