Financial services company Generali has acquired a majority stake in Future Generali India Life (FGIL), its India-based life insurance subsidiary. The development comes as the company is working in line with its ‘Lifetime Partner 24: Driving Growth’ strategy, to strengthen Generali’s position in the global market.
“Generali completed the acquisition of the entire stake (around 16%) held by Industrial Investment Trust Limited (IITL) in Future Generali India Life (FGIL) and the subscription of additional shares in FGLI, following receipt of all necessary approvals from the relevant regulatory and competition authorities. Generali now holds a stake of around 68% in FGIL, which may increase further to 71% by the end of 2022, following further subscription of shares by Generali,” the company said in a statement.
Miranjit Mukherjee, Interim CEO at Future Generali India Life Insurance, said, "This is the first of its kind of involvement we have witnessed in the insurance industry in India, and we believe that with this strategic partnership, we will be able to scale up our insurance business to a new height. We are sure this will benefit all our stakeholders; esteemed customers, employees, and our trustworthy distribution partners, who will all result in value development."
Founded in 1831, Generali has a presence in 50 countries globally, and the company enters to 67 million customers. It provides services such as insurance and asset management.
Jaime Anchústegui Melgarejo, CEO International of Generali, said, “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers.”
