Aegon Life, a digital life insurance company, on Monday, said that it has transferred the shareholdings of Aegon India Holding BV and Bennett, Coleman & Company (BCCL) to Bandhan Financial Holdings (BFHL).

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

Before this, Aegon Life was a joint venture between Aegon India Holding BV, of Dutch origin, and Bennett, Coleman & Company Ltd, which is the owner and publisher of The Economic Times.

Aegon Life sold 15,618 policies as of December-end last year, more than 10 times the year-ago number, giving it a 0.08% market share. Under group insurance schemes, the insurer covered more than 3 lakh lives. It collected first-year premiums of Rs 68 crore at the end of 2023, compared with Rs 4 crore a year ago. The transition will maintain the continuity of Aegon Life's management team and employees.

Satishwar B., MD and CEO, Aegon Life, said, "This marks an exhilarating new beginning - the synergy between our tech-centric operations and Bandhan's extensive distribution capabilities will expand the reach of our innovative insurance solutions across the nation. As we join the Bandhan family, we extend heartfelt thanks to Aegon and BCCL for their unwavering support, and we eagerly anticipate a future filled with exciting possibilities."

Karni Singh Arha, Managing Director, BFHL, said, "India's life insurance market, given its size and potential, is crucial to becoming a diversified financial services group. Given Bandhan's focus on making formal financial services available to the masses, this acquisition further enhances that endeavour. We deeply appreciate Aegon Life's digital capabilities and its experienced management team and together we look forward to leveraging their digital strength with Bandhan's distribution expertise to grow this business.