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.
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 yet 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 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.[7]
Key peopleedit
Vighnesh Shahane as CEO and Director (Full time)
Lalitha Bhatia as Chief Operating Officer (COO)[8]
^"IDBI-Fortis Insurance is born". DNA. 26 July 2006.
^"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. 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.
^"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. Retrieved 10 September 2021.
March 17, 2024
ageas, federal, life, insurance, formerly, known, idbi, federal, life, insurance, joint, venture, federal, bank, which, private, sector, banks, india, ageas, company, typejoint, ventureindustrylife, insurancefoundedmarch, 2008, headquartersheadquarters, mumbai. 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 Life InsuranceCompany typeJoint VentureIndustryLife insuranceFoundedMarch 2008 1 HeadquartersHeadquarters in Mumbai IndiaKey peopleVighnesh Shahane CEO amp Whole Time DirectorProductsLife insuranceNumber of employees1 941 employees on roll over 10 000 agentsWebsiteOfficial WebsiteAgeas 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 Contents 1 History 2 Key people 3 See also 4 ReferencesHistory editIn 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 yet 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 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 7 Key people editVighnesh Shahane as CEO and Director Full time Lalitha Bhatia as Chief Operating Officer COO 8 See also editIDBI Bank IDBI Intech Ltd Federal Bank LtdReferences edit IDBI Fortis Insurance is born DNA 26 July 2006 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 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 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 Retrieved 10 September 2021 Retrieved from https en wikipedia org w index php title Ageas Federal Life Insurance amp oldid 1210642387, wikipedia, wiki, book, books, library,
