The Central Bank of India announced on Thursday that it has acquired a 25.18% equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) for a cash consideration of Rs 57 crore, under the ongoing insolvency resolution process.

The acquisition, involving 65,43,80,439 shares completed on June 4, marks the state-owned bank’s foray into the life insurance sector, according to a regulatory filing.

Following this transaction, the Central Bank of India now holds a total of 25.28% in FGILICL, which reported a gross written premium of Rs 1,810.53 crore in FY24.