Asia includes China, Indonesia, India, Hong Kong, Vietnam, Thailand, the Philippines, Malaysia and Japan. The gross written premiums amount to € 2.6 billion, with a total operating result of € 60 million.
Figures as at December 31, 2016
Key Events in Asia
The Group has carried on business in Asia since the 1980s. It is currently present in China, Indonesia, the Philippines, Hong Kong, Japan, Thailand, Vietnam, India and Malaysia. The companies present in these last two countries, as well as China P&C, are not consolidated line-by-line as, at the moment, the relative shareholdings do not reach 50%.
Hong Kong is also home to the regional office, which coordinates the entire area’s activities. The life business comes from China, Indonesia, Hong Kong, the Philippines, Thailand, Vietnam and India, and is concentrated primarily in the saving&pension segment, as well as Protection and, to a lesser extent, unit-linked.
In the P&C segment we operate in China, India, Malaysia, Hong Kong, Thailand and Japan, with a premium volume which is in any event limited with respect to total income in the Region (directly and not directly consolidated).
The main distribution channels are banks and agencies, in rapid development especially in China. The direct channel is still in the initial phases of development in China and Thailand. The main contributor in terms of sales and profit in the Region is the Chinese life company, Generali China Life, a joint venture with the local partner CNPC, which today has become one of the top foreign insurance groups on the market.
Recently, the most significant transactions were the creation of a new life company in Hong Kong, added alongside the branch and the regional office. The company, founded in July 2016, is specialized in the High Net Worth segment. On the other hand, at the end of 2014 the Group entered the Malaysian market through an agreement with Multi-Purpose Capital Holdings Berhad (a wholly owned subsidiary of the Malaysian group headed by MPHB Capital) to acquire 49% of the P&C insurance firm MPIB “Multi- Purpose Insurance Berhad”, with the option to exercise a call option on the additional 21% of MPIB in the course of 2017. Thus, the Generali Group would hold a 70% stake in the company, the maximum allowed for foreign companies in Malaysia.