Ageas’ push follows its earlier move to become the first insurer in India to hold over 70% in a life insurance joint venture in September 2022, along with the acquisition of a 40% stake in , as part of its broader Asia strategy spanning nine markets.
Ageas Group global CEO noted that India remains a priority market where the focus is firmly on scaling existing operations rather than considering exits. The insurance firm is currently ranked around 12 in life (Ageas Federal Life) and 15 in the non-life segment (Royal General) and, alongside its partner , is now targeting a top-10 position in life insurance.
“India is a key growth market for us, and our priority is to scale up our existing businesses rather than look at exits,” Cuyper said in an interview with TOI, adding, “We are growing faster than the market and remain open to inorganic opportunities or new distribution to accelerate this journey.”
He further emphasised 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.”
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, a partnership where banks sell insurance products directly to customers, acting as corporate agents or brokers, remains central to Ageas’ 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 misselling are valid, but they are not unique to bancassurance.”
De Cuyper further highlighted that 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 told TOI, 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.
The company chief also highlighted “significant headroom” in retirement and pension segments and said the insurance group would be open to entering the space “if the right opportunity arises.”
In his interview, De Cuyper welcomed the recent regulatory changes, saying that 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.” On insurance commissions, he called for a balanced approach to regulation.
He also asserted that 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.
(With inputs from TOI)
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