Exide Life has got clientele of 1 million in more than 200 cities and takes care of around Rs.7,000 crore in assets
ING Vysa Life Insurance Co. Ltd will now be called Exide Life Insurance Co. Ltd
Exide Life has close to 1 million customers in more than 200 cities across India and manages assets worth Rs.7,000 crore.
Exide Industries Ltd has been the biggest shareholder of Exide Life for 8 years and overtook 100% ownership of the company more than an year ago.
In the year 2013-14, the insurer experienced doubling in its profits to Rs.53 crore due to increment in premium renewals and betterment in efficiency and product mix. The company’s total premium income has risen to Rs.1,830 crore and assets under management rose 13% to Rs.7,490 crore in the fiscal. Its solvency margin stood at 239% on 31 March, up 32% compared with March 2013.
Renaming the company to Exide Life Insurance is confirmation of the eternal commitment of Exide Industries to the life insurance business.