Italian insurance major Generali has signed an agreement with India-based diversified conglomerate Future Group to increase its stake in the Future Generali joint ventures (JVs) to 49% from existing 25.5%.

The move is being seen as a part of Generali’s expansion plan in Asia Pacific region.

Generali in collaboration with Future Group manages two insurance JVs called Future Generali India Life Insurance Company and Future Generali India Insurance Company, a non-life insurance entity.

Generali has also committed up to about €120m to their partnership.

At present, the venture with Future Group generates gross written premiums of €375m that have been growing steadily year after year.

Generali Group CEO global business lines and international Frédéric de Courtois said: “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.

“Generali’s proven expertise in insurance combined with Future Group’s unrivalled distribution in India is a truly winning combination. We could not be happier to strengthen our ties with them.”

Future Group managing director and group CEO Kishore Biyani said: “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.”

Upon securing the required regulatory approvals, the transaction is scheduled to be completed in the second half of this year.