Ageas Federal Life Insurance
| File:IDBI Federal Life Insurance.svg | |
| Joint Venture | |
| ISIN | 🆔 |
| Industry | Life insurance |
| Founded 📆 | March 2008[1] |
| Founder 👔 | |
| Headquarters 🏙️ | Headquarters in Mumbai, India |
Area served 🗺️ | |
Key people | Vighnesh Shahane, CEO & Whole Time Director |
| Products 📟 | Life insurance |
| Members | |
Number of employees | 1,941 employees on-roll; over 10,000 agents |
| 🌐 Website | Official Website |
| 📇 Address | |
| 📞 telephone | |
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 bank 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 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 the joint venture to 49% and later to 74% in 2022, upon full exit of IDBI 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 Ageas Federal.[7]
Key people
- Vighnesh Shahane as CEO and Director (Full time)
- Lalitha Bhatia as Chief Operating Officer (COO)[8]
See also
References
- ↑ "IDBI-Fortis Insurance is born". DNA. 2006-07-26.
- ↑ "IDBI Bank's insurance JV sale not that easy". The Economic Times. 14 December 2017.
- ↑ "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
- ↑ "IDBI Fortis collects Rs. 100 crore premium". The Hindu. 9 September 2008. Retrieved 14 April 2015.
- ↑ "IDBI Fortis to sponsor India-SL series". IBN Live. Archived from the original on 14 April 2015. Retrieved 23 January 2009. Unknown parameter
|url-status=ignored (help) - ↑ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
- ↑ "IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance". 22 September 2022.
- ↑ "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. 21 May 2021. Retrieved 2021-09-10.
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