Aegon increases stake in its Indian life insurance joint venture
Aegon has increased its investment in Aegon Religare Life Insurance Company Ltd. (“ARLI”) from 26% to 49%. The transaction was completed with Bennett, Coleman & Co. Ltd. (“BCCL”).
This follows a recent revision to India's insurance laws enabling foreign companies to own up to 49% of an Indian insurance company.
Aegon and BCCL have been joint venture partners since ARLI commenced business in 2008. ARLI has achieved a leading position in the online life insurance market in India. The company is renamed as Aegon Life Insurance Company Ltd. and will be "An Aegon and Times Group Company".
Aegon was the first in India to offer life insurance sales and service over the internet. Aegon's internet platform provides customers with a valuable choice to research, review and purchase online protection and savings products at their own convenience.
Aegon Religare Life Insurance was named the Winner in 2013, 2014 and 2015 of the E-Business Leader Award in the Insurance Industry. The joint venture provides customers with a choice to be served by agents and third party distributors too.
The transaction closed on December 7, 2015, following all required regulatory approvals.
