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 various options with their advisors, three people familiar with the matter told Mint.

Hanwha is South 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 othe...