| ING Vysya Life Insurance, a joint venture of the ING group of the Netherlands, Exide Industries, Gujarat Ambuja and Enam, has set a business turnover target of $1 billion by the end of 2010.
|
| |
| As part of the aggressive growth plan, ING is planning to increase its paid-up equity from the present level of Rs 540 crore to Rs 1,400 crore by the end of 2009.
|
| |
| Kshitij Jain, managing director and CEO, ING Vysya Life said the company was drawing up a plan to double its market share over the next three years from the current level of one per cent to two per cent. He was in Kolkata on Wednesday to disclose ING Vysa Life's expansion plan in the eastern region.
|
| |
| According to Jain, ING Vysa Life is planning to expand gradually the capital to Rs 1,340 crore as it expects a three digit year to year business growth for the next couple of years.
|
| |
| "We are now growing at 157 per cent and hopefully the company will maintain a healthy three digit growth," he added. It is hoping to end 2006 (January to December) with Rs 700 crore premium income. The company has set a target to double the premium income to Rs 1,400 crore in 2007.
|
| |
| "Out of Rs 700 crore, more than Rs 470 crore will be new business this year," he added.
|
| |
| Commenting on its expansion plan, ING Vysa Life MD said that after establishing in the south, it aims to replicate the success in east. The company currently has 130 branches in 75 cities and plan to ramp up to 320 branches in 2007. |
| |
|
| |
Content Guide
