Brussels-based insurer Ageas has acquired 40 percent of the share capital of the Indian Non-Life insurance company Royal Sundaram General Insurance Co. Limited (RSGI) for a total cash consideration of €185 million ($160.5 million).
The deal, which was first announced on Nov. 14, 2018, has received all necessary regulatory approvals, said Ageas in a statement.
Following the transaction Ageas now holds 40 percent of the share capital of RSGI, Sundaram Finance 50 percent and various other shareholders the remaining 10 percent.
RSGI is a top 10 privately owned player in the Indian non-life market with strong positions in motor and health insurance as well as a nationwide network of more than 5,600 agents, 700 branches, and well-established relationships with banks and other distribution partners off- and online.
For the first nine months of the current financial year that in India ends in March, RSGI reported €12 million ($10.4 million) net profit. Between 2015 and 2018 RSGI realised an average annual growth rate of 55 percent in net profit, Ageas said.
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