Generali agrees sale of its Philippines business

Milan – 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..

The transaction is aligned with the Group’s “Lifetime Partner 24: Driving Growth” strategic plan to drive sustainable growth, enhance its earnings profile and optimize its geographical footprint focusing on the insurance markets in which Generali has a leading presence.

The disposal is expected to generate an immaterial impact on Generali’s 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 expected to be completed by the first half of 2025, subject to obtaining the necessary authorisations from the competent authorities.

PwC acted as sole financial advisor and also provided vendor assistance services to the Group. PJS Law (Dentons) acted as legal advisor to Generali.