Aegon Religare Life Insurance renamed as Aegon Life Insurance

Private player Aegon Religare Life Insurance Company is renamed as Aegon Life Insurance Company Ltd following the exit of Religare from the JV.
"The management team of the company will remain unchanged and will stay committed to all its customers, partners and employees with added focus on customer experience through simplification and digitisation," Aegon Life Insurance Company said in a statement today.
"All existing policyholders will continue to maintain the benefits with no change in the policy terms and conditions of their policies issued by Aegon Religare Life Insurance Company Ltd," it said.
Earlier this year, financial services firm Religare Enterprises exited the life insurance company by selling its 44 per cent stake to partner Bennett, Coleman and Company Ltd (BCCL).

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In a regulatory filing, Religare Enterprises Ltd said the transaction was closed on December 7, following the receipt of all the required regulatory approvals.

REL has sold its stake in life insurance JV to Bennett, Coleman & Co Ltd, a Times Group Company, and a non-promoter group entity, it said.
The transaction is not a related party transaction and the total consideration for this transaction is Rs 971.45 crore.
"We also confirm that Aegon NV has increased its stake in the company to 49 per cent," Aegon Life said in a statement.
For the year ended March 31, 2015, the life insurance JV reported a revenue of Rs 803.09 crore and its net worth at that date stood at Rs 179.15 crore.

Aegon's global reach and expertise in digital technology and customer analytics, coupled with the Times Group's knowhow in the Indian market, would give the company an edge, K S Gopalakrishnan, MD and CEO Aegon Life, said.
"With this, we expect to increase our investments in areas that can help us achieve our vision of providing need-based financial solutions to our customers anytime and anywhere, providing them with a unique buying experience," he said.