Rs 300-cr addl Capital to be Infused into Future Generali

Mumbai
Rs 300-cr addl Capital to be Infused into Future Generali
outlookindia.com
-0001-11-30T00:00:00+0553

Future Generali Life Insurance Company, will see a capital infusion of Rs 300 crore and a portfolio of 20-products by end-March, a top company official said.

"Our present capital stands at Rs 335 crore and a Rs 300 crore infusion is planned by March," Future Generali India Life Insurance Company's Managing Director and CEO, Jayant Khosla, told PTI here.

Future Generali is a 74:26 joint venture between the Kishore Biyani-spearheaded Future group and the 177-year-old Italian major, Generali.

The additional capital would be infused by the two partners in the same proportion, Khosla said.

The money would be utilised for working capital, fixed expenses, product investment, among others he said.

The company, which presently has nine products, plans to launch two more by end-this month.

"By end-March, we aim to have 20 products," the private Life-Insurer's Chief said.

Future Generali India Life Insurance uses the multi-channel distribution system to reach the market.

"Our strategy is to use the agency and mallassurance models in Tier I and II destinations while in Tier III and rural areas, we use our alliances to reach our customers," Khosla said.

About 50 per cent of the company's business is generated through the agency route, 30 per cent through mallassurance and the remaining 20 per cent through alliances, Khosla said.

 The life insurance major plans to substantially scale-up both its office network and the number of its advisors by January and March, respectively.

"Presently, we have 26 permanent and 70 temporary offices. By end-January, we will have 100 state-of-the-art offices pan-India. We will also enhance our advisors from the present 18,000 to 40,000 by end-March," Khosla said.

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