Allianz

German insurer Allianz has chosen Cipla, a major drug manufacturing company, as a second partner for its life and non-life business in India. The move follows Allianz’s earlier tie-up with Aplic Finance, which is a non-banking finance company. Michael Diekmann, head of Allianz’s Asia-Pacific operation operations, said he was confident the two Indian partners will be able to provide the 74% equity in both ventures (amounting to US$33.6mn) as required under the law. They are also expected to contribute an additional US$34mn over the next three years towards the growth of the ventures. Mr Diekmann said both life and non-life companies would work in rural areas besides operating in urban centres.