- Growth of 23% in profits at 65 crores
- Growth of 11% in total premium income
- Growth of 14 % new business premium
- Strong results are a testimony of customers’ faith in the new brand
Exide Life Insurance, an established and profitable life insurance company today announced a net profit of INR 65.3 crore for the financial year 2014-15. The company recorded a 11% growth in total premium, 9% growth in renewal premiums and a 14% growth in new business premium.
Key Financial and Operational Highlights: - Profits : INR 65.3 Crores are up by 23% over last year
- Total Premium Income : INR 2027 crores, a growth of 11% over last year
- New Business Premium : INR 645 crores, a growth of 14% over last year
- Renewal Premium : INR 1382 crores, a growth of 9% growth over last year
- Assets Under Management :INR 8,800 crore, a growth of 15% over last year
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Announcing the company’s financial results, Kshitij Jain, MD & CEO, Exide Life Insurance said, “Last year was a year of transition and change at Exide Life Insurance and amidst that we have successfully grown our business. The company’s rebranding has seen positive associations for expanding our national footprint. Our well diversified distribution network coupled with best-in-class Protection, savings and investment plans, gained us more customers and helped increase market share.”
“Going forward, we continue to stay focused on our customers to provide them with financial solutions that will help them prepare for a long and happy life. Our core values of being a life
insurance company which is
dependable, dynamic, responsive and foresighted will help us grow faster than the industry and help increase insurance penetration in India”, he added.
Exide Life Insurance serves over 10 lakh customers in over 200 cities in India. The company’s assets under management stood at INR 8800 crores as on 31 March 2015.
About Exide Life Insurance Company Limited: Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001 and is head quartered in Bangalore. The company is profitable and serves over 10 lakh customers across India and manages over INR 8,800 crores in assets. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India.
Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Alliances and Direct Channels. The Agency channel comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The Alliances business includes distribution relationships with banks, Corporate Agents, Brokers & Referral Partners.
Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in East and other parts of the country. The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
About Exide Industries Limited: Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2015)
With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.
Photo Caption:
Kshitii Jain MD & CEO Exide Life Insurance, announcing the company’s financial results at a press briefing in Bangalore
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