DLF Pramerica Life shareholders committed to venture: Mehta
Private sector life insurer DLF Pramerica, promoted by realty firm DLF and US-based Prudential Financial, today said the two shareholders were committed to the venture, repudiating reports that the Indian partner was mulling over a possible exit.
"DPLI (DLF Pramerica Life Insurance) is doing well and is ahead of plans. The company's growth plans are intact. Both shareholders view life insurance as an attractive long term opportunity and remain committed to it", said the company's Managing Director, Kapil Mehta.
DLF Pramerica Life is the 74:26 joint venture between DLF and Prudential Financial of the USA.
Media reports earlier had said DLF was looking to exit the venture.
Denying the reports, Mehta said with the recent infusion of Rs 25 crore, the company's capital base now stood at Rs 162.3 crore.
Also, the company's employee base was growing in strength and now stood at 538 employees and 449 Life Associates (as of June 30, 2009), he said.
At the same time, he said, agency distribution was already operational in 22 cities across Delhi NCR, Haryana and Punjab.
The company that began its operation in September 2008 has collected a premium of Rs 9.8 crore.