(2010-08-25) IDBI Fortis Life Insurance is now IDBI Federal Life Insurance
MUMBAI, August 24, 2010: IDBI Fortis Life Insurance Co Ltd, in association with Feder
IDBI Fortis Life Insurance is now IDBI Federal Life Insurance
• Aims at faster recognition across India in line with aggressive growth plans
MUMBAI, August 24, 2010: IDBI Fortis Life Insurance Co Ltd, in association with Federal Bank, has changed its name to IDBI Federal Life Insurance Co Ltd, in association with Ageas. The company has completed all legal formalities for change of name and has already obtained the approval of the Registrar of Companies and Insurance Regulatory and Development Authority (IRDA).
IDBI Fortis is a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International with shareholding of 48%, 26% and 26% respectively. There will be no change in the shareholding pattern of the company.
The name change follows Fortis's decision to globally change its name to Ageas in April 2010. At the same time, as IDBI Bank and Federal Bank are joint venture shareholders and bancassurance partners of the company, it was felt that including both their names in the insurance company name would establish a better brand connect with the over ten million customers of both banks. The shareholders thus unanimously decided to change the name of the joint venture company to IDBI Federal Life Insurance Company Ltd. To emphasise the parentage of Ageas (formerly Fortis) and the global insurance expertise they bring to the business, the company's logo will incorporate the line "in association with Ageas". The logo unit of the company remains the same with only exchange of places between Federal and Ageas.
All partners remain fully committed to building a vibrant life insurance company that will offer innovative insurance solutions to Indian consumers and focus on high-quality customer service.
Announcing the rechristening, Mr R M Malla, Chairman & Managing Director of IDBI Bank, said “IDBI Fortis has rapidly grown in reach and size over the last 2 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.”
Mr. P C John, Executive Director of Federal Bank, said “At Federal Bank, we welcome this change as it allows us to project our deep commitment to the life insurance business and provide a full product range to all our customers. The innovative range of products by IDBI Federal will help us cater to a wide array of protection and investment needs of our customers.”
Mr. Dennis Ziengs, CEO Asia of Ageas , said “The change in name will allow IDBI Federal to strengthen their awareness and presence in the country. We feel that it is more beneficial to capitalize on the strong brand names of our partners IDBI Bank and Federal Bank. This approach is also in line with the brand strategy we use for our other international joint ventures.”
Having started in March 2008, within just five months of inception the company became one of the fastest growing new insurance companies to garner Rs 100 Cr in premium collected. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of agents and partners. As on June 30th, 2010, the company has issued over 2 lakh policies with a sum assured of over Rs 9,160 Cr.
Please visit www.idbifederal.com to know more
Press Contacts:
Concept PR: Ram Uppara; M: +91 98201 77907
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 725 branches and 1228 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd)
Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 708 branches and 755 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal
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