Sun Life Financial and Aditya Birla Nuvo, a part of the Aditya Birla Group, have agreed for Sun Life to increase its ownership in Birla Sun Life Insurance Company Limited from 26% to 49% by purchasing additional BSLI shares from ABNL for about $340 million.
BSLI is one of two India joint ventures established between ABG and Sun Life. BSLI has 1.6 million individual policyholders and distribution across 418 cities with more than 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 about $28 billion, in which Sun Life owns 49%.
This story originally appeared on the site of our sister publication Advisor.