DLF Pramerica Life Insurance Company, a joint venture between DLF Limited and Prudential International Insurance Holdings, Ltd. (PIIH), is looking for equity partners to increase its market share. Apart from forging bancassurance partnerships, the insurer is looking for a national bank as an equity partner.
Earlier this month, DLF Pramerica Life Insurance Company Managing Director & CEO, Pavan Dhamija, signed an MoU with Shri. Ramakant D. Khalap, Chairman of Mapusa Bank for a distribution tie-up. Mapusa UCB is one of the oldest co-operative banks in Goa, and the partnership between the two is subject to getting the requisite regulatory approvals. The deal will allow DLF Pramerica to expand its distribution net and promote its life insurance products to existing and new customers.
Last month, the media reported that HCL group is in talks with DLF Pramerica Life Insurance to buy substantial stakes in the company; however both the companies have failed to comment on this.
Pavan Dhamija said that they are evaluating opportunities for a long-term distribution tie-up but refrained from divulging any details.
DLF Pramerica Life Insurance Company started operations only in September 1, 2008 and currently has a network of 35 branch offices and 69 branch units across Delhi NCR, Punjab, Haryana, and Gujarat (as of February 28, 2011). They have a handful of life insurance products which include child plans, term plans, etc. The company plans to add more products in the health and pension space.
