KUALA LUMPUR: Generali Malaysia will focus on completing its business integration in Malaysia and in MPI Generali Insurans Bhd within two years.
Generali Malaysia, part of the Italy-based Generali group, completed its acquisition of a controlling majority in AXA-Affin joint ventures in Malaysia and has a 100 per cent stake in MPI Generali Insurans Bhd.
Country head for Generali entities in Malaysia Fabrice Benard said Malaysia has strong potential for insurance penetration in view of its economic growth.
Benard, who is also Generali Insurance Malaysia Bhd chief executive officer, said its business integration started in September last year and it is only a third into those plans.
On April 1, 2023, its businesses were integrated under a single, unified brand Generali Malaysia. It now has two companies Generali Malaysia Life Insurance Malaysia Bhd and Generali Insurance Malaysia.
“We have achieved a successful system migration. At the moment, it is integration customisation, protecting our customers, agents and our teams," he told reporters after Generali Malaysia’s official launch today.
With a workforce of over 1,600, a wide distribution network of more than 9,000 agents, partners and distributors and 49 branches nationwide, Generali Malaysia is the second largest general insurer in Malaysia.
“It aims to become the leading insurance player in the country and is here to stay,” he said.
Generali's international regional officer (Asia) Rob Leonardi said Malaysia has been identified as a high-potential market.
In 2022, the general insurance industry registered an increase in gross direct premiums of 10.3 per cent to RM9.8 billion in the first quarter (1Q) and 2Q.
Meanwhile, the life insurance industry recorded a 5.3 per cent rise in sum assured in force amounting to RM1.9 trillion.
"This showcases the strong growth potential of the insurance industry in Malaysia, with its economy being one of the most open and diverse, and now one of the fastest growing in Southeast Asia,” he added.
Its strong economic performance supported by the government’s initiative to build a robust inancial ecosystem, creates a vibrant digital financial landscape, he said.
"Generali’s entry to Malaysia is driven by these factors," he said. - Bernama