Future Generali India Life Insurance

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FGILI
IndustryLife insurance
Founded2007 (2007)
HeadquartersMumbai, India
Key people
Bruce de Broize
(Managing director & CEO) Alok Rungta
(Deputy CEO & CFO)
ProductsLife insurance
ParentAssicurazioni Generali, Future Group
Websitelife.futuregenerali.in

Future Generali India Life Insurance Company Limited (FGILI) is an Indian publicly held life insurance company headquartered in Mumbai, India. It is a joint venture between Generali Group, an Italian insurance company based in Trieste, and Future Group,[1] an Indian conglomerate, founded by Kishore Biyani and based in Mumbai.[2] FGILI has operations in over 1,100 locations across India.[3]

History[edit]

Future Generali India Life Insurance was established in 2007 as a joint venture between Future Group (74% owner) and Generali Group (26% owner). In 2013, Future Group sold 22.5% to Industrial Investment Trust Limited for ₹350 crore.[4][5] In 2022, Generali purchased 16.62% for ₹225 crore (€26 million) from Industrial Investment Trust Limited.[6] In April 2022, Bruce de Broize became CEO appointed by Generali Asia.[3][7] Geetanjali Chugh Kothari took on the role of CMO on May 25, 2023.[8][9] In July 2023, Peuli Das was appointed as the Chief Insurance Officer.[10]

By March 2023, Generali became the major stakeholder with a 73.99% stake in the company.[11][12]

Partnership[edit]

  • December 13, 2016: Future Generali India Life Insurance entered into a distribution agreement with Bajaj Finance.[13]
  • April 03, 2018: AU Small Finance Bank partnered with Future Generali India Life Insurance as a corporate agent for life insurance.[14]
  • January 20, 2018: The company established a bancassurance partnership with Saraswat Bank.[15]
  • July 27, 2023: Future Generali India Life Insurance formed a partnership with JM Financial to expand its market reach nationwide.[16]

References[edit]

  1. ↑ Gupta, Soumya. "Kishore Biyani's Hamletian muddle: Will the Future Group founder walk his talk?". The Economic Times. ISSN 0013-0389.
  2. ↑ "Future Enterprises sells 25% in general insurance JV; stock hits 5% lower circuit". www.fortuneindia.com. 2022-05-10.
  3. ↑ 3.0 3.1 "Future Generali India onboards Bruce de Broize as MD, CEO". VCCircle.
  4. ↑ "Biyani sells 22.5% in insurance JV to IITL for Rs 350cr". The Times of India. 2013-12-18. ISSN 0971-8257. Retrieved 2023-08-21.
  5. ↑ "Future Generali Life Insurance sells 22.5% stake to IITL". The Economic Times. 2013-03-09. ISSN 0013-0389. Retrieved 2023-08-21.
  6. ↑ "Generali is majority shareholder in Future Generali India Life Insurance". BusinessLine. 2022-03-30. Retrieved 2023-08-21.
  7. ↑ "Generali Asia appoints Bruce de Broize as MD and CEO of Future Generali India Life Insurance". BusinessLine. 2022-04-27.
  8. ↑ "Building a strong financial foundation: Smart saving tips for students". India Today.
  9. ↑ "Future Generali India Life Insurance appoints Geetanjali Chugh Kothari as CMO".
  10. ↑ www.ETBFSI.com. "Peuli Das named Chief Insurance Officer of Future Generali India Life Insurance - ET BFSI". ETBFSI.com. Retrieved 2023-08-21.
  11. ↑ "Generali completes acquisition of 25 per cent stake in Future Generali India Insurance". BusinessLine. 2022-05-07. Retrieved 2023-08-21.
  12. ↑ Kishore, Vijay (2023-06-12). "IT, Realty remain strong as Sensex, Nifty end in green; Infosys, HCL Tech shine". mint.
  13. ↑ "FGILI enters into bancassurance pact with Bajaj Finance". Moneycontrol. 2016-12-13. Retrieved 2023-08-21.
  14. ↑ "Future Generali India Life signs distribution pact with JM Financial". www.thehindubusinessline.com. 2023-07-28.
  15. ↑ "Future Generali, Saraswat Bank forge bancassurance partnership". BusinessLine. 2016-05-03.
  16. ↑ Ghosal, Sutanuka (2023-07-27). "Future Generali India Life Insurance enters into strategic alliance with JM Financial Services". The Economic Times. ISSN 0013-0389.
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