Belgium's Ageas Acquires 40% Stake in Indian Non-Life Insurer RSGI
Updated On Aug 22, 2019
Brussels-based insurer Ageas has completed the previously announced €185m ($160.5m) deal with the acquisition of a 40% of the share capital of the Indian Non-Life insurance company Royal Sundaram General Insurance Co. Limited (RSGI). News about the deal was first declared on Nov, 2018, and has now received all the necessary regulatory approvals, stated Ageas.
Following the completion of the transaction, the Belgian insurer now holds 40% of the share capital of RSGI, Sundaram Finance 50% and various other shareholders the remaining 10%.
Royal Sundaram offers motor, home, travel, personal accident and health insurance to individual customers. It has a nationwide network of more than 5,600 agents, 700 branches and well-established relationships with banks and other distribution partners online and offline.
RSGI reported a net profit of €12m for the first nine months of the current financial year that ends in March in India. From 2015 to 2018, RSGI realized an average annual growth rate of 55 per cent in net profit, Ageas said.