Italian financial services firm Generali has closed the previously announced acquisition of Indian life insurance joint venture (JV).

Generali acquired the entire 16% stake in Future Generali India Life (FGIL) from Industrial Investment Trust Limited (IITL).

Furthermore, Generali completed the subscription of additional shares in FGLI following securing all necessary approvals from the relevant regulatory and competition authorities.

The acquisition from part of Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy, which aims to strengthen the firm’s position in fast-growing markets.

Generali International CEO Jaime Anchústegui Melgarejo said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers.”

With the completion of the transaction, Generali holds around 68% a stake in FGIL. The stake could be increased to 71% by the end of this year by the firm following further subscription of shares.

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By GlobalData

Generali Asia regional officer Rob Leonardi said: “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.”

Recently, Generali secured approval from the India’s competition regulator for its acquisition of a stake in its JV with Future Enterprises.

As per the deal signed in January this year, Generali Participations Netherlands will acquire a 25% interest in Future Generali India Insurance (FGII).