Exide Life Insurance

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Exide Life Insurance
FormerlyING Vysya Life Insurance Company
TypePrivate company
IndustryLife Insurance Services
Founded2001
HeadquartersBangalore India
Area served
India
Key people
Kshitij Jain (MD and CEO)
Rangarajan BN (Appointed Actuary and CRO)
B. Ashwin (COO)
[1]
ProductsLife Insurance
ParentExide Industries Limited
Websiteexidelife.in

Exide Life Insurance Company Limited, is an 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 44,000 advisors who are attached to over 200 company offices across the country. The company also offers [2] The company has over 15 lakh customers and manages over INR 15,795 crores in assets.[3] It has been operating since 2001 and is 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[edit]

Initial years[edit]

In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysya 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[edit]

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 and key people[edit]

As of 31 March 2020, Exide Life Insurance management team consists of:

  • Kshitij Jain – Managing Director and CEO [12]
  • Rahul Agarwal – Chief Distribution Officer [13]
  • Ashwin B - Chief Operating Officer
  • Rangarajan BN – Appointed Actuary & Chief Risk Officer"Exide Life Insurance - Management team". www.exidelife.in. Retrieved 11 September 2017.</ref>
  • Shyamsunder Bhat - Chief Investment Officer
  • Meenakshi Suresh - Head - Internal Audit
  • Sabyasachi Sarkar - Director - Actuarial
  • Rajendra Prasad - SVP - Finance
  • Dola Mukerjee - Director – Human Resource
  • Sanjay Tiwari - Director- Strategy [14]
  • Amaresh Jena - EVP - Marketing

Key Financial and Operational Highlights 2019–20[edit]

  • Profits Before Tax (PBT): INR 29 Crores are up by 141% over last year [15]
  • Gross Written Premium: INR 3220 crores, a growth of 12% over last year [16]
  • Individual Claims Settlement Ratio: 98.15%
  • Solvency Ratio: 210%
  • Assets Under Management :INR 15,795 crore, a growth of 10% over last year[17]

References[edit]

  1. ^ Sinha, Shilpy (1 January 2015). "Insurance sector can grow at double the rate of GDP: Kshitij Jain, Exide Life CEO". The Economic Times. Retrieved 14 January 2019.
  2. ^ indiainfoline.com. "Sanjay Tiwari, Executive Vice President - Products Management, Exide Life Insurance". Retrieved 8 September 2016.
  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". 24 January 2013. Retrieved 29 June 2016.
  5. ^ "Most trusted brands ranked by category". Retrieved 29 June 2016.
  6. ^ "ING Vysya Bank Company History". economictimes.indiatimes.com. Retrieved 29 June 2016.
  7. ^ "Exide Industries Company History".
  8. ^ Bureau, Our (23 January 2013). "Exide Ind to buy remaining 50% stake in ING Vysya Life". Retrieved 29 June 2016.
  9. ^ Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr". Retrieved 29 June 2016.
  10. ^ Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr". Retrieved 29 June 2016.
  11. ^ Kulkarni, Mahesh. "ING Vysya Life renamed as Exide Life Insurance". Retrieved 29 June 2016.
  12. ^ "Exide Life profit up 27%". 11 May 2017. Retrieved 3 July 2017.
  13. ^ "Exide Life unveils unit-linked insurance plan Wealth Maxima". Moneycontrol. Retrieved 3 July 2017.
  14. ^ "Term insurance premium in India is low compared to US and Singapore: Will premium rise in future?". Retrieved 23 July 2020.
  15. ^ "Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium". 30 June 2020. Retrieved 23 July 2020.
  16. ^ "Exide Life Insurance Q4 net profit up 89%; gross premium at Rs 3,220 cr". 30 June 2020. Retrieved 23 July 2020.
  17. ^ "Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium". 30 June 2020. Retrieved 23 July 2020.