Private life insurer Exide Life Insurance will focus on growing its business from Ulips and group insurance policies in the coming years, its MD & CEO Kshitij Jain said on Tuesday.
The Bangalore-based company, which had created a new brand identity in May last year, is holding talks with public and private sector banks for tying up with them for bancassurance channel.
“In the year of transition, we actually clocked strong topline as well as bottomline growth. We are confident that the new brand identity for our company will do good pan-India as Exide is a very strong brand,” Jain said after announcing the Exide Life Insurance’s financial results.
ING Vysya Life Insurance in May 2014 renamed itself as Exide Life Insurance Company following regulatory approval with the formal exit of the Netherlands-based ING Group from the insurance venture. Kolkata-based battery major Exide Industries had acquired 100% of the equity in this life insurance company in March, 2013.
“South will continue to be our home market. But because of the Exide brand, a large portion of my business is also coming from East, North and West, which was not the case earlier,” Jain said.
He said the company would enhance its business from Ulips and group insurance policies as premium income from these two categories were very small till now. Exide Life Insurance clocked a 14% y-o-y growth in its new business premium at R645 crore last fiscal, while its profit stood at R65.3 crore, up 23% from the previous year.
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