Hong Kong-based AIA Group has entered into an agreement to acquire another 23% stake in India’s Tata AIA Life Insurance.
Terms of the deal have not been disclosed.
The deal will allow the Hong Kong insurer to increase its interest in Tata AIA Life Insurance from the current 26% to 49%.
Tata and AIA Group had established Tata AIA Life in 2001, as a joint venture company.
The company provides a wide range of life insurance products, including protection, savings and wealth creation products.
In March this year, the company launched a new life insurance product Tata AIA Life Insurance Smart Growth Plus, which is a non-linked participating endowment assurance plan.
Featuring triple enhancements with one guaranteed addition and two bonuses, the new product provides two times protection cover through inbuilt Accidental Death Benefit (ADB) option and the advantage of covering benefits under one plan.
The completion of the deal is subject to securing all necessary regulatory and governmental approvals.
Through its subsidiaries, AIA Group provides insurance services in 18 markets of Asia-Pacific region.
It has wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and Brunei.
In addition, the company has representative offices in Myanmar and Cambodia.
Image: Tata AIA offers a wide range of life insurance products. Photo: courtesy of cooldesign / FreeDigitalPhotos.net.