Money & Banking

IDBI Bank to sell 27% stake in IDBI Federal Life Insurance

Our Bureau Mumbai | Updated on August 06, 2020

IDBI Bank has executed an agreement to sell up to 27 per cent of its stake in IDBI Federal Life Insurance (IFLI) to its joint venture partners – Ageas Insurance International and Federal Bank.

While 23 per cent stake would be sold to Ageas, Federal Bank would acquire up to four per cent stake in the private sector life insurer from IDBI Bank.

At present IDBI Bank holds 48 per cent stake in IFLI.

“Post completion of the transaction, subject to regulatory approvals, Ageas and Federal Bank stake would be at 49 per cent and up to 30 per cent, respectively, in IFLI and IDBI Bank stake would be at least 21 per cent in IFLI,” IDBI Bank said in a statement on Thursday.

IDBI Federal Life Insurance received its licence from IRDAI in December 2007 and started operations in 2008. It reported a 22 per cent increase in its net profit to ₹162 crore in 2019-20.

Published on August 06, 2020

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