ING Vysya Life Insurance Company has been renamed Exide Life Insurance Company, following approvals from Insurance Regulatory and Development Authority and the corporate affairs ministry.
This move follows Kolkata-based Exide Industries acquiring 100 per cent ownership of the insurance company last year.
In 2005, Exide Industries, India’s largest manufacturer of electric storage batteries, had acquired 50 % stake in the Bangalore-based ING Vysya Life Insurance.
Eight years later they paid about Rs. 550 crore to buyout the remaining investors including Netherlands-based ING Group’s 26 per cent stake.
Exide Life Insurance serves over 10 lakh customers in over 200 cities across India and has assets under management of Rs. 7,490 crore. In the just ended fiscal, it doubled its profits to Rs. 53 crore, driven by growth in renewal premiums, which accounted for close to 60% of its premium income of Rs. 1,830 crore. New premiums accounted for 40 per cent of the total income.
“We are a top 5 player in our traditional home markets in the south and are confident that our new brand identity will help us replicate this success nationally,” said Mr. Kshitij Jain, MD, Exide Life Insurance.
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