Bangalore, Dec 14(UNI) Registering faster growth vis-a-vis industry average, ING Vysya Life Insurance (IYL) today announced infusion of Rs 100 crore fresh equity this month, ahead of the launch of a series of new life term insurance policies in the first quarter of 2008.
Talking to newsmen here, IYL Managing Director and Chief Executive Officer Kshitij Jain said the Company was on course with its announcement last year of achieving a business of Rs 4500 crore by 2010 with the total premium collection for the current year expected to touch Rs 950 crore. Of this the new premium alone would be Rs 620 crore. The Company currently had a capital base of Rs 790 crore. The IYL Board had mandated to take the capital to Rs 1380 crore before 2009.
He said IYL would have a total customer base of over one million by the end of next year with the new policies numbering over 600,000 to be added.
He said the Insurance Regulatory and Development Authority (IRDA) has recently approved a slew of new policies of the company which would be launched early next year. The new schemes would be pure term policies, which would be innovative in the industry.
He said the ambitious plan to scale up the company operations during the current calendar year had paid rich dividends with the growth in customer acquisition being 108 per cent during the second half of the year. The number of agents had gone up to 43,000 from 26,000 last year.
Stating that IYL foot print in South was phenomenal, especially in semi urban and rural areas, Mr Jain said the company obtained 80 per cent of its business through its own channels. It had the fourth largest footprint in the south among the private insurance companies.