The Generali Group has completed the operation to increase its stake in the Indian insurance joint ventures with Future Group from 25,5% to 49%.
With this operation - informs a press release - Generali will invest approximately 120 million in the partnership and will intensify the use of the vast distribution network of Future Group, which boasts a unique customer platform, to offer insurance solutions throughout the Indian market with a focus on digital.
Jaime Anchustegui Melgarejo, CEO International, stated that “Generali's new strategy is focused on high potential insurance markets and India will play a significant role in our expansion plan in Asia. The strengthening of our relationship with Future Group is a clear sign of the Generali Group's commitment to the continuous development of commercial solutions together with the partner with the ambition to expand customer relationships”.
Kishore Biyani, Group CEO, Future Group, commented: “We are excited to open up to a broader partnership with Generali, which brings increased engagement in India and enhances our strategy to redefine insurance. We are committed to making our insurance business more customer focused and together with Generali's global expertise we are confident we can build unique and differentiated platforms in India."
The press release released on December 31st follows the announcement of the agreement with Future Group released on June 28th. On that occasion, Generali specified that it had signed the agreement to increase its stake from 25,5% to 49% in the Indian insurance partnership, “confirming its commitment to increase its presence in the local insurance market. To date, Generali operates in the Indian market through two joint ventures, Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (non-life business).
Generali has invested approximately 120 million euros in the Indian partnership with the plan to intensify the use of the Future Group's vast distribution network to offer insurance solutions throughout the Indian market with a focus on digital.
The long-term partnership with Future Group generated, as of June, total premiums of 375 million euro, growing steadily year after year.
