New Delhi: Generali Group announced that it has signed an agreement with Future Group to increase its stake in its insurance venture, Future Generali, in India to 49 percent from 25.5 percent, underscoring its commitment to growing its presence in the local insurance market.
Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (Non-Life insurance).
Through this transaction Generali has committed up to approximately €120 million to the partnership which will continue to leverage 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.
The long-standing partnership with Future Group currently generates gross written premiums of €375 million that have been growing steadily year after year.
Frédéric de Courtois, Generali Group CEO Global Business Lines & International commented: “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. 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 said: “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.”
The transaction is expected to close during the second half of 2018 subject to regulatory approval and customary closing conditions.
