Edelweiss Tokio Life Insurance Company Limited, a joint venture between the Edelweiss Group, India’s leading diversified financial services conglomerate and Tokio Marine, one of the world’s leading Insurance group headquartered in Japan; has been registered by Insurance Regulatory & Development Authority (IRDA) to carry on the business as a life insurer.
Speaking at the occasion Rashesh Shah, Chairman and CEO, Edelweiss Group said, “At 4.5%, Life Insurance penetration in India continues to be low. We see an opportunity there. With a global leader as a partner and a country wide distribution network Edelweiss Tokio Life is well placed to benefit from this opportunity.”
Hiroshi Endo, Managing Director, Tokio Marine Holdings said, “Tokio Marine Group has been looking at India as an exciting opportunity, where we have Edelweiss as our committed partner. And now that we have been granted license, we will launch customer focused approach and hope to be successful.”
Deepak Mittal, Director, Edelweiss Tokio Life said, “Edelweiss Tokio Life endeavors to imbibe a ‘Customer First’ approach and focus on Need -Based Selling. Our Personal Financial Advisors will be well trained and offer customers products as per their life stage requirements.” he added.
Edelweiss Tokio Life plans to commence sales later this year, depending on product approvals.
India Infoline Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices