- Rs. 1 CroreTerm Cover @Rs 17/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 12 Lac+Families Secured
We promise limited calls
Samsung Life is Planning to Buy 26% Stake in ING Insurance
- DetailsWritten by PolicyBazaar -
- Hits : 1573 -
Modified 07 May 2014
Deal with present owner Exide would be signed in a few weeks time
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.
- Most Read
- Tax Benefits on Life Insurance
Date: 30 July 2018
- How Life Insurance Help you To Stay Financially Safe?
Date: 23 July 2018
- 5 Reasons Why You Shouldn’t Cancel Your Life Insurance Policy
Date: 23 July 2018
- How to Choose Life Insurance Plans According to Your Income?
Date: 22 June 2018
- 10 Risky Cities in India Where One Must Have Life Insurance
Date: 19 June 2018
- How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Views : 1621147
- LIC Online Payment - LIC Premium Payment Options & Process
Views : 221471
- LIC Login Online: Step-by-Step Login Process to LIC website
Views : 80440
- Life Insurance: Checking Policy Status
Views : 76787
- How to Check PLI Status?
Views : 76172