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Italy’s insurance giant Generali eyes opportunities in China’s new energy sector

Italian insurance giant Generali is optimistic about China’s economic prospects, eyeing cooperation opportunities with Chinese companies in a wide range of fields including electric vehicle (EV), Pierre Martelly, chief insurance officer of Generali International Asia, said in Beijing on Saturday.

“There are multiple opportunities for us in China,” Martelly told the Global Times on the sidelines of the Annual Conference of Financial Street Forum 2024.

Martelly said that the company is involved in businesses such as life insurance, savings, pensions, property and casualty insurance, and asset management in China.

“Today, we discuss green insurance and green development opportunities [at the forum]. We have a lot of expertise from Europe, but the biggest investments in EVs, solar, and wind are actually happening in China. So by combining our insurance expertise and all the assets that are being developed in China, we see great potential for collaboration,” Martelly said.

Martelly added that the company is also helping insure Chinese companies abroad for their green investments involved in the Belt and Road Initiative.

“We are quite confident in the Chinese economy,” Martelly said.

In the economy, there are cycles. Although there is a slight downturn in the Chinese economy, “we see a lot of opportunities for us,” Martelly said, referring to the company’s investment of about 100 million euros ($108 million) to acquire the majority share in Generali China Insurance Company Ltd in the beginning of this year.

This acquisition represents a long-term strategic investment to develop a fully owned and controlled general insurance business in China, positioning Generali well to capturing an increasing share of the growing Chinese market. Upon completion, Generali will become the first foreign player to acquire a controlling stake of a Property & Casualty insurance company from a single state-owned entity in China purely via a mandatory public auction process, according to a press release on the company’s website in January.

China is increasing cooperation with the EU on accounting and solvency rules, which bodes well for future investments, according to Martelly.

China has implemented over 50 financial opening up measures in recent years, including eliminating foreign ownership limitations in the banking and insurance sectors and lowering access criteria for foreign investors, according to the Xinhua News Agency.

China has seen 24 foreign systemically important banks establish branches in the country, and nearly half of the world’s top 40 insurance companies have entered the Chinese market, official data showed.

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