Generali Group is operative also in the Non-Life sector in China

Sergio Balbinot: “Generali China Insurance will soon emerge as one of the leading operators in the sector”

Trieste, 17 April 2007, Assicurazioni Generali has been granted by China Insurance Regulatory Commission (CIRC), the local supervisory insurance authority, the definitive license to operate in the nonlife sector in China.

The newly born Generali China Insurance Company, co-participated by Assicurazioni Generali and China National Petroleum Corporation (CNPC), will be the first Sino-foreign joint venture operating in the Chinese non-life insurance market, following the model set up in 2002, when the two groups established Generali China Life Insurance Company, the insurance joint venture operating in the life insurance market. The company will operate in the Chinese market, which is growing at a pace of 20% per annum.

Headquartered in Beijing, Generali China Insurance will soon start its gradual expansion throughout the country with the aim to underwrite both personal lines and commercial risks, including the captive business from its local shareholder CNPC, through an extensive network of branch offices.

Mr. Sergio Balbinot, CEO of Generali Group commented the new license as follows: “This event represents another important milestone in the ccomplishment of the strategic plan for our Group. At the same time it strengthens even further the established relationship between CNPC and Generali. Strong with the financial and technical support of its two shareholders, Generali China will soon emerge as one of the leading operators in the sector. We are very satisfied” continued Mr. Balbinot “to play an active role in one of the world’s fastest growing markets contributing at the same time to enhancing business skills in the Chinese non life business”.

By the end of 2006, there were 38 non-life insurers in China, among which 13 were branch offices or subsidiaries of foreign insurance companies. In 2006 the total non-life premium income in China reached RMB 151 billion (€ 15 billion), a remarkable increase of 22.6% over the previous year.

Generali Group is the third-largest European group and the Italian market leader. The Group has over €280 billion in consolidated assets, and over €60 billion in consolidated revenues, and ranks 21st in the Fortune 500 list (2005) of largest corporations in the world.

CNPC, one of the world’s leading energy companies, is among China’s biggest conglomerates and is rated 39th in the Fortune 500 list (2005) of largest corporations in the world.

Generali and CNPC are the shareholders of Generali China Life Insurance Company, the second largest foreign participated life insurance company in China, currently active in Beijing, Shanghai, Guangdong Province (Guangzhou, Foshan, Shenzhen, Huizhou), and Jiangsu Province (Wuxi).

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