Bandhan Financial Holdings, the promoter of Bandhan Bank, has completed the acquisition of Aegon Life, a digital life insurance company.

The acquisition is set to provide Bandhan Group with a footprint beyond banking and mutual funds.

Before this, Aegon Life was a joint venture between Aegon India Holding BV, of Dutch origin, and Bennett, Coleman & Company Ltd.

The transfer of the shareholdings was announced on Monday. With this, Bandhan Financial Holdings (BFHL) now becomes the promoter of Aegon Life Insurance.

Aegon Life sold 15,618 policies at the end of December last year, more than 10 times the year-ago number, giving it a market share of 0.08%. Under the group insurance plans, the insurance company has covered more than 3,000 lives. It had collected first-year installments of Rs68 million at the end of 2023, compared to Rs4 million last year.

This transition will maintain the continuity of Aegon Life's management team and employees.

“This marks an exhilarating new beginning - the synergy between our technology-focused operations and Bandhan's extensive distribution capabilities will expand the reach of our innovative insurance solutions across the country,” said Sateshwar P, CEO, Aegon Life.

Also Read: Facebook, YouTube to Face New Rules Under Canada Online Law