(Alliance News) - Assicurazioni Generali Spa announced Wednesday that it has reached an agreement to sell 100 percent of its stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance Company, Ltd.

The sale will have a negligible impact on Generali's Solvency II Ratio and will generate a capital loss of approximately EUR20 million, net of taxes and minority interests, with no impact on normalized net income.

The transaction, the company points out in a note, is fully in line with the "Lifetime Partner 24: Driving Growth" strategic plan to pursue sustainable growth, improve the group's earnings profile and optimize its geographic presence by focusing on insurance markets where Generali has a leading position.

The deal is expected to be finalized by the first half of 2025.

Assicurazioni Generali is up 0.67 percent to EUR27.88 per share.

By Chiara Bruschi, Alliance News reporter

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