AEGON targets total received premium of Rs 500 cr in FY11

Insurance company AEGON Religare Life Insurance (ARLI) today said it is targeting a total received premium of Rs 500 crore in the 2010-11 financial year compared to Rs 166 crore in the 2009-10 fiscal.

ALRI Chief Marketing Officer Yateesh Srivastava told reporters here that FY10 was a challenging year for the company and it had used the opportunity to test distribution models.

ARLI ended the year with all channels producing excellent results, he said.

"We successfully closed 2009-10 with a total received premium of Rs 166 crore, a significant increase over the previous year and in line with out business plan," he said.

The company will add more branches to its nationwide network, he said, adding that these branches will be staffed with a well-trained sales force to give better advice to customers.

The company plans to increase its life advisor base to 20,000 and hire over 800 relationship managers this fiscal, he said.

The company will also focus on increasing thirty party distribution through fruitful business alliances, he said.

As of now, ALRI has attracted over 70,000 customers, he added.