Religare to exit Aegeon Religare Life Insurance

MUMBAI: Financial services firm Religare Enterprises today said it would exit the insurance joint venture Aegon Religare Life Insurance Company by selling its 44 per cent stake.

Bennett, Coleman and Company Ltd and Aegon are also shareholders in the insurance company, which launched its pan-India operations in July, 2008.

"After a strategic review, Religare has expressed a desire to exit the joint venture. Religare and Aegon have agreed that Religare will exit once a replacement shareholder is identified and is approved by the regulatory authorities," according to a regulatory filing.

In the meantime, Religare said it remains fully committed to the joint venture.

Aegon is an international life insurance, pension and investment company.

Shares of Religare today ended nearly 1.9 per cent down at the BSE.