Chennai, Apr 29 (IANS): Private sector Ageas Federal Life Insurance closed last fiscal with an after tax profit of about Rs 119 crore and a total premium of Rs 1,959 crore.

According to the insurer, formerly IDBI Federal Life Insurance Company Ltd, despite the Covid-19 challenges, the total premium rose by six per cent to Rs 1,959 crore in 2020-21 from Rs 1,843 crore in 2019-20.

The growth was driven by a 24 per cent rise in individual new business premium to Rs 504 crore and four per cent rise in renewal premium to Rs 1,327 crore.

The company board has recommended a final dividend of Rs 104 crore, at a rate of dividend of 13 per cent.

Ageas Federal Life saw a change in ownership pattern last year. One of the promoters, Ageas Insurance International NV increased its stake in the life insurer to 49 per cent by acquiring 23 per cent of stake from IDBI Bank.

Federal Bank holds a stake of 26 per cent in the company while IDBI Bank's stake now stands at 25 per cent.