ING Vysya Life Insurance is now Exide Life Insurance

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Exide Life Insurance LogoING Vysya Life Insurance today renamed Exide Life Insurance Company after the approval of the regulatory authorities with the formal release of the Dutch ING Group insurance company.

“Exide Industries is our main shareholder for eight years and acquired a 100% stake in the company more than a year ago,” said Exide Life Insurance Managing Director, Kshitij Jain in a statement.

“We are proud to be part of Exide rich heritage of India,” he said, adding, Exide Life Insurance is an established and profitable life insurance companies, which serves more than 10 lakh customers in more than 200 cities across India and manages more than 7,000 lakh crore in assets.

In 2013-14, Exide Life Insurance recorded a doubling of profit to Rs 53 crore due to an increase in the renewal premiums and increase the efficiency and range of products.

Despite challenging market conditions, total premium income rose to Rs 1830 crore and assets under management increased by 13 per cent to Rs 7,490 crore, he said.

ING Vysya Life Insurance Logo

The company will continue to fulfill its obligations and liabilities under insurance contracts issued to customers in the name of ING Vysya Life Insurance Company, he added.

Last year, ING is from the insurance company for the sale of 26 percent stake in Exide Industries domestic partners, a manufacturer of electric storage batteries.

“Exide Industries was the main shareholder of the company since 2005 and has acquired 100% shares of the company in 2013,” he said.

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Changing the brand name of the company Exide Life is yet another confirmation of long-term commitment Exide Industries for life, he added.

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