UK insurance major looking to India for growth

Amidst economic slowdown, British insurance major Legal & General is looking to India as a source of growth and is likely to recruit over 5,000 professionals from the country in the next five years.

L&G, which employs 8,000 people in the UK, will operate in India through its joint venture with Bank of Baroda and Andhra Bank.

An agreement to this effect was signed by the insurance major with the two Indian banks earlier this year. The two Indian banks have more than 40 million customers who could be offered insurance products developed by L&G.

The UK insurance company moved to reassure investors about its capital strength last week, saying that even if markets fell 30 per cent from their position at the end of September, it would still hold two billion pounds as surplus capital.