Generali finalizes the increase of its stakes in Future Generali insurance joint ventures in India
31 December 2018 - 14:01
Milan - Generali Group announces the closing of the transaction to increase its stakes in Future Generali insurance joint ventures in India to 49 percent from 25.5 percent.
Through this transaction Generali has committed up to approximately €120 million to the partnership which will accelerate the leverage of the far-reaching distribution network of Future Group, a unique platform and customer ecosystem to offer insurance protection solutions within India with a focus on digital.
Jaime Anchustegui Melgarejo, CEO International, commented: “The new Generali strategy is focusing on high potential insurance markets: India will play a significant role in our expansion plan in Asia. 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.”
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.
Generali’s presence in India is currently in the form of two insurance joint ventures called Future Generali India Life Insurance Company Limited (Life insurance) and Future Generali India Insurance Company Limited (Non-Life insurance) and the newly established distribution joint venture FG&G Distribution Private Limited.