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Publicatie datum
23 nov 2006 - 16:31
Statutaire naam
Ageas N.V.
Titel
IDBI Bank, Federal Bank and Fortis sign Joint Venture Agreement to establish a new life insurance company in India
Bericht
IDBI Bank, Federal Bank and Fortis announced today that they have signed a Joint Venture Agreement to establish a new life insurance company, which will offer a full range of life insurance and long-term savings products to the Indian market.
Under the Agreement, IDBI Bank will own 48% equity, while Fortis Insurance International and Federal Bank will each own 26%, which is the maximum allowable shareholding for a foreign insurer under India’s Foreign Direct Investments regulations.
The Joint Venture Agreement follows the signing of a Memorandum of Understanding on 11 July 2006.
Subject to regulatory approval, the three partners expect the new company to be operational by mid-2007. It will promote a full range of life insurance and long-term savings products, including traditional and unit-linked savings plans, and health and disability cover. These will be available on an individual and group basis. The joint venture will build a multi-channel distribution platform including bancassurance, agency and direct sales. In view of Fortis’s global experience in bancassurance and the strengths of the bank partners, the company will use bancassurance as a key distribution strategy.
Peer van Harten, CEO of Fortis Insurance, comments: “We are very excited about this partnership and about the fact that this creates the opportunity to work together with two highly successful banks in India. Fortis has had a long-standing record of successful bancassurance partnerships in Asia, as we have established leadership positions with our Asian joint ventures. Gaining entry to the Indian life market is fully in line with our strategy to build a significant presence in Asia, especially in a market that has such huge potential. I believe the three partners’ expertise and distribution capabilities combined with the high level of joint ambition and professionalism represents a winning proposition for all parties involved. Fortis looks forward to working with its new partners in India.
Datum laatste update: 22 april 2026