Latest news with #FGIICL
Entrepreneur
3 days ago
- Business
- Entrepreneur
Central Bank of India Forays into Insurance Sector with Strategic Stake Acquisition in Future Generali
The Bank has acquired a 24.91% equity stake in FGIICL and a 25.18% stake in FGILICL, effective June 4, 2025. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Central Bank of India has announced its strategic entry into the insurance sector by acquiring significant stakes in two leading insurance firms — Future Generali India Insurance Company Limited (FGIICL) and Future Generali India Life Insurance Company Limited (FGILICL). The Bank has acquired a 24.91% equity stake in FGIICL and a 25.18% stake in FGILICL, effective June 4, 2025. The acquisition, completed after securing necessary approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI), positions Central Bank of India as a promoter in both companies. FGIICL, established in 2006 and headquartered in Mumbai, is a key player in the general insurance space with operations across 150+ locations in India. The company provides a comprehensive range of insurance products for individuals and businesses, covering retail, commercial, rural, and personal needs. FGILICL, also founded in 2006 and based in Mumbai, operates through a vast network of over 1,300 touchpoints nationwide. It offers a wide spectrum of life insurance products tailored for both individual and group customers. With this dual acquisition, Central Bank of India aims to diversify its business portfolio and strengthen its foothold in the burgeoning Indian insurance sector. The move aligns with the Bank's long-term vision to enhance stakeholder value by tapping into high-growth financial services verticals. This strategic investment marks a significant milestone in the Bank's expansion plans, reinforcing its commitment to innovation and sectoral growth.
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Business Standard
3 days ago
- Business
- Business Standard
Central Bank of India acquires 24.91% stake in FGIICL for ₹451 crore
The bank's strategic acquisition of 350.63 million shares in Future Generali India Insurance marks its entry into the general insurance sector New Delhi Central Bank of India has acquired a 24.91 per cent equity stake in Future Generali India Insurance Company Limited (FGIICL) for ₹451 crore. The acquisition involves the purchase of 350.63 million equity shares in cash and was completed on June 4. The move follows the issuance of a Letter of Intent dated August 20, 2024, under Regulation 29 of the Insolvency Resolution Process for Corporate Persons (IBBI) Regulations, 2016. The transaction was finalised after receiving all requisite regulatory approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI), and the Insurance Regulatory and Development Authority of India (Irdai). FGIICL performance and ownership This strategic acquisition marks Central Bank of India's entry into the general insurance sector. FGIICL reported a gross direct premium of ₹4,910.89 crore in the financial year 2023–24, providing the bank with a significant platform for expansion. Future Generali India Insurance, incorporated in 2006 and headquartered in Mumbai, operates over 150 offices nationwide. It is engaged in providing general insurance services across retail, commercial, personal, and rural segments to both individuals and corporate clients. Generali currently holds a 74 per cent stake in the company. Steady premium growth Over the past three financial years, FGIICL has posted consistent growth in its gross written premium. In FY24, the figure reached ₹4,910.89 crore, an 8 per cent rise from ₹4,546.23 crore in FY23. The previous year had also seen similar growth, increasing from ₹4,210.35 crore in FY22. This represents a steady annual growth of around 8 per cent for two consecutive years. As of 2022, the company served over 3,900 corporate clients through a network of more than 36,800 individual agents and operated over 150 branches across India. The disclosure was made in accordance with Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Hindu
3 days ago
- Business
- The Hindu
Central Bank of India acquires Future's stake in life, general insurance JVs with Generali for ₹508 crore
Central Bank of India has completed acquisition of Future Enterprises' stake in Future Generali India Insurance Company (FGIICL) and Future Generali India Life Insurance Company (FGILICL) for ₹508 crore. The acquisition of 24.91% shareholding in general insurer FGIICL for ₹451 crore and 25.18% in life insurer FGILICL for ₹57 crore marks the foray of the public sector lender into insurance. In filings to the stock exchanges, the bank said the acquisitions were completed on June 4 and both the insurance firms were established players in the industry and the stake was available for acquisition at a reasonable valuation. The bank was declared as the successful bidder in August, by the Committee of Creditors, for acquiring Future Enterprises stake, under the corporate insolvency resolution process, in the latter's JVs with Italian insurance major Generali. Subsequently, the bank received approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI).
Business Upturn
4 days ago
- Business
- Business Upturn
Central Bank of India acquires 25.18% stake in Future Generali Life for Rs 57 crore and 24.91% in General Insurance arm for Rs 451 crore
By Aditya Bhagchandani Published on June 5, 2025, 11:32 IST Central Bank of India has announced two strategic acquisitions in the insurance sector, acquiring equity stakes in both Future Generali India Life Insurance Company Limited (FGILICL) and Future Generali India Insurance Company Limited (FGIICL). According to filings made to the stock exchanges on June 5, 2025, the bank acquired a 25.18% stake in FGILICL for up to Rs 57 crore, translating to 65.44 crore shares, and a 24.91% stake in FGIICL for up to Rs 451 crore, equating to 35.06 crore shares. Both acquisitions were made via cash consideration following the approval of regulatory authorities including the RBI, IRDAI, and CCI. Future Generali India Life Insurance posted gross written premiums of Rs 1,810.53 crore for FY24, while its general insurance counterpart reported Rs 4,910.89 crore in gross direct premiums. This move marks Central Bank of India's formal entry into the insurance sector, identifying both entities as established players available at reasonable valuations. The bank intends to diversify and strengthen its financial services portfolio through these acquisitions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
