Generali said it has completed the acquisition of the entire stake (about 16%) held by Industrial Investment Trust Limited (IITL) in Future Generali India Life (FGIL) and the subscription of additional shares in FGLI, following receipt of all necessary approvals from the relevant regulatory and competition authorities. Generali now holds a stake of about 68% in FGIL, which may increase further to 71% by the end of 2022, following further subscription of shares by Generali, it said.
“The deal is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthening Generali’s position in fast-growing markets and confirms the Group’s commitment to deliver profitable growth whilst creating value for customers,” the company said in a statement. Jaime Anchústegui Melgarejo, CEO International of Generali, 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.” Miranjit Mukherjee, Interim CEO at Future Generali India Life Insurance, said, “This is the first-of-its-kind of involvement we have witnessed in the insurance industry in India, and we believe that with this strategic partnership, we will be able to scale up our insurance business to a new height.” “We are sure this will benefit all our stakeholders; esteemed customers, employees and our trustworthy distribution partners, who will all result in value development,” he said.
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