Aegon increases stake in its Indian life insurance joint venture

The move takes the Dutch insurer’s stake from 26 per cent to 49 per cent and follows a recent revision to India’s insurance laws enabling foreign companies to own up to 49 per cent of an Indian insurance company.

Aegon and BCCL have been joint venture partners since ARLI was founded in 2008.

Since then 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 today following all required regulatory approvals and was completed with Bennett, Coleman & Co. Ltd. (“BCCL”).