Generali completes the transaction to become the majority shareholder in its Indian P&C insurance joint venture
06 May 2022 - 17:49
Milan - Generali completed the acquisition from Future Enterprises Limited of 25% of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74% in FGII.
Generali received the approval from the relevant regulatory and competition authorities.
The deal is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthening Generali’s position in fast-growing markets and confirms the Group’s commitment to deliver profitable growth whilst creating value for stakeholders. Generali is the first player among international insurers to step-up to a majority stake in both its Indian Life and P&C insurance Joint Venture companies since the new foreign ownership cap came into effect.
Jaime Anchústegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers in both Life and P&C businesses.”
Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.”