Ageas is the majority owner of Ageas Federal Life Insurance, a Mumbai based life insurer run in partnership with Federal Bank. It also holds a large minority stake in Chennai based Royal Sundaram General Insurance.
Ownership and structure
Ageas holds 74 percent of Ageas Federal Life Insurance, with The Federal Bank holding the remaining 26 percent. It also owns 40 percent of Royal Sundaram General Insurance, in which Sundaram Finance holds 50 percent.
What India does for Ageas
India is a life and general insurance market for Ageas, served through a bank partnered life insurer and a minority stake in a general insurer.
Investment and deals
Ageas paid about EUR 185 million for its 40 percent stake in Royal Sundaram General Insurance in 2019 and about Rs 580 crore for IDBI Bank's 25 percent stake in Ageas Federal Life in 2022.
Ageas's India business
Ageas raised its stake in Ageas Federal Life to about 74 per cent in 2022 by buying IDBI Bank's 25 per cent holding. The insurer began operations in 2008 as IDBI Federal Life and was renamed in 2020.
Ageas Federal Life had over 3,770 branches as of March 2025, largely through partner bank branches. Ageas holds 40 per cent of Royal Sundaram General Insurance.
Key moves in India
- 2008: The life insurer began operations as IDBI Federal Life Insurance, promoted by IDBI Bank, The Federal Bank and Ageas.
- 2018: Ageas agreed to acquire a 40 percent stake in Royal Sundaram General Insurance.
- 2019: Ageas completed the Royal Sundaram acquisition for a net cash outlay of about EUR 185 million.
- 2020: The life insurer was renamed Ageas Federal Life Insurance, with Ageas holding 49 percent.
- 2022: Ageas bought IDBI Bank's 25 percent stake for about Rs 580 crore, raising its holding to 74 percent.
Where it operates
Ageas runs its India business from Mumbai. It also has a presence in Chennai.
At a glance
- Home country: Belgium
- Global headquarters: Brussels
- Sector: Banking & Financial Services
- Business: Insurance
- Role of India: Sales market, Financial services franchise
- India entity: Ageas Federal Life Insurance Company Limited
- India head office: Mumbai
- India offices: Mumbai, Chennai
- India headcount: Not available
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