Liberty Mutual Insurance Group will increase its stake to 49% in Liberty Videocon General Insurance (Liberty Videocon), its non-life insurance joint venture company following new regulations in India relating to foreign investments in Indian insurance companies.

Liberty Mutual Insurance chairman and CEO David H. Long said: “With a large relatively young population, a growing economy and a low level of insurance penetration India remains an attractive market for future expansion and we remain committed to growing our business in India.

“We will work with our joint venture partner, Videocon Industries, to enhance our distribution, analytical and technology capabilities while focusing on providing a superior customer experience to our distribution partners as well as ultimate consumers.”

Liberty Videocon provides multi-line insurance products and services to various distribution channels, with an emphasis on personal insurance products such as Motor, Health, Home and Personal Accident protection.

Since it commenced operations in 2013, the joint venture has grown to employ nearly 800 employees operating in over 50 offices across India.