Andhra Bank to foray into life insurance business

New Delhi, Aug 30 (UNI) Hyderabad-based Andhra bank today said its board has in-principle cleared the proposal for the bank's entry into life insurance business.

The BoD, in its meeting, decided that this entry will be made through a joint venture with Japan-based DAI ICHI Mutual Life Insurance Company and Bank of India, subject to regulatory, statutory approvals and fulfillment of certain other condition.

DAI ICHI Mutual Life Insurance Company is the second largest life insurance company of Japan and the sixth largest in the global life insurance industry by written premium.

Bank of India, based in Mumbai, is a nationalised bank with 2,628 branches including 93 specialised branches spread across the country Andhra Bank posted a 36.70 per cent increase in net profit at Rs 116.41 crore for the fourth quarter ended June 30, 2006, as compared to Rs 85.16 crore for the same quarter last year.

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