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 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]
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]
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