Private sector insurer Aviva Life Insurance today announced capital infusion of Rs 116 crore for business expansion.
With this investment, the total paid-up capital of the insurance firm has crossed Rs 2,000 crore to Rs 2,004 crore.
The fresh infusion will help support the company's long-term growth plans, focussing on expense management, generating efficiencies with greater thrust on renewal premiums and maintain adequate buffer over solvency requirements, Aviva India CEO and Managing Director T R Ramachandran told PTI.
"Aviva has a long-term commitment to India and the additional capital infusion of Rs 116 crore will allow us to execute our growth plans for 2010-11," he said.
The insurer is a 74:26 per cent joint venture between leading FMCG player Dabur Group and Aviva of the UK.
"Our objective is to be among the country's leading life insurers through a quality business model, focussed on sustainable growth," he said, adding that the company was focussing on profitable and efficient growth, enhancing customer service, improving productivity, setting up a multi- channel distribution model and strengthening product portfolio.
Aviva, which has sold over a million policies, collected first premium income of Rs 328.1 crore during the first six months of the current fiscal compared to Rs 304 crore in the same period a year ago.
In the month of September, the new business of the company increased by Rs 35.4 crore.
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