Belgium's top insurer, Ageas Group, which operates in both life and non-life segments in India, is targeting a top-10 position and will explore acquisition opportunities as they arise, deepening its commitment to one of its fastest-growing markets.
Strategic Expansion in India
The strategy builds on earlier moves, including becoming the first insurer in India to hold over 70% in a life venture in September 2022 and acquiring a 40% stake in Royal Sundaram General Insurance. This is part of a broader Asian play spanning nine markets where the group already holds top-five positions in several geographies.
In an interview with TOI, Hans De Cuyper, global CEO of Ageas Group, said India remains a priority market where the focus is firmly on scaling existing operations rather than considering exits. The insurer is currently ranked around 12th in life insurance (Ageas Federal Life) and 15th in non-life (Royal Sundaram General) and, alongside its partner Federal Bank, is targeting a top-10 position in life insurance.
Growth and Investment
"India is a key growth market for us, and our priority is to scale up our existing businesses rather than look at exits," he said, adding, "we are growing faster than the market and remain open to inorganic opportunities or new distribution to accelerate this journey." He emphasized that "as long as returns are attractive, we will continue to deploy capital to support growth," while ruling out near-term listing plans, noting, "we are long-term investors and are not considering IPOs or exits at this stage."
Distribution Strategy
On distribution, De Cuyper said bancassurance remains central to the group's India strategy despite regulatory concerns around mis-selling. "Bancassurance remains a strong and relevant model, as banks are well placed to offer integrated financial advice," he said, while acknowledging that "concerns around mis-selling are valid, but they are not unique to bancassurance."
Market Valuations and Regulatory Changes
De Cuyper said high valuations in India's insurance sector reflect underlying growth potential rather than excess. "The elevated multiples underscore the significant growth opportunity in the market," he said, adding that over time "margins are expected to benefit from scale given the fixed-cost nature of the business," alongside a shift towards higher-margin protection products. He also highlighted "significant headroom" in retirement and pension segments and said the group would be open to entering the space "if the right opportunity arises."
Welcoming regulatory changes, he said the shift to risk-based capital and IFRS, particularly IFRS 17, is "a positive move" that will "improve transparency and provide a clearer view of the intrinsic performance of long-term insurance businesses."
Product Evolution and Commissions
On products, he said unit-linked insurance plans are evolving with better regulatory oversight. "ULIPs are an evolving segment, and it is encouraging to see regulation moving in the right direction," he said. On commissions, he called for a balanced approach to regulation.
