Thursday, January 27, 2022

Exide Life Appoints Sanjay Vij As The New ED And Principal Officer

 Exide Life has announced the appointment of Mr. Sanjay Vij as the Executive Director and Principal Officer with effect from 10th January 2022.

On January 1, 2022, HDFC Life Insurance Company Limited (“HDFC Life”) announced the completion of the acquisition of Exide Life Insurance Company Limited (“Exide Life”), subsequent to receiving all relevant regulatory approvals. Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs. 685 per share were allotted to Exide Industries Limited (“Exide Industries”). Exide Industries now holds 4.1% stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly.

Mr. Vij is a veteran in the life insurance industry. He joined HDFC Life in July 2001, and has since contributed to the company's incredible growth. As the Group Head - Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels. As the CVO, he was responsible for institutionalizing and leading the EPICC values program. He was also a member of the Executive Committee (EC).

Mr. Vij brings more than 32 years of invaluable multi-industry experience in business management, performance management, business development and business strategy.

Sanjay Vij, the newly appointed ED and Principal Officer of Exide Life Insurance, said, “I am happy to see similar ethos, drive, passion and commitment making Exide Life and HDFC Life a perfect fit. Going forward, our goals and vision remain unchanged that is to provide innovative and customer centric insurance solutions that can help our customers secure their and their family's future, and in the process, become one of the most successful and admired life insurance companies in India.”

About Exide Life

Exide Life Insurance Company Limited, an established and profitable life insurance Company, commenced operations in 2001-02 and is head quartered in Bengaluru. The Company is 100% owned by HDFC Life Insurance. The Company manages assets of INR 18,381 Crores (as on 31 March, 2021). Exide Life Insurance distributes its products through multiple channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct Channel and Online. The Agency channel comprises of 40,000+ advisors attached to 200 Company offices (as on 31 March 2021) across the country. The Company also offers group life insurance solutions. The Company is focused on providing long-term protection and savings plans and has a strong traditional product portfolio with a consistent bonus track record.

The Company has ISO 9001:2015 quality certification for all Customer Service processes and the ISO/IEC 27001:2013 for Information Security Management.

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