Generali Group is increasing its stake in Future Generali, its insurance joint venture with Future Group of India, from 22.5% to 49% in a deal that could cost €120 million (US$140 million).
Frederic de Courtois, Generali Group CEO for global business lines and international, said the insurer sees large potential for growth in India as part of its expansion plan in Asia.
The transaction is expected to close during the second half of 2018, subject to regulatory approval and customary closing conditions.
Future Generali generates gross written premium of €375 million.
Generali has two JVs with Future Group — India’s largest retail company — Future Generali India Life Insurance Company and Future Generali India Insurance Company, for non-life insurance.
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