Ageas, a Belgian multinational insurance company, agreed to acquire a 23% stake in IDBI Federal Life Insurance Company, one of India's growing life insurance companies, from IDBI Bank, a banking company, for $68m. "This investment offers Ageas a unique opportunity to increase its presence in India, one of the world’s largest and fastest growing economies, and to further develop its Life business, alongside long-lasting partners, in a market with great potential. As the largest shareholder, it also allows us to play a more active role in the further development of the company," Bart De Smet, Ageas CEO.