Italian insurer Generali has announced that it has finished acquiring 25% of the shares of P&C business, Future General India Insurance (FGII), following regulatory approval.
Following the acquisition, the firm will now hold a stake of around 74% in FGII.
The deal was originally signalled in January, alongside an acquisition of 16% of Life business, Future General India Life (FGIL), which the company announced that it had acquired in March.
Furthermore, the deal which is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthening Generali’s position in fast-growing markets, follows a 2021 decision by the Indian government to allow foreign companies to own up to 74% of a local insurance business, up from 49% previously.
In a press release, it states that Generali is the first international insurer to take a majority stake in both its Indian Life and P&C insurance joint ventures since the new foreign ownership cap came into effect.
Jaime Anchústegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers in both Life and P&C businesses.”
Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.”