Latest news with #FutureGeneraliIndiaInsurance
Time of India
30-07-2025
- Business
- Time of India
Future Generali India Insurance targets Rs 10,000 crore gross written premium by 2030
Synopsis Future Generali India Insurance (FGII) plans significant growth. The company targets over Rs 10,000 crore in gross written premium by 2030. FGII anticipates a 13-15 percent annual growth. Central Bank of India's stake acquisition will boost expansion. FGII will focus on bancassurance and underpenetrated insurance sectors. Health and motor insurance will remain key.
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Business Standard
07-07-2025
- Business
- Business Standard
Central Bank stake to double bancassurance for company: Future Generali MD
The stake acquisition by Central Bank of India in Future Generali India Insurance is expected to double sales through the bancassurance channel from the existing 6–7 per cent over the next three to five years, Anup Rau, Managing Director (MD) & Chief Executive Officer (CEO) of the company, said. 'Bancassurance typically accounts for around 6 per cent of the general insurance industry's overall business. For Future Generali also, the share of banca is currently around 6–7 per cent. The company hopes to double the share of bancassurance to total business to close to 10–12 per cent in the next three to five years,' Rau said. State-owned Central Bank of India acquired a 24.91 per cent stake in Future Generali India Insurance for ₹451 crore. The acquisition was completed on 4 June 2025 and the bank has received approval from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (Irdai). The remaining stake is held by the Italy-based Generali Group. The bank partnership is also expected to provide access to its wide customer base and an opportunity to expand into remote and rural areas of the country, which will further boost business growth for the company. The multi-line general insurer ended the financial year 2025 with ₹5,408.16 crore in gross written premium, which it targets to grow to ₹10,000 crore by FY30. 'We will grow faster than the industry. If the industry is going to grow at 10–12 per cent, we will go higher. Among the top 10 players, we were the third fastest growing last year. The Central Bank makes it possible for us to reach remote corners of the country and having a brick-and-mortar structure makes it possible to penetrate the smallest panchayat. I think we'll continue to be among the fastest growing ones. We aim to touch the ₹10,000 crore premium mark by FY30,' Rau said. The insurer recorded 10 per cent growth in FY25, outperforming the industry, which grew 6.5 per cent during the year amid the new accounting norms and muted performance in the health and motor segments. Going forward, the company aims to maintain above-industry growth, even as the sector continues to adjust to revised accounting practices.
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Business Standard
05-06-2025
- 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.
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Business Standard
21-05-2025
- Business
- Business Standard
Unlimited health cover is helpful, but ensure your plan has these features
A cumulative bonus rider can increase the sum insured without an increase in premium Himali Patel Listen to This Article Future Generali India Insurance has launched 'Health Unlimited', an insurance plan that offers unlimited coverage once in a lifetime. ICICI Lombard had earlier introduced a similar offering — Elevate (with the Infinite Care add-on). While this benefit is significant, policyholders should ensure their plan includes additional features that can help them cope with steep medical inflation. Buy adequate sum insured Families living in metro cities should opt for a higher sum insured. 'Health care costs in India are rising sharply, driven by an annual medical inflation rate of 14 per cent. Moreover, the cost of advanced treatments is also high
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Business Standard
17-05-2025
- Health
- Business Standard
Over 80% insured persons unsure about efficacy of health cover: Survey
The survey, Health Unlimited, found that when faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills Press Trust of India Mumbai More than 80 per cent of insured persons polled feel unsure about the efficacy of their health insurance cover due to rising hospitalisation and medical costs in India, says a survey by Future Generali India Insurance. The survey, Health Unlimited, found that when faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills. Nine out of ten health insurance policyholders feel that recharge of sum insured is a key benefit, the survey stated. This growing concern highlights the need for comprehensive healthcare solutions, Anup Rau, Managing Director and CEO, Future Generali India Insurance Company Ltd, said. Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover, Rau said. The survey was conducted among 800 insured individuals aged 25-plus. It claimed that India had one of the highest medical inflation rates among other Asian countries in 2021 - approximately 14 per cent higher than China, Indonesia and Vietnam. Rau said Future Generali India Insurance has come up with a comprehensive health insurance offering, Health Unlimited', to ensure that customers do not run out of coverage even during times of higher bills, irrespective of their sum insured getting exhausted. The plan offers unlimited restoration of the sum insured starting from the second claim, providing complete financial security without the worry of exhausting coverage, he added. (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.)
