To establish life insurance joint venture in India
Edelweiss Capital has entered into an agreement with Tokio Marine Holdings, to establish a life insurance joint venture in India to be called Edelweiss Tokio Life Insurance.
The company said that the joint venture will approach the IRDA (Insurance Regulatory & Development Authority) to obtain the life insurance license.
The life insurance industry in India has grown at a CAGR of 30% over the last five years and both the partners see a growth potential in the industry. As a result, Edelweiss and Tokio Marine have committed to an aggregate initial capital of INR 5.5 billion in the first phase.
Edelweiss, an India-based financial services company, offers products and services spanning across asset classes and consumer segments.
Tokio Marine Holdings is a global insurer, with life insurance operations in developing markets like China, Malaysia and Thailand.