Italian giant insurer Assicurazioni Generali will open its representative office in Hanoi next year, continuing to pursue its strategy to expand it presence in Asian markets.
Vietnam is the seventh nation in Asia that Generali opened representative office following China mainland and Hong Kong (China), India, the Philippines, Indonesia, Thailand and Japan.
Vietnam is a strategic country as it will help the company strengthen its position in a region with high growth potential, Generali Chief Executive Sergio Balbinot told Italy’s leading economic daily Il Sole 24 Ore on Aug. 26.
Balbinot attributed Vietnam’s economic performance in recent years and the Government’s favorable conditions for the insurance’s development to his company’s choice to open office in the country.
According to the daily, Generali’s presence in Vietnam is a vivid manifestation on Vietnam’s insurance potential, particularly more opportunities for foreign insurers as its membership in the World Trade Organization.
Generali will participate in a high competitive environment because many foreign giant insurance firms are operating in Vietnam, the paper said.
The Italian insurer expects to provide basic insurance services, before launching wider services in following years.
Established in 1831, Generali mainly operates in Europe, the Middle-East and East Asia . It is the world’s fourth largest insurance firm in terms of revenues after France’s AXA, Germany Allianz and the US’s Berkshire Hathaway. The Italian insurer’s total revenue reached 70.55 billion EUR in 2008.