OREANDA-NEWS. The Dai-ichi Life Insurance Company, Limited (hereafter “Company”; President: Koichiro Watanabe) is pleased to announce that we have reached an agreement on increasing its shareholding in Star Union Dai-ichi Life (Head Office: Navi Mumbai, hereafter “SUD”), an affiliated company based in India, to 44% from 26%.

Since its commencement of business in February 2009, SUD has continued to grow steadily by utilizing the robust nationwide network of the joint venture partner public banks, Bank of India (hereafter “BOI”) and Union Bank of India (hereafter “UBI”).

As a result of deliberation to increase the shareholding, following the deregulation of foreign ownership limit which came into effect in March 2015, the Company has reached an agreement on purchasing additional 18% stake in SUD from BOI (approx. INR 5.4 billion, or approx. JPY 8.96 billion), and increasing its ownership in SUD to 44%.

In accordance with the increase of shareholding, the Company will further strengthen its involvement in the management by increasing the number of director nomination rights, and by utilizing the group’s comprehensive expertise in life insurance, endeavor to contribute to the development of the Indian life insurance market and pursue further enhancement of its overseas business on a group basis.

By fully utilizing its global three-pole structure including Japan, North America and Asia Pacific, Dai-ichi Life Group will continue to create sustainable value.