Tag: Insurance

ING Group under negotiations to provide products through India Post

Posted by | Jan 5, 2007 | |

According to the Hindu Business Line, Dutch financial services firm ING Group is in negotiations with the Department of Posts in anticipation of providing life insurance products through the India Post network.

The global financial institution has been actively seeking to expand its distribution network to support its joint venture ING Vysya Life Insurance Company, in which it holds a 26% stake. At present, ING has already established a tie-up with Japan Post for the distribution of its services to support its Japanese joint venture and hopes to replicate this with India Post. However, almost all life insurers are in a race to obtain additional tie-ups. The Indian alliance would also generate an additional income for India Post, increasing its revenues. Cited in the Hindu Business Line, ING sources are said to have confirmed the discussions but refused to comment further on details regarding its status and progress.

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Fortis to duplicate Belgian success with An Post joint venture

Posted by | Nov 1, 2006 | |

Having gained ten years of experience working with the state-owned Belgian post office, Fortis has finalised an agreement with the Irish post office An Post to create a similar financial services joint venture in Ireland.

The agreement with An Post is part of Fortis’s strategy to expand internationally, particularly in recognised European growth markets such as Ireland, Russia and Germany.

The two organisations are creating a new retail bank, which will be a 50/50 partnership between them, and will have an initial capital of 112 million (euro). Fortis will pay 56 million (euro) in cash and An Post will contribute the balance.

Under the agreement, An Post will provide Fortis with access to its network of 1,400 post office branches, while the latter will contribute its international experience in bancassurance.

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China Post, French CNP launch joint-venture insurance business

Posted by | Mar 27, 2006 | |

China Post and French CNP Assurances announced the opening of their life insurance joint venture last Friday. The newly established Sino-French Life Insurance Co., Ltd is also China’s first insurance company invested by the banking or postal sector. With a registered capital of 200 million yuan (24.9 million U.S. dollars), the joint venture is equally shared by China Post and French CNP Assurances. China’s banking and postal sector is becoming an important channel to distribute insurance products. Currently, savings banking business has accounted for half of China Post’s total business, and its income from post offices acting as insurance agents topped 22 billion yuan last year.

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France's CNP unveils joint venture with China's Post Office

Posted by | Sep 23, 2002 | |

French insurer CNP Assurances said it would enter a life insurance joint venture with China’s State Post Bureau and expects to begin operations in China in early 2003. The venture is to be based on CNP’s bancassurance model, distributing life insurance products through the bureau’s postal outlets.

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