Ageas Federal Life Insurance Partners with NKGSB Co-op Bank

New Delhi, Dec 19 (PTI) Ageas Federal Life Insurance on Tuesday announced a partnership with NKGSB Co-operative Bank to expand its distribution network.

NKGSB Co-operative Bank has 104 branches spread over Maharashtra, Goa, Karnataka, Gujarat and Madhya Pradesh.

"NKGSB Co-operative Bank, known for its strong customer base and extensive network, adds a valuable dimension to Ageas Federal Life Insurance's distribution strategy," Vighnesh Shahane, Managing Director and Chief Executive Officer at Ageas Federal Life Insurance, said in a statement.

The partnership with NKGSB Co-operative Bank focuses on Bancassurance to promote and sell insurance products, the insurer said.

"Teaming up with Ageas Federal Life Insurance allows us to offer a broader range of financial products and services...," Himangi Nadkarni, Chairperson at NKGSB Co-operative Bank, said.

Ageas Federal Life Insurance declared a net profit of Rs 114 crore in fiscal 2022-23, a growth of 21 per cent from the previous financial year.