Magazine date:
Oct 2011 Indian life insurers are willing to open their capital to banks in order to increase their market shares through bancassurance.
These intentions became even more obvious since a dozen companies have responded favorably to the advances of Punjab National Bank (PNB).
PNB, which has a large network, had expressed the wish to take stakes in the capital of a local insurer. The bank has reached an agreement with MetLife, stipulating that PNB enters into its capital up to 30%. In 2010, Axis Bank has acquired 4% in Max New York Life’s capital, allowing the insurer to jump from the seventh position in the market to the third one.