ING Vysya Life Insurance has changed its name to Exide Life Insurance, following the approval from Insurance Regulatory and Development Authority (IRDA) and Ministry of Corporate Affairs.
The company said that it would continue its commitments and obligations under the insurance policies issued under ING Vysya Life Insurance brand.
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Exide Life Insurance managing director and CEO Kshitij Jain said that Exide Industries has been the insurer’s major shareholder since last eight years and acquired 100% ownership of the company over a year back.
"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," added Jain.
Managing over INR70bn ($1.16bn) in assets, Exide Life Insurance has reported two-fold increase in profits to INR530m ($8.81m) during fiscal 2013 – 2014 attributable renewal premiums growth and improvements in efficiency and product mix.
Exide Industries chief financial officer AK Mukherjee said, "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."
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