Private life insurer Edelweiss Tokio Life Insurance has received approval from the Insurance Regulatory and Development Authority of India to increase Tokio Marine’s stake to 49 per cent in the joint venture. This will be a primary investment by Tokio Marine in the joint venture and will lead to a FDI of Rs 525 crore.
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services, one of India’s leading diversified financial services companies and Tokio Marine Holdings Inc, a global leader with over 135 years of experience in the insurance business.
Tokio Marine currently owns 26 per cent in Edelweiss Tokio Life Insurance, with Edelweiss owning the remainder.
“The increased capitalisation will reinforce our commitment to build a high quality customer oriented business. Our need-based selling approach, superior product design and infrastructure will be further strengthened to serve customers both in the physical and digital platform while significantly easing the distribution process,” said Deepak Mittal, MD & CEO, Edelweiss Tokio Life Insurance.