Generali Group has finalized its agreement to increase its stake in its Indian insurance joint venture with Future Group to 49 percent from 25.5 percent.
Through this transaction, Generali has committed up to approximately €120 million ($137.3 million) to its Indian joint ventures: Future Generali India Life Insurance Co. Ltd.; Future Generali India Insurance Co. Ltd., which writes non-life insurance, and the newly established distribution joint venture FG&G Distribution Private Ltd.
“The new Generali strategy is focusing on high potential insurance markets. India will play a significant role in our expansion plan in Asia,” commented Jaime Anchustegui Melgarejo, CEO International, 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 added.
Kishore Biyani, group CEO, Future Group, stated: “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.”
This follows the announcement of the transaction by Generali on June 26, 2018.