Dutch firm to enter Indian life assurance market
Financial major Aegon has signed a pact with India's Ranbaxy to build an insurance and asset management business.india Updated: Sep 06, 2006 12:51 IST
Dutch financial major Aegon is to expand into India's life assurance market, company sources here said.
The Edinburgh-based Scottish office of the company recently signed an agreement with Indian conglomerate Ranbaxy Promoter Group to build an insurance and asset management business in the subcontinent.
Otto Thoresen, the chief executive of Aegon, UK, will draw together a management team from the firm's Edinburgh office to develop and manage the India venture, the company said. The team will include 12 senior managers from finance, actuarial, underwriting and regulation divisions led by programme manager John Mungall.
The tie-up with Ranbaxy will give Aegon access to 150 offices run by Religare Enterprises, Ranbaxy's financial services subsidiary. It also reportedly has nearly 300 partner locations.
Thoresen said: "Being given responsibility for the launch of Aegon's India joint venture is a great accolade for our UK team and reflects the growing importance of the UK within the worldwide group."
Aegon is one of a number of companies pushing into the Indian market. Standard Life currently has 26 percent of a joint venture with Indian banking group HDFC and intends to raise its stake to 49 percent when the Indian government grants regulatory consent.
Thoresen said: "The opportunity for our staff to develop their expertise in an international environment is a real benefit of being part of a global organisation."
Aegon, UK, has 45.2 billion pounds in assets under management and employs around 4,000 staff, 2,700 of them based in Edinburgh.