Mumbai, December 31, 2020 (GPN): IDBI Federal Life Insurance (IFLI) today said that the joint venture Life Insurance entity has been rebranded to Ageas Federal Life Insurance Company (AFLIC), pursuant to one of its promoters, IDBI Bank completing the sale of its 23 per cent stake to its foreign shareholder Ageas Insurance International NV. 

The name change to Ageas Federal Life Insurance Company and stake sale of 23 per cent follows the approval of the requisite regulatory guidance. 

Subsequent to the transaction,  Ageas’ shareholding in the entity  now increases to 49% from the earlier shareholding of 26%. Federal Bank holds a stake of 26% while IDBI Bank’s stake would now stand at 25% from the prior shareholding of 48%. ENDS