Italy’s prime insurer Generali stated on Friday it had accomplished the acquisition of a 25% stake in its Indian non-life insurance coverage three way partnership, growing its holding to 74% after receiving regulatory and competitors approvals.
When it introduced the deal in January, Generali stated it had agreed to pay 145 million euros ($153 million) to debt-laden Future Group, its companion in Future Generali India Insurance coverage (FGII), for the stake.
The deal, which is in keeping with Generali’s technique to place itself in fast-growing markets, follows a 2021 determination by the Indian authorities to permit international corporations to come clean with 74% of an area insurance coverage enterprise, up from 49% beforehand.
In March, Generali additionally accomplished a deal to turn out to be the bulk shareholder in its Indian life insurance coverage three way partnership.
Generali is the primary worldwide insurer to take a majority stake in each its Indian life and non-life insurance coverage joint ventures because the new international possession cap got here into impact, it stated in a press release.
($1 = 0.9462 euros)
(Reporting by Gianluca Semeraro; modifying by Maria Pia Quaglia and Mark Potter)
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