Moneycontrol
Nov 30, 2017 04:31 PM IST | Source: Moneycontrol.com

Edelweiss Tokio Life Insurance gets capital infusion of Rs 670 crore

In February 2016, Edelweiss Tokio Life Insurance received Rs 527 crore in capital from Tokio Marine, while also increasing its holding in Edelweiss Tokio Life Insurance from 26 percent to 49 percent.

 
 
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Private life insurer Edelweiss Tokio Life Insurance today announced it has received equity capital infusion of Rs 670 crore, from Edelweiss Financial Services and Tokio Marine Holdings.

The insurer is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings, where Edelweiss Financial Services owns 51 percent and Tokio Marine owns the balance 49 percent.

Deepak Mittal, MD & CEO, Edelweiss Tokio Life Insurance, added, “This capital infusion will support our expansion plans, and in particular, the development of our bancassurance channel. We are also significantly enhancing our technology and digital platforms."

In February 2016, Edelweiss Tokio Life Insurance received Rs 527 crore in capital from Tokio Marine, while also increasing its holding in Edelweiss Tokio Life Insurance from 26 percent to 49 percent. This was among the handful of transactions where the money came into the insurance company and was not an exchange between shareholders.
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