(Re)in Summary
- Bandhan Financial Services (BFSL) will evaluate opportunities in the health insurance segment following the integration of its recent acquisitions.
- This move comes after Bandhan Financial Holdings (BFHL), a subsidiary of BFSL, acquired Aegon Life Insurance, IDFC Mutual Fund and IDFC Asset Management Company.
- Bandhan Group chairman Chandra Shekhar Ghosh said that a composite insurance licence would support the group’s efforts to explore opportunities within the sector.
Bandhan Financial Services (BFSL) will evaluate opportunities in the health insurance segment after streamlining its recent acquisitions, including Aegon Life, the group chairman Chandra Shekhar Ghosh told Press Trust of India (PTI) on 18 October.
The development follows the acquisitions of Aegon Life Insurance, IDFC Mutual Fund, and IDFC Asset Management Company by Bandhan Financial Holdings (BFHL), a subsidiary of BFSL.
The group has plans to enter new businesses, although Ghosh said it is too early to indicate when it may enter the health insurance sector, which he described as a significant opportunity.
The chairman said, “These acquisitions need to be streamlined, and that is the focus currently. It will take time before we move into something else.” He added that a composite insurance licence would support the group’s efforts to explore opportunities within the sector.
The company’s ambition to enter the health segment comes as standalone health insurers have posted stellar double-digit growth over several consecutive months this year. Also in July, IRDAI granted Prudential HCL Health Insurance the green light as the country’s eighth standalone health insurer.
BFHL announced its proposed acquisition of Aegon Life Insurance in July 2023. After receiving approval from the Insurance Regulatory and Development Authority of India, the deal was completed in February 2024.
BFSL serves as the promoter of Bandhan Financial Holdings and Bandhan Bank.
The group is also evaluating opportunities across the broader financial services sector, including wealth management and investment banking, where it does not currently have a presence, Ghosh said.
