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Insurance Company and History Bajaj Allianz General Insurance
Insurance Company and History Bajaj Allianz General Insurance
Insurance Company and History Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is a private general insurance company in India.The company is
a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by
the Bajaj Group of India and Allianz SE, a German financial services company.
HISTORY
Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority of
India (IRDAI) certificate of registration on 2 May 2001 to conduct general insurance business,
including health insurance, in India. In the first year of its operations the company had 36 offices
and around 100 employees. The company started its operations with a paid up capital of ₹1.10
billion. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE. Bajaj
Allianz is headquartered in Pune with offices in over 200 cities in India and more than 3,500
employees as of 2015.
The Company lists 97 filed and approved products, of which 27 are health products.
In January 2014, the company announced it would open up all-women branches. As of 2015, the
company has 30 such branches in India.
SBI Life Insurance Company
SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI),
the largest state-owned banking and financial services company in India, and BNP Paribas
Cardif. BNP Paribas is a French multinational bank and financial services company with global
headquarters in Paris. SBI owns 70.1% of the total capital and BNP Paribas Cardif 26% of the
capital. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding
1.95% of the total capital each. SBI Life Insurance has an authorized capital of ₹20 billion
(US$310 million)and a paid up capital of ₹10 billion (US$160 million). SBI Life Insurance also
features in the Fortune Global 500 list of the world’s biggest corporations.
HISTORY
Bharti AXA General Insurance Company is a joint venture between Bharti Enterprises (a leading
business group with interests into telecom, agro business, financial services, manufacturing, and
retail sector) and AXA Group (an international insurance and asset management company
operating out of France). The company was incorporated on 13 July 2007 and commenced its
national operations in August 2008. It is headquartered in Bangalore and operates at 100
locations around the country.
Products and services
Bharti AXA General Insurance Company Ltd is a general insurance company that primarily
offers over 50 products catering to retail, rural, and commercial clients. The primary general
insurance products in the domestic category include car insurance, two wheeler insurance, health
insurance, critical illness insurance, personal accidental insurance, home insurance, and travel
insurance. Bharti AXA General Insurance Company also offers commercial products such as
commercial vehicle insurance, third party motor liability insurance, commercial line, and SME
package.
HISTORY
IFFCO-Tokio General Insurance was incorporated on 8 September 2000 and with 65 Strategic
Business Units, a wide network of 122 Lateral Spread Centers and 255 Bima Kendra. IFFCO
holds 51% shareholding and TOKIO MARINE holds 49% shareholding in IFFCO-Tokio General
Insurance. In 2009, it found a place in the Capgemini World Insurance Report as an innovative
distribution channel. In 2013-14, IFFCO-Tokio wins the National Award for successfully
implementing the Indian Government's Labor Department’s RSBY. IFFCO Tokio is also called
as ITGI. IFFCO Tokio General Insurance has Pan India presence with 104 “Strategic Business
Units' (SBU’s) and a wide network of over 171 ‘Lateral Spread Centres’ (LSC’s) and 400 Bima
Kendras. It offers a wide range of uniquely customized policies covering a range of customers
i.e. from farmers to some of India's largest automobile manufacturers. From a modest Rs 213
Crores of GWP (Gross Written Premium) in 2001-02 it has achieved an impressive Rs 5635
Crores in 2016-17, thereby becoming one of India's leading private players.
ICICI Prudential Life Insurance Company (ICICI Prudential Life)
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.
ICICI Prudential Life Insurance Company Ltd. is a life insurance company based in India. As of
2015 it reported assets of over Rs. 100,000 Cr.
HISTORY
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential
plc, a leading international financial services group headquartered in the United Kingdom. ICICI
Prudential was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory and Development Authority
of India (IRDAI). As of 2010, the managing director and CEO was Sandeep Bakhshi.
Financials
ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with
ICICI Bank Ltd. and Prudential plc holding 68% and 32% stake respectively . For the financial
year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets
under management of Rs. 1001.83 billion as on March 31, 2001.
IDBI Federal distributes its products through a multi-channel network consisting of Insurance
agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance
Brokers.
HISTORY
In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance
International NV signed a MoU to start a life insurance company in India. The company received
its license from Insurance Regulatory and Development Authority of India (IRDAI) (j.Arul
jegadeesh one of the trainee in the idbi federal life insurance company in madurai) in December
2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August
2008, the company collected the premium of over Rs.100 crore within a record time of five
months, thus becoming the fastest growing new life insurance company in the private sector.
India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance
major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in
March 2010.
In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In
2012-13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in
the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has
maintained its profitable trajectory from thereon.