IDBI Fortis Life Insurance has changed its name to IDBI Federal Life Insurance Co, following rechristening of its foreign partner Fortis.
IDBI Fortis is a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International, with shareholding of 48 per cent, 26 per cent and 26 per cent, respectively.
There will be no change in the shareholding pattern of the company, IDBI Federal Life Insurance Co said in a statement.
Fortis has decided to change its name to Ageas in April 2010, it said.
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, it said.
The shareholders unanimously decided to change the name of the joint venture to IDBI Federal Life Insurance Company, it said.
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IDBI Bank Chairman and Managing Director R M Malla 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."
Started in March 2008, the company has sold over 2 lakh policies with a sum assured of over Rs 9,160 crore as of June 20, 2010.