Weekly Digest: Generali to fully acquire China unit; Korea Post Insurance seeks PE managers
TOP NEWS OF THE WEEK
Generali has signed an agreement for the acquisition of 51% of Generali China Insurance (GCI) Company for a consideration of approximately €99 million ($108 million). Upon completion, Generali will become the 100% shareholder of GCI.
The signing follows the public auction process initiated by CNPC Capital, as per the disclosure made to the China Beijing Equity Exchange on November 2, 2023. The completion of the transaction is subject to regulatory approvals.
The acquisition represents a long-term strategic investment to develop a fully owned and controlled general insurance business in China, positioning Generali well to capture an increasing share of the growing Chinese market.
Source: Generali
OTHER INVESTMENT NEWS
HONG KONG
The Insurance Authority (IA) launched a public consultation on four draft rules to tie in with the implementation of the new capital regime, covering exemption criteria for the appointment of general insurance actuary, requirements for maintenance of assets in Hong Kong in respect of general business, and the valuation basis and capital requirements for marine insurers, captive insurers and Lloyd’s.
The public consultation on two draft rules, namely the draft insurance (valuation and capital) rules and draft Insurance (submission of statements, reports and information) rules, which was launched on December 5, 2023, will end on January 16, 2024.
Source: Insurance Authority
KOREA
Korea's National Pension Service (NPS) owns a 5% or greater stake each in 283 Korean listed firms as of January 10, according to its disclosure on Korea Exchange. The shares were valued at W133.83 trillion ($101.4 billion).
Stocks the pension fund holds in the 283 companies increased 3.21% in value, or W4.16 trillion from end-September of the last year to January 10, compared with the 3.12% increase of the Korea Composite Stock Price Index (Kospi) in the same period.
Source: Korea Economic Daily
Korea Post Insurance has sent out a request for proposals (RFP) for an overseas private equity and private debt mandate of an undisclosed size.
The mandate will be for fund of funds investments and reporting, and bidders will have to be registered in Korea for a three-year period. The deadline is January 22.
Source: Korea Post
TAIWAN
Nanshan Life Insurance, Taiwan’s third-largest life insurer, anticipates a rebound for the industry with the US Federal Reserve ending its interest rate increases and as a four-year ban on selling investment-linked products was lifted.
Yin Chung-yao, the chairman of Nanshan Life, now has a “very positive” outlook for the industry. “The Fed will have to cut rates this year and that would certainly help the insurance sales,” Yin said in an interview on Bloomberg TV.
Source: Bloomberg
INDIA
India’s competition watchdog has approved Singaporean sovereign wealth fund GIC's proposed acquisition of additional unitholding in Data Infrastructure Trust.
Data Infrastructure Trust (DIT) is an infrastructure investment trust (InvIT) and provides passive telecom infrastructure services.
US-based Brookfield Asset Management is the sponsor of DIT.
Source: PTI
INDONESIA
Thailand-based Insurtech Roojai Group has acquired Lifepal, an online insurance broker in Indonesia.
Roojai said Lifepal will provide access to the largest online distribution channel in the country, while Roojai will help to improve the company’s performance via its proprietary pricing and underwriting technology.
Lifepal has been searching for a new investor since last year.
Source: Technode
The above briefs are curated from press releases and third-party media sources.