Ageas Federal Life Insurance (AFLI) announced that after Belgium-based Ageas Insurance International successfully acquired the 25% investment in the life insurance joint venture (JV) from IDBI Bank, it has become the first life insurance firm in India with a 74% stake held by a foreign partner. For a total cash consideration of Rs 580 crore, Ageas has bought the extra 25% ownership of IDBI Bank in Ageas Federal Life Insurance.
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Since it first announced a profit in FY13, AFLI, which was founded in 2007, has had ten years in a row of profitability.Due to a 27% increase in individual new business premium and a 5% increase in renewal premium, its total premium increased by 13% to Rs 2,207 crore in FY22. In FY22, it reported a net profit of Rs 94 crore.
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