The Hindu Business Line : Religare inks pact with Aegon

JOINING HANDS: Mr Donald J. Shepard, President and COO, Aegon (left), with Mr Malvinder Mohan Singh, Chairman, Religare Enterprises Ltd, during the signing of an MoU to enter into insurance and assest management business in the capital on Friday. - Kamal Narang

New Delhi , July 7

Ranbaxy promoter group company Religare announced on Friday that a memorandum of understanding has been signed with Aegon to jointly enter the insurance and asset management markets in India.

Mr Malvinder Mohan Singh, promoter of Religare and Mr Donald J. Shepard, Aegon's Chairman of the Executive Board signed the document.

Mr Singh said, "We intend to make Religare a leading player in financial services and our entry into the insurance and mutual fund markets is a major step in that direction. We are confident that, with a strong partner like Aegon, we will build a leading presence in these markets."

Religare, the financial services arm of Ranbaxy promoter group, is a leading provider of financial services in India with more than 150 offices across the country. Aegon is one of the world's largest life insurance and pension companies, and a provider of investment products. According to a company statement, by combining the international expertise of Aegon with the distribution strength of Religare, the partners intend to create a strong platform to successfully offer insurance and asset management products across India.

Entering the Indian market carries forward 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 insurance penetration levels in the country and the continued strong growth rates projected for the insurance sector in coming years.

"We are very pleased with the opportunity to join with our strong partners at Ranbaxy Promoters group to offer protection and financial management solutions to customers throughout India," said Mr Shepard.

"Religare's deep understanding of the local markets combined with Aegon's expertise in life insurance, pensions and related investment products provide us a strong growth platform for the products and services we offer."

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