IDBI Fortis Life Insurance rechristened as IDBI Federal Life Insurance

A press release from the company said it had completed all legal formalities for the change of name and had already obtained the approval of the Registrar of Companies and the Insurance Regulatory and Development Authority (IRDA).

IDBI Bank has a 48 per cent share of the equity in the company while Federal Bank and Fortis Insurance have 26 per cent shareholding each.

The change of name follows 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.

At the same time, as Federal Bank is a shareholder and bancassurance partner of the company, it was felt that including the Federal brand in the company name would provide better recognition and affinity with Federal Bank customers.

According to the release, 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), 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.

The release said there would be no change in the shareholding pattern of the company. "The partners also 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," it 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 Chairman and Managing Director R M Malla said.

Mr. P C John, Executive Director of Federal Bank, said the change of name would allow the bank to project its deep commitment to the life insurance business and provide a full product range to its 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," he said.

Mr. Dennis Ziengs, CEO Asia of Ageas, said the change of name would allow IDBI Federal to strengthen its 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," he said.

Set up in March 2008, the company offers its services through a network across the branches of IDBI Bank and Federal Bank in addition to a network of agents and partners. As on June 30, 2010, the company has issued over two lakh policies with a sum assured of over Rs 9,160 crore.

NNN