Future Generali to invest Rs 370 cr this fiscal

Thursday 11, December, 2008 NEW DELHI: Future Generali, the insurance joint venture between Kishore Biyani-promoted Future Group and Italian insurance major Generali Group, would pump in Rs 370 crore this fiscal to shore up equity capital to Rs 855 crore in general and life insurance businesses. The company, which started operations in April this year, would bring in additional Rs 300 crore in life insurance and Rs 70 crore in general insurance by March 31, 2009. Future Generali is also looking for a physical expansion of operations with plans to set up 100 offices in 80 cities with 47,000 advisers during the same period, up from 46 branches in 31 cities with 7,000 licensed advisers currently. "We have secured a paid up capital of Rs 335 crore in life and Rs 150 crore in general insurance during the last seven months of operations. Our target is to take the figure to Rs 635 crore in life and Rs 220 crore in non-life or general insurance by end of the current fiscal in March 2009," Future Generali Life Insurance Company CEO Jayant Khosla told reporters here. He said the company has generated a sum of Rs 150 crore in both life and non-life insurance segments combined as first premium income. "Our target is to grow further and achieve Rs 500 crore as first premium income by March 2009," Khosla said, adding that the company has just inaugurated its Delhi branch office as the first step for expansion into the northern states.

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