Generali acquires majority stake in India life venture

The firm now holds 68% of the total shares.

Generali has completed the acquisition of the entire 16% shares 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. 

With the added 16% shares from IITL, Generali now 68% in FGIL. Generali said that this may further increase to 71% by the end of 2022, following further subscription of shares by Generali.

The deal is in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy, which aims to strengthen the firm’s position in fast-growing markets and confirms the Group’s commitment to delivering profitable growth whilst creating value for customers.

“We’re excited that we are now able to consolidate our position in our Life Indian insurance JV and to create more value for our customers, agents, partners, and distributors,” Rob Leonardi, Regional Officer, Generali Asia, said.

Aside from the life business, Generali is also taking a majority stake in its general insurance joint venture.

In March last year, India has allowed an increase in foreign direct investments in the insurance sector from 49% to 74%.