The insurance company currently has around 7,000 agents
| Photo Credit:
Lilit Amirkhanian
Ageas Federal Life Insurance plans to bring down the bancassurance contribution to its premium income from around 75 per cent at present to around 60 per cent in the next three years, when the insurer aims to grow the agency strength by over three-fold.
The life insurance company is a joint venture of Belgium’s largest insurer Ageas and private sector lender Federal Bank.
“We had one channel and bank partner specific bancassurance. Now, we are trying to create other channels. For instance, we have a huge business plan in terms of growing our agency, growing our direct sales, growing our digital and also coming up with one or two other channels,” said Ageas Federal Life Insurance MD & CEO Jude Gomes.
At present around 75 per cent of its business in terms of annualised premium equivalent (APE) is coming from the bancassurance channel, down from over 90 per cent around 15 months ago.
“We want to really de-risk our investment and our production. While the Federal Bank (contribution to premium income) will grow, but again, others will grow faster so that we can take the foundation pillars to the next level. If you look at the industry, about 60 per cent is bancassurance. So, we will be hovering somewhere around 60 per cent in the next three years,” Gomes told businessline.
The insurance company currently has around 7,000 agents, and it plans to grow the agency strength by more than three-fold in the next three years.
The insurer’s goal as an organisation is to come to the top 10 in the country’s life insurance industry in terms of market share in the next three years and triple its business during the same time.
The life insurance company is expanding its product portfolio to increase its premium going ahead.
“We are re-looking at our product portfolio so that we can become much more customer-centric. There are spaces, for instance, the annuity and pension, where we were not active. We are going there. We were not too aggressive in the term insurance. So we have gone into term insurance in a big way,” Gomes added.
The life insurance company’s first year premium grew 11.47 per cent year-on-year to ₹1,338.28 crore for the last financial year from ₹1,200.57 crore for the previous financial year, according to figures released by Irdai.
Published on February 26, 2026
