Latest news with #FGILICL
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.
Hans India
3 days ago
- Business
- Hans India
Central Bank forays into insurance biz
New Delhi: State-owned Central Bank of India on Thursday said it acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June 4), the bank has ventured into the insurance sector, Central Bank of India said in a regulatory filing. At present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in FY24. The CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) 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. FGILICL offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans. 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. Future 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. Generali is the largest shareholder in Future Generali India Life Insurance Company Ltd with a stake of 73.99 per cent.
The Hindu
4 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).
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Business Standard
4 days ago
- Business
- Business Standard
Central Bank acquires 25.18% stake in Future Generali India Life Insurance
State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June 4), the bank has ventured into the insurance sector, Central Bank of India said in a regulatory filing. At present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in FY24. The CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) 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. FGILICL offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans. 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 Future Generali India Life Insurance Company Ltd and Future Generali India Insurance Company Ltd. Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance. Future Generali India Life Insurance Company Ltd is headquartered in Mumbai and was incorporated in 2006. 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. Generali is the largest shareholder in Future Generali India Life Insurance Company Ltd with a stake of 73.99 per cent. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
4 days ago
- Business
- Time of India
Central Bank acquires 25.18 pc stake in Future Generali India Life Insurance
Central Bank of India has acquired a 25.18% stake in Future Generali India Life Insurance Company Ltd for ₹57 crore through the insolvency resolution process. This acquisition of over 65 crore shares marks the bank's entry into the insurance sector. With this deal, Central Bank of India now holds a 25. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process With the acquisition of 65,43,80,439 shares on Wednesday (June 4), the bank has ventured into the insurance sector Central Bank of India said in a regulatory present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) 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, offers savings insurance, investment plans (ULIP), term insurance plans , health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance 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 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 Future Generali India Life Insurance Company Ltd and Future Generali India Insurance Company Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Generali India Life Insurance Company Ltd is headquartered in Mumbai and was incorporated in 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 is the largest shareholder in Future Generali India Life Insurance Company Ltd with a stake of 73.99 per cent.
