Aviva Life Insurance increases capital base by Rs 100 crore

New Delhi, June 15 (UNI) Aviva Life Insurance, a joint venture of Dabur and Aviva, today announced an increase in its capital base by Rs 100 crore, taking its total paid-up capital to Rs 559 crore.

''Insurance is a capital-intensive business and the current capital infusion of Rs 100 crore will allow us to further expand our operations, launch new products and reach out to the target audience,'' Aviva India's Managing Director Stuart Purdy said in statement released here.

The market share of Aviva increased to 5.1 per cent during 2005-06, up from 4.2 per cent during 2004-05.

Against the life insurance industry growth rate of 32 per cent, Aviva Life Insurance recorded a growth of 118 per cent in FY06 with New Business Annualized Premium Equivalent (APE) of Rs 438 crore, the statement said.

Its branches have increased to 107 from 41 in December 2005, in the last six months, and its Bancassurance partners have risen to 22.

Aviva Life Insurance, operating in 378 locations across the country, holds a 26 per cent stake in the company.

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