Aviva Life Insurance today signed an agreement with Canara Bank for distribution of life insurance products through a Corporate Agency arrangement.
Aviva Life Insurance today signed an agreement with Canara Bank for distribution of life insurance products through a Corporate Agency arrangement. This agreement comes post the announcement of the Corporate Agency regulations. This formalises the Bancassurance tie-up with the Bank and is a significant step for both the Bank and Aviva Life Insurance. The launch of the products is scheduled for January in 50 branches of the Bank across the country
Aviva Life Insurance will make available its full range of flexible and value for money products in a phased manner to the Bank’s customers. These include whole life and endowment products, group products, creditor products, as well as single premium savings and protection plans to the Bank’s customers. The product portfolio being made available to the customers of Canara Bank is based on the profile and requirements of the Bank’s customers.
Canara Bank officers have been trained as per regulatory requirements and will be licensed as “Specified Persons” by Aviva Life Insurance. This will ensure that the Canara Bank customer can look forward to a seamless customer experience at the same trusted branch where she/he banks and can avail of world-class insurance products under the same roof
Speaking on the occasion, Mr. Stuart Purdy, Chief Executive Officer, Aviva Life Insurance said, “Our partnership with Canara Bank is a significant step towards the success of our core strategy of achieving a wider distribution across India and establishing Aviva Life Insurance as a leading Bancassurer in the country. Aviva Life Insurance’s expertise coupled with Canara Bank's position and reach makes this a formidable partnership.”
Mr. R. V. Shastri, Chairman and Managing Director stated that, "We at Canara Bank are constantly striving to bring value added services and products to our customers. In Aviva Life Insurance we have a partner who not only shares these objectives but has bancassurance expertise around the world".
Canara Bank is India's second largest bank with half-yearly business for FY 02-03 in excess of Rs. 103262 crore (US$ 21.5 billion). The bank’s 2421 branches in India give it a distribution capability that is truly national.
The two companies had signed a letter of intent in November last year to retail life insurance products. Over the years, Aviva and Canara Bank jointly look forward to reaching out to all the Bank’s customers as well as to the general population at large and taking a lead in the industry in a leadership role.
About Canara Bank
Founded as 'Canara Bank Hindu Permanent Fund' in 1906, it was renamed as 'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 after nationalisation.
Sound founding principles, enlightened leadership, unique work culture and remarkable adaptability to changing banking environment have enabled Canara Bank to be a frontline banking institution of global standards.
The Bank has a network of 2421 branches in India apart from one branch in London. It has 492 branches in the metros, 521 branches in urban areas, 643 branches in semi-urban areas and 765 branches in rural areas. The branches in India are spread over 25 States/ 4 Union Territories of the country, which are administered through 13 Circle Offices and 32 Regional Offices. The Foreign business of the bank is managed by its international division at Mumbai. The bank has a wholly owned subsidiary in Hong Kong, a representative office at Moscow, and manages exchange companies at Dubai, Doha in Qatar and Ruwi in Oman. Classified segment-wise, the Bank has 766 branches in the rural segment, 639 in the semi-urban segment, 516 in the urban segment and 485 branches in the metros.
As on 30th September 2002, the Bank has Rs.67,734 crore in deposits, Rs.35,528 crore in Advances and has clocked a net profit of Rs.419 crore. Currently business exceeds Rs 1,03,262 crore from over 2421 branches and around 47,000 employees making Canara Bank the largest nationalised bank in the country.
Through its subsidiaries, the bank has been actively involved into housing finance, mutual funds, factoring and money markets.
About Aviva
Aviva Life Insurance is a joint venture between Dabur and CGU, a wholly owned subsidiary of Aviva plc, the UK's largest insurance Group. Aviva plc is the new name of CGNU plc. The change from CGNU to Aviva is part of a planned journey towards building a world-class financial services group. It will help in building a stronger, more unified presence in the markets where we operate and will help to provide a greater sense of purpose, direction and belonging to employees and customers.
Aviva is the seventh-largest insurer worldwide, with 25 million customers and assets under management in excess of Ł200 billion.
Founded in 1884, Dabur is one of India's oldest and largest group of companies with annual sales in excess of Rs. 1,200 crores. A professionally managed company it is the country's leading producer of traditional healthcare products
For further information please contact:
Vivek Khanna
Aviva Life Insurance
Ph: (0124) 280 4124
e-mail: vivek.khanna@avivaindia.com