The Canada Life Insurance Co. has decided not to pursue plans for a joint venture in India for the time being, citing its expansion commitments into reinsurance and the Brazilian and German insurance markets as the reason.
CEO David A Nield stated, “Significant effort has been put into exploring opportunities in India. We still believe in the long term benefits of operating in India and in the growth potential there for insurance protection and wealth management, which are our core businesses. At the same time, we believe our shareholders are best served by concentrating all out resources on our current operations, including our new ventures.”
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