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Generali to become majority shareholder in its Indian insurance joint ventures
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SME Times News Bureau | 27 Jan, 2022
Generali has signed agreements to become the majority shareholder in
both its Life and P&C joint ventures in India. Both transactions are
subject to the approval of relevant regulators.
In the
P&C business, Generali has agreed to acquire from Future Enterprises
Limited 25 per cent of the shares of Future Generali India Insurance
(FGII) for a consideration of around € 145 million. After closing,
Generali will hold a stake of around 74 per cent in FGII. FGII is among
the fastest growing general insurance companies in the market with a
diversified product and distributor portfolio; as of March 2021 (fiscal
year end for Indian insurance companies), it reported around € 450
million of premiums.
Regarding the Life business, an agreement
has been signed to acquire the entire stake (around 16 per cent) held by
Industrial Investment Trust Limited (IITL) in Future Generali India
Life (FGIL) for a consideration of around € 26 million. FGIL reported
around € 150 million of gross written premiums as of March 2021. In
addition, Generali will subscribe to a preferential allotment of shares
in FGIL (around € 21 million). As a result, following the closing of the
transaction and completion of the preferential allotment, Generali will
hold a stake of around 68 per cent in FGIL, which may increase further
to 71 per cent by the end of 2022, following further preferential
allotment of shares.
Generali is the first player among
international insurers to step-up to a majority stake in both its Indian
insurance Joint Venture companies since the new foreign ownership cap
came into effect.
Jaime Anchústegui Melgarejo, CEO International,
Generali Group, said: "Increasing Generali's stake in our Indian Life
and P&C insurance businesses represents a further step ahead in our
growth journey in this high potential market. With an expected
double-digit annual growth rate, India's insurance market offers
considerable opportunities, and we look forward to deepening our
presence in this geography, becoming Lifetime Partners to an increasing
share of Indian customers."
Rob Leonardi, Regional Officer,
Generali Asia, said: "We're excited that we are now able to consolidate
our position in our Life and P&C insurance businesses, as it has
always been our intention to increase our presence in India. Once the
transactions are completed, we plan to do so in a way that will create
more value for our more than 4 million customers, agents, partners and
distributors."
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As on 13 Aug, 2022 |
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