Generali steps up to majority stake in India

Generali has completed the acquisition from Future Enterprises Limited of 25 percent of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74 percent in FGII.

The deal strengthens Generali’s position in fast-growing markets. Generali is the first player among international insurers to step-up to a majority stake in both its Indian Life and P&C insurance Joint Venture companies since the new foreign ownership cap came into effect.

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 in both Life and P&C businesses.”

Rob Leonardi, regional officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.”