Generali has signed an agreement with Future Group on the basis that the Lion company's stake in the Indian insurance partnership will rise from 25,5% to 49%, "confirming its commitment to increase its presence in the local insurance market", it reads in the company note.
Through this transaction, Generali will invest approximately 120 million euros in the partnership and will intensify the use of the distribution network of Future Group, which operates a customer platform offering insurance solutions across the Indian market with a focus on digital.
The transaction will be completed in the second half of 2018, subject to the approval of the competent authorities.
“The long-term collaboration with Future Group currently generates total premiums of 375 million, growing steadily year after year,” Generali said.
Currently, the Lion of Trieste operates in the Indian market through two joint ventures, Future Generali India Life Insurance Company Limited (life business) and Future Generali India Insurance Company Limited (non-life business).
Frédéric de Courtois, Generali Group CEO Global Business Lines & International commented: “We see great growth potential in India, as part of our strategic expansion plan in Asia. We could not have a more experienced partner who understands and interprets the needs of this market. Generali's great expertise in the insurance sector, combined with the extraordinary distribution capacity of Future Group, represent a winning combination. We couldn't be happier to strengthen our ties with them."
