Irda approves Tokio Marine stake hike in Edelweiss Tokio Life Insurance
Tokio Marine currently owns 26% in the venture, with Edelweiss owning the remainder
Mumbai: Edelweiss Tokio Life Insurance on Thursday said it had received Insurance Regulatory and Developmental Authority of India (Irda) approval to increase Tokio Marine’s stake to 49% in the joint venture.
Following regulatory approval, Tokio Marine will infuse over ₹ 525 crore in Edelweiss Tokio Life Insurance to fund expansion plans.
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc. Tokio Marine currently owns 26% in the venture, with Edelweiss owning the remainder.
“Our strong demographics coupled with rising life expectancy and poor social security will continue to spur demand for insurance. Additionally, growing household savings will flow into long-term investments, in turn fuelling economic growth," said Rashesh Shah, chairman and chief executive of Edelweiss Group.
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