Ageas to snap up 40% in Royal Sundaram
Ageas Insurance International will pick up a 40 per cent stake in Royal Sundaram General Insurance, a Chennai-based company promoted by Sundaram Finance of the TVS Group. Ageas will fork out Rs 1,520 crore to acquire 40 per cent equity stake in the insurance venture. Currently, Sundaram Finance holds 75.9 per cent in Royal Sundaram. It proposes to divest 25.90 per cent and retain 50 per cent after the divestment. Royal Sundaram General Insurance Co is the country's first privately-owned general insurance company that was licensed in 2000. For the year ended March 31, 2018, Royal Sundaram generated gross written premium of Rs 2,643 crore and reported a profit after tax of Rs 83 crore.