UK markets closed
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • FTSE 250

    19,835.95
    +146.93 (+0.75%)
     
  • AIM

    956.64
    +9.47 (+1.00%)
     
  • GBP/EUR

    1.1822
    +0.0040 (+0.34%)
     
  • GBP/USD

    1.2496
    +0.0021 (+0.17%)
     
  • BTC-GBP

    23,471.79
    -905.78 (-3.72%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     
  • DOW

    31,261.90
    +8.77 (+0.03%)
     
  • CRUDE OIL

    110.35
    +0.46 (+0.42%)
     
  • GOLD FUTURES

    1,845.10
    +3.90 (+0.21%)
     
  • NIKKEI 225

    26,739.03
    +336.19 (+1.27%)
     
  • HANG SENG

    20,717.24
    +596.56 (+2.96%)
     
  • DAX

    13,981.91
    +99.61 (+0.72%)
     
  • CAC 40

    6,285.24
    +12.53 (+0.20%)
     

Generali becomes majority shareholder in Indian non-life joint venture

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The Generali logo is seen on the company's Tower, designed by Iraqi-British architect Zaha Hadidat, at the Milan's CityLife district
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

MILAN (Reuters) - 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)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting