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Allianz looks for partners for insurance foray

Nov 11, 1999

Allianz, the international financial services giant, is scouting around for more joint venture partners in India for its insurance sector foray. The company already has a joint venture with Alpic Finance, a domestic non-bank finance company. The insurance sector reforms are likely to pick up speed with the granting of statutory status to the Insurance Regulatory Authority (IRA). This has rekindled the interest of several insurance majors that have been waiting on the sidelines hoping that the regulations will be eased to permit their entry.

Allianz already has a joint venture with Alpic Finance for non life insurance businesses. It has decided to rope in another partner for this venture even as its partnership with Alpic is being extended to life insurance as well. The company is also planning to rope in three private sector banks for its life insurance foray. The non-bank finance companies like Alpic Finance and Reliance Capital have been firming up plans to plunge into the insurance sector as and when private sector participation is permitted. Given the limitation of 26% equity holding by the foreign partner, it is probable that the Indian companies will have a significant role to play in this sector.


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