The completion of the deal follows regulatory clearance and concludes a process that began with a public auction announced by the China Beijing Equity Exchange in late 2023.
The transaction, valued at approximately €99 million, increases Generali’s ownership in GCI from 49% to 100%, positioning the Italian insurer as the sole stakeholder in the P&C unit.
Generali had previously operated GCI as a joint venture with CNPC Capital, a subsidiary of China National Petroleum Corporation. This move represents the first time a foreign insurer has taken complete ownership of a Chinese P&C company through a compulsory public auction.
With full control of GCI, Generali plans to integrate the business more closely with its global operations and rebrand it under the Generali name. According to company executives, the move supports Generali’s strategic priorities in Asia and allows the group to tailor its offerings to meet evolving market demands in China’s insurance sector.
Generali intends to build out its distribution network in China and pursue insurance solutions that support carbon neutrality goals, such as climate-related risk coverage. The company aims to leverage its experience in Europe to introduce similar green products adapted to China’s regulatory and economic landscape.
While this transaction affects Generali’s group-level solvency by an estimated negative one percentage point, the financial impact is considered modest relative to the group’s total capital position.
Generali’s life insurance and asset management partnership with CNPC Capital, Generali China Life Insurance Company Limited, remains unaffected by the P&C acquisition. That joint venture, formed in 2002, remains active and reported gross written premiums exceeding €3 billion as of 2022.
Generali recently reported its financial results for 2024, showing gains across all primary business areas, including life, property and casualty, and asset management. The group’s total gross written premiums rose to €95.2 billion, marking a 14.9% year-on-year increase, supported by growth in both life and non-life segments.
The group’s adjusted net income rose to €3.77 billion, compared with €3.58 billion in 2023. Operating profit reached €7.3 billion, an increase of 8.2%, driven by higher margins in insurance underwriting and performance in investment operations.
In property and casualty insurance, Generali reported an operating result of €3.05 billion, a 5.1% improvement from the previous year. The combined ratio remained stable at 94.0%. The insurer also highlighted developments in claims management and underwriting discipline as contributing factors to this result.
