The Central Bank of India (CBI) has acquired equity stakes in both Future Generali India Life Insurance Company Limited (FGILICL) and Future Generali India Insurance Company Limited (FGIICL).
The state-owned bank acquired a 25.18% stake in FGILICL for Rs570m ($6.65m) and a 24.91% stake in FGIICL for up to Rs4.5bn, both in cash.
These deals involve the purchase of 65,43,80,439 equity shares in FGILICL and 35,06,30,136 equity shares in FGIICL.
They were completed following approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI).
In November 2024, the RBI approved the CBI’s proposal to enter both life and non-life insurance sectors through a partnership with the Generali group.
The FGILICL is headquartered in Mumbai and was incorporated in 2006, with Generali holding a 73.99% stake.
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By GlobalDataThe company operates through more than 1,300 owned and partnered locations across India. It offers a range of insurance solutions for individuals and groups.
The FGIICL, also based in Mumbai and incorporated in 2006, provides retail, commercial, personal and rural insurance products.
It operates in more than 150 business locations across the country. Generali holds a 74% stake in the FGIICL.
