TIMES OF INDIA PUBLISHER ENTERS INSURANCE BUSINESS WITH AEGON

Bennett, Coleman & Co, the publisher of Times of India , has agreed to buy a 30% stake in a tripartite insurance operation that includes Netherlands-based insurer Aegon. Under the deal the new operation will be 44% controlled by Religare, the financial services vehicle of the family that also controls Indian conglomerate Ranbaxy, and 26%-owned by Aegon. Aegon signed a letter of intent on July 7 to enter the Indian market. In Asia Aegon already has a presence in China and Taiwan. Aegon Life Insurance (Taiwan) Inc. was formed in 2001 to conduct life insurance business in the Republic of China, while Aegon-CNOOC is a 50:50 joint venture established in Shanghai in 2002 by China National Offshore Oil Corporation and Aegon. It began operations in mid-2003.