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Insurance
10-Jun-22
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Ageas Federal Life sees 40% sales growth as ownership rights issues resolved
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Aegis Federal Life Insurance is targeting a 40 percent increase in its new business premium over the next three years after its Belgian partner decided to buy a stake in IDBI Bank, easing uncertainties over ownership issues, a top company official said. After approval from Irdai and the Competition Commission, the city-based life insurance company will become the first in the segment to have maximum foreign ownership of 74 per cent. Currently, only non-life player Future Generaly has 94 percent foreign ownership. After approval from Irdai and the Competition Commission, the city-based life insurance company will become the first in the category to have maximum 74 per cent foreign ownership.
Aegis Federal Life was launched in 2007 as a three-way joint venture between Aegis Insurance International, Federal Bank and IDBI Bank - which initially held 48 per cent and pared 23 per cent in December 2020 and the rest 25 per cent in March 2022. In FY21, Ageas raised its stake to 49 per cent by acquiring 23 per cent from IDBI Bank, and in March 2022 the Belgian partner again agreed to buy the remaining 25 per cent stake in the LIC-controlled lender, taking its ownership to 74 per cent with the remaining stake being held by Kochi-based Federal Bank.
The company expects the share sale to close in the second half of the year. "We have had excellent two years with very high growth rates. In FY22, our new business premium grew over 40 per cent and with the ownership issues behind us, we are on an exponential growth path and hope to continue with 35-40 per cent growth in new business premium over the next three years," Vighnesh Shahane, managing director and chief executive of Ageas Federal Life, told.
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