IDBI Fortis Life Insurance Company has changed its name to IDBI Federal Life Insurance Co, with effect from August 24.
IDBI Fortis Life, a joint venture between IDBI Bank, Federal Bank and Fortis Insurance International.
There is no change in the shareholding pattern of the company and the company has already obtained the approval of the Registrar of Companies and IRDA.
IDBI Bank holds 48% stake in this joint venture company, while Federal Bank and Ageas hold 26% each. This change has been made consequent to the change in the ownership of Fortis Insurance International, which changed its name.
R M Malla, IDBI Bank Chairman and Managing Director said: "IDBI Fortis has rapidly grown in reach and size over the last 2 years. 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."
The company has started their journey in March 2008 and till today; they have sold over 2 lakh policies with a sum assured of over Rs 9,160 crore.
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