Italian insurer Generali Group has announced an agreement with Indian conglomerate Future Group to further invest in the region’s insurance market, increasing its stake in insurance joint ventures Future Generali India Life Insurance Company and Future Generali India Insurance Company to 49%, from 25% at present.
Commenting on the deal, which is expected to close during the second half of 2018, Generali Group Chief Executive Officer (CEO) Frédéric de Courtois, said, “We see large potential for growth in India as part of our strategic expansion plan in Asia, and we could not have a more experienced partner that knows and understands the local landscape.”
Generali is understood to have committed €120 million to the partnership and will have be able to leverage Future Group’s extensive distribution network and established customer ecosystem in its insurance offering.
“Our proven expertise in insurance combined with Future Group’s unrivaled distribution in India is a truly winning combination. We could not be happier to strengthen our ties with them,” added Courtois.
This is the latest deal in a long-standing relationship between Generali and Future Group that they claim generates €375 million in written premiums each year.
Roberto Leonardi, Generali Regional Officer Asia, commented, “This is an exciting opportunity to deepen and enhance our business in India, a priority market for our long-term growth in Asia.”
“We have a lot of confidence in the unique, digital distribution capabilities of Future Group, and reinforcing our relationship will increase our ability to serve our customers in India.”
Kishore Biyani, Future Group Managing Director & Group CEO added, “Future Group has one of India’s biggest pool of consumption-oriented customers,and its network connects with customers for a large wallet share and at consistently high frequencies.”
“With Generali, we have an unparalleled product and global insurance expertise that has the potential to significantly increase the throughput of our retail network and scale at Future Generali. Generali has been a partner of huge trust for us, and we are delighted to strengthen our partnership with them.”