Italy's Insurance Giant Generali Wants To Expand In Asia, Notably In India and Vietnam

Online, August 30, 2010 (Newswire.com) - [For Immediate Release]
(Mumbai, August 30, 2010): Italian insurance major, Assicurazioni Generali S.P.A, Thursday said it is keen on expanding its business in Asia, with focus to be put on India and Vietnam. Generali president was quoted saying the Italian insurance giant was mulling an Asian business expansion as it seeks to increase its global foothold. The reports emerged in the financial daily I1 Sole 24 Ore, indicating the firm may be out for acquisitions in Asia.

Generali president, Cesare Geronzi, said the firm was currently mulling Indian acquisitions but will in the immediate future ponder a Vietnam presence. He reiterated that Generali's development in India might enable the firm make a Vietnam foray. Cesare was speaking after a press conference, when he disclosed the firm's plans, said the reports.

Even so, the president reiterated that as yet, Generali does not have any tangible offers for any Asian acquisitions in India or Vietnam but would only acquire firms or investments that are necessary to its core business, said Cesare. Generali is currently the biggest foreign insurance firm in China, with an existing robust presence in Asia. Generali's presence in Asia spans countries such as India, Thailand, the Philippines, Indonesia, Japan and Hong Kong.

Its Vietnam expansion plans come amidst the wait for authorization to commence operations after the firm got a licence to undertake business in the country. Sergio Balbinot, Generali chief executive officer, reiterated earlier that the Italian insurance giant was mulling a strong and robust presence in Asia via additional investments. Balbinot said the firm was considering all the prospects available in the places where it already has running businesses or interests.

Accordingly, he reiterated that Generali was not looking to establish itself in all countries in Asia. Rather, the investment move in Asia, India in particular at first, will be targeted at increasing its Asian presence to build on the firm's existing business in the states where it currently has operations. Assicurazioni Generali S.p.A.is the largest insurance company in Italy and one of the largest in Europe. It has its headquarters in Trieste.

Generali operates primarily in Europe, Middle East and East Asia, with large market shares in Italy, Poland, Germany (under the name of Generali Deutschland), France, Austria, Slovenia, Serbia, Spain, Switzerland, Israel, Japan, China and Bosnia and Herzegovina, with secondary operations in Latin America, for example, in Panama. For more information about foreign investments in India, visit http://www.investinindia.com.