Bandhan Financial Holdings has completed the acquisition of Aegon Life Insurance from Aegon India Holding BV and Bennett, Coleman & Company Limited, a statement by the insurance firm said on Monday.
Bandhan Financial Holdings Limited (BFHL), wholly owned by Bandhan Financial Services, is the promoter and an associate company of Bandhan Bank Limited and currently holds nearly 39 per cent stake in the private lender.
The acquisition marks Bandhan Group's entry into the Indian life insurance sector and expands its footprint in the financial services sector.
The statement said that Aegon Life has pioneered digital underwriting and the acquisition by BFHL will ensure continuity in its distribution network.
The transition will also maintain continuity of the management team of the insurance company and its staff.
Karni Singh Arha, managing director of BFHL, said that India's life insurance market is crucial to the diversified financial services group.
"Given Bandhan's focus on making formal financial services available to the masses, this acquisition further enhances that endeavour," Arha said.
BFHL is also the sponsor of Bandhan Mutual Fund, holding nearly 60 per cent stake in Bandhan Asset Management.