Exide Life Insurance

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Exide Life Insurance
FormerlyING Vysya Life Insurance Company
Type Private company
IndustryLife Insurance Services
Founded2001
Fatemerged into HDFC Life
Headquarters Bangalore India
Area served
India
Key people
Sanjay Vij (Executive Director and Principal Officer)
Rangarajan BN (Appointed Actuary and CRO)
B. Ashwin (COO)
[1]
Products Life insurance
Parent HDFC Life

Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multi-channels. The agency channel consisted of over 40,000 advisors who are attached to over 200 company offices across the country. [2] The company had over 15 lakh customers and manages over INR 18,000 crores in assets. [3] It had been operating since 2001 and was headquartered in Bangalore. It dealt with life insurance products, providing long-term protection and savings option. [4]

Contents

The company merged with HDFC Life in late 2022.

History

In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysya Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company. [5] 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 and distributed its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking, Direct Channel and Online. [6]

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. [7] Prior to India, ING exited its insurance ventures in Malaysia, Thailand and Hong Kong as well. [8]

Exide Life Insurance

After ING exited from India in January 2013, Exide Industries acquired the remainder 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stakeholder. [8] 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. [9] It had a presence in over 200 cities across the country and planned to expand operations in nine centres with major cities being Kolkata, Asansol, Jorhat and states of Bihar and Odisha among others. [10]


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References

  1. ↑ "Exide Life appoints Sanjay Vij as Executive Director and Principal Officer". www.business-standard.com. 17 January 2022.
  2. ↑ "Exide Life Insurance is Great Place to Work-Certified™ in 2021". India Education | Latest Education News | Global Educational News | Recent Educational News. 2 March 2021. Retrieved 6 December 2021.
  3. ↑ "Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium". 30 June 2020. Retrieved 23 July 2020.
  4. ↑ "ING exits life insurance in India". The Times of India . 24 January 2013. Retrieved 29 June 2016.
  5. ↑ "ING Vysya Bank Company History". economictimes.indiatimes.com. Retrieved 29 June 2016.
  6. ↑ "Exide Industries Company History".
  7. ↑ "Exide Ind to buy remaining 50% stake in ING Vysya Life". 23 January 2013. Retrieved 29 June 2016.
  8. 1 2 Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr" . Retrieved 29 June 2016.
  9. ↑ Kulkarni, Mahesh. "ING Vysya Life renamed as Exide Life Insurance" . Retrieved 29 June 2016.
  10. ↑ Kulkarni, Mahesh (6 May 2014). "ING Vysya Life renamed as Exide Life Insurance". Business Standard India. Retrieved 3 May 2021.
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