Religare to exit AEGON Religare Life Insurance Company

Religare Enterprises is planning to exit from its joint venture, AEGON Religare Life Insurance Company. Currently, REL holds 44 per cent stake in this JV, Aegon 26 per cent and the balance rests with Bennett, Coleman and Company Ltd.

Religare Enterprises’ 44 per cent stake could be valued at about Rs 980 crore.If foreign direct investment (FDI) in insurance is increased, the foreign partner, AEGON group company could buy up to 23 per cent in the JV, taking its shareholding up to 49 per cent.

Religare will exit once a replacement shareholder is identified and is approved by the regulatory authorities. AEGON Religare Life Insurance collected Rs 103.88 crore new premiums for the first quarter ended June 30.AEGON Religare Life posted a loss of Rs 13.3 crore for the quarter ended June 30.