By IANS
Kolkata : ING Vysya Life Insurance Co Ltd, a part of the world’s largest financial service provider ING Group, is targeting Rs.10.68-billion ($268 million) income from premium by Dec 2007.
“We are targeting to achieve Rs.10.68 billion premium income by Dec 2007. Of this targeted amount, we are expecting an income of Rs.6.35 billion from new business,” ING-Vysya’s associate vice president, product development, Rajeev Kanal told reporters here on the occasion of launching its new unit-linked education guarantee plan Tuesday.
He said last year the total premium income of the company was Rs.6.30 billion.
Kanal said the company wanted to sell about 50,000 new education guarantee policies in the next one year with premium income of about Rs.400 million.
ING Vysya Life Insurance Co Ltd presently has 13 traditional and eight unit-linked policies in the market.
“We are focussing on our distribution system and also trying to increase about five percent business through our traditional products in the near future,” he said, adding that presently the traditional products of ING-Vysya contribute 25 percent of company’s total business.
The company is also expecting to add Rs.1.5 billion to its present capital base, which was Rs.7.9 billion till Oct 2007, Kanal said.
ING-Vysya plans to consolidate its presence in eastern India with enhanced presence in Kolkata, Bhubaneswar, Cuttack, Guwahati and Ranchi.
“We are all set to open eight more branches in Kolkata by 2008. Presently, we have eight branches here,” ING-Vysya’s regional vice-president, central and east, Syed Sarfraz Ahmed said.
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in over 50 countries.
ING Vysya Life entered the private life insurance industry in India in Sep 2001.