LIBERTY MUTUAL AND DABUR PLANNING NON-LIFE OPERATION SAYS REPORT

Massachusetts-based Liberty Mutual and India-based Dabur Group are planning a non-life insurance joint venture, according to a report from locally based NDTV, citing banking sources. Dabur is understood to be planning an initial investment of Rp1bn ($25.2m), increasing eventually to Rp8bn. Neither Dabur nor Liberty Mutual would comment on the report. Dabur India director PD Narang said that “we are open to be associated with large banks and financial institutions for a host of products, but I cannot comment on specific deals. These are speculative in nature. Dabur already has a life assurance joint venture with UK-based Aviva and has a minor non-life investment in association with Allahabad Bank and Japanese insurer Sompo. Liberty Mutual, meanwhile, has shown considerable interest in Asia. In November last year it obtained a licence to operate a wholly-owned non-life operation in Vietnam, while in China the company has an agreement in place with China Continent P/C to sell motor cover. In July this year Liberty Mutual received approval to set up a locally incorporated subsidiary in the south-western Chinese province of Chongqing, where it opened a branch in 2004.