The move brings together more than 1,000 staff members previously spread across four locations, marking a structural shift intended to support operational cohesion and regional growth initiatives.
The official opening ceremony included participation from government and diplomatic officials from both Italy and Malaysia, underscoring the significance of bilateral business ties.
Attendees included:
The decision to centralise was described by the company as a long-term investment in Asia.
“Generali Tower is more than just an office building; it is a symbol of Generali Malaysia’s long-term ambition and sustainability-driven vision. This strategic milestone not only deepens Generali’s presence in the region but also reaffirms its position as a forward-thinking, customer-centric insurer ready to lead the evolution of insurance in Malaysia and across Asia,” it said in a statement.
The launch coincides with the group’s announcement of full-year 2024 financials, which reflect solid performance across key areas.
Total gross written premiums rose to €95.2 billion, marking a 14.9% increase. The adjusted net profit climbed to €3.77 billion, up from €3.58 billion in 2023, despite a slight dip in the overall net result to €3.72 billion due to the absence of one-time asset sale gains recorded last year.
The insurer’s operational result rose to €5.4 billion, a 7.9% improvement, driven by growth across life, property and casualty (P&C), and asset and wealth management segments.
Generali’s regional moves are unfolding against a backdrop of expansion in Malaysia’s insurance sector.
Figures from the General Insurance Association of Malaysia (PIAM) showed gross premiums reached MYR23.1 billion in 2024, a 6.9% year-on-year increase. Motor premiums alone rose 6.7%, while fire insurance premiums climbed 5.8%, attributed to rising vehicle registrations and building costs.
Despite inflation and environmental risks, PIAM noted that insurers are prioritising innovations in underwriting, electric vehicle coverage, and resilience strategies in response to changing risk profiles.
GlobalData projects the general insurance market to grow from MYR24.6 billion in 2025 to MYR31.8 billion by 2029, with motor, property, and health lines accounting for the majority of written premiums.
