Generali announced on Wednesday that it would be acquiring a 100% stake in its Chinese property-casualty (P&C) insurance subsidiary, previously 49% owned by the Italian group.

In a press release, the Trieste-based insurer states that it will pay 99 million euros to acquire the 51% of Generali China Insurance (GCI) that it did not already own.

It explains that the operation will enable it to develop its offer, as well as expand its distribution network.

In life insurance, Generali will continue to operate with its local partner CNPC Capital the joint venture Generali China Life Insurance Company, created in 2002 and which generated three billion euros in gross premiums in 2022.

The two groups will also continue to jointly own Generali China Asset Management Company, which specializes in asset management.

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