Italian insurer Generali announced it now controls its life joint venture in India with 68% stake after it completed the acquisition of the entire stake (around 16%) held by Industrial Investment Trust Limited (IITL) in Future Generali India Life (FGIL) and the subscription of additional shares in FGLI, following receipt of all necessary approvals from the relevant regulatory and competition authorities.

Generali said that its 68% stake in FGIL may increase further to 71% by the end of 2022, following further subscription of shares by Generali.

The deal is fully in line with the 'Lifetime Partner 24: Driving Growth' strategy, strengthening Generali's position in fast-growing markets and confirms the Group's commitment to deliver profitable growth whilst creating value for customers.

Jaime Anchustegui MELGAREJO, CEO International of Generali, said: "This acquisition is in line with Generali's strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers."

Rob LEONARDI, Regional Officer, Generali Asia, said: "We're excited that we are now able to consolidate our position in our Life Indian insurance JV and to create more value for our customers, agents, partners and distributors."