Sun Life to raise stake in insurance joint venture with India’s Aditya Birla Group
TORONTO – Sun Life Financial Inc. (TSX:SLF) will pay $340 million buy more of its partner’s share of Birla Sun Life Insurance, which operates across India through an extensive branch and adviser network.
Toronto-based Sun Life says its share in the joint venture will rise to 49 per cent from 26 per cent upon closing of the deal with a subsidiary of the Aditya Birla Group.
Birla Sun Life Insurance has 1.6 million individual policyholders and a distribution network in 418 cities.
It is one of two joint ventures set up between Sun Life and ABG. The other is Birla Sun Life Asset Management, India’s fourth largest mutual fund company.
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