MILAN, Nov. 12 (Class Editori) -- Generali Assicurazioni rearranges in Asia: in Vietnam, it has just signed a new bancassurance agreement that will last 15 years with the local bank Ocb; in Malaysia, it has to decide what to do with the partner Mpib (Multi Purpose Insurance Berhad); in China, it is working to try to broaden the scope of private pension provision. It is a known fact that Generali Assicurazioni is interested in developing in Asia.
Several times the group CEO, Philippe Donnet and the general manager, Fréderic de Courtois, have reiterated their intention to increase the Generali's operations in Asian countries that continue to record high growth rates in the insurance sector. The goal remains the same as indicated in the business plan presented in November 2018 by Donnet: reaching a position among the top five in the countries where Generali operates, if not in terms of at least profitability premiums. In Vietnam, where Generali has been present since 2007 with around 400 people and a network of agents, the drive for growth has now come from the signing of a new commercial agreement: Generali Vietnam Life Insurance has signed a bancassurance partnership with Oriental Commercial Joint Stock Bank (OCB) under which the bank will distribute the insurance company's products exclusively. It is an institute founded in 1996 that in the past had also as its shareholder the French Bnp Paribas and which has over 200 stores and 120 offices scattered throughout the country. The agreement aims to accelerate the collection of Generali premium in Vietnam.
In June 2018 Donnet had met the country's Prime Minister Nguyen Xuan Phuc in Hanoi to discuss investment opportunities and the country's economic potential, during which Donnet had highlighted Generali's strong commitment to develop its activities in Vietnam and now made a significant first move. It remains to understand what will happen to the activities in Malaysia, where Generali in 2014 said it was ready to tighten its grip on the joint venture with the local partner, Multi Purpose Insurance (MPI), exercising the option provided by the contract and increasing its share from the 49% to 70% of the Malaysian company, up to the maximum allowed to foreign companies operating in the country. But then, everything had been frozen with the Mphb partners who in September 2017 announced that the central bank of Malaysia would have recommended to the finance minister not to approve the transaction and Generali has remained at 49%. Now the situation is topical again and it is possible that Generali will try again to increase his quota.
Meanwhile in May the company based in Trieste could decide to exercise another option, this time put, and finally dissolve the alliance by selling its 49% to Mphb. All the options are still standing. Meanwhile in China, as is known, since last April the campaign to try to enter the private pension market has opened and Generali is ready to move, in competition with other large international insurance groups, such as Pudential or the group based in Hong Kong. In February, Beijing gave the go-ahead for the first foreign joint venture established to create a retirement-type insurance business that is potentially worth a sum of 1,600 billion dollars. Generali is already present in China with Generali China Life, one of the five most important foreign companies Life of the Country, in partnership with China National Petroleum Corporation (Cnpc), one of the largest Chinese state-owned enterprises (energy) in the world and follows a lot from near the question of supplementary pensions, pending clarification from the Chinese authorities.
(Source:Class Editori)
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