Bandhan Financial Holdings (BFHL) has completed the acquisition of Aegon Life Insurance on February 26, marking a strategic entry into the insurance market. The purchase from Aegon India Holding B.V. and Bennett, Coleman & Company Limited signifies a pivotal move for BFHL into the life insurance sector in India, complementing their existing presence in banking and mutual funds.
According to Aegon Life Insurance, the transition to BFHL ensures the continuation of its legacy of innovation and customer-centric approaches. BFHL, as the promoter and associate company of Bandhan Bank Limited, will now become the key promoter of Aegon Life Insurance, emphasizing a strategic shift for both entities.
The deal, initially announced in July last year, reflects BFHL’s commitment to diversifying its financial services group in India. Karni Singh Arha, Managing Director of BFHL, highlighted the significance of India’s life insurance market in their broader strategy. Meanwhile, Satishwar B, MD and CEO of Aegon Life, emphasized the synergy between their tech-centric operations and Bandhan’s extensive distribution network, aiming to expand the reach of innovative insurance solutions across the nation.
