Future Generali, a joint venture between Kishore Biyani's Future Group and Italy's Assicurazioni Generali, has begun operations in the life and non-life insurance space through the Future Generali India Life Insurance Company and Future Generali India Insurance Company. | |
| Future Group has made an initial investment of Rs 115 crore each in the life and non life business. The board of Future Group has approved an investment of Rs 400 crore in the two insurance companies, according to CEO, Kishore Biyani. |
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| Speaking on the products to be rolled out, Sergio Balbinot, CEO of Assicurazioni Generali, said, "We will focus on the needs of corporate and retail customers for asset protection and financial stability. The company will offer motor, health and accident package policies for home owners, travel, engineering and liability." |
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| The company has filed traditional endowment plans for life insurance business and personal accident and health insurance products with the Irda. |
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| The company will use bancassurance and agency channels, besides Future Group's retail outlets in 48 cities for selling the insurance products. |
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| Biyani said, "We are currently present in 18 cities through Future Money outlets and plan to touch 85 cities next year and target 200 million customers. The Group has 74 Future Money outlets and intends to increase them to 100 by December and 500 in the next two years." |
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| The JV received licenses from the Insurance Regulatory Development Authority (IRDA) last month to launch operations. Future Generali India Life Insurance Company will be the 17th company in the life insurance space, while Future Generali India Insurance Company will be the 13th company in the general insurance segment. |
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| The new business premium for life insurance was Rs 75,400 crore, while the total premium was Rs 1,53,000 crore in FY07. The total non life insurance premium was Rs 25,000 crore in the same period. The life insurance industry's CAGR is 26 per cent. |
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| The life insurance industry is poised to grow by 44 per cent till 2011, according to Macquarie Research. |
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| Generali Group is present in 40 countries with 113 insurance companies, 315 subsidiaries, and 126 financial and real estate companies. The company's assets under management amount to $550 billion. |
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