Future Generali India Life Insurance has announced impressive business and financial accomplishments for the fiscal year 2023. The insurer’s new business premium grew by 53% to INR 699 crores when compared to INR 457 crores in the previous year. The total premium for FY23 reached INR 1,758 crores, showcasing a significant increase of 23% against INR 1,433 crores in FY22. Additionally, the company’s renewal premium grew by 8% to INR 1,059 crores, reflecting its effectiveness in retaining its existing policyholders.
As of March 2023, Future Generali India Life Insurance’s flagship equity ULIP fund, Future Midcap Fund, received a 5-star rating from Morningstar and was among the top-performing midcap ULIP funds for CY22 by Moneycontrol. Furthermore, the Future Apex Fund received a 4-star rating from Morningstar.
Assets under management (AUM) registered a robust growth of 18% to INR 7,075 crores, indicating a notable increase in funds. The company’s overall value of the policies in effect highlighted an impressive 13% growth in the total sum assured in force (including riders) to INR 1,36,806 crores, when compared to INR 1,21,477 crores in FY22.
While commenting on the significant achievements, the Managing Director and CEO of Future Generali India Life Insurance, Bruce de Broize, said, Customer-centricity is our priority, and our constant endeavor is to protect and prevent our customers from unforeseen events with judicious financial planning and provide them with an effortless and caring experience. Embracing technological advancements, we have developed user-focused online tools for seamless policy management. Committed to digital transformation, we aim to empower every customer we serve, making insurance a comfortable, positive and seamless experience.
Future Generali India Life Insurance is supported by Generali Participations Netherlands N.V. (Generali), which is a majority stakeholder, increasing its direct share from 46.98% to 73.99% as of May 2023. Generali’s contributions have helped the company establish a more robust presence in key Asian markets. Established in 1831, Generali is present in over 50 countries worldwide, with 82,000 employees serving 68 million customers globally.
Future Generali India Life Insurance Company Ltd. is based in Mumbai and has been operational since 2006. The company provides insurance solutions across both the individual and group front and has a presence in 1300+ owned and partnered locations in India. The company is supported by Generali and Future Group, and Generali is the largest shareholder in Future Generali India Life Insurance.
