Italy's Generali Group to raise its stake in Indian insurance joint ventures to 49%

Italy's Generali Group will raise its stake in Indian insurance joint ventures -- Future Generali India Life Insurance Company and Future Generali India Insurance Company -- to 49 percent from 25.5 percent at present

Press Trust of India June 26, 2018 12:46:42 IST
Italy's Generali Group to raise its stake in Indian insurance joint ventures to 49%

New Delhi: Italy's Generali Group will raise its stake in Indian insurance joint ventures -- Future Generali India Life Insurance Company and Future Generali India Insurance Company -- to 49 percent from 25.5 percent at present.

In a regulatory filing, Kishore Biyani-led Future Enterprises said it has entered into amended and restated joint venture agreements pertaining to its insurance JVs with Generali Group.

Italys Generali Group to raise its stake in Indian insurance joint ventures to 49

File image of Kishore Biyani, Founder and CEO, Future Group. PTI.

Future Enterprises said the purpose of entering into the agreement is "to increase Generali's stake in insurance ventures...to 49 percent from present 25.5 percent subject to necessary regulatory and statutory approvals."

In a joint statement, Generali Group said the agreement to increase its stake in the India insurance joint ventures "underscores its commitment to growing its presence in the local insurance market".

"Through this transaction Generali has committed up to approximately Euro 120 million (approx Rs 958.79 crore) 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," it added.

Generali said the partnership with Future Group currently generates gross written premiums of Euro 375 million (approx Rs 2,996 crore).

The transaction is expected to close during the second half of 2018 subject to regulatory approval and customary closing conditions.

A number of foreign players, including French insurance giant Axa, Standard Life, Canada's Sun Life Assurance Company and Japanese Nippon, have raised their stake in their respective insurance JVs in India after the government allowed 49 percent FDI in the sector in 2015.

Updated Date:

also read

COVID-19 variant Omicron spreads to more countries as world on alert
World

COVID-19 variant Omicron spreads to more countries as world on alert

New cases were confirmed Saturday in Germany and Italy, with Belgium, Israel and Hong Kong also reporting that the variant has been found in travellers

FIFA World Cup 2022 Qualifiers: Italy, Portugal drawn in same playoffs bracket
Sports

FIFA World Cup 2022 Qualifiers: Italy, Portugal drawn in same playoffs bracket

Italy will face North Macedonia at home in a playoff semi-final next March, and the winner will play away at either Portugal or Turkey for a spot in the World Cup.

Davis Cup: Croatia claim surprise win over much-fancied Italy to reach semis
Sports

Davis Cup: Croatia claim surprise win over much-fancied Italy to reach semis

Croatia dumped out Italy in the quarter-finals as Olympic men's doubles champions Nikola Mektic and Mate Pavic brushed aside Jannik Sinner and Fabio Fognini in a deciding match