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In a recent development, Central Bank of India has acquired 24.9% equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.2% stake in Future Generali India Life Insurance Company Limited (FGIILICL).
The bank had put a bid for this acquisition, which has been approved by the Competition Commission of India (CCI).
Future Generali Life Insurance has AUM of Rs.8000 crore in FY 24. It has been active in India since 2006 and has about 1300+ owned and partnered locations in India.
On the other hand, Future Generali General Insurance did gross business of Rs.5000 crore in general insurance in FY 2024. It has a market share of 2% in the non-life industry.
