MC EXCLUSIVE Generali Central Life to enter pension segment by Q4 FY26, says CEO Alok Rungta

Generali Central Life Insurance CEO Alok Rungta

Generali Central Life Insurance plans to launch a “dedicated retirement solution” in the final quarter of the fiscal, MD & CEO Alok Rungta has told Moneycontrol, aligning with the company’s long-term strategy.

The move will mark  the insurer’s entry into the pension segment, which it views as a huge growth opportunity presented by an ageing population and rising longevity.

“Pension is a segment where we are not present today, and the opportunity is huge. People need to plan and fund their retirement more proactively than in the past,” Rungta said.

Rebranding exercise

Rungta also elaborated on the company’s recent rebranding initiative saying, “The brand exercise is fully complete, and what we are focusing on now is marketing to establish long-term visibility and recall.”

Generali Central Life was earlier known as Future Generali India Life Insurance, a joint venture between the Future Group and Italy’s Generali.

The rebranding followed Generali’s move to raise its stake to 74 percent in 2022, after acquiring the Future Group’s entire shareholding as the retail conglomerate faced financial distress.

With the exit of Future Group and the entry of Central Bank of India as the new bancassurance partner, the insurer adopted the name Generali Central Life Insurance in August 2025.

The transition marked Generali’s shift from a legacy JV structure to a more stable partnership model anchored by a public-sector bank with deeper trust equity.

The rebranding, executed within 30 days, included updates to all branches, digital assets, email IDs, letterheads, and customer-facing materials.

While Future Generali was a strong legacy brand, the CEO acknowledged that replacing a well-known name requires sustained effort to make the new identity resonate in the market.

The rebrand was driven by strategic and trust considerations.

“Future Group has gone through turmoil, so we wanted to move away from that brand. At the same time, Central Bank is a 100-year-old PSU institution with immense trust equity. In a people business like ours, trust is everything,” Rungta said.

The partnership with Central Bank is already showing early traction. Of the bank’s approximately 4,500 branches, 4,200 were activated within the first 30 days of the launch in August, generating Rs 100 crore in new business in the first 100 days.

Rungta expects Central Bank’s contribution to grow to 35 percent in three years and 40–50 percent in the long run, compared with the present 15–18 percent.

On the product front, the company has seen strong uptake for its newly launched ULIP-plus-protection product, internally called Tulip. Introduced in late October, the product contributed 20 percent of business in November.

“Customers are looking for a combination that maximises long-term returns through equity participation while ensuring strong protection, and this product addresses that demand,” Rungta said.

The offering provides coverage up to 100 times the base sum insured, along with optional riders, and is positioned as a complete life solution.

Post-GST maths

The CEO also highlighted how the company’s product mix has evolved post-GST.

While the industry has seen a slowdown in standalone ULIPs due to reduced profitability on smaller tickets, Generali Central’s combination product has grown.

Pre-GST, ULIPs accounted for 5–6 percent of the mix, term insurance 1–2 percent, and participating (PAR) plans 15–17 percent, with non-PAR making up the remainder.

In November, ULIPs rose to 20 percent, term business doubled to 2–3 percent, PAR was 10–12 percent, and non-PAR moderated to around 60 percent.

From September 22, the government exempted individual life and health insurance premiums from the goods and services tax rate, which was at 18 percent.

Rungta said the company continues to focus on group insurance and term business, noting that while last year saw large fund-based group inflows, the expectation is for growth in Q1 of the current fiscal year.

He pointed to a broader trend in customer demand for combined wealth and protection solutions, noting that ULIPs are often cheaper than mutual funds over the long term due to capped charges, and adding protection creates a holistic life-insurance solution.

Generali Central Life Insurance plans to leverage both the Central Bank partnership and its revamped product portfolio to reach a wider audience.

“The pension and retirement segment, in particular, represents a massive white space. We intend to provide customers with structured solutions to meet their long-term financial needs,” Rungta said.