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News and Information Article
THE HAGUE, The Netherlands, July 7 /-FirstCall/ -- AEGON
(NYSE: AEG) and Ranbaxy Promoter Group today announced that a memorandum of
understanding has been signed to jointly enter the insurance and asset
management markets in India. The partnership will be implemented by AEGON
and Ranbaxy Promoter Group company Religare, which provides financial
Services across India through its more than 150 offices and 300 partner
locations.
By combining AEGONs international insurance and asset management
expertise with Religares broad spectrum of financial services and strong
distribution capability, AEGON and Religare intend to create a platform to
successfully market insurance and asset management products across India.
Entering the Indian market continues AEGONs strategy of expanding into
countries that offer long-term growth opportunities for insurance and
investment products. India has long been identified as one of AEGONs
target markets given its sizeable population and rapidly developing
economy, the relatively low penetration level of insurance in the country,
and the continued strong growth rates projected for the insurance sector in
coming years.
AEGON and Ranbaxy Promoter Group expect to announce a transaction later
this year.
About AEGON
AEGON is one of the worlds largest life insurance and pension
companies, and a strong provider of investment products. AEGONs business
model is to empower local business units to identify and provide products
and services that meet the evolving needs of customers, using distribution
channels best suited to local markets. AEGON takes pride in balancing a
local approach with the power of an expanding global operation.
With headquarters in The Hague, the Netherlands, AEGON companies employ
approximately 27,000 people. AEGONs three major markets are the United
States, the Netherlands and the United Kingdom. In addition, the Group is
present in a number of other countries including Canada, China, Czech
Republic, Hungary, Poland, Slovakia, Spain and Taiwan.
Respect, quality, transparency and trust constitute AEGONs core values
as management and employees continually strive to exceed the expectations
of customers, shareholders, employees and business partners. AEGON is
driven to deliver new thinking and its ambition is to be the best in the
industry.
About Ranbaxy Promoter Group
Ranbaxy Promoter Group is Indias leading business house having
diversified interests in Pharma, Healthcare, Pathological Labs and
Financial Services through Ranbaxy Laboratories Limited, Fortis Healthcare
Limited, SRL Ranbaxy Limited and Religare Enterprise Limited respectively.
Religare Enterprises Limited is the financial services arm of the group
having pan India reach through its more than 150 offices and 300 partner
locations. It provides diversified services in equity and commodity
trading, investment banking, distribution of mutual funds, insurance,
personal loans and other asset based products. It also manages large equity
assets through its portfolio management schemes.
Disclaimer
Forward looking statements
The statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. Forward-looking statements are made based upon
managements current expectations and beliefs concerning future
developments and their potential effects upon the company. There can be no
assurance that future developments affecting the company will be those
anticipated by management. Actual results may differ materially from those
included in the forward-looking statements.
These forward-looking statements involve risks and uncertainties
including, but not limited to, the following: (1) changes in general
economic conditions, including the performance of financial markets and
interest rates; (2) customer responsiveness to both new products and
distribution channels; (3) competitive, legal, regulatory, or tax changes
that affect the distribution cost of or demand for the companys products;
(4) acts of God; (5) terrorism, acts of war and pandemics; (6) mortality,
morbidity and other factors that may affect the profitability of the
companys insurance products; and (7) the companys failure to achieve
anticipated levels of earnings or operational efficiencies as well as other
cost saving initiatives.
Website: http://www.aegon.com
Contact Information
Group Corporate Affairs & Investor Relations
The Hague, the Netherlands
Analysts & Investors: +31-70-344-83-05
Media: +31-70-344-83-44
E-mail: gca-ir@aegon.com
Baltimore, the United States
Analysts & Investors: +1-877-548-9668 (toll free) / +1-410-576-45-77
Media: +1-410-576-45-26
E-mail: ir@aegonusa.com
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