• ING Life emerges as one of the fastest growing company in Q4, grows at 13% in a challenging market environment
• Growth performance driven by continued focus on efficiency and balanced product portfolio
• In this fiscal, company aims to grow premium income by 17% to Rs 2,000 crore
ING Life India, part of the ING Group, today announced that it has recorded a profit in Q4 of FY 2010-11 and plans to grow its premium income by 17% to Rs 2,000 crore in 2011-12. The company also announced a growth of 13% in Q4 of FY 2010-11 by weighted individual premium, beating the challenging industry environment and emerging as one of the fastest growing company in the quarter.
Sharing his perspective on the growth performance, Kshitij Jain, MD & CEO, ING Life India said, ‘Our solid 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.’
The industry challenges of Q3 (FY 10-11) continued in Q4, recording decline by 40%* in weighted new business premium for the private players versus last year. In this context, ING Life has significantly outperformed the industry by recording a growth of 13% in the same period.
ING Life India recorded a profit in Q4 (FY 2010-11) of Rs 7 Crore, and halved its full year losses to Rs 70 Crore from FY 2009-10. The company is well on track to achieve its breakeven plan by 2013.
As part of the company’s ambitious 5-year growth plan, it has infused fresh capital of Rs 240 crore in FY 2010-11. The company is well capitalised with an available solvency margin of Rs 360 Crore (300%). Speaking on the growth plan, Jain added, ‘We are well-placed to continue this positive momentum, and are aiming to achieve a premium income of Rs 2,000 crore in FY 2011-12. We have invested towards strengthening our product and investment management, partner relationships and building efficiency. These are showing positive momentum.’
ING Life currently has a strong captive distribution network, including its tied agency force and bancassurance. It has a presence panning 229 cities across the country, with over 35,000 tied agents and a strong Bancassurance partner, ING Vysya Bank.