The only properly differentiated play in Insurance which is independent of most of the groups other businesses whetehr for Capital or for Holdings, Bajaj Finserv did $750 million in Life Premiums and $250 mln in Amotor and Health Insurance in FY2011 with pretty strong profits in the business. Bajaj Finserv is also a listed play with good corporate governance and despite earlier reliance on only the ungoverned ULIPS and Super bonuses, it is now serving the latest IRDA approved fare and wants to grow the AMC business and then get a bank licence. All aspects of the business that have not grown since 2008 incl life insurance where LIC is getting bigger and better

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