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Central Bank's entry as a shareholder to be a game changer
Financial Express Chennai
|June 12, 2025
2-owned Central Bank of India last week acquired a 8% stake in Future Generali India Life Insurance (FGILICL), marking its formal entry into the life insurance business.
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FGILICL managing director and CEO Alok Rungta and Narayan V discussed the coming together of two 100-year-old institutions—Future Generali Group and Central Bank of India—will be a "game changer" for its business. Excerpts:
What was your performance in FY25?
Our gross written premium (GWP) rose 39% year-on-year to ₹2,511 crore. New business premium nearly doubled to ₹1,192 crore, while renewal premium rose 10% to ₹1,318 crore, a dip in the new business, individual premium increased 19% to ₹476 crore, and group new business surged 240% to ₹716 crore. We are nearing the breakeven, having reduced our loss by 94% to ₹6.4 crore, from ₹113.9 crore in FY24. Overall, it was a strong year across parameters.
Group insurance seems to be the key growth driver?
Group insurance includes group term life, group credit life, and group fund business. Most of our growth came from the group fund segment, where we manage retirement funds like superannuation, leave encashment and pension funds for PSUs and banks. Institutions, being ahead of the curve, anticipated a rate dip and started locking in yields even from January, which led to a surge in business.
This story is from the June 12, 2025 edition of Financial Express Chennai.
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