Italian insurer Generali has reached an agreement for the sale of its 100% stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance Company, Ltd.
According to Generali, the agreement is aligned with its strategic plan to drive sustainable growth, enhance its earnings profile, and optimise its geographical footprint.
The disposal is reportedly expected to generate an immaterial impact on its Solvency II position and a capital loss of approximately €20 million after taxes and minorities with no impact on the adjusted net result.
The transaction is anticipated to be completed by the first half of 2025, subject to obtaining the necessary authorisations from the competent authorities.
PwC acted as the sole financial advisor and also provided vendor assistance services to Generali, while PJS Law (Dentons) acted as the legal advisor.
In related news, Generali recently reported a 5% year-on-year increase in its net result to €3 billion for the first nine months of 2024, as gross written premiums across the group rose 18% to €70.7 billion amid strong growth in both P&C and life.
