Ageas Federal Life Insurance
TypeJoint Venture
IndustryLife insurance
FoundedMarch 2008[1]
HeadquartersHeadquarters in Mumbai, India
Key people
Vighnesh Shahane, CEO & Whole Time Director
ProductsLife insurance
Number of employees
1,941 employees on-roll; over 10,000 agents
WebsiteOfficial Website

Ageas Federal Life Insurance Co Ltd. (Formerly known as IDBI Federal Life Insurance) is a joint-venture of Federal Bank, which is a private sector banks in India and Ageas.

Ageas Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.[2]

History

In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007.[3]

IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector.[4]

India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance major IDBI Fortis. The company's AUM crossed the Rs. 1,000 crore mark for the first time in March 2010.[5]

In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In 2012–13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its profitable trajectory from thereon.[6]

In 2020 Ageas increased its share in joint venture to 49% and later to 74% in 2022, upon full exit of IDBI form from the joint venture, the global insurer acquired the additional 25 per cent stake (from IDBI Bank) for a total cash consideration of Rs 5.8 billion (EUR 73 million) and renamed the company as an Ageas Federal.[7]

Key people

  • Vighnesh Shahane as CEO and Director (Full time)
  • Lalitha Bhatia as Chief Operating Officer (COO)[8]

See also

References

  1. ↑ "IDBI-Fortis Insurance is born". DNA. 26 July 2006.
  2. ↑ "IDBI Bank's insurance JV sale not that easy". The Economic Times. 14 December 2017.
  3. ↑ "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
  4. ↑ "IDBI Fortis collects Rs. 100 crore premium". The Hindu. Retrieved 14 April 2015.
  5. ↑ "IDBI Fortis to sponsor India-SL series". IBN Live. Archived from the original on 14 April 2015. Retrieved 23 January 2009.
  6. ↑ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
  7. ↑ "IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance". 22 September 2022.
  8. ↑ "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. Retrieved 10 September 2021.
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