Insular Life Assurance Co. Ltd. (InLife), a leading life insurance company, has announced its full acquisition of Italy-based Generali Life Assurance Philippines, Inc. as part of a plan to expand its services in the country.
According to InLife, acquiring Generali supports its strategy to strengthen its market position and expand its capabilities, creating business synergies, boosting distribution, and enhancing its range of corporate products.
“As a homegrown company acquiring a foreign entity, we see this as a strategic step to cement our position as a leader in the life insurance industry,” said Nina D. Aguas, InLife executive chairperson.
InLife noted that the integration will leverage the combined expertise of both organizations, allowing the company to offer “world-class” insurance solutions and services to its policyholders and stakeholders.
“This acquisition is a proud moment for InLife as it demonstrates our capability and resolve to further expand and innovate while remaining steadfast to our mission of serving the insuring public,” Aguas also said.
Specifically, the deal between the two companies is expected to close by the first half of 2025, pending approval from the relevant authorities.
Generali to target key markets
As it exits the Philippine market, Generali announced it will focus on regions where it has a stronger presence to boost earnings and ensure sustainable growth.
Meanwhile, the sale is expected to have a minimal effect on Generali’s financial stability (Solvency II position).
Solvency II is the European Union’s (EU) regulatory framework for insurance and reinsurance companies, setting standards for financial stability and risk management.
However, this move will lead to a capital loss of around 20 million euros (over P1.22 billion) after taxes, but it will not impact the company’s overall adjusted net result.
As stated in its website, the Italian insurance company has been offering life insurance solutions to both international and local clients in the Philippines since 1999, with a focus on group insurance and credit life business.
Also, Generali offers customized employee benefits solutions with a network of over 2,400 hospitals and 33,200 doctors nationwide.
As for InLife, Aguas said that the insurance company is focused on its efforts in providing “exceptional” value to its policyholders and the communities it serves.