Ageas has acquired 25% of the capital of its Indian life insurance joint venture, Ageas Federal Life Insurance Company (AFLIC), from the Indian bank IDBI Bank. The transaction is valued at 5.8 billion INR (74.8 million USD). IDBI Bank is withdrawing from the shareholding but remains a distribution partner.
The Belgian insurer now becomes AFLIC's majority shareholder with a 74% stake. Ageas had previously acquired an initial 23% stake in June 2020 before increasing its participation to 49% in December of the same year. Federal Bank retains a 26% stake in the joint venture.
The acquisition is part of Ageas' strategy to expand in markets with high growth potential.
The transaction, which is still pending regulatory approval, is expected to be concluded during the second half of 2022.
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