The completion of the transaction is subject to securing all necessary regulatory and governmental approvals
AIA which is in a joint venture with Tata Sons will increase its shareholding in Tata AIA Life Insurance Company from the current level of 26 per cent to 49 per cent through the purchase of a 23 per cent stake in the company.
Mumbai: AIA which is in a joint venture with Tata Sons will increase its shareholding in Tata AIA Life Insurance Company from the current level of 26 per cent to 49 per cent through the purchase of a 23 per cent stake in the company.
The completion of the transaction is subject to securing all necessary regulatory and governmental approvals. AIA now joins the ranks of companies like Nippon, AXA Life Insurance and Sunlife Financial and Bupa who increased their shareholding in their JVs with their Indian partners namely Reliance Life Insurance, Bharti AXA Life Insurance, in Birla Sunlife and Max BUPA Health Insurance respectively, after government permitted a hike in FDI in private insurance companies to 49 per cent.
Tata AIA Life Insurance Company Limited started operations on April 1, 2001 and offers a wide variety of life insurance solutions that cover protection, savings and wealth creation needs for its customers. For FY15, the company recorded total premiums of Rs 2,122 crore whilst its claims settlement ratio reached 94 per cent and profits after taxes was Rs 264 crore.
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( Source : deccan chronicle )
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