Aviva Life Insurance is targeting a growth of 35 per cent in the next financial year, the company's Managing Director & Chief Executive Officer T R Ramachandran said today.
Between April and December, the life insurer saw a 21.6 per cent fall in its first premium income, while premium from new policy sales dropped 2 per cent during the period. The decline was attributed to the lack of demand for Ulips.
Factoring in its growth plans, Aviva will finalise its fund infusion plans by the middle of 2009, he said on the sidelines of a product launch event. "We will infuse capital this year also but the management will take a decision on it in June or July. The capital will be infused in two tranches," Ramachandran said.
The company, which has a capital base of Rs 1,400-crore at present, infused Rs 590 crore last year.
Aviva today launch 'Aviva Young Scholar' aimed at children and said it intends to offer two new products -- a term product and another in micro-insurance -- by the end of the current financial year.