Bandhan Financial Holdings Completes Acquisition of Aegon Life, Expanding into Digital Insurance Space

27 Feb 2024 , 12:45 PM

Bandhan Financial Holdings, the promoter of Bandhan Bank, has successfully acquired Aegon Life, a digital life insurance company.

The acquisition extends the Bandhan group’s reach beyond banking and mutual funds. Aegon Life was previously a joint venture between Aegon India Holding BV and Bennett, Coleman & Company Ltd, the owner of The Economic Times.

The share transfer was completed, making Bandhan Financial Holdings (BFHL) the new promoter of Aegon Life Insurance.

Aegon Life witnessed substantial growth, selling 15,618 policies by December-end, a tenfold increase from the previous year, holding a 0.08% market share.

The transition ensures the continuity of Aegon Life’s management team and employees. The move is expected to leverage the synergy between Aegon Life’s tech-centric operations and Bandhan’s extensive distribution capabilities for nationwide expansion.

Satishwar B, Managing Director of Aegon Life, expressed excitement about the new collaboration and the potential to reach more customers with innovative insurance solutions.

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