Aegon Religare Life Insurance to receive capital infusionAegon Religare Life Insurance is likely to receive Rs 370 crore in its first year of operation.
Apnainsurance.com Research Bureau
13 Aug 2008
Aegon Religare Life insurance is likely to receive Rs 370 crore in its first year of operation. The company has already started its operation a month ago with a capital base of Rs 200 crore. Aegon Religare Life is a joint venture firm between Religare, Aegon and Bennett and Coleman.
Mr Rajiv Jamkhedkar, CEO, Aegon Religare Life Insurance, said the capital would be largely in technology as well as for setting up branches.
Out of the total stake Religare holds 44 per cent, Aegon 26 per cent and Bennett and Coleman the balance 30 per cent.
Currently, Aegon Religare Life has 38 branches which will soon expand to 51 in the first year.Mr Jamkhedkar also said that they expected to have 60,000 customers and receive over Rs 100 crore of new business premiums in the first year.