ROME, Jan. 11 (Xinhua) — Italian insurance giant Generali’s plan to buy out its China-based joint venture is part of a wider strategy to gain market share in China, a company official said.
Generali announced it would pay around 108 million U.S. dollars to acquire the 51 percent share in Generali China Insurance Company Limited.
“China is a large market, and one Generali intends to continue focusing on,” a Generali communications official told Xinhua Thursday.
According to its statement, Generali’s investment will build on China’s environmental commitments to expand its “green business insurance” portfolio.