Insurers to announce Indian investment plans during Narendra Modi’s UK Visit
A number of insurers will announce this week that they are planning to pour money into Indian investments.
The announcement will coincide with Indian Prime Minister Narendra Modi’s visit to the UK.
Aviva, Bupa, Lloyd’s of London, Standard Life and Willis will confirm collect plans to put money into Indian joint ventures and partnerships, Sky News reported.
Standard Life has already announced it is seeking to up its stake in India-based HDFC Life to 35 per cent from 26 per cent. However, this transaction still requires approval from a number of regulatory bodies.
Aviva’s India chief exec Trevor Bull recently said that the county represented a major opportunity for insurers.
Sources told Sky News that Bupa was on the verge of applying to regulators to increase its stake in Max Bupa, which sells health insurance in India, from 26 per cent to 49 per cent.
A Bupa spokesperson said:
Earlier this year, Bupa announced its intention to increase its stake in Max Bupa, its health insurance joint venture with Max India Group, from 26 per cent to 49 per cent. Bupa and Max India Group will shortly submit a formal joint application to the IRDA and FIPB for approval for Bupa to increase its investment in Max Bupa. Should this application receive regulatory approval, it will bring Bupa’s total investment into the Indian health insurance sector to over £55m.