Wilf Blackburn, ex-regional CEO of Prudential Asia, is proposed to chair the proposed venture, while Nikhil Verma, former deputy CEO of Aviva Vietnam, is proposed to lead as CEO
Mumbai: Domestic brokerage Angel One on Wednesday announced a plan to partner Singapore’s Livwell Holding Company for setting up a Rs 400 crore life insurance joint venture.
The domestic company, which has interests across the financial services landscape, will hold a 26 per cent stake in the venture while its Singaporean partner will hold the rest 74 per cent, a statement said.
This will be a ‘digital-first’ life insurance company, the statement said, adding that India is “overwhelmingly” under insured.
“As India embraces digital financial services, insurance too must be accessible, transparent and seamlessly delivered through trusted platforms,” Angel One’s group chief executive Ambarish Kenghe said.
Wilf Blackburn, ex-regional CEO of Prudential Asia, is proposed to chair the proposed venture, while Nikhil Verma, former deputy CEO of Aviva Vietnam, is proposed to lead as CEO.
Livwell is backed by PE major Olympus Capital, who has other bets including HDFC Bank, CreditAccess Grameen, Thai Credit Bank, Karur Vysya Bank, Utkarsh SFB and CreditAccess Life Insurance.
“India presents a unique opportunity not just because of the protection gap, but because consumer expectations have fundamentally evolved. With Angel One’s digital reach and market credibility, we see a strong alignment to build a next-generation digital-insurer that is relevant to today’s customers, accessible and future-ready,” Verma said.
Earlier, Jio Financial Services, a financial subsidiary of Mukesh Ambani owned Reliance Industries, had announced formation three 50-50 joint ventures with Germany major Allianz for life, non-life and reinsurance business.