LIC-controlled IDBI Bank on Wednesday said it has completed the sale transaction of its entire stake in the joint venture Ageas Federal Life Insurance Company Ltd (AFLI ) for over Rs 580 crore.

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"...we hereby advise that IDBI Bank has completed the sale transaction of its entire stake of 20,00,00,000 equity shares in AFLI pursuant to the receipt of the requisite regulatory approvals. Pursuant to this sale, IDBI Bank's shareholding in AFLI now stands at NIL," the bank said in a regulatory filing on September 21.

AFLI is a three-party joint venture between IDBI Bank, Federal Bank, and Ageas Insurance International NV, which is one of Europe's largest insurance companies. Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market.

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Ageas is the holding company of the Ageas Group. It is an international insurance group having business activities in Europe and Asia.

AFLI is into providing life insurance products in India.

Private sector insurer AFLI posted a net profit of Rs 94 crore in the fiscal ended March 2022, clocking a profit for the 10th consecutive year beginning FY13.

With the stake buyout from IDBI Bank, AFLI will become the first company in the life insurance sector where the foreign partner will raise its stake to the maximum permissible limit of 74 percent.

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