November 14, 2013 / 6:25 PM / 4 years ago

Generali buys out Asian holding for 40 million euros

MILAN (Reuters) - Italian insurer Generali (GASI.MI) said on Thursday it bought the minority stake it did not already own in its Asian holding Generali Asia as it aimed to simplify its business structure in the fast-growing region.

The acquisition of a 40 percent stake in the Asian holding from the conglomerate Kuok Group was worth 40 million euros ($54 million), the Italian group said in a statement.

    The deal has a “negligible” impact on Generali’s Solvency one ratio, the dominant measure of capital strength for insurers, Generali said.

    Generali Asia controls the insurer’s operations in Indonesia, Thailand and Philippines. ($1 = 0.7430 euros)

    Reporting by Francesca Landini; Editing by Lisa Jucca

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