LIC to finalise Saudi, Nigeria JVs soon

Life Insurance Corporation (LIC) will finalise joint ventures (JVs) for Saudi Arabia, Mauritius and Nigeria soon, and is also planning to start operations in New Zealand and Egypt.

"I am going to New Zealand next month to evaluate the entry strategy. New Zealand is a highly deregulated market, and LIC will venture alone in the country," A K Shukla, chairman of Life Insurance Corporation, said.

LIC is also examining options to enter Egypt, he added.

LIC has tied up with New India Assurance and Al Hoikar group for a joint venture in Saudi Arabia. While LIC, LIC International (Bahrain) and New India Assurance will together hold 31%, Al Hoikar will hold 29% stake. The company has to offer 40% stake to the public through a public issue.

"The proposal is in the advanced stages, and the licence is expected shortly," Shukla added.

LIC will join New India Assurance and Prestige Assurance Plc for its Nigerian venture. New India Assurance already has a joint venture with Prestige. The two players may sell some of their stake to LIC. "The equity holding is yet to be decided," Shukla said.