Mumbai, Aug. 3 -- Global insurers are stepping up their India plans as the country's decision to allow 100% foreign ownership opens the door to greater control over local businesses. Close on the heels of Allianz and Prudential's moves, South Korea's Hanwha Group and South Africa's Discovery are among those evaluating opportunities, and discussing options with their advisors, three people familiar with the matter told Mint. Hanwha is Korea's fifth-largest conglomerate, whose massive insurance arm, including Hanwha Life Insurance and Hanwha General Insurance, controls over $138 billion in assets and is expanding globally through core banking and insurance hubs across Vietnam, Indonesia, and the US. Discovery Ltd, on the other hand, is a leading South African financial services group-whose insurance and banking arms together control over $16.5 billion in assets-expanding globally with core operations in South Africa, the UK, US, China and across the Asia Pacific. Replying to Mint's queries, Vitality, which operates in over 40 countries through its parent Discovery, declined to comment on its India plans. Shaun Matisonn, chief global growth officer at Vitality, said: "We have a wide range of insurance partners across the world, and an ambitious growth strategy. However, we're unable to comment on any speculation." Queries emailed to Hanwha early last week did not elicit a response. "These global strategics have sounded out bankers to help them identify assets," said a person privy to the discussions, adding that they are keen to acquire mid-market insurers. "Over the next two decades or so, India's insurance sector may see tremendous growth and these strategics want to play a part in that," the person added.India's insurance sector's overall assets under management (AUM) were at Rs.74.4 lakh crore, or about $780 billion, in FY25, with the total premium income rising to Rs.11.9 lakh crore, or approximately $125 billion, according to the Economic Survey 2026. India's top insurer, Life Insurance Corp. of India, has an AUM of Rs.57.29 lakh crore, about $600 billion. Global players' interest points to the scope and underpenetration in insurance, which was 3.7%, per Press Information Bureau in April. India raised its foreign direct investment (FDI) cap in insurance to 100% from 74% in May, giving overseas insurers a chance to own their Indian operations outright. While India has been on global insurers' radar for years, bankers said the FDI reform has accelerated the conversations. "Global strategics have had India firmly on their radar for years, with players transacting and evaluating options aligned with their strategic imperatives prior to the change," said Prashant Maheshwari, managing director at Rothschild & Co. "The FDI relaxation has provided further impetus: it removes the need to find a local JV partner and de-risks capital allocation and governance for a global player.""It has led to a widening of the pool of credible players and shifted the tenor of discussions from whether to enter or enhance India presence to how and at what price," he added. The shift is already showing. Germany's Allianz, which exited its long-standing partnerships with Bajaj Finserv, formed a 50:50 joint venture with Jio Financial Services to re-enter India's insurance, a move first announced last year. And Hong Kong-headquartered Prudential agreed to take 75% in Bharti AXA Life Insurance in May. There are also many foreign shareholders seeking greater control of their Indian businesses, said the people. Australian insurer QBE recently got regulatory nod to acquire its partner's stake and move to 100% ownership of Raheja QBE General Insurance, while the UK's Aviva has announced plans to buy out Dabur Invest Corp.'s stake in Aviva Life. US-based Liberty Mutual has raised stake in its JV to 74%....