Ageas Federal Life Insurance, a leading private life insurer in India, announced that the Federal Bank’s Board of Directors approved the execution of a binding Memorandum of Understanding (MoU) with Ageas Insurance International NV (“Ageas”) and Ageas Federal Life Insurance Company Limited (AFLIC) at a meeting held in Mumbai. The MoU will outline Federal Bank’s intent to acquire an additional 4% equity stake in AFLIC from Ageas, subject to the execution of a Share Purchase Agreement (SPA), fulfilment of customary conditions precedent, and requisite regulatory approvals.
This acquisition will increase Federal Bank’s total shareholding in AFLIC from 26% to 30%, reaffirming its long-term commitment to the life insurance sector.
Commenting on the development, Mr. Jude Gomes, MD & CEO, Ageas Federal Life Insurance, said, “We welcome this step by Federal Bank, which reflects the continued trust and confidence in our partnership and business growth potential. As we progress towards completing this transaction, we remain committed to strengthening our bancassurance-driven model, delivering customer-centric insurance solutions, and reinforcing our presence in India’s dynamic insurance sector.”
This strategic move aligns with Ageas Federal Life Insurance’s commitment to strengthening distribution across channels while broadening its presence in India’s dynamic insurance landscape. The company remains dedicated to offering innovative, customer-first insurance solutions that cater to evolving financial protection needs.
About Ageas Federal Life Insurance
Ageas Federal Life Insurance, one of India's leading private life insurers offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India's leading private sector banks.
Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company's passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,800+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2024, the Company has issued over 16.88 lakh policies with a sum assured of over Rs 1,54,425 crores. Ageas Federal Life Insurance has total assets under management of over 17,455 crore and a robust capital base of over Rs ?800 crores as of March 31, 2024.
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