Business Standard: October, 2014
Mumbai: Aditya Birla Financial Services Group, the financial services arm of Aditya Birla Group, has signed a Memorandum of Understanding (MoU) with South Africa's MMI Holdings Limited to enter the Indian health insurance market.
MMI will hold 26% stake in the joint venture.
"Health insurance as a category has extremely low penetration levels in India. Our partnership with MMI Holdings Limited will give us the competitive edge given their strong proficiency in the health insurance sector." said Ajay Srinivasan, Chief Executive - Financial Services, Aditya Birla Group.
The Aditya Birla Group already has a life insurance company, Birla Sun Life Insurance. This is a joint venture with Sun Life Financial Inc, one of the leading international financial services organisations from Canada.
Nicolaas Kruger, Group CEO of MMI Holdings said that they consider India as an important strategic market.
MMI is a leading insurance-based financial services company listed on the South African stock exchange. Created in December 2010 through the merger of Metropolitan Holdings and the Momentum Group, MMI is one of the largest insurers in South Africa, doing business in 12 African countries outside South Africa and the United Kingdom.