Liife insurance major Old Mutual Plc is bullish on the Indian market and is targeting 10 times growth for its joint venture with Kotak Mahindra.
The London-based Old Mutual Plc has operations worldwide in life insurance, asset management, banking and general insurance and is present in India through a life insurance joint venture with Kotak Mahindra. Old Mutual Plc’s funds under management in the US and UK stand at £158 billion and £57 billion respectively, with South Africa close behind at £41 billion
"We are bullish on Indian markets and are targetting 10 times growth from the present level," Old Mutual's Chief Executive Jim Sutcliffe told reporters here today.
"We believe in offering simple, transparent products to our customers." Old Mutual has committed USD 110 million towards strengthening the distribution channel and product development in the joint venture Kotak Mahindra Old Mutual Life Insurance.
"We have a commitment of USD 110 million for Indian markets for building the distribution system and product development," Sutcliffe said.
Old Mutual, which entered the Asian markets quite recently, had an investment of USD 7 billion in Asia Pacific as compared total global investment of USD 263 billion as of June 30, 2007.
"Indian market is pretty competitive already but in US there were 2,100 insurance companies," he said in response to a question on the competition building up in the domestic market.
Source: Agencies
The London-based Old Mutual Plc has operations worldwide in life insurance, asset management, banking and general insurance and is present in India through a life insurance joint venture with Kotak Mahindra. Old Mutual Plc’s funds under management in the US and UK stand at £158 billion and £57 billion respectively, with South Africa close behind at £41 billion
"We are bullish on Indian markets and are targetting 10 times growth from the present level," Old Mutual's Chief Executive Jim Sutcliffe told reporters here today.
"We believe in offering simple, transparent products to our customers." Old Mutual has committed USD 110 million towards strengthening the distribution channel and product development in the joint venture Kotak Mahindra Old Mutual Life Insurance.
"We have a commitment of USD 110 million for Indian markets for building the distribution system and product development," Sutcliffe said.
Old Mutual, which entered the Asian markets quite recently, had an investment of USD 7 billion in Asia Pacific as compared total global investment of USD 263 billion as of June 30, 2007.
"Indian market is pretty competitive already but in US there were 2,100 insurance companies," he said in response to a question on the competition building up in the domestic market.
Source: Agencies
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