to three general insurance companies -- Magma HDI, Liberty Videocon General Insurance and Religare.
Besides, two other existing life insurance companies witnessed change in the shareholders. In case of Max Life Insurance, New York Life of the US existed while Punjab National Bank picked up 30 per cent stake in the Metlife.
There are 52 insurance companies operating in India; of which 24 are in the life insurance business and 27 are in general insurance business. In addition, GIC is the sole national reinsurer.
Of the total, 8 are in the public sector - two are specialised insurers, namely ECGC and AIC, one in life insurance namely LIC, four in general insurance and one in reinsurance. The remaining 44 companies are in the private sector.