Edelweiss gets IRDA nod to raise stake in joint venture with Tokio Marine

MUMBAI: Edelweiss Tokio Life Insurance today received IRDA approval 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, 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 per cent in Edelweiss Tokio Life Insurance, with Edelweiss owning the remainder.

"With a global leader as a partner, new capital infusion and an expanding country wide distribution network, Edelweiss Tokio Life is well placed to cater to the insurance needs of the Indian consumer," said Rashesh Shah chairman and CEO Edelweiss Group.

Since inception in 2011, the company has expanded its distribution footprint across agency and alternate channels and has a nationwide presence with its 71 branches across India with over 14,000 Personal Financial Advisors.