Having already infused Rs 90 crore, private insurer Aegon Religare Life Insurance (ARLI) would further infuse around Rs 360 crore capital in the current financial year. Additional investment will be done in the ratio of 44:26:30 among the three promoters—Religare, Aegon and Bennett, Coleman & Co, respectively. Currently, the total capital base stands at Rs 660 crore.
The company has also plans to hire 2,000 people including relationship managers across India to support its expansion plan. In order to strengthen its presence, the company further has plans to increase their branch network. By September, the company would be operating from 98 branches, and it has plans to take the total number of branches to 115-120 by the end of this financial year.
Speaking to Business Standard, ARLI, Chief Marketing Officer, Yateesh Srivastava said, “We will add more branches to its existing branch network, spread across the country. Specially, we are targeting Tier-II and Tier-III cities and majority of the branches would be opened in these cities only. We would have 115-120 branches by this financial year. Also, we are planning to recruit 2000 people including relationship managers to take care of the expansion plans. These branches will be staffed with a well-trained sales force to provide better advice to customers and to this end the company plans to increase the life advisor(agents) base to 20,000 (currently it has 7000 advisors) and hire over 800 relationship managers in this financial year. In addition, the company will also focus on increasing third party distribution through business alliances.”
Commenting upon business, he added, “This increased distribution will help the company target an increase in topline to a Total Received Premium of Rs 500 crore as compared to a Total Received Premium of Rs 166 crore achieved in FY 2009-10.”
He added, “ In this financial year, we have plans to infuse fresh capital of Rs 450 crore, increasing the total capital base to Rs 1020 crore from Rs 660 crore.”
