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The insurance holding company hopes to increase its interest in the Indian joint venture IFLIC to 49 percent.
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Crisis or not, at Ageas
CEO Bart De Smet seems determined to continue the expansion in Asia.
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The insurance holding company confirmed Monday its interest in increasing its stake in the Indian insurer IFLIC (in full IDBI Federal Life Insurance Company) from 26 to 49 percent, the legal maximum share for foreign groups.
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Ageas started the joint venture in 2006, when it was still under the legal predecessor Fortis. At present, Ageas and Federal Bank, the largest bank in Kerala state, control 26 percent each. The remaining 48 percent are with the first partner, IDBI Bank. The stake has been on sale since IDBI came under the control of a life insurer, LIC or India.
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Now IDBI is negotiating the sale of a 23 percent stake to Ageas, 4 percent would go to Federal Bank. According to the business newspaper Economic Times, the 27 percent interest is valued at 595 crore (5.95 billion rupees or 70 million euros). That would mean that Ageas has to put some 60 million on the table.
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Ageas has seen India as an important growth pole for several years. In 2018, the group paid a solid 186 million euros for a 40 percent stake in car and health insurer RSGI.
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