Generali Group, Italy's leading insurer, has obtained a licence to operate a life insurance company in the Philippines, aiming to become a significant player in this market.
Generali announced earlier this week that its local unit, Generali Life Assurance Philippines would provide employee benefit solutions via group life and medical insurance to multinational corporations, as well as small and medium enterprises, reported the Inquirer.
Generali Life Assurance Philippines also intends to expand its product offerings to include individual life products.
The group is building an insurance business on its own after ending a 17-year insurance venture with the largest Philippine lender, BDO Unibank. Last year, the bank and the Generali Group concluded an agreement to terminate the joint venture vehicle Generali Pilipinas Holdings, the parent of Generali Pilipinas Life Assurance Company (GPLAC) and non-life insurer Generali Pilipinas Insurance Company (GPIC). The partnership had been established in 1999.