The company confirmed on Thursday that it has signed a deal to offload its stake in Guatemala, which consists of 51% in Aseguradora Generali to local partners.
Meanwhile, in Liechtenstein, the insurer has agreed to sell Fortuna Lebens-Versicherungs, a life company it has wholly-owned since last year, to FWU, a German group operating in the financial services sector.
Generali said the exits are part of its strategy to focus on investments in markets with the greatest potential and “less capital or cash absorption”.
Both transactions are still subject to regulatory approval, added the company.
In August, local media reported that the company was granted a licence to operate as a life insurance company in the Philippines.
The insurance giant also strengthened its presence in Hong Kong earlier this year with the launch of a new company, Generali Life Hong Kong, to sits alongside its existing Assicurazioni Generali – Hong Kong branch.
The new business will offer a range of life insurance and unit-linked products to high net worth individuals and mass affluent customers.
Refined footprint
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”.
