Punjab National Bank (PNB), the state-run lender, has shortlisted Bharti AXA Life Insurance, MetLife Insurance, and Aviva Life Insurance companies for their fresh foray into the life insurance business.
PNB had earlier ventured into the life insurance business in 2005 in partnership with Principal Financial Group of Mauritius and UK (Berger) Paints. In January this year, the bank decided to part ways with them and bought 26 percent stakes of PFG and 32 percent stakes of UK paints in Principal PNB Life Insurance Company Ltd.
In January, this year, PNB invited expressions of interest (EOI) from other foreign as well as Indian companies for a new venture. Following this, the bank has shortlisted Bharti AXA, MetLife, and Aviva and will now call for commercial bids to make a decision on the final tie-up.
Bharti AXA Life is a joint venture between India’s Bharti Enterprises and AXA Group which is Europe’s second-biggest insurer.
Aviva Life Insurance Company is a partnership between Dabur India, the country’s 4th largest FMCG, and the UK’s largest insurer, Aviva PLC.
MetLife India Insurance Company is a joint venture between MetLife Group – a leading insurer in the United States, and its Indian Partners including J&K Bank, M. Pallonji and Co. Pvt Ltd., and other private investors.