Mumbai, Oct 24 (UNI) Future Group and Italian insurance major Generali today announced its new joint venture ''Future Generali India Insurance'' which will enter the high growth insurance industry.
Speaking at the launch, Sergio Balbinot, CEO, Assicurazioni Generali said, ''This is the first joint venture we have done with an insurance retailer. We beleive its the best way to enter India ...
India will be a milestone for Generali.'' Both partner companies have invested Rs 115 crore each in the 74:26 joint venture and will utilize the localized presence of Future Group's outlets and centres spread over 50 towns and cities across the country with Generali's Life and Non-Life insurance portfolio.
The new venture plans to touch USD 2 billion by 2010-11 in the insurance market which is growing at 20 per cent alongside plans for 100 new money retail outlets to be opened by year-end and a further 500 more within two years.
Based in Trieste, Italy, Generali with USD 550 billion in asset management is ranked as 30th largest company by Fortune in 2007. The company had a turnover of USD 91 billion last fiscal and employs 66,000 people in 40 countries.
Mumbai based Future Group operates multiple businesses ranging from retail, consumer finance, capital insurance to brand development.
Future Capital Holdings, the group's financial arm, handles assets worth over USD 1 billion.