ING Life India, part of the ING Group, has posted a profit Rs 7 crore in the March quarter of 2010-11. The profit made in the March quarter has helped the life insurer reduce its full year losses to Rs 70 crore, half of what was in 2009-10.
The company aims to grow its premium income by 17% to Rs 2,000 crore in the current financial year (2011-12).
Kshitij Jain, MD & CEO, ING Life India said: ‘Our results have come at a time when the industry has seen steep decline in new business. The good results have been achieved because of our sharp focus on building efficiency, offering balanced product portfolio and keeping strong check on our costs.’