Generali becomes majority shareholder of India Life joint venture

Generali is looking to increase its stake by the end of 2022

Generali becomes majority shareholder of India Life joint venture

Insurance News

By Mika Pangilinan

Generali is now majority shareholder of Future Generali India Life following its acquisition of the 16% stake held by Industrial Investment Trust Limited and the subscription of additional shares. This brings Generali’s total shares to around 68% — a number that the insurance giant expects to increase to 71% by the end of the year through further subscription of shares.

The acquisition is a significant step forward in Generali’s “Lifetime Partner 24: Driving Growth” strategy, which aims to strengthen the Generali brand in fast-growing markets.

“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,” said Jaime Anchústegui Melgarejo, CEO International of Generali.

“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,” said Generali Asia regional officer Rob Leonardi.

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