Future Generali India’s life and general insurance businesses have announced their rebranding as Generali Central on August 4, following Central Bank of India’s acquisition of minority stakes in both entities.
Despite Central Bank’s recent stake acquisition, Generali Central Insurance does not expect a significant near-term boost in business from bancassurance business, or insurance policies sold through the banking channel.
“Bancassurance currently contributes about 6-7 percent to our general insurance business, and we expect only modest growth in the short term,” said Anup Rau, MD & CEO of Generali Central Insurance, speaking to Moneycontrol. “It won’t materially change our overall distribution mix, which will remain well-diversified.”
Rau highlighted the long-term strategic importance of the bank’s stake in the insurer. “What sets this partnership apart is that Central Bank is not just a distributor, it is also a shareholder. That gives us the ability to jointly shape what bancassurance could mean for general insurance in India, where penetration is still very low, especially among SME borrowers.”
The general insurer currently distributes its products through over 100 partner banks including UCO Bank, Bank of Maharashtra, Nainital Bank, and Punjab & Maharashtra Co-operative Bank. Yet, the majority of its business comes from a balanced mix of agency networks, brokers, direct sales, and digital platforms, each contributing roughly 20–23 percent.
On the life insurance side of the business, Alok Rungta, MD & CEO of Generali Central Life Insurance echoed a similar view. “We do plan to strengthen the bancassurance channel, but it currently accounts for less than 10 percent of our overall distribution.” The life insurer relies heavily on agency channel, which is about 65 percent of its business, followed by 15 percent through loyal credit customers, and the rest via bancassurance and broking channels.
The transformation includes new names - Generali Central Life Insurance and Generali Central Insurance - along with new logos and a refreshed digital presence.
Central Bank of India completed its stake purchase on June 27, securing a 24.91 percent shareholding in the general insurance arm and 25.18 percent in the life insurance arm. The remaining 74 percent is held by Generali Group through its Dutch entity Generali Participations Netherlands NV.
The transaction was part of the resolution of Future Group’s insolvency, with the public sector bank emerging as the successful bidder.
With the rebranding now officially rolled out, the companies aim to deepen distribution through the Central Bank’s nationwide network of over 4,500 branches and 20,000 customer touchpoints.
The name change comes with broader strategic agreements between Generali and Central Bank, which include - Shareholders’ Agreement (SHA) governing board representation share transfer protocols, Trademark Licence Agreement (TMLA) allowing the use of Central Bank’s trademarks under defined terms, and a Distribution Agreement (DA) to enable long-term collaboration on product distribution through the bank’s network.
While the SHA currently covers only the life insurance business, a similar agreement for the general insurance arm is expected soon, Rungta said.
Responding to earlier plans by Generali to fully acquire the joint ventures, Rungta clarified that the group’s plan to raise its stake to 100 percent was stalled.
“We were keen to go to 100 percent following the Budget announcement on FDI limits. But since only the announcement was made and the actual guidelines have not been issued, we could not proceed,” he said.
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