The Reserve Bank of India has approved Central Bank of India's entry into the insurance sector through a joint venture with Generali Group, pending compliance with regulations and approval from the IRDAI. This follows the Competition Commission of India's clearance for Central Bank's acquisition of stakes in Future Generali India Insurance and Future Generali India Life Insurance. Central Bank had previously won the bid to acquire stakes in the insurance ventures of the financially troubled Future Enterprises, which faced insolvency proceedings initiated by Bank of India.
UBS has maintained a "Sell" rating for Generali, setting a target price of 21 euros, following the release of the insurer's nine-month earnings figures, which surpassed both UBS's forecasts and consensus estimates. Analyst Will Hardcastle provided this assessment in a report dated November 15, 2024.
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