Italian-based insurer Generali has launched a new company in Hong Kong offering life insurance and unit-linked products to high net worth and mass affluent customers.
The new company will be called Generali Life Hong Kong, will operate alongside Assicurazioni Generali - Hong Kong branch that provides general insurance to individual and corporate customers. Generali has been present in the Hong Kong market for almost 40 years and it also has its Asian regional office there.
Offering “a comprehensive product range including traditional life, unit-linked and universal life,” Phuong Chung, CEO of Generali Life Hong Kong said that the launch “marks an important milestone for Generali Asia.”
“Hong Kong is a leading insurance and wealth management centre where we have seen a growing number of high net worth and mass affluent individuals looking for highly sophisticated solutions. As a leading global player with a solid track record in Europe and growing presence in Asia, Generali has the experience and capability to cater to these target customers,” Chung continued.
Generali has been a presence in the Hong Kong market for almost 40 years and Chung believes that the relationships the business has built in that time will aid the development of the new life unit.
In December last year, Generali International merged with Generali Worldwide to focus on operations in the Bahamas, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey, Hong Kong, Singapore and the UAE, while stopping operations in 14 territories, including China, Brazil, and Switzerland. With over 76,000 employees in over 60 countries, the Generali Group has a total premium income of over US$82bn worldwide.
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