Angel One, LiveWell incorporate life insurance company in India

Angel One has incorporated a new associate company, Angel One LivWell Life Insurance, in collaboration with Singapore-based LivWell Holding Company, in India.

This partnership aims to establish a presence in the Indian life insurance market, subject to necessary regulatory approvals.

The newly incorporated unlisted public entity will see Angel One holding a 26% stake, while LivWell will retain the majority share.

The focus will be on delivering life insurance services throughout India, contingent on approval from the Insurance Regulatory and Development Authority of India (IRDAI) and the Ministry of Corporate Affairs.

Angel One is set to invest approximately Rs1.04bn in the venture.

The company will not have controlling power, it said in a regulatory filing.

The agreement to establish a digital-first life insurance company with LivWell was initially announced in July.

The total proposed capital for the joint venture stands at Rs4bn.

The leadership team for the new insurance company will be headed by Wilf Blackburn, former regional CEO of Prudential Asia, as the proposed chairman.

The CEO position is expected to be filled by Nikhil Verma, who previously served as Aviva Vietnam deputy CEO.

LivWell is backed by private equity firm Olympus Capital, which has invested more than $2.6bn in Asian financial services, including significant stakes in HDFC Bank and CreditAccess Grameen, CNBCTV 18 reported.

At present, Angel One is engaged in various activities including stock broking and other associated financial services, registered with stock exchanges.

"Angel One, LiveWell incorporate life insurance company in India " was originally created and published by Life Insurance International, a GlobalData owned brand.

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