Belgium’s Largest Insurer Ageas To Buy 40 Per Cent Stake In Royal Sundaram

Belgium’s largest insurer, Ageas has concluded a deal to buy 40 per cent stake in the non-life insurance company, Royal Sundaram General Insurance Co Ltd (Royal Sundaram), as reported by The Hindu BusinessLine.

Ageas will purchase 25.90 per cent of the total 75 per cent stake held by Sundaram Finance in Royal Sundaram. The remaining 14.10 per cent stake will be purchased from other stakeholders of the company like India Motor Parts, TVS & Sons etc.

“For the next phase of growth, we are delighted to be partnering with Ageas, whose global experience, including in several Asian countries, will be an asset,” said TT Srinivasaraghavan, Managing Director (MD) of Sundaram Finance.

He also added that given the Ageas’s unique approach of working through local partnerships and joint ventures, the partnership will be of significant value for Royal Sundaram.

Commenting on the synergies that could result from the deal, Ageas CEO Bart De Smet said that partnering with Sundaram Finance with a vast knowledge of the Indian insurance market will enable them to benefit from the potential of growing insurance sector of what is one of the world's largest economies.

Royal Sundaram is the country’s first private non-life company and holds ninth position in the privately-owned category of general insurance market with strong status in motor and health insurance.