{"id":2873,"date":"2020-06-28T03:02:01","date_gmt":"2020-06-28T03:02:01","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=2873"},"modified":"2020-06-28T03:02:01","modified_gmt":"2020-06-28T03:02:01","slug":"idbi-bank-selling-its-stake-in-idbi-federal-life-insurance","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=2873","title":{"rendered":"IDBI Bank selling its stake in IDBI Federal Life Insurance"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1976295 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/05\/IDBI.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1976295 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/05\/IDBI.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1976295 size-full\" src=\"https:\/\/images.financialexpress.com\/2020\/05\/IDBI.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/05\/IDBI.jpg 660w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/05\/IDBI-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\"><a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/idbi-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">IDBI Bank<\/a>\u2019s holding in the insurer will come down to 21%.<\/span><\/figure>\n<\/div>\n<p>IDBI Bank on Saturday announced its plan to divest 27% of its stake in IDBI Federal Life Insurance Company to its existing partners. IDBI Bank will sell 23% to Ageas Insurance and 4% to Federal Bank at a combined value of about \u20b9595 crore.<\/p>\n<p>The Company has been formed by a three-way joint venture between IDBI Bank, Federal Bank and Ageas Insurance. As on March 2020, IDBI Bank holds 48% in the IDBI Federal Life Insurance while Federal Bank and Ageas Insurance has 26% each respectively in the insurance company.<\/p>\n<p>After this stake sale, IDBI Bank\u2019s holding in the insurer will come down to 21%, while Ageas Insurance share would go up to 49%. Even Federal Bank\u2019s share would go up to 30% post the stake sale in the IDBI Federal Life Insurance. The Board of Director of the IDBI Bank had taken the decision at the meeting on Friday.<\/p>\n<p>On April 8 this year, Board of Directors of IDBI Bank had approved in principle the proposal to sell IDBI Bank\u2019s stake in IDBI Federal Life Insurance to the extent of 23-27%. The data from Insurance Regulatory and Development Authority of India (Irdai) shows that IDBI Federal Life Insurance has seen first year premium at \u20b924.37 crore in this fiscal up to May as compared to \u20b955.13 crore in last year a fall of 55.80%.<\/p>\n<p>Currently Life Insurance Corporation of India (LIC) holds 51% stake in IDBI Bank and has its own insurance business. According to the insurance regulations an entity holding more than 10% is considered as a promoter while one holding below 10% is considered as an investor.<\/p>\n<p>As on March 31, 2019, the IDBI Federal Life Insurance has issued over 13 lakh policies and has total assets under management of \u20b99,107 crore and a capital base of over 800 crores, as on March 31, 2019.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/idbi-bank-selling-its-stake-in-idbi-federal-life-insurance\/2006090\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IDBI Bank\u2019s holding in the insurer will come down to 21%. IDBI Bank on Saturday announced its plan to divest 27% of its stake in IDBI Federal Life Insurance Company to its existing partners. IDBI Bank will sell 23% to Ageas Insurance and 4% to Federal Bank at a combined [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2874,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-2873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/06\/IDBI.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/2873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2873"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/2873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/2874"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}