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Exide Life Insurance

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Exide Life Insurance
FormerlyING Vysya Life Insurance Company
Company typePrivate company
IndustryLife Insurance Services
Founded2001
FateMerged into HDFC Life
HeadquartersBangalore, India
Area served
India
Key people
Sanjay Vij (Executive Director and Principal Officer)
Rangarajan BN (Appointed Actuary and CRO)
B. Ashwin (COO) [1]
ProductsLife insurance
ParentHDFC Life

Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across the country.[2] The company had over 1.5 million customers and managed assets exceeding INR 18,000 crores (INR 180 billion).[3] Established in 2001 and headquartered in Bangalore, the company provided long-term protection and savings options.[4] Exide Life merged with HDFC Life in late 2022.

History

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In 2000, ING Insurance, a subsidiary of the Dutch financial group ING Group, partnered with Bangalore-based Vysya Bank to enter the Indian life insurance market, forming ING Vysya Life Insurance Company.[5] The same year, ING Vysya Bank, ING Insurance, and the Damani Group established a life insurance joint venture, marking the first bancassurance venture in India.

In 2005, Exide Industries acquired a 50% stake in ING Vysya Life Insurance. The company distributed its products through various channels, including Agency, Bancassurance, Corporate Agency & Broking, Direct Channel, and Online.[6]

Following the Financial crisis of 2007–08, ING entered a global restructuring strategy and decided to exit the insurance business in India.[7] Prior to its exit from India, ING had also exited insurance ventures in Malaysia, Thailand, and Hong Kong.[8]

Exide Life Insurance

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After ING's exit from India in January 2013, Exide Industries acquired the remaining 50% stake in ING Vysya Life Insurance, becoming the sole owner.[8] In May 2014, following approvals from the Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs, the company was renamed Exide Life Insurance Company Limited (Exide Life Insurance).[9] The company had a presence in over 200 cities across India and planned to expand operations to additional centres, including major cities such as Kolkata, Asansol, Jorhat, and states like Bihar and Odisha.[10]

References

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  1. ^ "Exide Life appoints Sanjay Vij as Executive Director and Principal Officer". www.business-standard.com. 17 January 2022.
  2. ^ "Exide Life Insurance is Great Place to Work-Certified™ in 2021". India Education | Latest Education News | Global Educational News | Recent Educational News. 2 March 2021. Retrieved 6 December 2021.
  3. ^ "Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium". 30 June 2020. Retrieved 23 July 2020.
  4. ^ "ING exits life insurance in India". The Times of India. 24 January 2013. Retrieved 29 June 2016.
  5. ^ "ING Vysya Bank Company History". economictimes.indiatimes.com. Retrieved 29 June 2016.
  6. ^ "Exide Industries Company History".
  7. ^ "Exide to buy remaining 50% stake in ING Vysya Life". 23 January 2013. Retrieved 29 June 2016.
  8. ^ a b Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr". Retrieved 29 June 2016.
  9. ^ Kulkarni, Mahesh. "ING Vysya Life renamed as Exide Life Insurance". Retrieved 29 June 2016.
  10. ^ Kulkarni, Mahesh (6 May 2014). "ING Vysya Life renamed as Exide Life Insurance". Business Standard India. Retrieved 3 May 2021.
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