Calcutta, May 5: ING Vysya Life Insurance today renamed itself as Exide Life Insurance Company following regulatory approval in the wake of the formal exit of Netherlands-based ING Group.
“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.
“We are proud to be a part of Exide’s rich heritage in India,” he said, adding, Exide Life Insurance is a profitable 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 1,830 crore, while assets under management grew 13 per cent to Rs 7,490 crore, he said.
The company will continue to honour its commitments to policies issued in the name of ING Vysya Life Insurance Company.
Last year, ING exited from the life insurance venture by selling a 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 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. PTI DP KSU MR 05051807 NNNN