BoI, Japan's Dai Ichi to float life insurance JV

The board of directors of Bank of India, which met on August 26, 2006, cleared a proposal for the bank's entry into the life insurance business by forming a joint venture with Dai Ichi Mutual Life Insurance Company of Japan and another Indian partner.

According to a release issued by Bank of India to the BSE today, Dai Ichi Mutual Life Insurance Company is the second largest life insurance company of Japan and the sixth largest in the global life insurance industry by written premium.