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Exide Life Insurance Company Limited, is a 100% Indian owned life insurance company, owned by the Exide Industries. Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consists of 50,000 advisors who are attached to over 200 company offices across the country. The company also offers group life insurance solutions.
[2]The company has over 15 lakh customers and manages over INR 11,015 crores in assets.[3] It has been operating since 2001 and headquartered at Bangalore. It deals with the life insurance products, providing long-term protection and savings option.
[4] It was featured to be among the top ten most trusted insurance brands in India as per the Economic Times, Brand Equity survey 2014.[5]
Exide Life Insurance Type Private company
Industry Life Insurance Services Founded 2001 Headquarters Bangalore India Area served India Key people Kshitij Jain (MD and CEO) B. Ashwin (COO) C. Anil Kumar (CFO) [1] History Edit
Initial Years Edit
In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysysa Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company.
[6] In the same year, ING Vysya Bank, ING Insurance, and the Damani Group formed a life insurance joint venture, this innovative collaboration marks the first bancassurance venture in India.
Exide industries acquired 50% stakes of ING Vysya Life Insurance in 2005.
[7]In 2008 owing to the financial crisis ING had to enter into a bailout agreement, thus starting a global restructuring strategy, and decided to exit the insurance business in India.
[8] Prior to India, ING exited its insurance ventures in Malaysia, Thailand and Hong Kong as well.
[9]Exide Life Insurance Edit
After ING exited from India in Jan 2013, Exide Industries acquired the remaining 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stake holder.[10] In May 2014, following the approvals from Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs,the name of ING Vysya Life Insurance Company Limited was changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect.
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