Future Generali India Aims for Rs 10,000 Crore Milestone by 2030
Future Generali India Insurance Company plans to double its gross written premium to over Rs 10,000 crore by 2030, targeting a 13-15% annual growth rate. The recent acquisition by Central Bank of India and its expansive network are expected to enhance its reach, especially in rural markets.
- Country:
- India
Future Generali India Insurance Company (FGII) has announced its ambitious goal to double its gross written premium to more than Rs 10,000 crore by 2030, having closed the financial year 2024-25 with Rs 5,547.5 crore.
The company aims to achieve a strong annual growth trajectory of 13-15%, outstripping the industry average and solidifying its position among India's top 10 general insurers. According to Anup Rau, MD & CEO of FGII, the insurance sector could grow at a rate double that of GDP growth, offering opportunities for smaller players to expand rapidly.
Recent developments, including the acquisition of Future Group's stake in FGII by the Central Bank of India, are anticipated to expedite growth. With the bank's extensive network of 4,500 branches, FGII aims to enhance its distribution efficiency, particularly in Tier II and Tier III areas where insurance penetration remains low. This strategy is expected to lower distribution costs and provide access to underserved segments like SMEs.
(With inputs from agencies.)
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