IDBI Bank has barged into a share purchase agreement to sell its remaining 25% stake in private sector life insurer Ageas Federal Life Insurance for Rs 580 crore, making Ageas one of the few foreign insurers to increase its stake in its Indian insurance joint venture to 74 percent after the government raised the FDI cap in the insurance sector. The deal is scheduled to close in Q2FY23, pending regulatory approvals and the fulfilment of the share purchase agreement’s terms and conditions. Ageas, a European insurer, has already expanded its stake in the Indian insurer from 26% to 49% in December 2020.
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Federal Bank’s shareholding in the company remained at 26%. The insurer’s name was changed from IDBI Federal Life Insurance to Ageas Federal Life Insurance as a result of this.
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Due to a high increase in Covid-related mortality claims, Ageas Federal generated a net profit of Rs 94 crore in FY22, compared to Rs 119 crore in FY21, a 21% decline.
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