Asia includes China, Indonesia, India, Hong Kong, Vietnam, Thailand, the Philippines, Malaysia and Japan.
Figures as at December 31, 2017, market shares and rankings refer to 2016
The Group has been present in Asia since the 1980s. It is currently operating 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 company operating in the P&C segment, are not consolidated line-by-line as the relative shareholdings are not controlling. Hong Kong is also home to the regional office, which coordinates the entire area’s activities.
The Life income comes from China, Indonesia, Hong Kong, the Philippines, Thailand, Vietnam and India, and is concentrated primarily in the savings and protection segments and, to a lesser extent, the unit-linked segment. The P&C income, on the other hand, comes from 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.
The banking and agency channels are enjoying rapid development, especially in China, and are the main distribution channels. 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 in July 2016 of a new Life company in Hong Kong, specialised in the High Net Worth segment, added alongside the branch and the regional office. The joint venture in the Philippines with the partner Banco De Oro was also closed in mid-2016, and at the same time a new company 100% owned by the Generali Group operating in the Group Life and Employee Benefits business was created. 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 Multi-Purpose Insurance Berhad (MPIB), with the option to exercise a call option on the additional 21% of MPIB in the future. Thus, the Generali Group would hold a 70% stake in the company, the maximum allowed for foreign companies in Malaysia.
Key Events in Asia
MANAGER IN CHARGE
The CEO International is Jaime Anchùstegui Melgarejo.