Ageas completes the acquisition of an additional stake in its Indian Life insurance JV
On 6 August 2020, Ageas announced an agreement with IDBI Bank to acquire an additional 23% stake in the Indian Life insurance joint venture IDBI Federal Life Insurance Company Ltd. (IFLIC). Today Ageas announces all regulatory approvals have been obtained and that the transaction has been completed.
With this transaction, Ageas increases its interest in IFLIC to 49% and becomes the largest shareholder in the joint venture it operates together with IDBI Bank and Federal Bank.
Ageas acquires the additional 23% for a total consideration of INR 5.1 billion (EUR 56.4 million). The transaction decreases the Group’s solvency position by 1 percentage point.
Following the transaction, the Indian joint venture has been rebranded to Ageas Federal Life Insurance Company.