New Delhi: ING Vysya Life Insurance has renamed itself as Exide Life Insurance Company following regulatory approval with the formal exit of The Netherlands-based ING Group from the insurance venture.
"Exide Industries has been our major shareholder for 8 years and acquired 100 per cent ownership of the company over a year back," Exide Life Insurance Managing Director Kshitij Jain said in a statement. "We are proud to be a part of Exide's rich heritage in India," he said, adding, Exide Life Insurance is an established and profitable life insurance company that serves over 10 lakh customers in over 200 cities across India and manages over Rs 7,000 crore in assets.
In 2013-14, Exide Life Insurance recorded doubling in profits to Rs 53 crore driven by growth in renewal premiums and improvements in efficiency and product mix. Despite challenging market conditions, total premium income has grown to Rs 1830 crore and assets under management grew 13 per cent to Rs 7,490 crore, he said. The company will continue to honor its commitments and obligations under the insurance policies issued to customers in the name of ING Vysya Life Insurance Company, he added. Last year, ING exited from the life insurance venture with selling 26 per cent stake to domestic partner Exide Industries, manufacturer of electric storage batteries. "Exide Industries has been the major shareholder of the company since 2005 and acquired 100 per cent ownership of the company in 2013," he said. Changing the Company’s brand name to Exide Life Insurance is a further reaffirmation of the long term commitment of Exide Industries to life insurance business, he added.
