ING Vysya Life Insurance Company, on Monday, said it had become Exide Life Insurance Company Ltd., a change aimed at drawing strength from the strong brand pull of its owner Exide Industries.
Announcing the new name, Managing Director and CEO of the insurance firm Kshitij Jain told presspersons that the company would continue to honour its commitments and obligations under the insurance policies issued in the name of ING Vysya Life Insurance Company.
A release said the new name and brand identity would, however, have no impact on the operations and members of the board of directors.
The senior management remain unchanged, it added. The company managed Rs.7,000 crore in assets.
Noting that Exide Life Insurance was well capitalised and had a healthy solvency margin of 239 per cent in 2013-14, Mr. Jain said last fiscal the company posted a profit of Rs.53 crore as against Rs.23 crore in 2012-13.AUM up 13 per cent
The assets under management grew by 13 per cent to Rs.7,490 crore. Among the first expansion proposals after the name change is opening of nine new offices in the eastern region in the current quarter. Stating that the plan was to spread its network in a region where Exide has huge brand equity,