Mumbai(Business Wire India): 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.