Generali completes sale of Philippines business
By Navneeta Nandan
May 23 - (The Insurer) - Generali announced on Friday that it has completed the sale of 100% of its stake in Generali Life Assurance Philippines to Insular Life Assurance Company.
The Italy-based insurer said in December 2024 that the sale would focus its geographical footprint on the insurance markets in which it has a leading presence.
PJS Law (Dentons) acted as legal adviser to Generali.
The insurer previously said that the sale would have an immaterial impact on its Solvency II position and would generate a capital loss of approximately 20 million euros ($22.7 million) after taxes and minorities, with no impact on the adjusted net result.
Last month, Generali’s chief executive officer Philippe Donnet secured shareholder support to continue in the role for three more years.
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