Ageas Federal Life Insurance Strengthens Presence through Strategic Partnership with NKGSB Co-operative Bank
– The partnership with NKGSB Co-operative Bank Ltd focuses on Bancassurance to promote and sell insurance products.
– The collaboration is expected to enhance AFLI’s distribution reach, contributing to the expansion of the business.
Ageas Federal Life Insurance, one of India’s most reputed private life insurance companies, today announced its partnership with NKGSB Co-operative Bank Ltd, a premier multi state co-operative bank. This partnership marks a significant expansion of Ageas Federal Life Insurance's distribution network, aiming to make life insurance products more accessible to a broader audience.
Ranked among India’s top 10 best co-operative Banks, NKGSB Co-operative Bank Ltd today has 104 branches spread over the state of Maharashtra, Goa, Karnataka, Gujarat and Madhya Pradesh. By joining forces with NKGSB Co-operative Bank, Ageas Federal Life Insurance enhances its reach and distribution capabilities. This collaboration is poised to bring the benefits of life insurance closer to customers and foster financial security across communities.
Speaking on the partnership Mr. Vighnesh Shahane, MD and CEO at Ageas Federal Life Insurance said, “We are thrilled to partner with NKGSB Co-operative Bank in our mission to make life insurance more widely available. This collaboration aligns with our commitment to providing comprehensive financial protection and further strengthens our position in the market. NKGSB Co-operative Bank, known for its strong customer base and extensive network, adds a valuable dimension to Ageas Federal Life Insurance's distribution strategy. The collaboration aims to leverage the collective strengths of both entities, creating a win-win situation for customers seeking reliable life insurance solutions.”
Mrs. Himangi Nadkarni, Chairperson at NKGSB Co-operative Bank Ltd said, “We are excited about the possibilities that this partnership brings to our customers. Teaming up with Ageas Federal Life Insurance allows us to offer a broader range of financial products and services, reinforcing our commitment to meeting the diverse needs of our valued customers.”
This collaboration highlights Ageas Federal Life Insurance's commitment to innovation, customer contentment, and extending its presence in the insurance sector. Meanwhile, Ageas Federal Life Insurance declared a net profit of INR 114 crore in FY 2022-23, a growth of 21% from the previous financial year. This is the 11th consecutive year of profit for the private Life Insurer. The company’s total premium rose by 5% to INR 2,160 crore in FY 2022-23 from INR 2,052 crore in FY2021-22. The company also has its ambitious plan of growing its topline by 40% CAGR over the next 5 years.
