Hong Kong-based AIA Group has completed the acquisition of another 23% interest in India’s Tata AIA Life Insurance.
The deal increased AIA’s stake in Tata AIA Life Insurance to 49% from 26%.
Tata and AIA Group created Tata AIA Life as a joint venture company in 2001.
Tata AIA Life provides various life insurance products that include protection, savings and wealth creation products.
Tata AIA Life Insurance started operations in India in April 2001 after securing license in February of that year.
AIA Group, through its subsidiaries, offers insurance services in 18 markets in Asia-Pacific region.
The group has wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei.
It also has a 97% subsidiary in Sri Lanka and a representative office in Myanmar and Cambodia.
Based in India, Tata group has around 100 independent operating companies. The group operates in around 100 countries across six continents.
Image: AIA Group has purchased an additional 23% interest in Tata AIA Life Insurance. Photo: courtesy of adamr / FreeDigitalPhotos.net.