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The Competition Commission of India (CCI) on Friday said it has approved the acquisition of Ageas Federal Life Insurance Company Limited by its group company Ageas Insurance International NV.
The proposed combination pertains to the acquisition of further shareholding in Ageas Federal Life Insurance Company Limited (AFLI) by Ageas Insurance International NV (Acquirer), CCI said in a statement. Ageas is the ultimate holding company of the Ageas group, it is an international insurance group having business activities in Europe and Asia. The products and service offered by the Ageas group globally include life insurance products, general non-life insurance products, reinsurance services and distribution of insurance products. Ageas Federal Life Insurance Company Limited (AFLI) is engaged in the business of providing life insurance products in India under the category of term plan, child plan, ULIP plan, saving plan, retirement solutions, health plan, group plan, online plans, etc. Ageas currently has 49 per cent shareholding in AFLI and it jointly controls the operations of AFLI along with the other shareholders viz., IDBI and Federal Bank. (ANI)
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