IDBI Federal Life Insurance Co Ltd. joint-venture of Federal Bank, one of India’s oldest leadingTemplate:Peacock term private sector banks in India 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.[1]
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.[2]
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.[3]
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.[4]
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.[5]
Key people
- Vighnesh Shahane as CEO and Director (Full time)
- Lalitha Bhatia as Chief Operating Officer (COO)[6]
See also
References
- ↑ IDBI Bank's insurance JV sale not that easy. The Economic Times(14 December 2017).
- ↑ IDBI, Fed Bank, Fortis ink pact for risk foray. Business Standard.
- ↑ IDBI Fortis collects Rs. 100 crore premium. Retrieved 14 April 2015.
- ↑ IDBI Fortis to sponsor India-SL series. IBN Live. Retrieved 23 January 2009.
- ↑ IDBI Federal posts maiden profit in 5 years. Business Standard. Retrieved 4 June 2013.
- ↑ Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times. Moneycontrol. Retrieved 2021-09-10.