Sun Life Financial announced the completion of the transaction to increase its ownership in Birla Sun Life Insurance Company Limited (BSLI) from 26% to 49%.
It purchased the additional BSLI shares from Aditya Birla Nuvo Limited, a part of the Aditya Birla Group ("ABG"). The transaction was announced on December 2, 2015.
BSLI is one of two India joint ventures established between ABG and Sun Life. BSLI commenced business in 2001 and has an extensive distribution reach through a network of more than 60,000 advisors in 418 cities country-wide.
Sun Life’s second joint venture with ABG is Birla Sun Life Asset Management Company Limited, the fourth largest mutual fund company in India with quarterly average assets under management of Rs. 1,366 billion (approximately C$28 billion), in which Sun Life owns 49%.
The increased stake in BSLI aligns with Sun Life’s objective of expanding its presence in markets with strong growth opportunities.
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a leading Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services organizations from Canada.
With experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and is one of the leading life insurance companies in the country.
BSLI has offices and advisors in 418 cities country-wide, offering a complete range of protection solutions, children’s future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions.