![\"Ageas](\"https:\/\/static.toiimg.com\/thumb\/msid-130507503,imgsize-102798,width-400,height-225,resizemode-4\/hans-de-cuyper.jpg\" "\\"<p>.<\/p>\\"")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nMUMBAI: Belgium\u2019s top insurer present in life and non-life in India aims to break into the top 10, and will also explore acquisition opportunities as they arise, deepening its commitment to one of its fastest growing markets. The strategy builds on earlier moves, including becoming the first insurer in India to hold over 70% in a life venture in September 2022 and acquiring a 40% stake in Royal Sundaram General Insurance, as part of a broader Asian play spanning nine markets where the group already holds top-five positions in several geographies.In an interview with TOI, Hans De Cuyper, global CEO of Ageas Group, said India remains a priority market where the focus is firmly on scaling existing operations rather than considering exits. The insurer is currently ranked around 12 in life (Ageas Federal Life) and 15 in non-life (Royal Sundaram General) and, alongside its partner Federal Bank, is targeting a top-10 position in life insurance.<\/p>\n \u201cIndia is a key growth market for us, and our priority is to scale up our existing businesses rather than look at exits,\u201d he said, adding, \u201cwe are growing faster than the market and remain open to inorganic opportunities or new distribution to accelerate this journey.\u201d He emphasised that \u201cas long as returns are attractive, we will continue to deploy capital to support growth,\u201d while ruling out near-term listing plans, noting, \u201cwe are longterm investors and are not considering IPOs or exits at this stage.\u201dOn distribution, De Cuyper said bancassurance remains central to the group\u2019s India strategy despite regulatory concerns around mis-selling. \u201cBancassurance remains a strong and relevant model, as banks are well placed to offer integrated financial advice,\u201d he said, while acknowledging that \u201cconcerns around misselling are valid, but they are not unique to bancassurance.\u201dDe Cuyper said high valuations in India\u2019s insurance sector reflect underlying growth potential rather than excess. \u201cThe elevated multiples underscore the significant growth opportunity in the market,\u201d he said, adding that over time \u201cmargins are expected to benefit from scale given the fixed-cost nature of the business,\u201d alongside a shift towards higher-margin protection products. He also highlighted \u201csignificant headroom\u201d in retirement and pension segments and said the group would be open to entering the space \u201cif the right opportunity arises.\u201dWelcoming regulatory changes, he said the shift to risk-based capital and IFRS, particularly IFRS 17, is \u201ca positive move\u201d that will \u201cimprove transparency and provide a clearer view of the intrinsic performance of long-term insurance businesses.\u201dOn products, he said unitlinked insurance plans are evolving with better regulatory oversight. \u201cULIPs are an evolving segment, and it is encouraging to see regulation moving in the right direction,\u201d he said.On commissions, he called for a balanced approach to regulation.<\/div>\n![\"Ageas](\"https:\/\/static.toiimg.com\/photo\/msid-130507520\/ageas-eyes-acquisitions-to-grow-india-presence.jpg\" "\\"\\"")
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