ING Vysya Life Insurance has been renamed Exide Life Insurance Company Ltd following the sale of the ING Group’s entire stake in the venture to Exide Industries.
“This comes with immediate effect after we got clearance from IRDA (Insurance Regulatory and Development Authority),” said Kshitij Jain, Managing Director and CEO, Exide Life Insurance.
“The company will continue to honour its commitments and obligations under the insurance policy issued to customers in the name of ING Vysya Life Insurance. Starting this month, we will be creating awareness among the 10 lakh customers spread over in 200 cities in the country,” he added.
The company has also gone in for a new logo, Jain said. The new logo combines the bold ‘Exide’ mark, with softer, more contemporary forms of the word ‘life’ and the ‘Exide Life Sun’ symbol.
Further, the company denied reports of selling stake to any company. AK Mukherjee, CFO, Exide Industries, said: “We would like to confirm that the company is not in discussions with any foreign insurance company about sale or divesting the stake. We have long-term commitments to the life insurance business and will contribute to its growth.”
Healthy performance“Exide Industries has been the major shareholder of the company since 2005 and acquired 100 per cent ownership 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,” he explained.
Speaking about the company performance for FY14, Jain said: “Exide Life Insurance has doubled profit to ₹53 crore from ₹23 crore in FY13. This is mainly driven by growth in renewal premiums and improvements in efficiency and product mix.”
He added: “Despite challenging market conditions, our total premium income has grown to ₹1,830 crore and assets under management grew 13 per cent to ₹7,490 crore. The company’s solvency margin is healthy at 239 per cent on March 31, 2014, up 32 per cent as compared to March 2013.”