ING Vysya Life Insurance is now Exide Life Insurance

India Infoline News Service | Mumbai |

Exide Life Insurance doubles profits to INR 53 crores in its 12th year of operations

ING Vysya Life Insurance Company Limited announced today that the Company has been renamed Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect following approvals from Insurance Regulatory and Development Authority (IRDA) and Ministry of Corporate Affairs. Exide Life Insurance is an established and profitable life insurance company that serves over 10 lakhs customers in over 200 cities across India and manages over INR 7000 crores in assets.
 
“Exide Industries Limited has been our major shareholder for 8 years and acquired 100% ownership of the company over a year back” said Kshitij Jain, Managing Director and CEO of Exide Life Insurance Company Limited. "We are proud to be a part of Exide’s rich heritage in India. Exide is a very well-known name across India and has the positive brand associations of trust and long lasting that are extremely relevant to the life insurance category. We are a top 5 player in our traditional home markets in the South and are confident that our new brand identity ‘Exide Life Insurance’ will help us replicate this success nationally.”
 
In 2013-14, Exide Life Insurance recorded doubling in profits to INR 53 crores driven by growth in renewal premiums and improvements in efficiency and product mix. Despite challenging market conditions, Total premium income has grown to INR 1830 crores and assets under management grew 13% to INR 7,490 crores. The company’s solvency margin is healthy at 239% on 31st March’14, up 32% as compared to March 2013.
 
Explaining the brand positioning, Kshitij Jain said, “Advancements in the economy and health care have ensured that Indians are living longer than before. Life expectancy has gone up from 32 years to 68.4 years since independence.  Exide Life Insurance’s focus on the long term defines our mission - We help our customers prepare financially for a long and happy life.”
 
The company will continue to honor its commitments and obligations under the insurance policy(s) issued to customers in the name of ING Vysya Life Insurance Company Limited.
 
Commenting on the change in Company identity; A. K. Mukherjee, Chief Financial Officer, Exide Industries, said; “Exide Industries has been the major shareholder of the company since 2005 and acquired 100 % ownership of the company in 2013. Changing the Company’s brand name to Exide Life Insurance is a further reaffirmation of the long term commitment of Exide Industries to our life insurance business.”
 
New Logo of Exide Life Insurance
The new logo of Exide Life Insurance combines the bold 'Exide' word mark, with softer, more contemporary forms of the word 'Life' and the 'Exide Life Sun' symbol. The colour red and the letterforms of the 'Exide' word mark create an instant visual connect with the parent brand 'Exide'. The colour red denotes solidity & dynamism. The word 'Life' is used in the colour blue to denote stability and security and reflect caring, and human cues. The sun is the most universally recognised visual expression of 'life' and 'optimism' and reinforces the brand's philosophy of preparing people for a long and happy life.
 

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