IRDA has issued certificates of registration to Future Generali, the insurance joint venture of Pantaloon Retail India and Italian insurance firm The Generali Group.
Future Generali India Life Insurance Company Limited to transact life insurance business.
Future Generali India Insurance Company Limited to transact general insurance business.
Pantaloon will hold 74%, while the rest will be held by the JV partner. Future is the new brand name being promoted by Pantaloon Retail. Future Generali will have a start-up capital of Rs 2 billion.
Pantaloon and Generali are betting on a 15-20% growth in the insurance business in India. High savings and the opening up of the insurance industry are seen as positives for the insurance sector.
Said Kishore Biyani, Chief Executive of the Future Group that owns Pantaloon: "India is a very young country with 60 percent of the population below 30 years of age. These are the new insurance buyers of India tomorrow who spend a significant time at modern retail outlets (stores and malls)."
Generali is one of the largest insurance groups in the world, operating in 40 countries through 107 companies. It ranks 22 in the list of Fortune 500 companies and is the largest corporation in Italy with an asset base of over euro 300 billion. Both Generali and Pantaloon Retail are listed companies.
Future Generali India Life Insurance Company Limited to transact life insurance business.
Future Generali India Insurance Company Limited to transact general insurance business.
Pantaloon will hold 74%, while the rest will be held by the JV partner. Future is the new brand name being promoted by Pantaloon Retail. Future Generali will have a start-up capital of Rs 2 billion.
Pantaloon and Generali are betting on a 15-20% growth in the insurance business in India. High savings and the opening up of the insurance industry are seen as positives for the insurance sector.
Said Kishore Biyani, Chief Executive of the Future Group that owns Pantaloon: "India is a very young country with 60 percent of the population below 30 years of age. These are the new insurance buyers of India tomorrow who spend a significant time at modern retail outlets (stores and malls)."
Generali is one of the largest insurance groups in the world, operating in 40 countries through 107 companies. It ranks 22 in the list of Fortune 500 companies and is the largest corporation in Italy with an asset base of over euro 300 billion. Both Generali and Pantaloon Retail are listed companies.
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