Italian insurer Generali Group has increased its stakes in Future Generali insurance joint ventures (JVs) in India to 49% from 25.5%.
As part of the deal, the insurer has committed up to about €120m to the partnership which would speed up Future Group’s distribution network.
Generali Group CEO International Jaime Anchustegui Melgarejo said: “The new Generali strategy is focusing on high potential insurance markets: India will play a significant role in our expansion plan in Asia.
“The strengthening of our partnership with Future Group is a clear signal of the commitment of Generali Group to further invest in the development of partner customer systems with the ambition to expand customer reach.”
Future group CEO Kishore Biyani said: “We are excited with the prospect of a larger partnership with Generali as it brings along increased commitment to India and empowers our strategy to redefine insurance.
“We are committed to making our insurance businesses more customer-focused and together with Generali’s global expertise, we believe that we can create unique & differentiated platforms in India.”
Currently, Generali manages two insurance JVs namely Future Generali India Life Insurance Company and Future Generali India Insurance Company in India.
Additionally, it runs the newly established distribution JV FG&G Distribution.