*Please note that the quotes shown will be from our partners

Samsung Life is Planning to Buy 26% Stake in ING Insurance

Exide Industries, the owner of ING Life Insurance, is deciding to sell 26 per cent of its stake to Korean insurer Samsung Life.

Exide has been holding shares in ING Life since 2005. It has had 50 per cent share in ING Life Insurance. Subsequently, when ING Group moved out of the venture, Exide took over the group's 26 per cent stake; it even bought 16.32 per cent from Hemendra Kothari Group and 7.68 per cent from Enam Group, all for a total consideration of around Rs 550 crore.

Post the buyout, Exide said it wanted a new international player to enter into the life insurance segment so as to push fresh equity into ING Life.

ING Group had granted Exide the rights to use the ING brand for a year. As soon as the deal gets approved, this would end.

The sudden exit of ING and other partners had shifted the entire responsibility of running the business on Exide. They therefore decided to introduce a partner such as Samsung Life as it could use its expertise in the global insurance segment in India.

For the period between April 2013-December 2013, ING Life Insurance had recorded a net loss of Rs 13.8 crore, compared with a net loss of Rs 30.3 crore for the corresponding period a year ago. For the April-December 2013 period, ING Life gathered total premium of Rs 1,090.10 crore, against Rs 1,079.26 crore in the same period of 2012. During the same time, its new business premium hiked by 7.7 per cent.

Written By: PolicyBazaar - Updated: 30 December 2020
You May Also Want to Know About
Modi Government Launches 3 Social Security Schemes
Modi Government Launches 3 Social Security Schemes Prime Minister Narendra Modi has launched three new social security schemes (PM Bima Yojana) in Kolkata. The new government schemes (2 insurance products & 1 pension scheme) is aimed at the u...
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers  The Insurance Regulatory and Development Authority of India (IRDAI) notified new norms for corporate agents allowing them to tie up with up to three insurers each — life, no...
Maharashtra’s Auto Rickshaw Drivers to Get Pension and Insurance Cover
Maharashtra’s Auto Rickshaw Drivers to Get Pension and Insurance Cover The Maharashtra State Department has decided to give pension to the licensed auto rickshaw drivers above 60 years of age. The scheme will also cover their spouse as well. T...
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life Insurance Regulatory and Development Authority of India (IRDA) today slapped a penalty of Rs 10 Lakhs on Tata AIA Life Insurance for surfeit payment to corporate agents. Additionally, the ...
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders SBI Life Insurance Company Ltd., a private life insurer, was directed to reimburse the excess commission of Rs. 275.29 crore to policyhold...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL