Английская Википедия:Ageas Federal Life Insurance
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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.[1]
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.[2]
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.[3]
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.[4]
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.[5]
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.[6]
Key people
- Vighnesh Shahane as CEO and Director (Full time)
- Lalitha Bhatia as Chief Operating Officer (COO)[7]
See also
References
- Английская Википедия
- Financial services companies based in Mumbai
- Life insurance companies of India
- Financial services companies established in 2008
- 2008 establishments in Maharashtra
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