Kolkata: Ageas Federal Life Insurance (AFLI), a joint-venture company of Belgian insurance giant Ageas and Federal Bank, is rebalancing its product portfolio with a major focus on term insurance and annuities. The company does not have any presence in annuities, while term insurance is only 2%-3% of its portfolio. ULIP constitutes 45% of its portfolio, while 55% is made of other conventional products.This was disclosed by AFLI MD & CEO Jude Gomes during an interaction with media in Kolkata on Wednesday. AFLI has set a target of 10%-12% for term insurance, while annuities would be 10%-15% in the next three years, Gomes said. This would be part of a holistic target of achieving a threefold increase in the next three years and earning a spot among top 10 life insurance companies here. Ageas Federal is now ranked 15th among life insurance companies in the country.Gomes pointed out that the growth of individual first premium income for the company was 21%, while the industry average was 11%. The company, which now has 70 branches, plans to open another 80 branches in two years.Eastern zone contributes 4%-5% of AFLI’s business, and Gomes expects this to go up to 10%. The number of branches in the east will also be doubled in the next three years, he said.
