Aegon Life Insurance on February 26 announced that Bandhan Financial Holdings (BFHL) has completed acquisition of the digital life insurance company from Aegon India Holding B.V. and Bennett, Coleman & Company Limited, marking a strategic move into the insurance market.
"The transition to BFHL ensures the continuation of Aegon Life's legacy of innovation and customer-centric approaches. The well-established life insurance platform, coupled with a digital distribution network, will be instrumental in sustaining and enhancing Aegon Life's growth trajectory," According to a statement from Aegon Life Insurance.
BHFL, which is the promoter and an associate company of Bandhan Bank Limited, will become the key promoter of Aegon Life Insurance, digital-focused insurance solutions provider, signifying strategic shift for both entities.
The deal was originally announced in July last year, which marks BFHL’s foray into the life insurance sector in India in addition to their presence in banking and mutual fund sectors.
Karni Singh Arha, Managing Director of BFHL said in today's press release, "India’s life insurance market, given its size and potential, is crucial to becoming a diversified financial services group. This acquisition further enhances that endeavour.”
"The synergy between our tech-centric operations and Bandhan’s extensive distribution capabilities will expand the reach of our innovative insurance solutions across the nation”, said Satishwar B, MD and CEO of Aegon Life.
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