India Infoline gets insurance broking license

MUMBAI: Indian Infoline Group on Monday said it has got in-principle approval from the Insurance Regulatory and Development Authority (IRDA) for carrying out insurance broking business.

The licence would enable the group firm India Infoline Insurance Brokers to offer customers a broad range of products from multiple life as well as non-life Insurance companies, the company said in a filing to the Bombay Stock Exchange.

The group through its subsidiary India Infoline Insurance Services is already working as a corporate agent for the private sector life insurer ICICI Prudential Life Insurance Company, it added.

"Our life insurance distribution business has witnessed high growth rates, and has been built on strong foundations of customer service, training our sales force and our investment advisory capabilities," India Infoline Chairman Nirmal Jain said.

Shares of India Infoline closed at Rs 623.10, up 4.23 per cent on the BSE.