Future Generali, a joint venture between Future Group and Generali Spa, has announced on Wdnesday the commencement of its India operations in the life and non-life insurance business space through Futrure Generali India Life Insurnace company and Future Generali India Insurnace Company. Future group holds 74% each in both the companies.
With Rs 115 crore each, the two companies have a 50:50 representation in both the boards.
?Our knowledge of Indian consumers and our extensive retail presence would help us reach out to a wide range of consumers with unique insurance products and services,? said Kishore Biyani, group CEO, Future Group.
GN Bajpai, former chiarman of Sebi and Life Insurnace Corporation, has been appointed the non-executive chairman of the joint ventures. Both Biyani and Segio Balbinot, chief executive officer, Generalli, will be part of the two the boards
Generali, Europe?s third largest insurer, based in Trieste, Italy, is looking at definite tie-ups with banks and financial institutions for its joint ventures in India. This will compensate Pantaloon’s lack of experience in financial sector, said people close to the discussions, while its wide network of retail outlets will mostly boost the distribution of insurance products.
India and China are the two markets Generali is increasingly expanding as growth in Europe is slowing down.
The close relation with banks and financial institutions in India will also act as a safeguard, should any difference of opinion arise with the alliance partner, the Future Group, as India’s insurance market is slowly opening up to foreign players.