AIA Group will raise its stake to 49% in its life insurance joint venture Tata AIA Life Insurance. At present AIA has 26% stake in the company. The deal is the latest in a series of such transactions after the government increased foreign holding cap in the insurance sector to 49%. The financial details of the deal were not revealed by the two companies. Earlier4, Japan’s Nippon Life Insurance has signed definitive agreements to increase its stake in Reliance Life Insurance to 49% from existing 26% for Rs 2,265 crore. Sun Life Financial too said it will invest Rs 1,664 crore to increase its stake in Birla Sun Life Insurance from 26% to 49%. British health insurer Bupa is investing invest Rs 191 crore to hike its stake in Max Bupa Health Insurance to 49%.
