You are here: Home » Press Releases » Economy
Business Standard

EGON Religare Life Insurance infuses additional capital of Rs 20 cr

Announcement  |  Banking 

The promoters of AEGON Religare Life Insurance ave infused an additional capital of Rs 20 crore into the capital base of the Company. This enhances the Company's total capital to Rs 570 crore as of March 25, 2010. The capital infused in this fiscal year is at Rs 270 crore, including this latest infusion.

The additional infusion is as per the current IRDA guidelines and is in the ratio of 44:26:30 between Religare, AEGON and Bennett, Coleman & Company Limited, respectively.

The company has managed to attract over 60,000 customers since starting operations in July 2008. AEGON Religare Life Insurance has a suite of products that are amongst the best and most competitively priced in the industry.

AEGON Religare Life Insurance is the coming together of AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups.

AEGON’s businesses serve over 40 million customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ almost 30,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 342 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844. It holds 26% equity in our company.

A diversified financial services group with a pan-India and international presence, Religare Enterprises Limited (REL) offers a range of products and services, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 498 cities controlling 1,837 business locations all over India as on June 2009. REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (RHH). With the addition of RHH the REL group now operates out of multiple global locations (the UK, the USA, Brazil, South Africa, Dubai and Singapore).

First Published: Wed, March 31 2010. 19:19 IST