News eDaily24 Aug 2017

India:Centrum Group plans to own insurance company

24 Aug 2017

Financial services group, Centrum Group, plans to have a stake in a standalone insurance company over the next three to five years.

The group is looking to acquire a stake of between 5% and 49% in a mid-size insurance firm, depending on the deal value of the target firm. However, it is yet to shortlist any insurer. The company revealed this hot on the heels of receiving a direct insurance broking licence from the IRDAI, reported Hindu Business Line. It is targeting a revenue of INR5 billion (US$78 million) from the new broking business in the next five years.

Mr Anirudh Jain, Head-Insurance at Centrum Group, told Business Line: “The insurance broking business is growing at 27% per annum and there exists a significant opportunity to scale up our operations.”

Centrum Group will leverage its other businesses of wealth management, housing finance and forex, to grow its insurance business.

The group started its insurance advisory service in April 2016 as a composite corporate agent. At present, it offers advisory services to corporations, high net worth individuals and retail clients. The new broking licence will enable Centrum to offer more customised services to its clients.

 

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