MILAN, Feb. 3 (Class Editori) - Generali is ready to grow and invest on many markets: from South America to Asia, passing through Spain, Switzerland, Portugal and Greece. This information has been given by Jaime Anchustegui, leader of the International business of Generali since 2018, who has personally evaluated some of those markets. In fact, during his 26-year tenure at Generali Group, he has been CEO of the company in Spain and has worked in Mexico, Peru and Brazil. Nowadays, he is coordinating all these countries under the umbrella of “International business”, which groups the European markets (apart from Eastern Europe, France, Italy and Germany), the whole Asia and South America. Areas, which, with an overall amount of 8.3 billion, accounted for 13% of the insurance premiums of Generali Group in 2018 and 14% of the operating result. The group is aiming at strongly focusing on these areas, because it is aware of the huge growth potential of this countries and it has many resources at disposal.
As already declared by the group CEO Philippe Donnet, the company is still looking around, because it is well aware of the great power of €3 billion that it owns. Of course it is not easy to seize the right opportunity, and not only from a monetary point of view. As it has already been recalled by the Lion of Trieste, in order to close the deal which will ensure Generali to take a great step forward in growth, as expected by the market, a perfect integration with the group strategy is needed. This goal has not been reached with the Spanish BBVA and the American Metlife. According to leaks never commented by Trieste, Generali had been among the companies that tried to become the finance partner of BBVA (in particular in South America) and to acquire the European business of Metlife, but both these deals have not been closed. “We are considering the opportunities for an asset management in UK, the USA, and Asia; as far as the insurance sector is concerned, we are aiming at strengthening our leadership in Europe, by seizing every quality opportunity”, as Donnet stated.
But also the markets coordinated by Anchustegui are the target of this operation. Today, we just need to look at China, where the Lion has already been among the first five Life insurance International companies. In the country, the Group has established a partnership with the China National Petroleum Corporation (CNPC), which is the first oil company of the country; the Italian Group of Trieste is holding 50% of this lifetime joint venture (according to Chinese laws, in fact, foreign companies cannot detain the majority share). A larger opening in shareholding to foreign companies has been discussed for a long time and Generali Group has paid carefully attention to this. “Sooner or later the further opening will arrive”, as Anchustegui stated, “but we know that our partner CNPC is and will be a strategic one and we are glad to work with it”. Donnet has recently summarized this topic, explaining that it is better to hold a 50% share of a company which is earning profits rather than the 100% of a company which is barely growing.
“I am also very pleased of Malaysia, where we detain 49% of a well-run non-life insurance company; meanwhile in Vietnam we have signed a 15 year agreement with the local Oriental Commercial Bank”, Anchustegui has added, recalling that Generali Group owns a regional office in Hong Kong in order to manage all the Asian activities.
Concerning South America, Chile - in particular with the social security sector - and Argentina have been among the countries which have contributed the most to the achievements of Generali Group. In the country, the company is the market leader; it has recorded an increase by 10% in the number of insurance policies and it has just signed an agreement with the Mercato Libre (the Amazon of South America), whose model will be also duplicated in other markets.
As far as Europe is concerned, Anchustegui explained that he is very satisfied by Spain (“among the best European markets”) and Portugal, where Generali Group, thanks to the acquisitions of Seguradoras Unidas and Advancede Care, has reached about one billion insurance premiums and has ranked second in non-life insurance market. “Now we are going to work on the technological development and integration of the company”, he said, expressing surprise and satisfaction also about Greece. “Generali Group has reached the best market achievements”, and then he concluded “now we are aiming at growing in markets where the company has chosen to operate”.
(Source:Class Editori)
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