Aegon and Ranbaxy Promoter Group today announced that a memorandum of understanding has been signed to jointly enter the insurance and asset management markets in India.
The partnership will be implemented by Aegon and Ranbaxy Promoter Group company Religare, which provides financial services across India through its more than 150 offices and 300 partner locations.
By combining Aegon's international insurance and asset management expertise with Religare's broad spectrum of financial services and strong distribution capability, Aegon and Religare intend to create a platform to successfully market insurance and asset management products across India.
Entering the Indian market continues Aegon's strategy of expanding into countries that offer long-term growth opportunities for insurance and investment products. India has long been identified as one of Aegon's target markets given its sizeable population and rapidly developing economy, the relatively low penetration level of insurance in the country, and the continued strong growth rates projected for the insurance sector in coming years.
Aegon and Ranbaxy Promoter Group expect to announce a transaction later this year.
About Ranbaxy Promoter Group
Ranbaxy Promoter Group is India's leading business house having diversified interests in Pharma, Healthcare, Pathological Labs and Financial Services through Ranbaxy Laboratories Limited, Fortis Healthcare Limited, SRL Ranbaxy Limited and Religare Enterprise Limited respectively. Religare Enterprises Limited is the financial services arm of the group having pan India reach through its more than 150 offices and 300 partner locations. It provides diversified services in equity and commodity trading, investment banking, distribution of mutual funds, insurance, personal loans and other asset based products. It also manages large equity assets through its portfolio management schemes.