Engineering and construction major Larsen & Toubro Ltd (L&T) today announced its entry in the non-life insurance market with the receipt of necessary licence from the Insurance Regulatory Authority of India (IRDA) for commencing operations.
L&T General Insurance Company Limited is now a registered general insurer under section 3 of the Insurance Act, 1938.
"L&T General Insurance Company Limited, the general insurance arm of the $9.8-billion Larsen & Toubro (L&T) will commence operations soon. The company has received the necessary licence from the regulatory authority for commencing its business operations," L&T said in a release.
L&T said financial services is an important business in its portfolio and its entry into general insurance is part of the overall strategy to build a strong financial services business.
"We have put together a team comprising experienced professionals in insurance and risk management. We are very confident of building a world class insurance business in India," YM Deosthalee, whole-time director and chief financial officer of L&T, said.
L&T Insurance is currently in the process of filing further documents with the insurance regulator for the various products it planned to offer, Joydeep Roy, CEO of L&T Insurance, said