Investment firm KKR & Co is preparing to bolster the activities of its Indian insurance division as it expands in private equity, infrastructure and credit across the nation, reported Bloomberg, citing senior executives.
The firm’s insurance operations are led by US-based Global Atlantic Financial Group, which was bought completely by KKR in January 2024.
KKR’s global co-chief executive officer Scott Nuttall said in a media briefing in Mumbai, India: “We are funding transactions in India through our insurance company.
“We are also thinking through whether it could make sense to have local partnerships with Indian insurance companies where they create the liabilities and we help them invest the assets alongside.”
Nuttall stated that in June, this division marked its debut investment in India, providing $600m in financing to Manipal Group.
Nuttall also noted that the insurance business is broadening its reach in Japan and Europe.
As per a presentation in September, Global Atlantic’s adjusted investible assets stood at $197m.
KKR’s Asia-Pacific co-head and Asia-Pacific Private Equity head Gaurav Trehan stated that the insurance segment provides “a competitive and scalable pool of capital that extends even to emerging markets like India”.
Since 2020, KKR has committed $9bn in equity investments across India, covering both private equity and infrastructure asset classes.
According to Trehan, the firm’s credit division has emerged as its “newest and fastest-evolving” business line.
Nuttall indicated that among Asian markets, India and Japan have delivered the strongest performance and returns for KKR, although specific results were not disclosed.
Looking at global operations, KKR aims to invest between $90bn and $100bn this year.
Nuttall observed that over time, the Indian business is expected to “increasingly resemble the firm’s global profile”.
KKR currently manages assets valued at around $685bn worldwide, with credit operations comprising between $250bn and $300bn of this total.
“KKR eyes expanded role for insurance arm in India” was originally created and published by Life Insurance International, a GlobalData owned brand.
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