In recent years, we have developed our presence in Asia, a region with low insurance penetration, high levels of saving and forecasts for strong economic growth.
Key Events in Asia
We have had a presence in Asia since 1980, with offices in China, where we have become one of the leading foreign insurance groups in the life business (in partnership with China National Petroleum Corporation). We also have offices in Indonesia, Philippines, Thailand, India, Vietnam and Japan. The region is now worth 2% of premium income and 1% of the operating result. We believe it is one of the strategic markets for the future.
We intend to pursue organic growth in the region, particularly in China and Indonesia, expanding the existing distribution network and the product range. Over the next few years, we also intend to identify opportunities for M&As and distribution agreements.