Swiss Life eyes JV

Switzerland’s leading pension and insurance solution provider, Swiss Life, is looking for partners to enter the high-potential Indian life insurance sector, sources familiar with the development said.

The Zurich-based insurer has initiated talks with some state-owned banks in India.

However, government-owned banks, which are in desperate need to raise equity capital, but unable to do so because of current market conditions, have not sounded a positive response to Swiss Life.

Udupi-based Syndicate Bank, which has cancelled its equity infusion plan after the stock market tumbled, had a few meetings with Swiss Life in the last couple of months.

However, the state-owned bank is not keen to enter the life insurance market at this point of time, sources said.

“The immediate priority for the bank is not to enter any new segment of business, but to look into ways how funds can be infused,” a source said.

An e-mail query to Swiss Life asking about their India plans and the lookout for a joint venture partner went unanswered until the time of writing this report.

In the interaction with Syndicate Bank, the Swiss insurer was particularly impressed by the bank’s branch presence.