Edelweiss Tokio Life to pump in Rs 1,000 cr capital in 5 yrs
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Edelweiss Tokio Life Insurance, a 74:26 JV between Edelweiss Capital and Tokio Marine, plans to infuse Rs 1,000 crore capital in the next five years to fuel its business.
"We have a roadmap of infusing total Rs 1,500 crore. Of this we have already pumped in Rs 550 crore and an additional Rs 1,000 crore will be done in phases over the next 4-5 years," Edelweiss Tokio MD & CEO Deepak Mittal said here today.
Currently, Edelweiss has pumped in Rs 300 crore and Tokio Marine Rs 250 crore.
"There is an understanding with Tokio Marine that they will increase their stake to 49 per cent if the FDI limit in insurance is increased," chairman Rashesh Shah said.
Edelweiss, in the 18th month of operation, is targeting to break even in the seventh year. Mittal said Rs 47 crore premium income is being targeted in the current fiscal and Rs 90 crore in 2013-14.
The new entrant in the sector has decided to stay focused in sales agency force distribution model as it wanted to focus on need-based policy for its customers.