Private Life Insurer ING Life would infuse Rs 240 crore in the current financial year to meet its operating expenses and fund it business plans. The private insurer is also eyeing a total business premium collection of Rs 2,000 crore annually, as compared to Rs 1,630 crore it did in the last financial year.
“We would be infusing Rs 240 crore this year to fund our business plans,” said Amit Gupta, Director- Marketing & Communications, ING Life Insurance in an interaction with Business Standard.
Commenting upon the expectations, he added, “We expect that our new business premium would grow by 30 per cent this year over the corresponding period of the previous financial year.” The company had a new business premium of Rs 630 crore in 2009-10.
“Overall, we are eyeing a total business premium collection(including new business and renewal premium)of Rs 2,000 crore in this fiscal year as compared to Rs 1,630 crore we did in the last financial year,” he added. On being asked about the growth in the first six months, he mentioned, “The growth was flat over the corresponding period of previous fiscal year as lot of regulatory changes took place including guidelines for ULIPS. Our 60 per cent of our premium income is from traditional products and universal life products. So the new regulations on Ulips have hurt us less. But in the next six month we are expecting good growth.”
