Ageas Federal Life Insurance Co Ltd. (Formerly known as IDBI Federal Life Insurance) is a
joint-venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
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 agent
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
s,
Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and
Insurance Brokers.
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.
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
The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government.
Employment
The ...
.
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.
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.
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.
Key people
* Vighnesh Shahane as CEO and Director (Full time)
* Lalitha Bhatia as Chief Operating Officer (COO)
See also
*
IDBI Bank
*
IDBI Intech Ltd.
*
Federal Bank Ltd
References
{{DEFAULTSORT:Idbi Federal Life Insurance
Financial services companies based in Mumbai
Life insurance companies of India
Financial services companies established in 2008
2008 establishments in Maharashtra