ING Vysya Life Insurance Company Limited, a part of Dutch financial giant ING Group, has reported that its total premium income in fiscal 2008-09 increased 24 per cent to Rs 1,442 crore. Total assets under management showed healthy growth of 32 per cent to stand at Rs 2,600 crore compared to the previous financial year.
Kshitij Jain, managing director and CEO, ING Life said the growth in business was mainly on account of a 66 per cent increase in renewal premium income at Rs 753 crore over the previous year. During the year, the renewal premium income crossed the income from new business and constituted about 53 per cent of the total business. In 2009-10, the company is looking at 15 per cent overall growth, he added.
“We are presently focussing on increasing contribution from traditional products and strengthening our product portfolio. ING Life’s share of traditional and pension products in terms of policies grew from 27 per cent in the previous year to 45 per cent in fiscal 2009,” Jain said.
He said the company is looking at further focussing on traditional products in coming years. ING Life’s paid-up share capital crossed the Rs 1,000-crore mark during 2008-09 and presently stands at Rs 1,150 crore. To take care of future business growth in the current year, the company’s shareholders have infused additional capital of Rs 158 crore. An additional Rs 50 crore will be pumped in later this year, Jain said. During the year 2008-09, the life insurance company paid out Rs 27 crore towards maturity and death claims, an increase of 80 per cent over the previous year. In addition to this it paid another Rs 20 crore towards death claims, Jain added.
