The Competition Commission of India (CCI) approves acquisition of Ageas Federal Life Insurance Company Limited by 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).

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.

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% shareholding in AFLI and it jointly controls the operations of AFLI along with the other shareholders viz., IDBI and Federal Bank.

Detailed order of the CCI will follow.

Competition approval for acquisition of additional shareholding in a life insurer enables consolidation of joint control and regulatory clearance. The Competition Commission granted competition approval for Ageas Insurance International NV to acquire additional shareholding in Ageas Federal Life Insurance Company Limited. Ageas, as ultimate holding company, currently holds a substantial minority stake and jointly controls the insurer with other shareholders. The transaction concerns expansion of shareholding in a life insurer offering term, child, ULIP, saving, retirement, health, group and online plans. A detailed regulatory order will follow outlining the assessment under the competition framework.