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 Rs7000 crores in assets.
â€śExide Industries Limited has been our major shareholder for 8 years and acquired 100% ownership of the company over a year backâ€ť 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 â€žExide Life Insurance? will help us replicate this success nationally.â€ť
In 2013-14, Exide Life Insurance recorded doubling in profits to Rs 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, â€śAdvancements 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 Insurances focus on the long term defines our mission - We help our customers prepare financially for a long and happy life.â€ť
Commenting on the change in Company identity; A. K. Mukherjee, Chief Financial Officer, Exide Industries, said; â€śExide 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.â€ť
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