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Tata Sons and AIA Group Ltd (AIA) today announced an agreement, under which AIA will increase its shareholding in Tata AIA Life Insurance Company from the current level of 26 per cent to 49 per cent.The completion of the transaction is subject to securing all necessary regulatory and governmental approvals.
However, both the companies did not disclose the financial details.
Tata AIA Life Insurance, which started its operations in 2001, offers a wide variety of life insurance solutions that cover protection, savings and wealth creation needs.
After Parliament passed the law for hike in foreign direct investment in private insurance companies to 49 per cent earlier this year, many overseas partners have proposed to raise stake in their Indian joint ventures. Prominent names include Nippon in Reliance Life Insurance, AXA in Bharti AXA Life Insurance, Bupa in Max BUPA health insurance and Sunlife Financial Inc in Birla Sunlife.
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