| Aviva Life Insurance Company India Pvt Limited, a joint venture between Dabur and Aviva Plc, is targeting 100 per cent growth in annualised premium equivalent (APE) during the year 2006.
|
| |
| Director (marketing) of Aviva life Vivek Khanna told reporters here that during the period January to December 2005, the APE earned by the company was Rs 314 crore.
|
| |
| To take on the competitors, Aviva is going for a massive branch expansion network across the country.
|
| |
| Currently, the company has 104 branches in the country.
|
| |
| Khanna said Aviva was also penetrating the rural market.
|
| |
| "We look at the rural market as a big opportunity."
|
| |
| He said that Aviva has already launched specialized branches in rural India, where the company was selling unit-linked insurance products having a lower sum assured.
|
| |
| Aviva has also tied up with 15 cooperative banks across the country to market the company's products.
|
| |
| Besides cooperative banks, Aviva has also entered into Bancassurance arrangements with 22 commercial banks in the country.
|
| |
| The company has also tied up with micro-finance organisations for reaching out to the under-privileged sections of society.
|
| |
| Khanna said that Aviva, which has endowment, whole life and child policies in its portfolio, was also in the process of introducing new products for which it has approached IRDA for approval.
|
| |
| "We hope to grow by triple digits during the current year," he said.
|
| |
| Khanna said that among the private life insurance companies in India, Aviva was ranked seventh in terms of APE earned.
|
| |
| He said the promoters had already infused Rs 139 crore into the company, raising the capital base to Rs 459 crore.
|
| |
| Khanna said the capital base had been raised for expansion and meeting the solvency margin requirements.
|
| |
| He said that once the government allowed 49 per cent stake-holding by overseas partners, Aviva Plc was ready to increase its shareholding in the joint venture.
|
| |
| At present, Aviva Plc has 26 per cent shareholding in the company. |
| |
|
| |
Content Guide
