Canadian life insurers have been looking to Asian markets to grow their operations, and are now seriously looking at India
Sun Life Financial – who had been strongly hinting that it would increase its stake in Birla Sun Life Insurance in India only two weeks ago – has gone ahead with a purchase valued at an estimated $340 million.
“Increasing our ownership position in BSLI, one of India's leading private life insurers,” said Dean Connor, president and CEO of Sun Life Financial, “in partnership with a well-respected partner in Aditya Birla Group, in the world's second most populous country with strong growth prospects, is exactly on strategy and supports our aspirations for Sun Life Asia as one of our four pillars of growth.”
Aditya Birla Nuvo Limited, a part of the Aditya Birla Group (ABG), announced the agreement for Sun Life to increase its ownership in Birla Sun Life Insurance Company Limited (BSLI) from 26% to 49% by purchasing additional BSLI shares from ABNL.
BSLI is one of two India joint ventures established between ABG and Sun Life, and boasts some impressive client numbers.
BSLI has a customer base of 1.6 million individual policyholders and an extensive distribution reach across 418 cities through a network of over 55,000 advisors in 489 branches. Sun Life's second joint venture with ABG is Birla Sun Life Asset Management Company Limited, the fourth largest mutual fund company in India with assets under management of approximately $28 billion, in which Sun Life owns 49%.
The increased stake in BSLI aligns with Sun Life's objective of expanding its presence in markets with strong growth opportunities.
“In Sun Life, our joint venture partner, we find many synergies that are reflective of their belief and commitment towards the Indian market,” said Kumar Mangalam Birla, Chairman, Aditya Birla Nuvo and BSLI. “Both Sun Life and ABNL have closely partnered in building this business to its current scale, investing heavily in both capital and resources. I am confident this move will only strengthen our long standing partnership and help realize our vision of being a top three private life insurer in India.”
“Increasing our ownership position in BSLI, one of India's leading private life insurers,” said Dean Connor, president and CEO of Sun Life Financial, “in partnership with a well-respected partner in Aditya Birla Group, in the world's second most populous country with strong growth prospects, is exactly on strategy and supports our aspirations for Sun Life Asia as one of our four pillars of growth.”
Aditya Birla Nuvo Limited, a part of the Aditya Birla Group (ABG), announced the agreement for Sun Life to increase its ownership in Birla Sun Life Insurance Company Limited (BSLI) from 26% to 49% by purchasing additional BSLI shares from ABNL.
BSLI is one of two India joint ventures established between ABG and Sun Life, and boasts some impressive client numbers.
BSLI has a customer base of 1.6 million individual policyholders and an extensive distribution reach across 418 cities through a network of over 55,000 advisors in 489 branches. Sun Life's second joint venture with ABG is Birla Sun Life Asset Management Company Limited, the fourth largest mutual fund company in India with assets under management of approximately $28 billion, in which Sun Life owns 49%.
The increased stake in BSLI aligns with Sun Life's objective of expanding its presence in markets with strong growth opportunities.
“In Sun Life, our joint venture partner, we find many synergies that are reflective of their belief and commitment towards the Indian market,” said Kumar Mangalam Birla, Chairman, Aditya Birla Nuvo and BSLI. “Both Sun Life and ABNL have closely partnered in building this business to its current scale, investing heavily in both capital and resources. I am confident this move will only strengthen our long standing partnership and help realize our vision of being a top three private life insurer in India.”
