Central bank acquired acquired equity stake of 24.91 per cent of Future Generali India Insurance Company for Rs 451 crore. It also bought a 25.18 per cent stake in Future Generali India Life Insurance for a cash consideration of Rs 57 crore as part of the insolvency process
Mumbai: State-owned Central Bank of India on Thursday said it acquired equity stake of 24.91 per cent of Future Generali India Insurance Company for Rs 451 crore.
The bank has also acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process.
The bank has informed about these investment in an exchange filing on Thursday, June 5, 2025 and has said through the latest acquisition it has ventured into the insurance sector.
The Central Bank of India bought 35,06,30,136 equity shares of Future Generali India Insurance Company for Rs 451 crore.
The Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) have given their approvals, the bank said.
The acquisition of shares was completed on Wednesday, June 4, 2025.
Future Generali India Insurance Company Limited, established in 2006 and based in Mumbai, operates in over 150 locations across India.
The company provides a range of insurance services in areas such as retail, commercial, personal, and rural.
Generali holds a controlling stake of 74 per cent in Future Generali India Insurance Company Limited.
The gross written premium of the company stood at Rs 4,910.89 crore in FY 24, Rs 4,546.23 crore in FY 23 and Rs 4,210.35 crore in FY 22.
Future Generali India Life Insurance
The bank has acquired 65,43,80,439 shares of FGILICL on Wednesday (June 4)
The CCI has also approved a 25.18 per cent equity stake in FGILICL through a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
At present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in FY24.
FGILICL offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans.
Generali is the largest shareholder in Future Generali India Life Insurance Company Ltd with a stake of 73.99 per cent.
Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance.
In August last year, Central Bank of India announced that it emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.
The Mumbai-based bank had said it has been declared the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of Future Enterprises Ltd (FEL) in Future Generali India Life Insurance Company Ltd and Future Generali India Insurance Company Ltd.
Future Generali India Life Insurance Company Ltd is headquartered in Mumbai and was incorporated in 2006.
The company has a presence in more than 1,300 owned and partnered locations in India and offers total insurance solutions across both individual and group fronts.