Generali becomes majority shareholder of its Indian non-life joint venture

Generali has received the approval of the competent authorities to buy from Future Group 25% of the capital of its non-life subsidiary Future Generali India Insurance (FGII). The amount of the transaction amounts to 145 million EUR (152.982 million USD).

The insurer also finalized, in March 2022, the acquisition of 16% of the capital of its joint venture Future Generali India Life (FGIL) for 26 million EUR (27.431 million USD). The Italian group thus becomes the majority shareholder of its two Indian subsidiaries with a 74% stake in FGII and 68% in FGIL.

This initiative is part of the "Lifetime Partner 24: Driving Growth" strategic plan aiming at strengthening the company's position in high growth markets.

The deal makes Generali the first international player to hold a majority stake in Indian life and general insurance entities.

Majority takeovers have become possible since the new cap on foreign direct investment in India came into effect in 2021, increasing from 49% to 74%.