Future Generali India Life Insurance

State-owned Central Bank of India buys 24.91% stake in Future Generali India and 25.18% in its life insurance arm following approvals from CCI, RBI and IRDAI

State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June 4), the bank has ventured into the insurance sector, Central Bank of India said in a regulatory filing. At present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in FY24. The CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. FGILICL offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insuran

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