ING sells stake in Indian life insurance joint venture
The life insurance industry, which makes up about three-quarters of the Indian insurance sector, has lost a combined $4 billion in the past decade and was battered by a 2010 clampdown on the sale of lucrative equity-linked products.
Nine of the 23 private sector life insurers in India, including units of HSBC, Italy's Generali and Dutch life insurer Aegon, lost money in the year ended in March 2012, according to the sector regulator.
ING said on Wednesday the sale of its stake in ING Vysya Life does not affect ING Vysya Bank, a listed Indian bank in which it has a 44 percent stake, nor ING's fund management operations in India.
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