India’s life insurance sector has taken the first steps toward consolidation while private insurers are taking the fight to the government-owned Life Insurance Corp (LIC).
On 17 June, HDFC Standard Life and Max Life said they had agreed to discuss a possible merger, in what would create the biggest private-sector life insurance company in India. And on Monday, Mint reported that Bajaj Finserv was in talks to buy out its German partner Allianz SE’s stake in their two insurance joint ventures in a deal estimated at Rs 10,000 crore.
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