Generali boosts China presence by acquiring 100% of local JV

MILAN (Reuters) – Italy’s biggest insurer Generali on Wednesday said it would acquire full control of an insurance joint-venture in China after buying the majority stake held by local partner CNPC Capital for around 99 million euros ($108 million).

The acquisition follows CNPC Capital’s decision in November to launch a public tender for its 51% in the Generali China Insurance (GCI) partnership it holds with the Italian insurer.

Generali will continue to partner with CNPC Capital in life and asset management through their Generali China Life

Insurance joint venture.

($1 = 0.9137 euros)

(Reporting by Valentina Za, editing by Giulia Segreti)