Private sector life insurer DLF Pramerica, promoted by realty firm DLF and US-based Prudential Financial, will infuse Rs 150-200 crore by 2010 in order to maintain its solvency ratio and to develop infrastructure.
At present, the company’s capital base stood at Rs 162.30 crore. Maninder Sood, senior vice-president (Head Agency Sales), said, “We had recently infused Rs 25 crore and have plans to infuse Rs 150-200 crore more in the next one year. We are doing well and plan to further increase our distribution network, especially in the rural areas.”
The company’s distribution network is spread over 25 cities across Delhi, NCR, Punjab and Haryana. Recently, it launched operations in Gujarat also.
“The growth plans are intact and we have plans to add another 25 branches across these states, taking the total tally to 50 by the end of this financial year,” Sood said. He added that the company had plans to expand its footprint to Uttar Pradesh, Kerala, Maharastra, Tamil Nadu, Andhara Pradesh over two to three years.
The company that began operation in September 2008 has collected a premium of Rs 9.86 crore and has 7,067 policy holders as on July 31, 2009.
At present, the company has nine products under its portfolio. The company, which has 544 employees and 492 life associates, is planning to hire 600 agents.
DLF Pramerica Life is the 74:26 joint venture between DLF and Prudential Financial of the USA.