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September 29, 2014updated 13 Apr 2017 8:34am

Religare to quit life insurance joint venture with Aegon

Religare Enterprises is reportedly planning to exit its life insurance joint venture (JV) Aegon Religare Life Insurance, with its Dutch insurer Aegon.

By Verdict Staff

Religare own a 44% stake in life insurance JV, while the remaining shareholding is held by an Aegon group company and Bennett, Coleman and Co.

"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," Religare said in a statement.

The Netherlands-based Aegon offers life insurance, pension and asset management services to its millions of customers across the globe with the help of over 27,500 employees.

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