ING Vysya Life's premium income at Rs 150 cr

ING Vysya Life earned premium income of Rs 150 crore in the year to December, growing 312 per cent over the previous year, the Indo-Dutch venture said in a release on Tuesday.

The private sector life insurer was still expanding its distribution infrastructure, product portfolio and reach, the release said.

Annualised new business premium increased 280 per cent to Rs 126 crore, total income by 292 per cent to Rs 167 crore and total sum assured by 215 per cent to Rs 2,805 crore. The company had 1,58,789 life policies in force, the release said.

An additional capital infusion of Rs 90 crore during the year took the shareholder equity to Rs 290 crore. The company had expanded to 63 branches in 30 cities, where some 10,000 tied agency advisers (agents) sold its policies.

Distribution through ING Vysya Bank contributed 19 per cent of the new business, the release said.

Frank Koster, the life insurance firm's managing director said, this year the company aimed to expand to 85 branches in 50 cities, add another 2,000 agents, increase distribution through the bank and sell more products via new channels, including other bank tie-ups and corporate agents.

The company aimed at a 100 per cent growth in income, over 2004, to Rs 300 crore and sell 2,50,000 policies, he said.

Added Koster, "ING would like to increase its stake in the company beyond 26 per cent as and when regulations allow."