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Religare Plans to Exit from AEGON Religare Life
Religare Enterprises on Thursday informed stock exchanges that it was planning to exit from its joint venture, AEGON Religare Life Insurance Company. The company holds 44 per cent equity in the joint venture, in which the AEGON group company and Bennett Coleman & Company Limited are also shareholders.
Religare Enterprises' 44 per cent stake could be valued at about ₹ 980 crore, said sources, indicating that if foreign direct investment (FDI) in insurance is increased, the foreign partner might be allowed some of the stake. In that case, the AEGON group company could buy up to 23 per cent in the JV, taking its shareholding up to 49 per cent.
"After a strategic review, Religare has expressed a desire to exit the joint venture. Religare and AEGON have agreed that Religare will exit once a replacement shareholder is identified and is approved by the regulatory authorities. In the meantime, Religare remains fully committed to the joint venture," said Religare Enterprises in a filing.
AEGON Religare Life Insurance collected ₹ 103.88 crore new premiums for the first quarter ended June 30.
Sources in the know said Religare will focus on its core businesses after the life insurance JV finds a partner. It was not immediately known if Religare had any plans of exiting its health insurance joint venture Religare Health Insurance. Religare Enterprises had also applied for a banking licence with the Reserve Bank of India, but was not granted one.
Going by its public disclosures, AEGON Religare Life posted a loss of ₹ 13.3 crore for the quarter ended June 30.
2011: Nippon Life buys 26% stake in Reliance Life Insurance for ₹ 3,062 crore Apr ' 12: Japan's Mitsui Sumitomo announces buying 26% stake in Max NewYork Life for ₹ 2,731 crore Jul ' 12: Tata AIG rechristened as TATA AIA, following exit ofAmerican International Group ( AIG) from Hong Kong- based insurer, AIA Group Sep ' 12: Irda approves 30% stake purchase by PNB in MetLife India Insurance Jan ' 13: Exide Industries decides to acquire 50% remaining stake in ING Vysya Life Insurance for ₹ 550 crore
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