GlobeNewswire by notified

Ageas acquires majority stake in the Indian Life insurance joint venture Ageas Federal Life

Share

Ageas acquires majority stake in the Indian Life insurance joint venture Ageas Federal Life

Ageas announces today that it has signed an agreement to buy the 25% stake of IDBI Bank in the Indian Life insurance joint venture Ageas Federal Life Insurance Company Ltd. (AFLIC).

With this transaction, Ageas will increase its interest in the joint venture it currently operates together with IDBI Bank and Federal Bank to 74%. Federal Bank maintains its 26% share in AFLIC. IDBI exits as a shareholder but remains a distribution partner. This transaction is a second step up for Ageas after the increase of its stake from 26% to 49% in December 2020. (read the related press release)

This investment aligns with Ageas’s strategy to expand in regions in which it is already present and in promising markets with a low insurance penetration and high potential for growth such as the Indian Life insurance market.

Ageas will pay IDBI Bank a total consideration of INR 5.8 billion (EUR 69 million) in cash for the 25% stake in AFLIC.

The transaction is subject to regulatory approval and is expected to be closed in the second half of 2022.

This investment offers Ageas a unique opportunity to take control of one of its operating entities in Asia. I want to take this opportunity to express my gratitude to the management and employees of IDBI Bank for their contribution over the past 16 years in bringing the company to where it stands today: a highly valued and profitable Life Insurance business. Our ambition is to continue this success story together with our long-standing partner Federal Bank, and to further develop the business in what is one of the world’s largest and fastest growing economies and a market with great long-term potential.
Hans De Cuyper, CEO Ageas


Ageas, IDBI Bank and Federal Bank set up the Life insurance joint venture IDBI Federal Life Insurance Company Ltd at the end of 2006, and since that time its gross inflows have grown consistently to reach EUR 247 million in 2021. Within six years the company was profitable and has continued to be, generating a net profit of EUR 9 million in 2021.

Ageas is a listed international insurance Group with a heritage spanning almost 200 years, offering Retail and Business customers Life and Non-Life insurance. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 40,000 people and reported annual inflows close to EUR 40 billion in 2021 (all figures at 100%).

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Kalera Public Limited Company announces its share structure following the business combination with Agrico Acquisition Corp.29.6.2022 16:30:19 CEST | Press release

ORLANDO, Fla., June 29, 2022 (GLOBE NEWSWIRE) -- Kalera Public Limited Company ( “Kalera”) and Agrico Acquisition Corp. (“Agrico”) today announced the completion of their previously announced business combination. The combined company will retain the Kalera name and will commence trading ordinary shares (“Kalera Shares”) and warrants (“Kalera Warrants”) on Nasdaq under the new ticker symbols “KAL” and “KALWW”, respectively, on Wednesday, June 29, 2022. The business combination was approved at a special meeting of the shareholders of Kalera S.A. on June 28, 2022. Update on Share Structure Pursuant to the Sponsor Support Agreement entered into on January 30, 2022, upon the consummation of the business combination approximately 1.8 million shares (50%) of Agrico Class B common stock were first converted into Agrico Class A common stock on a one-for-one basis, then into Kalera Shares on a one-for-one basis. The remaining 50% of the Agrico Class B common stock was forfeited to Agrico. In co

Business School Graduates Enter White-Hot Job Market as Employers Signal Growth, Confidence in Their Credentials29.6.2022 16:00:00 CEST | Press release

MBA and business master’s degrees remain hot commodity despite recession fears and COVID challenges RESTON, Va., June 29, 2022 (GLOBE NEWSWIRE) -- The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, today released its annual hiring report, the GMAC Corporate Recruiters Survey – 2022 Summary Report. The report explores the state of employer demand for graduate business school talent (MBA and business master’s degree recipients) in the context of the COVID-19 pandemic and includes responses from nearly 1,000 corporate recruiters and staffing firms around the world. While rising inflation and the war in Ukraine were just at the onset during the time when the survey was conducted in February and March 2022, hiring projections of graduate management education (GME) graduates remain bullish this year, with 92 percent of corporate recruiters expecting to hire newly minted MBAs. Promisingly, 2 in 3 responding corporate recruiters describ

AGC Biologics Named Manufacturing Company of the year by American Business Awards29.6.2022 15:09:00 CEST | Press release

Global CDMO honored for Growth in Mammalian, Microbial and Cell and Gene Manufacturing capabilities at Seattle, Boulder and Longmont sites SEATTLE, June 29, 2022 (GLOBE NEWSWIRE) -- AGC Biologics, a leading global Biopharmaceutical Contract Development and Manufacturing Organization (CDMO), today announced it was named Company of the Year in the “Large - Manufacturing” category in the 20th Annual American Business Awards®. The American Business Awards are the U.S.A.’s premier business awards program. Nicknamed the Stevies for the Greek word meaning “crowned,” the awards were presented to winners at a gala ceremony at the Marriott Marquis Hotel in New York on Monday, June 13. More than 230 professionals worldwide participated in the judging process to select this year’s American Business Award winners. AGC Biologics has a global pharmaceutical manufacturing network with seven sites across three continents. Over the last two years, the company has expanded its capabilities and reach with

PGS ASA: Approval and publication of prospectus – Listing of shares and Subsequent Offering29.6.2022 15:01:52 CEST | Press release

29 June, 2022 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Reference is made to the previous stock exchange announcements by PGS ASA (“PGS” or the “Company”) regarding a successfully placed private placement (the "Private Placement") of new shares in the Company, raising gross proceeds of approximately NOK 800 million and a potential subsequent offering (the “Subsequent Offering) of up to 38,155,803 new shares at a subscription price of NOK 3.70, and the Company’s extraordinary general meeting’s approval of the same on 27 May 2022. The Private Placement consisted of one tranche of 74,200,000 new shares ("Tranche 1") and a second tranche of 142,016,216 new shares ("Tranche2"). T

ASM INTERNATIONAL N.V. ANNOUNCES DETAILS OF THE Q2 2022 CONFERENCE CALL AND WEBCAST29.6.2022 15:00:00 CEST | Press release

Almere, The Netherlands June 29, 2022 ASM International N.V. (Euronext Amsterdam: ASM) will report its second quarter 2022 financial results at approximately 6:00 p.m. CET on Wednesday, July 20, 2022. ASM will host the quarterly earnings conference call and webcast on Thursday, July 21, 2022, at 3:00 p.m. CET. Conference call participants should pre-register using this link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. A simultaneous audio webcast, and replay will be accessible at www.asm.com/investors/webcasts-presentations/2022/second-quarter-earnings. About ASM International ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For mor