MANILA, Philippines — Italian insurance firm Generali will sell its entire Philippine business to Insular Life Assurance Co. Ltd. to focus on its core markets.

In a statement posted on its website, Generali said the sale of 100 percent of its stake in Generali Life Assurance Philippines Inc. will be finalized in the first half of 2025.

According to Generali, the sale will “enhance its earnings profile and optimize its geographical footprint, focusing on the insurance markets in which Generali has a leading presence.”

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“The disposal is expected to generate an immaterial impact on Generali’s Solvency II position and a capital loss of approximately 20 million euros after taxes and minorities with no impact on the adjusted net result,” Generali added.

PwC was tapped as the sole financial advisor, it said.

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