Generali Group has finalized plans to nearly double the stake in its Indian insurance joint venture with Future Group.

Its investment will jump from 25.5 percent to 49 percent, representing a commitment of $137.3 million. The monetary investment involves Future Generali India Life Insurance Co. Ltd.; Future Generali India Insurance Co. Ltd., which writes non-life insurance, and the newly established distribution joint venture FG&G Distribution Private Ltd.

Jaime Anchustegui Melgarejo, CEO International, Generali, said that the increased investment reflects a belief that India offers could be a high-growth market on its own, and as part of broader expansion plans in Asia.

What’s more, Melgarejo said in prepared remarks, the deeper partnership with Future Group will involve development of partner customer systems “with the ambition to expand customer reach.”

Kishore Biyani, group CEO, Future Group, said in prepared remarks that Generali’s deeper investment will help create “unique and differentiated platforms in India” that are more customer-focused.”

Generali first announced its planned investment boost on June 26, 2018.

Source: Generali