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.

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"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.

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"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)