IDBI Federal Life Insurance

IDBI Federal Life Insurance Co Ltd. joint-venture of Federal Bank, one of India’s oldest leading private sector banks and Ageas, a multinational insurance giant based out of Europe. It’s renamed to AGEAS Federal Life insurance Company as IDBI Bank has sold its share to Ageas. Agead Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.[2]

IDBI Federal Life Insurance
TypeJoint Venture
IndustryLife insurance
FoundedMarch 2008[1]
HeadquartersHeadquarters in Mumbai, India
Key people
Vighnesh Shahane, CEO & Whole Time Director
ProductsLife insurance
Number of employees
1,941 employees on-roll; over 10,000 agents
WebsiteOfficial Website

History

In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007.[3]

IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector.[4]

India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in March 2010.[5]

In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In 2012-13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its profitable trajectory from thereon.[6]

Key people
  • Vighnesh Shahane as CEO and Director (Full time)
  • Lalitha Bhatia as Chief Operating Officer (COO)[7]

See also

References
  1. "IDBI-Fortis Insurance is born". DNA. 26 July 2006.
  2. "IDBI Bank's insurance JV sale not that easy". The Economic Times. 14 December 2017.
  3. "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
  4. "IDBI Fortis collects Rs. 100 crore premium". The Hindu. Retrieved 14 April 2015.
  5. "IDBI Fortis to sponsor India-SL series". IBN Live. Archived from the original on 14 April 2015. Retrieved 23 January 2009.
  6. "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
  7. "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. Retrieved 10 September 2021.
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