ING Vysya Life Insurance becomes Exide Life Insurance

MUMBAI: ING Vysya Life Insurance, totally owned by the Raheja Group through battery maker Exide Industries, will expand in the eastern part of the country after getting rebranded as Exide Life Insurance. The south-based company is looking to expand in the eastern belt with nine new offices. It will look to enhance reach in tier-II cities.

The company was looking for a potential partner after ING sold its 26% stake to the promoters last year, or to revamp the business after struggling for nearly a decade with meagre market share. The company was said to be in talks with Korea-based Samsung Life and Canada’s Manulife.

The company, however, denied any such stake sale plan. “We are not in talks with any domestic or foreign investor for divesting stake in the company,” said Kshitij Jain, MD and CEO, Exide Life Insurance.

“The rebranding of the company as Exide is pointing in the right direction that Exide is committed to the business and is here for a long period.” Many global insurers are waiting for an increase in the foreign direct investment limit to 49%.