New Delhi, Nov 29: South Africa's largest insurance company Old Mutual plc is proposing to set up operations in India and has started looking for a joint venture partner as required by the proposed Insurance Regulatory and Development Authority (IRDA) Bill.Talking to newsmen, chairman and CEO of Old Mutual, Mike Levett, said that "we have the experience of doing business in developing countries" and hoped the company would be in a position to play a meaningful role in expanding insurance market.
The expertise, he said, would help in designing products which might suit the needs of the people in developing nations.
He further said that Old Mutual was looking at opportunities in life insurance, pension fund and asset management in India.
Old Mutual, he said, was one of the top 100 companies listed on the London Stock Exchange and enjoyed a near monopoly on Zimbabwe. The company, he added, had played a pivotal role in developing insurance business in South Africa and many other developingnations.
However, company's exposure in Asia has remained limited to an office in Hong Kong.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.