PNB plans life insurance JV, shortlists 10 companies

NEW DELHI: Punjab National Bank (PNB) has announced the shortlisting of 10 firms such as Reliance Life and Bharti AXA for inking strategic collaboration. The bank has also proposed to acquire stake in an existing life insurance firm.

In December last year, the bank had also urged expression of interest from intending insurance firms for strategic partnership in insurance business. PNB has also decided to participate in the life insurance venture via 'a corporate agency tie-up along with equity participation in an existing Indian life insurance company.'

Few of the firms that have shown interest in the proposal are Reliance Life and Bharti AXA, Birla Sun Life, HDFC Life, Max New York Life and Met Life. Moreover, these firms have also filed various models of business with the lender.

According to a statement issued by PNB, “The bank will finalise the partner for life insurance business based on the evaluation of the proposals submitted by these insurance companies.”