Ageas: to take control of Indian joint venture

(CercleFinance.com) - On Friday Ageas announced that it would take control of its life insurance joint venture in India, Ageas Federal Life Insurance Company (AFLIC), increasing its stake therein from 49% to 74%.


The Belgian group said that its joint venture partner, Indian banking group Federal Bank, is to retain the remaining 26% of the company.

IDBI Bank, which was initially a partner in the joint venture, will withdraw from the capital, but will remain a distribution partner of AFLIC.

Ageas justifies this capital increase by its strategy of expanding into "high potential" markets, which are currently characterised by a low penetration rate in the insurance sector.

The group had already increased its stake in AFLIC from 26% to 49% in 2020.

Ageas shares, listed on Euronext Brussels, are up about 2% on this news in early trading today.


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