DLF hires 3,000 advisors for insurance biz

India's largest realty firm DLF has said it added over 3,000 advisors in its insurance joint venture DLF Pramerica Life Insurance during last fiscal for the future growth of the business.

For its core real estate business also, more than 500 employees were added to DLF, the parent company.

DLF Pramerica Life Insurance Company, a 74:26 JV between DLF and Prudential International Insurance Holdings, completed its second full year of commercial operations as on March 31, 2011.

During the year, the insurance venture's advisor headcount rose to 5,119 people, from 2,115 in 2009-10, DLF said in its latest annual report.

The total income of the JV stood at Rs 106 crore in 2010-11 fiscal, an increase of 124% compared with the year-ago period.

The numbers of policies issued by DLF Pramerica Life Insurance increased to 36,891 in FY11 against 19,485 during the previous year. The venture also opened five new branches, taking its total network to 40 branches as on March 31, 2011.

The joint venture firm has extended its distribution reach by tying up with as many as 69 third party intermediaries and corporate agents. By the end of 2009-10 fiscal, it had tie-ups with 43 such intermediaries and corporate agents.

DLF also said that its total employee strength in the parent company increased to 4,087 as on March 31, 2011 as against 3,542 employees in the previous year.

DLF had posted consolidated revenues of Rs 10,144 crore in FY11 as compared to Rs 7,851 crore in FY10, an increase of 29%. The net profit declined to Rs 1,640 crore as compared to Rs 1,720 crore for the previous year.