Aegon Religare eyes 150 per cent growth in premium in current fiscal

Aegon Religare Life Insurance is expecting a 150-175 per cent growth in premium collections this fiscal. Last financial year, during its nine-month of operations, the company collected Rs 52 crore as premium, said Yateesh Srivastava, chief marketing manager, Aegon Religare Life Insurance.

Due to the slowdown, Aegon Religare would not go for branch expansion in the current year. Instead, it would focus on strengthening the existing branches and improving their profitability, he said.

In Andhra Pradesh, the company has two branches at Hyderabad and Visakhapatnam. “We are anticipating about 6 per cent of our total business to come from these two branches,” he added.

This year, Aegon Religare would add about 12,000 insurance advisers (agents) across the country, of which about 1,250 would be from Andhra Pradesh.

The company is also planning to enter health insurances in the next 6 to 8 months, he said. It would invest Rs 220 crore as additional capital during this fiscal.