As part of the life insurer's growth strategy for FY2009-10
AEGON Religare Life Insurance has invested fresh capital of INR700m into the company. According to the company, the step was taken to build the distribution as part of the life insurer’s growth strategy for the financial year 2009-2010, reported The Economic Times.
With this fresh infusion, the total base of the company now stands at INR4.65 billion.
This capital infusion is done by the promoters of the company – Religare, AEGON and Bennett,Coleman & Company. The ratio of their contribution to the capital is in the ratio 44:26:30, which is as per their shareholdings in the company.
The promoters of the company had earlier injected INR950m fresh capital. The operations commenced in July last year.
AEGON Reliagre has been able to attract nearly 40,000 customers and an annual premium of around INR1 billion, since the commencement of the operation last year, quoted the newspaper.