The Market Monitor Minding the Nation's Business
The Securities and Exchange Commission (SEC) approved the change of name of insurance holding company Generali Pilipinas Holding Cp. Inc. (GPHC) to BDO Life Assurance Holdings Corp. (BDO Life Holdings), and its wholly-owned life insurance company, Generali Pilipinas Life Assurance Company Inc. (GPLAC), to BDO Life Assurance Company Inc. (BDO Life), BDO Unibank reported to the Philippine Stock Exchange.
BDO said the change in name came after securing recently final regulatory approval that allowed it to acquire full interest in GPHC, the joint venture vehicle created from the insurance partnership forged between BDO and Generali of Italy (Generali Group) in March 1999.
GPHC is the parent firm of life insurer GPLAC and Generali Pilipinas Insurance Co. (GPIC), which is engaged in non-life insurance. BDO said it is refocusing its thrust to solidify its presence in the broad-based middle-income market.
“By assuming full control of the GPHC insurance operations, BDO will be able to adapt more readily to the demands of its target markets,” BDO said in a disclosure.
BDO President and CEO Nestor Tan noted that, while the partnership with Generali has been integral to the success of the companies to date, BDO intends to embark on a new journey of diversifying into the life-insurance sector via this new wholly owned unit to maximize cross selling of products to its extensive retail customer base.
Generali said that, “over the past 15 years, Generali has built up a solid track record working in partnership with BDO.
Generali has an extensive network of quality service providers and strong local relationships in the country.”
“It intends to leverage these strengths and grow its group and retail businesses for the long term.
Generali Life Assurance Philippines Inc. will provide employee benefit solutions via group life and medical insurance to multinational corporations, as well as small and medium enterprises,” it added.
“It also plans to expand its product offerings to include individual life products. “WithGenerali’s international experience and product and service innovation, Generali Life Philippines aims to become a significant player and cater to the insurance and financial needs of the Filipinos,” Generali said.
BDO has one of the largest distribution networks locally, with more than 1,000 operating branches and over 3,000 automated teller machines nationwide. RIZA LOZADA