Liberty Mutual raises stake in India’s Liberty General Insurance to 74%

India insurer targets expansion in retail and commercial lines.

Liberty Mutual Insurance has increased its shareholding in India-based Liberty General Insurance Limited (LGI) to 74%, according to a statement from the company.

The move follows an earlier increase in stake to 55.4% in September 2025 from 49%, the insurer said.

Liberty General Insurance CEO and whole-time director Parag Ved said the higher stake strengthens the company’s position to expand its distribution footprint and grow its retail and commercial lines business.

He said the focus remains on building a resilient business model while adapting to market conditions.

He added that India presents growth opportunities driven by rising demand for insurance protection, and said the company aims to support deeper insurance penetration whilst delivering sustainable growth and long-term value for customers and partners.

Policybazaar data from FY2023 to FY2025 shows rural and semi-urban districts in India accounted for 43% of life and health insurance premiums, up from 41% in FY2023.

Districts where more than 70% of the population is rural contributed around 23% to 24% over the period, whilst cities with fewer than 1 million residents made up 47% of premiums in FY2025, compared with 44% in FY2023.

Liberty International Insurance APAC President Matthew Jackson said India remains a key market within Liberty Mutual’s Asia Pacific strategy, supported by strong fundamentals and growth potential.

He said the increased stake will allow the group to further develop the business and apply its global capabilities more directly in the market.

Liberty Mutual Insurance Group, ranked 91st on the Fortune 500 list, is the ninth-largest property and casualty insurer globally, with $178.2b in assets and $50.5b in revenue in 2025, according to the company.