Aegon and Ranbaxy Promoter Group have signed a memorandum of understanding to jointly enter the insurance and asset management markets in India.
The partnership will be implemented by Aegon and Ranbaxy Promoter Group company Religare, which provides financial services across India through its 150-plus offices and 300 partner locations.
By combining Aegon’s international insurance and asset management expertise with Religare’s broad spectrum of financial services and strong distribution capability, the joint venture intends to create a platform to successfully market insurance and asset management products across India, Aegon said in a statement.
India has long been identified as one of Aegon’s target markets given its sizeable population and rapidly developing economy, the relatively low penetration of insurance products in the country, and the continued strong growth rates projected for the insurance sector in coming years.
Aegon and Ranbaxy Promoter Group expect to announce a formal transaction later this year.