India is supposed to be one of the “Asian tiger” economies that everyone’s trying to break into. Except, that is, for AMP, which is breaking out. The big Australian has sold its 26% stake in the Indian life insurance venture it bought into three years ago alongside India’s Sanmar group.

It’s believed the Australian wealth management group sold its portion of the business – AMP Sanmar – to one of India’s largest financial services companies, Reliance Capital, for about $10 million.

Reliance has also purchased Sanmar’s 74% stake in the business, giving it full ownership.

AMP CEO Andrew Mohl says the group will now focus solely on its “asset-management business” in the region.

“This approach more readily leverages our capabilities and is significantly less capital-intensive than the Indian life insurance business,” he said.