As a result of a global restructuring exercise, ING Group decided to exit out of the insurance business from Asia Pacific. Post this decision the ING Groep N.V. sold its stake in ING Vysya Life Insurance to Exide Industries Limited in March 2013.
ING is the third insurer to exit India after the opening up of the sector. Australian insurer AMP in a joint venture with Sanmar was the first to sell out to Reliance Life Insurance. Some years later American insurer Chubb exited its joint venture with HDFC following disagreement with its partner who later tied up with Ergo. Last year US insurer New York Life sold its stake in Max New York Life to Max which later sold its stake to Japan’s Mitsui. Following the global financial crisis, several insurers have tempered their expansion plans. At present, North American insurer Manulife and Samsung Life of Canada are actively pursuing a presence in India.
More than a year after the ING Group exited the life insurance business in India by selling its 26 per cent stake to Exide Industries, the name of ING Vysya Life Insurance Company Limited has been changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect.
Exide has been a shareholder in ING Life since 2005. It held 50% stake in ING Life Insurance. Subsequently, when ING Group exited the venture, Exide acquired the group’s 26% stake; it also bought 16.32% from Hemendra Kothari Group and 7.68% from Enam Group, all for an aggregate consideration of about Rs 550 crore.
Exide Life has 35,000 plus life insurance advisors, apart from bancassurance partnership with ING Vysya Bank across 500 plus bank branches.
This change of name has no impact on the operations of the company as the underlying legal entity remains unchanged. Exide Life Insurance Company Limited will continue to honor its commitments and obligations under the insurance policy(s) issued to you in the name of ING Vysya Life Insurance Company Limited.