Exide Life Insurance

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 10 lakh customers across India and manages over INR 8,800 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]

History

Initial Years

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

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.^[11]

Management Team

As of 29 June 2015, Exide Life Insurance management team consists of:^[12]

• Kshitij Jain – Managing Director and CEO, Exide Life Insurance
• Rahul Agarwal – Chief Distribution Officer, Exide Life Insurance
• Ashwin B - Chief Operating Officer, Exide Life Insurance
• Rangarajan BN – Appointed Actuary & Chief Risk Officer, Exide Life Insurance

Key Financial and Operational Highlights

• Profits : INR 65.3 Crores are up by 23% over last year
• Total Premium Income : INR 2027 crores, a growth of 11% over last year
• New Business Premium : INR 645 crores, a growth of 14% over last year
• Renewal Premium : INR 1382 crores, a growth of 9% growth over last year
• Assets Under Management :INR 8,800 crore, a growth of 15% over last year^[13]

2014 Onwards

In 2014, Exide Life launched a range of specialized products including Assured Gain Plus, which is a traditional plan offering guaranteed benefits and returns on investment.^[14] This is a traditional with profits insurance cum investment product, offers guaranteed benefits and returns on investment. The policy is an investment solution for people who look for tax free returns with capital guarantee and life cover. Under the plan, one pays for 5 years only, while the benefits continue for the full policy term.The policy term options are 10, 12 or 15 years.^[15]

References