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Generali Central Life Insurance

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Generali Central Life Insurance
FormerlyFuture Generali India Life Insurance
Company typePublic
IndustryLife insurance
Founded2007 (2007)
HeadquartersMumbai, India
Key people
Alok Rungta
(MD & CEO)
ProductsLife insurance
Owner
Parent
Websitewww.generalicentrallife.com

Generali Central Life Insurance (formerly Future Generali India Life Insurance Company Limited) is an Indian publicly held life insurance company headquartered in Mumbai, India. It operates as a joint venture between the Generali Group, an Italian insurance company based in Trieste, and the Central Bank of India. The company has operations in over 1,100 locations across India.[1][2]

On 27 June 2025, Central Bank of India acquired a 25.18% stake in the company from Future Enterprises.[3]

Generali Central Life Insurance was established on 30 July 2025 as a joint venture between the Generali Group and the Central Bank of India.[4][5]

History

[edit]

The company was originally established in 2007 as a joint venture between Future Group (74% owner) and Generali Group (26% owner).[6] In 2013, Future Group sold 22.5% to Industrial Investment Trust Limited for ₹350 crore.[7][8] In 2022, Generali purchased 16.62% for ₹225 crore (€26 million) from Industrial Investment Trust Limited.[9][10] 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.[11][12][13][14]

In August 2024, the company introduced Women in Insurance (WiN), a digital sales distribution channel led by women. The programme recruits women, particularly from non‑metro MBA institutions, and provides training for sales roles in the company.[15]

The Reserve Bank of India has approved Central Bank of India's insurance sector entry via a joint venture with Future Generali India Insurance and Future Generali India Life.[16] With a Rs 508 crore investment, the bank acquired a 24.91% stake in FGIICL and 25.18% in FILICL, they got IRDAI approvals.[17]

Starting from April 2024, Alok Rungta has been appointed as the Managing Director and Chief Executive Officer at Future Generali India Life Insurance.[18]

As of June 30, 2025, the Future Apex Fund was rated five-star by Morningstar, delivering up to 24.2 % CAGR over five years, and the Future Midcap Fund was rated four-star by Morningstar, delivering up to 30.80 % CAGR over the past five years.[19]

Partnership

[edit]
  • December 13, 2016: Future Generali India Life Insurance entered into a distribution agreement with Bajaj Finance.[20]
  • April 03, 2018: AU Small Finance Bank partnered with Future Generali India Life Insurance as a corporate agent for life insurance.[21]
  • January 20, 2018: The company established a bancassurance partnership with Saraswat Bank.[22]
  • July 27, 2023: Future Generali India Life Insurance formed a partnership with JM Financial to expand its market reach nationwide.[23]
  • June 27, 2025: Generali announced Central Bank of India as its joint venture partner.

References

[edit]
  1. ^ Gupta, Soumya. "Kishore Biyani's Hamletian muddle: Will the Future Group founder walk his talk?". The Economic Times. ISSN 0013-0389.
  2. ^ "Future Generali India onboards Bruce de Broize as MD, CEO". VCCircle. 27 April 2022.
  3. ^ Rani, Megha (2025-06-27). "Central Bank of India completes acquisition in Future Generali Insurance Arms - CNBC TV18". CNBCTV18.
  4. ^ "Generali Group and Central Bank of India announces new brand identity for their joint venture". ETBrandEquity.com. Retrieved 2025-08-30.
  5. ^ Mittal, Meghna (June 27, 2025). "Central Bank of India partners with Italy's Generali to strengthen insurance business". Moneycontrol.
  6. ^ GUNASEKARAN, DHURAIVEL (2023-12-07). "Mid-cap mania: These ULIPs deliver up to 26% returns in the last 5 years". Moneycontrol.
  7. ^ "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.
  8. ^ "Future Generali Life Insurance sells 22.5% stake to IITL". The Economic Times. 2013-03-09. ISSN 0013-0389. Retrieved 2023-08-21.
  9. ^ "Generali is majority shareholder in Future Generali India Life Insurance". BusinessLine. 2022-03-30. Retrieved 2023-08-21.
  10. ^ "Generali Asia appoints Bruce de Broize as MD and CEO of Future Generali India Life Insurance". BusinessLine. 2022-04-27.
  11. ^ "Future hands over majority stake to Generali in insurance JVs". www.fortuneindia.com. 2022-01-01.
  12. ^ Dhanjal, Swaraj Singh (2022-01-27). "Future to sell 25% stake in insurance biz". mint.
  13. ^ "Generali completes acquisition of 25 per cent stake in Future Generali India Insurance". BusinessLine. 2022-05-07. Retrieved 2023-08-21.
  14. ^ Kishore, Vijay (2023-06-12). "IT, Realty remain strong as Sensex, Nifty end in green; Infosys, HCL Tech shine". mint.
  15. ^ "Future Generali India Life Insurance launches women-led digital sales channel 'WiN'". MediaBrief. 2024-08-28. Retrieved 2025-08-30.
  16. ^ "RBI nod for Central Bank of India's insurance foray in JV with Future Generali". The Hindu. 2024-11-22. ISSN 0971-751X.
  17. ^ "Central Bank of India acquires Future's stake in life, general insurance JVs with Generali for ₹508 crore". The Hindu. 2025-06-05. ISSN 0971-751X.
  18. ^ "Future Generali India Life Insurance appoints Alok Rungta as MD & CEO". Business-Standard. Mar 1, 2024.
  19. ^ "Future Generali Life - Future Apex Fund | Insurance Fund Overview | Morningstar India". www.morningstar.in. Retrieved 2025-08-30.
  20. ^ "FGILI enters into bancassurance pact with Bajaj Finance". Moneycontrol. 2016-12-13. Retrieved 2023-08-21.
  21. ^ "Future Generali India Life signs distribution pact with JM Financial". www.thehindubusinessline.com. 2023-07-28.
  22. ^ "Future Generali, Saraswat Bank forge bancassurance partnership". BusinessLine. 2016-05-03.
  23. ^ Ghosal, Sutanuka (2023-07-27). "Future Generali India Life Insurance enters into strategic alliance with JM Financial Services". The Economic Times. ISSN 0013-0389.