Bank of India, Union Bank of India and Dai-ichi Mutual join hands for Life Insurance Joint Venture

Bank of India (BOI) and Union Bank of India (Union Bank), two leading Public Sector Banks head quartered at Mumbai, and the Dai-ichi Mutual Life Insurance Co. (Dai-ichi Life), a leading Japanese company in the Life Insurance field have joined hands for setting up a Joint Venture Life Insurance Company.

The arrangement was formalized with the signing of an MOU on 21st Dec 2006, among the three partners which envisages, a capital stake of 51% by BOI, 26% by Dai-ichi and 23% by Union Bank.

Dai-ichi Life is a leading player in the world's second largest life insurance market in Japan. It has a century of experience in Life Insurance business. It ranks one among the top players by premium written in the global life insurance industry and No.2 in Japanese market with over US$21 billion of capital base.

Bank of India and Union Bank have a strong network of more than 5000 service outlets which shall provide a sound distribution channel, which is the key to the success of an insurance venture. The 40 million banking customers base of the two banks taken together shall provide much scope of cross selling of insurance products. Additionally the Regional Rural Banks sponsored by the two banks have more than 1400 service outlets to tap the life-insurance business in the rural areas.

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