ING Vysya Life Insurance is now Exide Life Insurance
May 5, 2014 - Bangalore, Karnataka, India
- Exide Life Insurance Company Limited is the new name of ING Vysya Insurance Company Limited with immediate effect
- The new name and brand identity will have no impact on the operations of the Company. The members of the board of directors and senior management of the company remain unchanged. The company remains committed to all its customers, partners and employees
- In the financial year 2013 -14 Exide life insurance:
-- AUM grew by 13% to INR 7490 crores.
-- Total Premium grew to INR 1830 crores with a strong growth of 14% in renewal premiums.
-- Solvency margin at a healthy 239% is up 32% compared to last year.
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.
About Exide Life Insurance Company Limited:
Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001 and is head quartered in Bangalore. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India. The company is profitable and serves over 10 lakh customers across India and manages over INR 7000 crores in assets. Exide Life Insurance is managed under the principles of good corporate governance with overall superintendence of the board of directors.
Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance and Alliances. The Agency channel comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The Banc assurance and Alliances business includes distribution relationships with ING Vysya Bank, Regional Co-operative banks, Corporate Agents, Brokers & Referral Partners.
Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in other parts of the country. The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
For more information, please visit our website, exidelife.in.
About Exide Industries Limited:
Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 10,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2014)
With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.
Photo Caption: L to R : A K Mukherjee - CFO Exide Industries Ltd, Kshitij Jain - MD & CEO Exide Life Insurance and Uco Vegter - CFO Exide Life Insurance, unveil the company’s new brand identity
Source: Business Wire India