ING Vysya Life income up 227% to Rs 100 crore

ING Vysya Life Insurance has reported a 227 per cent jump to touch Rs 100 crore for the financial year 2003-04. The premium income increased by 317 per cent to Rs 88.5 crore on a total sum assured of Rs 2,626 crore.

The company currently has 1,15,282 individual life policies in force. The company has reported that it has achieved an 7.58 per cent investment return for one year on total funds under management, while two-year average investment return is 8.1 per cent.

ING Vysya has also infused further Rs 75 crore to its authorised share capital hiking it to Rs 245 crore. Distribution of policies through ING Vysya Bank network contributed to 16 per cent.

Speaking of the company's performance in 2003 - 2004, Frank Koster, MD & CEO, ING Vysya Life said: "This year we have seen the growth rate accelerate and investments in distribution, infrastructure and brand start to pay off. However, I believe this is just the beginning and we look set to show a similar quantum leap in performance through the year 2004 too".

On the policyholder bonus declaration, Koster said "I am delighted that we have lived up to the faith that our customers have in us and declared excellent returns for 2 years running. This year we are declaring an 8 per cent (gross) return on the funds in our Best Years retirement plan - I think that is a good performance if you consider that our company has till date a zero investment in equities."

Talking about the company's expansion plans Koster added: "Building the distribution through the ING Vysya Bank network further with special products and services, launch of our group business, expanding our reach through alternate distribution mechanisms, launch of unit linked product offering and further investments in brand are some of the key initiatives we are lining up."

ING Vysya Life is targeting an income of over Rs 200 crore and a customer base of over 2,50,000 in the next financial year.

"Our shareholders are happy with our performance and stand ready to invest the capital required to build the business and sustain the growth momentum. The important thing is that the "quarter million" customers we will have at the end of the year are satisfied with our service standards and our financial performance".