News: India's Religare, Aegon eye insurance partnership

(RTR 07/07/2006) Mumbai - India's Religare Enterprises Ltd. and Dutch insurer Aegon NV have signed a deal to jointly provide insurance and asset management services in India, Aegon said in a statement.

Aegon and Religare, which is owned by the founding family of Indian drug maker Ranbaxy Laboratories Ltd., expect to announce a transaction later this year, it said.

"Entering the Indian market continues Aegon's strategy of expanding into countries that offer long-term growth opportunities for insurance and investment products," Aegon said.

India has long been identified as one of Aegon's target markets because of its large population and rapidly developing economy, relatively low penetration level of insurance, and strong growth rates projected for the insurance sector in the coming years, it said.

Religare provides services in equity and commodity trading, investment banking, insurance, personal loans and other asset based products.