The joint ventures are Future Generali India Life Insurance Company and non-life insurer Future Generali India Insurance Company.
Through increasing its respective stakes, Generali has committed up to around €120m to the partnership, which “will accelerate the leverage of the far-reaching distribution network of Future Group […] to offer insurance protection solutions within India with a focus on digital”.
The deal is expected to close in the second half of 2018, subject to regulatory approval and customary closing conditions.
Frédéric de Courtois, Generali Group chief executive global business lines & international, said: “We see large potential for growth in India as part of our strategic expansion plan in Asia, and we could not have a more experienced partner that knows and understands the local landscape.”
Kishore Biyani, Future Group managing director & group chief executive, said: “Future Group has one of India’s biggest pool of consumption-oriented customers, and its network connects with customers for a large wallet share and at consistently high frequencies.
“With Generali, we have an unparalleled product and global insurance expertise that has the potential to significantly increase the throughput of our retail network and scale at Future Generali.”