Edelweiss Capital, India’s leading diversified financial services company announced that it is entering into an agreement with Tokio Marine Holdings, Inc., one of the world’s leading Insurance groups headquartered in Japan, to establish a Life Insurance Joint Venture in India to be called Edelweiss Tokio Life Insurance.

The proposed joint venture will approach the IRDA (Insurance Regulatory & Development Authority) to obtain the life insurance license.

With this, Edelweiss Capital which recently started Mutual Fund and Retail Broking businesses has taken a definitive step into the Life Insurance industry. Edelweiss and Tokio Marine have committed to an aggregate initial capital of INR 5.5 billion in the first phase.

Life Insurance industry in India has grown at a CAGR of 30% over the last 5 years and both partners see a large growth potential in the industry.

Tokio Marine Holdings, Inc. is the holding company for the Tokio Marine Group which is one of the leading insurers globally. The Group has a net worth of USD 18.4 billion and revenues of USD 39 billion for FY09 and operates across 36 countries.