The IAG-State Bank of India (SBI) joint venture will bleed premium income from the country’s largest insurer, New India Assurance, at the rate of Rs2 billion ($61.9 million) a year, according to Indian business reports.

The bank has been in a bancassurance relationship with New India, and has contributed around Rs2 billion in premium income every year, according to the Indo-Asian News Service.

The SBI is the largest commercial bank in India, accessing an estimated 146 million customers through 15,500 branches.