BDO Unibank Inc. (BDO), a full-service universal bank based in the Philippines, recently secured final regulatory approval that allowed it to acquire full interest in Generali Pilipinas Holdings Company Inc (GPHC).
GPHC is the joint venture vehicle created out of the insurance partnership forged between BDO and Generali of Italy (Generali Group) in March 1999.
GPHC is the parent firm of life insurer Generali Pilipinas Life Assurance Company (GPLAC) and Generali Pilipinas Insurance Company (GPIC), which is engaged in non-life insurance.
The bank is re-focusing its insurance strategy to align with its thrust to solidify its presence in the broad-based middle income market.
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By assuming full control of the GPHC insurance operations, BDO will be able to adapt more readily to the demands of its target markets.
BDO’s President & CEO, Nestor V. Tan noted that the while the partnership with Generali has been integral to the success of the companies to date, BDO intends to embark on a new journey of diversifying into the life insurance sector via this new wholly owned unit to maximize cross selling of products to its extensive retail customer base.
GPLAC will be renamed BDO Life Assurance Company Inc.
Moreover, Generali Group has acquired GPIC and relaunched the company as life insurer, Generali Life Assurance Philippines Inc. (GLAPI).
“Over the past 15 years, Generali has built up a solid track record working in partnership with BDO. Generali has an extensive network of quality service providers and strong local relationships in the country. It intends to leverage these strengths and grow its group and retail businesses for the long term,” Generali said.
Generali Life Assurance Philippines Inc. (“Generali Life Philippines”) will provide employee benefit solutions via group life and medical insurance to multinational corporations, as well as small and medium enterprises.
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It also plans to expand its product offerings to include individual life products. With Generali’s international experience and product and service innovation, Generali Life Philippines aims to become a significant player and cater to the insurance and financial needs of the Filipinos.
The company said the transaction between BDO and Generali will have no impact whatsoever on the terms and conditions of all existing GPLAC individual and group policies.
These policies will remain in their present form and will be fully honored notwithstanding the change in ownership. GPLAC will continue to support and service all existing policyholders as provided for under their in force policies. – BusinessNewsAsia.com