News: Ranbaxy ties up with Dutch co for life insurance

(UNI 28/12/2006) New Delhi - Ranbaxy Promoter Group and Netherlands-based insurance and pension company Aegon today signed agreements to jointly enter the life insurance and asset management business in India.

The ventures will be implemented by Religare, the financial services division of Ranbaxy Promoter Group, and Aegon.

Ranbaxy Promoter Group will hold a 44 per cent stake in the life insurance venture, Aegon a 26 per cent stake and Bennett Coleman, an investor, will hold the balance.

The asset management venture has been structured on an equal ownership basis between Religare and Aegon.

''We are very happy to join hands with Aegon to establish business in the high growth areas of life insurance and asset management,'' said Malvinder Mohan Singh of the Ranbaxy Promoter Group.

The entry into the life insurance and asset management businesses is part of Religare's expansion plans in India and overseas.

''These ventures are part of the strategic initiatives of the group to consolidate its position and become a meaningful player in the financial sector covering a wide spectrum of activities,'' Singh said.

Alexander Wynaendts, member of the Executive Board of Aegon NV, said, ''India is an important market for Aegon given the significant growth potential for the products and services we provide.'' ''We are confident that with Religare as our partner, we can build on our respective capabilities to maximise the opportunities emerging across the country,'' he added.

Religare provides services in equity, commodity, portfolio management, investment banking, corporate finance, mutual fund distribution, insurance broking and personal credit.

Religare group provides services through its network of more than 272 branches and 580 partner locations, covering more than 300 towns and cities across the country.

Aegon, with headquarters in The Hague, employs about 27,000 people. The company's three major markets are the United States, Netherlands and United Kingdom. In addition, the group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan.