Italian insurance giant Generali has finalised its previously announced plans to increase its stakes in Future Generali insurance joint ventures in India from 25.5% to 49%.
The completion of the transaction saw Generali commit approximately €120 million to the Future Group, a platform and customer ecosystem that offers digital insurance protection solutions in India.
Generali currently operates in India via two insurance joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited, as well as the newly established distribution joint venture FG&G Distribution Private Limited.
The company explained that increasing its stake in the Indian joint ventures would accelerate the leverage of Future Group’s distribution network.
“The new Generali strategy is focusing on high potential insurance markets: India will play a significant role in our expansion plan in Asia,” said Jaime Anchustegui Melgarejo, Chief Executive Officer (CEO) International at Generali.
“The strengthening of our partnership with Future Group is a clear signal of the commitment of Generali Group to further invest in the development of partner customer systems with the ambition to expand customer reach,” he continued.
Kishore Biyani, Group CEO of Future Group, also commented: “We are excited with the prospect of a larger partnership with Generali as it brings along increased commitment to India and empowers our strategy to redefine insurance.”
“We are committed to making our insurance businesses more customer-focused and together with Generali’s global expertise, we believe that we can create unique & differentiated platforms in India,” Biyani added.
