IDBI Fortis Life Insurance, in association with Federal Bank, today announced that it has changed its name to IDBI Federal Life Insurance, 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), it said in a press statement.
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. The name change follows Fortis’ decision to globally change its name to Ageas in April 2010. The change in the name of Fortis necessitated a change in the name of the joint venture company.
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.”