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Indices down 0.5% as rupee breaches 56 markMay 23 2012 16:25
Edelweiss Capital, Tokio Marine get initial OK for life insurance JV
MUMBAI (makemystocks) : Edelweiss Tokio Life Insurance Co Ltd, a joint venture between Edelweiss Capital Ltd and Tokio Marine, has got initial R1 approval from Insurance Regulatory and Development Authority.
An R1 approval is the first step of regulatory clearance required to carry out business as a life insurance company in India.
The Indian economy is poised for a 9% annual gross domestic product growth. The savings rate is upwards of 32%. Company sees large opportunity in the life insurance sector, which is a great way of channelising these savings into long-term investments.
Life insurance premiums are expected to increase from current Rs 2 trillion to about Rs 10 trillion in the next decade.
An R1 approval is the first step of regulatory clearance required to carry out business as a life insurance company in India.
The Indian economy is poised for a 9% annual gross domestic product growth. The savings rate is upwards of 32%. Company sees large opportunity in the life insurance sector, which is a great way of channelising these savings into long-term investments.
Life insurance premiums are expected to increase from current Rs 2 trillion to about Rs 10 trillion in the next decade.
