Generali Central Insurance

Generali Central Insurance Company Limited (GCICL)
FormerlyFuture Generali India Insurance
Company typePrivate
IndustryFinancial services
Founded2006 (2006)
HeadquartersMumbai, India
Key people
Anup Rau
(MD & CEO)[1]
ProductsHealth insurance
Motor insurance
Travel insurance
Home insurance
Lifestyle Insurance
Commercial insurance
Social/Rural Insurance
Total assets₹ 5726.28 (2022)[2]
Owner
Parent
WebsiteOfficial website

Generali Central Insurance Company Limited (GCICL) (formally known as Future Generali India Insurance Company Limited (FGII)) is a private general insurance company based in India.[3] It is a joint venture between Generali Group and Central Bank of India.[4] As of 2022, the Generali Group was reported to be the largest insurance company in Italy and one of the largest globally by net premiums and assets. GCICL offers products in personal, commercial, and rural insurance categories. As of 2022, the company has over 3000 active corporate clients and more than 21,500 agents.[5]

In June 2025, the Central Bank of India acquired a 24.91% stake in Future Generali India Insurance Company Limited for ₹451 crore.[6]

History

Originally established in 2006, the company received ISO 9001:2008 certification in 2013 and ISO 27001:2013 certification in 2014.[7][8] It has partenered with India banks like Bank of Maharashtra, UCO Bank, and Bank of India to provide insurance products such as motor, home, health, and rural insurance.[9][10]

In May 2022, Generali acquired an additional 25 percent stake in Generali Central Insurance from Future Enterprises, increasing its overall shareholding to 74 percent.[11]

The company provides a mobile application, FG Insure, which includes functions such as policy management, insurance renewal, and claim reporting.[12] In 2016, the company launched i-MoSS, a digital tool used by motor claim surveyors.[13]

The Reserve Bank of India has approved Central Bank of India's insurance sector entry via a joint venture with Future Generali India Insurance and Future Generali India Life. With a Rs 508 crore investment, the bank acquired a 24.91% stake in FGIICL and 25.18% in FILICL, The bank also got IRDAI approvals to get into joint venture.[14]

Key people

  • Anup Rau, Managing Director & CEO[15]
  • Devi Dayal Garg, Chief Financial Officer
  • Deepak Prasad, Chief Operating Officer[16]
  • Ruchika Varma, Chief Marketing Officer[17]
  • Abhishek Singh, Chief Bancassurance Officer
  • Ashish Lakhtakia, Chief Legal & Compliance Officer and Company Secretary
  • M. Raghavendra Rao, Chief Distribution Officer
  • Jatin Arora, Appointed Actuary
  • Ajay Panchal, Chief Risk Officer
  • Milan P. Shirodkar, Chief of Investments
  • Ritu Sethi, Chief Internal Audit Officer
  • Sunil Wariar, Chief People Officer

Products

In March 2022, the company introduced FG Dog Health Cover, a health insurance policy for pet dogs.[18] In September 2022, it launched FG Health Absolute, a health insurance plan that includes services such as tele-counseling, health-related webinars, and access to wellness and diagnostic facilities.[19]

Financials

The company reported its Gross Written Premium of ₹4,210.35 crore in the financial year 2021–22, while in FY 2020-21, it was ₹3,898.91 crore, a growth of 8%.[20] The company reported a solvency ratio of 166% in FY 2021–22. The Net Promoter Score (NPS), of the company stood at 59.4 in FY 2021-2022.[21]

Shareholding

The shareholding pattern of the Company in FY 2021-22 is as below:[2]
Promoters/Shareholders Percentage of Shareholding No.of shares
Generali Participations Netherlands NV 73.86% 68,31,82,724
Central Bank of India 26.14% 221,620,981
TOTAL 100% 904,803,705

CSR initiatives

IIn 2018, GCICL adopted The Human Safety Net (THSN), a CSR initiative focused on community-based support programs.[22] The company has collaborated with United Way Mumbai to support children from disadvantaged communities.[23] It also donated 8,500 masks to the Brihanmumbai Municipal Corporation, as part of a campaign promoting mental health awareness.[24]

