ING Vysya Life Insurance has set a business turnover target of $ 1 billion in India by the end of 2010.To accomodate the aggressive growth plan, ING is planning to increase its paid-up equity from the present level of Rs 540 crore to Rs 1,400 crore by the end of 2009.Kshitij Jain, CEO and MD of ING Vysa Life said:"The company is drawing up an aggressive plan to double its marketshare over the next three years from the current level of one percent to two per cent." The company is planning to gradually expand its capital to Rs 1,340 crore as it is expecting three digit year on year business growth for the next couple of years."We are growing at 157% and hopefully the company will maintain a healthy three digit growth," he added. The company is hoping to end 2006 (Janauary to December) with Rs 700 crore premium income. The company has set a target to double the premium income to Rs 1,400 crore in 2007.Commenting on its expansion plan, ING Vysa Life MD said that after establishing in the south, it aims to replicate the success in east. The company currently has 130 branches in 75 cities and plan to ramp up to 320 branches in 2007."We shall add 20 new offices in 12 locations in the eastern region which includes Kolkata, Guwahati, Cuttack and Bhubaneswar," he added.
