Bloomberg reported that Italy's Assicurazioni Generali has displaced American International Group (AIG) as China's biggest foreign insurer in China on the back of selling a record US$2.4bn group policy to the 390,000 retired employees of its venture partner China National Petroleum Corp (CNPC) earlier this year. The sale accounted for nearly a fifth of the RMB112.4bn (US$13.5bn) in combined foreign and domestic policy sales in the first quarter. Last year Generali ranked fifth among foreign insurers.