INDIA’S LIC TARGETS SINGAPORE IN OVERSEAS EXPANSION

LIFE Insurance Corporation, India’s largest life insurer, is mulling overseas expansion and has Singapore in its sights. Already the company has a stake in a joint venture in Saudi Arabia, which has received a registration certificate and expects to begin operating in the near future subject to receiving an operating licence. In a written statement in India’s parliament the country’s foreign minister revealed: “LIC is also exploring opportunities for expansion in new territories, including Asian countries like Singapore." Reports at the end of last month suggested that LIC was set to lose its tie-up with Andhra Bank - its highest contributing bancassurance partner - and Oriental Bank of Commerce, as soon as the banks’ insurance joint venture agreements are signed.