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Retail stock broker Angel One Limited just announced a joint venture with Singapore-based LivWell Holding Company Pte. Ltd. to establish a digital-first insurance company.
LivWell is an insurtech company that combines an entire wellness ecosystem of physical, emotional, mental wellness, into a unified platform.
The deets: the newly incorporated company will be called Angel One LivWell Life Insurance Ltd.
The why: the deal will enable Angel One to step into the insurance market of India. Currently, the company has crucial investments in sectors like stock broking and associated financial services. It will also allow LivWell to expand its market from Singapore and Vietnam to India.
Big Picture: India’s Insurtech market in 2024 was valued at $0.9 billion which is poised to grow at a CAGR of 29.1% and reach a valuation of $11.90 billion in 2033.
