Generali Group announced it has signed an agreement with Future Group to increase its stake in its insurance ventures in India to 49 percent from 25.5 percent.
Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd., which writes non-life insurance.
Through this transaction, Generali has committed approximately €120 million ($140.1 million) to the partnership which will accelerate the leverage of the far-reaching distribution network of Future Group, which offers insurance protection solutions within India with a focus on digital.
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The long-standing partnership with Future Group currently generates gross written premiums of €375 million ($437.8 million) that have been growing steadily year after year.
“We see large potential for growth in India as part of our strategic expansion plan in Asia, and we could not have a more experienced partner that knows and understands the local landscape,” said Frédéric de Courtois, Generali Group CEO Global Business Lines & International. “Generali’s proven expertise in insurance combined with Future Group’s unrivaled distribution in India is a truly winning combination. We could not be happier to strengthen our ties with them.”
“This is an exciting opportunity to deepen and enhance our business in India, a priority market for our long-term growth in Asia. We have a lot of confidence in the unique, digital distribution capabilities of Future Group, and reinforcing our relationship will increase our ability to serve our customers in India,” commented Roberto Leonardi, Generali regional officer, Asia.
“Future Group has one of India’s biggest pool of consumption-oriented customers, and its network connects with customers for a large wallet share and at consistently high frequencies,” said Kishore Biyani, Future Group’s managing director & group CEO.
“With Generali, we have an unparalleled product and global insurance expertise that has the potential to significantly increase the throughput of our retail network and scale at Future Generali. Generali has been a partner of huge trust for us, and we are delighted to strengthen our partnership with them,” Biyani added.
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