Aegon announces the sale of its 56% stake in its joint venture in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company.
The sale of its stake in the joint venture in India underscores Aegon’s commitment to exit from non-core businesses. The completion of the proposed transaction is subject to customary regulatory approvals.
Aegon has a 56% stake in Aegon Life Insurance Company (Aegon Life), a joint venture with Bennett, Coleman & Co. Ltd., and pursues a digitally focused strategy serving around 300,000 customers. It provides products that include term, savings, unit-linked, and health plans. Aegon Life was established in 2008, has around 250 employees, and is headquartered in Mumbai.
“I would like to thank our Aegon Life colleagues for their commitment and professionalism in meeting the needs of our customers in India,” said Marco Keim, CEO of Aegon International. “I believe that Bandhan will be a good home for the employees and policyholders of Aegon Life and I wish them all the success in the future.”