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Future Generali India Life Insurance

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Indian life insurance company
FGILI
Company typePublic
IndustryLife insurance
Founded2007 (2007)
HeadquartersMumbai, India
Key peopleAlok Rungta
(MD & CEO)
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, an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. FGILI has operations in over 1,100 locations across India.

Starting from April 2024, Alok Rungta has been appointed as the Managing Director and Chief Executive Officer at Future Generali India Life Insurance.

History

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. In 2022, Generali purchased 16.62% for ₹225 crore (€26 million) from Industrial Investment Trust Limited. In 2023, FGILI became the first Indian insurance company to have 74% Foreign Direct Investment (FDI), with Generali becoming the major stakeholder with a 73.99% stake.

In 2023, Future Generali India Life’s Future Midcap Fund was rated 3 stars and the Future Apex Fund was rated 4 stars according to Morningstar. According to Money Control, the Future Midcap Fund ranked among the top 10 ULIP midcap funds in terms of five-year returns, delivering up to 24.5% over the last five years.

Partnership

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

References

  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. ^ "Future Generali India onboards Bruce de Broize as MD, CEO". VCCircle.
  4. "Future Generali India Life Insurance appoints Alok Rungta as MD & CEO". Business-Standard. Mar 1, 2024.
  5. "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.
  6. "Future Generali Life Insurance sells 22.5% stake to IITL". The Economic Times. 2013-03-09. ISSN 0013-0389. Retrieved 2023-08-21.
  7. "Generali is majority shareholder in Future Generali India Life Insurance". BusinessLine. 2022-03-30. Retrieved 2023-08-21.
  8. "Generali Asia appoints Bruce de Broize as MD and CEO of Future Generali India Life Insurance". BusinessLine. 2022-04-27.
  9. "Future hands over majority stake to Generali in insurance JVs". www.fortuneindia.com. 2022-01-01.
  10. Dhanjal, Swaraj Singh (2022-01-27). "Future to sell 25% stake in insurance biz". mint.
  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. "Future Generali Life - Future Midcap Fund | Insurance Fund Detailed Portfolio | Morningstar India". www.morningstar.in.
  14. "Future Generali Life - Future Apex Fund | Insurance Fund Detailed Portfolio | Morningstar India". www.morningstar.in.
  15. GUNASEKARAN, DHURAIVEL (2023-12-07). "Mid-cap mania: These ULIPs deliver up to 26% returns in the last 5 years". Moneycontrol.
  16. "FGILI enters into bancassurance pact with Bajaj Finance". Moneycontrol. 2016-12-13. Retrieved 2023-08-21.
  17. "Future Generali India Life signs distribution pact with JM Financial". www.thehindubusinessline.com. 2023-07-28.
  18. "Future Generali, Saraswat Bank forge bancassurance partnership". BusinessLine. 2016-05-03.
  19. 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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