Ergo & Hero in a JVErgo Insurance Group (Germany) and India's Hero Group to form a life insurance joint venture in India.
Apnainsurance.com Research Bureau
02 May 2008
Ergo parent, Munich Re has said that Ergo Insurance Group (Germany) and India's Hero Group will form a life insurance joint venture in India.
Under the proposed agreement, equity will be shared between the two partners. Ergo International AG will have 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.
After seeking regulatory approval in next 10 to 12 months, the operations will start during the second quarter of 2009.
The Indian life insurance market is expected to grow up to $100 billion by 2012.