Italy’s top insurer Generali said on Friday it had completed the acquisition of a 25% stake in its Indian non-life insurance joint venture, increasing its holding to 74% after receiving regulatory and competition approvals.
When it announced the deal in January, Generali said it had agreed to pay 145 million euros ($153 million) to debt-laden Future Group, its partner in Future Generali India Insurance (FGII), for the stake.
The deal, which is in line with Generali’s strategy to position itself in fast-growing markets, follows a 2021 decision by the Indian government to allow foreign companies to own up to 74% of a local insurance business, up from 49% previously.
In March, Generali also completed a deal to become the majority shareholder in its Indian life insurance joint venture.
Generali is the first international insurer to take a majority stake in both its Indian life and non-life insurance joint ventures since the new foreign ownership cap came into effect, it said in a statement.
($1 = 0.9462 euros)
(Reporting by Gianluca Semeraro; editing by Maria Pia Quaglia and Mark Potter)
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Pennsylvania Public Adjuster Law Adds Cap on Fees, Bans Ties With Contractors 
FTC, States Allege Toast Software Burns Restaurants and Consumers 
AIG Steps Back from NPW Growth Target on Pressure in Some Lines 
Allstate Q3 Net Income Drops About 45% on Higher Catastrophe Losses 