Awards and recognition

The company has received several awards in recognition of its efforts in various fields. In 2022, the company received the Golden Peacock Award for Excellence in Corporate Governance.[25] In 2021, it was awarded the BFSI Silver Medal at the ET Brand Disruption Awards by The Economic Times.[26] The company was also named the Brand of the Year, receiving 3 Gold, 2 Silver, and 2 Bronze awards at the e4m Health Marcom Awards 2022.[27] It also won a silver award at the ETBrandEquity Shark Awards 2022.[28] For its 2022 annual report, the company received platinum award at Marcom Awards 2022[29] and gold award at the 2022 Spotlight Awards Global Communications Competition by LACP.[30]

References

  1. ^ Panda, Subrata (22 December 2022). "Regulatory changes may bring new dawn for insurers: BFSI Summit panelists". business-standard.com.
  2. ^ a b "Annual Report 2021-22" (PDF).
  3. ^ "FGII CEO speaks about the future of wellness based health insurance". Money Control. 27 April 2017. Retrieved 4 November 2017.
  4. ^ "Generali Group, CBI announce new brand identity for life, general insurance JV". ETBFSI.com. Retrieved 21 August 2025.
  5. ^ "Here's why non-motor, non-health insurance space is emerging as the next growth drivers". Business Today. 28 September 2022. Retrieved 10 February 2023.
  6. ^ "Central Bank of India acquires nearly 25% stake in Future Generali India Insurance for ₹451 crore | Company Business News". mint. 5 June 2025. Retrieved 21 August 2025.
  7. ^ "FGII receives ISO certification". Bima Bazar. 19 February 2013. Retrieved 31 October 2017.
  8. ^ "FGII receives ISO". APN News. 18 February 2013. Retrieved 31 October 2017.
  9. ^ "Future Generali India Insurance ties up with UCO Bank". Money Control. 15 March 2017. Retrieved 4 November 2017.
  10. ^ "Future Generali India Insurance ties up with Bank of Maharashtra". Business Standard. 30 January 2017. Retrieved 1 November 2017.
  11. ^ "Generali completes acquisition of 25% stake in Future Generali India Insurance from Future Group". The Economic Times. 7 May 2022.
  12. ^ "Future Generali India Insurance launches end-to-end consumer app: FG Insure". Express Computer. 7 August 2018.
  13. ^ "Future Generali India Insurance launches i-MoSS app for motor claim surveys". The Times of India. 1 April 2016.
  14. ^ "Central Bank of India acquires Future's stake in life, general insurance JVs with Generali for ₹508 crore". The Hindu. 5 June 2025. ISSN 0971-751X. Retrieved 21 August 2025.
  15. ^ "Future Generali India Insurance appoints Anup Rau as CEO and MD". The Economic Times. 7 September 2019.
  16. ^ "People want wellness benefits, mental health support in health insurance policy: Future Generali COO". The Economic Times. 28 March 2022.
  17. ^ "Future Generali India Insurance gets Ruchika Varma as CMO". Campaign India. 14 January 2020.
  18. ^ "Future Generali launches health insurance plan for pet dogs". Livemint. 3 March 2022.
  19. ^ "FG Health Absolute Policy: Rs 3 lakh to Rs 1 crore health cover for up to 15 family members; check details". The Financial Express. 7 September 2022.
  20. ^ "Future Generali India aims for 20pc growth in FY23". The Economic Times. 1 September 2022. ISSN 0013-0389. Retrieved 10 February 2023.
  21. ^ "Here's why non-motor, non-health insurance space is emerging as the next growth drivers". Business Today. 28 September 2022. Retrieved 10 February 2023.
  22. ^ "CSR : Future Generali adopts The Human Safety Net for Families programme". IndiaCSR. 6 September 2018.
  23. ^ "FGII partners with United Way Mumbai to support children from disadvantaged communities". CSR Journal. 15 January 2022.
  24. ^ "Future Generali India Insurance Donates 8500 Masks to the BMC with Messages on Mental Health". CSR Mandate. 11 February 2022.
  25. ^ "Golden Peacock Awards" (PDF). 2022.
  26. ^ "Winners list". The Economic Times. 2021.
  27. ^ "Winners". Exchange4media. 2021.
  28. ^ "Winners list". The Economic Times. 2022.
  29. ^ "MarCom Awards". enter.marcomawards.com. Retrieved 10 February 2023.
  30. ^ "LACP 2022 Spotlight Awards Global Communications Competition". www.lacp.com. Retrieved 10 February 2023.
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