Mumbai(22/09/2022): Leading Indian life insurer, Ageas Federal Life Insurance today announced that it has become the first life insurance company in India to have 74% stake held by a foreign partner.
Its Belgium-based shareholder, Ageas Insurance International NV has completed the acquisition of the remaining 25% stake from IDBI Bank, taking its overall stake to 74% from the earlier-held 49%.
Federal Bank continues to hold 26% stake in the joint venture.
IDBI Bank exits as a shareholder but remains as a distribution partner.
Speaking on the shareholding change, Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance said, “Further to the announcement by our Hon’ble Finance Minister in the Union Budget 2021 to increase the permissible FDI limit from 49% to 74% in insurance companies, we are proud to become the first life insurance company in the country to have 74% stake held by our foreign shareholder, Ageas.”
“Despite the various challenges due to the pandemic, as well as the prior uncertainty around the stake sale, we have consistently delivered superior results, achieved new milestones, and declared profit for ten consecutive years.
With the continuing support of our shareholders – Ageas and Federal Bank, we are confident that the next chapter of our transformative journey will bring even more success and growth for the organisation”, Shahane added.
Founded in 2007, Ageas Federal is one of India’s most trusted life insurance companies, recording ten consecutive years of profit since it first declared profit in FY2012-13.
Ageas Federal’s total premium rose by 13% to INR 2,207 crore in FY 2021-22 driven by a 27% rise in Individual New Business Premium and 5% rise in renewal premium.
It declared a net profit of INR 94 crore in FY 2022.
Renowned cricketer, Sachin Tendulkar has been the organisation’s brand ambassador since 2018.
With a commitment to creating an exceptional employee experience, Ageas Federal has been recognised as a Great Place to Work® for the fourth consecutive time and has also featured among ‘India’s Best Workplaces in the Insurance sector’ by Great Place to Work® Institute (India) in 2021.
Additionally, the organisation was recognised as one of ‘India’s Top 15 Best Employers’ in 2021 by Kincentric