The Partnership is to Empower Indian MSMEs
FinTech BizNews Service
Mumbai, February 14, 2025: Ageas Federal Life Insurance Company (AFLIC) has entered a strategic partnership with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME), to establish a framework for co-operation between CIMSME and AFLIC. This partnership will promote financial literacy, financial awareness, life insurance awareness and effective financial planning among the members of CIMSME. It also includes the sharing of the best practices followed locally and globally for the purpose of the upliftment of Indian MSME/SME segment. This collaboration aims to provide practical insights into financial literacy, risk management, and strategic financial planning, specifically designed for the member of CIMSME.
Mr. Jude Gomes, MD & CEO of Ageas Federal Life Insurance, said, “At Ageas Federal Life Insurance, we are deeply committed to contributing to the nation’s economic progress. Our collaboration with CIMSME is a pivotal step forward in making impactful strides towards offering best in class Life Insurance solutions to the MSME segment - the dynamic backbone of India’s economy. In the coming days, through our association with CIMSME, we plan to conduct impactful engagement programmes. We also intend to bring research backed insightful contributions within the vast MSMEs segment and thereby contribute to the nation's economic progress.”
Mr Mukesh Mohan Gupta, President, CIMSME said, "Our strategic partnership with Ageas Federal Life Insurance Co. Ltd. marks a significant milestone in our mission. It’s not just about raising awareness but also equipping MSMEs with the essential financial planning tools and empowering them with the confidence to scale their businesses while effectively managing risks. Together, we are committed to making a profound impact on the economic upliftment of MSMEs across India."
The partnership will also prioritize the fostering of the MSME industry wide knowledge sharing opportunities, providing dynamic platforms for MSMEs to engage with financial experts, advisors, and industry peers. This will enable them to address financial challenges and explore potential growth opportunities. Both organizations also intend to conduct thorough studies to gain deeper understanding of MSMEs’ financial needs and create targeted solutions that drive success in today’s complex financial landscape.
About Ageas Federal Life Insurance
Ageas Federal Life Insurance, one of India's leading private life insurers offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India's leading private sector banks.
Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company's passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,800+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2024, the Company has issued over 16.88 lakh policies with a sum assured of over ₹ 1,54,425 crores. Ageas Federal Life Insurance has total assets under management of over ₹17,455 crore and a robust capital base of over ₹800 crores as of March 31, 2024.
