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 e1/412 million ($10.4 million) net profit.
After completion, Ageas will hold 40 percent of RSGI's share capital, Sundaram Finance Ltd.
In 2018 RSGI generated e1/4321 million ($361.4 million) inflows and e1/410 million ($11.3 million) net profit and realized between 2015 and 2018, an average annual growth rate of 19 percent and 55 percent in inflows and net profit, respectively.