Insurance Day Asia
HDFC WILL ANNOUNCE INSURANCE PARTNER WITHIN THREE WEEKS
India’s Housing Development Finance Corp (HDFC) said that it would announce the name of its new foreign partner within three
weeks. HDFC executive director Renu Sud Karnad said that the company was currently negotiating to sell a 26% stake in the
joint venture to two players, one from Australia — thought to be IAG — and one from mainland Europe. US-based insurer
Chubb quit its minority status with HDFC in May after a five-year partnership, citing irreconcilable differences on the future
strategy of the venture. Recently HDFC promised that it would not make the same mistake a second time in its choice of a foreign
partner. HDFC paid about Rp320m ($7.91m) to buy out HDFC’s minority stake.