IDBI Federal Life Insurance rebranded as Ageas Federal Life Insurance

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Kolkata: IDBI Federal Life Insurance Company has now been rebranded as Ageas Federal Life Insurance Company with Ageas Insurance International raising its stake to 49% in it from 26%.

IDBI Bank has completed the sale of its 23% stake to Ageas on the last date of 2020 for Rs 507 crore. The bank’s shareholding in the insurance joint venture now stands at 25% from 48%.

ET on Wednesday highlighted the possibility of the development.

IDBI Bank is also looking to sell another 4% in the JV to local partner Federal Bank while it is yet to receive banking regulator’s clearance for the same.

The Kerala-based private sector bank holds 26% in the insurer.

The LIC-owned bank, which is still under Reserve Bank of India’s prompt corrective action framework, was in talks to divest its stake in the insurance venture for the last couple of years.

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