Generali increases stake of India venture in strategic growth plan

Italy's Generali Group has increase its stake in the Future Generali insurance ventures in India to 49 percent from 25.5 percent as part of its strategic expansion plan in Asia.

The transaction is expected to close during the second half of 2018.

Generali Group has signed an agreement with Future Group, and has committed approximately €120 million to their partnership. The long-standing partnership with Future Group currently generates gross written premiums of €375 million that have been growing steadily year after year, according to the company.

Generali’s currently operates in India through two joint ventures called Future Generali India Life Insurance Company and Future Generali India Insurance Company (non-life insurance).

“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," said Frédéric de Courtois, Generali Group CEO global business lines & international. "Generali’s proven expertise in insurance combined with Future Group’s unrivalled distribution in India is a truly winning combination. We could not be happier to strengthen our ties with them.”

Roberto Leonardi, Generali regional officer Asia added: “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, stated: “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.”

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