Generali expands presence in India
Generali claims to have become the first player among international insurers to hold a majority stake in both its Indian life and property/casualty (P&C) insurance joint venture companies since the new foreign ownership cap came into effect.
The Italian insurer has deepened its presence in India with the acquisition of additional 25% shares of Future Generali India Insurance (FGII) from Future Enterprises Limited.
Generali now holds a majority stake (around 74%) in its Indian P&C insurance joint venture FGII.
The company’s international CEO Jaime Anchústegui Melgarejo (pictured) said the move is in line with Generali’s strategy to strengthen its position in high potential, fast-growing markets to deliver profitable growth whilst creating value for stakeholders.
Rob Leonardi, regional officer of Generali Asia, added: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.”
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