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AEGON Religare Life Insurance Infuses Rs 45 cr Capital

Announcement  |  Banking 

The promoters of AEGON Religare Life Insurance have infused an additional capital of Rs 45 crore into the capital base of the Company. This enhances the Company's total capital to Rs 395 crore as of July 27, 2009. The capital infused in this fiscal year is at Rs 95 crore, including the latest infusion. This has been done to build distribution as a part of AEGON Religare Life Insurance’s strategy for the financial year 2009-2010.

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 30,000 customers and an APE of more than Rs 70 crore. AEGON Religare Life Insurance has a suite of products that are amongst the best and most competitively priced in the industry. It has a complete product basket comprising of 3 term plans, 2 ULIPs, a pension plan and a child plan. 30% of our customers (May, 2009) have bought the AEGON Religare Pension Plan, which was launched in January 2009. In FY10, the company intends launching many innovative products, and will foray into health and annuity product lines.

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 32,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 351 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. http://www.aegon.com

Religare is a diversified financial services group of India offering a multitude of investment options. Financial services which Religare offers can be broadly clubbed across three key verticals - Retail, Institutional and Wealth spectrums. Religare has also ventured into the alternative investments sphere through its holistic arts initiative and Film fund. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates in the wealth management space under the brand name 'Religare Macquarie Private Wealth'. Religare has a pan India presence, 1837 locations across 498 cities and towns. It also currently operates from nine international locations following its acquisition of London's brokerage & investment firm, Hichens, Harrison & Co. plc. (Now Religare Hichens, Harrison Plc). http://www.religare.in

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First Published: Tue, July 28 2009. 18:51 IST
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