Central Bank buys stakes in Future Generali life, non-life ventures
Government-owned Central Bank of India on Thursday acquired stakes in two insurance ventures of Future Generali group in India. The bank has acquired a 24.91 per cent stake in non-life firm Future Generali India Insurance Company for Rs 451 crore. It also bought a 25.18 per cent stake in Future Generali India Life Insurance Company Ltd (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process.
Generali of Italy is the largest shareholder in both the companies with stakes of close to 74 per cent.
The acquisition has been cleared by the Competition Commission of India, the RBI and the IRDAI. The acquisition was made through a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
In August last year, Central Bank of India announced that it emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.
The Mumbai-based bank had said it has been declared the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of Future Enterprises Ltd (FEL) in both life and non-life ventures.
Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance. The company has a presence in more than 1,300 owned and partnered locations in India and offers total insurance solutions across both individual and group fronts.
Future Generali's life and general insurance arms were set up in 2006 as joint ventures between Future Enterprises Ltd (FEL) and the Generali Group, with the latter holding nearly 74 per cent shareholding in each company.
The non-life firm, which provides personal insurance, commercial insurance, social and rural insurance reported a gross written premium was Rs 4,910.9 crore in FY24 as compared to Rs 4,546.23 crore in FY23.
The life insurance arm sells savings insurance, investment plans (unit-linked insurance plans or ULIPs), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans. The gross written premium of the life firm was Rs 1,810.53 crore in FY24 as compared to Rs 1,758.01 crore in FY23.
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