Insurance Sector: Joint Ventures

Joint Ventures: When two or more companies come together to form a single entity in terms of company, organization etc., it is called joint venture. They do it in terms of sharing.

Life Insurance Companies in India counts to 24, out of which 21 are in joint venture with foreign partners
list of which is given below. This is possible after the famous privatisation drive in 1990s that allows private entities to enter in this sector. Since 2000, Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. 

For example, Tata AIG Insurance Solutions, is a  joint venture between Tata Group (74% stake) and American International Group, Inc. (AIG) (26% stake).

List of all life insurers with their international partner is given below which is important for NICL exam-2015.

Life insurers in India:
Name                                                             International partner

Bajaj Allianz Life Insurance Co Ltd             Allianz, Germany 

Birla Sun Life Insurance Co Ltd                   Sun Life, Canada 

HDFC Standard Life Insurance Co Ltd        Standard Life, UK

ICICI Prudential Life Insurance Co Ltd       Prudential, UK

ING Vysya Life Insurance Co Ltd               ING Insurance, Netherlands

Life Insurance Corporation of India             —

Max New York Life Insurance Co Ltd         New York Life, USA

Met Life India Insurance Co Ltd                  Met Life, USA

Kotak Mahindra
Old Mutual Life Insurance Ltd                     Old Mutual, South Africa

SBI Life Insurance Co Ltd                            BNP Paribas, France

Tata AIG Life Insurance Co Ltd                   AIG, USA

Reliance Life Insurance Co Ltd                    —

Aviva Life Insurance Co India Ltd               Aviva International, UK

Sahara India Life Insurance Co Ltd              —

Shriram Life Insurance Co Ltd                     Sanlam, South Africa

Bharti AXA Life Insurance Co Ltd              AXA, France

Future Generali India Life
Insurance Co Ltd                                          Generali, Italy

IDBI Fortis Life Insurance Co Ltd               Fortis, Netherlands

Canara HSBC Oriental Bank of
Commerce Life Insurance Company Ltd     HSBC, UK

AEGON Religare Life Insurance Co Ltd     AEGON, Netherlands

DLF Pramerica Life Insurance Co Ltd         Prudential of America, USA

Star Union Dai-ichi Life Insurance Co Ltd   Dai-Ichi, Japan

IndiaFirst Life Insurance Company Ltd        Legal and General, UK

Edelweiss Tokio Life Insurance Ltd              Tokio, Japan

Source: irda

Note: Life Insurance Corporation of India is under Government of India since its nationalisation in 1956. So, we consider 23 private companies, out of which 21 are in joint venture.