Allianz, the German insurer & financial service provider, is looking to embark its journey into the banking, asset and pension management business in India.
Allianz, the German insurer & financial service provider, after giving commendable growth results in the insurance market of India, is looking to embark its journey into the banking, asset and pension management business in India, as per the news reported by The Financial Express.
"Looking at the growth patterns of the Indian economy and prospects for banking here, we see this as a very attractive opportunity. Allianz also sees India as its most important market among other emerging countries like China and Russia", Zedelius said in news published on the Times of India.
Commenting on the plans of entering into the asset management, Bajaj Auto Chairman Rahul Bajaj said, "both partners were looking at it, but whether they would venture into this business together or individually was still undecided".
Allianz is operating in the Indian insurance market via its JV with Bajaj Auto. In 2006, Allianz collected the insurance premium of US$ 1.3 Billion from India. Now it is considering to enter the insurance and banking business because India is world's fastest growing economy after China and also, rising income level and economic expansion are making it easier for Indians to spent on cars and homes.
Rising demand for industrial and consumer products and services and also removal of some trade and investment obstructions have remain the main growth drivers behind the exponential development of Indian insurance sector.
As per a research analyst at RNCOS, "With the commencement of deregulation in the insurance market of India, the dominance of large public-sector companies in the life insurance as well as non-life insurance market have been busted. The entry of new private players in the Indian insurance market and with their better use of distribution channels & innovative technology, they are taking away the public sector companies' share in the Indian insurance market".
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