Edelweiss Financial Services and Japan's Tokio Marine are looking at the possibility of partnering in the asset management space. Edelweiss and Tokio Marine have an insurance joint venture company, Edelweiss Tokio Life Insurance, which began operations recently.
"Apart from insurance, we would like to be present in asset management space. Since Edelweiss is a significant player, we may be looking at partnering for an asset management company also. Edelweiss on the other hand, wants to enter the Japanese market in which we are a significant player," said Jun Hemmi, executive director, Edelweiss Tokio Life Insurance.
Tokio Marine has presence in countries such as Japan, Singapore, Malaysia, Thailand and China. In India, Tokio Marine is present through its general insurance company Iffco-Tokio General Insurance.
Hemmi added that as per the contract, Edelweiss Financial Services couldn't quit the insurance business before completing 10 years of operations. According to the Insurance Regulatory and Development Authority (Irda), the minimum lock-in period for an Indian promoter is five years. The company is also in talks with banks for a bancassurance partnership.
Edelweiss Tokio is setting up its branch network with initial focus on western and northern India. The company is looking at slow growth in the first two years of operations because it plans to build an agency base with focus on strengthening the company. The company plans to launch 22 branches in the present financial year. It has already opened 13 branches so far.
Edelweiss Tokio Life Insurance got its licence in May 2011. Since the start of its commercial operations in July this year, the company has sold 1,000 insurance policies, mostly traditional policies, Hemmi said. The company wants to build an agency force of 50,000 people. On not having bancassurance as a distribution channel, Hemmi said that the company does not see this as a disadvantage, but noted that it was open to tie-ups.
Source: http://www.mydigitalfc.com/personal-finance/tokio-marine-may-partner-edelweiss-mutual-fund-043
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