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Germany's Ergo Insurance Group and India's Hero Group have agreed to form a life insurance joint venture in India, Ergo parent Munich Re said on Friday.
"Under the proposed agreement, equity will be shared between the two partners, and Ergo International AG will take a 26 percent share in Hero Ergo Life Insurance Co Ltd, which is the maximum permissible limit under the existing guidelines for the insurance sector in India," a statement said.
The plan is to seek regulatory approval over the next 10 to 12 months and to start operations during the second quarter of 2009, it added.
"Our tie-up for life insurance will strengthen our primary insurance footprint in the entire insurance sector, that is life, health and non-life business in India," Munich Re Chief Executive Nikolaus von Bomhard said.
It said the Indian life insurance market grew around 63 percent in 2006 and 47 percent in 2007.
"With household earnings accelerating in the fast-growing economy, the life insurance market is projected to double in size from $40 billion in 2007 to $80 billion and may even grow to $100 billion by 2012, according to market research," it said.
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