IDBI Federal Life Insurance

IDBI Federal Life Insurance
Joint Venture
Industry Life insurance
Founded March 2008[1]
Headquarters Headquarters in Mumbai, India
Key people
 Vighnesh Shahane, CEO & Whole Time Director
Products Life insurance
Number of employees
 1,941 employees on-roll; over 10,000 agents
Website Official Website

IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank, an Indian development and commercial bank; Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.

IDBI Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.

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]

See also

References

  1. ↑ "IDBI-Fortis Insurance is born". DNA (newspaper). 2006-07-26.
  2. ↑ "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
  3. ↑ "IDBI Fortis collects Rs. 100 crore premium". The Hindu. Retrieved 10 September 2008.
  4. ↑ "IDBI Fortis to sponsor India-SL series". IBN Live. Retrieved 23 Jan 2009.
  5. ↑ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
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