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Tokio Marine To Commence Life Insurance Business In India

To widen its life insurance business reach

Tokio Marine Holdings has planned to foray into the life insurance market in India, likely in January 2011 via a joint venture with Mumbai-based investment bank Edelweiss Capital Ltd, reported istockanalyst.

The company stated that it has decided to invest around 3 billion yen in capital to

takeover a 26% stake in the joint company. The company has been planned to be named as Edelweiss Tokio Life Insurance Ltd. The life insurance market in India is currently stands at 4 trillion yen and likely to keep expanding.

Tokio Marine will be the first Japanese insurance group to offer both life and non-life insurance services in India.

As per Tokio Marine, Edelweiss Tokio intends to sell variable and other savings-oriented life insurance policies. Tokio Marine has already stepped into the property and casualty insurance market in India in 2000.