Complex sentence: Prior to 1972, around 32 insurance companies were involved in the life insurance business and were later merged and placed under three Beema Units named "A", "B" and "C" Beema Units.
Split into simpler sentences: Prior to 1972,32 Life Insurance companies were involved in the life insurance business. These companies were later merged and placed under three Beema Units named "A", "B" and "C" Beema Units.