Sun Life Financial Inc. of Canada will increase its stake in Birla Sun Life Insurance Co. Ltd, a joint venture with Aditya Birla Nuvo Ltd, from 26% to 49% by spending Rs.1,664 crore to buy additional shares from the Indian partner.
Sun Life said increasing the stake is in line with its objective of expanding its presence in markets with strong growth opportunities.
“Increasing our ownership position in Birla Sun Life Insurance, one of India’s leading private life insurers, 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,” said Dean Connor, president and chief executive officer, Sun Life.
The transaction is expected to close by the end of the first quarter of 2016, subject to regulatory approvals and customary closing conditions.
According to data from Thomson Reuters, at least 19 deals had been announced in the insurance sector between March and November.
According to data from Thomson Reuters, at least 19 deals had been announced in the insurance sector between March and November.