A joint venture is a business relationship in which two or more persons combine their labour or property for a single undertaking and share profits and losses equally, or as otherwise agreed.
The following list of Joint Venture Insurance Companies in India will be useful for various insurance sector recruitment exams while also serving as a reference for building GK for exams and otherwise. There are many benefits of Indian companies entering into joint ventures with foreign companies. We hope this list of important Insurance Joint Venture proves helpful for reading and revising study material for insurance and banking sector.
List of Important Joint Venture Insurance Companies in India
- Star Union Dai-ichi Life Insurance Co. Ltd. ( SUD Life )is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life, which is a leading life insurance company of Japan.
- ICICI Prudential Life Insurance Company (ICICI Prudential Life)is a joint venture of ICICI Bank, which is India’s largest private sector bank, and Prudential plc , which is a leading international financial services group with its headquarters in the United Kingdom.
- Cholamandalam MS General Insurance Company (Chola MS)is a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group (MSIG), which is a Japanese assurance company.
- Future Generali Life Insurance is a joint venture of three leading groups: Future Group – a leading retailer of India; Generali Group – a global insurance group which features among the top 50 largest companies of the world and the Industrial Investment Trust Limited (IITL) – a leading investment company.
- ICICI Lombard General Insurance Company Limited is a joint venture between the ICICI Bank Limited, India’s second-largest bank and the Fairfax Financial Holdings Limited, which is a Canada based diversified financial services company.
- IFFCO Tokio General Insurance is a joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and the Tokio Marine and Nichido Fire Group.
- Tata AIG General Insurance Company Limited is an Indian general insurance company. Which is a joint venture between the Tata Group and the American International Group (AIG). The Tata Group holds 74 % stake in the insurance venture with AIG holding 26 %.
- HDFC Life-It is a joint venture between the Housing Development Finance Corporation (HDFC), which is one of India’s leading housing finance institution and the Standard Life plc., which is a leading provider of financial savings & investments services in the United Kingdom. HDFC Ltd. holds 72.37 per cent and Standard Life (Mauritius Holding) Ltd. holds 26 per cent of equity in this joint venture, while rest is held by others.
- IDBI Federal Life Insurance Co. Ltd,(formerly known as IDBI Fortis Life Insurance) is a joint venture between three financial companies – Industrial development and commercial bank (IDBI Bank) which is India’s public sector bank; Federal Bank and the European insurer Ageas (formerly Fortis). In this joint venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26 per cent equity each.
- India First Life Insurance Company is a joint venture between two of India’s public sector banks –the Bank of Baroda (44 per cent) and Andhra Bank (30 per cent), and United Kingdom’s financial and investment company Legal and General (26 per cent).
11. HDFC ERGO General Insurance Company is a 74:26 joint venture between the HDFC, which is India’s premier Housing Finance Institution and the ERGO International AG, the primary insurance entity of Munich Re Group.
- EGON Religare Life Insurance is a joint venture of AEGON, Religare and Bennett, Coleman & company.
- Aviva India is an Indian life assurance company, and a joint venture between the Aviva plc., which is a British assurance company, and the Dabur Group, an Indian conglomerate.
- Bajaj Allianz Life Insurance Company Limited is a joint venture insurance company between the Bajaj Finserv Limited (which recently emerged from the Bajaj Auto Limited) and the Allianz.
- Birla Sun Life Insurance Company Limited ( BSLI)is a joint venture between the Aditya Birla Group, an Indian conglomerate and the Sun Life Financial Inc, which is a leading international financial services organization of Canada.
- Max Life Insurance, is a joint venture between Max India Ltd, is an Indian multi-business corporate, and Mitsui Sumitomo Insurance Co. Ltd., which is a member of MS&AD Insurance Group, a general insurer.
- Liberty Videocon General Insurance is a joint venture between the Boston based insurance company Liberty Mutual Insurance Group and India based Videocon Industries. It is based in Mumbai.
- Magma HDI General Insurance Co Ltd. is a joint venture of Magma Fincorp Ltd, Kolkata and Germany based HDI-Gerling Industries Versicherung AG.
- SBI General Insurance Company Limited is a joint venture of the State Bank of India and Insurance Australia Group (IAG). In this, SBI owns 74 per cent of the total capital and IAG owns the remaining 26 per cent.
- Bharti AXA General Insurance Company Ltd is a joint venture between the Bharti Enterprises, which a leading Indian business group and AXA, which is a world leader in financial protection. This joint venture company has a 74 per cent stake from Bharti and 26 per cent stake from the AXA Group.
- Edelweiss Tokio Life Insurance is a Life Insurance joint venture between Edelweiss Financial Services, Mumbai & Tokio Marine Holdings Inc, Japan.
- Max Bupa Health Insurance Company Limited is a joint venture insurance company between Max India Limited and Bupa Finance plc., based in the UK.
- Star Health and Allied Insurance Co Ltd is a joint venture between the Oman Insurance Company UAE, along with leading NRIs and an Indian company. It is a special purpose vehicle formed by a group of business tycoons for working in the health insurance sector.
- Cigna TTK is an Indian health insurance firm which is established as a joint venture between the Cigna, a global insurance player and the TTK Group, which is an Indian conglomerate.
- Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd was launched on 16 June 2008 and is a Joint Venture between the Canara Bank (which holds 51 per cent stake), HSBC Insurance(Asia Pacific) Ltd (holding 26 per cent stake), which is the Asian insurance arm of the world’s largest banking and financial
services group and the Oriental Bank of Commerce (which holds 23 per cent stake).
- Exide Life Insurance Company Limited is a Bengaluru based life insurance company founded in 2001, formerly known as ING Vysya Life Insurance Company Limited. It began as a joint venture between ING Vysya Bank and Exide Industries Ltd. after ING Vyasya divested from it, it is now fully owned by Exide Industries Ltd.