Sunday, July 31, 2005

Reliance buys AMP Sanmar

Reliance Life Insurance a susbsidiary of Reliance Capital Ltd. has bought AMP Sanmar Life Insurance Company. The proposed acquisition is expected to mark the immediate entry of Reliance Capital Ltd. into the exciting growth area of life insurance in one of the world's fastest growing and most under-served markets. Reliance Capital Ltd. already has a subsidiary, Reliance General Insurance Co Ltd, which is present in the non-life insurance business. AMP Sanmar Life Insurance Company is a joint venture of AMP, Australia and the Sanmar group. Headquartered in Chennai, it has over 90 offices in India, 9,000 agents, and more than 900 employees. The decision to sell the company was taken consequent to AMP's intention to exit the insurance business in India.