Housing Development Finance Company (HDFC) will finalise its non-life insurance partner at its board meeting on Wednesday. The housing finance company's managing director Keki Mistry told Business Standard that it would announce the name of the partner on Wednesday after the board meeting.
Mistry refrained from giving any further details on the possible foreign insurance partner, which would take 26 per cent stake in the non-life insurance business. However, company officials said that HDFC had zeroed in on the American-based Chubb as well as the Japanese Mitsui Sumitomo Insurance Company.
Should HDFC decide to clinch the deal with Mitsui Sumitomo Insurance Company, this would be the second Japanese company to foray into the non-life insurance market in India.
Mitsui Sumitomo Insurance Company came about following the merger between Mitsui Marine & Fire Insurance (Asia) Pte Ltd and The Sumitomo Marine & Fire Insurance Co Ltd, Singapore Branch. After Tokio Marine, this newly formed outfit is one of the largest collaboration between Japanese insurers.
HDFC will be the fourth entity to have ventured into both life and non-life insurance business in the country, after Reliance, Tatas, and ICICI. HDFC forayed into the life segment through its tie up with the UK-based Standard Life Insurance Company in December 2000. It has yet to declare its first year performance, but HSDFC-Standard Life Insurance Company managing director Deepak Satwalekar confidently stated that the company has been progressing on target.
