Generali Completes Acquisition of Conning

• Conning and its Affiliates Will Continue to Operate under Current Leadership and Brands
• New Strategic Support from Generali to Accelerate the Strategy for Conning and its Affiliates
• Conning’s Partnership with Cathay Life to Continue

HARTFORD, Conn.--(BUSINESS WIRE)--Conning Holdings Limited (Conning and its Affiliates¹), a leading global asset manager serving the needs of insurance company and institutional clients, today announced that its acquisition by Generali Investments Holding S.p.A. (GIH), an entity comprising the majority of asset management activities of Generali Group (Generali), has closed.

"We are excited to embark on this long-term partnership with Generali, with identified growth areas and synergies in mind and to leverage our shared insurance industry heritage," said Woody Bradford, Chief Executive Officer and Chair of the Conning Holdings Limited Board. "Conning's hallmark is delivering world-class performance and service for clients. This will remain our steadfast focus going forward," added Bradford.

Conning and its Affiliates will continue to execute their growth strategies with support from their continuing owner, Cathay Life Insurance Co. Ltd. (Cathay) and new owner Generali. Cathay contributed its ownership in Conning and its Affiliates to GIH for a 16.75% share of GIH. As part of this transaction, Cathay has agreed to a minimum 10-year financial commitment in relation to specific insurance assets that will continue to be managed on its behalf by GIH, including Conning and its Affiliates.

Please see the initial announcement for additional information about this transaction.

¹ Conning, Inc., Octagon Credit Investors, LLC, Global Evolution Holding ApS and its group of companies, Pearlmark Real Estate, L.L.C., PREP Investment Advisers, L.L.C., Goodwin Capital Advisers, Inc., Conning Investment Products, Inc., a FINRA-registered broker-dealer, Conning Asset Management Limited, and Conning Asia Pacific Limited

About Conning & its Affiliates

Conning (www.conning.com) and its affiliates form a leading investment management firm with a long history of serving insurance companies and institutional clients. They provide investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.

About Generali Group

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With around 82,000 employees serving 70 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalized solutions, best-in-class customer experience and its digitalized global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society. www.generali.com

About Cathay Financial Holding Co., Ltd.

Cathay Financial Holding Co., Ltd. is one of the largest financial holding companies in Taiwan with total assets of US$418.4 billion at the end of 2023. The company’s major subsidiaries include Cathay Life Insurance, Cathay United Bank, Cathay Century Insurance, Cathay Securities, Cathay Securities Investment Trust and Cathay Venture, serving collectively over 15 million customers through 693 business locations across Taiwan. The company has also expanded its operations in the Asia-Pacific, including in China and Vietnam. Cathay Life Insurance is the largest life insurance company in Taiwan.