By Mauro Orru

Assicurazioni Generali is set to take full ownership of its property and casualty insurance business in China after an agreement with CNPC Capital, in a deal the company said would help it grow in what it called the world's second largest general insurance market by premiums.

The Italian insurer said Wednesday that it had signed an agreement to acquire a 51% stake in Generali China Insurance Company Limited for roughly 99 million euros ($108.2 million), lifting its ownership to 100% upon completion.

"China is the world's second largest general insurance market by premiums, with an attractive growth profile," said Rob Leonardi, Asia Regional Officer at Generali. "This transaction, which sees Generali obtain full ownership of GCI, will build on the high-quality business that has been developed with CNPC Capital."

Generali estimates the deal will shave about one percentage point off the group's regulatory solvency ratio.

Completion of the transaction is subject to regulatory approvals.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

January 10, 2024 09:03 ET (14:03 GMT)

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