Marking its foray into the insurance sector, Bandhan Financial Holdings Ltd (BFHL) Monday said it has completed the acquisition of Aegon Life Insurance Company Ltd from Aegon India Holding B.V. and Bennett, Coleman & Company Ltd.
Aegon separately said it sold 56% stake in the company.
The sale was first announced in July 2023 and closed on February 23, 2024, after receipt of the relevant regulatory approvals, it said.
The deal makes Bandhan Financial Holdings a promoter of Aegon Life Insurance.
Bandhan Financial will maintain continuity of Aegon Life's management team and staff, it said.
“India’s life insurance market, given its size and potential, is crucial to becoming a diversified financial services group," said Karni Singh Arha, managing director, BFHL. "Given Bandhan’s focus of making formal financial services available to masses, this acquisition further enhances that endeavour."
Incorporated in 2014, BFHL is a wholly-owned subsidiary of non-banking lender Bandhan Financial Services Ltd. It is also the promoter and an associate company of Bandhan Bank Ltd.
"This marks an exhilarating new beginning - 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., managing director and chief executive of Aegon Life.
