IDBI Fortis Life Insurance is now IDBI Federal Life Insurance

MUMBAI: IDBI Fortis Life Insurance, a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International, has changed its name to IDBI Federal Life Insurance Co Ltd.

The company has obtained the approval of the Registrar of Companies and Insurance Regulatory and Development Authority (IRDA) after completing all legal formalities, a press statement issued here today said.

The change of name followed a decision by Fortis to globally change its name to Ageas in April 2010. This necessitated a change in the name of the joint venture company, the release said.

"IDBI Fortis has rapidly grown in reach and size over the last two-years, introducing innovative products catering to diverse customer needs. As we tread onto a journey of increased productivity and growth, this change will help IDBI Federal tap into markets that are known to be Federal Bank strongholds," IDBI Bank's Chairman & Managing Director, R M Malla, said.

IDBI Fortis is a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International with a shareholding of 48 per cent, 26 per cent and 26 per cent, respectively.

However, there would be no change in the shareholding pattern of the company after the change in the name, the release said.