From PTI
IDBI Federal Life Insurance, the joint venture insurance firm formed by IDBI Bank, Federal Bank and European Insurance firm Ageas, has formally kicked off commercial operations in Coimbatore.
The company, which began operations in March, 2008, had issued over 2.10 lakh policies offering an assured sum of Rs 9,819 crore till July, 2010, IDBI Federal Life Insurance said in a statement here.
With the setting up of a new branch in Coimbatore, IDBI Federal Life Insurance has presence in 53 cities, it said.
In the joint venture between IDBI Bank, Federal Bank and Ageas, IDBI Bank owns 48 per cent equity, while Federal Bank and Ageas own 26 per cent each. IDBI Federal Life Insurance aimed to strengthen its distribution network by adding 1,500 distributors and agents this fiscal, the statement added.
-PTI
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