Edelweiss Tokio Life Insurance gets Rs 670crore capital

CHENNAI: Edelweiss Tokio Life Insurance on Thursday said it has received equity capital of Rs 670 crore from Edelweiss Financial Services Ltd and Tokio Marine Holdings Inc.
"This capital infusion will support our expansion plans and, in particular, the development of our bancassurance channel. We also want to enhance our technology and digital platforms,” said Deepak Mittal, MD & CEO, Edelweiss Tokio Life Insurance.
Last February, Edelweiss Tokio Life Insurance received Rs 527 crore in capital from Tokio Marine while the latter increased its stake in the joint venture to 49% from 26%. Edelweiss Financial Services Ltd owns the balance 51% stake.
"Insurance serves the dual purpose of mobilising long-term savings in to investments, and providing protection. With the increasing financialisation of savings acting as a significant growth driver for Life Insurance, Edelweiss Tokio Life has laid a strong foundation and is well poised to take advantage of this growth opportunity," said Rashesh Shah, chairman and CEO, Edelweiss Group.