Sun Life Financial Inc is close to becoming the majority owner of Birla Sun Life Insurance (BSLI) Company Limited after acquiring more stakes in the leading Indian life insurer.
The Asia Asset Management
magazine reported that Sun Life has increased its stakes in BSLI from 26% to 49% as it purchased shares from Aditya Birla Nuvo Limited, part of the Aditya Birla Group (ABG), for an undisclosed amount.
The transaction was announced 2 December, 2015, but it was only completed recently.
According to the report, the Canada-based insurer said that its increased stake in BSLI supports the goal to expand presence in markets with strong growth opportunities.
The investment is also seen to strengthen Sun Life's long-standing partnership with the ABG.
BSLI, which started operations in 2001, boasts a network of more than 60,000 advisors in 418 cities throughout India.
Apart from BSLI, Sun Life has another joint venture with ABG, which is Birla Sun Life Asset Management Company Limited, the fourth largest mutual fund company in India.