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.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
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.
Copyright (c) 2022 CercleFinance.com. All rights reserved.