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NEW PARTNERSHIP: Mr R. M. Nayak (left), Chairman and CEO, Lakshmi Vilas Bank, and Mr Kamesh Goyal, CEO, Bajaj Allianz General Insurance, at a press conference in Bangalore on Thursday. - G. R. N. Somashekar

Bangalore March 15 Bajaj Allianz General Insurance Company Ltd (BAGICL) and the private sector Lakshmi Vilas Bank Ltd have entered into a bancassurance agreement for distribution of non-life insurance products.

The Chief Executive Officer of LVB, Mr R.M. Nayak, and the CEO of BAGICL, Mr Kamesh Goyal, signed the memorandum of understanding for the partnership here on Thursday. BAGICL, currently, has bancassurance arrangements with two banks and the MoU makes LVB the twenty-first partner.

Speaking to the media after the signing, Mr Nayak and Mr Goyal said that the partnership would be mutually beneficial. For LVB, which has a substantial small and medium business customer base, loans would be bundled with the insurance products. Similarly, some of the retail insurance products would also be offered to the LVB customers.

Mr Goyal said that till January end, the company had earned gross premiums of Rs 1,474.27 crore a 38 per cent increase over the last year. He said that discounting of tariffs in the industry was likely to have its impact. He, however, added that the joint venture partners in BAGICL were prepared to put in additional capital as and when required.

BAGICL, Mr Goyal said is already generating surpluses. In 2005-06, the company had earned a net profit after tax of Rs 51.6 crore on a gross premium of Rs 1,284.6 crore.

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