Generali Pilipinas Marks Record Bancassurance Performance in the Philippines

Generali Pilipinas [78662] said it has generated 2.2 billion Philippine pesos (US$46.49 million) of individual life premiums in the first half this year, representing 226% production growth from the correspondent period of 2008 through its bancassurance partnership with Banco De Oro Unibank (BDO) in the Philippines.

Melvin Esteban, chief marketing and training officer and former bancassurance head at Generali, said in a statement that through the support of BDO, the Generali-BDO bancassurance joint venture has "sustained its record-breaking performance since March 2009."

Derek Chan, president and chief executive officer of Generali Pilipinas, said Generali gained a "stronger" footing in the bancassurance business by entering into the exclusive deal with BDO, as this will allow "greater cross-selling" of its products to the wider client base of the bank.

To meet the needs of BDO clients and accelerate profitable growth for the Generali and BDO bancassurance team, the insurer said it will also employ more than 100 financial advisors by October and offer 16 new products this year.

In March 2000, Generali Pilipinas was formed by Italy-based insurance group Assicurazioni Generali; Malaysia-based marine, industrial and engineering insurer Jerneh Asia Berhad, and BDO, the largest bank in the Philippines.

Currently, the insurer offers individual life insurance, group life and medical, auto and home insurance, small and medium business protection, and commercial property insurance in the country.

As of July, Generali Pilipinas realized total premiums of 3 billion pesos, compared with its 2008 12-month total of 3.05 billion pesos.