Edelweiss Financial Services’ insurance arm - Edelweiss Tokio Life Insurance, one of India’s fastest growing life insurance company has received Insurance Regulatory and Developmental Authority of India’s (IRDA) approval to increase Tokio Marine’s stake to 49% in the Joint venture (JV).
This will be a primary investment by Tokio Marine in the joint venture, a first within the Life insurance space. The increase in Tokio Marine’s stake will lead to a foreign direct investment of over 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% in Edelweiss Tokio Life Insurance, with Edelweiss owning the remainder.
